iShares MSCI ACWI ex U.S. ETF (ACWX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: August 31, 2023

Date of reporting period: February 28, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

· iShares MSCI China ETF | MCHI | NASDAQ

· iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca

· iShares MSCI Indonesia ETF | EIDO | NYSE Arca

· iShares MSCI Peru ETF | EPU | NYSE Arca

· iShares MSCI Philippines ETF | EPHE | NYSE Arca

· iShares MSCI Poland ETF | EPOL | NYSE Arca

· iShares MSCI Qatar ETF | QAT | NASDAQ

· iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

· iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		1.26	%		(7.69	)%
U.S. small cap equities (Russell 2000® Index)		3.63			(6.02	)
International equities (MSCI Europe, Australasia, Far East Index)		12.58			(3.14	)
Emerging market equities (MSCI Emerging Markets Index)		(2.29	)		(15.28	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74			2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81	)		(14.06	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13	)		(9.72	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66			(5.10	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52			(5.45	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS    PAGE    IS    NOT    PART    OF    YOUR    FUND    REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		52
Statements of Operations		55
Statements of Changes in Net Assets		58
Financial Highlights		63
Notes to Financial Statements		73
Statement Regarding Liquidity Risk Management Program		83
Supplemental Information		84
General Information		85
Glossary of Terms Used in this Report		86

Fund Summary as of February 28, 2023 iShares^® MSCI Brazil Small-Cap ETF

Investment Objective

The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(13.30	)%		(17.71	)%		(5.10	)%		(5.83	)%		(17.71	)%		(23.02	)%		(45.14	)%
Fund Market		(13.15	)		(19.02	)		(5.24	)		(5.90	)		(19.02	)		(23.58	)		(45.56	)
Index		(13.18	)		(17.40	)		(4.32	)		(5.27	)		(17.40	)		(19.83	)		(41.80	)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      867.00	$       2.73		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	18.7	%
Consumer Discretionary	17.9
Utilities	13.1
Consumer Staples	12.7
Materials	11.8
Real Estate	8.7
Health Care	5.5
Energy	4.7
Information Technology	4.3
Financials	2.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Embraer SA	4.6	%
Metalurgica Gerdau SA (Preferred)	3.3
Transmissora Alianca de Energia Eletrica SA	2.9
Aliansce Sonae Shopping Centers SA	2.8
Multiplan Empreendimentos Imobiliarios SA	2.8
Bradespar SA (Preferred)	2.8
3R Petroleum Oleo E Gas SA	2.6
Cielo SA	2.3
SLC Agricola SA	2.3
EDP - Energias do Brasil SA	2.0

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Fund Summary as of February 28, 2023 iShares^® MSCI China ETF

Investment Objective

The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.44	)%		(16.57	)%		(5.96	)%		1.92	%		(16.57	)%		(26.47	)%		20.95	%
Fund Market		(2.26	)		(16.65	)		(5.77	)		1.93			(16.65	)		(25.72	)		21.10
Index		(2.83	)		(16.14	)		(5.49	)		2.44			(16.14	)		(24.58	)		27.28

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      975.60	$       2.89		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	29.3	%
Communication Services	19.0
Financials	15.7
Health Care	6.3
Information Technology	6.1
Consumer Staples	5.7
Industrials	5.5
Materials	3.7
Real Estate	3.5
Energy	2.6
Utilities	2.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tencent Holdings Ltd.	13.3	%
Alibaba Group Holding Ltd.	7.9
Meituan, Class B	4.3
China Construction Bank Corp., Class H	2.9
JD.com Inc., Class A	2.3
Pinduoduo Inc.	2.2
Ping An Insurance Group Co. of China Ltd., Class H	2.1
Baidu Inc.	1.9
NetEase Inc.	1.5
Bank of China Ltd., Class H	1.4

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2023 iShares^® MSCI China Small-Cap ETF

Investment Objective

The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.67	%		(14.05	)%		(3.21	)%		1.80	%		(14.05	)%		(15.04	)%		19.49	%
Fund Market		6.20			(14.57	)		(3.10	)		1.78			(14.57	)		(14.58	)		19.27
Index		4.93			(14.46	)		(5.18	)		0.24			(14.46	)		(23.36	)		2.44

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      1,056.70	$       3.01		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	20.0	%
Consumer Discretionary	15.1
Real Estate	13.5
Information Technology	10.8
Industrials	9.8
Materials	7.8
Communication Services	7.3
Financials	6.6
Utilities	3.9
Consumer Staples	3.8
Energy	1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
JinkoSolar Holding Co. Ltd.	2.3	%
International Alliance Financial Leasing Co. Ltd.	1.9
HUTCHMED China Ltd.	1.6
Lifetech Scientific Corp.	1.4
Hello Group Inc.	1.4
Jinxin Fertility Group Ltd.	1.3
Keymed Biosciences Inc.	1.3
Weimob Inc.	1.2
China Education Group Holdings Ltd.	1.1
RLX Technology Inc.	1.0

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Fund Summary as of February 28, 2023 iShares^® MSCI Indonesia ETF

Investment Objective

The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(3.34	)%		(2.91	)%		(2.72	)%		(2.31	)%		(2.91	)%		(12.87	)%		(20.84	)%
Fund Market		(2.60	)		(3.54	)		(2.56	)		(2.31	)		(3.54	)		(12.15	)		(20.86	)
Index		(3.36	)		(1.97	)		(2.17	)		(1.80	)		(1.97	)		(10.41	)		(16.61	)

Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      966.60	$       2.88		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	45.3	%
Consumer Staples	11.3
Materials	11.0
Communication Services	9.2
Energy	7.7
Consumer Discretionary	6.7
Health Care	3.3
Real Estate	2.3
Industrials	1.9
Utilities	1.1
Information Technology	0.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bank Central Asia Tbk PT	19.8	%
Bank Rakyat Indonesia Persero Tbk PT	12.5
Telkom Indonesia Persero Tbk PT	6.8
Bank Mandiri Persero Tbk PT	6.1
Astra International Tbk PT	4.1
Bank Negara Indonesia Persero Tbk PT	3.4
Kalbe Farma Tbk PT	2.5
Merdeka Copper Gold Tbk PT	2.4
Adaro Energy Indonesia Tbk PT	2.4
Charoen Pokphand Indonesia Tbk PT	2.2

F U N D    S U M M A R Y 7

Fund Summary as of February 28, 2023 iShares^® MSCI Peru ETF

Investment Objective

The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped 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.

On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.02	%		(10.43	)%		(4.16	)%		(1.77	)%		(10.43	)%		(19.12	)%		(16.35	)%
Fund Market		16.16			(12.05	)		(4.23	)		(1.91	)		(12.05	)		(19.44	)		(17.55	)
Index		17.28			(9.87	)		(3.91	)		(1.30	)		(9.87	)		(18.08	)		(12.23	)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      1,170.20	$       3.17		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Materials	47.8	%
Financials	26.7
Consumer Staples	8.1
Consumer Discretionary	5.3
Industrials	4.6
Energy	2.8
Real Estate	2.7
Utilities	2.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Credicorp Ltd.	22.5	%
Southern Copper Corp.	22.3
Cia. de Minas Buenaventura SAA	4.7
Alicorp SAA	4.2
Ferreycorp SAA	3.7
Sociedad Minera Cerro Verde SAA	3.5
InRetail Peru Corp.	2.9
PetroTal Corp.	2.8
Falabella SA	2.7
Parque Arauco SA	2.7

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Fund Summary as of February 28, 2023 iShares^® MSCI Philippines ETF

Investment Objective

The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.77	%		(16.66	)%		(5.26	)%		(3.21	)%		(16.66	)%		(23.69	)%		(27.81	)%
Fund Market		1.31			(18.53	)		(5.22	)		(3.24	)		(18.53	)		(23.50	)		(28.06	)
Index		0.92			(15.93	)		(4.56	)		(2.52	)		(15.93	)		(20.81	)		(22.50	)

Index performance through November��30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      1,007.70	$       2.94		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	28.4	%
Financials	20.7
Real Estate	20.3
Consumer Staples	9.9
Consumer Discretionary	7.5
Communication Services	5.7
Utilities	5.4
Energy	1.1
Materials	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
SM Prime Holdings Inc.	11.5	%
BDO Unibank Inc.	8.3
Ayala Land Inc.	5.9
SM Investments Corp.	5.9
Bank of the Philippine Islands	4.9
International Container Terminal Services Inc.	4.5
Ayala Corp.	4.2
PLDT Inc.	4.0
JG Summit Holdings Inc.	4.0
Jollibee Foods Corp.	3.9

F U N D    S U M M A R Y 9

Fund Summary as of February 28, 2023 iShares^® MSCI Poland ETF

Investment Objective

The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		27.62	%		(9.81	)%		(8.08	)%		(3.09	)%		(9.81	)%		(34.39	)%		(26.95	)%
Fund Market		27.86			(9.59	)		(7.99	)		(3.07	)		(9.59	)		(34.05	)		(26.79	)
Index		27.85			(10.21	)		(7.98	)		(2.88	)		(10.21	)		(34.01	)		(25.31	)

Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      1,276.20	$       3.33		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	39.9	%
Energy	16.7
Consumer Discretionary	12.7
Materials	7.6
Communication Services	7.4
Consumer Staples	5.3
Utilities	4.6
Information Technology	3.0
Industrials	2.1
Health Care	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Polski Koncern Naftowy ORLEN SA	16.7	%
Powszechna Kasa Oszczednosci Bank Polski SA	10.6
Powszechny Zaklad Ubezpieczen SA	8.6
Bank Polska Kasa Opieki SA	6.4
Dino Polska SA	4.6
KGHM Polska Miedz SA	4.3
Santander Bank Polska SA	4.3
Allegro.eu SA	4.2
LPP SA	4.1
CD Projekt SA	3.5

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Fund Summary as of February 28, 2023 iShares^® MSCI Qatar ETF

Investment Objective

The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(18.43	)%		(16.44	)%		6.47	%		0.14	%		(16.44	)%		36.82	%		1.27	%
Fund Market		(18.75	)		(17.19	)		6.56			0.11			(17.19	)		37.42			1.01
Index		(18.87	)		(15.67	)		7.20			0.76			(15.67	)		41.59			6.94

The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      815.70	$       2.66		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	52.3	%
Industrials	14.4
Energy	8.9
Materials	8.2
Real Estate	5.0
Communication Services	4.9
Utilities	3.5
Consumer Staples	2.0
Health Care	0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Qatar National Bank QPSC	23.4	%
Qatar Islamic Bank SAQ	12.1
Industries Qatar QSC	8.3
Commercial Bank PSQC (The)	4.5
Masraf Al Rayan QSC	4.4
Mesaieed Petrochemical Holding Co.	4.1
Qatar Gas Transport Co. Ltd.	4.0
Qatar International Islamic Bank QSC	3.8
Qatar Fuel QSC	3.7
Qatar Electricity & Water Co. QSC	3.5

F U N D    S U M M A R Y 11

Fund Summary as of February 28, 2023 iShares^® MSCI Saudi Arabia ETF

Investment Objective

The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(17.34	)%		(19.46	)%		8.54	%		7.45	%		(19.46	)%		50.65	%		70.87	%
Fund Market		(17.30	)		(20.71	)		8.54			7.39			(20.71	)		50.62			70.15
Index		(17.15	)		(18.43	)		9.30			8.27			(18.43	)		55.96			80.89

The inception date of the Fund was September 16, 2015. The first day of secondary market trading was September 17, 2015.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      826.60	$       3.35		$       1,000.00	$     1,021.10	$       3.71		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	41.9	%
Materials	22.6
Energy	8.1
Communication Services	7.6
Health Care	4.6
Consumer Staples	4.5
Consumer Discretionary	3.0
Utilities	3.0
Real Estate	2.2
Industrials	1.9
Information Technology	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Al Rajhi Bank	13.2	%
Saudi National Bank (The)	9.9
Saudi Basic Industries Corp.	7.5
Saudi Arabian Oil Co.	7.1
Saudi Telecom Co.	4.5
Saudi Arabian Mining Co.	4.4
Riyad Bank	3.5
Saudi British Bank (The)	3.0
Alinma Bank	2.9
SABIC Agri-Nutrients Co.	2.4

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Fund Summary as of February 28, 2023 iShares^® MSCI UAE ETF

Investment Objective

The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(9.20	)%		(14.24	)%		1.49	%		(2.11	)%		(14.24	)%		7.67	%		(17.20	)%
Fund Market		(10.04	)		(14.40	)		1.68			(2.10	)		(14.40	)		8.68			(17.10	)
Index		(8.94	)		(13.35	)		2.41			(1.37	)		(13.35	)		12.64			(11.46	)

The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)			Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      908.00	$       2.79		$       1,000.00	$     1,021.90	$       2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	40.1	%
Communication Services	23.4
Real Estate	13.5
Industrials	12.7
Consumer Discretionary	5.1
Utilities	2.3
Energy	1.6
Consumer Staples	1.3
Health Care	0.0	(b)

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Emirates Telecommunications Group Co. PJSC	21.6	%
First Abu Dhabi Bank PJSC	15.1
Emaar Properties PJSC	7.6
Abu Dhabi Islamic Bank PJSC	4.7
Emirates NBD Bank PJSC	4.6
Abu Dhabi National Oil Co. for Distribution PJSC	4.5
Dubai Islamic Bank PJSC	4.5
Abu Dhabi Commercial Bank PJSC	4.3
Multiply Group	4.1
Aldar Properties PJSC	4.0

F U N D    S U M M A R Y 13

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments  (unaudited)  February 28, 2023 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 4.6%
Embraer SA(a)		1,099,739	$	3,484,833
Auto Components — 0.5%
Mahle-Metal Leve SA		60,234		370,922
Biotechnology — 0.4%
Blau Farmaceutica SA(a)		56,144		305,629
Commercial Services & Supplies — 2.1%
Ambipar Participacoes e Empreendimentos SA		70,689		274,496
GPS Participacoes e Empreendimentos SA(a)(b)		419,187		944,791
Orizon Valorizacao de Residuos SA(a)		55,942		417,899
				1,637,186
Communications Equipment — 0.9%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		128,162		693,509
Diversified Consumer Services — 2.7%
Anima Holding SA(a)		473,984		288,802
Cogna Educacao(a)		2,936,534		1,133,007
YDUQS Participacoes SA		459,482		618,733
				2,040,542
Electric Utilities — 6.6%
Alupar Investimento SA		229,274		1,188,969
EDP - Energias do Brasil SA		409,236		1,534,405
Light SA		408,085		194,866
Transmissora Alianca de Energia Eletrica SA		320,485		2,172,500
				5,090,740
Food & Staples Retailing — 2.2%
Cia. Brasileira de Distribuicao		253,243		751,682
Grupo Mateus SA(a)		864,302		931,088
				1,682,770
Food Products — 10.4%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		72,090		357,183
BRF SA(a)		1,016,320		1,195,796
Camil Alimentos SA		197,166		302,408
Jalles Machado SA		161,401		240,771
M. Dias Branco SA		132,618		850,354
Marfrig Global Foods SA		516,388		628,292
Minerva SA		427,628		925,427
Sao Martinho SA		249,282		1,295,107
SLC Agricola SA		182,651		1,718,900
Tres Tentos Agroindustrial SA		194,122		472,379
				7,986,617
Health Care Providers & Services — 5.0%
Alliar Medicos A Frente SA(a)		74,042		293,456
CM Hospitalar SA		156,705		527,094
Fleury SA		365,116		989,599
Hospital Mater Dei SA		149,568		242,259
Instituto Hermes Pardini SA		71,735		263,896
Odontoprev SA		444,771		980,366
Oncoclinicas do Brasil Servicos Medicos SA(a)		233,870		339,496
Qualicorp Consultoria e Corretora de Seguros SA		222,214		198,214
				3,834,380
Hotels, Restaurants & Leisure — 1.4%
Smartfit Escola de Ginastica e Danca SA(a)		366,943		1,088,469
Household Durables — 4.3%
Cury Construtora e Incorporadora SA		205,528		494,638

Security	Shares		Value
Household Durables (continued)
Cyrela Brazil Realty SA Empreendimentos e Participacoes		469,141	$	1,342,336
Direcional Engenharia SA		152,569		448,488
Ez Tec Empreendimentos e Participacoes SA		172,903		419,753
MRV Engenharia e Participacoes SA		491,509		553,898
				3,259,113
Independent Power and Renewable Electricity Producers — 3.5%
AES Brasil Energia SA		376,761		713,877
Auren Energia SA		391,203		1,105,885
Omega Energia SA(a)		487,228		858,974
				2,678,736
Insurance — 0.5%
IRB Brasil Resseguros S/A(a)		115,853		417,787
IT Services — 3.1%
Cielo SA		1,913,086		1,753,968
Locaweb Servicos de Internet SA(a)(b)		695,375		649,492
				2,403,460
Machinery — 1.4%
Iochpe Maxion SA		216,488		466,019
Tupy SA		112,805		584,984
				1,051,003
Marine — 0.4%
Hidrovias do Brasil SA(a)		773,406		273,291
Metals & Mining — 1.2%
Bradespar SA		53,982		257,256
Cia. Brasileira de Aluminio		233,092		463,918
Metalurgica Gerdau SA		85,699		183,824
				904,998
Oil, Gas & Consumable Fuels — 4.6%
3R Petroleum Oleo E Gas SA(a)		285,318		1,984,248
Enauta Participacoes SA		166,375		437,908
Petroreconcavo SA		206,305		1,115,173
				3,537,329
Paper & Forest Products — 1.0%
Dexco SA		589,428		734,048
Professional Services — 0.6%
Boa Vista Servicos SA		333,131		482,951
Real Estate Management & Development — 8.7%
Aliansce Sonae Shopping Centers SA		651,790		2,126,383
BR Properties SA		7,420		340,528
Iguatemi SA		336,465		1,242,275
Iguatemi SA		364,659		170,647
JHSF Participacoes SA		531,510		429,436
LOG Commercial Properties e Participacoes SA		71,937		202,121
Multiplan Empreendimentos Imobiliarios SA		442,204		2,125,944
				6,637,334
Road & Rail — 2.9%
Movida Participacoes SA		226,774		285,013
SIMPAR SA		524,780		719,694
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		481,366		1,221,011
				2,225,718
Specialty Retail — 2.1%
Grupo SBF SA		152,473		238,810
Pet Center Comercio e Participacoes SA		541,788		667,475

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Via S/A(a)		2,000,994	$	737,648
				1,643,933
Technology Hardware, Storage & Peripherals — 0.2%
Multilaser Industrial SA		320,997		141,018
Textiles, Apparel & Luxury Goods — 5.9%
Arezzo Industria e Comercio SA		103,452		1,474,089
Grendene SA		494,098		621,934
Grupo De Moda Soma SA		798,188		1,338,584
Guararapes Confeccoes SA		156,231		131,897
Vivara Participacoes SA		166,322		688,422
Vulcabras Azaleia SA		130,667		289,015
				4,543,941
Trading Companies & Distributors — 1.0%
Armac Locacao Logistica E Servicos SA		162,435		421,333
Mills Estruturas e Servicos de Engenharia SA		173,442		375,344
				796,677
Transportation Infrastructure — 2.8%
EcoRodovias Infraestrutura e Logistica SA		381,371		298,660
Santos Brasil Participacoes SA		810,872		1,240,597
Wilson Sons Holdings Brasil SA, NVS		308,518		602,251
				2,141,508
Water Utilities — 2.0%
Cia. de Saneamento de Minas Gerais-COPASA		297,512		808,072
Cia. de Saneamento do Parana		220,555		718,691
				1,526,763
Total Common Stocks — 83.0% (Cost: $67,250,420)				63,615,205
Preferred Stocks
Aerospace & Defense — 0.4%
Taurus Armas SA, Preference Shares, NVS		112,595		313,346
Airlines — 1.2%
Azul SA, Preference Shares, NVS		446,402		607,941
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		289,894		306,204
				914,145
Banks — 2.0%
Banco ABC Brasil SA, Preference Shares, NVS		132,201		458,308
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS		316,931		604,750
Banco Pan SA, Preference Shares, NVS		507,603		498,349
				1,561,407
Chemicals — 1.5%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		76,660		1,161,003

Security	Shares		Value
Electric Utilities — 0.2%
Cia Energetica do Ceara, Class A, Preference Shares, NVS		22,105	$	192,109
Machinery — 1.2%
Marcopolo SA, Preference Shares, NVS		757,703		457,333
Randon SA Implementos e Participacoes, Preference Shares, NVS		283,063		430,370
				887,703
Metals & Mining — 8.1%
Bradespar SA, Preference Shares, NVS		399,202		2,109,069
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		55,282		606,624
Metalurgica Gerdau SA, Preference Shares, NVS		1,046,435		2,514,426
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		728,559		950,455
				6,180,574
Textiles, Apparel & Luxury Goods — 0.8%
Alpargatas SA, Preference Shares, NVS		349,436		629,398
Water Utilities — 0.6%
Cia de Saneamento do Parana, Preference Shares, NVS		694,282		452,206
Total Preferred Stocks — 16.0% (Cost: $12,492,964)				12,291,891
Total Long-Term Investments — 99.0% (Cost: $79,743,384)				75,907,096
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		50,000		50,000
Total Short-Term Securities — 0.1% (Cost: $50,000)				50,000
Total Investments — 99.1% (Cost: $79,793,384)				75,957,096
Other Assets Less Liabilities — 0.9%				692,015
Net Assets — 100.0%			$	76,649,111

^(a)  Non-income producing security.

^(b)  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.

^(c)  Affiliate of the Fund.

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

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Brazil Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	40,000	$	10,000	(a)	$	—	$	—	$	—	$	50,000		50,000	$	2,515	$	—

^(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
MSCI Brazil Index		14		03/17/23	$ 651	$	(27,011	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts	Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$ 27,011	$	—	$ —	$	—	$	27,011

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts	Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$ 40,131	$	—	$ —	$	—	$	40,131
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$(54,066)	$	—	$ —	$	—	$	(54,066	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	765,363

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

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Brazil Small-Cap ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	62,901,328		$	713,877	$	—	$	63,615,205
Preferred Stocks		12,291,891			—		—		12,291,891
Short-Term Securities
Money Market Funds		50,000			—		—		50,000
	$	75,243,219		$	713,877	$	—	$	75,957,096
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(27,011	)	$	—	$	—	$	(27,011	)

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

See notes to financial statements.

18 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited)  February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
AECC Aero-Engine Control Co. Ltd., Class A		74,800	$	272,234
AECC Aviation Power Co. Ltd., Class A		694,476		4,583,859
AviChina Industry & Technology Co. Ltd., Class H		11,061,000		5,273,728
Kuang-Chi Technologies Co. Ltd., Class A		607,600		1,529,663
				11,659,484
Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A		1,215,283		9,411,117
YTO Express Group Co. Ltd., Class A		868,000		2,267,280
Yunda Holding Co. Ltd., Class A		868,557		1,592,751
ZTO Express Cayman Inc., ADR		1,713,317		41,222,407
				54,493,555
Airlines — 0.2%
Air China Ltd., Class A(a)		1,736,014		2,774,749
Air China Ltd., Class H(a)		6,966,000		6,422,879
China Eastern Airlines Corp. Ltd., Class A(a)		3,472,096		2,713,196
China Southern Airlines Co. Ltd., Class A(a)		3,385,234		3,847,681
China Southern Airlines Co. Ltd., Class H(a)(b)		6,966,000		5,079,372
				20,837,877
Auto Components — 0.4%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		86,895		1,886,369
Fuyao Glass Industry Group Co. Ltd., Class A		434,098		2,316,353
Fuyao Glass Industry Group Co. Ltd., Class H(c)		2,430,400		10,891,461
Huayu Automotive Systems Co. Ltd., Class A		954,872		2,597,820
Huizhou Desay Sv Automotive Co. Ltd., Class A		174,100		2,852,404
Minth Group Ltd.		3,472,000		9,022,311
Ningbo Tuopu Group Co. Ltd., Class A		260,400		2,507,701
Sailun Group Co. Ltd., Class A		768,361		1,228,904
Shandong Linglong Tyre Co. Ltd., Class A		434,028		1,407,177
Shenzhen Kedali Industry Co. Ltd., Class A		86,800		1,527,874
				36,238,374
Automobiles — 3.8%
BYD Co. Ltd., Class A		448,969		16,797,580
BYD Co. Ltd., Class H		3,306,000		88,879,286
Chongqing Changan Automobile Co. Ltd., Class A		2,182,620		4,206,728
Dongfeng Motor Group Co. Ltd., Class H		9,374,000		4,788,868
Geely Automobile Holdings Ltd.		24,336,000		31,616,784
Great Wall Motor Co. Ltd., Class A		520,800		2,583,820
Great Wall Motor Co. Ltd., Class H		12,175,500		16,157,593
Guangzhou Automobile Group Co. Ltd., Class A		1,128,400		1,862,610
Guangzhou Automobile Group Co. Ltd., Class H		11,728,400		7,478,316
Li Auto Inc.(a)		4,586,280		54,114,250
NIO Inc., ADR(a)(b)		5,558,977		52,198,794
SAIC Motor Corp. Ltd., Class A		2,256,804		4,879,827
XPeng Inc.(a)(b)		3,758,472		16,706,580
Yadea Group Holdings Ltd.(c)		5,208,000		11,177,370
				313,448,406
Banks — 9.6%
Agricultural Bank of China Ltd., Class A		21,092,400		8,891,573
Agricultural Bank of China Ltd., Class H		115,937,000		40,195,033
Bank of Beijing Co. Ltd., Class A		5,215,799		3,249,336
Bank of Chengdu Co. Ltd., Class A		1,215,293		2,513,441
Bank of China Ltd., Class A		8,853,600		4,115,001
Bank of China Ltd., Class H		320,310,000		117,474,245
Bank of Communications Co. Ltd., Class A		9,680,722		6,825,274
Bank of Communications Co. Ltd., Class H		34,754,200		20,548,696
Bank of Hangzhou Co. Ltd., Class A		1,822,828		3,182,887

Security	Shares		Value
Banks (continued)
Bank of Jiangsu Co. Ltd., Class A		3,985,215	$	4,123,018
Bank of Nanjing Co. Ltd., Class A		3,088,804		4,404,392
Bank of Ningbo Co. Ltd., Class A		1,616,502		6,859,952
Bank of Shanghai Co. Ltd., Class A		4,340,010		3,734,239
China CITIC Bank Corp. Ltd., Class H		35,589,800		16,465,898
China Construction Bank Corp., Class A		2,129,514		1,728,378
China Construction Bank Corp., Class H		388,918,000		237,736,793
China Everbright Bank Co. Ltd., Class A		11,631,200		4,987,158
China Everbright Bank Co. Ltd., Class H		8,763,000		2,523,500
China Merchants Bank Co. Ltd., Class A		5,121,225		27,507,064
China Merchants Bank Co. Ltd., Class H		15,639,150		84,865,859
China Minsheng Banking Corp. Ltd., Class A		9,461,270		4,641,918
China Minsheng Banking Corp. Ltd., Class H		22,214,160		7,671,747
China Zheshang Bank Co. Ltd., Class A(a)		4,985,900		2,095,052
Chongqing Rural Commercial Bank Co. Ltd., Class A		829,000		431,812
Huaxia Bank Co. Ltd., Class A		4,340,061		3,259,653
Industrial & Commercial Bank of China Ltd., Class A		15,276,800		9,450,997
Industrial & Commercial Bank of China Ltd., Class H		227,575,000		113,551,210
Industrial Bank Co. Ltd., Class A		5,068,210		12,329,253
Ping An Bank Co. Ltd., Class A		4,693,655		9,291,188
Postal Savings Bank of China Co. Ltd., Class A		7,030,800		4,573,265
Postal Savings Bank of China Co. Ltd., Class H(c)		31,270,000		18,787,094
Shanghai Pudong Development Bank Co. Ltd., Class A		7,378,024		7,621,766
Shanghai Rural Commercial Bank Co. Ltd.		2,305,700		1,967,112
				797,603,804
Beverages — 3.4%
Anhui Gujing Distillery Co. Ltd., Class A		97,596		3,838,850
Anhui Gujing Distillery Co. Ltd., Class B		434,380		7,467,013
Anhui Kouzi Distillery Co. Ltd., Class A		145,200		1,439,496
Anhui Yingjia Distillery Co. Ltd., Class A		150,000		1,514,213
Beijing Yanjing Brewery Co. Ltd., Class A		682,100		1,323,990
China Resources Beer Holdings Co. Ltd.		6,598,000		48,812,474
Chongqing Brewery Co. Ltd., Class A		173,600		3,435,194
Jiangsu King’s Luck Brewery JSC Ltd., Class A		347,203		3,203,492
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		347,276		8,479,827
JiuGui Liquor Co. Ltd., Class A		87,400		1,907,301
Kweichow Moutai Co. Ltd., Class A		306,655		80,105,364
Luzhou Laojiao Co. Ltd., Class A		367,700		13,202,501
Nongfu Spring Co. Ltd., Class H(b)(c)		7,095,800		39,829,891
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		294,997		1,780,674
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		295,286		12,020,193
Sichuan Swellfun Co. Ltd., Class A		108,552		1,293,137
Tsingtao Brewery Co. Ltd., Class A		173,663		2,786,063
Tsingtao Brewery Co. Ltd., Class H		2,396,000		23,647,985
Wuliangye Yibin Co. Ltd., Class A		958,077		28,115,354
				284,203,012
Biotechnology — 1.5%
3SBio Inc.(c)		5,941,000		5,891,335
Akeso Inc.(a)(c)		1,865,000		9,503,911
BeiGene Ltd.(a)		2,527,534		43,810,543
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		114,475		2,089,718
BGI Genomics Co. Ltd., Class A		173,699		1,390,354
Bloomage Biotechnology Corp. Ltd.		68,688		1,253,942
Chongqing Zhifei Biological Products Co. Ltd., Class A		434,040		5,593,468
Hualan Biological Engineering Inc., Class A		475,872		1,517,862
Imeik Technology Development Co. Ltd., Class A		49,944		4,222,282
Innovent Biologics Inc.(a)(c)		4,051,500		19,704,979

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Legend Biotech Corp., ADR(a)(b)		199,714	$	9,222,793
Shanghai Junshi Biosciences Co. Ltd., Class A(a)		173,600		1,319,471
Shanghai RAAS Blood Products Co. Ltd., Class A		2,343,600		2,090,739
Shenzhen Kangtai Biological Products Co. Ltd., Class A		273,188		1,362,345
Walvax Biotechnology Co. Ltd., Class A		434,097		2,386,083
Zai Lab Ltd., ADR(a)(b)		357,616		13,285,434
				124,645,259
Building Products — 0.1%
Beijing New Building Materials PLC, Class A		520,870		2,251,841
China Lesso Group Holdings Ltd.		4,351,000		4,589,368
Guangdong Kinlong Hardware Products Co. Ltd., Class A		87,400		1,207,568
Zhejiang Weixing New Building Materials Co. Ltd., Class A		222,100		820,669
Zhuzhou Kibing Group Co. Ltd., Class A		694,400		1,093,431
				9,962,877
Capital Markets — 1.7%
Caitong Securities Co. Ltd., Class A		242,400		268,769
Changjiang Securities Co. Ltd., Class A		2,517,236		2,047,074
China Cinda Asset Management Co. Ltd., Class H		36,235,000		4,709,585
China Galaxy Securities Co. Ltd., Class A		1,235,800		1,710,043
China Galaxy Securities Co. Ltd., Class H		12,177,000		6,069,516
China International Capital Corp. Ltd., Class A		348,002		2,097,943
China International Capital Corp. Ltd., Class H(c)		5,696,400		12,264,771
China Merchants Securities Co. Ltd., Class A		1,996,468		4,016,196
CITIC Securities Co. Ltd., Class A		2,952,631		8,771,307
CITIC Securities Co. Ltd., Class H		7,870,800		16,674,443
CSC Financial Co. Ltd., Class A		1,215,299		4,681,401
Dongxing Securities Co. Ltd., Class A		1,215,211		1,502,024
East Money Information Co. Ltd., Class A		3,223,876		9,679,805
Everbright Securities Co. Ltd., Class A		1,041,699		2,343,857
First Capital Securities Co. Ltd., Class A		1,388,889		1,195,299
GF Securities Co. Ltd., Class A		1,507,399		3,534,629
GF Securities Co. Ltd., Class H		4,175,000		5,927,712
Guosen Securities Co. Ltd., Class A		2,083,233		2,892,091
Guotai Junan Securities Co. Ltd., Class A		2,135,759		4,390,214
Guoyuan Securities Co. Ltd., Class A		1,539,070		1,558,721
Haitong Securities Co. Ltd., Class A		2,517,259		3,313,084
Haitong Securities Co. Ltd., Class H		10,416,000		6,703,227
Hithink RoyalFlush Information Network Co. Ltd., Class A		118,587		2,016,620
Huatai Securities Co. Ltd., Class A		2,343,693		4,248,477
Huatai Securities Co. Ltd., Class H(c)		4,938,600		5,559,319
Huaxi Securities Co. Ltd., Class A		1,302,073		1,546,839
Industrial Securities Co. Ltd., Class A		2,619,792		2,423,157
Orient Securities Co. Ltd., Class A		2,137,321		3,136,425
SDIC Capital Co. Ltd., Class A		814,600		825,167
Sealand Securities Co. Ltd., Class A		2,690,837		1,349,682
Shanxi Securities Co. Ltd., Class A		1,441,341		1,201,149
Shenwan Hongyuan Group Co. Ltd., Class A		7,162,179		4,344,644
SooChow Securities Co. Ltd., Class A		1,773,435		1,795,931
Western Securities Co. Ltd., Class A		1,996,430		1,902,048
Zheshang Securities Co. Ltd., Class A		1,128,400		1,674,928
Zhongtai Securities Co. Ltd.		1,388,800		1,391,928
				139,768,025
Chemicals — 1.3%
Chengxin Lithium Group Co. Ltd., Class A		260,400		1,420,240
CNGR Advanced Material Co. Ltd.		86,776		876,879
Do-Fluoride New Materials Co. Ltd., Class A		260,400		1,365,438

Security	Shares		Value
Chemicals (continued)
Dongyue Group Ltd.(b)		5,701,000	$	6,456,307
Ganfeng Lithium Co. Ltd., Class H(b)(c)		1,499,800		10,476,541
Ganfeng Lithium Group Co. Ltd., Class A		392,541		4,083,747
Guangzhou Tinci Materials Technology Co. Ltd., Class A		521,600		3,369,653
Hangzhou Oxygen Plant Group Co. Ltd., Class A		260,400		1,459,784
Hengli Petrochemical Co. Ltd., Class A		1,649,210		4,189,557
Hengyi Petrochemical Co. Ltd., Class A		1,562,476		1,824,238
Hoshine Silicon Industry Co. Ltd., Class A		173,600		2,447,676
Huafon Chemical Co. Ltd., Class A		1,518,000		1,780,584
Hubei Xingfa Chemicals Group Co. Ltd., Class A		347,200		1,753,333
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,830,170		1,799,922
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		1,041,600		1,414,181
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,130,100		2,521,398
Jiangsu Yangnong Chemical Co. Ltd., Class A		74,800		1,155,304
LB Group Co. Ltd., Class A		694,400		2,185,892
Ningbo Shanshan Co. Ltd.		749,791		1,928,286
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,864,700		4,240,020
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		1,215,200		4,329,010
Rongsheng Petrochemical Co. Ltd., Class A		2,691,292		5,233,373
Satellite Chemical Co. Ltd., Class A		938,043		2,346,198
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		694,400		3,609,284
Shanghai Putailai New Energy Technology Co. Ltd., Class A		347,200		2,509,961
Shenzhen Capchem Technology Co. Ltd., Class A		222,720		1,486,362
Shenzhen Dynanonic Co. Ltd.		13,200		429,260
Shenzhen Senior Technology Co. Ltd., Class A		316,997		967,460
Sichuan Yahua Industrial Group Co. Ltd., Class A	��	158,600		558,246
Sinoma Science & Technology Co. Ltd., Class A		520,800		1,723,928
Skshu Paint Co. Ltd., Class A(a)		104,200		1,834,997
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		173,600		1,433,264
Tianqi Lithium Corp., Class A(a)		347,200		4,087,529
Tongkun Group Co. Ltd., Class A		781,264		1,837,639
Wanhua Chemical Group Co. Ltd., Class A		781,273		11,723,906
Weihai Guangwei Composites Co. Ltd., Class A		173,600		1,663,118
Yunnan Energy New Material Co. Ltd., Class A		224,404		4,049,906
Yunnan Yuntianhua Co. Ltd.(a)		260,400		909,217
Zangge Mining Co. Ltd.		260,400		1,044,456
Zhejiang Juhua Co. Ltd., Class A		607,572		1,646,269
Zhejiang Yongtai Technology Co. Ltd., Class A		260,400		870,130
				111,042,493
Commercial Services & Supplies — 0.1%
China Everbright Environment Group Ltd.		14,756,148		5,984,603
Shanghai M&G Stationery Inc., Class A		260,400		2,029,847
Zhejiang Weiming Environment Protection Co. Ltd., Class A		161,600		456,089
				8,470,539
Communications Equipment — 0.3%
BYD Electronic International Co. Ltd.		2,610,500		7,611,942
Guangzhou Haige Communications Group Inc. Co., Class A		1,388,884		1,902,989
Hengtong Optic-Electric Co. Ltd., Class A		248,400		526,276
Yealink Network Technology Corp. Ltd., Class A		203,094		1,946,180
Zhongji Innolight Co. Ltd., Class A		260,477		1,328,704
ZTE Corp., Class A		984,064		4,557,632
ZTE Corp., Class H		3,124,840		9,284,236
				27,157,959

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering — 0.8%
China Communications Services Corp. Ltd., Class H		10,176,800	$	3,956,690
China Conch Venture Holdings Ltd.		6,524,500		13,130,400
China Energy Engineering Corp. Ltd.		7,424,200		2,542,325
China National Chemical Engineering Co. Ltd., Class A		1,736,095		2,252,930
China Railway Group Ltd., Class A		4,342,098		3,774,457
China Railway Group Ltd., Class H		17,973,000		9,367,286
China State Construction Engineering Corp. Ltd., Class A		10,416,038		8,425,925
China State Construction International Holdings Ltd.		8,680,000		9,885,364
Metallurgical Corp. of China Ltd., Class A		5,989,200		2,939,260
Power Construction Corp. of China Ltd., Class A		4,253,297		4,394,223
Sichuan Road & Bridge Co. Ltd., Class A		1,128,400		2,063,234
				62,732,094
Construction Materials — 0.5%
Anhui Conch Cement Co. Ltd., Class A		1,160,191		5,122,622
Anhui Conch Cement Co. Ltd., Class H		4,774,000		17,526,843
China Jushi Co. Ltd., Class A		1,302,005		2,838,631
China National Building Material Co. Ltd., Class H		15,624,000		13,852,597
China Resources Cement Holdings Ltd.(b)		10,416,000		5,604,638
				44,945,331
Consumer Finance — 0.2%
360 DigiTech Inc.(b)		440,734		8,973,344
Lufax Holding Ltd., ADR		2,758,594		5,958,563
				14,931,907
Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,649,203		1,160,190
Diversified Consumer Services — 0.6%
Koolearn Technology Holding Ltd.(a)(b)(c)		1,610,000		9,168,800
New Oriental Education & Technology Group Inc.(a)		6,249,690		24,100,546
Offcn Education Technology Co. Ltd., Class A(a)		1,492,500		1,226,239
TAL Education Group, ADR(a)		1,821,367		12,804,210
				47,299,795
Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		3,031,482		1,897,599
Far East Horizon Ltd.(b)		6,532,000		5,778,018
				7,675,617
Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H(c)		178,844,000		19,368,941
Electrical Equipment — 1.1%
Beijing Easpring Material Technology Co. Ltd., Class A		124,000		1,063,710
Contemporary Amperex Technology Co. Ltd., Class A		595,622		34,509,392
Dongfang Electric Corp. Ltd., Class A		781,200		2,216,909
Eve Energy Co. Ltd., Class A		529,236		5,524,702
Fangda Carbon New Material Co. Ltd., Class A(a)		1,388,847		1,336,775
Ginlong Technologies Co. Ltd., Class A(a)		118,400		2,699,823
Gotion High-tech Co. Ltd., Class A		471,892		2,003,181
Hongfa Technology Co. Ltd., Class A		326,791		1,647,792
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		20,126		1,124,743
Jiangsu Zhongtian Technology Co. Ltd., Class A		868,000		2,005,216
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		335,200		861,249
Ming Yang Smart Energy Group Ltd., Class A		518,452		1,893,730
NARI Technology Co. Ltd., Class A		1,765,012		6,668,029
Ningbo Orient Wires & Cables Co. Ltd.		236,731		1,873,442
Ningbo Ronbay New Energy Technology Co. Ltd.		110,180		1,142,827
Pylon Technologies Co. Ltd., NVS		22,142		854,297
Shanghai Electric Group Co. Ltd., Class A(a)		3,211,600		1,935,307
Sungrow Power Supply Co. Ltd., Class A		370,600		6,362,874

Security	Shares		Value
Electrical Equipment (continued)
Sunwoda Electronic Co. Ltd., Class A		520,808	$	1,616,874
Suzhou Maxwell Technologies Co. Ltd., Class A		35,592		1,877,051
TBEA Co. Ltd., Class A		1,128,457		3,500,560
Titan Wind Energy Suzhou Co. Ltd., Class A		434,000		955,256
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		783,320		1,279,133
Zhejiang Chint Electrics Co. Ltd., Class A		607,621		2,622,834
				87,575,706
Electronic Equipment, Instruments & Components — 1.3%
AAC Technologies Holdings Inc.(a)		3,038,000		6,789,759
Avary Holding Shenzhen Co. Ltd., Class A		476,600		1,947,822
BOE Technology Group Co. Ltd., Class A		9,808,400		5,877,734
Chaozhou Three-Circle Group Co. Ltd., Class A		574,977		2,631,907
China Zhenhua Group Science & Technology Co. Ltd., Class A		142,700		2,132,987
Foxconn Industrial Internet Co. Ltd., Class A		2,343,686		3,237,641
GoerTek Inc., Class A		868,000		2,686,794
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		173,619		1,715,143
Hengdian Group DMEGC Magnetics Co. Ltd.		393,700		1,232,676
Kingboard Holdings Ltd.		2,613,000		9,328,760
Kingboard Laminates Holdings Ltd.		4,287,000		5,346,168
Lens Technology Co. Ltd., Class A		1,388,842		2,543,507
Lingyi iTech Guangdong Co., Class A(a)		2,343,813		1,930,330
Luxshare Precision Industry Co. Ltd., Class A		1,823,041		7,834,997
Maxscend Microelectronics Co. Ltd., Class A		133,852		2,254,009
Raytron Technology Co. Ltd., Class A		70,314		467,795
Shengyi Technology Co. Ltd., Class A		781,200		2,037,551
Shennan Circuits Co. Ltd., Class A		104,424		1,198,145
Sunny Optical Technology Group Co. Ltd.		2,865,500		32,585,969
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		434,000		1,819,148
Tianma Microelectronics Co. Ltd., Class A		1,041,636		1,432,897
Unisplendour Corp. Ltd., Class A		731,527		2,669,421
Westone Information Industry Inc., Class A		229,500		1,033,714
Wingtech Technology Co. Ltd., Class A		347,200		2,689,465
Wuhan Guide Infrared Co. Ltd., Class A		982,557		1,684,041
WUS Printed Circuit Kunshan Co. Ltd., Class A		868,018		2,045,877
Xiamen Faratronic Co. Ltd.		74,800		1,639,049
Zhejiang Dahua Technology Co. Ltd., Class A		958,000		1,994,873
Zhejiang Supcon Technology Co. Ltd.		82,616		1,164,442
				111,952,621
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		7,160,000		7,640,380
Offshore Oil Engineering Co. Ltd., Class A		1,336,198		1,309,742
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		260,492		1,156,096
				10,106,218
Entertainment — 2.4%
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A		694,400		2,190,776
Beijing Enlight Media Co. Ltd., Class A		902,100		985,273
Bilibili Inc.(a)		735,365		14,233,194
China Ruyi Holdings Ltd.(a)(b)		19,752,000		4,908,787
iQIYI Inc., ADR(a)(b)		1,759,332		13,599,636
Kingsoft Corp. Ltd.		3,821,400		12,616,798
Mango Excellent Media Co. Ltd., Class A		520,880		2,508,808
NetEase Inc.		7,994,660		124,240,587
Perfect World Co. Ltd., Class A		628,000		1,284,446
Tencent Music Entertainment Group, ADR(a)		2,887,186		21,769,382

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		2,430,498	$	1,536,468
				199,874,155
Food & Staples Retailing — 0.0%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		288,889		1,605,469
Yifeng Pharmacy Chain Co. Ltd., Class A		270,380		2,352,610
				3,958,079
Food Products — 1.9%
Angel Yeast Co. Ltd., Class A		260,411		1,515,260
Anjoy Foods Group Co. Ltd., Class A		87,400		2,058,605
Beijing Dabeinong Technology Group Co. Ltd., Class A(a)		1,388,800		1,645,442
China Feihe Ltd.(c)		13,050,000		10,459,675
China Mengniu Dairy Co. Ltd.		12,551,000		55,245,367
Chongqing Fuling Zhacai Group Co. Ltd., Class A		260,423		958,556
Dali Foods Group Co. Ltd.(b)(c)		9,384,500		3,795,734
Foshan Haitian Flavouring & Food Co. Ltd., Class A		937,121		11,087,794
Guangdong Haid Group Co. Ltd., Class A		468,097		4,275,914
Henan Shuanghui Investment & Development Co. Ltd., Class A		875,708		3,334,033
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,475,623		6,470,242
Juewei Food Co. Ltd., Class A		156,085		1,177,244
Muyuan Foods Co. Ltd., Class A		1,357,868		9,665,493
New Hope Liuhe Co. Ltd., Class A(a)		1,302,099		2,470,347
Tingyi Cayman Islands Holding Corp.(b)		8,680,000		14,023,246
Uni-President China Holdings Ltd.		5,970,000		5,234,374
Want Want China Holdings Ltd.		19,097,000		12,014,140
Wens Foodstuffs Group Co. Ltd., Class A		1,736,016		4,937,859
Yihai International Holding Ltd.		1,933,000		5,627,414
Yihai Kerry Arawana Holdings Co. Ltd., Class A		312,977		2,069,321
				158,066,060
Gas Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		2,170,000		7,108,207
China Gas Holdings Ltd.		11,645,600		16,284,805
China Resources Gas Group Ltd.		3,744,800		15,801,837
ENN Energy Holdings Ltd.		3,213,800		45,750,841
ENN Natural Gas Co. Ltd., Class A		571,800		1,588,420
Kunlun Energy Co. Ltd.		15,646,000		12,536,270
				99,070,380
Health Care Equipment & Supplies — 0.6%
Autobio Diagnostics Co. Ltd., Class A		141,900		1,434,344
Jafron Biomedical Co. Ltd., Class A		260,420		1,213,525
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		366,300		1,660,794
Lepu Medical Technology Beijing Co. Ltd., Class A		492,351		1,662,056
Microport Scientific Corp.(a)(b)		2,665,300		7,561,556
Ovctek China Inc., Class A		208,640		1,032,896
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		10,255,600		16,554,233
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		293,395		13,236,723
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		161,600		1,424,226
				45,780,353
Health Care Providers & Services — 0.6%
Aier Eye Hospital Group Co. Ltd., Class A		1,797,027		8,067,751
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		520,895		2,366,579
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		120,994		1,467,704
Huadong Medicine Co. Ltd., Class A		520,880		3,596,570

Security	Shares		Value
Health Care Providers & Services (continued)
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c)		1,388,800	$	10,118,264
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		1,215,225		1,147,610
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		575,597		1,636,114
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,385,200		5,969,755
Sinopharm Group Co. Ltd., Class H		5,212,400		13,960,433
Topchoice Medical Corp., Class A(a)		86,800		1,824,305
				50,155,085
Hotels, Restaurants & Leisure — 3.0%
H World Group Ltd., ADR		795,106		37,664,171
Haidilao International Holding Ltd.(a)(b)(c)		4,340,000		12,020,611
Jiumaojiu International Holdings Ltd.(b)(c)		3,472,000		8,389,761
Shanghai Jinjiang International Hotels Co. Ltd., Class A		173,600		1,549,674
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,430,438		1,854,476
Songcheng Performance Development Co. Ltd., Class A		868,077		1,958,532
Tongcheng Travel Holdings Ltd.(a)		5,106,000		10,135,294
Trip.com Group Ltd., ADR(a)(b)		2,219,584		78,906,211
Yum China Holdings Inc.(b)		1,703,297		100,034,633
				252,513,363
Household Durables — 0.6%
Ecovacs Robotics Co. Ltd., Class A		174,000		2,264,391
Gree Electric Appliances Inc. of Zhuhai, Class A		661,529		3,376,354
Haier Smart Home Co. Ltd., Class A		1,649,246		6,246,374
Haier Smart Home Co. Ltd., Class H		9,200,800		32,562,314
Jason Furniture Hangzhou Co. Ltd., Class A		239,750		1,625,061
Oppein Home Group Inc., Class A		173,620		3,537,491
TCL Technology Group Corp., Class A		4,079,600		2,603,210
Zhejiang Supor Co. Ltd., Class A		173,696		1,421,094
				53,636,289
Household Products — 0.1%
Vinda International Holdings Ltd.		1,736,000		4,781,534
Independent Power and Renewable Electricity Producers — 1.2%
CECEP Solar Energy Co. Ltd., Class A		781,200		796,731
CECEP Wind Power Corp, Class A		1,600,800		911,692
CGN Power Co. Ltd., Class H(c)		40,867,000		9,166,112
China Longyuan Power Group Corp. Ltd., Class H		14,136,000		17,340,413
China National Nuclear Power Co. Ltd., Class A		4,774,076		4,163,958
China Power International Development Ltd.		22,031,000		8,736,456
China Resources Power Holdings Co. Ltd.		8,680,000		17,723,903
China Three Gorges Renewables Group Co. Ltd., Class A		7,164,026		5,763,531
China Yangtze Power Co. Ltd., Class A		5,645,241		17,194,273
GD Power Development Co. Ltd., Class A(a)		4,166,400		2,354,945
Huadian Power International Corp. Ltd., Class A		1,610,200		1,328,356
Huaneng Power International Inc., Class A(a)		1,816,452		2,134,294
Huaneng Power International Inc., Class H(a)(b)		16,872,000		8,303,318
Shenzhen Energy Group Co. Ltd., Class A		1,128,480		1,010,982
Sichuan Chuantou Energy Co. Ltd., Class A		1,338,562		2,500,009
				99,428,973
Industrial Conglomerates — 0.4%
China Baoan Group Co. Ltd., Class A		781,200		1,436,227
CITIC Ltd.		24,315,000		26,828,186
Fosun International Ltd.(b)		9,734,500		7,964,213
				36,228,626
Insurance — 4.1%
China Life Insurance Co. Ltd., Class A		781,205		4,020,180
China Life Insurance Co. Ltd., Class H		29,573,000		50,165,026

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
China Pacific Insurance Group Co. Ltd., Class A		1,822,847	$	7,247,166
China Pacific Insurance Group Co. Ltd., Class H		10,257,200		27,207,843
China Taiping Insurance Holdings Co. Ltd.		5,060,124		5,980,768
New China Life Insurance Co. Ltd., Class A		644,276		2,889,539
New China Life Insurance Co. Ltd., Class H		3,094,600		7,499,938
People’s Insurance Co. Group of China Ltd. (The), Class A		821,800		617,189
People’s Insurance Co. Group of China Ltd. (The), Class H		35,599,000		11,255,359
PICC Property & Casualty Co. Ltd., Class H		27,798,462		24,416,799
Ping An Insurance Group Co. of China Ltd., Class A		2,690,843		18,675,588
Ping An Insurance Group Co. of China Ltd., Class H		25,617,000		174,875,318
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)		2,832,300		8,154,832
				343,005,545
Interactive Media & Services — 16.1%
Autohome Inc., ADR		306,700		9,354,351
Baidu Inc.(a)		8,941,256		153,729,796
JOYY Inc., ADR		185,219		5,815,876
Kanzhun Ltd., ADR(a)(b)		737,679		14,864,232
Kuaishou Technology(a)(c)		7,091,800		47,525,450
Tencent Holdings Ltd.		25,127,600		1,103,815,104
Weibo Corp., ADR(a)		286,109		5,916,734
				1,341,021,543
Internet & Direct Marketing Retail — 17.6%
Alibaba Group Holding Ltd.(a)		59,931,668		658,735,447
Alibaba Health Information Technology Ltd.(a)	��	18,608,000		13,323,834
JD Health International Inc.(a)(c)		4,495,750		31,471,371
JD.com Inc., Class A		8,736,596		194,213,848
Meituan, Class B(a)(c)		20,331,240		352,847,165
Pinduoduo Inc., ADR(a)		2,047,221		179,602,698
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		1,971,600		4,518,303
Vipshop Holdings Ltd., ADR(a)		1,693,784		25,220,444
				1,459,933,110
IT Services — 0.3%
Chinasoft International Ltd.		11,664,000		8,376,981
DHC Software Co. Ltd., Class A		1,562,428		1,477,749
GDS Holdings Ltd., Class A(a)		3,523,620		8,523,865
TravelSky Technology Ltd., Class H		3,472,000		6,853,415
				25,232,010
Life Sciences Tools & Services — 1.9%
Genscript Biotech Corp.(a)		5,208,000		14,255,319
Hangzhou Tigermed Consulting Co. Ltd., Class A		86,837		1,439,584
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		540,700		6,209,583
Pharmaron Beijing Co. Ltd., Class A		261,150		2,242,864
Pharmaron Beijing Co. Ltd., Class H(c)		813,100		4,559,539
WuXi AppTec Co. Ltd., Class A		712,117		8,481,090
WuXi AppTec Co. Ltd., Class H(c)		1,388,881		14,817,899
Wuxi Biologics Cayman Inc., New(a)(c)		14,756,000		103,294,199
				155,300,077
Machinery — 1.0%
China CSSC Holdings Ltd., Class A		1,388,800		4,771,147
CRRC Corp. Ltd., Class A		5,286,010		4,335,495
CRRC Corp. Ltd., Class H		14,959,000		6,844,367
Haitian International Holdings Ltd.		2,604,000		6,806,249
Jiangsu Hengli Hydraulic Co. Ltd., Class A		364,956		3,618,950
Ningbo Deye Technology Co. Ltd., NVS		47,400		2,253,736
North Industries Group Red Arrow Co. Ltd., Class A		434,000		1,413,661
Sany Heavy Equipment International Holdings Co. Ltd.		5,814,000		5,802,240
Sany Heavy Industry Co. Ltd., Class A		2,215,593		5,971,341

Security	Shares		Value
Machinery (continued)
Shenzhen Inovance Technology Co. Ltd., Class A		694,430	$	7,315,650
Weichai Power Co. Ltd., Class A		1,649,268		2,946,939
Weichai Power Co. Ltd., Class H		7,823,000		11,611,257
Wuxi Shangji Automation Co. Ltd., Class A		113,040		1,806,183
XCMG Construction Machinery Co. Ltd., Class A		2,711,999		2,768,158
Zhejiang Dingli Machinery Co. Ltd., Class A		190,909		1,608,170
Zhuzhou CRRC Times Electric Co. Ltd., NVS		149,600		1,113,544
Zhuzhou CRRC Times Electric Co. Ltd.		2,260,400		10,300,298
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,083,216		2,009,283
				83,296,668
Marine — 0.3%
COSCO SHIPPING Holdings Co. Ltd., Class A		3,261,670		5,058,145
COSCO SHIPPING Holdings Co. Ltd., Class H		13,036,600		13,521,863
Orient Overseas International Ltd.(b)		545,000		8,754,458
				27,334,466
Media — 0.1%
China Literature Ltd.(a)(c)		1,564,600		6,699,068
Focus Media Information Technology Co. Ltd., Class A		3,992,838		3,749,709
				10,448,777
Metals & Mining — 1.7%
Aluminum Corp. of China Ltd., Class A		3,472,000		2,762,592
Aluminum Corp. of China Ltd., Class H		15,624,000		7,978,125
Baoshan Iron & Steel Co. Ltd., Class A		5,955,093		5,637,425
Chengtun Mining Group Co. Ltd., Class A		1,215,200		1,091,164
China Hongqiao Group Ltd.		9,998,000		10,693,886
China Minmetals Rare Earth Co. Ltd., Class A(a)		305,850		1,771,655
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		954,800		3,990,937
CMOC Group Ltd., Class A		4,947,600		4,206,844
CMOC Group Ltd., Class H		14,238,000		8,017,385
GEM Co. Ltd., Class A		1,562,400		1,771,578
Henan Shenhuo Coal & Power Co. Ltd.		335,200		900,600
Hunan Valin Steel Co. Ltd., Class A		1,864,700		1,505,576
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		12,759,692		3,766,779
Jiangxi Copper Co. Ltd., Class A		487,600		1,377,101
Jiangxi Copper Co. Ltd., Class H		5,208,000		8,213,392
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		1,870,600		1,502,448
Shandong Gold Mining Co. Ltd., Class A		868,091		2,371,937
Shandong Gold Mining Co. Ltd., Class H(c)		3,126,500		5,361,427
Shandong Nanshan Aluminum Co. Ltd., Class A		4,860,800		2,524,895
Shanxi Meijin Energy Co. Ltd., Class A		1,302,206		1,760,339
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,996,400		1,372,700
Shenghe Resources Holding Co. Ltd., Class A		435,158		1,003,066
Sinomine Resource Group Co. Ltd., Class A		74,800		805,732
Tianshan Aluminum Group Co. Ltd., Class A		1,215,200		1,448,595
Tongling Nonferrous Metals Group Co. Ltd., Class A		3,401,800		1,652,003
Western Superconducting Technologies Co. Ltd., Class A		94,256		1,228,910
Yintai Gold Co. Ltd., Class A		321,600		536,272
YongXing Special Materials Technology Co. Ltd., Class A		86,800		1,144,775
Yunnan Aluminium Co. Ltd., Class A		1,215,200		2,327,490
Yunnan Tin Co. Ltd., Class A		694,400		1,544,458
Zhaojin Mining Industry Co. Ltd., Class H(a)		5,023,500		5,275,247
Zhejiang Huayou Cobalt Co. Ltd., Class A		384,806		3,274,459
Zijin Mining Group Co. Ltd., Class A		4,925,517		8,093,748
Zijin Mining Group Co. Ltd., Class H		23,396,000		35,406,597
				142,320,137

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail — 0.1%
MINISO Group Holding Ltd.		383,059	$	6,856,756
Oil, Gas & Consumable Fuels — 2.5%
China Coal Energy Co. Ltd., Class H		8,436,000		6,528,097
China Merchants Energy Shipping Co. Ltd., Class A		1,676,200		1,696,977
China Petroleum & Chemical Corp., Class A		7,985,888		5,349,910
China Petroleum & Chemical Corp., Class H		103,669,000		52,889,522
China Shenhua Energy Co. Ltd., Class A		1,544,886		6,225,218
China Shenhua Energy Co. Ltd., Class H		13,893,500		41,789,939
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a)		758,600		1,580,542
Guanghui Energy Co. Ltd., Class A		1,716,745		2,659,538
Inner Mongolia Yitai Coal Co. Ltd., Class B		4,651,000		6,271,441
PetroChina Co. Ltd., Class A		5,513,892		4,141,554
PetroChina Co. Ltd., Class H		85,086,000		43,405,599
Shaanxi Coal Industry Co. Ltd., Class A		2,601,689		7,487,059
Shan Xi Hua Yang Group New Energy Co. Ltd.		595,600		1,363,834
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,215,200		2,275,492
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		954,800		3,065,274
Yankuang Energy Group Co. Ltd., Class A		520,803		2,673,488
Yankuang Energy Group Co. Ltd., Class H		6,406,000		19,322,678
				208,726,162
Paper & Forest Products — 0.1%
Nine Dragons Paper Holdings Ltd.(b)		6,944,000		5,658,515
Personal Products — 0.2%
By-health Co. Ltd., Class A		520,800		1,718,496
Hengan International Group Co. Ltd.		2,604,000		11,976,537
Yunnan Botanee Bio-Technology Group Co. Ltd.		86,879		1,729,199
				15,424,232
Pharmaceuticals — 1.8%
Apeloa Pharmaceutical Co. Ltd., Class A		260,400		898,289
Asymchem Laboratories Tianjin Co. Ltd., Class A		52,220		1,074,214
Beijing Tongrentang Co. Ltd., Class A		335,188		2,361,152
Betta Pharmaceuticals Co. Ltd., Class A		120,998		1,014,437
Changchun High & New Technology Industry Group Inc., Class A		96,696		2,741,246
China Medical System Holdings Ltd.		5,219,000		7,856,955
China Resources Pharmaceutical Group Ltd.(c)		6,324,000		5,201,325
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		260,417		1,907,514
China Traditional Chinese Medicine Holdings Co. Ltd.		12,216,000		6,338,354
CSPC Pharmaceutical Group Ltd.		36,478,400		39,188,678
Dong-E-E-Jiao Co. Ltd., Class A		260,779		1,793,020
Hansoh Pharmaceutical Group Co. Ltd.(c)		5,208,000		9,362,603
Humanwell Healthcare Group Co. Ltd., Class A		434,300		1,666,973
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,562,480		9,779,860
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		730,962		1,387,266
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		391,055		971,800
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		607,684		2,946,599
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,752,000		5,125,682
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		314,431		1,677,054
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		460,542		1,987,982
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		520,865		2,161,984
Sino Biopharmaceutical Ltd.		41,666,000		21,511,804
Yunnan Baiyao Group Co. Ltd., Class A		461,342		3,774,207

Security	Shares		Value
Pharmaceuticals (continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		155,509	$	6,911,573
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		423,499		1,263,821
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		236,800		1,342,409
Zhejiang NHU Co. Ltd., Class A		954,831		2,604,729
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		124,706		945,292
				145,796,822
Real Estate Management & Development — 3.5%
C&D International Investment Group Ltd.		2,448,000		7,907,497
China Evergrande Group(a)(b)(d)		11,096,000		1,336,216
China Jinmao Holdings Group Ltd.		21,864,000		4,242,740
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,076,133		4,424,411
China Overseas Land & Investment Ltd.		15,629,500		38,800,038
China Overseas Property Holdings Ltd.		5,050,000		5,892,824
China Resources Land Ltd.		12,932,665		57,463,279
China Resources Mixc Lifestyle Services Ltd.(c)		2,726,600		14,969,175
China Vanke Co. Ltd., Class A		2,577,628		6,348,131
China Vanke Co. Ltd., Class H		6,431,631		11,244,986
Country Garden Holdings Co. Ltd.(b)		49,476,727		15,172,665
Country Garden Services Holdings Co. Ltd.		8,478,000		15,785,670
Gemdale Corp., Class A		1,216,297		1,692,695
Greentown China Holdings Ltd.		3,472,000		4,747,324
Greentown Service Group Co. Ltd.		6,944,000		4,633,488
KE Holdings Inc., ADR(a)(b)		2,700,770		49,289,052
Longfor Group Holdings Ltd.(c)		7,383,500		21,136,254
Poly Developments and Holdings Group Co. Ltd., Class A		3,038,075		6,598,130
Seazen Holdings Co. Ltd., Class A(a)		600,464		1,689,790
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		5,335,878		4,163,794
Shimao Group Holdings Ltd.(a)(b)		2,810,504		716,107
Sunac China Holdings Ltd.(a)(d)		9,076,000		1,647,622
Yuexiu Property Co. Ltd.		6,087,600		8,965,498
				288,867,386
Road & Rail — 0.0%
Daqin Railway Co. Ltd., Class A		3,696,100		3,610,542
Semiconductors & Semiconductor Equipment — 1.9%
3peak Inc.		15,738		577,142
Advanced Micro-Fabrication Equipment Inc., Class A(a)		173,788		2,632,746
Amlogic Shanghai Co. Ltd.(a)		70,265		804,687
China Resources Microelectronics Ltd.		244,628		1,906,724
Daqo New Energy Corp., ADR(a)(b)		248,325		10,970,999
Flat Glass Group Co. Ltd., Class A		434,000		2,156,021
Flat Glass Group Co. Ltd., Class H		1,736,000		4,598,580
GCL-Poly Energy Holdings Ltd.(a)		82,144,000		21,153,257
GigaDevice Semiconductor Inc., Class A		183,687		2,769,042
Hangzhou Chang Chuan Technology Co. Ltd.		74,800		475,019
Hangzhou First Applied Material Co. Ltd., Class A		360,240		3,559,335
Hangzhou Lion Electronics Co. Ltd.		149,180		956,944
Hangzhou Silan Microelectronics Co. Ltd., Class A		347,200		1,682,902
Hua Hong Semiconductor Ltd.(a)(c)		2,017,000		7,734,543
Ingenic Semiconductor Co. Ltd., Class A		174,000		1,890,761
JA Solar Technology Co. Ltd., Class A		607,640		5,329,823
JCET Group Co. Ltd., Class A		520,900		2,108,257
Jiangsu Pacific Quartz Co. Ltd., NVS		87,400		1,806,012
LONGi Green Energy Technology Co. Ltd., Class A		1,922,523		12,242,905
Montage Technology Co. Ltd., Class A		255,601		2,123,186
NAURA Technology Group Co. Ltd., Class A		109,200		3,654,273
SG Micro Corp., Class A		65,100		1,468,014

24 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Shanghai Aiko Solar Energy Co. Ltd.(a)		250,700	$	1,319,901
Shanghai Fudan Microelectronics Group Co. Ltd.		82,616		855,153
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		1,118,000		4,587,465
Shenzhen SC New Energy Technology Corp., Class A		86,800		1,609,426
StarPower Semiconductor Ltd., Class A		22,000		933,486
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		781,298		4,897,538
Tianshui Huatian Technology Co. Ltd., Class A		954,829		1,314,610
TongFu Microelectronics Co. Ltd., Class A(a)		473,296		1,518,872
Tongwei Co. Ltd., Class A		1,128,499		6,805,922
Trina Solar Co. Ltd.		544,645		4,836,565
Unigroup Guoxin Microelectronics Co. Ltd., Class A		262,293		4,176,638
Will Semiconductor Co. Ltd. Shanghai, Class A		275,145		3,402,000
Xinyi Solar Holdings Ltd.		20,832,000		22,275,128
Yangzhou Yangjie Electronic Technology Co. Ltd.		74,800		587,917
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		401,893		3,961,339
				155,683,132
Software — 0.7%
360 Security Technology Inc., Class A		2,083,200		3,232,425
Beijing Kingsoft Office Software Inc., Class A		83,052		3,478,495
Beijing Shiji Information Technology Co. Ltd., Class A		486,745		1,162,643
China National Software & Service Co. Ltd., Class A		160,027		1,644,756
Hundsun Technologies Inc., Class A		504,640		3,224,866
Iflytek Co. Ltd., Class A		558,462		3,879,370
Kingdee International Software Group Co. Ltd.(a)(b)		10,416,000		19,461,914
NavInfo Co. Ltd., Class A		1,041,618		1,951,702
Sangfor Technologies Inc., Class A		98,200		2,016,228
Shanghai Baosight Software Co. Ltd., Class A		391,034		2,784,237
Shanghai Baosight Software Co. Ltd., Class B		1,903,272		6,203,995
Thunder Software Technology Co. Ltd., Class A		173,600		2,383,418
Yonyou Network Technology Co. Ltd., Class A		954,812		3,198,976
				54,623,025
Specialty Retail — 0.8%
China Meidong Auto Holdings Ltd.(b)		2,110,000		4,542,456
China Tourism Group Duty Free Corp. Ltd.(a)(b)(c)		244,800		6,191,237
China Tourism Group Duty Free Corp. Ltd., Class A		487,524		13,867,411
Chow Tai Fook Jewellery Group Ltd.(b)		8,353,800		16,190,934
Pop Mart International Group Ltd.(b)(c)		2,181,600		6,077,980
Topsports International Holdings Ltd.(c)		7,674,000		6,712,188
Zhongsheng Group Holdings Ltd.(b)		2,604,000		13,007,575
				66,589,781
Technology Hardware, Storage & Peripherals — 1.6%
China Greatwall Technology Group Co. Ltd., Class A		868,000		1,624,047
Inspur Electronic Information Industry Co. Ltd., Class A		448,216		2,510,927
Lenovo Group Ltd.		29,534,000		26,577,699
Ninestar Corp., Class A		401,226		3,112,566
Shenzhen Transsion Holding Co. Ltd., Class A		112,263		1,302,674
Xiaomi Corp., Class B(a)(c)		61,916,200		93,801,939
				128,929,852
Textiles, Apparel & Luxury Goods — 2.4%
ANTA Sports Products Ltd.		4,983,400		65,806,937
Bosideng International Holdings Ltd.		13,888,000		7,703,981
Li Ning Co. Ltd.		9,669,500		82,506,993
Shenzhou International Group Holdings Ltd.		3,302,400		36,133,408
Xtep International Holdings Ltd.		5,454,000		6,169,191
				198,320,510

Security	Shares		Value
Tobacco — 0.1%
Smoore International Holdings Ltd.(b)(c)		6,962,000	$	8,631,660
Trading Companies & Distributors — 0.1%
Beijing United Information Technology Co. Ltd., Class A		142,150		1,652,089
BOC Aviation Ltd.(b)(c)		869,100		6,278,801
COSCO SHIPPING Development Co. Ltd., Class A		1,649,200		595,625
Xiamen C & D Inc., Class A		665,788		1,264,883
				9,791,398
Transportation Infrastructure — 0.5%
Beijing Capital International Airport Co. Ltd., Class H(a)		8,440,000		6,177,952
China Merchants Port Holdings Co. Ltd.		5,230,000		7,331,495
COSCO SHIPPING Ports Ltd.(b)		6,494,000		4,227,462
Jiangsu Expressway Co. Ltd., Class H		4,968,000		4,749,243
Shanghai International Airport Co. Ltd., Class A(a)		347,499		2,934,354
Shanghai International Port Group Co. Ltd., Class A		3,472,077		2,657,448
Shenzhen International Holdings Ltd.		5,208,000		4,526,491
Zhejiang Expressway Co. Ltd., Class H		6,456,000		5,206,891
				37,811,336
Water Utilities — 0.2%
Beijing Enterprises Water Group Ltd.		18,878,000		4,740,133
Guangdong Investment Ltd.		12,152,000		12,280,095
				17,020,228
Wireless Telecommunication Services — 0.1%
China United Network Communications Ltd., Class A		6,432,727		4,888,471
Total Common Stocks — 99.8% (Cost: $9,339,675,715)				8,295,895,122
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a)		82,699		—
Total Rights — 0.0% (Cost: $0)				—
Total Long-Term Investments — 99.8% (Cost: $9,339,675,715)				8,295,895,122
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)		182,418,980		182,528,431
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f)		1,820,000		1,820,000
Total Short-Term Securities — 2.2% (Cost: $184,214,967)				184,348,431
Total Investments — 102.0% (Cost: $9,523,890,682)				8,480,243,553
Liabilities in Excess of Other Assets — (2.0)%				(167,324,835	)
Net Assets — 100.0%			$	8,312,918,718

^(a)  Non-income producing security.

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

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

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

S C H E D U L E    O F    I N V E S T  M E N T S 25

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	211,036,965	$	—	$	(28,543,412	)(a)	$	44,040	$	(9,162	)	$	182,528,431		182,418,980	$	1,238,922	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,230,000		—		(5,410,000	)(a)		—		—			1,820,000		1,820,000		184,477			13
								$	44,040	$	(9,162	)	$	184,348,431			$	1,423,399		$	13

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		705		03/17/23	$	17,086	$	(360,144	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	360,144	$	—	$	—	$	—	$	360,144

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,708,684	)	$	—	$	—	$	—	$	(1,708,684	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	798,470		$	—	$	—	$	—	$	798,470

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	19,845,617

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	715,077,485	$	7,577,833,799	$	2,983,838	$	8,295,895,122
Rights		—		—		—		—
Short-Term Securities
Money Market Funds		184,348,431		—		—		184,348,431
	$	899,425,916	$	7,577,833,799	$	2,983,838	$	8,480,243,553
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(360,144)	$	—	$	(360,144)

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 27

Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 2.1%
Huazhong In-Vehicle Holdings Co. Ltd.(a)		420,000	$	129,487
Intron Technology Holdings Ltd.		294,000		186,858
Nexteer Automotive Group Ltd.		672,000		426,909
Prinx Chengshan Holdings Ltd.		20,000		13,861
Tianneng Power International Ltd.(a)		530,000		679,927
Wuling Motors Holdings Ltd.(a)		950,000		112,732
				1,549,774
Beverages — 0.3%
China Foods Ltd.		672,000		237,355
China Huiyuan Juice Group Ltd.(b)		81,000		—
				237,355
Biotechnology — 5.1%
Alphamab Oncology(a)(c)(d)		336,000		622,056
Ascentage Pharma Group International(c)(d)		121,800		387,658
Ascletis Pharma Inc.(c)(d)		294,000		120,721
Brii Biosciences Ltd.(a)(d)		189,000		143,175
CARsgen Therapeutics Holdings Ltd., NVS(c)(d)		84,000		169,631
CStone Pharmaceuticals(c)(d)		420,000		210,590
Everest Medicines Ltd.(a)(c)(d)		117,500		254,963
I-Mab, ADR(d)		34,986		150,440
Jacobio Pharmaceuticals Group Co. Ltd. (c)(d)		176,400		197,048
Keymed Biosciences Inc.(c)(d)		120,000		965,058
Kintor Pharmaceutical Ltd. (a)(c)(d)		273,000		336,616
Shanghai Haohai Biological Technology Co. Ltd., Class H(c)		29,400		154,128
Shanghai Henlius Biotech Inc.(c)(d)		53,400		101,053
Untrade Cteg(b)		600,000		3,823
				3,816,960
Building Products — 0.5%
China State Construction Development Holdings Ltd.		504,000		129,806
Luoyang Glass Co. Ltd., Class H (d)		202,000		222,202
				352,008
Capital Markets — 2.1%
Bairong Inc. (c)(d)		147,000		199,775
China Everbright Ltd.(a)		726,000		520,180
China Renaissance Holdings Ltd.(a)(c)		151,200		140,575
Noah Holdings Ltd., ADR(a)(d)		23,940		447,918
Up Fintech Holding Ltd., ADR(a)(d)		76,745		286,259
				1,594,707
Chemicals — 3.3%
China BlueChemical Ltd., Class H		1,176,000		265,440
China Longevity Group Co. Ltd.(b)(d)		96,000		—
China XLX Fertiliser Ltd.		420,000		221,716
Fufeng Group Ltd.(a)		1,176,600		754,519
Global New Material International Holdings Ltd.		462,000		291,936
Guizhou Zhongyida Co. Ltd.(d)		277,200		149,663
Huabao International Holdings Ltd.(a)		756,000		379,042
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		310,893		208,647
Sinofert Holdings Ltd.		1,596,000		193,251
Untradelumena Newmat, NVS(b)		21,700		—
				2,464,214
Commercial Services & Supplies — 1.0%
Binjiang Service Group Co. Ltd.		68,500		211,541
China Conch Environment Protection Holdings Ltd.(d)		1,260,000		466,242
Dynagreen Environmental Protection Group Co. Ltd., Class H		294,000		100,097
				777,880

Security	Shares		Value
Communications Equipment — 0.1%
Eastern Communications Co. Ltd., Class B		226,800	$	97,066
Construction & Engineering — 1.4%
Greentown Management Holdings Co. Ltd.(c)		462,000		371,768
ReneSola Ltd., ADR(a)(d)		25,578		115,868
Sinopec Engineering Group Co. Ltd., Class H		1,134,000		568,137
				1,055,773
Construction Materials — 0.5%
Asia Cement China Holdings Corp.		357,000		180,252
MH Development Ltd.(b)		112,000		3,209
West China Cement Ltd.		1,680,000		203,427
				386,888
Consumer Finance — 1.2%
FinVolution Group, ADR		103,824		526,388
LexinFintech Holdings Ltd., ADR(d)		79,000		218,830
Yixin Group Ltd.(a)(c)(d)		987,000		144,815
				890,033
Distributors — 0.6%
China Tobacco International HK Co. Ltd.		168,000		236,370
Xinhua Winshare Publishing and Media Co. Ltd., Class H		276,000		209,295
				445,665
Diversified Consumer Services — 3.7%
China East Education Holdings Ltd.(c)		420,000		316,372
China Education Group Holdings Ltd.		733,000		841,853
China Maple Leaf Educational Systems Ltd.(b)(d)		1,088,000		35,104
China New Higher Education Group Ltd.(c)		672,000		272,499
China Yuhua Education Corp. Ltd.(a)(c)(d)		1,326,000		221,298
Fu Shou Yuan International Group Ltd.		882,000		664,954
Hope Education Group Co. Ltd.(c)(d)		2,772,000		233,492
Youdao Inc., ADR(a)(d)		28,848		235,111
				2,820,683
Diversified Financial Services — 3.3%
CSSC Hong Kong Shipping Co. Ltd.		924,000		153,162
Genertec Universal Medical Group Co. Ltd.(c)		798,000		460,729
Haitong UniTrust International Leasing Co. Ltd., Class H(a)(c)		1,092,000		141,901
International Alliance Financial Leasing Co. Ltd. (a)(c)(d)		650,000		1,466,944
SY Holdings Group Ltd.(a)		315,000		238,105
				2,460,841
Electrical Equipment — 1.3%
China Fiber Optic Network System Group Ltd.(b)		181,600		—
China High Speed Transmission Equipment Group Co. Ltd.(d)		294,000		121,538
Hangzhou Steam Turbine Power Group Co. Ltd., Class B		256,210		370,799
Harbin Electric Co. Ltd., Class H(d)		504,000		250,682
Sun King Technology Group Ltd.(d)		962,000		226,937
Trony Solar Holdings Co. Ltd.(b)		216,000		—
				969,956
Electronic Equipment, Instruments & Components — 1.3%
Anxin-China Holdings Ltd.(b)		672,000		1
BOE Varitronix Ltd.		242,000		536,250
FIH Mobile Ltd. (a)(d)		2,394,000		256,340
Truly International Holdings Ltd.		1,344,000		188,540
				981,131
Entertainment — 3.8%
Alibaba Pictures Group Ltd.(d)		9,240,000		582,405
CMGE Technology Group Ltd.(a)(d)		840,000		233,776
DouYu International Holdings Ltd., ADR(d)		109,326		136,658
Fire Rock Holdings Ltd.(a)(b)(d)		1,472,000		72,854

28 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
HUYA Inc., ADR(d)		64,951	$	279,289
iDreamSky Technology Holdings Ltd.(a)(c)(d)		537,600		245,697
Maoyan Entertainment(a)(c)(d)		302,400		338,456
NetDragon Websoft Holdings Ltd.		189,000		430,172
Untrade SMI Holdings(b)		267,200		—
XD Inc.(d)		168,000		543,788
				2,863,095
Equity Real Estate Investment Trusts (REITs) — 0.7%
Yuexiu REIT(a)		1,806,000		545,817
Food & Staples Retailing — 0.4%
DingDong Cayman Ltd.(a)(d)		69,048		312,787
Food Products — 2.0%
Ausnutria Dairy Corp. Ltd.(a)		294,000		159,586
China Modern Dairy Holdings Ltd.(a)		2,394,000		326,500
China Youran Dairy Group Ltd.(a)(c)(d)		588,000		144,011
COFCO Joycome Foods Ltd.		1,806,000		527,314
Zhou Hei Ya International Holdings Co. Ltd.(a)(c)		735,000		371,306
				1,528,717
Gas Utilities — 0.5%
Towngas Smart Energy Co. Ltd.		756,000		382,525
Health Care Equipment & Supplies — 3.8%
AK Medical Holdings Ltd.(c)		420,000		501,462
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		73,500		194,585
Kangji Medical Holdings Ltd.		231,000		282,600
Lifetech Scientific Corp. (d)		2,856,000		1,063,667
Peijia Medical Ltd.(c)(d)		294,000		427,065
Untrade Hosa International Ltd.(b)		220,000		—
Venus MedTech Hangzhou Inc., Class H(a)(c)(d)		210,000		365,791
				2,835,170
Health Care Providers & Services — 3.7%
Arrail Group Ltd., NVS(a)		126,000		219,510
China Resources Medical Holdings Co. Ltd.		651,000		564,415
Gushengtang Holdings Ltd.(d)		63,000		443,886
Jinxin Fertility Group Ltd.(a)(c)		1,260,000		1,003,013
New Horizon Health Ltd.(c)(d)		134,500		562,842
				2,793,666
Health Care Technology — 0.6%
Medlive Technology Co. Ltd.(a)(c)		147,000		179,734
Yidu Tech Inc. (a)(c)(d)		226,800		248,558
				428,292
Hotels, Restaurants & Leisure — 2.9%
China Travel International Investment Hong Kong Ltd.(a)(d)		1,680,000		333,944
Haichang Ocean Park Holdings Ltd.(c)(d)		2,478,000		602,974
Helens International Holdings Co. Ltd. (a)(d)		198,500		348,721
Huangshan Tourism Development Co. Ltd., Class B		161,700		133,786
Nayuki Holdings Ltd.(a)(d)		252,000		233,360
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		504,000		537,924
				2,190,709
Household Durables — 2.2%
Chervon Holdings Ltd.		75,600		381,881
Konka Group Co. Ltd., Class B		516,600		125,015
Q Technology Group Co. Ltd.(d)		378,000		228,034
Skyworth Group Ltd.		1,092,000		599,089
TCL Electronics Holdings Ltd.		672,000		290,424
				1,624,443

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 2.6%
Beijing Jingneng Clean Energy Co. Ltd., Class H		1,092,000	$	272,850
Canvest Environmental Protection Group Co. Ltd.		378,000		186,300
CGN New Energy Holdings Co. Ltd.		1,008,000		351,080
China Datang Corp. Renewable Power Co. Ltd., Class H		1,722,000		599,546
China Everbright Greentech Ltd.(a)(c)		462,000		105,476
Concord New Energy Group Ltd.		4,620,000		441,640
				1,956,892
Industrial Conglomerates — 0.6%
Shanghai Industrial Holdings Ltd.		336,000		435,016
Interactive Media & Services — 2.9%
Hello Group Inc., ADR		115,388		1,016,568
Meitu Inc.(a)(c)(d)		1,701,000		635,017
Sohu.com Ltd., ADR(a)(d)		19,614		280,873
Tongdao Liepin Group(d)		142,800		236,121
				2,168,579
Internet & Direct Marketing Retail — 0.9%
Baozun Inc., ADR(d)		37,545		236,158
Dada Nexus Ltd., ADR(a)(d)		48,987		438,924
				675,082
IT Services — 2.8%
Chindata Group Holdings Ltd., ADR(a)(d)		100,422		679,857
Digital China Holdings Ltd.		630,000		293,098
Kingsoft Cloud Holdings Ltd., ADR(a)(d)		82,866		319,034
National Agricultural Holdings Ltd., NVS(b)		108,900		139
Vnet Group Inc., ADR(d)		76,818		304,967
Yeahka Ltd.(a)(d)		159,200		528,503
				2,125,598
Life Sciences Tools & Services — 0.2%
Viva Biotech Holdings(c)(d)		588,000		118,521
Machinery — 2.7%
China Yuchai International Ltd.		11,004		89,463
CIMC Enric Holdings Ltd.		556,000		570,683
First Tractor Co. Ltd., Class H		304,000		151,109
LK Technology Holdings Ltd.(a)		420,000		566,154
Lonking Holdings Ltd.		1,470,000		266,115
Shanghai Highly Group Co. Ltd., Class B		193,284		88,325
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		163,705		178,243
Shanghai New Power Automotive Technology Co. Ltd., Class B		260,465		111,246
				2,021,338
Media — 0.6%
Flowing Cloud Technology Ltd., NVS		336,000		175,076
Joy Spreader Group Inc.(a)(d)		924,000		143,941
Mobvista Inc.(c)(d)		294,000		151,028
				470,045
Metals & Mining — 3.3%
China Metal Recycling Holdings Ltd.(b)		184,800		—
China Nonferrous Mining Corp Ltd.		1,008,000		507,800
China Oriental Group Co. Ltd.		840,000		170,419
China Zhongwang Holdings Ltd.(a)(b)(d)		1,271,200		123,420
Jinchuan Group International Resources Co. Ltd.		2,394,000		186,209
MMG Ltd.(d)		2,352,000		663,384
Shougang Fushan Resources Group Ltd.		1,344,000		431,742
Tiangong International Co. Ltd.		1,092,000		402,461
Untrade Real Gold Mining(b)		126,000		—

S C H E D U L E    O F    I N V E S T  M E N T S 29

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Youyuan International Holdings Ltd.(b)		120,000	$	818
				2,486,253
Oil, Gas & Consumable Fuels — 1.4%
AAG Energy Holdings Ltd.(c)		780,000		171,538
CGN Mining Co. Ltd.(d)		1,470,000		174,267
Kinetic Development Group Ltd.		1,932,000		159,987
Productive Technologies Co. Ltd.(a)(d)		2,352,000		296,644
Sinopec Kantons Holdings Ltd.		756,000		260,319
				1,062,755
Paper & Forest Products — 0.7%
China Forestry Holdings Co. Ltd.(b)		306,000		—
Lee & Man Paper Manufacturing Ltd.		1,008,000		436,294
Qunxing Paper Holdings Co. Ltd.(b)		148,000		—
Shandong Chenming Paper Holdings Ltd., Class B(d)		399,000		125,022
Superb Summit International Group Ltd.(b)		2,975		—
				561,316
Pharmaceuticals — 6.7%
Antengene Corp. Ltd.(c)(d)		231,000		117,222
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		196,000		302,312
China Animal Healthcare Ltd.(b)		140,000		—
China Shineway Pharmaceutical Group Ltd.		226,000		197,474
Grand Pharmaceutical Group Ltd., Class A		819,000		465,902
Hua Han Health Industry Holdings Ltd.(b)		505,580		1
Hua Medicine(c)(d)		525,000		271,672
HUTCHMED China Ltd.(d)		365,500		1,206,702
Luye Pharma Group Ltd. (c)(d)		1,365,000		628,211
Ocumension Therapeutics(c)(d)		231,000		296,500
Shanghai Haixin Group Co., Class B		344,463		113,687
Sihuan Pharmaceutical Holdings Group Ltd.		2,898,000		336,389
SSY Group Ltd.		1,008,000		604,415
Tong Ren Tang Technologies Co. Ltd., Class H		444,000		318,843
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c)(d)		201,600		208,009
				5,067,339
Real Estate Management & Development — 12.8%
Agile Group Holdings Ltd.(d)		924,000		254,662
A-Living Smart City Services Co. Ltd., Class A(c)		598,500		613,583
C&D Property Management Group Co. Ltd.		314,000		203,619
Central China New Life Ltd.		247,000		88,647
China Aoyuan Group Ltd.(a)(b)(d)		896,000		77,737
China Overseas Grand Oceans Group Ltd.		1,386,000		539,193
China SCE Group Holdings Ltd.		1,302,000		149,285
China South City Holdings Ltd.(d)		3,528,000		233,878
CIFI Ever Sunshine Services Group Ltd.		618,000		249,799
CIFI Holdings Group Co. Ltd.(a)		3,192,000		342,791
Colour Life Services Group Co. Ltd.(a)(b)(d)		320,000		14,587
Cosmopolitan International Holdings Ltd.(d)		1,260,000		209,239
Excellence Commercial Property & Facilities Management Group Ltd.(a)		294,000		131,784
Gemdale Properties & Investment Corp. Ltd.		4,452,000		352,330
Guangzhou R&F Properties Co. Ltd., Class H(a)(d)		1,293,600		318,766
Hopson Development Holdings Ltd.		659,400		672,959
Jinke Smart Services Group Co. Ltd.		100,800		155,938
Kaisa Group Holdings Ltd.(a)(b)(d)		2,048,000		73,715
KWG Group Holdings Ltd.(d)		966,000		206,175
Midea Real Estate Holding Ltd.(c)		260,400		322,624
Poly Property Group Co. Ltd.		1,302,000		312,353
Powerlong Real Estate Holdings Ltd.(a)		966,000		200,999
Radiance Holdings Group Co. Ltd.(a)		630,000		384,450

Security	Shares		Value
Real Estate Management & Development (continued)
Redco Properties Group Ltd.(a)(c)(d)		672,000	$	112,230
SCE Intelligent Commercial Management Holdings Ltd.		378,000		89,705
Seazen Group Ltd.(d)		1,512,000		508,980
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		210,040		201,465
Shenzhen Investment Ltd.		2,016,000		367,972
Shimao Services Holdings Ltd.(a)(c)(d)		756,000		219,074
Shoucheng Holdings Ltd.		1,933,600		404,361
Shui On Land Ltd.		2,829,500		349,781
Sino-Ocean Group Holding Ltd.(a)		2,352,000		297,173
SOHO China Ltd.(d)		1,596,000		297,247
Sunac Services Holdings Ltd.(c)		798,000		319,099
Yuexiu Services Group Ltd., NVS		294,000		175,852
Zhuguang Holdings Group Co. Ltd.(a)(d)		1,680,000		188,372
				9,640,424
Semiconductors & Semiconductor Equipment — 2.3%
JinkoSolar Holding Co. Ltd., ADR(d)		32,802		1,738,506
Software — 3.8%
Agora Inc., ADR(a)(d)		52,122		159,493
AsiaInfo Technologies Ltd.(c)		134,400		232,293
China Youzan Ltd.(d)		11,256,000		304,007
Inspur International Ltd.(d)		420,000		322,649
Linklogis Inc.(c)(d)		630,000		296,040
Ming Yuan Cloud Group Holdings Ltd.(a)		546,000		372,828
Tuya Inc.(a)(d)		153,083		316,882
Weimob Inc.(c)(d)		1,470,000		884,048
				2,888,240
Specialty Retail — 0.9%
Boshiwa International Holding Ltd.(b)		67,000		—
GOME Retail Holdings Ltd.(a)(d)		24,486,000		493,922
Pou Sheng International Holdings Ltd.		1,638,000		175,726
				669,648
Technology Hardware, Storage & Peripherals — 0.4%
Canaan Inc., ADR(a)(d)		108,906		304,937
Textiles, Apparel & Luxury Goods — 1.8%
361 Degrees International Ltd.(d)		630,000		302,157
China Lilang Ltd.		294,000		149,816
Fuguiniao Co. Ltd.(b)		43,200		—
Golden Solar New Energy Technology Holdings Ltd. (a)(d)		651,200		706,099
JNBY Design Ltd.		147,000		184,028
				1,342,100
Tobacco — 1.0%
RLX Technology Inc., ADR(d)		393,195		766,730
Trading Companies & Distributors — 0.3%
China Aircraft Leasing Group Holdings Ltd.		168,000		109,640
CITIC Resources Holdings Ltd.		2,184,000		137,785
				247,425
Transportation Infrastructure — 2.0%
Anhui Expressway Co. Ltd., Class H		320,000		299,069
COSCO SHIPPING International Hong Kong Co. Ltd.		420,000		131,707
Hainan Meilan International Airport Co. Ltd., Class H(a)(d)		159,000		391,997
Sichuan Expressway Co. Ltd., Class H		588,000		142,286
Tianjin Port Development Holdings Ltd.		1,428,000		109,234
Yuexiu Transport Infrastructure Ltd.		786,000		443,509
				1,517,802
Water Utilities — 0.8%
China Everbright Water Ltd.		177,100		28,232

30 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities (continued)
China Water Affairs Group Ltd.(a)		640,000	$	569,417
				597,649
Total Long-Term Investments — 99.9% (Cost: $85,866,738)				75,268,350
Short-Term Securities
Money Market Funds — 22.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)		16,660,232		16,670,229
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f)		180,000		180,000
Total Short-Term Securities — 22.4% (Cost: $16,842,353)				16,850,229
Total Investments — 122.3% (Cost: $102,709,091)				92,118,579
Liabilities in Excess of Other Assets — (22.3)%				(16,771,158)
Net Assets — 100.0%			$	75,347,421

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

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(d)  Non-income producing security.

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,612,515	$	7,051,966	(a)	$	—	$	3,649	$	2,099	$	16,670,229		16,660,232	$	392,090	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		120,000	(a)		—		—		—		180,000		180,000		1,689			—
								$	3,649	$	2,099	$	16,850,229			$	393,779		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		9		03/17/23	$	218	$	(9,768	)

S C H E D U L E    O F    I N V E S T  M E N T S 31

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI China Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	9,768	$	—	$	—	$	—	$	9,768

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(36,688	)	$	—	$	—	$	—	$	(36,688	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,102		$	—	$	—	$	—	$	7,102

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	109,057

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	12,859,329	$	62,003,613		$	405,408	$	75,268,350
Short-Term Securities
Money Market Funds		16,850,229		—			—		16,850,229
	$	29,709,558	$	62,003,613		$	405,408	$	92,118,579
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(9,768	)	$	—	$	(9,768	)

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

See notes to financial statements.

32 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2023 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 4.1%
Astra International Tbk PT		45,956,130	$	18,382,801
Banks — 43.8%
Bank Aladin Syariah Tbk PT(a)		12,971,400		1,105,759
Bank BTPN Syariah Tbk PT		9,492,200		1,456,196
Bank Bukopin Tbk PT(a)		51,732,400		403,682
Bank Central Asia Tbk PT		153,021,890		87,763,973
Bank Mandiri Persero Tbk PT		41,416,260		27,150,436
Bank Negara Indonesia Persero Tbk PT		26,332,758		15,144,658
Bank Neo Commerce Tbk PT(a)		13,274,066		556,472
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		18,432,376		1,595,329
Bank Pembangunan Daerah Jawa Timur Tbk PT		26,561,800		1,288,746
Bank Rakyat Indonesia Persero Tbk PT		180,566,954		55,265,292
Bank Tabungan Negara Persero Tbk PT		29,180,026		2,534,667
				194,265,210
Capital Markets — 0.5%
Pacific Strategic Financial Tbk PT(a)		30,076,900		2,218,788
Pool Advista Indonesia Tbk PT(a)(b)		7,126,300		—
				2,218,788
Chemicals — 1.8%
Barito Pacific Tbk PT		106,278,752		6,515,175
Surya Esa Perkasa Tbk PT		21,421,800		1,503,101
				8,018,276
Construction & Engineering — 0.7%
PP Persero Tbk PT(a)		18,465,522		774,657
Waskita Karya Persero Tbk PT(a)(b)		62,167,119		1,408,050
Wijaya Karya Persero Tbk PT(a)		17,974,670		742,319
				2,925,026
Construction Materials — 3.0%
Berkah Beton Sadaya Tbk PT(b)		64,732,500		2,525,629
Indocement Tunggal Prakarsa Tbk PT		6,017,644		4,388,762
Semen Indonesia Persero Tbk PT		13,043,941		6,178,394
				13,092,785
Consumer Finance — 0.4%
BFI Finance Indonesia Tbk PT		20,007,700		1,790,509
Diversified Telecommunication Services — 7.7%
Inovisi Infracom Tbk PT(b)		9,476,400		—
Sarana Menara Nusantara Tbk PT		59,394,900		4,088,786
Telkom Indonesia Persero Tbk PT		117,808,790		30,010,124
				34,098,910
Electronic Equipment, Instruments & Components — 0.1%
Metrodata Electronics Tbk PT		13,035,500		512,872
Food & Staples Retailing — 2.1%
Sumber Alfaria Trijaya Tbk PT		49,196,200		9,355,727
Food Products — 6.4%
Astra Agro Lestari Tbk PT		734,700		399,903
Charoen Pokphand Indonesia Tbk PT		27,178,625		9,578,346
Cisarua Mountain Dairy PT TBK		3,159,900		922,069
Indofood CBP Sukses Makmur Tbk PT		9,160,554		6,083,364
Indofood Sukses Makmur Tbk PT		16,790,330		7,128,481
Inti Agri Resources Tbk PT(a)(b)		190,840,700		—
Japfa Comfeed Indonesia Tbk PT		20,417,900		1,800,489
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		19,551,800		1,365,441

Security	Shares		Value
Food Products (continued)
Sawit Sumbermas Sarana Tbk PT		8,699,300	$	926,975
				28,205,068
Gas Utilities — 1.1%
Perusahaan Gas Negara Tbk PT		45,818,707		4,700,076
Health Care Providers & Services — 0.8%
Medikaloka Hermina Tbk PT		16,616,000		1,623,465
Metro Healthcare Indonesia TBK PT(a)		50,460,400		1,588,290
Siloam International Hospitals Tbk PT		6,239,100		535,949
				3,747,704
Household Products — 1.7%
Unilever Indonesia Tbk PT		27,962,120		7,662,003
Insurance — 0.6%
Panin Financial Tbk PT		93,599,678		2,442,747
Internet & Direct Marketing Retail — 0.6%
Bukalapak.com PT Tbk(a)		161,683,500		2,777,153
Marine — 0.5%
Temas Tbk PT		2,605,000		570,538
Trada Alam Minera Tbk PT(a)(b)		163,879,000		—
Transcoal Pacific Tbk PT		2,729,200		1,588,305
				2,158,843
Media — 0.6%
Media Nusantara Citra Tbk PT(a)		27,822,000		1,185,454
Surya Citra Media Tbk PT		103,779,800		1,470,130
				2,655,584
Metals & Mining — 4.5%
Aneka Tambang Tbk		33,632,554		4,388,799
Bumi Resources Minerals Tbk PT(a)		115,950,300		1,238,834
Merdeka Copper Gold Tbk PT(a)		35,834,206		10,666,334
Timah Tbk PT		6,113,400		477,095
Vale Indonesia Tbk PT(a)		7,119,100		3,184,506
				19,955,568
Multiline Retail — 1.2%
Matahari Department Store Tbk PT		2,432,100		825,319
Mitra Adiperkasa Tbk PT(a)		43,560,600		4,313,235
				5,138,554
Oil, Gas & Consumable Fuels — 7.7%
Adaro Energy Indonesia Tbk PT		54,234,239		10,625,715
AKR Corporindo Tbk PT		47,123,300		4,276,962
Bukit Asam Tbk PT		16,812,200		4,254,152
Bumi Resources Tbk PT(a)		193,328,300		1,724,109
Energi Mega Persada Tbk PT, NVS		22,993,400		410,112
Harum Energy Tbk PT		6,834,000		730,134
Indika Energy Tbk PT		4,561,900		687,748
Indo Tambangraya Megah Tbk PT		2,182,700		5,320,486
Medco Energi Internasional Tbk PT		43,120,886		3,235,445
Sekawan Intipratama Tbk PT(b)		30,572,100		—
Sugih Energy Tbk PT(a)(b)		39,886,700		—
United Tractors Tbk PT		1,607,796		2,940,741
				34,205,604
Paper & Forest Products — 1.7%
Indah Kiat Pulp & Paper Tbk PT		10,537,600		5,473,956
Pabrik Kertas Tjiwi Kimia Tbk PT		4,641,100		2,129,964
				7,603,920
Personal Products — 0.5%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		35,579,037		2,053,085

S C H E D U L E    O F    I N V E S T  M E N T S 33

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 2.5%
Kalbe Farma Tbk PT		80,556,285	$	11,143,792
Real Estate Management & Development — 2.3%
Bumi Serpong Damai Tbk PT(a)		35,823,622		2,324,562
Ciputra Development Tbk PT		42,802,213		2,778,635
Hanson International Tbk PT(a)(b)		372,896,535		—
Lippo Karawaci Tbk PT(a)		138,882,542		737,671
Pakuwon Jati Tbk PT		81,925,977		2,482,322
Rimo International Lestari Tbk PT(a)(b)		54,096,000		—
Summarecon Agung Tbk PT		49,429,286		1,960,189
				10,283,379
Software — 0.1%
Digital Mediatama Maxima Tbk PT(a)		6,096,700		395,786
Specialty Retail — 0.7%
Ace Hardware Indonesia Tbk PT		31,888,979		1,055,888
Erajaya Swasembada Tbk PT		48,507,100		1,637,668
Map Aktif Adiperkasa PT(a)		1,713,300		549,379
				3,242,935

Security	Shares		Value
Tobacco — 0.7%
Gudang Garam Tbk PT		1,864,442	$	3,056,462
Transportation Infrastructure — 0.7%
Astrindo Nusantara Infrastructure Tbk PT(a)		118,552,600		1,173,731
Jasa Marga Persero Tbk PT(a)		10,072,408		2,146,390
				3,320,121
Wireless Telecommunication Services — 0.9%
Smartfren Telecom Tbk PT(a)		261,626,200		1,149,114
XL Axiata Tbk PT		20,120,700		2,757,134
				3,906,248
Total Investments — 100.0% (Cost: $539,431,926)				443,315,536
Other Assets Less Liabilities — 0.0%				221,628
Net Assets — 100.0%			$	443,537,164

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	260,000	$	—	$	(260,000	)(b)	$	—	$	—	$	—		—	$	7,437	$	—

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

^(b)  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
MSCI Emerging Markets Index		16		03/17/23	$	770	$	(18,748	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	18,748	$	—	$	—	$	—	$	18,748

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

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Indonesia ETF

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	69,967		$	—	$	—	$	—	$	69,967
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(11,990	)	$	—	$	—	$	—	$	(11,990	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	950,098

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

Fair Value Hierarchy as of Period End    

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	22,938,960		$	416,442,897	$	3,933,679	$	443,315,536
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(18,748	)	$	—	$	—	$	(18,748	)

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 35

Schedule of Investments  (unaudited) February 28, 2023 iShares^® MSCI Peru ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 26.6%
Banco BBVA Peru SA		6,189,456	$	2,821,656
Banco de Credito del Peru S.A., Class C		423,177		289,935
Credicorp Ltd.		219,234		27,934,796
Intercorp Financial Services Inc.		86,705		2,066,180
				33,112,567
Construction & Engineering — 0.8%
Aenza SAA(a)		6,120,965		1,048,428
Construction Materials — 2.0%
Cementos Pacasmayo SAA		2,339,312		2,496,598
Diversified Consumer Services — 2.6%
Laureate Education Inc., Class A		268,004		3,178,527
Electric Utilities — 2.0%
Interconexion Electrica SA ESP		709,214		2,511,729
Food & Staples Retailing — 2.9%
InRetail Peru Corp.(b)		106,193		3,610,562
Food Products — 5.2%
Alicorp SAA		3,074,300		5,184,795
Casa Grande SAA		570,896		1,293,780
				6,478,575
Metals & Mining — 45.6%
Cia. de Minas Buenaventura SAA, ADR		773,923		5,866,336
Corp. Aceros Arequipa SA, NVS		3,373,711		1,120,170
Fortuna Silver Mines Inc.(a)		1,016,775		3,301,072
Hochschild Mining PLC		3,399,411		2,611,485
MMG Ltd.(a)		10,592,000		2,987,484
Pan American Silver Corp.		182,245		2,716,646
Sociedad Minera Cerro Verde SAA		148,790		4,374,426
Southern Copper Corp.		375,966		27,704,934
Volcan Cia. Minera SAA, Class B, NVS(a)		22,892,706		2,895,635
Wheaton Precious Metals Corp.		79,165		3,298,300
				56,876,488

Security	Shares		Value
Multiline Retail — 2.7%
Falabella SA		1,540,949	$	3,391,041
Oil, Gas & Consumable Fuels — 2.8%
PetroTal Corp.(a)		7,003,986		3,496,268
Real Estate Management & Development — 2.7%
Parque Arauco SA		2,713,080		3,327,143
Trading Companies & Distributors — 3.7%
Ferreycorp SAA		8,096,969		4,608,734
Total Long-Term Investments — 99.6% (Cost: $156,156,493)				124,136,660
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		70,000		70,000
Total Short-Term Securities — 0.1% (Cost: $70,000)				70,000
Total Investments — 99.7% (Cost: $156,226,493)				124,206,660
Other Assets Less Liabilities — 0.3%				418,790
Net Assets — 100.0%			$	124,625,450

^(a)  Non-income producing security.

^(b)  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.

^(c)  Affiliate of the Fund.

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

Affiliates    

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	70,000	(a)	$	—	$	—	$	—	$	70,000		70,000	$	3,916	$	—

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

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Peru ETF

Derivative Financial Instruments Outstanding as of Period End    

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		11		03/17/23	$	530	$	(27,000	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	27,000	$	—	$	—	$	—	$	27,000

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(8,295	)	$	—	$	—	$	—	$	(8,295	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(21,824	)	$	—	$	—	$	—	$	(21,824	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	559,548

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

Fair Value Hierarchy as of Period End    

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	115,146,650		$	8,990,010	$	—	$	124,136,660
Short-Term Securities
Money Market Funds		70,000			—		—		70,000
	$	115,216,650		$	8,990,010	$	—	$	124,206,660
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(27,000	)	$	—	$	—	$	(27,000	)

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 37

Schedule of Investments  (unaudited) February 28, 2023 iShares^® MSCI Philippines ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Cebu Air Inc.(a)		510,140	$	386,837
Banks — 19.0%
Bank of the Philippine Islands		3,391,605		6,725,229
BDO Unibank Inc.		5,116,198		11,394,657
Metropolitan Bank & Trust Co.		4,972,484		5,223,401
Security Bank Corp.		1,424,870		2,643,889
				25,987,176
Chemicals — 1.0%
D&L Industries Inc.		9,749,100		1,387,667
Diversified Financial Services — 1.8%
Metro Pacific Investments Corp.		34,196,050		2,519,938
Diversified Telecommunication Services — 1.7%
Converge Information and Communications Technology Solutions Inc.(a)		8,031,200		2,356,406
Electric Utilities — 4.3%
Manila Electric Co.		802,270		4,605,639
Synergy Grid & Development Phils Inc.		5,906,000		1,256,688
				5,862,327
Equity Real Estate Investment Trusts (REITs) — 1.5%
AREIT Inc.		619,400		402,683
Filinvest REIT Corp.		96,200		8,911
MREIT Inc.		4,826,800		1,302,386
RL Commercial REIT Inc.		3,684,700		379,454
				2,093,434
Food & Staples Retailing — 2.7%
Cosco Capital Inc.		6,579,600		495,699
Puregold Price Club Inc.		3,515,960		2,001,179
Robinsons Retail Holdings Inc.		1,163,900		1,143,143
				3,640,021
Food Products — 7.3%
Century Pacific Food Inc.		4,035,800		1,913,997
Monde Nissin Corp.(b)		17,725,700		3,859,601
Universal Robina Corp.		1,701,318		4,195,365
				9,968,963
Hotels, Restaurants & Leisure — 5.6%
Bloomberry Resorts Corp.(a)		13,883,865		2,291,441
Jollibee Foods Corp.		1,240,881		5,377,140
				7,668,581
Independent Power and Renewable Electricity Producers — 0.1%
ACEN Corp.		1,440,774		164,870
Industrial Conglomerates — 23.7%
Aboitiz Equity Ventures Inc.		4,764,027		4,646,888
Alliance Global Group Inc.		10,107,239		2,295,944
Ayala Corp.		511,098		5,762,422

Security	Shares		Value
Industrial Conglomerates (continued)
DMCI Holdings Inc.		11,522,400	$	2,195,324
GT Capital Holdings Inc.		273,616		2,564,054
JG Summit Holdings Inc.		6,183,831		5,500,706
LT Group Inc.		7,821,300		1,482,744
SM Investments Corp.		526,366		8,091,616
				32,539,698
Oil, Gas & Consumable Fuels — 1.1%
Semirara Mining & Power Corp.		2,669,200		1,445,086
Real Estate Management & Development — 18.8%
Ayala Land Inc.		15,903,350		8,174,387
Megaworld Corp.		38,276,960		1,396,099
Robinsons Land Corp.		1,356,206		368,698
SM Prime Holdings Inc.		25,765,435		15,836,237
				25,775,421
Specialty Retail — 1.9%
Wilcon Depot Inc.		4,618,200		2,634,043
Transportation Infrastructure — 4.5%
International Container Terminal Services Inc.		1,705,563		6,152,597
Water Utilities — 1.1%
Manila Water Co. Inc.		4,218,829		1,447,255
Wireless Telecommunication Services — 4.0%
Globe Telecom Inc.		75		2,403
PLDT Inc.		237,639		5,513,638
				5,516,041
Total Long-Term Investments — 100.4% (Cost: $173,300,330)				137,546,361
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		30,000		30,000
Total Short-Term Securities — 0.0% (Cost: $30,000)				30,000
Total Investments — 100.4% (Cost: $173,330,330)				137,576,361
Liabilities in Excess of Other Assets — (0.4)%				(494,861)
Net Assets — 100.0%			$	137,081,500

^(a)  Non-income producing security.

^(b)  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.

^(c)  Affiliate of the Fund.

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

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Philippines ETF

Affiliates    

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	170,000	$	—	$	(140,000	)(a)	$	—	$	—	$	30,000		30,000	$	1,459	$	—

^(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
MSCI Emerging Markets Index		5		03/17/23	$	241	$	(7,049	)

Derivative Financial Instruments Categorized by Risk Exposure    

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	7,049	$	—	$	—	$	—	$	7,049

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(3,722	)	$	—	$	—	$	—	$	(3,722	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,889	)	$	—	$	—	$	—	$	(2,889	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	218,613

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

S C H E D U L E    O F    I N V E S T  M E N T S 39

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Philippines ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,789,150		$	134,757,211	$	—	$	137,546,361
Short-Term Securities
Money Market Funds		30,000			—		—		30,000
	$	2,819,150		$	134,757,211	$	—	$	137,576,361
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(7,049	)	$	—	$	—	$	(7,049	)

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

See notes to financial statements.

40 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited)  February 28, 2023 iShares^® MSCI Poland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 27.5%
Alior Bank SA(a)(b)		306,355	$	2,789,237
Bank Handlowy w Warszawie SA		149,893		2,811,062
Bank Millennium SA(a)		2,361,021		2,400,744
Bank Polska Kasa Opieki SA		618,141		12,438,957
mBank SA(a)(b)		55,990		4,123,373
Powszechna Kasa Oszczednosci Bank Polski SA		2,957,460		20,637,905
Santander Bank Polska SA		124,244		8,337,346
				53,538,624
Capital Markets — 1.2%
Warsaw Stock Exchange(b)		142,867		1,192,136
XTB SA(b)(c)		143,243		1,071,880
				2,264,016
Chemicals — 1.9%
Ciech SA		150,490		1,753,781
Grupa Azoty SA(a)		225,752		1,964,445
				3,718,226
Construction & Engineering — 1.7%
Budimex SA		51,429		3,253,369
Consumer Finance — 2.5%
KRUK SA		66,041		4,908,253
Diversified Telecommunication Services — 2.0%
Orange Polska SA		2,552,671		3,854,579
Electric Utilities — 4.6%
Enea SA(a)		1,223,159		1,778,695
PGE Polska Grupa Energetyczna SA(a)		3,396,488		5,095,834
Tauron Polska Energia SA(a)		4,424,156		2,139,851
				9,014,380
Entertainment — 3.5%
CD Projekt SA(b)		230,505		6,857,525
Food & Staples Retailing — 5.3%
Dino Polska SA(a)(b)(c)		106,562		8,896,165
Eurocash SA(a)		425,422		1,428,169
				10,324,334
Health Care Providers & Services — 0.7%
Neuca SA(b)		10,214		1,352,361
Hotels, Restaurants & Leisure — 0.9%
AmRest Holdings SE(a)		358,358		1,676,238
Insurance — 8.6%
Powszechny Zaklad Ubezpieczen SA		2,033,878		16,722,463
Internet & Direct Marketing Retail — 4.2%
Allegro.eu SA (a)(c)		1,243,855		8,107,298
Media — 1.9%
Cyfrowy Polsat SA		959,237		3,715,690

Security	Shares		Value
Metals & Mining — 5.7%
Jastrzebska Spolka Weglowa SA(a)(b)		220,868	$	2,713,751
KGHM Polska Miedz SA		292,649		8,346,043
				11,059,794
Multiline Retail — 2.9%
Pepco Group NV(a)		579,581		5,741,039
Oil, Gas & Consumable Fuels — 16.7%
Polski Koncern Naftowy ORLEN SA		2,171,219		32,428,389
Professional Services — 0.4%
Grupa Pracuj SA		59,543		722,780
Software — 3.0%
Asseco Poland SA(b)		231,062		4,143,671
LiveChat Software SA		51,851		1,631,799
				5,775,470
Textiles, Apparel & Luxury Goods — 4.7%
CCC SA(a)(b)		152,799		1,214,565
LPP SA		3,744		7,908,216
				9,122,781
Total Long-Term Investments — 99.9% (Cost: $296,967,473)				194,157,609
Short-Term Securities
Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		9,738,901		9,744,744
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		2,550,000		2,550,000
Total Short-Term Securities — 6.4% (Cost: $12,290,791)				12,294,744
Total Investments — 106.3% (Cost: $309,258,264)				206,452,353
Liabilities in Excess of Other Assets — (6.3)%				(12,153,018	)
Net Assets — 100.0%			$	194,299,335

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

S C H E D U L E    O F    I N V E S T  M E N T S 41

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Poland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,617,290	$	4,123,411	(a)	$	—	$	3,703	$	340	$	9,744,744		9,738,901	$	57,524	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,140,000		1,410,000	(a)		—		—		—		2,550,000		2,550,000		34,203			3
								$	3,703	$	340	$	12,294,744			$	91,727		$	3

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		8		03/17/23	$	385	$	(10,915	)

Derivative Financial Instruments Categorized by Risk Exposure    

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	10,915	$	—	$	—	$	—	$	10,915

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(11,694	)	$	—	$	—	$	—	$	(11,694	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(10,476	)	$	—	$	—	$	—	$	(10,476	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	315,393

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

42 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Poland ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,706,940		$	190,450,669	$	—	$	194,157,609
Short-Term Securities
Money Market Funds		12,294,744			—		—		12,294,744
	$	16,001,684		$	190,450,669	$	—	$	206,452,353
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(10,915	)	$	—	$	—	$	(10,915	)

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 43

Schedule of Investments  (unaudited)  February 28, 2023 iShares^® MSCI Qatar ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.8%
Gulf Warehousing Co.		599,722	$	566,535
Banks — 49.6%
Commercial Bank PSQC (The)		1,797,598		3,024,596
Doha Bank QPSC		2,112,065		954,220
Masraf Al Rayan QSC		4,004,359		2,957,683
Qatar International Islamic Bank QSC		908,488		2,607,133
Qatar Islamic Bank SAQ		1,618,939		8,242,389
Qatar National Bank QPSC		3,437,075		15,859,681
				33,645,702
Chemicals — 4.1%
Mesaieed Petrochemical Holding Co.		4,805,786		2,763,258
Construction & Engineering — 0.4%
Estithmar Holding QPSC(a)		499,192		259,492
Construction Materials — 1.8%
Qatar National Cement Co. QSC		586,139		678,246
Qatari Investors Group QSC		976,369		526,103
				1,204,349
Diversified Financial Services — 0.5%
Salam International Investment Ltd. QSC(a)		2,454,296		346,754
Diversified Telecommunication Services — 3.4%
Ooredoo QPSC		903,106		2,275,755
Energy Equipment & Services — 1.2%
Gulf International Services QSC(a)		1,648,262		823,936
Food & Staples Retailing — 1.1%
Al Meera Consumer Goods Co. QSC		176,507		768,451
Food Products — 0.8%
Baladna		1,538,218		566,723
Health Care Providers & Services — 0.8%
Medicare Group		327,832		537,804
Industrial Conglomerates — 10.8%
Aamal Co.		3,179,392		841,363
Industries Qatar QSC		1,473,609		5,619,994
Mannai Corp. QSC		249,308		471,606
Qatar Industrial Manufacturing Co. QSC		449,900		373,600
				7,306,563
Insurance — 1.5%
Qatar Insurance Co. SAQ		2,183,056		1,016,181
Marine — 2.4%
Qatar Navigation QSC		667,485		1,643,275

Security	Shares		Value
Metals & Mining — 2.3%
Qatar Aluminum Manufacturing Co.		3,431,103	$	1,588,297
Multi-Utilities — 3.5%
Qatar Electricity & Water Co. QSC		496,733		2,372,066
Oil, Gas & Consumable Fuels — 7.7%
Qatar Fuel QSC		568,721		2,527,720
Qatar Gas Transport Co. Ltd.		2,709,858		2,707,281
				5,235,001
Real Estate Management & Development — 5.0%
Barwa Real Estate Co.		2,231,434		1,679,105
Ezdan Holding Group QSC(a)		2,465,116		589,116
Mazaya Real Estate Development QPSC(a)		2,060,780		314,773
United Development Co. QSC		2,629,147		829,363
				3,412,357
Wireless Telecommunication Services — 1.6%
Vodafone Qatar QSC		2,421,375		1,053,508
Total Common Stocks — 99.3% (Cost: $54,438,021)				67,386,007
Rights
Banks — 0.7%
Lesha Bank LLC (a)		1,916,776		451,700
Total Rights — 0.7% (Cost: $493,700)				451,700
Total Long-Term Investments — 100.0% (Cost: $54,931,721)				67,837,707
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(b)(c)		260,000		260,000
Total Short-Term Securities — 0.4% (Cost: $260,000)				260,000
Total Investments — 100.4% (Cost: $55,191,721)				68,097,707
Liabilities in Excess of Other Assets — (0.4)%				(252,144	)
Net Assets — 100.0%			$	67,845,563

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

44 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Qatar ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	50,000		$210,000	(a)	$	—	$	—	$	—	$	260,000		260,000	$	1,040	$	—

^(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
MSCI Emerging Markets Index		8		03/17/23	$	385	$	(11,249	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	11,249	$	—	$	—	$	—	$	11,249

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(24,568	)	$	—	$	—	$	—	$	(24,568	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(10,574	)	$	—	$	—	$	—	$	(10,574	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	217,143

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

S C H E D U L E    O F    I N V E S T  M E N T S 45

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Qatar ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,355,699		$	61,030,308	$	—	$	67,386,007
Rights		—			451,700		—		451,700
Short-Term Securities
Money Market Funds		260,000			—		—		260,000
	$	6,615,699		$	61,482,008	$	—	$	68,097,707
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(11,249	)	$	—	$	—	$	(11,249	)

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

See notes to financial statements.

46 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments  (unaudited)  February 28, 2023 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 39.1%
Al Rajhi Bank(a)		5,892,256	$	110,189,428
Alinma Bank		3,132,979		24,547,590
Arab National Bank		2,005,120		12,282,789
Bank AlBilad(a)		1,599,823		15,177,255
Bank Al-Jazira		1,469,683		7,080,945
Banque Saudi Fransi		1,937,991		16,855,988
Riyad Bank		4,255,911		29,495,982
Saudi British Bank (The)		2,830,275		24,970,510
Saudi Investment Bank (The)		658,074		2,769,637
Saudi National Bank (The)		6,562,117		82,535,713
				325,905,837
Building Products — 0.3%
Bawan Co.		46,258		360,924
Saudi Ceramic Co.		214,366		1,725,429
				2,086,353
Capital Markets — 0.2%
Saudi Tadawul Group Holding Co.		46,713		1,775,044
Chemicals — 14.7%
Advanced Petrochemical Co.		489,031		6,293,359
Alujain Corp.		99,748		965,753
Methanol Chemicals Co.(a)		56,442		373,957
National Industrialization Co.(a)		1,327,922		4,262,046
SABIC Agri-Nutrients Co.		565,278		20,108,227
Sahara International Petrochemical Co.		1,226,481		11,556,245
Saudi Basic Industries Corp.		2,656,073		62,591,013
Saudi Industrial Investment Group		1,005,588		5,987,619
Saudi Kayan Petrochemical Co.(a)		1,390,591		4,696,810
Yanbu National Petrochemical Co.		513,710		5,744,378
				122,579,407
Commercial Services & Supplies — 0.4%
Saudi Airlines Catering Co.(a)		170,937		3,598,451
Construction Materials — 3.4%
Arabian Cement Co./Saudi Arabia		247,351		2,263,836
City Cement Co.		332,536		1,821,502
Eastern Province Cement Co.		212,266		2,266,702
Najran Cement Co.		478,133		1,588,898
Northern Region Cement Co.		538,752		1,591,967
Qassim Cement Co. (The)		191,068		3,436,795
Riyadh Cement Co.		76,335		618,385
Saudi Cement Co.		310,817		4,337,218
Southern Province Cement Co.		268,777		3,592,550
Yamama Cement Co.(a)		437,533		3,544,430
Yanbu Cement Co.		335,637		3,163,288
				28,225,571
Consumer Finance — 0.0%
Nayifat Finance Co.		77,331		370,107
Diversified Consumer Services — 0.2%
Ataa Educational Co.		42,505		606,545
National Co. for Learning & Education Ltd.		42,505		1,014,547
				1,621,092
Diversified Telecommunication Services — 4.5%
Saudi Telecom Co.		3,990,396		37,341,129
Electric Utilities — 2.0%
Saudi Electricity Co.		2,754,755		16,281,216

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 0.2%
Jadwa REIT Saudi Fund		453,214	$	1,471,878
Riyad REIT Fund		154,346		373,459
				1,845,337
Food & Staples Retailing — 1.0%
Abdullah Al Othaim Markets Co.		180,838		5,438,619
Al-Dawaa Medical Services Co.		21,984		440,423
Almunajem Foods Co.		31,425		488,118
BinDawood Holding Co.		31,602		466,537
Nahdi Medical Co.		33,581		1,665,086
				8,498,783
Food Products — 3.4%
Al Jouf Agricultural Development Co.		45,661		640,025
Almarai Co. JSC		864,361		12,078,336
Halwani Brothers Co.		40,795		567,985
National Agriculture Development Co. (The)(a)		252,158		1,609,780
Saudi Fisheries Co.(a)		59,431		422,302
Saudia Dairy & Foodstuff Co.		71,959		4,658,827
Savola Group (The)		969,995		7,023,093
Sinad Holding Co.(a)		403,807		1,097,697
Tanmiah Food Co.		14,656		471,785
				28,569,830
Gas Utilities — 0.4%
National Gas & Industrialization Co.		207,660		2,953,238
Health Care Providers & Services — 4.4%
Al Hammadi Holding		360,183		4,565,645
Dallah Healthcare Co.		145,646		5,664,653
Dr Sulaiman Al Habib Medical Services Group Co.		198,794		12,268,084
Middle East Healthcare Co.(a)		193,726		1,714,797
Mouwasat Medical Services Co.		177,896		8,556,738
National Medical Care Co.		123,320		2,556,672
Saudi Chemical Co. Holding		229,395		1,700,711
				37,027,300
Hotels, Restaurants & Leisure — 1.1%
Alamar Foods, NVS		10,992		458,116
Dur Hospitality Co.(a)		244,079		1,503,897
Herfy Food Services Co.(a)		126,132		1,151,473
Leejam Sports Co. JSC		107,861		2,626,589
Seera Group Holding(a)		639,979		3,312,496
				9,052,571
Independent Power and Renewable Electricity Producers — 0.6%
ACWA Power Co.		135,181		5,016,543
Industrial Conglomerates — 0.1%
Astra Industrial Group		60,120		949,639
Insurance — 2.3%
Al Rajhi Co. for Co-operative Insurance(a)		92,081		2,453,759
Bupa Arabia for Cooperative Insurance Co.		264,484		10,878,192
Co. for Cooperative Insurance (The)(a)		252,151		6,252,558
				19,584,509
IT Services — 0.6%
Al Moammar Information Systems Co.		26,173		681,943
Arabian Internet & Communications Services Co.		6,870		452,615
Elm Co.		32,189		3,247,482
Perfect Presentation For Commercial Services Co., NVS		8,484		405,136
				4,787,176
Media — 0.9%
Arabian Contracting Services Co.		20,891		606,034

S C H E D U L E    O F    I N V E S T  M E N T S 47

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Saudi Research & Media Group(a)		134,915	$	6,688,720
				7,294,754
Metals & Mining — 4.4%
Al Masane Al Kobra Mining Co.		21,526		428,963
Saudi Arabian Mining Co.(a)		2,161,328		36,556,867
				36,985,830
Oil, Gas & Consumable Fuels — 8.1%
Aldrees Petroleum and Transport Services Co.		172,030		3,860,075
Rabigh Refining & Petrochemical Co.(a)		1,630,382		4,395,126
Saudi Arabia Refineries Co.		20,422		422,759
Saudi Arabian Oil Co.(b)		6,963,446		58,825,750
				67,503,710
Paper & Forest Products — 0.1%
Middle East Paper Co.		51,548		416,657
Pharmaceuticals — 0.2%
Saudi Pharmaceutical Industries & Medical Appliances Corp.		277,784		1,599,736
Professional Services — 0.2%
Maharah Human Resources Co.		94,618		1,441,227
Real Estate Management & Development — 2.0%
Arriyadh Development Co.		442,888		2,176,531
Dar Al Arkan Real Estate Development Co.(a)		2,038,209		7,792,372
Emaar Economic City(a)		1,692,265		3,401,422
Retal Urban Development Co., NVS		13,282		452,339
Saudi Real Estate Co.(a)		790,574		2,601,285
Sumou Real Estate Co.		28,854		362,504
				16,786,453
Road & Rail — 0.6%
Saudi Public Transport Co.(a)		361,111		1,658,105
Theeb Rent A Car Co.		36,070		735,692
United International Transportation Co.		190,012		2,708,974
				5,102,771
Specialty Retail — 1.7%
Fawaz Abdulaziz Al Hokair & Co.(a)		202,475		790,858
Jarir Marketing Co.		215,272		8,475,424
Saudi Automotive Services Co.		68,170		645,867
Saudi Co. For Hardware CJSC(a)		106,710		818,873

Security	Shares		Value
Specialty Retail (continued)
United Electronics Co.		175,735	$	3,741,904
				14,472,926
Thrifts & Mortgage Finance — 0.1%
Amlak International for Real Estate Finance Co.		114,740		454,542
Saudi Home Loans Co.		75,265		407,548
				862,090
Transportation Infrastructure — 0.4%
Saudi Ground Services Co.(a)		390,731		2,220,625
Saudi Industrial Services Co.		112,672		719,830
				2,940,455
Water Utilities — 0.1%
AlKhorayef Water & Power Technologies Co.		24,468		885,742
Wireless Telecommunication Services — 2.2%
Etihad Etisalat Co.		1,308,766		13,623,108
Mobile Telecommunications Co.(a)		1,770,913		4,892,239
				18,515,347
Total Long-Term Investments — 99.9% (Cost: $665,857,060)				832,876,831
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		340,000		340,000
Total Short-Term Securities — 0.0% (Cost: $340,000)				340,000
Total Investments — 99.9% (Cost: $666,197,060)				833,216,831
Other Assets Less Liabilities — 0.1%				757,082
Net Assets — 100.0%			$	833,973,913

^(a)  Non-income producing security.

^(b)  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.

^(c)  Affiliate of the Fund.

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

Affiliates    

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	3,600,000	$	—	$	(3,260,000	)(a)	$	—	$	—	$	340,000		340,000	$	23,866	$	1

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

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Saudi Arabia ETF

Derivative Financial Instruments Outstanding as of Period End    

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		11		03/17/23	$	530	$	(3,601	)

Derivative Financial Instruments Categorized by Risk Exposure    

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	3,601	$	—	$	—	$	—	$	3,601

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(272,169	)	$	—	$	—	$	—	$	(272,169	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(14,200	)	$	—	$	—	$	—	$	(14,200	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	977,110

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	15,192,622		$	817,684,209	$	—	$	832,876,831
Short-Term Securities
Money Market Funds		340,000			—		—		340,000
	$	15,532,622		$	817,684,209	$	—	$	833,216,831
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,601	)	$	—	$	—	$	(3,601	)

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 49

Schedule of Investments  (unaudited)  February 28, 2023 iShares^® MSCI UAE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.7%
Aramex PJSC		637,415	$	624,730
Airlines — 2.5%
Air Arabia PJSC		1,496,928		916,548
Banks — 35.1%
Abu Dhabi Commercial Bank PJSC		684,835		1,561,332
Abu Dhabi Islamic Bank PJSC		601,580		1,708,915
Ajman Bank PJSC(a)		909,101		267,302
Dubai Islamic Bank PJSC		1,050,772		1,641,225
Emirates NBD Bank PJSC		457,522		1,692,060
First Abu Dhabi Bank PJSC		1,442,056		5,524,911
Sharjah Islamic Bank		727,700		445,571
				12,841,316
Building Products — 1.4%
Ras Al Khaimah Ceramics		656,069		517,891
Capital Markets — 1.9%
Dubai Financial Market PJSC		1,447,246		566,325
SHUAA Capital PSC(a)		1,294,518		133,144
				699,469
Construction & Engineering — 0.1%
Arabtec Holding PJSC(a)(b)		2,433,366		6
Drake & Scull International PJSC(a)(b)		2,972,998		29,948
				29,954
Diversified Consumer Services — 0.6%
Taaleem Holdings PSC, NVS		303,970		220,130
Diversified Financial Services — 2.5%
Al Waha Capital PJSC		1,314,163		479,085
Amanat Holdings PJSC		1,468,583		383,828
Gulf General Investment Co.(a)(b)		7,295,803		35,455
				898,368
Diversified Telecommunication Services — 23.3%
Al Yah Satellite Communications Co.		871,532		635,726
Emirates Telecommunications Group Co. PJSC		1,137,797		7,899,002
				8,534,728
Food Products — 1.3%
Agthia Group PJSC		412,180		460,038
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		112,588		1
Industrial Conglomerates — 7.0%
Dubai Investments PJSC		1,381,721		860,966
Multiply Group(a)		1,388,073		1,509,619

Security	Shares		Value
Industrial Conglomerates (continued)
Q Holding PJSC(a)		257,720	$	194,068
				2,564,653
Oil, Gas & Consumable Fuels — 1.6%
Dana Gas PJSC		2,741,676		589,548
Real Estate Management & Development — 13.5%
Aldar Properties PJSC		1,135,655		1,451,270
Deyaar Development PJSC(a)		236,012		31,064
Emaar Development PJSC(a)		25,171		32,387
Emaar Properties PJSC		1,824,109		2,778,121
Eshraq Investments PJSC(a)		1,709,857		224,783
RAK Properties PJSC(a)		1,444,752		228,817
Union Properties PJSC(a)		3,098,661		199,645
				4,946,087
Specialty Retail — 4.5%
Abu Dhabi National Oil Co. for Distribution PJSC		1,399,691		1,646,202
Thrifts & Mortgage Finance — 0.5%
Amlak Finance PJSC(a)		877,625		192,025
Water Utilities — 2.3%
Emirates Central Cooling Systems Corp.(a)		1,084,920		466,683
National Central Cooling Co. PJSC		456,245		369,923
				836,606
Total Long-Term Investments — 99.8% (Cost: $35,477,124)				36,518,294
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		50,000		50,000
Total Short-Term Securities — 0.1% (Cost: $50,000)				50,000
Total Investments — 99.9% (Cost: $35,527,124)				36,568,294
Other Assets Less Liabilities — 0.1%				19,320
Net Assets — 100.0%			$	36,587,614

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	80,000	$	—	$	(30,000	)(a)	$	—	$	—	$	50,000		50,000	$	972	$	—

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

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI UAE ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,880	)	$	—	$	—	$	—	$	(2,880	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,635		$	—	$	—	$	—	$	2,635

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	24,563

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	11,507,877	$	24,945,007	$	65,410	$	36,518,294
Short-Term Securities
Money Market Funds		50,000		—		—		50,000
	$	11,557,877	$	24,945,007	$	65,410	$	36,568,294

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 51

Statements of Assets and Liabilities (unaudited) 

February 28, 2023

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	75,907,096		$	8,295,895,122		$	75,268,350		$	443,315,536
Investments, at value — affiliated(c)		50,000			184,348,431			16,850,229			—
Cash		6,276			3,487			2,581			7,615
Cash pledged for futures contracts		86,000			2,731,000			45,000			7,000
Foreign currency, at value(d)		118,761			32,284,790			65,847			489,013
Receivables:
Investments sold		6,333,726			12,953,129			2,476,780			5,083,074
Securities lending income — affiliated		—			244,241			64,159			—
Dividends — unaffiliated		349,473			13,438			78,211			19,374
Dividends — affiliated		273			13,863			505			386
Total assets		82,851,605			8,528,487,501			94,851,662			448,921,998
LIABILITIES
Collateral on securities loaned, at value		—			182,277,607			16,670,346			—
Payables:
Investments purchased		6,160,653			29,204,587			2,796,346			5,114,005
Capital shares redeemed		—			267			—			62,839
Investment advisory fees		35,795			3,960,096			34,978			205,797
Variation margin on futures contracts		6,046			126,226			2,571			2,193
Total liabilities		6,202,494			215,568,783			19,504,241			5,384,834
NET ASSETS	$	76,649,111		$	8,312,918,718		$	75,347,421		$	443,537,164
NET ASSETS CONSIST OF
Paid-in capital	$	154,028,702		$	10,823,374,258		$	113,182,312		$	731,732,519
Accumulated loss		(77,379,591	)		(2,510,455,540	)		(37,834,891	)		(288,195,355	)
NET ASSETS	$	76,649,111		$	8,312,918,718		$	75,347,421		$	443,537,164
NET ASSET VALUE
Shares outstanding		6,700,000			173,600,000			2,100,000			19,350,000
Net asset value	$	11.44		$	47.89		$	35.88		$	22.92
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	79,743,384		$	9,339,675,715		$	85,866,738		$	539,431,926
(b) Securities loaned, at value	$	—		$	173,070,470		$	14,627,921		$	—
(c)  Investments, at cost — affiliated	$	50,000		$	184,214,967		$	16,842,353		$	—
(d) Foreign currency, at cost	$	118,732		$	32,304,687		$	66,000		$	492,259

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2023

	iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	124,136,660		$	137,546,361		$	194,157,609		$	67,837,707
Investments, at value — affiliated(c)		70,000			30,000			12,294,744			260,000
Cash		36,189			6,559			265			9,016
Cash pledged for futures contracts		19,000			14,000			14,000			16,000
Foreign currency, at value(d)		25,254			404,194			444,409			319,286
Receivables:
Investments sold		7,139,375			6,946,256			559,962			565,047
Securities lending income — affiliated		—			—			9,070			—
Capital shares sold		—			14,890			—			—
Dividends — unaffiliated		571,092			34,025			69			—
Dividends — affiliated		366			242			9,440			330
Tax reclaims		—			—			221,535			—
Total assets		131,997,936			144,996,527			207,711,103			69,007,386
LIABILITIES
Collateral on securities loaned, at value		—			—			9,744,793			—
Payables:
Investments purchased		7,313,143			7,845,922			600,078			989,627
Investment advisory fees		55,713			66,765			87,867			30,142
IRS compliance fee for foreign withholding tax claims		—			—			2,953,689			—
Professional fees		—			—			22,667			—
Variation margin on futures contracts		3,630			2,340			2,674			2,872
Other liabilities		—			—			—			139,182
Total liabilities		7,372,486			7,915,027			13,411,768			1,161,823
NET ASSETS	$	124,625,450		$	137,081,500		$	194,299,335		$	67,845,563
NET ASSETS CONSIST OF
Paid-in capital	$	332,106,890		$	246,355,307		$	430,658,839		$	77,873,735
Accumulated loss		(207,481,440	)		(109,273,807	)		(236,359,504	)		(10,028,172	)
NET ASSETS	$	124,625,450		$	137,081,500		$	194,299,335		$	67,845,563
NET ASSET VALUE
Shares outstanding		4,250,000			5,150,000			12,300,000			3,700,000
Net asset value	$	29.32		$	26.62		$	15.80		$	18.34
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	156,156,493		$	173,300,330		$	296,967,473		$	54,931,721
(b) Securities loaned, at value	$	—		$	—		$	9,305,463		$	—
(c)  Investments, at cost — affiliated	$	70,000		$	30,000		$	12,290,791		$	260,000
(d) Foreign currency, at cost	$	23,756		$	405,906		$	454,509		$	319,471

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 53

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2023

	iShares MSCI Saudi Arabia ETF		iShares MSCI UAE ETF
ASSETS
Investments, at value — unaffiliated(a)	$	832,876,831	$	36,518,294
Investments, at value — affiliated(b)		340,000		50,000
Cash		312,928		7,035
Cash pledged for futures contracts		19,000		—
Foreign currency, at value(c)		125,900		—
Receivables:
Investments sold		3,608,684		2,572,364
Dividends — unaffiliated		466,305		—
Dividends — affiliated		524		135
Total assets		837,750,172		39,147,828
LIABILITIES
Foreign bank overdraft(d)		—		10,293
Payables:
Investments purchased		3,282,361		2,533,419
Investment advisory fees		490,268		16,502
Variation margin on futures contracts		3,630		—
Total liabilities		3,776,259		2,560,214
NET ASSETS	$	833,973,913	$	36,587,614
NET ASSETS CONSIST OF
Paid-in capital	$	819,725,593	$	77,122,352
Accumulated earnings (loss)		14,248,320		(40,534,738	)
NET ASSETS	$	833,973,913	$	36,587,614
NET ASSET VALUE
Shares outstanding		22,900,000		2,500,000
Net asset value	$	36.42	$	14.64
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	665,857,060	$	35,477,124
(b) Investments, at cost — affiliated	$	340,000	$	50,000
(c)  Foreign currency, at cost	$	125,900	$	—
(d) Foreign bank overdraft, at cost	$	—	$	10,296

See notes to financial statements.

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Statements of Operations  (unaudited) 

Six Months Ended February 28, 2023

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,481,549		$	28,514,125		$	373,321		$	3,645,568
Dividends — affiliated		2,515			184,477			1,689			7,437
Interest — unaffiliated		1,462			—			—			—
Securities lending income — affiliated — net		—			1,238,922			392,090			—
Foreign taxes withheld		(125,059	)		(1,490,953	)		(2,002	)		(635,508	)
Total investment income		1,360,467			28,446,571			765,098			3,017,497
EXPENSES
Investment advisory		239,645			21,901,433			187,605			1,468,977
Commitment costs		506			26,257			—			—
Total expenses		240,151			21,927,690			187,605			1,468,977
Net investment income		1,120,316			6,518,881			577,493			1,548,520
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,706,265	)		(251,354,502	)		(7,045,091	)		(26,705,698	)
Investments — affiliated		—			44,040			3,649			—
Capital gain distributions from underlying funds — affiliated		—			13			—			—
Foreign currency transactions		104,330			38,828			(1,619	)		(23,745	)
Futures contracts		40,131			(1,708,684	)		(36,688	)		69,967
In-kind redemptions — unaffiliated(a)		—			57,248,526			—			11,920,027
		(1,561,804	)		(195,731,779	)		(7,079,749	)		(14,739,449	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(11,540,181	)		(116,897,428	)		12,118,690			(4,955,630	)
Investments — affiliated		—			(9,162	)		2,099			—
Foreign currency translations		(35,761	)		(35,136	)		134			(4,577	)
Futures contracts		(54,066	)		798,470			7,102			(11,990	)
		(11,630,008	)		(116,143,256	)		12,128,025			(4,972,197	)
Net realized and unrealized gain (loss)		(13,191,812	)		(311,875,035	)		5,048,276			(19,711,646	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,071,496	)	$	(305,356,154	)	$	5,625,769		$	(18,163,126	)

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 55

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2023

	iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,729,354		$	829,539		$	990,514		$	1,319,719
Dividends — affiliated		3,916			1,459			34,203			1,040
Securities lending income — affiliated — net		—			—			57,524			—
Foreign taxes withheld		(52,088	)		(201,345	)		(151,815	)		—
IRS compliance fee for foreign withholding tax claims		—			—			20,215			—
Total investment income		1,681,182			629,653			950,641			1,320,759
EXPENSES
Investment advisory		355,153			343,560			497,834			234,556
Commitment costs		—			—			—			528
Total expenses		355,153			343,560			497,834			235,084
Net investment income		1,326,029			286,093			452,807			1,085,675
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,499,470	)		(5,923,074	)		(6,818,273	)		1,807,897
Investments — affiliated		—			—			3,703			—
Capital gain distributions from underlying funds — affiliated		—			—			3			—
Foreign currency transactions		(37,041	)		(726	)		142,378			(12,533	)
Futures contracts		(8,295	)		(3,722	)		(11,694	)		(24,568	)
In-kind redemptions — unaffiliated(a)		(295,635	)		1,447,056			14,512,507			—
		(8,840,441	)		(4,480,466	)		7,828,624			1,770,796
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		26,111,951			4,132,724			39,741,988			(19,415,767	)
Investments — affiliated		—			—			340			—
Foreign currency translations		(4,421	)		(191	)		(782	)		742
Futures contracts		(21,824	)		(2,889	)		(10,476	)		(10,574	)
		26,085,706			4,129,644			39,731,070			(19,425,599	)
Net realized and unrealized gain (loss)		17,245,265			(350,822	)		47,559,694			(17,654,803	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	18,571,294		$	(64,729	)	$	48,012,501		$	(16,569,128	)

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

See notes to financial statements.

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Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2023

	iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	6,069,355		$	151,297
Dividends — affiliated		23,866			972
Foreign taxes withheld		(235,236	)		—
Total investment income		5,857,985			152,269
EXPENSES
Investment advisory		3,514,761			107,197
Commitment costs		6,272			232
Total expenses		3,521,033			107,429
Net investment income		2,336,952			44,840
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,484,029	)		(694,733	)
Capital gain distributions from underlying funds — affiliated		1			—
Foreign currency transactions		(65,358	)		(7,068	)
Futures contracts		(272,169	)		(2,880	)
		(1,821,555	)		(704,681	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(189,346,813	)		(2,868,671	)
Foreign currency translations		882			617
Futures contracts		(14,200	)		2,635
		(189,360,131	)		(2,865,419	)
Net realized and unrealized loss		(191,181,686	)		(3,570,100	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(188,844,734	)	$	(3,525,260	)

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 57

Statements of Changes in Net Assets  

	iShares MSCI Brazil Small-Cap ETF						iShares MSCI China ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,120,316		$	3,157,710		$	6,518,881		$	115,877,719
Net realized loss		(1,561,804	)		(6,571,328	)		(195,731,779	)		(417,082,741	)
Net change in unrealized appreciation (depreciation)		(11,630,008	)		(14,373,457	)		(116,143,256	)		(1,964,979,076	)
Net decrease in net assets resulting from operations		(12,071,496	)		(17,787,075	)		(305,356,154	)		(2,266,184,098	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,070,418	)(b)		(3,944,573	)		(111,281,572	)		(86,873,082	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		7,925,933			(3,379,242	)		888,490,102			4,011,654,506
NET ASSETS
Total increase (decrease) in net assets		(6,215,981	)		(25,110,890	)		471,852,376			1,658,597,326
Beginning of period		82,865,092			107,975,982			7,841,066,342			6,182,469,016
End of period	$	76,649,111		$	82,865,092		$	8,312,918,718		$	7,841,066,342

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

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI China Small-Cap ETF						iShares MSCI Indonesia ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	577,493		$	2,280,854		$	1,548,520		$	10,977,273
Net realized gain (loss)		(7,079,749	)		(13,987,668	)		(14,739,449	)		10,492,545
Net change in unrealized appreciation (depreciation)		12,128,025			(15,130,649	)		(4,972,197	)		24,816,440
Net increase (decrease) in net assets resulting from operations		5,625,769			(26,837,463	)		(18,163,126	)		46,286,258
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,346,985	)		(3,772,602	)		(5,261,996	)(b)		(9,891,151	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		15,731,111			(2,873,258	)		23,781,540			54,827,919
NET ASSETS
Total increase (decrease) in net assets		20,009,895			(33,483,323	)		356,418			91,223,026
Beginning of period		55,337,526			88,820,849			443,180,746			351,957,720
End of period	$	75,347,421		$	55,337,526		$	443,537,164		$	443,180,746

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

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 59

Statements of Changes in Net Assets   (continued)

	iShares MSCI Peru ETF						iShares MSCI Philippines ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,326,029		$	6,822,237		$	286,093		$	1,572,524
Net realized loss		(8,840,441	)		(6,142,433	)		(4,480,466	)		(5,729,585	)
Net change in unrealized appreciation (depreciation)		26,085,706			(4,967,384	)		4,129,644			(12,137,215	)
Net increase (decrease) in net assets resulting from operations		18,571,294			(4,287,580	)		(64,729	)		(16,294,276	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,975,654	)(b)		(8,147,129	)		(574,749	)(b)		(1,785,174	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(19,500,193	)		44,102,942			28,902,911			1,854,320
NET ASSETS
Total increase (decrease) in net assets		(2,904,553	)		31,668,233			28,263,433			(16,225,130	)
Beginning of period		127,530,003			95,861,770			108,818,067			125,043,197
End of period	$	124,625,450		$	127,530,003		$	137,081,500		$	108,818,067

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

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI Poland ETF						iShares MSCI Qatar ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	452,807		$	6,200,674		$	1,085,675		$	2,793,584
Net realized gain (loss)		7,828,624			(14,657,590	)		1,770,796			1,428,500
Net change in unrealized appreciation (depreciation)		39,731,070			(116,037,602	)		(19,425,599	)		12,484,743
Net increase (decrease) in net assets resulting from operations		48,012,501			(124,494,518	)		(16,569,128	)		16,706,827
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,006,382	)(b)		(4,548,741	)		(486,504	)		(3,375,217	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		18,920,604			(24,730,364	)		(11,251,857	)		(3,412,513	)
NET ASSETS
Total increase (decrease) in net assets		63,926,723			(153,773,623	)		(28,307,489	)		9,919,097
Beginning of period		130,372,612			284,146,235			96,153,052			86,233,955
End of period	$	194,299,335		$	130,372,612		$	67,845,563		$	96,153,052

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

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 61

Statements of Changes in Net Assets (continued)

	iShares MSCI Saudi Arabia ETF						iShares MSCI UAE ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,336,952		$	18,068,521		$	44,840		$	1,029,528
Net realized loss		(1,821,555	)		(19,228,092	)		(704,681	)		(372,738	)
Net change in unrealized appreciation (depreciation)		(189,360,131	)		78,636,960			(2,865,419	)		1,412,106
Net increase (decrease) in net assets resulting from operations		(188,844,734	)		77,477,389			(3,525,260	)		2,068,896
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(9,480,450	)		(16,207,813	)		(76,044	)		(1,475,334	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(103,303,870	)		175,649,734			2,222,434			13,655,392
NET ASSETS
Total increase (decrease) in net assets		(301,629,054	)		236,919,310			(1,378,870	)		14,248,954
Beginning of period		1,135,602,967			898,683,657			37,966,484			23,717,530
End of period	$	833,973,913		$	1,135,602,967		$	36,587,614		$	37,966,484

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Brazil Small-Cap ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	13.58		$	17.42		$	13.62		$	16.92		$	11.87		$	16.19
Net investment income(a)			0.17			0.46			0.37			0.23			0.50			0.40
Net realized and unrealized gain (loss)(b)			(1.99	)		(3.71	)		3.79			(3.30	)		5.15			(4.01	)
Net increase (decrease) from investment operations			(1.82	)		(3.25	)		4.16			(3.07	)		5.65			(3.61	)
Distributions from net investment income(c)			(0.32	)(d)		(0.59	)		(0.36	)		(0.23	)		(0.60	)		(0.71	)
Net asset value, end of period		$	11.44		$	13.58		$	17.42		$	13.62		$	16.92		$	11.87
Total Return(e)
Based on net asset value			(13.30	)%(f)		(18.61	)%		30.34	%		(18.40	)%		48.35	%		(22.95	)%
Ratios to Average Net Assets(g)
Total expenses			0.59	%(h)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			2.77	%(h)		3.18	%		2.26	%		1.51	%		3.26	%		2.55	%
Supplemental Data
Net assets, end of period (000)		$	76,649		$	82,865		$	107,976		$	97,375		$	106,588		$	48,679
Portfolio turnover rate(i)			21	%(j)		52	%(j)		40	%(j)		65	%(j)		47	%(j)		67	%(j)

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).

^(j)Portfolio turnover rate excluding cash creations was as follows: 20 %  32 %  39 %  26 %  30 %  25 % 

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 63

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI China ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	49.82		$	70.90		$	75.92		$	56.43		$	60.85		$	62.06
Net investment income(a)			0.04			1.01			0.74			0.90			0.95			1.05
Net realized and unrealized gain (loss)(b)			(1.26	)		(21.30	)		(4.98	)		19.40			(4.49	)		(1.10	)
Net increase (decrease) from investment operations			(1.22	)		(20.29	)		(4.24	)		20.30			(3.54	)		(0.05	)
Distributions from net investment income(c)			(0.71	)		(0.79	)		(0.78	)		(0.81	)		(0.88	)		(1.16	)
Net asset value, end of period		$	47.89		$	49.82		$	70.90		$	75.92		$	56.43		$	60.85
Total Return(d)
Based on net asset value			(2.44	)%(e)		(28.80	)%		(5.69	)%		36.29	%		(5.76	)%		(0.22	)%
Ratios to Average Net Assets(f)
Total expenses			0.59	%(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			0.18	%(g)		1.75	%		0.93	%		1.43	%		1.63	%		1.57	%
Supplemental Data
Net assets, end of period (000)		$	8,312,919		$	7,841,066		$	6,182,469		$	6,118,904		$	3,588,927		$	3,444,143
Portfolio turnover rate(h)			5	%		8	%		18	%		16	%		14	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

64 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI China Small-Cap ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	34.59		$	53.83		$	45.21		$	38.46		$	47.23		$	48.50
Net investment income(a)			0.31			1.44			1.50			1.46			1.39			1.51
Net realized and unrealized gain (loss)(b)			1.64			(18.32	)		8.86			6.48			(7.78	)		(1.14	)
Net increase (decrease) from investment operations			1.95			(16.88	)		10.36			7.94			(6.39	)		0.37
Distributions from net investment income(c)			(0.66	)		(2.36	)		(1.74	)		(1.19	)		(2.38	)		(1.64	)
Net asset value, end of period		$	35.88		$	34.59		$	53.83		$	45.21		$	38.46		$	47.23
Total Return(d)
Based on net asset value			5.67	%(e)		(32.33	)%		23.33	%		21.21	%		(13.60	)%		0.58	%
Ratios to Average Net Assets(f)
Total expenses			0.59	%(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			1.82	%(g)		3.31	%		2.82	%		3.70	%		3.26	%		2.91	%
Supplemental Data
Net assets, end of period (000)		$	75,347		$	55,338		$	88,821		$	51,989		$	19,230		$	25,977
Portfolio turnover rate(h)			24	%		64	%		51	%		39	%		38	%		63	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 65

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Indonesia ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	23.96		$	21.33		$	19.69		$	25.22		$	23.57		$	26.89
Net investment income(a)			0.07			0.59			0.27			0.36			0.41			0.43
Net realized and unrealized gain (loss)(b)			(0.88	)		2.54			1.68			(5.66	)		1.70			(3.27	)
Net increase (decrease) from investment operations			(0.81	)		3.13			1.95			(5.30	)		2.11			(2.84	)
Distributions from net investment income(c)			(0.23	)(d)		(0.50	)		(0.31	)		(0.23	)		(0.46	)		(0.48	)
Net asset value, end of period		$	22.92		$	23.96		$	21.33		$	19.69		$	25.22		$	23.57
Total Return(e)
Based on net asset value			(3.34	)%(f)		14.69	%		9.88	%		(21.04	)%		9.00	%		(10.67	)%
Ratios to Average Net Assets(g)
Total expenses			0.59	%(h)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			0.62	%(h)		2.52	%		1.26	%		1.65	%		1.64	%		1.63	%
Supplemental Data
Net assets, end of period (000)		$	443,537		$	443,181		$	351,958		$	319,892		$	402,185		$	414,758
Portfolio turnover rate(i)			6	%		16	%		10	%		13	%		12	%		7	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

66 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Peru ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	25.51		$	27.00		$	31.65		$	34.11		$	37.44		$	37.54
Net investment income(a)			0.31			1.34			0.79			0.69			0.85			1.09
Net realized and unrealized gain (loss)(b)			4.01			(1.08	)		(5.00	)		(2.34	)		(3.36	)		(0.06	)
Net increase (decrease) from investment operations			4.32			0.26			(4.21	)		(1.65	)		(2.51	)		1.03
Distributions from net investment income(c)			(0.51	)(d)		(1.75	)		(0.44	)		(0.81	)		(0.82	)		(1.13	)
Net asset value, end of period		$	29.32		$	25.51		$	27.00		$	31.65		$	34.11		$	37.44
Total Return(e)
Based on net asset value			17.02	%(f)		0.24	%		(13.49	)%		(4.78	)%		(6.75	)%		2.60	%
Ratios to Average Net Assets(g)
Total expenses			0.59	%(h)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			2.21	%(h)		4.36	%		2.42	%		2.15	%		2.33	%		2.65	%
Supplemental Data
Net assets, end of period (000)		$	124,625		$	127,530		$	95,862		$	82,297		$	163,738		$	164,717
Portfolio turnover rate(i)			12	%		24	%		33	%		26	%		18	%		11	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 67

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Philippines ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	26.54		$	30.50		$	26.63		$	34.45		$	33.08		$	35.88
Net investment income(a)			0.06			0.39			0.26			0.17			0.28			0.14
Net realized and unrealized gain (loss)(b)			0.14			(3.90	)		3.90			(7.80	)		1.35			(2.79	)
Net increase (decrease) from investment operations			0.20			(3.51	)		4.16			(7.63	)		1.63			(2.65	)
Distributions from net investment income(c)			(0.12	)(d)		(0.45	)		(0.29	)		(0.19	)		(0.26	)		(0.15	)
Net asset value, end of period		$	26.62		$	26.54		$	30.50		$	26.63		$	34.45		$	33.08
Total Return(e)
Based on net asset value			0.77	%(f)		(11.65	)%		15.57	%		(22.16	)%		4.93	%		(7.40	)%
Ratios to Average Net Assets(g)
Total expenses			0.59	%(h)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			0.49	%(h)		1.28	%		0.87	%		0.57	%		0.83	%		0.40	%
Supplemental Data
Net assets, end of period (000)		$	137,082		$	108,818		$	125,043		$	118,507		$	217,028		$	172,013
Portfolio turnover rate(i)			8	%		13	%		20	%		16	%		8	%		8	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

68 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Poland ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	12.60		$	23.10		$	18.24		$	20.68		$	24.31		$	27.33
Net investment income(a)			0.04			0.51	(b)		0.16	(b)		0.17	(b)		0.65	(b)		0.33	(b)
Net realized and unrealized gain (loss)(c)			3.43			(10.65	)		4.86			(1.95	)		(3.93	)		(2.90	)
Net increase (decrease) from investment operations			3.47			(10.14	)		5.02			(1.78	)		(3.28	)		(2.57	)
Distributions from net investment income(d)			(0.27	)(e)		(0.36	)		(0.16	)		(0.66	)		(0.35	)		(0.45	)
Net asset value, end of period		$	15.80		$	12.60		$	23.10		$	18.24		$	20.68		$	24.31
Total Return(f)
Based on net asset value			27.62	%(g)		(44.38	)%(b)		27.65	%(b)		(8.76	)%(b)		(13.64	)%(b)		(9.53	)%(b)
Ratios to Average Net Assets(h)
Total expenses			0.59	%(i)		0.65	%		0.61	%		0.78	%		0.61	%		0.63	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			0.54	%(i)		2.72	%(b)		0.80	%(b)		0.93	%(b)		2.81	%(b)		1.28	%(b)
Supplemental Data
Net assets, end of period (000)		$	194,299		$	130,373		$	284,146		$	253,594		$	260,578		$	263,758
Portfolio turnover rate(j)			7	%		11	%		22	%		15	%		5	%		7	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2022, August 31, 2021, August 31, 2020, August 31, 2019 and August 31, 2018, respectively:

• Net investment income per share by $0.15, $0.07, $0.28, $0.05 and $0.08, respectively.

• Total return by 0.76%, 0.38%, 1.40%, 0.21% and 0.41%, respectively.

• Ratio of net investment income to average net assets by 0.78%, 0.34%, 1.54%, 0.22% and 0.32%, respectively.

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

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

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 69

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Qatar ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	22.62		$	19.60		$	17.62		$	17.44		$	17.82		$	16.19
Net investment income(a)			0.28			0.63			0.37			0.56			0.64			0.66
Net realized and unrealized gain (loss)(b)			(4.44	)		3.20			2.03			0.11			(0.26	)		1.71
Net increase (decrease) from investment operations			(4.16	)		3.83			2.40			0.67			0.38			2.37
Distributions(c)
From net investment income			(0.12	)		(0.81	)		(0.42	)		(0.45	)		(0.76	)		(0.74	)
Return of capital			—			—			—			(0.04	)		—			—
Total distributions			(0.12	)		(0.81	)		(0.42	)		(0.49	)		(0.76	)		(0.74	)
Net asset value, end of period		$	18.34		$	22.62		$	19.60		$	17.62		$	17.44		$	17.82
Total Return(d)
Based on net asset value			(18.43	)%(e)		19.69	%		13.70	%		4.10	%		1.98	%		14.96	%
Ratios to Average Net Assets(f)
Total expenses			0.59	%(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			2.75	%(g)		2.89	%		1.98	%		3.31	%		3.48	%		4.09	%
Supplemental Data
Net assets, end of period (000)		$	67,846		$	96,153		$	86,234		$	87,223		$	50,576		$	55,253
Portfolio turnover rate(h)			4	%(i)		38	%(i)		26	%(i)		24	%(i)		33	%(i)		58	%(i)

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).

⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows: 4 %  12 %  9 %  14 %  23 %  22 % 

See notes to financial statements.

70 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Saudi Arabia ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	44.53		$	41.22		$	28.70		$	30.21		$	29.72		$	26.15
Net investment income(a)			0.10			0.69			0.71			0.57			1.11			1.28
Net realized and unrealized gain (loss)(b)			(7.81	)		3.23			12.27			(1.26	)		0.12			2.92
Net increase (decrease) from investment operations			(7.71	)		3.92			12.98			(0.69	)		1.23			4.20
Distributions from net investment income(c)			(0.40	)		(0.61	)		(0.46	)		(0.82	)		(0.74	)		(0.63	)
Net asset value, end of period		$	36.42		$	44.53		$	41.22		$	28.70		$	30.21		$	29.72
Total Return(d)
Based on net asset value			(17.34	)%(e)		9.60	%		45.37	%		(2.21	)%		4.14	%		16.23	%
Ratios to Average Net Assets(f)
Total expenses			0.74	%(g)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income			0.49	%(g)		1.56	%		2.06	%		2.03	%		3.46	%		4.31	%
Supplemental Data
Net assets, end of period (000)		$	833,974		$	1,135,603		$	898,684		$	516,629		$	646,591		$	257,099
Portfolio turnover rate(h)			4	%(i)		36	%(i)		13	%(i)		64	%(i)		82	%(i)		20	%(i)

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).

⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows: 2 %  8 %  6 %  20 %  14 %  10 % 

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 71

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI UAE ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period		$	16.16		$	14.82		$	10.91		$	14.09		$	15.61		$	17.74
Net investment income(a)			0.02			0.49			0.46			0.53			0.57			0.70
Net realized and unrealized gain (loss)(b)			(1.51	)		1.50			3.96			(3.16	)		(1.54	)		(2.04	)
Net increase (decrease) from investment operations			(1.49	)		1.99			4.42			(2.63	)		(0.97	)		(1.34	)
Distributions from net investment income(c)			(0.03	)		(0.65	)		(0.51	)		(0.55	)		(0.55	)		(0.79	)
Net asset value, end of period		$	14.64		$	16.16		$	14.82		$	10.91		$	14.09		$	15.61
Total Return(d)
Based on net asset value			(9.20	)%(e)		13.30	%		40.74	%		(18.43	)%		(5.95	)%		(7.55	)%
Ratios to Average Net Assets(f)
Total expenses			0.59	%(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			0.25	%(g)		2.93	%		3.61	%		4.46	%		3.95	%		4.18	%
Supplemental Data
Net assets, end of period (000)		$	36,588		$	37,966		$	23,718		$	38,177		$	45,807		$	39,018
Portfolio turnover rate(h)			14	%		52	%		112	%		67	%		55	%		33	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
MSCI Brazil Small-Cap		Diversified
MSCI China		Non-diversified
MSCI China Small-Cap		Diversified
MSCI Indonesia		Non-diversified
MSCI Peru		Non-diversified
MSCI Philippines		Non-diversified
MSCI Poland		Non-diversified
MSCI Qatar		Non-diversified
MSCI Saudi Arabia		Non-diversified
MSCI UAE		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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Notes to Financial Statements  (unaudited) (continued)

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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Notes to Financial Statements  (unaudited) (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China
Barclays Bank PLC	$	5,432,238	$	(5,432,238	)	$	—		$	—
Barclays Capital, Inc.		2,345,707		(2,345,707	)		—			—
BNP Paribas SA		37,330,249		(37,330,249	)		—			—
BofA Securities, Inc.		18,189,091		(18,189,091	)		—			—
Citadel Clearing LLC		28,089		(28,089	)		—			—
Citigroup Global Markets, Inc.		8,412,759		(8,412,759	)		—			—
Credit Suisse Securities (USA) LLC		525,833		(525,833	)		—			—
Goldman Sachs & Co. LLC		11,138,642		(11,138,642	)		—			—
HSBC Bank PLC		6,961,781		(6,961,781	)		—			—
J.P. Morgan Securities LLC		18,404,254		(18,404,254	)		—			—
Jefferies LLC		366,210		(366,210	)		—			—
Macquarie Bank Ltd.		3,783,863		(3,783,863	)		—			—
Morgan Stanley		47,692,833		(47,692,833	)		—			—
Nomura Securities International, Inc.		1,819,782		(1,819,782	)		—			—
State Street Bank & Trust Co.		49,081		(49,081	)		—			—
Toronto-Dominion Bank		7,381,891		(7,381,891	)		—			—
UBS AG		1,800,063		(1,800,063	)		—			—
UBS Securities LLC		409,530		(409,530	)		—			—
Virtu Americas LLC		861,979		(861,979	)		—			—
Wells Fargo Bank N.A.		136,595		(136,595	)		—			—
	$	173,070,470	$	(173,070,470	)	$	—		$	—

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Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China Small-Cap
Barclays Bank PLC	$	382,577	$	(382,577	)	$	—		$	—
Barclays Capital, Inc.		1,474,711		(1,474,711	)		—			—
BNP Paribas SA		452,736		(452,736	)		—			—
BofA Securities, Inc.		2,278,914		(2,278,914	)		—			—
Citigroup Global Markets, Inc.		1,055,034		(1,055,034	)		—			—
Goldman Sachs & Co. LLC		1,149,078		(1,149,078	)		—			—
J.P. Morgan Securities LLC		2,367,481		(2,367,481	)		—			—
Morgan Stanley		3,693,798		(3,693,798	)		—			—
Nomura Securities International, Inc.		12,615		(12,615	)		—			—
SG Americas Securities LLC		1,016,802		(1,016,802	)		—			—
UBS AG		433,668		(433,668	)		—			—
UBS Securities LLC		4,075		(4,000	)		—			75	(b)
Wells Fargo Bank N.A.		306,432		(306,432	)		—			—
	$	14,627,921	$	(14,627,846	)	$	—		$	75
MSCI Poland
BofA Securities, Inc.	$	54,166	$	(54,166	)	$	—		$	—
Goldman Sachs & Co. LLC		8,075,399		(8,075,399	)		—			—
Morgan Stanley		1,175,898		(1,175,898	)		—			—
	$	9,305,463	$	(9,305,463	)	$	—		$	—

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

^(b)  The market value of the loaned securities is determined as of February 28, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru, iShares MSCI Philippines, iShares MSCI Poland, iShares MSCI Qatar and iShares MSCI UAE ETFs, BFA is entitled to an annual investment advisory fee,

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Notes to Financial Statements  (unaudited) (continued)

accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

For its investment advisory services to the iShares MSCI Saudi Arabia ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI China	$	298,733
MSCI China Small-Cap		85,061
MSCI Poland		13,781

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

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

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI China	$	22,833,287	$	24,626,660	$	(24,170,456	)
MSCI China Small-Cap		6,712,097		5,224,222		2,116,527
MSCI Peru		1,484,676		396,711		(149,382	)
MSCI Poland		432,282		117,344		(40,627	)

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Notes to Financial Statements  (unaudited) (continued)

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

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

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Small-Cap	$	24,335,707	$	17,279,999
MSCI China		1,539,811,503		401,305,739
MSCI China Small-Cap		27,939,853		14,808,348
MSCI Indonesia		29,864,172		46,132,419
MSCI Peru		14,321,501		16,173,857
MSCI Philippines		10,097,694		9,423,294
MSCI Poland		10,988,147		13,492,502
MSCI Qatar		3,558,543		14,101,356
MSCI Saudi Arabia		38,972,819		146,587,899
MSCI UAE		7,323,069		5,171,369

For the six months ended February 28, 2023, in-kind transactions were as follows:    

iShares ETF	In-kind Purchases		In-kind Sales
MSCI China	$	122,700,426	$	417,540,798
MSCI China Small-Cap		1,970,294		—
MSCI Indonesia		143,418,824		106,268,805
MSCI Peru		9,810,357		28,151,941
MSCI Philippines		40,624,318		11,841,249
MSCI Poland		94,807,872		75,875,238

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
MSCI Brazil Small-Cap	$	59,632,998
MSCI China		943,741,690
MSCI China Small-Cap		16,247,124
MSCI Indonesia		174,454,845
MSCI Peru		161,123,009
MSCI Philippines		67,914,213
MSCI Poland		139,112,019
MSCI Qatar		16,705,358
MSCI Saudi Arabia		79,260,119
MSCI UAE		36,780,655

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

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Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Brazil Small-Cap	$	91,793,318	$	11,501,721	$	(27,364,954	)	$	(15,863,233	)
MSCI China		9,900,999,798		395,372,134		(1,816,488,523	)		(1,421,116,389	)
MSCI China Small-Cap		106,835,670		6,933,193		(21,660,052	)		(14,726,859	)
MSCI Indonesia		541,499,702		19,893,402		(118,096,316	)		(98,202,914	)
MSCI Peru		161,413,074		2,331,309		(39,564,723	)		(37,233,414	)
MSCI Philippines		174,345,141		1,388,396		(38,164,225	)		(36,775,829	)
MSCI Poland		311,128,530		2,661,566		(107,348,658	)		(104,687,092	)
MSCI Qatar		64,266,903		15,403,896		(11,584,341	)		3,819,555
MSCI Saudi Arabia		737,593,345		195,309,647		(99,689,762	)		95,619,885
MSCI UAE		39,555,858		6,059,391		(9,046,955	)		(2,987,564	)

9. LINE OF CREDIT

The iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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Notes to Financial Statements  (unaudited) (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil Small-Cap
Shares sold		600,000		$	7,925,933			1,550,000		$	20,799,927
Shares redeemed		—			—			(1,650,000	)		(24,179,169	)
		600,000		$	7,925,933			(100,000	)	$	(3,379,242	)
MSCI China
Shares sold		30,800,000		$	1,475,749,175			71,000,000		$	4,051,227,026
Shares redeemed		(14,600,000	)		(587,259,073	)		(800,000	)		(39,572,520	)
		16,200,000		$	888,490,102			70,200,000		$	4,011,654,506
MSCI China Small-Cap
Shares sold		500,000		$	15,731,111			100,000		$	4,311,829
Shares redeemed		—			—			(150,000	)		(7,185,087	)
		500,000		$	15,731,111			(50,000	)	$	(2,873,258	)
MSCI Indonesia
Shares sold		6,050,000		$	143,953,847			11,350,000		$	273,842,673
Shares redeemed		(5,200,000	)		(120,172,307	)		(9,350,000	)		(219,014,754	)
		850,000		$	23,781,540			2,000,000		$	54,827,919
MSCI Peru
Shares sold		350,000		$	10,738,920			8,450,000		$	262,036,259
Shares redeemed		(1,100,000	)		(30,239,113	)		(7,000,000	)		(217,933,317	)
		(750,000	)	$	(19,500,193	)		1,450,000		$	44,102,942
MSCI Philippines
Shares sold		1,500,000		$	40,747,736			3,750,000		$	115,441,475
Shares redeemed		(450,000	)		(11,844,825	)		(3,750,000	)		(113,587,155	)
		1,050,000		$	28,902,911			—		$	1,854,320
MSCI Poland
Shares sold		7,000,000		$	95,556,059			5,750,000		$	122,087,777
Shares redeemed		(5,050,000	)		(76,635,455	)		(7,700,000	)		(146,818,141	)
		1,950,000		$	18,920,604			(1,950,000	)	$	(24,730,364	)
MSCI Qatar
Shares sold		—		$	57,990			1,200,000		$	26,058,936
Shares redeemed		(550,000	)		(11,309,847	)		(1,350,000	)		(29,471,449	)
		(550,000	)	$	(11,251,857	)		(150,000	)	$	(3,412,513	)
MSCI Saudi Arabia
Shares sold		500,000		$	21,758,734			10,850,000		$	493,999,432
Shares redeemed		(3,100,000	)		(125,062,604	)		(7,150,000	)		(318,349,698	)
		(2,600,000	)	$	(103,303,870	)		3,700,000		$	175,649,734
MSCI UAE
Shares sold		150,000		$	2,222,434			1,350,000		$	23,345,364
Shares redeemed		—			—			(600,000	)		(9,689,972	)
		150,000		$	2,222,434			750,000		$	13,655,392

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

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Notes to Financial Statements  (unaudited) (continued)

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Poland ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Peru ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 83

Supplemental Information  (unaudited)

Section 19(a) Notices

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

February 28, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil Small-Cap(a)	$	0.280573	$	—	$	0.040422	$	0.320995		87	%		—	%		13	%		100	%
MSCI Indonesia(a)		0.153187		—		0.078619		0.231806		66			—			34			100
MSCI Peru(a)		0.471015		—		0.035563		0.506578		93			—			7			100
MSCI Philippines(a)		0.117640		—		0.005962		0.123602		95			—			5			100
MSCI Poland(a)		0.258945		—		0.009482		0.268427		96			—			4			100

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

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General Information  

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L    I N F O R M A T I O  N 85

Glossary of Terms Used in this Report  

Portfolio Abbreviation
ADR	American Depositary Receipt
JSC	Joint Stock Company
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com   |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

iS-SAR-806-0223

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI Denmark ETF | EDEN | Cboe BZX

· iShares MSCI Finland ETF | EFNL | Cboe BZX

· iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

· iShares MSCI Ireland ETF | EIRL | NYSE Arca

· iShares MSCI Kuwait ETF | KWT | Cboe BZX

· iShares MSCI New Zealand ETF | ENZL | NASDAQ

· iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	1.26%	(7.69)%
U.S. small cap equities (Russell 2000® Index)	3.63	(6.02)
International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)
Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		31
Statements of Operations		33
Statements of Changes in Net Assets		35
Financial Highlights		39
Notes to Financial Statements		46
Statement Regarding Liquidity Risk Management Program		55
Supplemental Information		56
General Information		57
Glossary of Terms Used in this Report		58

Fund Summary as of February 28, 2023  iShares^® MSCI Denmark ETF

Investment Objective

The iShares MSCI Denmark ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Danish equities, as represented by the MSCI Denmark IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.70	%		3.93	%		9.68	%		12.89	%		3.93	%		58.72	%		236.29	%
Fund Market		17.93			4.75			9.81			12.88			4.75			59.68			235.91
Index		18.10			4.40			10.10			13.28			4.40			61.76			247.97

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,177.00	$	2.86		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	39.5	%
Industrials	26.9
Financials	13.3
Consumer Staples	6.1
Materials	4.5
Utilities	3.9
Consumer Discretionary	2.7
Information Technology	2.3
Energy	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Novo Nordisk A/S, Class B	23.1	%
DSV A/S	8.1
Vestas Wind Systems A/S	6.5
Genmab A/S	5.6
Danske Bank A/S	4.0
Orsted AS	3.9
Carlsberg AS, Class B	3.4
Coloplast A/S, Class B	3.3
AP Moller - Maersk A/S, Class B	2.8
Novozymes A/S, Class B	2.5

^(a)  Excludes money market funds.

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Fund Summary  as of February 28, 2023  iShares^® MSCI Finland ETF

Investment Objective

The iShares MSCI Finland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Finnish equities, as represented by the MSCI Finland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.49	%		(2.08	)%		1.89	%		6.96	%		(2.08	)%		9.81	%		95.97	%
Fund Market		9.25			(1.47	)		1.92			6.96			(1.47	)		10.00			95.91
Index		9.32			(3.86	)		1.30			6.43			(3.86	)		6.69			86.49

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,094.90	$	2.75		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Materials	19.9	%
Industrials	19.6
Information Technology	16.0
Financials	12.5
Energy	10.4
Communication Services	5.5
Health Care	3.8
Utilities	3.8
Consumer Staples	3.7
Consumer Discretionary	3.1
Real Estate	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nokia OYJ	12.9	%
Sampo OYJ, Class A	12.0
Neste OYJ	10.4
UPM-Kymmene OYJ	9.8
Kone OYJ, Class B	4.6
Elisa OYJ	4.5
Stora Enso OYJ, Class R	4.2
Metso Outotec OYJ	4.0
Fortum OYJ	3.8
Kesko OYJ, Class B	3.4

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2023  iShares^® MSCI Germany Small-Cap ETF

Investment Objective

The iShares MSCI Germany Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization German equities, as represented by the MSCI Germany Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.82	%		(13.15	)%		0.69	%		8.25	%		(13.15	)%		3.47	%		120.93	%
Fund Market		19.18			(12.48	)		0.80			8.23			(12.48	)		4.08			120.63
Index		19.17			(13.68	)		0.60			8.18			(13.68	)		3.02			119.61

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,188.20	$	3.20		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	28.1	%
Materials	15.5
Information Technology	15.0
Health Care	9.0
Communication Services	8.9
Consumer Discretionary	8.0
Financials	5.4
Real Estate	3.8
Consumer Staples	3.3
Utilities	1.9
Energy	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
K+S AG	3.6	%
Hugo Boss AG	3.1
LANXESS AG	3.0
CTS Eventim AG & Co. KGaA	3.0
thyssenkrupp AG	2.8
AIXTRON SE	2.8
Aurubis AG	2.5
KION Group AG	2.3
Freenet AG	2.2
FUCHS PETROLUB SE	2.2

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2023  iShares^® MSCI Ireland ETF

Investment Objective

The iShares MSCI Ireland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Irish equities, as represented by the MSCI All Ireland Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		23.49	%(a)		0.91	%		3.68	%		8.54	%		0.91	%		19.78	%		127.03	%
Fund Market		23.42			2.16			3.77			8.40			2.16			20.31			123.95
Index		24.04			1.49			4.22			8.96			1.49			22.96			135.90

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland Capped Index.

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,234.90	$	2.83		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Materials	29.0	%
Consumer Discretionary	26.5
Industrials	14.0
Consumer Staples	12.7
Financials	9.8
Health Care	6.6
Real Estate	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
CRH PLC	22.5	%
Flutter Entertainment PLC, Class DI	20.9
Bank of Ireland Group PLC	4.8
Kingspan Group PLC	4.6
AIB Group PLC	4.5
Glanbia PLC	4.5
Grafton Group PLC	4.5
Kerry Group PLC, Class A	4.5
Ryanair Holdings PLC	4.4
ICON PLC	4.4

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary as of February 28, 2023  iShares^® MSCI Kuwait ETF

Investment Objective

The iShares MSCI Kuwait ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Kuwait,as defined by the index provider, as represented by the MSCI All Kuwait Select Size Liquidity Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.40	)%		(6.34	)%		16.86	%		(6.34	)%		47.53	%
Fund Market		(6.90	)		(6.32	)		17.17			(6.32	)		48.50
Index		(7.10	)		(4.95	)		17.79			(4.95	)		50.53

The inception date of the Fund was September 1, 2020. The first day of secondary market trading was September 3, 2020.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	926.00	$	3.53		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	62.7	%
Industrials	12.6
Real Estate	10.8
Consumer Discretionary	4.7
Communication Services	4.7
Materials	1.4
Utilities	1.1
Energy	1.1
Consumer Staples	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Kuwait Finance House KSCP	22.3	%
National Bank of Kuwait SAKP	21.9
Mobile Telecommunications Co. KSCP	4.7
Agility Public Warehousing Co. KSC	4.3
Gulf Bank KSCP	3.5
Mabanee Co. KPSC	3.5
National Industries Group Holding SAK	2.9
Humansoft Holding Co. KSC	2.9
Warba Bank KSCP	2.4
Kuwait Projects Co. Holding KSCP	2.3

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2023  iShares^® MSCI New Zealand ETF

Investment Objective

The iShares MSCI New Zealand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of New Zealand equities, as represented by the MSCI New Zealand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.21	%		(8.13	)%		2.81	%		6.72	%		(8.13	)%		14.88	%		91.59	%
Fund Market		5.42			(8.69	)		2.89			6.71			(8.69	)		15.31			91.42
Index		5.27			(6.82	)		3.39			7.23			(6.82	)		18.14			100.93

Index performance through February 11, 2013 reflects the performance of the MSCI New Zealand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI New Zealand IMI 25/50 Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,052.10	$	2.59		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	27.7	%
Utilities	23.2
Industrials	17.9
Communication Services	14.4
Real Estate	7.1
Consumer Staples	4.6
Consumer Discretionary	3.2
Information Technology	1.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Fisher & Paykel Healthcare Corp. Ltd.	15.9	%
Auckland International Airport Ltd.	11.7
Spark New Zealand Ltd.	10.1
Meridian Energy Ltd.	7.5
EBOS Group Ltd.	4.7
Contact Energy Ltd.	4.6
Infratil Ltd.	4.6
a2 Milk Co. Ltd. (The)	4.6
Mercury NZ Ltd.	4.5
Chorus Ltd.	4.3

^(a) Excludes money market funds.

F U N D    S U M M A R Y 9

Fund Summary  as of February 28, 2023 iShares^® MSCI Norway ETF

Investment Objective

The iShares MSCI Norway ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Norwegian equities, as represented by the MSCI Norway IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.87	)%		(13.37	)%		0.76	%		0.95	%		(13.37	)%		3.85	%		9.87	%
Fund Market		(4.38	)		(13.14	)		1.01			0.93			(13.14	)		5.17			9.70
Index		(4.32	)		(12.65	)		1.31			1.35			(12.65	)		6.74			14.40

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	951.30	$	2.56		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Energy	31.4	%
Financials	19.2
Materials	12.7
Consumer Staples	12.3
Industrials	11.7
Communication Services	8.3
Information Technology	2.7
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Equinor ASA	17.4	%
DNB Bank ASA	11.1
Norsk Hydro ASA	5.8
Aker BP ASA	5.1
Yara International ASA	4.7
Telenor ASA	4.7
Mowi ASA	4.3
Orkla ASA	3.0
Storebrand ASA	2.3
TOMRA Systems ASA	2.2

^(a)  Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T    F U N D    P E R F O  R M A N C E / D I S C L O S U R E    O F    E X P E N S E  S 11

Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 8.0%
DSV A/S		98,599	$	17,916,041
Banks — 9.3%
Danske Bank A/S		376,031		8,732,663
Jyske Bank A/S, Registered(a)		44,323		3,712,522
Ringkjoebing Landbobank A/S		20,442		3,228,581
Spar Nord Bank A/S		120,376		2,221,400
Sydbank AS		54,109		2,753,696
				20,648,862
Beverages — 4.6%
Carlsberg AS, Class B		53,351		7,539,078
Royal Unibrew A/S		38,333		2,665,841
				10,204,919
Biotechnology — 7.6%
Bavarian Nordic A/S(a)(b)		66,052		2,034,135
Genmab A/S(a)		32,816		12,346,983
Zealand Pharma A/S(a)		79,329		2,525,842
				16,906,960
Building Products — 0.9%
Rockwool A/S, Class B		8,625		1,958,207
Chemicals — 4.4%
Chr Hansen Holding A/S		63,150		4,377,939
Novozymes A/S, Class B		114,554		5,517,366
				9,895,305
Commercial Services & Supplies — 1.2%
ISS A/S(a)		124,583		2,715,384
Construction & Engineering — 0.6%
Per Aarsleff Holding A/S		32,642		1,414,770
Electric Utilities — 3.8%
Orsted AS(c)		97,814		8,514,029
Electrical Equipment — 7.2%
NKT A/S(a)		37,372		1,733,300
Vestas Wind Systems A/S		505,150		14,414,425
				16,147,725
Food Products — 0.7%
Schouw & Co. A/S		19,942		1,585,572
Health Care Equipment & Supplies — 6.4%
Ambu A/S, Class B(a)(b)		155,239		2,274,883
Coloplast A/S, Class B		63,230		7,305,977
Demant A/S(a)		76,659		2,292,485
GN Store Nord A/S(b)		105,504		2,277,794
				14,151,139
Insurance — 3.9%
Alm Brand A/S		1,000,517		1,860,901
Topdanmark AS		41,459		2,217,650
Tryg A/S		212,778		4,713,767
				8,792,318
IT Services — 1.0%
Netcompany Group A/S(a)(c)		46,500		1,617,395
Trifork Holding AG		23,167		559,665
				2,177,060
Life Sciences Tools & Services — 0.6%
Chemometec A/S(a)		19,713		1,280,101

Security	Shares		Value
Machinery — 1.2%
FLSmidth & Co. A/S(b)		56,114	$	2,206,410
Nilfisk Holding A/S(a)		22,035		407,935
				2,614,345
Marine — 6.8%
AP Moller - Maersk A/S, Class A		1,827		4,175,957
AP Moller - Maersk A/S, Class B, NVS		2,689		6,263,616
D/S Norden A/S		40,074		2,821,350
Dfds A/S		44,681		1,820,409
				15,081,332
Oil, Gas & Consumable Fuels — 0.8%
TORM PLC, Class A		51,995		1,846,135
Pharmaceuticals — 24.7%
ALK-Abello AS(a)		129,976		1,936,612
H Lundbeck AS		384,684		1,625,380
H Lundbeck AS, Class A(a)		125,820		480,962
Novo Nordisk A/S, Class B		360,462		50,917,153
				54,960,107
Road & Rail — 0.3%
NTG Nordic Transport Group A/S, Class A(a)(b)		14,310		675,205
Software — 1.3%
cBrain A/S		19,856		393,087
SimCorp A/S		33,433		2,396,238
				2,789,325
Specialty Retail — 0.3%
Matas A/S		65,665		763,578
Textiles, Apparel & Luxury Goods — 2.4%
Pandora A/S		55,727		5,278,665
Tobacco — 0.7%
Scandinavian Tobacco Group A/S, Class A(c)		90,766		1,575,910
Trading Companies & Distributors — 0.4%
Solar A/S, Class B		9,912		861,658
Total Long-Term Investments — 99.1% (Cost: $211,271,465)				220,754,652
Short-Term Securities
Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		8,774,061		8,779,326
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		180,000		180,000
Total Short-Term Securities — 4.0% (Cost: $8,958,030)				8,959,326
Total Investments — 103.1% (Cost: $220,229,495)				229,713,978
Liabilities in Excess of Other Assets — (3.1)%				(6,962,608	)
Net Assets — 100.0%			$	222,751,370

^(a) Non-income producing security.

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

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

^(d) Affiliate of the Fund.

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

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Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Denmark ETF

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,637,677	$	5,140,435	(a)	$	—	$	1,211	$	3	$	8,779,326		8,774,061	$	18,253	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		20,000	(a)		—		—		—		180,000		180,000		1,925			—
								$	1,211	$	3	$	8,959,326			$	20,178		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMX Copenhagen 25 Index		72		03/17/23	$	1,811	$	(5,932	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,932	$	—	$	—	$	—	$	5,932

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	63,179	$	—	$	—	$	—	$	63,179
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	77,639	$	—	$	—	$	—	$	77,639

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Denmark ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$1,791,208

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,455,397	$	218,299,255		$	—	$	220,754,652
Short-Term Securities
Money Market Funds		8,959,326		—			—		8,959,326
	$	11,414,723	$	218,299,255		$	—	$	229,713,978
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(5,932	)	$	—	$	(5,932	)

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

See notes to financial statements.

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Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.4%
Finnair OYJ(a)(b)		113,799	$	68,059
Auto Components — 0.8%
Nokian Renkaat OYJ		14,743		133,706
Banks — 0.5%
Aktia Bank OYJ		7,949		87,608
Beverages — 0.3%
Anora Group OYJ		7,554		51,492
Building Products — 0.7%
Uponor OYJ		6,835		127,202
Chemicals — 1.3%
Kemira OYJ		11,751		225,073
Commercial Services & Supplies — 0.7%
Caverion OYJ		12,674		121,050
Communications Equipment — 12.7%
Nokia OYJ		467,541		2,163,101
Containers & Packaging — 2.0%
Huhtamaki OYJ		9,737		343,746
Diversified Telecommunication Services — 4.4%
Elisa OYJ		13,381		759,882
Electric Utilities — 3.8%
Fortum OYJ		42,157		644,304
Electrical Equipment — 0.4%
Kempower OYJ(a)(b)		2,765		75,453
Electronic Equipment, Instruments & Components — 0.1%
Incap OYJ		711		13,191
Entertainment — 0.4%
Rovio Entertainment OYJ(c)		7,789		67,267
Food & Staples Retailing — 3.3%
Kesko OYJ, Class B		26,012		564,873
Health Care Equipment & Supplies — 0.6%
Revenio Group OYJ		2,929		107,930
Health Care Providers & Services — 0.3%
Oriola OYJ, Class B		29,820		48,509
Household Durables — 0.4%
YIT OYJ		24,369		69,276
Insurance — 11.8%
Sampo OYJ, Class A		41,285		2,009,761
IT Services — 1.7%
TietoEVRY OYJ		9,107		289,159
Machinery — 16.6%
Cargotec OYJ, Class B		4,165		211,724
Kone OYJ, Class B		14,725		764,693
Konecranes OYJ		6,405		217,920
Metso Outotec OYJ		62,817		668,296
Valmet OYJ		15,984		527,459

Security	Shares		Value
Machinery (continued)
Wartsila OYJ Abp		46,114	$	445,398
				2,835,490
Media — 0.6%
Sanoma OYJ		10,259		95,412
Metals & Mining — 1.4%
Outokumpu OYJ		38,974		233,337
Multiline Retail — 1.0%
Puuilo OYJ(b)		9,970		68,101
Tokmanni Group Corp.		6,937		98,580
				166,681
Oil, Gas & Consumable Fuels — 10.2%
Neste OYJ		36,160		1,744,042
Paper & Forest Products — 14.8%
Metsa Board OYJ, Class B		20,143		176,224
Stora Enso OYJ, Class R		49,736		703,158
UPM-Kymmene OYJ		45,513		1,649,229
				2,528,611
Pharmaceuticals — 2.9%
Orion OYJ, Class B		10,354		487,893
Professional Services — 0.3%
Talenom OYJ(b)		6,247		54,313
Real Estate Management & Development — 1.6%
Citycon OYJ		12,539		92,259
Kojamo OYJ		14,322		189,299
				281,558
Software — 1.3%
F-Secure OYJ(a)		20,570		72,266
QT Group OYJ(a)(b)		1,951		144,475
				216,741
Specialty Retail — 0.5%
Musti Group OYJ		4,663		87,281
Textiles, Apparel & Luxury Goods — 0.3%
Marimekko OYJ		5,875		57,226
Total Long-Term Investments — 98.1% (Cost: $21,192,370)				16,759,227
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		341,189		341,394
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		20,000		20,000
Total Short-Term Securities — 2.1% (Cost: $361,200)				361,394
Total Investments — 100.2% (Cost: $21,553,570)				17,120,621
Liabilities in Excess of Other Assets — (0.2)%				(26,579	)
Net Assets — 100.0%			$	17,094,042

^(a)  Non-income producing security.

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

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Finland ETF

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	143,791	$	197,420	(a)	$	—		$	55	$	128	$	341,394		341,189	$	7,453	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		—			(20,000	)(a)		—		—		20,000		20,000		458			—
									$	55	$	128	$	361,394			$	7,911		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		7		03/17/23	$	314	$	22,549

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	—	$	—	$	22,549	$	—	$	—	$	—	$	22,549

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	44,323	$	—	$	—	$	—	$	44,323
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	23,943	$	—	$	—	$	—	$	23,943

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Finland ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	324,171

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	467,391	$	16,291,836	$	—	$	16,759,227
Short-Term Securities
Money Market Funds		361,394		—		—		361,394
	$	828,785	$	16,291,836	$	—	$	17,120,621
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	22,549	$	—	$	22,549

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

See notes to financial statements.

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

Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Hensoldt AG		7,231	$	235,323
OHB SE		1,032		33,260
				268,583
Auto Components — 1.3%
ElringKlinger AG		5,695		52,785
Vitesco Technologies Group AG(a)		3,939		273,453
				326,238
Biotechnology — 0.9%
CureVac NV(a)		11,207		96,453
MorphoSys AG(a)(b)		6,740		122,284
				218,737
Building Products — 0.3%
Steico SE		1,109		64,482
Capital Markets — 1.2%
AURELIUS Equity Opportunities SE & Co. KGaA		5,383		89,550
Deutsche Beteiligungs AG		2,777		91,284
flatexDEGIRO AG(a)		12,983		110,583
				291,417
Chemicals — 6.7%
K+S AG, Registered		37,708		895,070
LANXESS AG		16,162		751,948
				1,647,018
Commercial Services & Supplies — 3.5%
Befesa SA(c)		7,880		411,482
Bilfinger SE(b)		6,060		240,567
Cewe Stiftung & Co. KGaA		1,099		109,862
Takkt AG		6,460		96,774
				858,685
Communications Equipment — 0.3%
ADVA Optical Networking SE(a)		3,581		87,721
Construction & Engineering — 1.5%
HOCHTIEF AG		5,369		365,686
Diversified Financial Services — 1.2%
GRENKE AG		5,493		171,239
Hypoport SE(a)		767		115,737
				286,976
Electrical Equipment — 3.4%
Energiekontor AG		1,239		88,894
Nordex SE(a)		27,176		408,812
PNE AG		6,788		114,875
SGL Carbon SE(a)(b)		12,045		112,761
Varta AG(b)		3,589		106,697
				832,039
Electronic Equipment, Instruments & Components — 1.7%
Basler AG(b)		2,171		65,649
Jenoptik AG		10,165		352,606
				418,255
Entertainment — 3.3%
Borussia Dortmund GmbH & Co. KGaA(a)		15,217		68,676
CTS Eventim AG & Co. KGaA(a)		11,350		744,862
				813,538
Equity Real Estate Investment Trusts (REITs) — 0.4%
Hamborner REIT AG		13,614		107,788

Security	Shares		Value
Food & Staples Retailing — 1.7%
METRO AG(a)		24,810	$	223,707
Shop Apotheke Europe NV(a)(c)		2,867		207,107
				430,814
Food Products — 1.6%
KWS Saat SE & Co. KGaA		2,274		151,724
Suedzucker AG		14,062		238,595
				390,319
Health Care Equipment & Supplies — 1.3%
Draegerwerk AG & Co. KGaA		603		23,471
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,918		165,824
Stratec SE		1,553		126,303
				315,598
Health Care Providers & Services — 0.6%
Medios AG(a)		2,812		58,085
Synlab AG		13,181		97,470
				155,555
Health Care Technology — 1.0%
CompuGroup Medical SE & Co. KgaA		5,287		251,164
Independent Power and Renewable Electricity Producers — 1.9%
Encavis AG		23,766		463,864
Industrial Conglomerates — 0.5%
Indus Holding AG		3,972		96,250
MBB SE		407		34,014
				130,264
Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		4,615		83,830
Internet & Direct Marketing Retail — 0.3%
About You Holding SE(a)(b)		7,281		40,766
Global Fashion Group SA(a)		19,847		22,296
				63,062
IT Services — 3.9%
Adesso SE		641		102,640
CANCOM SE		6,988		244,620
Datagroup SE		822		57,730
GFT Technologies SE		3,369		142,629
Kontron AG(b)		8,465		169,381
Nagarro SE(a)(b)		1,629		166,730
Secunet Security Networks AG		320		77,829
				961,559
Leisure Products — 0.2%
Tonies SE, Class A(a)		9,985		61,159
Life Sciences Tools & Services — 4.2%
Evotec SE(a)		27,910		500,454
Gerresheimer AG		6,191		543,619
				1,044,073
Machinery — 10.0%
Deutz AG		22,608		138,875
Duerr AG		10,214		384,492
Heidelberger Druckmaschinen AG(a)		50,961		91,687
JOST Werke AG(c)		2,640		150,329
KION Group AG		14,223		557,057
Krones AG		2,799		340,869
Norma Group SE		6,274		168,964
Pfeiffer Vacuum Technology AG		680		112,170
Stabilus SE		4,866		328,939
Vossloh AG		1,729		73,932

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Wacker Neuson SE		5,524	$	117,079
				2,464,393
Media — 2.9%
ProSiebenSat.1 Media SE(b)		34,480		343,383
Stroeer SE & Co. KGaA(b)		6,697		375,240
				718,623
Metals & Mining — 6.2%
Aurubis AG		6,202		606,609
Salzgitter AG(b)		5,917		248,289
thyssenkrupp AG		91,985		689,028
				1,543,926
Oil, Gas & Consumable Fuels — 1.1%
CropEnergies AG		5,154		63,424
VERBIO Vereinigte BioEnergie AG		4,374		219,428
				282,852
Pharmaceuticals — 0.6%
Dermapharm Holding SE		3,710		150,867
Professional Services — 0.8%
Amadeus Fire AG		1,126		146,280
Bertrandt AG		1,111		56,762
				203,042
Real Estate Management & Development — 3.4%
Deutsche EuroShop AG		3,003		68,607
DIC Asset AG		8,187		74,634
Grand City Properties SA		19,097		194,922
Instone Real Estate Group SE(b)(c)		9,252		86,840
PATRIZIA SE		9,092		105,660
TAG Immobilien AG		34,548		274,739
Vib Vermoegen AG		1,638		33,230
				838,632
Road & Rail — 1.5%
Sixt SE		2,691		363,801
Semiconductors & Semiconductor Equipment — 5.2%
AIXTRON SE		22,325		684,718
Elmos Semiconductor SE		1,568		127,237
PVA TePla AG(a)		3,854		104,207
Siltronic AG		2,953		215,034
SMA Solar Technology AG(a)(b)		2,050		159,815
				1,291,011
Software — 3.8%
Atoss Software AG		783		134,320
Software AG(b)		10,201		202,158
SUSE SA(a)		8,328		163,887
TeamViewer AG(a)(c)		27,584		444,670
				945,035
Specialty Retail — 2.1%
Auto1 Group SE(a)(b)(c)		17,018		129,300
Ceconomy AG(b)		28,663		75,167
Fielmann AG		4,962		176,131
Hornbach Holding AG & Co. KGaA		1,733		143,927
				524,525
Textiles, Apparel & Luxury Goods — 3.1%
Hugo Boss AG		11,096		758,903
Thrifts & Mortgage Finance — 2.7%
Aareal Bank AG(a)		11,793		404,140

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Deutsche Pfandbriefbank AG(c)		26,478	$	261,981
				666,121
Trading Companies & Distributors — 1.2%
BayWa AG		2,826		127,314
Kloeckner & Co. SE		14,731		159,445
				286,759
Transportation Infrastructure — 1.9%
Fraport AG Frankfurt Airport Services Worldwide(a)		7,297		394,985
Hamburger Hafen und Logistik AG		5,184		68,578
				463,563
Wireless Telecommunication Services — 2.7%
1&1 AG		8,701		104,255
Freenet AG		22,268		555,059
				659,314
Total Common Stocks — 93.5% (Cost: $28,249,326)				23,099,791
Preferred Stocks
Auto Components — 0.7%
Schaeffler AG, Preference Shares, NVS		24,515		178,664
Chemicals — 2.2%
FUCHS PETROLUB SE, Preference Shares, NVS		13,700		548,829
Construction Materials — 0.3%
STO SE & Co. KGaA, Preference Shares, NVS		500		79,203
Health Care Equipment & Supplies — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,693		73,830
Household Durables — 0.3%
Einhell Germany AG, Preference Shares, NVS		330		56,873
Machinery — 1.4%
Jungheinrich AG, Preference Shares, NVS		9,449		348,575
Road & Rail — 1.1%
Sixt SE, Preference Shares, NVS		3,264		264,343
Total Preferred Stocks — 6.3% (Cost: $1,564,243)				1,550,317
Total Long-Term Investments — 99.8% (Cost: $29,813,569)				24,650,108
Short-Term Securities
Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		2,289,743		2,291,117
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		10,000		10,000
Total Short-Term Securities — 9.3% (Cost: $2,300,226)				2,301,117
Total Investments — 109.1% (Cost: $32,113,795)				26,951,225
Liabilities in Excess of Other Assets — (9.1)%				(2,246,121	)
Net Assets — 100.0%			$	24,705,104

^(a) Non-income producing security.

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

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® MSCI Germany Small-Cap ETF

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,477,142	$	—	$	(186,805	)(a)	$	1,178	$	(398	)	$	2,291,117		2,289,743	$	37,755	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares .		10,000				— 0	(a)		—		—			10,000		10,000		109			—
								$	1,178	$	(398	)	$	2,301,117			$	37,864		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		1		03/17/23	$	45	$	3,199

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,199	$	—	$	—	$	—	$	3,199

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

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Schedule of Investments (unaudited) (continued) February 28, 2023   iShares^® MSCI Germany Small-Cap ETF

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	5,464	$	—	$	—	$	—	$	5,464
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,827	$	—	$	—	$	—	$	2,827

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	43,323

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	687,937	$	22,411,854	$	—	$	23,099,791
Preferred Stocks		—		1,550,317		—		1,550,317
Short-Term Securities
Money Market Funds		2,301,117		—		—		2,301,117
	$	2,989,054	$	23,962,171	$	—	$	26,951,225
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	3,199	$	—		$ 3,199

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

See notes to financial statements.

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

Schedule of Investments  (unaudited)  February 28, 2023   iShares^® MSCI Ireland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 4.4%
Ryanair Holdings PLC, ADR(a)		29,868	$	2,770,855
Banks — 9.6%
AIB Group PLC		663,105		2,832,320
Bank of Ireland Group PLC		269,323		2,967,162
Permanent TSB Group Holdings PLC(a)		66,197		182,043
				5,981,525
Beverages — 1.8%
C&C Group PLC(a)		633,210		1,133,013
Building Products — 4.6%
Kingspan Group PLC		44,082		2,861,276
Construction Materials — 22.4%
CRH PLC		298,188		14,006,924
Containers & Packaging — 6.2%
Ardagh Metal Packaging SA		244,000		1,176,080
Smurfit Kappa Group PLC		73,096		2,726,972
				3,903,052
Equity Real Estate Investment Trusts (REITs) — 1.4%
Irish Residential Properties REIT PLC		728,217		839,578
Food Products — 10.8%
Dole PLC		30,342		355,912
Glanbia PLC		227,660		2,811,297
Kerry Group PLC, Class A		29,026		2,779,087
Origin Enterprises PLC		184,775		826,696
				6,772,992
Health Care Providers & Services — 2.1%
Uniphar PLC(a)		375,420		1,302,428
Hotels, Restaurants & Leisure — 23.1%
Dalata Hotel Group PLC(a)		324,496		1,473,701
Flutter Entertainment PLC, Class DI(a)		80,899		12,989,009
				14,462,710
Household Durables — 3.3%
Cairn Homes PLC(a)		1,054,998		1,052,266
Glenveagh Properties PLC(a)(b)		928,576		977,244
				2,029,510

Security	Shares		Value
Insurance — 0.2%
FBD Holdings PLC		9,904	$	142,466
Life Sciences Tools & Services — 4.4%
ICON PLC(a)		12,271		2,768,706
Marine — 0.4%
Irish Continental Group PLC		59,905		271,886
Metals & Mining — 0.3%
Kenmare Resources PLC		30,682		178,993
Pharmaceuticals — 0.1%
GH Research PLC(a)		5,199		49,807
Trading Companies & Distributors — 4.5%
Grafton Group PLC		245,515		2,807,290
Total Long-Term Investments — 99.6%     (Cost: $56,319,571)			62,283,011
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		20,000		20,000
Total Short-Term Securities — 0.0%     (Cost: $20,000)			20,000
Total Investments — 99.6%     (Cost: $56,339,571)			62,303,011
Other Assets Less Liabilities — 0.4%				225,193
Net Assets — 100.0%			$	62,528,204

^(a) Non-income producing security.

^(b) 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.

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	20,000	(a)	$	—	$	—	$	—	$	20,000		20,000	$	287	$	—

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

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Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Ireland ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		5		03/17/23	$	224	$	6,184

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	—	$	—	$	6,184	$	—	$	—	$	—	$	6,184

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	11,722	$	—	$	—	$	—	$	11,722
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,601	$	—	$	—	$	—	$	7,601

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	153,877

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	14,590,786	$	47,692,225	$	—	$	62,283,011
Short-Term Securities
Money Market Funds		20,000		—		—		20,000
	$	14,610,786	$	47,692,225	$	—	$	62,303,011
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	6,184	$	—	$	6,184

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  February 28, 2023   iShares^® MSCI Kuwait ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 4.3%
Agility Public Warehousing Co. KSC		1,109,296	$	2,177,512
Airlines — 2.0%
Jazeera Airways Co. KSCP		179,521		1,017,480
Banks — 59.0%
Ahli United Bank KSCP		702,609		629,290
Al Ahli Bank of Kuwait KSCP		1,018,089		1,137,527
Boubyan Bank KSCP		31,636		78,838
Burgan Bank SAK		692,577		509,789
Gulf Bank KSCP		1,781,898		1,758,269
Kuwait Finance House KSCP		4,040,461		11,276,361
Kuwait International Bank KSCP		1,459,426		936,400
Kuwait Projects Co. Holding KSCP		3,194,115		1,175,403
National Bank of Kuwait SAKP		3,179,523		11,079,830
Warba Bank KSCP(a)		1,582,643		1,185,461
				29,767,168
Capital Markets — 1.1%
Boursa Kuwait Securities Co. KPSC		70,489		463,847
Noor Financial Investment Co. KSC		182,417		106,954
				570,801
Chemicals — 1.4%
Boubyan Petrochemicals Co. KSCP		281,651		714,574
Construction & Engineering — 0.6%
Combined Group Contracting Co. SAK		216,760		306,230
Diversified Consumer Services — 2.9%
Humansoft Holding Co. KSC		121,925		1,461,589
Diversified Financial Services — 2.7%
A’ayan Leasing & Investment Co. KSCP		1,211,101		552,124
Alimtiaz Investment Group KSC		680,715		132,580
National Investments Co. KSCP		896,370		671,381
				1,356,085
Electrical Equipment — 0.8%
Gulf Cable & Electrical Industries Co. KSCP		107,300		420,066
Energy Equipment & Services — 1.1%
Heavy Engineering & Ship Building Co. KSCP		278,431		562,200
Food Products — 0.9%
Mezzan Holding Co. KSCC		353,053		451,954

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 1.1%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power
Plant KSC		954,623	$	565,933
Industrial Conglomerates — 3.0%
National Industries Group Holding SAK		2,218,436		1,488,318
Real Estate Management & Development — 10.9%
Commercial Real Estate Co. Ksc		3,034,250		1,018,055
Kuwait Real Estate Co. KSC		1,995,623		721,278
Mabanee Co. KPSC		684,477		1,751,390
National Real Estate Co. KPSC(a)		2,782,368		805,382
Salhia Real Estate Co. KSCP		654,593		1,170,638
				5,466,743
Specialty Retail — 1.8%
Ali Alghanim Sons Automotive Co. KSCC, NVS		323,135		925,198
Trading Companies & Distributors — 1.9%
ALAFCO Aviation Lease & Finance Co. KSCP(a)		668,528		431,102
Integrated Holding Co. KCSC		426,355		504,127
				935,229
Wireless Telecommunication Services — 4.7%
Mobile Telecommunications Co. KSCP		1,294,717		2,357,190
Total Long-Term Investments — 100.2%   (Cost: $47,111,241)			50,544,270
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(b)(c)		60,000		60,000
Total Short-Term Securities — 0.1%     (Cost: $60,000)				60,000
Total Investments — 100.3%     (Cost: $47,171,241)				50,604,270
Liabilities in Excess of Other Assets — (0.3)%				(164,852	)
Net Assets — 100.0%			$	50,439,418

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23	Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	50,000	$	10,000	(a)	$	—	$	—	$	—	$	60,000	60,000	$	316	$	—

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

24 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2023   iShares^® MSCI Kuwait ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(4,172	)	$	—	$	—	$	—	$	(4,172	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,783		$	—	$	—	$	—	$	1,783

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,960,565	$	47,583,705	$	—	$	50,544,270
Short-Term Securities
Money Market Funds		60,000		—		—		60,000
	$	3,020,565	$	47,583,705	$	—	$	50,604,270

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 25

Schedule of Investments (unaudited)  February 28, 2023 iShares^® MSCI New Zealand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 1.9%
Air New Zealand Ltd.(a)		5,236,120	$	2,552,090
Building Products — 4.3%
Fletcher Building Ltd.		1,973,791		5,783,264
Diversified Telecommunication Services — 14.4%
Chorus Ltd.		1,143,903		5,865,376
Spark New Zealand Ltd.		4,404,576		13,599,439
				19,464,815
Electric Utilities — 15.7%
Contact Energy Ltd.		1,311,680		6,209,100
Genesis Energy Ltd.		1,541,865		2,760,062
Infratil Ltd.		1,134,615		6,166,990
Mercury NZ Ltd.		1,563,848		6,061,505
				21,197,657
Equity Real Estate Investment Trusts (REITs) — 7.1%
Argosy Property Ltd.		13,200		9,075
Goodman Property Trust		2,931,208		3,892,762
Kiwi Property Group Ltd.		4,586,782		2,625,488
Precinct Properties New Zealand Ltd.		3,787,256		3,114,408
				9,641,733
Food Products — 4.5%
a2 Milk Co. Ltd. (The)(a)		1,377,980		6,155,585
Health Care Equipment & Supplies — 15.9%
Fisher & Paykel Healthcare Corp. Ltd.		1,340,775		21,461,012
Health Care Providers & Services — 11.7%
EBOS Group Ltd.		230,030		6,297,213
Oceania Healthcare Ltd.(b)		2,587,944		1,245,716
Ryman Healthcare Ltd.(b)		1,470,978		4,775,192
Summerset Group Holdings Ltd.		629,074		3,574,738
				15,892,859
Hotels, Restaurants & Leisure — 2.5%
SKYCITY Entertainment Group Ltd.(a)		2,116,752		3,398,952

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 7.4%
Meridian Energy Ltd.		3,069,432	$	10,074,934
IT Services — 1.9%
Pushpay Holdings Ltd.(a)		3,208,677		2,514,428
Multiline Retail — 0.7%
Warehouse Group Ltd. (The)		593,207		971,967
Transportation Infrastructure — 11.7%
Auckland International Airport Ltd.(a)		2,930,186		15,833,191
Total Long-Term Investments — 99.7%     (Cost: $158,125,894)				134,942,487
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(c)(d)(e)		3,070,548		3,072,390
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d)		60,000		60,000
Total Short-Term Securities — 2.3%     (Cost: $3,132,088)				3,132,390
Total Investments — 102.0%     (Cost: $161,257,982)				138,074,877
Liabilities in Excess of Other Assets — (2.0)%				(2,740,650	)
Net Assets — 100.0%			$	135,334,227

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	437,876	$	2,634,396	(a)	$	—	$	114	$	4	$	3,072,390		3,070,548	$	1,286	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		60,000	(a)		—		—		—		60,000		60,000		1,316			—
								$	114	$	4	$	3,132,390			$	2,602		$	—

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

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

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI New Zealand ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SPI 200 Index		1		03/16/23	$	121	$	0

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(64,609	)	$	—	$	—	$	—	$	(64,609	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	185,348

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	4,086,375	$	130,856,112	$	—	$	134,942,487
Short-Term Securities
Money Market Funds		3,132,390		—		—		3,132,390
	$	7,218,765	$	130,856,112	$	—	$	138,074,877
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	—	$	—	$	—

^(a)  Derivative financial instruments are. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 27

Schedule of Investments (unaudited)  February 28, 2023 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.2%
Kongsberg Gruppen ASA		19,241	$	799,575
Airlines — 0.4%
Norwegian Air Shuttle ASA(a)		139,720		152,428
Banks — 14.2%
DNB Bank ASA		201,886		4,028,678
SpareBank 1 Nord Norge		21,074		209,094
SpareBank 1 Oestlandet		7,542		91,270
SpareBank 1 SMN		28,178		371,632
SpareBank 1 SR-Bank ASA		38,854		485,428
				5,186,102
Biotechnology — 0.1%
Nykode Therapeutics AS(a)		22,034		55,803
Chemicals — 6.4%
Bewi ASA		9,914		40,191
Borregaard ASA		19,533		331,152
Elkem ASA(b)		69,643		262,180
Yara International ASA		35,934		1,708,260
				2,341,783
Commercial Services & Supplies — 2.7%
Aker Carbon Capture ASA(a)		71,371		107,167
Aker Horizons Holding AS(a)(c)		50,870		57,406
TOMRA Systems ASA(c)		51,400		819,874
				984,447
Construction & Engineering — 1.0%
Cadeler AS(a)(c)		23,587		106,728
Veidekke ASA		23,432		261,836
				368,564
Containers & Packaging — 0.2%
Elopak ASA		26,552		59,062
Diversified Telecommunication Services — 4.7%
Telenor ASA		151,862		1,702,805
				��
Electrical Equipment — 1.4%
NEL ASA(a)(c)		339,289		512,335
Energy Equipment & Services — 5.4%
Aker Solutions ASA		53,408		225,597
Borr Drilling Ltd.(a)		42,294		293,921
BW Offshore Ltd.		23,792		65,249
Odfjell Drilling Ltd.(a)		19,718		50,966
PGS ASA(a)		187,530		184,915
Subsea 7 SA		52,087		676,575
TGS ASA		26,013		468,251
				1,965,474
Entertainment — 0.3%
Kahoot! ASA(a)(c)		57,562		108,363
Food Products — 12.3%
Austevoll Seafood ASA		20,152		172,193
Bakkafrost P/F		10,910		713,794
Grieg Seafood ASA		9,849		71,012
Leroy Seafood Group ASA		58,185		288,521
Mowi ASA		89,783		1,550,082
Orkla ASA		163,006		1,097,155
Salmar ASA		14,175		587,626
				4,480,383

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.5%
Scatec ASA(b)		26,280	$	177,519
Industrial Conglomerates — 1.3%
Aker ASA, Class A		4,839		341,484
Bonheur ASA		4,578		123,214
				464,698
Insurance — 4.9%
Gjensidige Forsikring ASA		43,406		769,366
Protector Forsikring ASA		13,385		188,102
Storebrand ASA		102,433		845,549
				1,803,017
Interactive Media & Services — 1.3%
Adevinta ASA(a)		63,247		472,612
IT Services — 0.6%
Atea ASA		18,293		208,925
Machinery — 0.4%
Hexagon Composites ASA(a)		25,719		92,753
Hexagon Purus ASA(a)		16,012		53,812
				146,565
Marine — 2.1%
Golden Ocean Group Ltd.		28,339		289,866
Hoegh Autoliners ASA		10,351		67,878
MPC Container Ships AS		58,431		103,828
Stolt-Nielsen Ltd.		3,810		117,780
Wallenius Wilhelmsen ASA		23,000		201,073
				780,425
Media — 2.0%
Schibsted ASA, Class A		15,870		322,040
Schibsted ASA, Class B		21,128		401,900
				723,940
Metals & Mining — 5.8%
Norsk Hydro ASA		291,873		2,124,475
Multiline Retail — 0.7%
Europris ASA(b)		34,425		242,693
Oil, Gas & Consumable Fuels — 25.9%
Aker BP ASA		68,584		1,840,837
BW Energy Ltd.(a)		18,737		52,592
BW LPG Ltd.(b)		18,230		159,473
Cool Co. Ltd.(a)		2,884		37,261
DNO ASA		102,974		117,991
Equinor ASA		206,752		6,329,370
Flex LNG Ltd.		6,359		221,523
Frontline PLC, NVS(c)		28,990		536,597
Hafnia Ltd.		27,313		165,578
				9,461,222
Paper & Forest Products — 0.3%
Norske Skog ASA(a)(b)		16,367		105,511
Professional Services — 0.1%
Meltwater Holding BV(a)(c)		28,834		48,673
Real Estate Management & Development — 0.4%
Entra ASA(b)		14,091		157,222
Semiconductors & Semiconductor Equipment — 1.7%
Nordic Semiconductor ASA(a)		35,564		511,302

28 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
REC Silicon ASA(a)(c)		59,970	$	98,243
				609,545
Software — 0.4%
Crayon Group Holding ASA(a)(b)(c)		15,219		137,279
Volue ASA(a)		11,219		24,956
				162,235
Total Long-Term Investments — 99.7%     (Cost: $42,696,134)			36,406,401
Short-Term Securities
Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		1,571,966		1,572,910
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		10,000		10,000
Total Short-Term Securities — 4.3%     (Cost: $1,582,486)				1,582,910
Total Investments — 104.0%     (Cost: $44,278,620)				37,989,311
Liabilities in Excess of Other Assets — (4.0)%				(1,448,734	)
Net Assets — 100.0%			$	36,540,577

^(a)  Non-income producing security.

^(b)  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.

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

^(d) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	860,484	$	711,957	(a)	$	—		$	400	$	69	$	1,572,910		1,571,966	$	10,688	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		—			0	(a)		—		—		10,000		10,000		339			—
									$	400	$	69	$	1,582,910			$	11,027		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		3		03/17/23	$	134	$	1,105

S C H E D U L E    O F    I N V E S T  M E N T S 29

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Norway ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,105	$	—	$	—	$	—	$	1,105

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	7,693	$	—	$	—	$	—	$	7,693
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	6,572	$	—	$	—	$	—	$	6,572

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	150,880

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,036,813	$	35,369,588	$	—	$	36,406,401
Short-Term Securities
Money Market Funds		1,582,910		—		—		1,582,910
	$	2,619,723	$	35,369,588	$	—	$	37,989,311
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,105	$	—	$	1,105

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

See notes to financial statements.

30 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Statements of Assets and Liabilities  (unaudited)

February 28, 2023

	iShares MSCI Denmark ETF		iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	220,754,652	$	16,759,227		$	24,650,108		$	62,283,011
Investments, at value — affiliated(c)		8,959,326		361,394			2,301,117			20,000
Cash		6,857		2,298			2,164			2,031
Foreign currency collateral pledged for futures contracts(d)		149,353		27,501			4,231			8,461
Foreign currency, at value(e)		268,699		11,222			41,469			80,483
Receivables:
Investments sold		4,505,533		373,234			72,956			2,402,665
Securities lending income — affiliated		7,543		1,374			6,257			—
Dividends — unaffiliated		—		—			—			12,610
Dividends — affiliated		418		105			15			65
Tax reclaims		1,238,326		394,569			1,089			29,595
Variation margin on futures contracts		—		—			421			—
Total assets		235,890,707		17,930,924			27,079,827			64,838,921
LIABILITIES
Collateral on securities loaned, at value		8,779,692		341,201			2,289,506			—
Payables:
Investments purchased		4,264,016		361,851			73,916			2,286,141
Investment advisory fees		86,974		7,057			11,301			24,071
IRS compliance fee for foreign withholding tax claims		—		102,819			—			—
Professional fees		—		22,667			—			—
Variation margin on futures contracts		8,655		1,287			—			505
Total liabilities		13,139,337		836,882			2,374,723			2,310,717
NET ASSETS	$	222,751,370	$	17,094,042		$	24,705,104		$	62,528,204
NET ASSETS CONSIST OF
Paid-in capital	$	210,847,875	$	27,088,514		$	34,455,695		$	70,095,536
Accumulated earnings (loss)		11,903,495		(9,994,472	)		(9,750,591	)		(7,567,332	)
NET ASSETS	$	222,751,370	$	17,094,042		$	24,705,104		$	62,528,204
NET ASSET VALUE
Shares outstanding		2,200,000		450,000			400,000			1,200,000
Net asset value	$	101.25	$	37.99		$	61.76		$	52.11
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — unaffiliated	$	211,271,465	$	21,192,370		$	29,813,569		$	56,319,571
(b) Securities loaned, at value	$	8,344,889	$	332,140		$	2,166,016		$	—
(c)  Investments, at cost — affiliated	$	8,958,030	$	361,200		$	2,300,226		$	20,000
(d) Foreign currency collateral pledged, at cost	$	150,167	$	26,901		$	4,242		$	8,523
(e) Foreign currency, at cost	$	270,892	$	10,122		$	41,850		$	81,327

See notes to financial statements.

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

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2023

	iShares MSCI Kuwait ETF		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	50,544,270	$	134,942,487		$	36,406,401
Investments, at value — affiliated(c)		60,000		3,132,390			1,582,910
Cash		306		2,528			5,635
Cash pledged for futures contracts		—		343			—
Foreign currency collateral pledged for futures contracts(d)		—		—			8,461
Foreign currency, at value(e)		37,710		73,253			73,623
Receivables:
Investments sold		2,243,640		2,783,994			740,182
Securities lending income — affiliated		—		883			2,650
Capital shares sold		—		—			48,177
Dividends — unaffiliated		—		—			26,849
Dividends — affiliated		73		212			55
Tax reclaims		—		—			3,750
Total assets		52,885,999		140,936,090			38,898,693
LIABILITIES
Collateral on securities loaned, at value		—		3,072,805			1,572,856
Payables:
Investments purchased		2,423,558		2,411,955			769,964
Capital shares redeemed		—		65,056			—
Investment advisory fees		23,023		52,045			14,904
Variation margin on futures contracts		—		2			392
Total liabilities		2,446,581		5,601,863			2,358,116
NET ASSETS	$	50,439,418	$	135,334,227		$	36,540,577
NET ASSETS CONSIST OF
Paid-in capital	$	48,487,125	$	195,889,051		$	54,363,295
Accumulated earnings (loss)		1,952,293		(60,554,824	)		(17,822,718	)
NET ASSETS	$	50,439,418	$	135,334,227		$	36,540,577
NET ASSET VALUE
Shares outstanding		1,550,000		2,750,000			1,500,000
Net asset value	$	32.54	$	49.21		$	24.36
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Investments, at cost — unaffiliated	$	47,111,241	$	158,125,894		$	42,696,134
(b) Securities loaned, at value	$	—	$	2,923,844		$	1,356,734
(c)  Investments, at cost — affiliated	$	60,000	$	3,132,088		$	1,582,486
(d) Foreign currency collateral pledged, at cost	$	—	$	—		$	8,569
(e) Foreign currency, at cost	$	37,827	$	73,314		$	75,056

See notes to financial statements.

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Statements of Operations  (unaudited)

Six Months Ended February 28, 2023

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	560,448		$	120,446		$	40,455		$	214,369
Dividends — affiliated		1,925			458			109			287
Interest — unaffiliated		433			—			—			—
Securities lending income — affiliated — net		18,253			7,453			37,755			—
Foreign taxes withheld		(72,191	)		(104	)		(5,292	)		—
IRS compliance fee for foreign withholding tax claims		—			(1,249	)		—			—
Total investment income		508,868			127,004			73,027			214,656
EXPENSES
Investment advisory		510,078			48,658			65,409			134,788
Total expenses		510,078			48,658			65,409			134,788
Net investment income (loss)		(1,210	)		78,346			7,618			79,868
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(612,908	)		(518,364	)		(1,053,547	)		(59,852	)
Investments — affiliated		1,211			55			1,178			—
Foreign currency transactions		25,218			1,499			1,283			(431	)
Futures contracts		63,179			44,323			5,464			11,722
In-kind redemptions — unaffiliated(a)		7,461,770			(461,766	)		(1,064,792	)		618,193
		6,938,470			(934,253	)		(2,110,414	)		569,632
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		26,651,694			2,025,636			5,593,980			11,281,234
Investments — affiliated		3			128			(398	)		—
Foreign currency translations		62,967			22,000			320			2,436
Futures contracts		77,639			23,943			2,827			7,601
		26,792,303			2,071,707			5,596,729			11,291,271
Net realized and unrealized gain		33,730,773			1,137,454			3,486,315			11,860,903
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,729,563		$	1,215,800		$	3,493,933		$	11,940,771

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 33

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2023

		iShares MSCI Kuwait ETF			iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	43,304		$	1,911,792		$	676,044
Dividends — affiliated		316			1,316			339
Securities lending income — affiliated — net		—			1,286			10,688
Foreign taxes withheld		—			(262,328	)		(144,422	)
Total investment income		43,620			1,652,066			542,649
EXPENSES
Investment advisory		116,416			293,503			82,459
Commitment costs		194			—			—
Total expenses		116,610			293,503			82,459
Net investment income (loss)		(72,990	)		1,358,563			460,190
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(394,152	)		(5,584,827	)		(447,765	)
Investments — affiliated		—			114			400
Foreign currency transactions		(30,444	)		(77,766	)		10,280
Futures contracts		(4,172	)		(64,609	)		7,693
In-kind redemptions — unaffiliated(a)		—			770,439			(42,705	)
		(428,768	)		(4,956,649	)		(472,097	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,403,961	)		8,416,700			(1,422,860	)
Investments — affiliated		—			4			69
Foreign currency translations		45			1,552			1,043
Futures contracts		1,783			—			6,572
		(2,402,133	)		8,418,256			(1,415,176	)
Net realized and unrealized gain (loss)		(2,830,901	)		3,461,607			(1,887,273	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,903,891	)	$	4,820,170		$	(1,427,083	)

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

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI Denmark ETF						iShares MSCI Finland ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(1,210	)	$	2,198,978		$	78,346		$	1,075,096
Net realized gain (loss)		6,938,470			1,121,567			(934,253	)		(3,205,805	)
Net change in unrealized appreciation (depreciation)		26,792,303			(49,461,654	)		2,071,707			(8,127,501	)
Net increase (decrease) in net assets resulting from operations		33,729,563			(46,141,109	)		1,215,800			(10,258,210	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(196,316	)		(2,119,208	)		(78,547	)(b)		(1,184,601	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		12,702,403			57,908,228			(6,695,616	)		2,896,784
NET ASSETS
Total increase (decrease) in net assets		46,235,650			9,647,911			(5,558,363	)		(8,546,027	)
Beginning of period		176,515,720			166,867,809			22,652,405			31,198,432
End of period	$	222,751,370		$	176,515,720		$	17,094,042		$	22,652,405

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

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 35

Statements of Changes in Net Assets  (continued)

	iShares MSCI Germany Small-Cap ETF						iShares MSCI Ireland ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)		Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,618		$	581,010		$	79,868	$	698,514
Net realized gain (loss)		(2,110,414	)		235,246			569,632		1,786,489
Net change in unrealized appreciation (depreciation)		5,596,729			(15,947,442	)		11,291,271		(26,719,519	)
Net increase (decrease) in net assets resulting from operations		3,493,933			(15,131,186	)		11,940,771		(24,234,516	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(68,385	)(b)		(680,980	)		—		(817,439	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,184,110	)		(3,365,971	)		2,108,387		(9,098,537	)
NET ASSETS
Total increase (decrease) in net assets		1,241,438			(19,178,137	)		14,049,158		(34,150,492	)
Beginning of period		23,463,666			42,641,803			48,479,046		82,629,538
End of period	$	24,705,104		$	23,463,666		$	62,528,204	$	48,479,046

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

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

See notes to financial statements.

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Statements of Changes in Net Assets  (continued)

	iShares MSCI Kuwait ETF						iShares MSCI New Zealand ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(72,990	)	$	516,727		$	1,358,563		$	2,502,958
Net realized gain (loss)		(428,768	)		970,196			(4,956,649	)		(5,137,784	)
Net change in unrealized appreciation (depreciation)		(2,402,133	)		1,964,246			8,418,256			(33,250,612	)
Net increase (decrease) in net assets resulting from operations		(2,903,891	)		3,451,169			4,820,170			(35,885,438	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,068,190	)(b)		(1,532,424	)		(569,262	)		(3,416,129	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		25,295,557			8,535,177			15,936,308			11,592,502
NET ASSETS
Total increase (decrease) in net assets		21,323,476			10,453,922			20,187,216			(27,709,065	)
Beginning of period		29,115,942			18,662,020			115,147,011			142,856,076
End of period	$	50,439,418		$	29,115,942		$	135,334,227		$	115,147,011

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

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 37

Statements of Changes in Net Assets  (continued)

	iShares MSCI Norway ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	460,190		$	1,547,885
Net realized gain (loss)		(472,097	)		4,236,964
Net change in unrealized appreciation (depreciation)		(1,415,176	)		(8,683,731	)
Net decrease in net assets resulting from operations		(1,427,083	)		(2,898,882	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(360,714	)		(1,471,431	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,638,261			(7,807,097	)
NET ASSETS
Total increase (decrease) in net assets		2,850,464			(12,177,410	)
Beginning of period		33,690,113			45,867,523
End of period	$	36,540,577		$	33,690,113

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Denmark ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	86.11		$	115.08		$	84.54		$	60.99		$	67.75		$	67.57
Net investment income(a)		(0.00	)		1.37			0.76			0.50			0.97			0.90
Net realized and unrealized gain (loss)(b)		15.23			(28.97	)		30.62			23.52			(5.99	)		0.77
Net increase (decrease) from investment operations		15.23			(27.60	)		31.38			24.02			(5.02	)		1.67
Distributions from net investment income(c)		(0.09	)		(1.37	)		(0.84	)		(0.47	)		(1.74	)		(1.49	)
Net asset value, end of period	$	101.25		$	86.11		$	115.08		$	84.54		$	60.99		$	67.75
Total Return(d)
Based on net asset value		17.70	%(e)		(24.07	)%		37.21	%		39.52	%		(7.41	)%		2.58	%
Ratios to Average Net Assets(f)
Total expenses		0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		(0.00	)%(g)		1.37	%		0.77	%		0.71	%		1.59	%		1.34	%
Supplemental Data
Net assets, end of period (000)	$	222,751		$	176,516		$	166,868		$	109,899		$	33,544		$	40,649
Portfolio turnover rate(h)		6	%(e)		12	%		11	%		21	%		14	%		13	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Finland ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	34.85		$	52.00		$	41.34		$	35.63		$	41.83		$	39.79
Net investment income(a)		0.15			1.73			1.10			0.85			1.30			1.39
Net realized and unrealized gain (loss)(b)		3.16			(16.54	)		10.93			6.25			(5.98	)		2.16
Net increase (decrease) from investment operations		3.31			(14.81	)		12.03			7.10			(4.68	)		3.55
Distributions from net investment income(c)		(0.17	)(d)		(2.34	)		(1.37	)		(1.39	)		(1.52	)		(1.51	)
Net asset value, end of period	$	37.99		$	34.85		$	52.00		$	41.34		$	35.63		$	41.83
Total Return(e)
Based on net asset value		9.49	%(f)		(28.85	)%		29.37	%		20.61	%		(11.24	)%		9.08	%
Ratios to Average Net Assets(g)
Total expenses		0.53	%(h)		0.57	%		0.55	%		0.53	%		0.53	%		0.53	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			0.53	%		0.53	%		0.53	%		N/A
Net investment income		0.85	%(h)		4.05	%		2.39	%		2.36	%		3.40	%		3.38	%
Supplemental Data
Net assets, end of period (000)	$	17,094		$	22,652		$	31,198		$	35,139		$	26,725		$	39,735
Portfolio turnover rate(i)		4	%(f)		20	%		12	%		22	%		16	%		11	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany Small-Cap ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	52.14		$	85.28		$	63.72		$	52.75		$	63.43		$	57.18
Net investment income(a)		0.02			1.19			0.99			0.38			1.07			1.33
Net realized and unrealized gain (loss)(b)		9.77			(32.86	)		21.79			10.74			(10.06	)		6.19
Net increase (decrease) from investment operations		9.79			(31.67	)		22.78			11.12			(8.99	)		7.52
Distributions from net investment income(c)		(0.17	)(d)		(1.47	)		(1.22	)		(0.15	)		(1.69	)		(1.27	)
Net asset value, end of period	$	61.76		$	52.14		$	85.28		$	63.72		$	52.75		$	63.43
Total Return(e)
Based on net asset value		18.82	%(f)		(37.52	)%		35.96	%		21.12	%		(14.08	)%		13.22	%
Ratios to Average Net Assets(g)
Total expenses		0.59	%(h)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income		0.07	%(h)		1.66	%		1.30	%		0.69	%		1.95	%		2.09	%
Supplemental Data
Net assets, end of period (000)	$	24,705		$	23,464		$	42,642		$	31,862		$	36,927		$	60,260
Portfolio turnover rate(i)		4	%(f)		27	%		24	%		25	%		13	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Ireland ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	42.16			$	61.21		$	42.50		$	39.39		$	46.25		$	43.80
Net investment income(a)		0.07				0.52			0.32			0.43			0.61			0.61
Net realized and unrealized gain (loss)(b)		9.88				(18.92	)		18.74			3.34			(6.80	)		2.62
Net increase (decrease) from investment operations		9.95				(18.40	)		19.06			3.77			(6.19	)		3.23
Distributions from net investment income(c)		—				(0.65	)		(0.35	)		(0.66	)		(0.67	)		(0.78	)
Net asset value, end of period	$	52.11			$	42.16		$	61.21		$	42.50		$	39.39		$	46.25
Total Return(d)
Based on net asset value		23.61	%(e)			(30.16	)%		44.90	%		9.59	%		(13.44	)%		7.38	%
Ratios to Average Net Assets(f)
Total expenses		0.51	%(g)			0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income		0.30	%(g)			1.02	%		0.62	%		1.06	%		1.49	%		1.31	%
Supplemental Data
Net assets, end of period (000)	$	62,528		��	$	48,479		$	82,630		$	53,119		$	55,151		$	69,381
Portfolio turnover rate(h)		9	%(e)			33	%		40	%		47	%		24	%		20	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kuwait ETF
		Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Period From 09/01/20 to 08/31/21	(a)
Net asset value, beginning of period	$	36.39		$	33.93		$	25.22
Net investment income (loss)(b)		(0.08	)		0.87			0.66
Net realized and unrealized gain (loss)(c)		(2.58	)		4.38			8.62
Net increase (decrease) from investment operations		(2.66	)		5.25			9.28
Distributions(d)
From net investment income		(0.46	)(e)		(2.79	)		(0.57	)
From net realized gain		(0.73	)		—			—
Total distributions		(1.19	)		(2.79	)		(0.57	)
Net asset value, end of period	$	32.54		$	36.39		$	33.93
Total Return(f)
Based on net asset value		(7.40	)%(g)		16.26	%		37.03	%(g)
Ratios to Average Net Assets(h)
Total expenses		0.74	%(i)		0.74	%		0.74	%(i)
Net investment income (loss)		(0.46	)%(i)		2.42	%		2.24	%(i)
Supplemental Data
Net assets, end of period (000)	$	50,439		$	29,116		$	18,662
Portfolio turnover rate(j)		17	%(g)		26	%		16	%(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 43

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI New Zealand ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	47.00		$	63.49		$	60.80		$	51.80		$	49.11		$	46.26
Net investment income(a)		0.55			1.06			1.04			1.06			1.58			1.71
Net realized and unrealized gain (loss)(b)		1.90			(16.12	)		2.97			9.49			2.70			2.86
Net increase (decrease) from investment operations		2.45			(15.06	)		4.01			10.55			4.28			4.57
Distributions from net investment income(c)		(0.24	)		(1.43	)		(1.32	)		(1.55	)		(1.59	)		(1.72	)
Net asset value, end of period	$	49.21		$	47.00		$	63.49		$	60.80		$	51.80		$	49.11
Total Return(d)
Based on net asset value		5.21	%(e)		(23.96	)%		6.58	%		20.71	%		9.00	%		10.02	%
Ratios to Average Net Assets(f)
Total expenses		0.51	%(g)		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%
Net investment income		2.35	%(g)		1.95	%		1.64	%		1.96	%		3.16	%		3.58	%
Supplemental Data
Net assets, end of period (000)	$	135,334		$	115,147		$	142,856		$	167,203		$	165,751		$	142,406
Portfolio turnover rate(h)		9	%(e)		12	%		16	%		12	%		15	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Norway ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	25.92		$	28.67		$	22.40		$	22.63		$	27.67		$	25.07
Net investment income(a)		0.35			0.97			0.69			0.34			0.67			0.72
Net realized and unrealized gain (loss)(b)		(1.61	)		(2.79	)		6.30			(0.15	)		(4.91	)		2.56
Net increase (decrease) from investment operations		(1.26	)		(1.82	)		6.99			0.19			(4.24	)		3.28
Distributions from net investment income(c)		(0.30	)		(0.93	)		(0.72	)		(0.42	)		(0.80	)		(0.68	)
Net asset value, end of period	$	24.36		$	25.92		$	28.67		$	22.40		$	22.63		$	27.67
Total Return(d)
Based on net asset value		(4.87	)%(e)		(6.50	)%		31.42	%		1.04	%		(15.42	)%		13.21	%
Ratios to Average Net Assets(f)
Total expenses		0.53	%(g)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income		2.96	%(g)		3.39	%		2.61	%		1.58	%		2.66	%		2.67	%
Supplemental Data
Net assets, end of period (000)	$	36,541		$	33,690		$	45,868		$	31,364		$	22,632		$	30,434
Portfolio turnover rate(h)		5	%(e)		27	%		12	%		16	%		13	%		13	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 45

Notes to Financial Statements(unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
MSCI Denmark	Non-diversified
MSCI Finland	Non-diversified
MSCI Germany Small-Cap	Diversified
MSCI Ireland	Non-diversified
MSCI Kuwait	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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Notes to Financial Statements(unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 47

Notes to Financial Statements(unaudited) (continued)

held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Denmark
BofA Securities, Inc.	$	344,607	$	(344,607	)	$	—		$	—
Citigroup Global Markets, Inc.		1,094,981		(1,094,981	)		—			—
Goldman Sachs & Co. LLC		2,331,163		(2,331,163	)		—			—
HSBC Bank PLC		1,185,069		(1,185,069	)		—			—
Morgan Stanley		3,240,203		(3,240,203	)		—			—
UBS AG		148,866		(148,866	)		—			—
	$	8,344,889	$	(8,344,889	)	$	—		$	—
MSCI Finland
BofA Securities, Inc.	$	26,668	$	(26,668	)	$	—		$	—
Goldman Sachs & Co. LLC		285,101		(285,101	)		—			—
J.P. Morgan Securities LLC		20,371		(20,371	)		—			—
	$	332,140	$	(332,140	)	$	—		$	—
MSCI Germany Small-Cap
Barclays Capital, Inc.	$	121,050	$	(121,050	)	$	—		$	—
BNP Paribas SA		363,365		(363,365	)		—			—
BofA Securities, Inc.		60,960		(60,960	)		—			—
Goldman Sachs & Co. LLC		817,076		(817,076	)		—			—
J.P. Morgan Securities LLC		40,274		(40,274	)		—			—
Morgan Stanley		586,678		(586,678	)		—			—
Scotia Capital (USA), Inc.		176,613		(176,613	)		—			—
	$	2,166,016	$	(2,166,016	)	$	—		$	—
MSCI New Zealand
Barclays Capital, Inc.	$	2,759,330	$	(2,759,330	)	$	—		$	—
Morgan Stanley		164,514		(164,514	)		—			—
	$	2,923,844	$	(2,923,844	)	$	—		$	—

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Notes to Financial Statements(unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Norway
Barclays Capital, Inc.	$	38,550	$	(38,550	)	$	—		$	—
Goldman Sachs & Co. LLC		368,571		(368,571	)		—			—
HSBC Bank PLC		387,279		(387,279	)		—			—
J.P. Morgan Securities LLC		515,682		(515,682	)		—			—
UBS AG		46,652		(46,652	)		—			—
	$	1,356,734	$	(1,356,734	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI Denmark		0.53	%
MSCI Finland		0.53
MSCI Germany Small-Cap		0.59
MSCI Kuwait		0.74
MSCI Norway		0.53

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Notes to Financial Statements(unaudited) (continued)

For its investment advisory services to each of the iShares MSCI Ireland and iShares MSCI New Zealand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI Denmark	$	4,624
MSCI Finland		1,600
MSCI Germany Small-Cap		8,364
MSCI New Zealand		372
MSCI Norway		2,446

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

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Notes to Financial Statements(unaudited) (continued)

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

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Denmark	$	3,438,386	$	5,602,045	$	174,761
MSCI Finland		396,868		127,322		(77,089	)
MSCI Germany Small-Cap		475,505		85,254		(15,074	)
MSCI Ireland		523,076		3,039,359		562,637
MSCI New Zealand		29,442		2,019,629		(296,101	)
MSCI Norway		79,226		179,579		(21,216	)

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

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

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Denmark	$	11,809,645	$	12,250,721
MSCI Finland		834,738		906,812
MSCI Germany Small-Cap		943,235		1,001,563
MSCI Ireland		4,675,678		4,750,895
MSCI Kuwait		30,023,079		5,734,305
MSCI New Zealand		10,692,397		10,240,046
MSCI Norway		1,457,578		1,434,887

For the six months ended February 28, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Denmark	$	40,683,415	$	28,094,681
MSCI Finland		—		6,588,307
MSCI Germany Small-Cap		—		2,177,415
MSCI Ireland		6,293,519		4,191,623
MSCI New Zealand		31,998,906		16,206,084
MSCI Norway		7,101,856		2,395,915

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
MSCI Denmark	$	3,263,163
MSCI Finland		4,540,781
MSCI Germany Small-Cap		1,407,194
MSCI Ireland		13,345,548
MSCI New Zealand		30,477,459
MSCI Norway		10,926,515

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Notes to Financial Statements(unaudited) (continued)

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

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Denmark	$	221,289,980	$	32,257,847	$	(23,839,781	)	$	8,418,066
MSCI Finland		21,642,806		163,637		(4,663,273	)		(4,499,636	)
MSCI Germany Small-Cap		33,194,146		2,560,443		(8,800,165	)		(6,239,722	)
MSCI Ireland		57,007,050		8,628,764		(3,326,619	)		5,302,145
MSCI Kuwait		48,152,005		3,989,552		(1,537,287	)		2,452,265
MSCI New Zealand		163,266,089		1,999,490		(27,190,702	)		(25,191,212	)
MSCI Norway		44,585,447		1,294,614		(7,889,645	)		(6,595,031	)

9. LINE OF CREDIT

The iShares MSCI Kuwait ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability

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Notes to Financial Statements(unaudited) (continued)

of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

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

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements(unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		450,000		$	41,062,563			750,000		$	73,265,705
Shares redeemed		(300,000	)		(28,360,160	)		(150,000	)		(15,357,477	)
		150,000		$	12,702,403			600,000		$	57,908,228
MSCI Finland
Shares sold		—		$	—			600,000		$	25,593,046
Shares redeemed		(200,000	)		(6,695,616	)		(550,000	)		(22,696,262	)
		(200,000	)	$	(6,695,616	)		50,000		$	2,896,784
MSCI Germany Small-Cap
Shares redeemed		(50,000	)	$	(2,184,110	)		(50,000	)	$	(3,365,971	)
MSCI Ireland
Shares sold		150,000		$	6,315,044			150,000		$	9,005,153
Shares redeemed		(100,000	)		(4,206,657	)		(350,000	)		(18,103,690	)
		50,000		$	2,108,387			(200,000	)	$	(9,098,537	)
MSCI Kuwait
Shares sold		750,000		$	25,295,557			300,000		$	10,365,554
Shares redeemed		—			—			(50,000	)		(1,830,377	)
		750,000		$	25,295,557			250,000		$	8,535,177
MSCI New Zealand
Shares sold		650,000		$	32,236,054			650,000		$	33,480,693
Shares redeemed		(350,000	)		(16,299,746	)		(450,000	)		(21,888,191	)
		300,000		$	15,936,308			200,000		$	11,592,502
MSCI Norway
Shares sold		300,000		$	7,135,918			1,150,000		$	33,999,245
Shares redeemed		(100,000	)		(2,497,657	)		(1,450,000	)		(41,806,342	)
		200,000		$	4,638,261			(300,000	)	$	(7,807,097	)

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

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Finland ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

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

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Denmark ETF, iShares MSCI Finland ETF, iShares MSCI Germany Small-Cap ETF, iShares MSCI Ireland ETF, iShares MSCI Kuwait ETF, iShares MSCI New Zealand ETF and iShares MSCI Norway ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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

S T A T E M E N T    R E G A R D I N G     L I Q U I D I T Y    R I S K    M A N A G E M E  N T    P R O G R A M 55

Supplemental Information (unaudited)

Section 19(a) Notices

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

February 28, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Finland(a)	$	0.174533	$	—	$	0.000016	$	0.174549		100	%		—	%		0	%(b)		100	%
MSCI Germany Small-Cap(a)		0.132870		—		0.038093		0.170963		78			—			22			100
MSCI Kuwait(a)		0.417770		0.733952		0.035156		1.186878		35			62			3			100

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

^(b)  Rounds to less than 1%.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

GENERAL    INFORMATION 57

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

iS-SAR-808-0223

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares MSCI India ETF | INDA | Cboe BZX

·  iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	1.26%	(7.69)%
U.S. small cap equities (Russell 2000® Index)	3.63	(6.02)
International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)
Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

��

2 THIS   PAGE   IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review	2
Semi-Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Schedules of Investments	7
Financial Statements
Statements of Assets and Liabilities	16
Statements of Operations	17
Statements of Changes in Net Assets	18
Financial Highlights	19
Notes to Financial Statements	21
Statement Regarding Liquidity Risk Management Program	28
Supplemental Information	29
General Information	30
Glossary of Terms Used in this Report	31

Fund Summary as of February 28, 2023 iShares^® MSCI India ETF

Investment Objective

The iShares MSCI India ETF (the “Fund”) seeks to track the investment results of an index composed of Indian equities, as represented by the MSCI India Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(10.10	)%		(11.25	)%		3.97	%	5.87%		(11.25	)%		21.47	%	76.92%
Fund Market		(9.81	)		(11.31	)		4.27		5.89		(11.31	)		23.24		77.27
Index		(11.66	)		(10.00	)		5.13		6.90		(10.00	)		28.43		94.81

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning      Account Value      (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning    Account Value    (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized     Expense     Ratio
	$       1,000.00	$          899.00	$        3.06			$       1,000.00	$      1,021.60	$        3.26		0.65%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Financials	25.8%
Information Technology	15.9
Energy	12.3
Consumer Discretionary	9.9
Consumer Staples	9.9
Materials	9.2
Industrials	5.4
Health Care	4.4
Utilities	3.8
Communication Services	2.9
Real Estate	0.5

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Reliance Industries Ltd.	10.2%
Infosys Ltd.	7.2
Housing Development Finance Corp. Ltd.	6.5
ICICI Bank Ltd.	6.4
Tata Consultancy Services Ltd.	4.4
Hindustan Unilever Ltd.	2.9
Axis Bank Ltd.	2.8
Bajaj Finance Ltd.	2.4
Bharti Airtel Ltd.	2.4
Larsen & Toubro Ltd.	2.1

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2023 iShares^® MSCI India Small-Cap ETF

Investment Objective

The iShares MSCI India Small-Cap ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization Indian equities, as represented by the MSCI India Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(7.68	)%(a)		(8.62	)%		1.58	%	9.70%		(8.62	)%		8.15	%	152.28%
Fund Market		(7.57	)		(9.32	)		1.75		9.72		(9.32	)		9.06		152.95
Index		(7.73	)		(6.47	)		3.04		10.95		(6.47	)		16.13		182.73

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning      Account Value      (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning    Account Value    (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized     Expense     Ratio
	$       1,000.00	$          923.20	$        4.01			$      1,000.00	$      1,020.60	$        4.21		0.84%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Industrials	20.1%
Materials	19.5
Financials	15.6
Consumer Discretionary	12.6
Health Care	10.6
Information Technology	7.6
Communication Services	4.0
Real Estate	3.7
Consumer Staples	3.1
Utilities	2.2
Energy	1.0

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Max Healthcare Institute Ltd.	1.8%
Persistent Systems Ltd.	1.3
Ashok Leyland Ltd.	1.2
Federal Bank Ltd.	1.1
Cummins India Ltd.	1.1
Voltas Ltd.	1.1
Crompton Greaves Consumer Electricals Ltd.	1.0
APL Apollo Tubes Ltd.	1.0
Supreme Industries Ltd.	1.0
Astral Ltd.	0.9

^(a)  Excludes money market funds.

FUND   SUMMARY 5

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments(unaudited)  February 28, 2023 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Bharat Electronics Ltd.		19,318,329	$	22,092,210
Airlines — 0.3%
InterGlobe Aviation Ltd.(a)(b)		508,804		11,412,850
Auto Components — 1.4%
Balkrishna Industries Ltd.		408,759		9,952,726
Bharat Forge Ltd.		1,351,194		13,324,667
MRF Ltd.		10,072		10,380,542
Samvardhana Motherson International Ltd.		10,761,262		10,359,562
Tube Investments of India Ltd.		559,425		18,751,426
				62,768,923
Automobiles — 5.8%
Bajaj Auto Ltd.		358,730		15,876,503
Eicher Motors Ltd.		721,480		27,077,634
Hero MotoCorp Ltd.		578,711		16,923,904
Mahindra & Mahindra Ltd.		4,597,032		70,532,461
Maruti Suzuki India Ltd.		638,297		66,520,834
Tata Motors Ltd.(b)		8,762,556		44,514,480
TVS Motor Co. Ltd.		1,128,144		14,729,332
				256,175,148
Banks — 12.7%
AU Small Finance Bank Ltd.(a)		885,014		6,341,384
Axis Bank Ltd.		12,016,691		122,556,770
Bandhan Bank Ltd.(a)(b)		3,495,375		9,752,018
Bank of Baroda		5,463,564		10,508,443
ICICI Bank Ltd.		27,262,117		281,997,023
Kotak Mahindra Bank Ltd.		2,937,225		61,370,061
State Bank of India		9,430,143		59,573,338
Yes Bank Ltd.(b)		60,734,236		12,810,682
				564,909,719
Beverages — 0.7%
United Spirits Ltd.(b)		1,533,514		13,728,579
Varun Beverages Ltd.		1,204,754		18,939,861
				32,668,440
Chemicals — 3.5%
Asian Paints Ltd.		2,026,037		69,251,679
Berger Paints India Ltd.		1,273,652		8,920,013
PI Industries Ltd.		400,086		14,988,625
Pidilite Industries Ltd.		806,204		22,417,721
SRF Ltd.		784,022		20,545,023
UPL Ltd.		2,578,233		21,631,995
				157,755,056
Commercial Services & Supplies — 0.2%
Indian Railway Catering & Tourism Corp. Ltd.		1,270,458		9,350,817
Construction & Engineering — 2.1%
Larsen & Toubro Ltd.		3,637,693		92,713,390
Construction Materials — 2.5%
ACC Ltd.		352,035		7,368,914
Ambuja Cements Ltd.		3,146,762		13,010,727
Grasim Industries Ltd.		1,390,049		26,515,697
Shree Cement Ltd.		57,055		17,990,113
UltraTech Cement Ltd.		533,225		46,794,909
				111,680,360
Consumer Finance — 3.7%
Bajaj Finance Ltd.		1,439,190		106,270,931

Security	Shares		Value
Consumer Finance (continued)
Cholamandalam Investment and Finance Co. Ltd.		2,174,940	$	19,884,303
Muthoot Finance Ltd.		637,395		7,493,465
SBI Cards & Payment Services Ltd.		1,246,892		11,311,097
Shriram Transport Finance Co. Ltd.		1,186,752		17,256,479
				162,216,275
Diversified Financial Services — 7.4%
Bajaj Finserv Ltd.		2,019,537		32,569,869
Bajaj Holdings & Investment Ltd.		141,390		10,690,073
Housing Development Finance Corp. Ltd.		9,130,297		287,826,129
				331,086,071
Diversified Telecommunication Services — 0.2%
Indus Towers Ltd.		3,575,142		7,384,702
Electric Utilities — 1.7%
Adani Transmission Ltd.(b)		1,386,723		10,760,086
Power Grid Corp. of India Ltd.		16,605,594		44,607,706
Tata Power Co. Ltd. (The)		7,614,816		18,645,817
				74,013,609
Electrical Equipment — 1.0%
ABB India Ltd.		280,307		10,901,754
CG Power and Industrial Solutions Ltd.(b)		3,226,766		11,914,843
Havells India Ltd.		1,326,925		19,200,070
				42,016,667
Food & Staples Retailing — 0.8%
Avenue Supermarts Ltd.(a)(b)		855,545		35,330,481
Food Products — 2.5%
Britannia Industries Ltd.		571,646		30,844,067
Marico Ltd.		2,740,320		16,292,001
Nestle India Ltd.		178,168		40,213,677
Tata Consumer Products Ltd.		2,944,513		25,461,658
				112,811,403
Gas Utilities — 0.8%
Adani Total Gas Ltd.		1,415,824		11,605,515
GAIL India Ltd.		12,144,452		15,075,607
Indraprastha Gas Ltd.		1,671,140		8,862,830
				35,543,952
Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		531,150		28,258,692
Hotels, Restaurants & Leisure — 0.6%
Indian Hotels Co. Ltd. (The)		4,493,019		16,873,437
Jubilant Foodworks Ltd.		2,086,957		11,114,619
				27,988,056
Independent Power and Renewable Electricity Producers — 1.3%
Adani Green Energy Ltd.(b)		1,650,032		9,663,177
Adani Power Ltd.(b)		3,968,626		7,009,566
NTPC Ltd.		20,523,458		42,331,322
				59,004,065
Industrial Conglomerates — 0.3%
Siemens Ltd.		375,895		14,753,575
Insurance — 2.0%
HDFC Life Insurance Co. Ltd.(a)		5,095,787		30,108,687
ICICI Lombard General Insurance Co. Ltd.(a)		1,279,966		17,053,778
ICICI Prudential Life Insurance Co. Ltd.(a)		1,950,219		9,635,818
SBI Life Insurance Co. Ltd.(a)		2,379,946		32,241,234
				89,039,517

SCHEDULE   OF   INVESTMENTS 7

Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services — 0.4%
Info Edge India Ltd.		374,054	$	15,783,670
Internet & Direct Marketing Retail — 0.2%
Zomato Ltd.(b)		15,840,583		10,226,233
IT Services — 15.5%
HCL Technologies Ltd.		5,017,246		65,331,787
Infosys Ltd.		17,782,865		319,431,237
Larsen & Toubro Infotech Ltd.(a)		468,386		26,721,259
Mphasis Ltd.		447,515		11,005,467
Tata Consultancy Services Ltd.		4,832,252		193,464,056
Tech Mahindra Ltd.		3,085,533		41,016,435
Wipro Ltd.		7,246,223		33,886,408
				690,856,649
Life Sciences Tools & Services — 0.5%
Divi’s Laboratories Ltd.		700,424		23,920,042
Metals & Mining — 3.1%
Hindalco Industries Ltd.		7,117,382		34,334,080
Jindal Steel & Power Ltd.		1,886,022		12,527,860
JSW Steel Ltd.		3,834,101		30,944,717
Tata Steel Ltd.		38,723,977		48,701,870
Vedanta Ltd.		3,920,524		12,725,233
				139,233,760
Oil, Gas & Consumable Fuels — 12.3%
Bharat Petroleum Corp. Ltd.		4,596,143		17,647,060
Coal India Ltd.		8,144,885		21,212,895
Hindustan Petroleum Corp. Ltd.		3,346,250		8,718,008
Indian Oil Corp. Ltd.		14,897,667		13,706,348
Oil & Natural Gas Corp. Ltd.		13,305,779		24,414,089
Petronet LNG Ltd.		3,967,220		10,667,857
Reliance Industries Ltd.		16,082,384		451,080,842
				547,447,099
Personal Products — 4.2%
Colgate-Palmolive India Ltd.		646,921		11,525,224
Dabur India Ltd.		3,279,593		21,115,519
Godrej Consumer Products Ltd.(b)		2,161,181		24,127,793
Hindustan Unilever Ltd.		4,344,116		129,201,764
				185,970,300
Pharmaceuticals — 3.3%
Aurobindo Pharma Ltd.		1,381,968		7,730,656
Cipla Ltd.		2,561,636		28,065,611

Security	Shares		Value
Pharmaceuticals (continued)
Dr. Reddy’s Laboratories Ltd.		616,242	$	32,115,519
Lupin Ltd.		1,072,755		8,549,632
Sun Pharmaceutical Industries Ltd.		5,070,115		58,635,078
Torrent Pharmaceuticals Ltd.		537,208		9,479,155
				144,575,651
Real Estate Management & Development — 0.5%
DLF Ltd.		3,265,621		13,878,340
Godrej Properties Ltd.(b)		662,348		8,808,118
				22,686,458
Road & Rail — 0.2%
Container Corp. of India Ltd.		1,449,636		10,346,572
Software — 0.3%
Tata Elxsi Ltd.		180,746		13,387,441
Specialty Retail — 0.3%
Trent Ltd.		956,898		14,784,402
Textiles, Apparel & Luxury Goods — 1.6%
Page Industries Ltd.		32,358		14,851,616
Titan Co. Ltd.		1,878,201		53,869,505
				68,721,121
Tobacco — 1.6%
ITC Ltd.		15,733,861		71,662,859
Trading Companies & Distributors — 0.3%
Adani Enterprises Ltd.		903,312		14,889,029
Transportation Infrastructure — 0.4%
Adani Ports & Special Economic Zone Ltd.		2,740,681		19,621,106
Wireless Telecommunication Services — 2.4%
Bharti Airtel Ltd.		11,755,151		105,470,241
Total Investments — 99.7% (Cost: $6,598,990,435)				4,440,556,611
Other Assets Less Liabilities — 0.3%				15,119,170
Net Assets — 100.0%			$	4,455,675,781

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

^(b)  Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	39,580,000	$	—	$	(39,580,000	)(b)	$	—	$	—	$	—		—	$	811,195	$	11

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

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

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

Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
SGX Nifty 50 Index		376		03/29/23	$	13,075	$	(366,278	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	366,278	$	—	$	—	$	—	$	366,278

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(142,938	)	$	—	$	—	$	—	$	(142,938	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	86,693		$	—	$	—	$	—	$	86,693

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	10,240,948

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	10,508,443	$	4,430,048,168		$	—	$	4,440,556,611
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(366,278	)	$	—	$	(366,278	)

^(a)  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 9

Consolidated Schedule of Investments(unaudited)  February 28, 2023 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Bharat Dynamics Ltd.		45,662	$	515,915
Data Patterns India Ltd.(a)		19,827		312,970
Garden Reach Shipbuilders & Engineers Ltd.		36,476		181,955
				1,010,840
Air Freight & Logistics — 1.0%
Allcargo Logistics Ltd.		75,773		338,851
Blue Dart Express Ltd.		5,912		443,813
Delhivery Ltd.(a)		272,175		1,137,856
Mahindra Logistics Ltd.(b)		40,859		182,857
TCI Express Ltd.		14,170		270,622
Transport Corp. of India Ltd.		29,359		231,098
				2,605,097
Auto Components — 4.1%
Apollo Tyres Ltd.		395,570		1,498,062
Asahi India Glass Ltd.		75,704		440,890
Ceat Ltd.		27,714		463,456
Endurance Technologies Ltd.(b)		35,045		529,183
Exide Industries Ltd.		476,477		1,009,935
JBM Auto Ltd.		29,460		204,680
JK Tyre & Industries Ltd.		109,749		195,424
Mahindra CIE Automotive Ltd.		140,762		721,756
Minda Corp. Ltd.		74,907		174,618
Motherson Sumi Wiring India Ltd.		2,202,937		1,318,695
Sansera Engineering Ltd.(b)		25,775		227,069
Sundaram Clayton Ltd.		6,297		369,538
Sundram Fasteners Ltd.		117,790		1,400,629
Suprajit Engineering Ltd.		85,547		365,097
UNO Minda Ltd.		214,016		1,311,469
Varroc Engineering Ltd.(a)(b)		47,992		141,665
ZF Commercial Vehicle Control Systems India Ltd.		5,907		753,742
				11,125,908
Automobiles — 0.1%
Maharashtra Scooters Ltd.		3,496		188,325
Banks — 4.2%
City Union Bank Ltd.		451,435		755,388
DCB Bank Ltd.		189,958		258,049
Equitas Small Finance Bank Ltd.(a)(b)		677,181		584,674
Federal Bank Ltd.		1,949,405		3,041,611
IDFC First Bank Ltd.(a)		3,806,812		2,536,570
Indian Bank		310,287		964,048
Jammu & Kashmir Bank Ltd. (The)(a)		359,313		213,847
Karnataka Bank Ltd. (The)		153,679		263,049
Karur Vysya Bank Ltd. (The)		488,586		602,148
RBL Bank Ltd.(a)(b)		552,645		1,040,614
South Indian Bank Ltd. (The)(a)		1,277,277		258,801
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,554,476)(c)		4,044,378		849,445
				11,368,244
Beverages — 0.5%
Radico Khaitan Ltd.		99,910		1,402,248
Biotechnology — 0.5%
Biocon Ltd.		523,453		1,450,984
Building Products — 2.2%
Astral Ltd.		112,930		2,577,642
Blue Star Ltd.		71,987		1,249,737
Cera Sanitaryware Ltd.		5,670		446,556
Kajaria Ceramics Ltd.		99,177		1,288,097

Security	Shares		Value
Building Products (continued)
Prince Pipes and Fittings Ltd.		47,841	$	319,418
				5,881,450
Capital Markets — 3.5%
Angel One Ltd.		31,153		383,696
BSE Ltd.		82,686		440,448
Central Depository Services India Ltd.		63,786		762,517
CRISIL Ltd.		18,203		745,338
Dhani Services Ltd.(a)		330,214		122,084
Edelweiss Financial Services Ltd.		650,469		506,973
ICICI Securities Ltd.(b)		100,536		566,545
IDFC Ltd.		1,393,466		1,280,002
IIFL Wealth Management Ltd.		44,336		923,598
Indian Energy Exchange Ltd.(b)		547,034		955,553
JM Financial Ltd.		531,641		419,437
Motilal Oswal Financial Services Ltd.		46,732		339,006
Multi Commodity Exchange of India Ltd.		31,129		527,643
Nippon Life India Asset Management Ltd.(b)		156,108		417,732
Share India Securities Ltd.		11,924		154,251
Tata Investment Corp. Ltd.		18,798		462,884
UTI Asset Management Co. Ltd.(a)		55,356		437,774
				9,445,481
Chemicals — 12.9%
Aarti Industries Ltd.		248,363		1,588,363
Advanced Enzyme Technologies Ltd.		55,332		186,763
Akzo Nobel India Ltd.		11,205		291,347
Alkyl Amines Chemicals		15,914		481,315
Archean Chemical Industries Ltd., NVS		38,322		291,909
Astec Lifesciences Ltd.		7,492		122,275
Atul Ltd.		18,381		1,562,925
Balaji Amines Ltd.		12,109		321,805
BASF India Ltd.		13,421		373,376
Bayer CropScience Ltd.		16,795		869,351
Carborundum Universal Ltd.		130,094		1,538,382
Castrol India Ltd.		492,124		682,928
Chambal Fertilisers and Chemicals Ltd.		207,329		688,165
Chemplast Sanmar Ltd.(a)		89,510		419,293
Clean Science and Technology		26,468		440,636
Coromandel International Ltd.		146,498		1,591,488
Deepak Fertilisers & Petrochemicals Corp. Ltd.		68,348		510,224
Deepak Nitrite Ltd.		84,952		1,847,070
EID Parry India Ltd.		99,002		601,348
Fine Organic Industries Ltd.		9,548		533,897
Fineotex Chemical Ltd.		49,362		135,710
Finolex Industries Ltd.		309,169		631,691
Galaxy Surfactants Ltd.		13,250		378,939
GHCL Ltd.		76,938		478,512
Gujarat Alkalies & Chemicals Ltd.		23,219		173,899
Gujarat Fluorochemicals Ltd.		27,368		1,040,337
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		96,464		613,067
Gujarat State Fertilizers & Chemicals Ltd.		248,190		375,355
Himadri Speciality Chemical Ltd.		240,305		242,456
Indigo Paints Ltd.		12,135		146,425
Jubilant Ingrevia Ltd.		88,785		478,361
Kansai Nerolac Paints Ltd.		167,832		817,100
Laxmi Organic Industries Ltd.		80,682		251,856
Linde India Ltd.		26,559		1,194,845
Meghmani Finechem Ltd.		15,882		196,386
Navin Fluorine International Ltd.		40,113		2,001,896
Neogen Chemicals Ltd.		12,719		194,628
NOCIL Ltd.		123,359		328,644

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

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Paradeep Phosphates Ltd., NVS		363,034	$	240,066
PCBL Ltd.		209,003		300,166
Polyplex Corporation Ltd.		19,553		319,628
Privi Specility Chemical Ltd.		9,664		109,183
Rain Industries Ltd.		231,986		430,270
Rallis India Ltd.		95,736		227,411
Rashtriya Chemicals & Fertilizers Ltd.		173,451		204,419
Rossari Biotech Ltd.		17,288		129,977
Sharda Cropchem Ltd.		34,003		193,240
Solar Industries India Ltd.		33,817		1,602,622
Sumitomo Chemical India Ltd.		124,138		671,433
Supreme Industries Ltd.		79,118		2,641,237
Supreme Petrochem Ltd., NVS		81,984		368,547
Tata Chemicals Ltd.		174,541		2,056,682
Tatva Chintan Pharma Chem Ltd.		7,060		163,509
Vinati Organics Ltd.		32,009		729,245
				35,010,602
Commercial Services & Supplies — 0.3%
CMS Info Systems Ltd.		68,675		237,205
ION Exchange India Ltd.		9,135		372,495
SIS Ltd.(a)		44,007		190,831
				800,531
Communications Equipment — 0.3%
Sterlite Technologies Ltd.		224,503		430,338
Tejas Networks Ltd.(a)(b)		75,678		511,366
				941,704
Construction & Engineering — 3.2%
Dilip Buildcon Ltd.(b)		53,013		125,342
Engineers India Ltd.		309,427		266,891
G R Infraprojects Ltd.(a)		24,089		301,930
HG Infra Engineering Ltd.		24,355		210,841
IRB Infrastructure Developers Ltd., NVS		1,504,548		532,604
Kalpataru Power Transmission Ltd.		83,473		534,820
KEC International Ltd.		160,127		869,649
KNR Constructions Ltd.		173,945		538,344
NBCC India Ltd.		775,604		312,106
NCC Ltd./India		508,368		546,786
PNC Infratech Ltd.		143,806		475,686
Praj Industries Ltd.		136,642		579,776
Sterling and Wilson Renewable Energy Ltd.(a)		46,830		165,319
Techno Electric & Engineering Co. Ltd.		53,932		211,279
Voltas Ltd.		267,917		2,888,346
				8,559,719
Construction Materials — 2.7%
Birla Corp. Ltd.		33,910		356,775
Dalmia Bharat Ltd.		93,417		2,071,076
HeidelbergCement India Ltd.		68,974		143,415
India Cements Ltd. (The)		153,743		347,560
JK Cement Ltd.		43,314		1,447,396
JK Lakshmi Cement Ltd.		73,290		595,699
Nuvoco Vistas Corp. Ltd.(a)		132,852		562,004
Prism Johnson Ltd.(a)		159,220		200,525
Ramco Cements Ltd. (The)		132,456		1,143,887
Rhi Magnesita India Ltd.		49,898		386,483
				7,254,820
Consumer Finance — 2.2%
Cholamandalam Financial Holdings Ltd.		116,942		813,167
CreditAccess Grameen Ltd.(a)		58,155		678,373
Mahindra & Mahindra Financial Services Ltd.		691,148		2,102,909

Security	Shares		Value
Consumer Finance (continued)
Manappuram Finance Ltd.		632,609	$	785,159
MAS Financial Services Ltd.(b)		20,567		202,679
Paisalo Digital Ltd.		304,667		218,201
Poonawalla Fincorp Ltd.		285,931		998,548
Spandana Sphoorty Financial Ltd.(a)		26,527		185,441
				5,984,477
Containers & Packaging — 0.1%
EPL Ltd.		176,041		341,568
Diversified Financial Services — 2.0%
Aditya Birla Capital Ltd.(a)		572,017		1,008,004
L&T Finance Holdings Ltd.		926,069		977,426
Piramal Enterprises Ltd.		147,906		1,377,392
REC Ltd.		1,476,085		2,039,597
				5,402,419
Diversified Telecommunication Services — 1.1%
HFCL Ltd.		857,110		661,276
Railtel Corp. of India Ltd.		119,937		158,721
Tata Communications Ltd.		124,258		1,815,394
Tata Teleservices Maharashtra Ltd.(a)		601,450		407,339
				3,042,730
Electric Utilities — 0.8%
CESC Ltd.		741,735		621,934
Reliance Infrastructure Ltd.(a)		243,789		385,341
Torrent Power Ltd.		179,610		1,099,332
				2,106,607
Electrical Equipment — 3.4%
Amara Raja Batteries Ltd.		117,029		785,372
Bharat Heavy Electricals Ltd.		1,084,395		914,737
Elecon Engineering Co. Ltd.		50,009		238,371
Finolex Cables Ltd.		76,717		654,743
Graphite India Ltd.		84,835		295,510
HEG Ltd.		17,094		198,902
Hitachi Energy India Ltd.		13,199		530,771
KEI Industries Ltd.		73,029		1,434,431
Olectra Greentech Ltd.		50,212		302,258
Polycab India Ltd.		55,932		2,082,949
Suzlon Energy Ltd.(a)		7,528,783		745,881
Triveni Turbine Ltd.		99,967		383,647
V-Guard Industries Ltd.		215,142		639,590
				9,207,162
Electronic Equipment, Instruments & Components — 0.5%
Redington Ltd.		681,435		1,403,058
Entertainment — 0.8%
Chennai Super Kings Cricket Ltd., (Acquired 10/08/15, Cost: $—)(c)(d)		206,787		25
Nazara Technologies Ltd.(a)		36,041		229,805
PVR Ltd.(a)		59,602		1,093,487
PVR Ltd., NVS		25,743		472,299
Saregama India Ltd.		84,629		337,993
				2,133,609
Equity Real Estate Investment Trusts (REITs) — 1.1%
Brookfield India Real Estate Trust(b)		147,572		475,558
Embassy Office Parks REIT		531,353		1,959,988
Mindspace Business Parks REIT(b)		184,388		651,545
				3,087,091
Food & Staples Retailing — 0.1%
Medplus Health Services Ltd.(a)		44,428		357,573

SCHEDULE   OF   INVESTMENTS 11

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products — 1.5%
Avanti Feeds Ltd.		49,547	$	219,081
Balrampur Chini Mills Ltd.		152,124		656,622
Bombay Burmah Trading Co.		22,137		237,856
CCL Products India Ltd.		91,142		602,698
Gujarat Ambuja Exports Ltd.		83,797		231,061
Hindustan Foods Ltd.(a)		35,896		249,581
Kaveri Seed Co. Ltd.		24,650		153,823
KRBL Ltd.		59,953		245,571
LT Foods Ltd.		183,290		213,960
Shree Renuka Sugars Ltd.(a)		786,149		414,087
Tata Coffee Ltd.		95,145		238,904
Triveni Engineering & Industries Ltd.		88,831		289,748
Zydus Wellness Ltd.		19,673		339,924
				4,092,916
Gas Utilities — 1.2%
Gujarat Gas Ltd.		214,381		1,308,794
Gujarat State Petronet Ltd.		351,417		1,201,877
Mahanagar Gas Ltd.		67,676		733,022
				3,243,693
Health Care Equipment & Supplies — 0.1%
Poly Medicure Ltd.		35,719		404,546
Health Care Providers & Services — 4.1%
Aster DM Healthcare Ltd.(a)(b)		155,882		419,791
Dr Lal PathLabs Ltd.(b)		46,454		1,117,114
Fortis Healthcare Ltd.(a)		564,268		1,823,298
Global Health Ltd., NVS		58,709		369,792
Krishna Institute Of Medical Sciences Ltd.(a)(b)		34,892		567,056
Max Healthcare Institute Ltd.(a)		966,732		4,979,559
Metropolis Healthcare Ltd.(b)		31,894		505,404
Narayana Hrudayalaya Ltd.		88,487		801,601
Rainbow Children’s Medicare Ltd.		38,778		347,142
Thyrocare Technologies Ltd.(b)		18,920		103,303
Vijaya Diagnostic Centre Pvt Ltd.		49,513		226,077
				11,260,137
Hotels, Restaurants & Leisure — 1.6%
Barbeque Nation Hospitality Ltd.(a)		24,800		215,177
Chalet Hotel Ltd.(a)		75,646		335,332
Delta Corp. Ltd.		81,044		183,917
Devyani International Ltd.(a)		298,413		549,484
Easy Trip Planners Ltd., NVS(a)		422,027		238,232
EIH Ltd.(a)		193,133		367,050
Lemon Tree Hotels Ltd.(a)(b)		537,089		505,592
Mahindra Holidays & Resorts India Ltd.(a)		76,213		251,936
Restaurant Brands Asia Ltd.(a)		336,832		380,271
Sapphire Foods India Ltd.(a)		39,577		592,605
Westlife Development Ltd.(a)		87,190		683,804
				4,303,400
Household Durables — 3.0%
Amber Enterprises India Ltd.(a)		20,986		478,288
Bajaj Electricals Ltd.		57,297		756,271
Borosil Ltd.(a)		36,375		139,974
Crompton Greaves Consumer Electricals Ltd.		752,512		2,763,566
Dixon Technologies India Ltd.		37,084		1,295,315
LA Opala RG Ltd.		49,475		212,986
Orient Electric Ltd.		158,990		525,539
Sheela Foam Ltd.(a)		36,461		517,059
Symphony Ltd.		21,389		302,394
TTK Prestige Ltd.		51,273		469,159

Security	Shares		Value
Household Durables (continued)
Whirlpool of India Ltd.		39,511	$	622,816
				8,083,367
Household Products — 0.1%
Jyothy Labs Ltd.		184,193		423,696
Independent Power and Renewable Electricity Producers — 0.2%
Jaiprakash Power Ventures Ltd.(a)		3,811,442		306,143
Reliance Power Ltd.(a)		2,964,859		351,278
				657,421
Industrial Conglomerates — 0.7%
3M India Ltd.		3,508		970,809
Apar Industries Ltd.		19,912		553,470
Godrej Industries Ltd.(a)		62,299		315,805
				1,840,084
Insurance — 1.5%
Max Financial Services Ltd.(a)		279,440		2,338,867
PB Fintech Ltd.(a)		251,825		1,698,048
				4,036,915
Interactive Media & Services — 0.2%
Brightcom Group Ltd.		1,274,274		353,083
Just Dial Ltd.(a)		20,504		143,084
				496,167
Internet & Direct Marketing Retail — 0.1%
RattanIndia Enterprises Ltd.(a)		438,327		203,181
IT Services — 4.1%
BLS International Services Ltd.		104,640		196,588
Coforge Ltd.		34,189		1,776,168
Computer Age Management Services Ltd.		36,619		1,000,042
eClerx Services Ltd.		28,370		478,304
Firstsource Solutions Ltd.		394,569		537,115
Happiest Minds Technologies Ltd.		73,172		756,677
Hinduja Global Solutions Ltd.		15,975		251,891
Infibeam Avenues Ltd.		1,178,808		225,107
Mastek Ltd.		16,850		335,627
NIIT Ltd.		91,908		352,615
Persistent Systems Ltd.		61,885		3,583,840
Sonata Software Ltd.		104,797		920,128
Vakrangee Ltd.		633,454		166,500
Zensar Technologies Ltd.		126,894		445,069
				11,025,671
Life Sciences Tools & Services — 0.4%
Syngene International Ltd.(b)		150,019		1,053,171
Tarsons Products Ltd.(a)		20,329		145,886
				1,199,057
Machinery — 7.4%
AIA Engineering Ltd.		52,872		1,694,013
Ashok Leyland Ltd.		1,828,756		3,216,009
BEML Ltd., (Acquired 09/19/22, Cost: $432,135)(c)		23,344		350,864
BEML Ltd., NVS		25,071		88,496
Cochin Shipyard Ltd.(b)		48,104		262,944
Craftsman Automation Ltd.		6,729		270,433
Cummins India Ltd.		155,388		2,949,500
Elgi Equipments Ltd.		217,537		1,230,223
ESAB India Ltd.		5,809		262,691
Escorts Kubota Ltd.		40,113		1,007,028
GMM Pfaudler Ltd.		33,602		662,959
Greaves Cotton Ltd.		116,978		181,050
Grindwell Norton Ltd.		55,169		1,203,311

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

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Ingersoll Rand India Ltd.		10,050	$	260,736
ISGEC Heavy Engineering Ltd.		36,480		194,484
Jamna Auto Industries Ltd.		219,554		268,062
Kennametal India Ltd.		7,004		169,410
Kirloskar Oil Engines Ltd.		73,675		280,719
KSB Ltd.		15,096		349,486
Lakshmi Machine Works Ltd.		3,992		520,344
MTAR Technologies Ltd.		21,035		431,119
Rolex Rings Ltd.(a)		15,266		339,260
SKF India Ltd.		30,792		1,661,463
Thermax Ltd.		51,951		1,352,001
Timken India Ltd.		28,110		1,002,665
				20,209,270
Marine — 0.1%
Shipping Corp. of India Ltd.		176,867		255,789
Media — 1.6%
Affle India Ltd.(a)		66,396		821,728
Network18 Media & Investments Ltd.(a)		190,759		134,602
Sun TV Network Ltd.		99,074		513,442
TV18 Broadcast Ltd.(a)		549,313		211,681
Zee Entertainment Enterprises Ltd.		1,076,861		2,545,841
				4,227,294
Metals & Mining — 3.1%
APL Apollo Tubes Ltd.		189,878		2,731,389
Godawari Power and Ispat Ltd.		53,126		219,514
Hindustan Copper Ltd.		238,122		279,854
Jindal Saw Ltd.		158,285		287,495
Jindal Stainless Hisar Ltd.(a)		117,561		696,192
Jindal Stainless Ltd.(a)		196,382		634,175
Kirloskar Ferrous Industries Ltd.		61,880		324,409
National Aluminium Co. Ltd.		1,029,546		973,590
Rajratan Global Wire Ltd.		19,401		169,354
Ramkrishna Forgings Ltd.		79,669		249,172
Ratnamani Metals & Tubes Ltd.		34,925		923,781
Sarda Energy & Minerals Ltd.		13,169		175,446
Usha Martin Ltd.		154,275		327,293
Welspun Corp. Ltd.		145,789		324,525
				8,316,189
Multiline Retail — 0.3%
Shoppers Stop Ltd.(a)		47,599		373,808
V-Mart Retail Ltd.		12,066		351,459
				725,267
Oil, Gas & Consumable Fuels — 1.0%
Aegis Logistics Ltd.		174,895		769,964
Great Eastern Shipping Co. Ltd. (The)		115,599		770,714
Gujarat Mineral Development Corp. Ltd.		99,758		160,903
Oil India Ltd.		337,709		1,006,654
				2,708,235
Paper & Forest Products — 0.6%
Century Plyboards India Ltd.		68,959		421,314
Century Textiles & Industries Ltd.		62,612		459,914
Greenpanel Industries Ltd.		59,399		201,354
JK Paper Ltd.		95,903		449,479
West Coast Paper Mills Ltd.		37,854		220,221
				1,752,282
Personal Products — 0.6%
Emami Ltd.		247,292		1,193,956

Security	Shares		Value
Personal Products (continued)
Gillette India Ltd.		8,118	$	457,919
				1,651,875
Pharmaceuticals — 5.3%
Aarti Drugs Ltd.		46,990		208,065
Aarti Pharmalabs Ltd., NVS(a)		61,692		225,820
Ajanta Pharma Ltd.		47,881		684,380
Alembic Pharmaceuticals Ltd.		73,457		454,063
AstraZeneca Pharma India Ltd.		6,228		251,860
Caplin Point Laboratories Ltd.		28,803		227,526
Eris Lifesciences Ltd.(b)		51,151		392,486
FDC Ltd./India(a)		60,184		191,205
Gland Pharma Ltd.(a)(b)		36,928		588,780
GlaxoSmithKline Pharmaceuticals Ltd.		42,206		681,945
Glenmark Pharmaceuticals Ltd.		175,747		910,971
Granules India Ltd.		180,907		612,567
Hikal Ltd.		54,678		195,287
Indoco Remedies Ltd.		45,916		199,427
Ipca Laboratories Ltd.		173,821		1,698,034
JB Chemicals & Pharmaceuticals Ltd.		43,362		1,016,369
Jubilant Pharmova Ltd.		78,987		292,206
Laurus Labs Ltd.(b)		435,100		1,653,225
Natco Pharma Ltd.		101,929		662,915
Piramal Pharma Ltd., NVS(a)		590,914		564,494
Procter & Gamble Health Ltd.		9,305		526,257
Sanofi India Ltd.		10,041		709,546
Strides Pharma Science Ltd.(a)		74,166		268,561
Sun Pharma Advanced Research Co. Ltd.(a)		69,076		158,845
Suven Pharmaceuticals Ltd.		126,730		735,325
Wockhardt Ltd.(a)		63,515		143,725
				14,253,884
Professional Services — 0.5%
Latent View Analytics Ltd.(a)		51,052		213,479
Quess Corp. Ltd.(b)		93,378		398,983
RITES Ltd.		61,209		241,402
TeamLease Services Ltd.(a)		13,843		420,649
				1,274,513
Real Estate Management & Development — 2.5%
Brigade Enterprises Ltd.		143,667		846,717
Indiabulls Real Estate Ltd.(a)		536,371		373,382
Mahindra Lifespace Developers Ltd.		96,297		433,403
NESCO Ltd.		26,588		166,781
Oberoi Realty Ltd.		158,527		1,642,483
Phoenix Mills Ltd. (The)		122,354		2,045,899
Prestige Estates Projects Ltd.		174,773		857,518
Sobha Ltd.		47,333		329,591
Sunteck Realty Ltd.		62,130		226,025
				6,921,799
Road & Rail — 0.1%
VRL Logistics Ltd.		33,755		222,980
Semiconductors & Semiconductor Equipment — 0.1%
Borosil Renewables Ltd.(a)		56,401		319,973
Software — 2.6%
Birlasoft Ltd.		208,516		693,332
CE Info Systems Ltd.		13,459		186,571
Cyient Ltd.		103,214		1,178,166
Intellect Design Arena Ltd.		101,688		552,859
KPIT Technologies Ltd.		202,072		2,025,317
Oracle Financial Services Software Ltd.		26,901		1,030,560

SCHEDULE   OF   INVESTMENTS 13

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Rategain Travel Technologies Ltd.(a)		40,460	$	172,377
Route Mobile Ltd.		30,937		502,573
Tanla Platforms Ltd.		82,861		675,822
				7,017,577
Specialty Retail — 0.2%
Arvind Fashions Ltd.(a)		67,621		226,457
Go Fashion India Ltd.(a)		23,251		257,766
PC Jeweller Ltd.(a)		214,660		70,370
				554,593
Textiles, Apparel & Luxury Goods — 3.2%
Aditya Birla Fashion and Retail Ltd.(a)		413,602		1,148,177
Alok Industries Ltd.(a)		1,506,933		227,783
Bata India Ltd.		64,042		1,092,479
Campus Activewear Ltd.(a)		75,901		371,437
Garware Technical Fibres Ltd.		11,558		410,830
Indo Count Industries Ltd.		83,764		130,650
KPR Mill Ltd.		106,449		740,180
LUX Industries Ltd.(a)		9,594		147,613
Mirza International Ltd.(a)		53,626		179,364
Rajesh Exports Ltd.		73,561		585,084
Raymond Ltd.		41,465		636,741
Relaxo Footwears Ltd.		62,017		583,224
Safari Industries India Ltd.		13,594		332,244
Trident Ltd.		1,577,573		577,683
Vaibhav Global Ltd.		60,705		237,917
Vardhman Textiles Ltd.(a)		143,105		532,472
VIP Industries Ltd.		78,869		608,067
Welspun India Ltd.		305,932		245,668
				8,787,613
Thrifts & Mortgage Finance — 2.2%
Aavas Financiers Ltd.(a)		59,075		1,305,506
Aptus Value Housing Finance India Ltd.		124,691		364,781
Can Fin Homes Ltd.		66,793		464,338

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
Home First Finance Company India Ltd.(a)(b)		32,338	$	283,247
IIFL Finance Ltd.		165,621		857,669
Indiabulls Housing Finance Ltd.(a)		411,225		500,800
LIC Housing Finance Ltd.		376,865		1,596,721
PNB Housing Finance Ltd.(a)(b)		73,587		531,170
				5,904,232
Tobacco — 0.2%
Godfrey Phillips India Ltd.		15,544		333,707
VST Industries Ltd.		4,710		176,066
				509,773
Trading Companies & Distributors — 0.4%
IndiaMART Intermesh Ltd.(b)		17,161		1,005,646
Transportation Infrastructure — 0.6%
GMR Airports Infrastructure Ltd.(a)		2,631,627		1,205,737
Gujarat Pipavav Port Ltd.		330,007		418,928
				1,624,665
Wireless Telecommunication Services — 0.4%
Vodafone Idea Ltd.(a)		12,003,065		986,466
Total Investments — 99.8% (Cost: $286,764,589)				270,612,413
Other Assets Less Liabilities — 0.2%			423,611
Net Assets — 100.0%			$	271,036,024

^(a)  Non-income producing security.

^(b)  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.

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,200,334, representing 0.4% of its net assets as of period end, and an original cost of $3,986,611.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	1,770,000	$	—	$	(1,770,000	)(b)	$	—	$	—	$	—		—	$	53,734	$	2

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

^(b)  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
SGX Nifty 50 Index		20		03/29/23	$	695	$	(19,763	)

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

Consolidated Schedule of Investments(unaudited) (continued) February 28, 2023 iShares^® MSCI India Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	19,763	$	—	$	—	$	—	$	19,763

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(54,738	)	$	—	$	—	$	—	$	(54,738	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	18,239		$	—	$	—	$	—	$	18,239

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,126,450

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	8,706,509	$	261,905,879		$	25	$	270,612,413
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(19,763	)	$	—	$	(19,763	)

^(a)  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 15

Statements of Assets and Liabilities (unaudited)

February 28, 2023

	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF (Consolidated)
ASSETS
Investments, at value — unaffiliated(a)	$	4,440,556,611	$	270,612,413
Cash		15,198,386		651,475
Cash pledged for futures contracts		924,000		54,000
Foreign currency, at value(b)		3,613,055		133,399
Receivables:
Investments sold		26,046,485		9,312,513
Dividends — unaffiliated		1,616,833		204,265
Dividends — affiliated		179,129		16,402
Total assets		4,488,134,499		280,984,467
LIABILITIES
Payables:
Investments purchased		30,067,184		9,785,902
Investment advisory fees		2,297,632		157,101
Variation margin on futures contracts		93,902		5,440
Total liabilities		32,458,718		9,948,443
NET ASSETS	$	4,455,675,781	$	271,036,024
NET ASSETS CONSIST OF
Paid-in capital	$	3,960,186,021	$	265,872,255
Accumulated earnings		495,489,760		5,163,769
NET ASSETS	$	4,455,675,781	$	271,036,024
NET ASSETVALUE
Shares outstanding		114,750,000		5,400,000
Net asset value	$	38.83	$	50.19
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	6,598,990,435	$	286,764,589
(b) Foreign currency, at cost	$	3,611,796	$	133,345

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended February 28, 2023

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF (Consolidated)
INVESTMENT INCOME
Dividends — unaffiliated	$	23,742,016		$	1,570,675
Dividends — affiliated		811,195			53,734
Foreign taxes withheld		(5,799,495	)		(271,949	)
Total investment income		18,753,716			1,352,460
EXPENSES
Investment advisory		14,395,990			1,103,289
Commitment costs		26,256			1,977
Interest expense		—			150,287
Total expenses		14,422,246			1,255,553
Net investment income		4,331,470			96,907
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		1,798,316,543			78,638,471
Capital gain distributions from underlying funds — affiliated		11			2
Foreign currency transactions		(2,749,722	)		(1,884,355	)
Futures contracts		(142,938	)		(54,738	)
		1,795,423,894			76,699,380
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(2,304,771,928	)		(100,906,131	)
Foreign currency translations		69,705			(1,330	)
Futures contracts		86,693			18,239
		(2,304,615,530	)		(100,889,222	)
Net realized and unrealized loss		(509,191,636	)		(24,189,842	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(504,860,166	)	$	(24,092,935	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(4,633,078	)	$	(5,193,101	)
(b) Net of reduction in deferred foreign capital gain tax of	$	29,998,706		$	4,739,617

See notes to financial statements.

FINANCIAL   STATEMENTS 17

Statements of Changes in Net Assets

	iShares MSCI India ETF						iShares MSCI India Small-Cap ETF (Consolidated)
		Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22	(a)		Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,331,470		$	25,600,458		$	96,907		$	275,777
Net realized gain		1,795,423,894			2,081,503,169			76,699,380			29,257,151
Net change in unrealized appreciation (depreciation)		(2,304,615,530	)		(2,523,600,088	)		(100,889,222	)		(53,555,310	)
Net decrease in net assets resulting from operations		(504,860,166	)		(416,496,461	)		(24,092,935	)		(24,022,382	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		—			(374,889,807	)		(22,364	)(c)		(5,222,073	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		774,917,642			(1,373,587,175	)		(9,648,578	)		4,578,598
NET ASSETS
Total increase (decrease) in net assets		270,057,476			(2,164,973,443	)		(33,763,877	)		(24,665,857	)
Beginning of period		4,185,618,305			6,350,591,748			304,799,901			329,465,758
End of period	$	4,455,675,781		$	4,185,618,305		$	271,036,024		$	304,799,901

^(a) Consolidated Statement of Changes in Net Assets.

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

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI India ETF
		Six Months Ended 02/28/23 (unaudited)					Year Ended 08/31/22	(a)		Year Ended 08/31/21	(a)		Year Ended 08/31/20	(a)		Year Ended 08/31/19	(a)		Year Ended 08/31/18	(a)
Net asset value, beginning of period			$	43.22		$	48.79		$	33.37		$	32.38		$	35.68		$	34.20
Net investment income(b)				0.04			0.21			0.14			0.14			0.29			0.25
Net realized and unrealized gain (loss)(c)				(4.43	)		(2.87	)		15.35			0.96			(3.00	)		1.54
Net increase (decrease) from investment operations				(4.39	)		(2.66	)		15.49			1.10			(2.71	)		1.79
Distributions(d)
From net investment income				—			(2.91	)		(0.07	)		(0.11	)		(0.49	)		(0.31	)
Return of capital				—			—			—			—			(0.10	)		—
Total distributions				—			(2.91	)		(0.07	)		(0.11	)		(0.59	)		(0.31	)
Net asset value, end of period			$	38.83		$	43.22		$	48.79		$	33.37		$	32.38		$	35.68
Total Return(e)
Based on net asset value				(10.10	)%(f)		(5.66	)%		46.54	%		3.40	%		(7.61	)%		5.26	%
Ratios to Average Net Assets(g)
Total expenses				0.65	%(h)		0.68	%		0.65	%		0.69	%		0.69	%		0.68	%
Net investment income				0.19	%(h)		0.47	%		0.35	%		0.43	%		0.86	%		0.72	%
Supplemental Data
Net assets, end of period (000)			$	4,455,676		$	4,185,618		$	6,350,592		$	3,093,833		$	4,899,749		$	5,082,120
Portfolio turnover rate(i)				9	%(j)		95	%(j)		25	%(j)		25	%(j)		9	%(j)		10	%(j)
(a)   Consolidated Financial Highlights. (b)   Based on average shares outstanding. (c)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e)   Where applicable, assumes the reinvestment of distributions. (f)   Not annualized. (g)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h)   Annualized. (i) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(j)  Portfolio turnover rate excluding cash creations was as follows:				5	%		91	%		17	%		19	%		6	%		5	%

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 19

Consolidated Financial Highlights(continued)

(For a share outstanding throughout each period)

		iShares MSCI India Small-Cap ETF
	Six Months Ended 02/28/23 (unaudited)					Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period			$	54.43		$	57.80		$	34.60		$	33.39		$	44.10		$	46.27
Net investment income (loss)(a)				0.02			0.04			(0.01	)		0.15			0.10			(0.00	)(b)
Net realized and unrealized gain (loss)(c)				(4.26	)		(2.64	)		23.26			1.88			(10.60	)		(1.06	)
Net increase (decrease) from investment operations				(4.24	)		(2.60	)		23.25			2.03			(10.50	)		(1.06	)
Distributions(d)
From net investment income				(0.00	)(b)(e)		(0.77	)		(0.05	)		(0.82	)		(0.21	)		(0.63	)
Return of capital				—			—			(0.00	)(b)		—			—			(0.48	)
Total distributions				(0.00	)(b)		(0.77	)		(0.05	)		(0.82	)		(0.21	)		(1.11	)
Net asset value, end of period			$	50.19		$	54.43		$	57.80		$	34.60		$	33.39		$	44.10
Total Return(f)
Based on net asset value				(7.78	)%(g)		(4.61	)%		67.25	%		6.35	%		(23.88	)%		(2.36	)%
Ratios to Average Net Assets(h)
Total expenses				0.79	%(i)(j)(k)		0.74	%		0.74	%		0.81	%		0.76	%		0.77	%
Net investment income (loss)				0.07	%(i)		0.08	%		(0.01	)%		0.45	%		0.28	%		(0.00	)%(l)
Supplemental Data
Net assets, end of period (000)			$	271,036		$	304,800		$	329,466		$	193,770		$	270,433		$	282,264
Portfolio turnover rate(m)				117	%(n)		56	%(n)		55	%(n)		32	%(n)		24	%(n)		49	%(n)
(a)   Based on average shares outstanding. (b)   Rounds to less than $0.01. (c)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e)   A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. (f)   Where applicable, assumes the reinvestment of distributions. (g)   Not annualized. (h)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Annualized. (j) Interest expense was not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.84%. (k)   Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.74%. (l) Rounds to less than 0.01%. (m)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(n) Portfolio turnover rate excluding cash creations was as follows:				112	%		37	%		37	%		28	%		19	%		31	%

See notes to financial statements.

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

Notes to Financial Statements  (unaudited) 

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
MSCI India		Non-diversified
MSCI India Small-Cap		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for MSCI India Small-Cap includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, MSCI India Small-Cap expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end was $953,567, which is 0.4% of MSCI India Small-Cap’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective November 17, 2022, iShares MSCI India Small-Cap ETF transferred substantially all of the assets of MSCI India Small-Cap’s wholly owned Mauritius Subsidiary to MSCI India Small-Cap through on-exchange transactions in India. MSCI India Small-Cap recognized a net realized gain of $86,245,896 as a result of this transaction. After the transfer, MSCI India Small-Cap began making new investments in India directly.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

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

MSCI India Small-Cap has conducted investment activities in India through its Subsidiary and, where applicable, expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, MSCI India Small-Cap must have commercial

NOTES   TO   FINANCIAL  STATEMENTS 21

Notes to Financial Statements  (unaudited) (continued)

substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. MSCI India Small-Cap has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

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

4. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $4 billion		0.6500	%
Over $4 billion, up to and including $6 billion		0.6175
Over $6 billion, up to and including $8 billion		0.5867
Over $8 billion		0.5573

For its investment advisory services to the iShares MSCI India Small-Cap ETF, BFAis entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

NOTES   TO   FINANCIAL  STATEMENTS 23

Notes to Financial Statements  (unaudited) (continued)

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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

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

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

6. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI India	$	1,179,458,294	$	387,837,023
MSCI India Small-Cap		344,713,347		355,829,388

There were no in-kind transactions for the six months ended February 28, 2023.

7. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
MSCI India	$	337,313,909
MSCI India Small-Cap		28,005,798

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

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized     Appreciation     (Depreciation)
MSCI India	$	5,133,801,463	$	1,696,409,935	$	(2,390,021,065	)	$	(693,611,130)
MSCI India Small-Cap		308,367,387		6,705,845		(44,480,582	)		(37,774,737)

8. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b)

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

Notes to Financial Statements  (unaudited) (continued)

the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

Effective April 21, 2022, the Funds, along with certain other iShares funds (“Mauritius Participating Funds”), were parties to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of each Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. The Uncommitted Liquidity Facility was terminated on December 7, 2022.

During the six months ended February 28, 2023, iShares MSCI India ETF did not borrow under the Uncommitted Liquidity Facility.

For the six months ended February 28, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted  Average  Interest Rates
MSCI India Small-Cap	$	70,000,000	$	7,171,271		4.19	%

9. PRINCIPAL RISKS

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

NOTES   TO   FINANCIAL  STATEMENTS 25

Notes to Financial Statements  (unaudited) (continued)

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

The Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI India
Shares sold		22,700,000		$	969,247,609			7,750,000		$	344,412,931
Shares redeemed		(4,800,000	)		(194,329,967	)		(41,050,000	)		(1,718,000,106	)
		17,900,000		$	774,917,642			(33,300,000	)	$	(1,373,587,175	)
MSCI India Small-Cap
Shares sold		250,000		$	13,792,155			1,100,000		$	67,453,633
Shares redeemed		(450,000	)		(23,440,733	)		(1,200,000	)		(62,875,035	)
		(200,000	)	$	(9,648,578	)		(100,000	)	$	4,578,598

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also

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

Notes to Financial Statements  (unaudited) (continued)

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

11. SUBSEQUENT EVENTS

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

NOTES   TO   FINANCIAL  STATEMENTS 27

Statement Regarding Liquidity Risk Management Program (unaudited)

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

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

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

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

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

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

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

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

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

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

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

Supplemental Information(unaudited)

Section 19(a) Notices

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

February 28, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI India Small-Cap(a)	$	—	$	—	$	0.003823	$	0.003823		—	%		—	%		100	%		100	%

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

SUPPLEMENTAL  INFORMATION 29

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

30 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

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

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 31

Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

iS-SAR-809-0223

        

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Currency Hedged MSCI Canada ETF | HEWC | NYSE Arca

· iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca

· iShares Currency Hedged MSCI Germany ETF | HEWG | NASDAQ

· iShares Currency Hedged MSCI Japan ETF | HEWJ | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		1.26%		(7.69)%
U.S. small cap equities (Russell 2000® Index)		3.63		(6.02)
International equities (MSCI Europe, Australasia, Far East Index)		12.58		(3.14)
Emerging market equities (MSCI Emerging Markets Index)		(2.29)		(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74		2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81)		(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13)		(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66		(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52		(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		22
Statements of Operations		23
Statements of Changes in Net Assets		24
Financial Highlights		26
Notes to Financial Statements		30
Statement Regarding Liquidity Risk Management Program		38
Supplemental Information		39
General Information		40
Glossary of Terms Used in this Report		41

Fund Summary  as of February 28, 2023 iShares^® Currency Hedged MSCI Canada ETF

Investment Objective

The iShares Currency Hedged MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Canadian equities while mitigating exposure to fluctuations between the value of the Canadian dollar and the U.S. dollar, as represented by the MSCI Canada 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Canada ETF.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	7.26	%		(0.93	)%	8.94	%	7.61	%		(0.93	)%	53.45	%	75.52	%
Fund Market	7.20			(0.96	)	8.96		7.61			(0.96	)	53.60		75.55
Index	7.06			(0.94	)	8.84		7.62			(0.94	)	52.71		75.60

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,072.60	$	0.15		$	1,000.00	$	1,024.60	$	0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies	99.7	%
Short-term Investments	44.3
Forward foreign currency exchange contracts, net cumulative appreciation	2.2
Other assets less liabilities	(46.2	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		37.4	%
Energy		18.0
Industrials		11.9
Materials		10.9
Information Technology		6.8
Consumer Staples		4.7
Consumer Discretionary		3.7
Utilities		3.4
Communication Services		2.6
Real Estate		0.6

^(a) Excludes money market funds.

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Fund Summary  as of February 28, 2023 iShares^® Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	19.99	%		11.80	%	8.06	%	7.74	%		11.80	%	47.35	%	90.48	%
Fund Market	20.00			11.80		8.08		7.74			11.80		47.47		90.43
Index	19.98			10.12		7.88		7.91			10.12		46.15		93.01

The inception date of the Fund was July 9, 2014. The first day of secondary market trading was July 10, 2014.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,199.90	$	0.16		$	1,000.00	$	1,024.60	$	0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies	99.6	%
Short-term Investments	0.1
Forward foreign currency exchange contracts, net cumulative appreciation	2.7
Other assets less liabilities	(2.4	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		17.1	%
Consumer Discretionary		16.0
Industrials		15.9
Information Technology		12.7
Consumer Staples		7.9
Health Care		7.8
Materials		6.3
Utilities		5.9
Energy		5.0
Communication Services		4.4
Real Estate		1.0

^(a) Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary  as of February 28, 2023 iShares^® Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Germany ETF.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	21.50	%		6.75	%	4.50	%	5.79	%		6.75	%	24.59	%	66.65	%
Fund Market	21.38			6.63		4.47		5.77			6.63		24.46		66.46
Index	21.20			4.81		4.58		6.02			4.81		25.10		70.04

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,215.00	$	0.11		$	1,000.00	$	1,024.70	$	0.10		0.02	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		99.7	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		2.9
Other assets less liabilities		(2.6	)

^(a) Rounds to less than 0.1%.

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		18.8	%
Financials		17.9
Consumer Discretionary		16.5
Information Technology		13.5
Health Care		11.3
Materials		6.6
Communication Services		6.5
Utilities		4.1
Consumer Staples		2.8
Real Estate		2.0

^(a)  Excludes money market funds.

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Fund Summary  as of February 28, 2023 iShares^® Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	4.72	%		9.96	%	6.46	%	8.19	%		9.96	%	36.77	%	104.32	%
Fund Market	4.66			9.90		6.44		8.18			9.90		36.64		104.18
Index	4.35			10.93		6.85		8.45			10.93		39.25		108.92

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,047.20	$	0.05		$	1,000.00	$	1,024.70	$	0.05		0.01	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		100.1	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		4.9
Other assets less liabilities		(5.0	)

^(a) Rounds to less than 0.1%.

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		22.3	%
Consumer Discretionary		18.1
Information Technology		13.6
Financials		12.4
Health Care		9.2
Communication Services		8.0
Consumer Staples		6.7
Materials		4.8
Real Estate		3.1
Utilities		1.0
Energy		0.8

^(a) Excludes money market funds.

F U N D   S U M M A R Y 7

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

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Schedule of Investments  (unaudited) February 28, 2023 iShares^® Currency Hedged MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.7%
iShares MSCI Canada ETF(a)(b)		425,957	$	14,503,836
Total Investment Companies (Cost: $15,597,301)				14,503,836
Short-Term Securities
Money Market Funds — 44.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.81%(a)(c)(d)		6,432,955		6,436,815
Total Short-Term Securities — 44.3% (Cost: $6,436,815)				6,436,815
Total Investments in Securities — 144.0% (Cost: $22,034,116)				20,940,651
Liabilities in Excess of Other Assets — (44.0)%				(6,394,625	)
Net Assets — 100.0%			$	14,546,026

^(a) Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	6,438,713	(a)	$	—		$	(1,898	)	$	—		$	6,436,815		6,432,955	$	25,798	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—			—			—		—		423			—
iShares MSCI Canada ETF		21,141,688		2,990,551			(9,614,143	)		278,591			(292,851	)		14,503,836		425,957		207,852			—
									$	276,693		$	(292,851	)	$	20,940,651			$	234,073		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	14,188,517	CAD	18,929,000	BNP Paribas SA		03/02/23	$	315,964
USD	667,125	CAD	890,000	Citibank N.A.		03/02/23		14,868
USD	199,110	CAD	271,000	BNP Paribas SA		04/04/23		444
USD	14,390,424	CAD	19,586,000	State Street Bank and Trust Co.		04/04/23		32,194
								363,470
CAD	233,000	USD	175,128	Citibank N.A.		03/02/23		(4,368	)
CAD	19,586,000	USD	14,386,132	State Street Bank and Trust Co.		03/02/23		(32,082	)

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Canada ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	54,000	USD	39,674	Bank of America N.A.		04/04/23	$	(87	)
								(36,537	)
								$326,933

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	363,470	$	—	$	—	$	363,470
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	36,537	$	—	$	—	$	36,537

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,020,806		$	—	$	—	$	1,020,806
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(200,158	)	$	—	$	—	$	(200,158	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	15,712,727
Average amounts sold — in USD	$	31,799,496

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:
Forward foreign currency exchange contracts	$	363,470	$	36,537
Total derivative assets and liabilities in the Statement of Assets and Liabilities		363,470		36,537
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		363,470		36,537

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Canada ETF

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
BNP Paribas SA	$	316,408	$	—		$	—	$	—	$	316,408
Citibank N.A.		14,868		(4,368	)		—		—		10,500
State Street Bank and Trust Co.		32,194		(32,082	)		—		—		112
	$	363,470	$	(36,450	)	$	—	$	—	$	327,020
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(d)
Bank of America N.A.	$	87	$	—		$	—	$	—	$	87
Citibank N.A.		4,368		(4,368	)		—		—		—
State Street Bank and Trust Co.		32,082		(32,082	)		—		—		—
	$	36,537	$	(36,450	)	$	—	$	—	$	87

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

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

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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
Investment Companies	$	14,503,836	$	—		$	—	$	14,503,836
Short-Term Securities
Money Market Funds		6,436,815		—			—		6,436,815
	$	20,940,651	$	—		$	—	$	20,940,651
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	363,470		$	—	$	363,470
Liabilities
Foreign Currency Exchange Contracts		—		(36,537	)		—		(36,537	)
	$	—	$	326,933		$	—		326,933

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited) February 28, 2023 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.6%
iShares MSCI Eurozone ETF(a)		6,991,266	$	304,679,372
Total Investment Companies (Cost: $336,887,306)				304,679,372
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(a)(b)		250,000		250,000
Total Short-Term Securities — 0.1% (Cost: $250,000)				250,000
Total Investments in Securities — 99.7% (Cost: $337,137,306)				304,929,372
Other Assets Less Liabilities — 0.3%				870,517
Net Assets — 100.0%			$	305,799,889

^(a) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(4,234	)(b)	$	4,234		$	—	$	—		—	$	33,112	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,610,000		—		(1,360,000	)(b)		—			—		250,000		250,000		13,389		—
iShares MSCI Eurozone ETF		352,789,764		169,552,600		(281,612,559	)		(28,717,014	)		92,666,581		304,679,372		6,991,266		1,196,987		—
								$	(28,712,780	)	$	92,666,581	$	304,929,372			$	1,243,488	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	19,962,907	EUR	18,348,000	Bank of America N.A.		03/02/23	$	556,234
USD	1,610,154	EUR	1,505,000	BNP Paribas SA		03/02/23		18,317
USD	95,361	EUR	90,000	Citibank N.A.		03/02/23		168
USD	1,552,116	EUR	1,446,000	Deutsche Bank Securities Inc.		03/02/23		22,682
USD	17,069,670	EUR	15,658,000	JPMorgan Chase Bank N.A.		03/02/23		508,209
USD	267,955,627	EUR	246,279,345	State Street Bank and Trust Co.		03/02/23		7,466,054
USD	12,463,051	EUR	11,729,000	Citibank N.A.		04/04/23		32,810
USD	6,203,498	EUR	5,851,000	JPMorgan Chase Bank N.A.		04/04/23		2,685

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	287,020,063	EUR	270,110,345	State Street Bank and Trust Co.		04/04/23	$	760,645
								9,367,804
EUR	82,000	USD	89,681	BNP Paribas SA		03/02/23		(2,950	)
EUR	89,000	USD	95,488	Deutsche Bank Securities Inc.		03/02/23		(1,353	)
EUR	6,024,000	USD	6,518,824	JPMorgan Chase Bank N.A.		03/02/23		(147,241	)
EUR	280,089,345	USD	297,241,217	State Street Bank and Trust Co.		03/02/23		(990,821	)
USD	3,120,329	EUR	2,958,000	JPMorgan Chase Bank N.A.		03/02/23		(8,346	)
								(1,150,711	)
								$8,217,093

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	9,367,804	$	—	$	—	$	9,367,804
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,150,711	$	—	$	—	$	1,150,711

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(12,907,240	)	$	—	$	—	$	(12,907,240	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,140,780		$	—	$	—	$	2,140,780

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	317,137,735
Average amounts sold — in USD	$	624,130,823

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:
Forward foreign currency exchange contracts	$	9,367,804	$	1,150,711
Total derivative assets and liabilities in the Statement of Assets and Liabilities		9,367,804		1,150,711
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		9,367,804		1,150,711

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Eurozone ETF     

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	556,234	$	—		$	—	$	—	$	556,234
BNP Paribas SA		18,317		(2,950	)		—		—		15,367
Citibank N.A.		32,978		—			—		—		32,978
Deutsche Bank Securities Inc.		22,682		(1,353	)		—		—		21,329
JPMorgan Chase Bank N.A.		510,894		(155,587	)		—		—		355,307
State Street Bank and Trust Co.		8,226,699		(990,821	)		—		—		7,235,878
	$	9,367,804	$	(1,150,711	)	$	—	$	—	$	8,217,093
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
BNP Paribas SA	$	2,950	$	(2,950	)	$	—	$	—	$	—
Deutsche Bank Securities Inc.		1,353		(1,353	)		—		—		—
JPMorgan Chase Bank N.A.		155,587		(155,587	)		—		—		—
State Street Bank and Trust Co.		990,821		(990,821	)		—		—		—
	$	1,150,711	$	(1,150,711	)	$	—	$	—	$	—

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

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

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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
Investment Companies	$	304,679,372	$	—		$	—	$	304,679,372
Short-Term Securities
Money Market Funds		250,000		—			—		250,000
	$	304,929,372	$	—		$	—	$	304,929,372
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	9,367,804		$	—	$	9,367,804
Liabilities
Foreign Currency Exchange Contracts		—		(1,150,711	)		—		(1,150,711	)
	$	—	$	8,217,093		$	—		8,217,093

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 3   I SHARES   ANNUAL   REPORT  TO   SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2023 iShares^® Currency Hedged MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.7%
iShares MSCI Germany ETF(a)		1,329,256	$	36,275,396
Total Investment Companies (Cost: $45,836,332)				36,275,396
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(a)(b)		10,000		10,000
Total Short-Term Securities — 0.0% (Cost: $10,000)				10,000
Total Investments in Securities — 99.7% (Cost: $45,846,332)				36,285,396
Other Assets Less Liabilities — 0.3%				115,987
Net Assets — 100.0%			$	36,401,383

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(7,297	)(b)	$	7,297		$	—	$	—		—	$	120,149	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		—		0	(b)		—			—		10,000		10,000		417		—
iShares MSCI Germany ETF		36,246,996		141,380,775		(149,890,540	)		(1,554,210	)		10,092,375		36,275,396		1,329,256		12,799		—
								$	(1,546,913	)	$	10,092,375	$	36,285,396			$	133,365	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	2,904,000	USD	3,063,366	JPMorgan Chase Bank N.A.		03/02/23	$	8,194
USD	3,105,196	EUR	2,854,000	Bank of America N.A.		03/02/23		86,521
USD	41,843	EUR	39,000	BNP Paribas SA		03/02/23		593
USD	3,065,579	EUR	2,856,000	Canadian Imperial Bank of Commerce		03/02/23		44,788
USD	19,216	EUR	18,000	Citibank N.A.		03/02/23		178
USD	1,551,700	EUR	1,462,000	HSBC Bank PLC		03/02/23		5,343
USD	1,564,773	EUR	1,457,000	Morgan Stanley & Co. International PLC		03/02/23		23,705
USD	34,763,756	EUR	31,952,000	State Street Bank and Trust Co.		03/02/23		968,138
USD	1,512,735	EUR	1,426,000	UBS AG		03/02/23		4,455

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,536,773	EUR	1,430,000	Westpac Banking Corp.		03/02/23	$	24,262
USD	1,420,675	EUR	1,337,000	Citibank N.A.		04/04/23		3,740
USD	161,368	EUR	152,000	JPMorgan Chase Bank N.A.		04/04/23		280
USD	34,955,388	EUR	32,896,000	State Street Bank and Trust Co.		04/04/23		92,637
								1,262,834
EUR	1,514,000	USD	1,624,370	Bank of New York		03/02/23		(23,013	)
EUR	78,000	USD	83,161	HSBC Bank PLC		03/02/23		(660	)
EUR	5,778,000	USD	6,184,428	JPMorgan Chase Bank N.A.		03/02/23		(73,040	)
EUR	33,220,000	USD	35,239,070	State Street Bank and Trust Co.		03/02/23		(102,288	)
								(199,001	)
								$1,063,833

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,262,834	$	—	$	—	$	1,262,834
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	199,001	$	—	$	—	$	199,001

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(1,887,494	)	$	—	$	—	$	(1,887,494	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	410,715		$	—	$	—	$	410,715

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	50,299,369
Average amounts sold — in USD	$	88,694,399

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

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Germany ETF

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:
Forward foreign currency exchange contracts	$	1,262,834	$	199,001
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,262,834		199,001
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,262,834		199,001

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	86,521	$	—		$	—	$	—	$	86,521
BNP Paribas SA		593		—			—		—		593
Canadian Imperial Bank of Commerce		44,788		—			—		—		44,788
Citibank N.A.		3,918		—			—		—		3,918
HSBC Bank PLC		5,343		(660	)		—		—		4,683
JPMorgan Chase Bank N.A.		8,474		(8,474	)		—		—		—
Morgan Stanley & Co. International PLC		23,705		—			—		—		23,705
State Street Bank and Trust Co.		1,060,775		(102,288	)		—		—		958,487
UBS AG		4,455		—			—		—		4,455
Westpac Banking Corp.		24,262		—			—		—		24,262
	$	1,262,834	$	(111,422	)	$	—	$	—	$	1,151,412
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
Bank of New York	$	23,013	$	—		$	—	$	—	$	23,013
HSBC Bank PLC		660		(660	)		—		—		—
JPMorgan Chase Bank N.A.		73,040		(8,474	)		—		—		64,566
State Street Bank and Trust Co.		102,288		(102,288	)		—		—		—
	$	199,001	$	(111,422	)	$	—	$	—	$	87,579

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

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

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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
Investment Companies	$	36,275,396	$	—	$	—	$	36,275,396
Short-Term Securities
Money Market Funds		10,000		—		—		10,000
	$	36,285,396	$	—	$	—	$	36,285,396

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Germany ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	1,262,834		$	—	$	1,262,834
Liabilities
Foreign Currency Exchange Contracts		—		(199,001	)		—		(199,001	)
	$	—	$	1,063,833		$	—		1,063,833

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  February 28, 2023 iShares^® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI Japan ETF(a)		2,339,661	$	130,880,636
Total Investment Companies (Cost: $159,187,509)				130,880,636
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(a)(b)		60,000		60,000
Total Short-Term Securities — 0.0% (Cost: $60,000)				60,000
Total Investments in Securities — 100.1% (Cost: $159,247,509)				130,940,636
Liabilities in Excess of Other Assets — (0.1)%				(162,940	)
Net Assets — 100.0%			$	130,777,696

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	14,773	(b)	$	—		$	(14,773	)	$	—	$	—		—	$	27,047	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,710,000		—			(1,650,000	)(b)		—			—		60,000		60,000		19,324		—
iShares MSCI Japan ETF		463,540,692		196,271,269			(535,094,407	)		(83,359,866	)		89,522,948		130,880,636		2,339,661		457,576		—
									$	(83,374,639	)	$	89,522,948	$	130,940,636			$	503,947	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	17,293,620,000	USD	126,958,264	BNP Paribas SA		03/02/23	$	55,947
USD	4,251,259	JPY	545,721,000	Bank of New York		03/02/23		243,173
USD	126,176,257	JPY	16,359,562,000	BNP Paribas SA		03/02/23		6,022,300
USD	164,533	JPY	22,124,000	Citibank N.A.		03/02/23		2,042
USD	2,824,846	JPY	375,115,000	JPMorgan Chase Bank N.A.		03/02/23		69,788
USD	4,431,016	JPY	574,082,000	UBS AG		03/02/23		214,630
JPY	382,375,000	USD	2,821,047	Bank of America N.A.		04/04/23		351
USD	824,475	JPY	111,550,000	Bank of America N.A.		04/04/23		1,391
								6,609,622

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	4,397,000	USD	34,336	Bank of America N.A.		03/02/23	$	(2,042	)
JPY	534,074,000	USD	4,084,349	Bank of New York		03/02/23		(161,805	)
JPY	4,945,000	USD	37,325	BNP Paribas SA		03/02/23		(1,006	)
JPY	39,568,000	USD	305,172	Citibank N.A.		03/02/23		(14,562	)
USD	127,546,957	JPY	17,293,620,000	BNP Paribas SA		04/04/23		(56,010	)
USD	5,568,222	JPY	754,987,000	Citibank N.A.		04/04/23		(2,537	)
								(237,962	)
								$6,371,660

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	6,609,622	$	—	$	—	$	6,609,622
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	237,962	$	—	$	—	$	237,962

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	14,531,228		$	—	$	—	$	14,531,228
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(13,186,556	)	$	—	$	—	$	(13,186,556	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	253,636,011
Average amounts sold — in USD	$	445,856,779

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:
Forward foreign currency exchange contracts	$	6,609,622	$	237,962
Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,609,622		237,962
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		6,609,622		237,962

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Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI Japan ETF

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	1,742	$	(1,742	)	$	—	$	—	$	—
Bank of New York		243,173		(161,805	)		—		—		81,368
BNP Paribas SA		6,078,247		(57,016	)		—		—		6,021,231
Citibank N.A.		2,042		(2,042	)		—		—		—
JPMorgan Chase Bank N.A.		69,788		—			—		—		69,788
UBS AG		214,630		—			—		—		214,630
	$	6,609,622	$	(222,605	)	$	—	$	—	$	6,387,017

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(d)
Bank of America N.A.	$	2,042	$	(1,742	)	$	—	$	—	$	300
Bank of New York		161,805		(161,805	)		—		—		—
BNP Paribas SA		57,016		(57,016	)		—		—		—
Citibank N.A.		17,099		(2,042	)		—		—		15,057
	$	237,962	$	(222,605	)	$	—	$	—	$	15,357

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

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

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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
Investment Companies	$	130,880,636	$	—		$	—	$	130,880,636
Short-Term Securities
Money Market Funds		60,000		—			—		60,000
	$	130,940,636	$	—		$	—	$	130,940,636
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	6,609,622		$	—	$	6,609,622
Liabilities
Foreign Currency Exchange Contracts		—		(237,962	)		—		(237,962	)
	$	—	$	6,371,660		$	—		6,371,660

^(a) Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 28, 2023

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
ASSETS
Investments, at value — affiliated(a)(b)	$	20,940,651		$	304,929,372		$	36,285,396		$	130,940,636
Cash		8,284			5,876			6,762			5,910
Receivables:
Securities lending income — affiliated		3,038			2,189			5,412			227
Capital shares sold		—			129,618			38,444			—
Dividends — affiliated		—			478			102			215
Unrealized appreciation on forward foreign currency exchange contracts		363,470			9,367,804			1,262,834			6,609,622
Total assets		21,315,443			314,435,337			37,598,950			137,556,610
LIABILITIES
Collateral on securities loaned, at value		6,436,815			—			—			—
Payables:
Investments purchased		295,725			7,477,884			997,442			6,404,143
Capital shares redeemed		—			—			—			135,620
Investment advisory fees		340			6,853			1,124			1,189
Unrealized depreciation on forward foreign currency exchange contracts		36,537			1,150,711			199,001			237,962
Total liabilities		6,769,417			8,635,448			1,197,567			6,778,914
NET ASSETS	$	14,546,026		$	305,799,889		$	36,401,383		$	130,777,696
NET ASSETS CONSIST OF
Paid-in capital	$	15,235,390		$	383,994,211		$	83,875,993		$	267,047,305
Accumulated loss		(689,364	)		(78,194,322	)		(47,474,610	)		(136,269,609	)
NET ASSETS	$	14,546,026		$	305,799,889		$	36,401,383		$	130,777,696
NET ASSETVALUE
Shares outstanding		480,000			9,800,000			1,200,000			4,650,000
Net asset value	$	30.30		$	31.20		$	30.33		$	28.12
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a)  Investments, at cost — affiliated	$	22,034,116		$	337,137,306		$	45,846,332		$	159,247,509
(b)  Securities loaned, at value	$	6,262,101		$	—		$	—		$	—

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended February 28, 2023

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
INVESTMENT INCOME
Dividends — affiliated	$	208,275		$	1,210,376		$	13,216		$	476,900
Securities lending income — affiliated — net		25,798			33,112			120,149			27,047
Total investment income		234,073			1,243,488			133,365			503,947
EXPENSES
Investment advisory		51,296			932,667			97,350			705,622
Commitment costs		—			1,884			238			1,925
Total expenses		51,296			934,551			97,588			707,547
Less:
Investment advisory fees waived		(48,914	)		(889,953	)		(94,065	)		(696,907	)
Total expenses after fees waived		2,382			44,598			3,523			10,640
Net investment income		231,691			1,198,890			129,842			493,307
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(164,118	)		(18,146,017	)		(2,000,312	)		(29,271,268	)
Forward foreign currency exchange contracts		1,020,806			(12,907,240	)		(1,887,494	)		14,531,228
In-kind redemptions — affiliated(a)		440,811			(10,566,763	)		453,399			(54,103,371	)
		1,297,499			(41,620,020	)		(3,434,407	)		(68,843,411	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(292,851	)		92,666,581			10,092,375			89,522,948
Forward foreign currency exchange contracts		(200,158	)		2,140,780			410,715			(13,186,556	)
		(493,009	)		94,807,361			10,503,090			76,336,392
Net realized and unrealized gain		804,490			53,187,341			7,068,683			7,492,981
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,036,181		$	54,386,231		$	7,198,525		$	7,986,288

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

See notes to financial statements.

FINANCIAL   STATEMENTS 23

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI Canada ETF						iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	231,691		$	396,182		$	1,198,890		$	17,460,591
Net realized gain (loss)		1,297,499			1,307,339			(41,620,020	)		103,600,247
Net change in unrealized appreciation (depreciation)		(493,009	)		(2,637,667	)		94,807,361			(188,711,508	)
Net increase (decrease) in net assets resulting from operations		1,036,181			(934,146	)		54,386,231			(67,650,670	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,158,072	)		(630,468	)		(51,216,130	)(b)		(17,477,602	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,551,524	)		6,214,372			(50,508,254	)		(306,403,605	)
NET ASSETS
Total increase (decrease) in net assets		(6,673,415	)		4,649,758			(47,338,153	)		(391,531,877	)
Beginning of period		21,219,441			16,569,683			353,138,042			744,669,919
End of period	$	14,546,026		$	21,219,441		$	305,799,889		$	353,138,042

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

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

See notes to financial statements.    

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Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Germany ETF						iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	129,842		$	1,846,296		$	493,307		$	15,014,014
Net realized gain (loss)		(3,434,407	)		5,622,904			(68,843,411	)		95,391,932
Net change in unrealized appreciation (depreciation)		10,503,090			(18,792,628	)		76,336,392			(110,567,650	)
Net increase (decrease) in net assets resulting from operations		7,198,525			(11,323,428	)		7,986,288			(161,704	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(91,368	)		(1,848,200	)		(78,758,776	)		(15,018,714	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(6,986,338	)		(13,942,180	)		(263,200,648	)		(55,467,158	)
NET ASSETS
Total increase (decrease) in net assets		120,819			(27,113,808	)		(333,973,136	)		(70,647,576	)
Beginning of period		36,280,564			63,394,372			464,750,832			535,398,408
End of period	$	36,401,383		$	36,280,564		$	130,777,696		$	464,750,832

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Canada ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	30.31		$	32.49		$	25.68		$	26.41		$	26.79		$	24.70
Net investment income(a)		0.42			0.64			0.53			0.71			0.59			0.56
Net realized and unrealized gain (loss)(b)		1.76			(1.75	)		6.80			0.30			0.30			2.10
Net increase (decrease) from investment operations		2.18			(1.11	)		7.33			1.01			0.89			2.66
Distributions(c)
From net investment income		(0.45	)		(0.67	)		(0.52	)		(1.37	)		(0.64	)		(0.57	)
From net realized gain		(1.74	)		(0.40	)		—			(0.37	)		(0.63	)		—
Total distributions		(2.19	)		(1.07	)		(0.52	)		(1.74	)		(1.27	)		(0.57	)
Net asset value, end of period	$	30.30		$	30.31		$	32.49		$	25.68		$	26.41		$	26.79
Total Return(d)
Based on net asset value		7.26	%(e)		(3.60	)%		28.81	%		4.08	%		3.84	%		10.82	%
Ratios to Average Net Assets(f)
Total expenses		0.62	%(g)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Total expenses after fees waived		0.03	%(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		2.80	%(g)		1.97	%		1.84	%		2.75	%		2.31	%		2.12	%
Supplemental Data
Net assets, end of period (000)	$	14,546		$	21,219		$	16,570		$	11,556		$	38,290		$	5,357
Portfolio turnover rate(h)		9	%(e)		10	%		10	%		15	%		12	%		10	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Eurozone ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	30.98		$	37.33		$	28.36		$	29.86		$	29.76		$	28.83
Net investment income(a)		0.12			1.18			0.83			0.35			0.76			0.79
Net realized and unrealized gain (loss)(b)		5.67			(6.17	)		9.00			(0.64	)		0.24			1.03
Net increase (decrease) from investment operations		5.79			(4.99	)		9.83			(0.29	)		1.00			1.82
Distributions(c)
From net investment income		(0.13	)		(1.36	)		(0.86	)		(0.38	)		(0.90	)		(0.89	)
From net realized gain		(5.44	)		(0.00	)(d)		—			(0.83	)		(0.00	)(d)		—
Return of capital		—			—			—			(0.00	)(d)		—			—
Total distributions		(5.57	)		(1.36	)		(0.86	)		(1.21	)		(0.90	)		(0.89	)
Net asset value, end of period	$	31.20		$	30.98		$	37.33		$	28.36		$	29.86		$	29.76
Total Return(e)
Based on net asset value		19.99	%(f)		(13.50	)%		35.04	%		(1.21	)%		3.41	%		6.36	%
Ratios to Average Net Assets(g)
Total expenses		0.62	%(h)		0.62	%		0.62	%		0.62	%		0.62	%		0.62	%
Total expenses after fees waived		0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		0.80	%(h)		3.32	%		2.52	%		1.18	%		2.63	%		2.61	%
Supplemental Data
Net assets, end of period (000)	$	305,800		$	353,138		$	744,670		$	569,970		$	868,987		$	1,660,448
Portfolio turnover rate(i)		7	%		6	%		14	%		10	%		5	%		11	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Germany ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	25.02		$	33.37		$	28.13		$	26.21		$	27.64		$	26.82
Net investment income(a)		0.10			1.06			0.85			0.21			0.55			0.53
Net realized and unrealized gain (loss)(b)		5.27			(8.32	)		5.31			2.06			(1.25	)		1.02
Net increase (decrease) from investment operations		5.37			(7.26	)		6.16			2.27			(0.70	)		1.55
Distributions(c)
Distributions from net investment income		(0.06	)		(1.09	)		(0.92	)		(0.35	)		(0.73	)		(0.73	)
Return of capital		—			—			—			(0.00	)(d)		(0.00	)(d)		—
Total distributions		(0.06	)		(1.09	)		(0.92	)		(0.35	)		(0.73	)		(0.73	)
Net asset value, end of period	$	30.33		$	25.02		$	33.37		$	28.13		$	26.21		$	27.64
Total Return(e)
Based on net asset value		21.50	%(f)		(21.88	)%		22.12	%		8.71	%		(2.65	)%		5.83	%
Ratios to Average Net Assets(g)
Total expenses		0.53	%(h)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Total expenses after fees waived		0.02	%(h)		0.04	%		0.03	%		0.02	%		0.04	%		0.06	%
Net investment income		0.71	%(h)		3.49	%		2.78	%		0.77	%		2.09	%		1.87	%
Supplemental Data
Net assets, end of period (000)	$	36,401		$	36,281		$	63,394		$	75,957		$	154,620		$	330,346
Portfolio turnover rate(i)		9	%		9	%		16	%		12	%		5	%		11	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Japan ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	38.73		$	38.66		$	31.50		$	29.13		$	32.36		$	29.56
Net investment income(a)		0.06			1.02			0.51			0.72			0.45			0.46
Net realized and unrealized gain (loss)(b)		1.45			(0.09	)		7.06			2.35			(3.04	)		2.81
Net increase (decrease) from investment operations		1.51			0.93			7.57			3.07			(2.59	)		3.27
Distributions(c)
From net investment income		(0.08	)		(0.86	)		(0.41	)		(0.70	)		(0.64	)		(0.47	)
From net realized gain		(12.04	)		(0.00	)(d)		—			—			—			—
Total distributions		(12.12	)		(0.86	)		(0.41	)		(0.70	)		(0.64	)		(0.47	)
Net asset value, end of period	$	28.12		$	38.73		$	38.66		$	31.50		$	29.13		$	32.36
Total Return(e)
Based on net asset value		4.72	%(f)		2.43	%		24.08	%		10.52	%		(8.06	)%		11.07	%
Ratios to Average Net Assets(g)
Total expenses		0.53	%(h)		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Total expenses after fees waived		0.01	%(h)		0.01	%		0.00	%(i)		0.00	%(i)		0.00	%(i)		0.01	%
Net investment income		0.37	%(h)		2.62	%		1.38	%		2.31	%		1.47	%		1.41	%
Supplemental Data
Net assets, end of period (000)	$	130,778		$	464,751		$	535,398		$	247,256		$	329,138		$	1,004,834
Portfolio turnover rate(j)		16	%		6	%		7	%		9	%		9	%		9	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Rounds to less than 0.01%.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 29

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Currency Hedged MSCI Canada	Diversified
Currency Hedged MSCI Eurozone	Diversified
Currency Hedged MSCI Germany	Diversified
Currency Hedged MSCI Japan	Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

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

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

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Notes to Financial Statements (unaudited)(continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

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

Notes to Financial Statements (unaudited)(continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Currency Hedged MSCI Canada
Credit Suisse Securities (USA) LLC	$	591,380	$	(591,380	)	$	—		$	—
J.P. Morgan Securities LLC		5,670,721		(5,670,721	)		—			—
	$	6,262,101	$	(6,262,101	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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Notes to Financial Statements (unaudited) (continued)

the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules 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 Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI Canada		0.62	%
Currency Hedged MSCI Eurozone		0.62
Currency Hedged MSCI Germany		0.53
Currency Hedged MSCI Japan		0.53

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

For the iShares Currency Hedged MSCI Canada ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Canada ETF (“EWC”), after taking into account any fee waivers by EWC, plus 0.03%.

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

For the iShares Currency Hedged MSCI Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2025 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

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Notes to Financial Statements (unaudited) (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI Canada	$	48,914
Currency Hedged MSCI Eurozone		889,953
Currency Hedged MSCI Germany		94,065
Currency Hedged MSCI Japan		696,907

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI Canada	$	5,862
Currency Hedged MSCI Eurozone		8,907
Currency Hedged MSCI Germany		26,158
Currency Hedged MSCI Japan		9,143

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

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

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Canada	$	1,504,160	$	1,597,687
Currency Hedged MSCI Eurozone		19,966,097		80,675,601
Currency Hedged MSCI Germany		3,369,628		4,774,886
Currency Hedged MSCI Japan		44,835,908		119,463,680

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Notes to Financial Statements (unaudited) (continued)

For the six months ended February 28, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Currency Hedged MSCI Canada	$	1,486,392	$	8,016,456
Currency Hedged MSCI Eurozone		149,586,502		200,936,957
Currency Hedged MSCI Germany		138,011,147		145,115,654
Currency Hedged MSCI Japan		151,435,362		415,630,728

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the iShares Currency Hedged MSCI Germany ETF had non-expiring capital loss carryforwards of $34,845,855 available to offset future realized capital gains.

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
Currency Hedged MSCI Canada	$	22,106,680	$	363,470	$	(1,202,566	)	$	(839,096)
Currency Hedged MSCI Eurozone		338,308,238		9,367,804		(34,529,577	)		(25,161,773)
Currency Hedged MSCI Germany		45,928,933		1,262,834		(9,842,538	)		(8,579,704)
Currency Hedged MSCI Japan		160,382,869		6,609,622		(29,680,195	)		(23,070,573)

9. LINE OF CREDIT

The iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF and iShares Currency Hedged MSCI Japan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 35

Notes to Financial Statements (unaudited) (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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

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.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23					Year Ended 08/31/22
iShares ETF	Shares			Amount		Shares			Amount
Currency Hedged MSCI Canada
Shares sold	50,000		$	1,514,912		330,000		$	10,691,502
Shares redeemed	(270,000	)		(8,066,436	)	(140,000	)		(4,477,130	)
	(220,000	)	$	(6,551,524	)	190,000		$	6,214,372
Currency Hedged MSCI Eurozone
Shares sold	4,900,000		$	149,830,796		8,300,000		$	287,220,148
Shares redeemed	(6,500,000	)		(200,339,050	)	(16,850,000	)		(593,623,753	)
	(1,600,000	)	$	(50,508,254	)	(8,550,000	)	$	(306,403,605	)
Currency Hedged MSCI Germany
Shares sold	5,050,000		$	137,266,611		9,700,000		$	283,625,278
Shares redeemed	(5,300,000	)		(144,252,949	)	(10,150,000	)		(297,567,458	)
	(250,000	)	$	(6,986,338	)	(450,000	)	$	(13,942,180	)
Currency Hedged MSCI Japan
Shares sold	4,350,000		$	148,709,453		22,300,000		$	859,549,528
Shares redeemed	(11,700,000	)		(411,910,101	)	(24,150,000	)		(915,016,686	)
	(7,350,000	)	$	(263,200,648	)	(1,850,000	)	$	(55,467,158	)

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

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

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Notes to Financial Statements (unaudited) (continued)

12. SUBSEQUENT EVENTS

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 37

Statement Regarding Liquidity Risk Management Program (unaudited)

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

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

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

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

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

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

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

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

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

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

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Supplemental Information (unaudited)

Section 19(a) Notices

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

February 28, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Canada	$	0.450148	$	1.744446	$	—	$	2.194594		21	%		79	%		—	%		100	%
Currency Hedged MSCI Eurozone(a)		0.128134		5.436151		0.001279		5.565564		2			98			—			100
Currency Hedged MSCI Japan		0.081266		12.042345		—		12.123611		1			99			—			100

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

S U P P L E M E N T A L   I N F O R M A T I O N 39

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

GLOSSARY  OF    TERMS  USED   IN  THIS  REPORT 41

Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

iS-SAR-801-0223

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Currency Hedged MSCI United Kingdom ETF | HEWU | NYSE Arca

·  iShares MSCI United Kingdom ETF | EWU | NYSE Arca

·  iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		1.26%		(7.69)%
U.S. small cap equities (Russell 2000® Index)		3.63		(6.02)
International equities (MSCI Europe, Australasia, Far East Index)		12.58		(3.14)
Emerging market equities (MSCI Emerging Markets Index)		(2.29)		(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74		2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81)		(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13)		(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66		(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52		(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE  IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review	2
Semi-Annual Report:
Fund Summary	4
About Fund Performance	7
Disclosure of Expenses	7
Schedules of Investments	8
Financial Statements
Statements of Assets and Liabilities	19
Statements of Operations	20
Statements of Changes in Net Assets	21
Financial Highlights	23
Notes to Financial Statements	26
Statement Regarding Liquidity Risk Management Program	35
General Information	36
Glossary of Terms Used in this Report	37

Fund Summary as of February 28, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF

Investment Objective

The iShares Currency Hedged MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization United Kingdom equities while mitigating exposure to fluctuations between the value of the British pound and the U.S. dollar, as represented by the MSCI United Kingdom 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI United Kingdom ETF.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since    Inception	1 Year			5 Years			Since Inception
Fund NAV		10.92	%		13.13	%		6.58	%	6.81%		13.13	%		37.51	%		65.74	%
Fund Market		10.87			13.20			6.58		6.81		13.20			37.52			65.73
Index		10.65			12.31			7.14		7.31		12.31			41.18			71.77

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,109.20	$         0.00			$     1,000.00	$      1,024.80	$         0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of    Net Assets
Investment Companies	99.2%
Short-term Investments	0.2
Forward foreign currency exchange contracts, net cumulative appreciation	2.4
Other assets less liabilities	(1.8)

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of    Total Investment(a)
Consumer Staples	19.4%
Financials	19.1
Energy	14.7
Health Care	12.6
Industrials	10.2
Materials	9.4
Consumer Discretionary	5.8
Utilities	3.7
Communication Services	3.3
Real Estate	1.0
Information Technology	0.8

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2023 iShares^® MSCI United Kingdom ETF

Investment Objective

The iShares MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of U.K. equities, as represented by the MSCI United Kingdom Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		13.21	%		(1.08	)%		2.32	%	2.99%		(1.08	)%		12.15	%		34.31	%
Fund Market		13.33			(0.37	)		2.43		2.99		(0.37	)		12.77			34.27
Index		13.86			(0.08	)		3.04		3.61		(0.08	)		16.14			42.61

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,132.10	$         2.70			$     1,000.00	$       1,022.30	$         2.56		0.51	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of  Total Investments	(a)
Consumer Staples	19.4	%
Financials	19.1
Energy	14.7
Health Care	12.6
Industrials	10.2
Materials	9.4
Consumer Discretionary	5.8
Utilities	3.7
Communication Services	3.3
Real Estate	1.0
Information Technology	0.8

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Shell PLC	9.4	%
AstraZeneca PLC	8.9
HSBC Holdings PLC	6.7
Unilever PLC	5.6
BP PLC	5.2
Diageo PLC	4.2
British American Tobacco PLC	3.5
Rio Tinto PLC	3.4
GSK PLC	3.1
Glencore PLC	2.7

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2023 iShares^® MSCI United Kingdom Small-Cap ETF

Investment Objective

The iShares MSCI United Kingdom Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.K. equities, as represented by the MSCI United Kingdom Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		9.32	%		(16.20	)%		(2.34	)%	3.23%		(16.20	)%		(11.17	)%		37.37	%
Fund Market		9.30			(15.50	)		(2.34	)	3.16		(15.50	)		(11.19	)		36.46
Index		10.02			(15.47	)		(1.63	)	3.92		(15.47	)		(7.89	)		46.82

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,093.20	$         3.06			$     1,000.00	$     1,021.90	$         2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	20.5	%
Financials	17.3
Consumer Discretionary	15.6
Real Estate	11.8
Information Technology	6.8
Health Care	5.9
Communication Services	5.9
Materials	5.2
Consumer Staples	4.4
Utilities	3.8
Energy	2.8

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Centrica PLC	1.9	%
Weir Group PLC (The)	1.5
B&M European Value Retail SA	1.5
DS Smith PLC	1.5
Rightmove PLC	1.5
RS GROUP PLC	1.4
Beazley PLC	1.4
Intermediate Capital Group PLC	1.3
IMI PLC	1.3
Howden Joinery Group PLC	1.2

^(a)  Excludes money market funds.

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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

ABOUT   FUND   PERFORMANCE / DISCLOSURE   OF   EXPENSES 7

Schedule of Investments (unaudited)  February 28, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.2%
iShares MSCI United Kingdom ETF(a)(b)		273,965	$	8,843,590
Total Investment Companies (Cost: $9,198,859)				8,843,590
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(a)(c)(d)		15,575		15,584
Total Short-Term Securities — 0.2% (Cost: $15,584)				15,584
Total Investments in Securities — 99.4% (Cost: $9,214,443)				8,859,174
Other Assets Less Liabilities — 0.6%				53,843
Net Assets — 100.0%			$	8,913,017

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases  at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	15,631	(a)	$	—		$	(47	)	$	—	$	15,584		15,575	$	18,352	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		700,000		—			(700,000	)(a)		—			—		—		—		205			—
iShares MSCI United Kingdom ETF		15,793,013		2,883,610			(11,303,674	)		(232,117	)		1,702,758		8,843,590		273,965		206,751			—
									$	(232,164	)	$	1,702,758	$	8,859,174			$	225,308		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	261,807		GBP	216,000	Bank of America N.A.		03/02/23	$	1,992
USD	4,822		GBP	4,000	HSBC Bank PLC		03/02/23		11
USD	10,763,940		GBP	8,738,000	JPMorgan Chase Bank N.A.		03/02/23		253,439
USD	8,305,153		GBP	6,856,000	BNP Paribas SA		04/04/23		53,453
USD	263,594		GBP	219,000	HSBC Bank PLC		04/04/23		11
USD	511,193		GBP	422,000	UBS AG		04/04/23		3,285
									312,191
GBP	2,090,000		USD	2,558,818	Bank of America N.A.		03/02/23		(44,862	)
GBP	6,856,000		USD	8,300,216	BNP Paribas SA		03/02/23		(53,478	)

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	12,000		USD	14,512	HSBC Bank PLC		03/02/23	$	(78	)
GBP	64,000		USD	77,305	Morgan Stanley & Co. International PLC		04/04/23		(277	)
									(98,695	)
									$213,496

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	312,191	$	—	$	—	$	312,191
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	98,695	$	—	$	—	$	98,695

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	341,751		$	—	$	—	$	341,751
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(793,351	)	$	—	$	—	$	(793,351	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	12,085,057
Average amounts sold — in USD	$	23,107,497

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:
Forward foreign currency exchange contracts	$	312,191	$	98,695
Total derivative assets and liabilities in the Statement of Assets and Liabilities		312,191		98,695
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		312,191		98,695

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

	Derivative Assets Subject to an MNA by			Derivatives Available			Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty				for Offset	(a)	Received			Received					Assets	(b)(c)
Bank of America N.A.		$	1,992		$   (1,992	)		$	—		$	—		$	—

SCHEDULE   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Currency Hedged MSCI United Kingdom ETF

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

	Derivative Assets Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)	Received			Received					Assets	(b)(c)
BNP Paribas SA		$	53,453		$	(53,453	)		$	—		$	—		$	—
HSBC Bank PLC			22			(22	)			—			—			—
JPMorgan Chase Bank N.A.			253,439			—				—			—			253,439
UBS AG			3,285			—				—			—			3,285
		$	312,191		$	(55,467	)		$	—		$	—		$	256,724
	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)	Pledged			Pledged					Liabilities	(c)(d)
Bank of America N.A.		$	44,862		$	(1,992	)		$	—		$	—		$	42,870
BNP Paribas SA			53,478			(53,453	)			—			—			25
HSBC Bank PLC			78			(22	)			—			—			56
Morgan Stanley & Co. International PLC			277			—				—			—			277
		$	98,695		$	(55,467	)		$	—		$	—		$	43,228

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

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

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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
Investment Companies		$	8,843,590	$	—		$	—	$	8,843,590
Short-Term Securities
Money Market Funds			15,584		—			—		15,584
		$	8,859,174	$	—		$	—	$	8,859,174
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts		$	—	$	312,191		$	—	$	312,191
Liabilities
Foreign Currency Exchange Contracts			—		(98,695	)		—		(98,695	)
		$	—	$	213,496		$	—		213,496

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited)  February 28, 2023 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.1%
BAE Systems PLC		4,459,350	$	48,161,858
Rolls-Royce Holdings PLC(a)		12,068,538		21,026,988
				69,188,846
Banks — 11.8%
Barclays PLC		22,888,613		48,033,740
HSBC Holdings PLC		28,826,415		220,811,659
Lloyds Banking Group PLC		97,123,857		61,336,612
NatWest Group PLC, NVS		7,665,340		26,927,886
Standard Chartered PLC		3,552,059		33,610,279
				390,720,176
Beverages — 4.4%
Coca-Cola HBC AG, Class DI(a)		289,010		7,401,374
Diageo PLC		3,281,932		139,273,474
				146,674,848
Capital Markets — 3.1%
3i Group PLC		1,403,767		27,463,634
abrdn PLC		2,927,956		7,888,547
Hargreaves Lansdown PLC		508,815		5,069,814
London Stock Exchange Group PLC		471,958		42,108,915
Schroders PLC		1,279,962		7,640,044
St. James’s Place PLC		778,174		11,979,657
				102,150,611
Chemicals — 0.7%
Croda International PLC		201,401		15,882,889
Johnson Matthey PLC		261,950		6,872,224
				22,755,113
Commercial Services & Supplies — 0.7%
Rentokil Initial PLC		3,637,957		22,377,550
Diversified Consumer Services — 0.3%
Pearson PLC		933,017		10,320,721
Diversified Financial Services — 0.2%
M&G PLC		3,219,905		8,293,097
Diversified Telecommunication Services — 0.5%
BT Group PLC		10,025,719		16,807,667
Electric Utilities — 1.0%
SSE PLC		1,560,379		32,657,102
Electronic Equipment, Instruments & Components — 0.4%
Halma PLC		546,764		14,230,349
Equity Real Estate Investment Trusts (REITs) — 1.0%
British Land Co. PLC (The)		1,261,567		6,766,700
Land Securities Group PLC		1,011,670		8,353,569
Segro PLC		1,745,845		17,243,846
				32,364,115
Food & Staples Retailing — 1.4%
J Sainsbury PLC		2,514,505		8,109,434
Ocado Group PLC(a)		825,861		5,457,299
Tesco PLC	��	10,709,924		32,808,599
				46,375,332
Food Products — 0.4%
Associated British Foods PLC		509,539		12,282,847
Health Care Equipment & Supplies — 0.5%
Smith & Nephew PLC		1,256,945		17,934,783

Security	Shares		Value
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		122,262	$	2
Hotels, Restaurants & Leisure — 3.0%
Compass Group PLC		2,532,455		58,504,225
Entain PLC		850,069		13,882,207
InterContinental Hotels Group PLC		253,107		17,062,262
Whitbread PLC		288,965		10,717,272
				100,165,966
Household Durables — 1.0%
Barratt Developments PLC		1,462,562		8,223,218
Berkeley Group Holdings PLC		156,625		7,884,289
Persimmon PLC		456,711		7,964,432
Taylor Wimpey PLC		5,051,583		7,472,488
				31,544,427
Household Products — 2.2%
Reckitt Benckiser Group PLC		1,033,151		71,685,179
Industrial Conglomerates — 0.9%
DCC PLC		141,169		7,840,041
Melrose Industries PLC		5,796,843		10,439,127
Smiths Group PLC		518,174		10,988,408
				29,267,576
Insurance — 3.7%
Admiral Group PLC		262,308		6,941,198
Aviva PLC		4,042,878		21,719,996
Legal & General Group PLC		8,622,559		26,541,087
Phoenix Group Holdings PLC		1,072,728		8,172,014
Prudential PLC		3,968,941		60,657,103
				124,031,398
Interactive Media & Services — 0.3%
Auto Trader Group PLC(c)		1,346,873		9,632,940
Machinery — 0.4%
Spirax-Sarco Engineering PLC		106,007		14,887,742
Media — 1.1%
Informa PLC		2,073,895		16,659,694
WPP PLC		1,546,016		19,014,720
				35,674,414
Metals & Mining — 8.3%
Anglo American PLC		1,834,395		63,386,989
Antofagasta PLC		569,277		10,738,716
Glencore PLC		14,869,381		88,649,186
Rio Tinto PLC		1,623,447		111,408,300
				274,183,191
Multi-Utilities — 2.0%
National Grid PLC		5,279,162		66,251,931
Multiline Retail — 0.5%
Next PLC		186,436		15,336,573
Oil, Gas & Consumable Fuels — 14.5%
BP PLC		26,197,615		172,158,362
Shell PLC		10,188,690		308,598,862
				480,757,224
Paper & Forest Products — 0.4%
Mondi PLC		699,754		11,759,592
Personal Products — 6.4%
Haleon PLC(a)		7,325,436		28,346,906

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
Unilever PLC		3,659,499	$	182,197,226
				210,544,132
Pharmaceuticals — 12.0%
AstraZeneca PLC		2,236,899		291,418,728
GSK PLC		5,871,726		100,588,044
Hikma Pharmaceuticals PLC		236,134		4,926,612
				396,933,384
Professional Services — 4.2%
Experian PLC		1,329,880		44,835,740
Intertek Group PLC		232,989		11,694,287
RELX PLC		2,764,982		83,379,334
				139,909,361
Software — 0.4%
Sage Group PLC (The)		1,467,523		13,222,552
Specialty Retail — 0.5%
JD Sports Fashion PLC		3,688,735		8,030,990
Kingfisher PLC		2,821,653		9,758,283
				17,789,273
Textiles, Apparel & Luxury Goods — 0.5%
Burberry Group PLC		555,544		16,496,628
Tobacco — 4.5%
British American Tobacco PLC		3,065,004		115,997,420
Imperial Brands PLC		1,294,782		31,192,930
				147,190,350
Trading Companies & Distributors — 1.8%
Ashtead Group PLC		631,941		41,815,066
Bunzl PLC		487,387		17,366,036
				59,181,102

Security	Shares		Value
Water Utilities — 0.7%
Severn Trent PLC		359,844	$	11,885,376
United Utilities Group PLC		982,881		12,001,351
				23,886,727
Wireless Telecommunication Services — 1.4%
Vodafone Group PLC		37,623,613		45,049,552
Total Long-Term Investments — 99.2% (Cost: $3,788,160,349)				3,280,514,373
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		1,170,000		1,170,000
Total Short-Term Securities — 0.0% (Cost: $1,170,000)				1,170,000
Total Investments — 99.2% (Cost: $3,789,330,349)				3,281,684,373
Other Assets Less Liabilities — 0.8%				25,186,954
Net Assets — 100.0%			$	3,306,871,327

^(a)  Non-income producing security.

^(b)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(d)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	120,000	$	1,050,000	(a)	$	—	$	—	$	—	$	1,170,000		1,170,000	$	44,370	$	1

^(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
FTSE 100 Index		268		03/17/23	$	25,307	$	520,723

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	520,723	$	—	$	—	$	—	$	520,723

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(295,921	)	$	—	$	—	$	—	$	(295,921	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	625,667		$	—	$	—	$	—	$	625,667

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	22,768,936

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	3,280,514,371	$	2	$	3,280,514,373
Short-Term Securities
Money Market Funds		1,170,000		—		—		1,170,000
	$	1,170,000	$	3,280,514,371	$	2	$	3,281,684,373
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	520,723	$	—	$	520,723

^(a)  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 13

Schedule of Investments (unaudited)  February 28, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
Avon Protection PLC		3,722	$	43,673
Babcock International Group PLC(a)		31,596		124,733
Chemring Group PLC		35,730		126,140
QinetiQ Group PLC		72,777		296,443
				590,989
Air Freight & Logistics — 0.7%
International Distributions Services PLC		96,068		270,174
Wincanton PLC		15,674		58,823
				328,997
Airlines — 1.1%
easyJet PLC(a)		38,078		221,689
JET2 PLC		20,139		312,837
				534,526
Auto Components — 0.1%
TI Fluid Systems PLC(b)		42,630		62,046
Automobiles — 0.3%
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		52,837		127,421
Banks — 1.8%
Bank of Georgia Group PLC		4,478		150,279
Close Brothers Group PLC		18,849		229,446
TBC Bank Group PLC		5,158		153,867
Virgin Money UK PLC		156,885		339,563
				873,155
Beverages — 1.4%
AG Barr PLC		11,796		78,885
Britvic PLC		32,713		327,009
C&C Group PLC(a)		48,917		87,528
Fevertree Drinks PLC(c)		13,167		168,674
				662,096
Biotechnology — 0.7%
Genus PLC		8,217		292,806
Oxford Biomedica PLC(a)		9,159		60,593
				353,399
Building Products — 0.6%
Genuit Group PLC		31,143		117,438
Tyman PLC		24,883		76,024
Volution Group PLC		24,706		108,915
				302,377
Capital Markets — 9.0%
AJ Bell PLC		38,777		152,056
Alpha FX Group PLC		3,962		88,642
Ashmore Group PLC		58,182		189,166
Bridgepoint Group PLC(b)		31,144		93,383
CMC Markets PLC(b)		15,729		46,637
Draper Esprit PLC(a)		17,333		80,936
IG Group Holdings PLC		49,673		479,528
Impax Asset Management Group PLC		10,770		103,446
IntegraFin Holdings PLC		37,138		126,599
Intermediate Capital Group PLC		36,375		612,374
Investec PLC		87,238		556,991
IP Group PLC		129,270		101,614
JTC PLC(b)		16,877		157,146
Jupiter Fund Management PLC		55,420	��	97,794
Liontrust Asset Management PLC		8,120		116,798
Man Group PLC/Jersey		160,424		512,333
Ninety One PLC		50,444		127,785

Security	Shares		Value
Capital Markets (continued)
Polar Capital Holdings PLC		8,874	$	56,573
Quilter PLC(b)		167,271		185,307
Rathbones Group PLC		7,516		188,269
TP ICAP Group PLC		98,842		229,462
				4,302,839
Chemicals — 1.1%
Elementis PLC(a)		72,853		111,521
Essentra PLC		37,714		101,466
Synthomer PLC		47,102		86,722
Victrex PLC		10,891		229,887
				529,596
Commercial Services & Supplies — 1.7%
Finablr PLC(a)(b)(d)		61,710		1
Johnson Service Group PLC		55,577		74,472
Mitie Group PLC		170,807		166,008
Renewi PLC(a)		10,006		82,686
Restore PLC		15,552		59,300
Serco Group PLC		146,143		274,229
Smart Metering Systems PLC		15,857		164,605
				821,301
Communications Equipment — 0.4%
Spirent Communications PLC		76,831		196,846
Construction & Engineering — 1.2%
Balfour Beatty PLC		74,081		325,067
Keller Group PLC		9,075		88,528
Kier Group PLC(a)		56,087		52,959
Morgan Sindall Group PLC		5,318		114,886
				581,440
Construction Materials — 1.1%
Breedon Group PLC		190,489		162,704
Forterra PLC(b)		26,670		70,576
Ibstock PLC(b)		49,190		100,527
Marshalls PLC		28,801		116,194
RHI Magnesita NV		3,247		100,922
				550,923
Consumer Finance — 0.2%
Provident Financial PLC		30,353		80,979
Containers & Packaging — 1.5%
DS Smith PLC		172,631		701,245
Distributors — 1.1%
Inchcape PLC		46,934		513,121
Diversified Consumer Services — 0.2%
Auction Technology Group PLC(a)		11,317		94,336
Diversified Financial Services — 0.9%
Burford Capital Ltd.		23,330		189,141
Plus500 Ltd.		11,787		254,495
				443,636
Diversified Telecommunication Services — 0.5%
Gamma Communications PLC		10,256		143,843
Helios Towers PLC(a)		92,703		122,375
				266,218
Electrical Equipment — 0.8%
Ceres Power Holdings PLC(a)(c)		15,663		80,734
DiscoverIE Group PLC		12,099		124,430
ITM Power PLC(a)(c)		54,399		64,066

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Volex PLC		14,815	$	40,095
XP Power Ltd.		2,350		66,145
				375,470
Electronic Equipment, Instruments & Components — 2.0%
Oxford Instruments PLC		6,869		205,733
Renishaw PLC		4,561		219,104
Spectris PLC		13,132		556,612
				981,449
Energy Equipment & Services — 0.7%
Hunting PLC		17,393		69,145
John Wood Group PLC(a)		87,003		204,534
Petrofac Ltd.(a)(c)		55,856		53,144
				326,823
Entertainment — 0.2%
Team17 Group PLC(a)		13,628		77,864
Equity Real Estate Investment Trusts (REITs) — 9.9%
Assura PLC		370,204		228,216
Balanced Commercial Property Trust Ltd.		88,013		92,633
Big Yellow Group PLC		21,980		319,293
Capital & Counties Properties PLC		90,285		137,270
Civitas Social Housing PLC		74,836		56,658
CLS Holdings PLC(c)		22,149		39,590
Custodian Reit PLC		52,511		57,983
Derwent London PLC		12,631		394,745
Empiric Student Property PLC		75,289		78,336
Great Portland Estates PLC		26,937		184,039
Hammerson PLC		500,765		183,158
Home Reit PLC(d)		103,572		45,034
Impact Healthcare Reit PLC		41,008		50,313
LondonMetric Property PLC		117,356		266,699
LXI REIT PLC		203,589		276,568
Picton Property Income Ltd. (The)		69,252		63,474
Primary Health Properties PLC		159,065		206,721
PRS REIT PLC (The)		65,961		69,662
Regional REIT Ltd.(b)		52,786		39,112
Safestore Holdings PLC		26,499		321,903
Shaftesbury PLC		24,063		120,574
Supermarket Income Reit PLC		155,948		171,255
Target Healthcare REIT PLC		76,740		72,830
Tritax Big Box REIT PLC		233,640		419,765
UK Commercial Property REIT Ltd.		98,004		67,068
UNITE Group PLC (The)		42,714		504,213
Urban Logistics REIT PLC		59,059		100,876
Warehouse REIT PLC		51,193		66,134
Workspace Group PLC		17,977		110,605
				4,744,727
Food & Staples Retailing — 1.0%
Marks & Spencer Group PLC(a)		246,654		474,298
Food Products — 1.9%
Cranswick PLC		6,737		253,642
Greencore Group PLC(a)		64,061		62,762
Premier Foods PLC		81,030		110,924
Tate & Lyle PLC		50,238		484,683
				912,011
Health Care Equipment & Supplies — 1.3%
Advanced Medical Solutions Group PLC		27,129		81,581

Security	Shares		Value
Health Care Equipment & Supplies (continued)
ConvaTec Group PLC(b)		205,134	$	553,749
				635,330
Health Care Providers & Services — 1.3%
CVS Group PLC		8,918		199,902
Mediclinic International PLC		50,661		303,391
Spire Healthcare Group PLC(a)(b)		35,221		101,889
				605,182
Health Care Technology — 0.4%
Craneware PLC		3,376		56,851
EMIS Group PLC		7,167		161,382
				218,233
Hotels, Restaurants & Leisure — 4.1%
888 Holdings PLC(a)		48,097		40,878
Carnival PLC(a)		18,243		172,407
Domino’s Pizza Group PLC		47,962		165,227
Greggs PLC		12,817		418,573
J D Wetherspoon PLC(a)		12,183		82,430
Mitchells & Butlers PLC(a)		33,418		65,241
Patisserie Holdings PLC, NVS(d)		6,053		—
Playtech PLC(a)		28,817		195,150
Rank Group PLC(a)		26,087		28,075
SSP Group PLC(a)		99,457		311,179
Trainline PLC(a)(b)		60,145		184,987
TUI AG(a)(c)		14,580		285,730
Young & Co’s Brewery PLC, Series A		2,848		38,848
				1,988,725
Household Durables — 2.5%
Bellway PLC		15,509		413,474
Crest Nicholson Holdings PLC		32,014		94,080
Redrow PLC		35,552		218,478
Victoria PLC(a)(c)		7,873		55,684
Vistry Group PLC		43,416		427,967
				1,209,683
Independent Power and Renewable Electricity Producers — 0.8%
Drax Group PLC		50,327		384,866
Insurance — 4.2%
Beazley PLC		84,115		691,568
Direct Line Insurance Group PLC		164,691		356,531
Hiscox Ltd.		43,375		593,887
Just Group PLC		129,658		136,464
Lancashire Holdings Ltd.		30,456		224,163
				2,002,613
Interactive Media & Services — 1.9%
Moneysupermarket.com Group PLC		67,398		186,947
Rightmove PLC		103,549		696,890
Trustpilot Group PLC(a)(b)		28,379		35,003
				918,840
Internet & Direct Marketing Retail — 0.9%
AO World PLC(a)(c)		55,607		47,088
ASOS PLC(a)(c)		8,775		91,726
boohoo Group PLC(a)		127,845		77,121
Deliveroo PLC(a)(b)		109,283		108,710
Moonpig Group PLC(a)		27,590		38,657
THG PLC(a)		94,687		65,938
				429,240
IT Services — 2.9%
Capita PLC(a)		208,644		72,329
Computacenter PLC		10,763		292,924

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Kainos Group PLC		10,123	$	169,374
Keywords Studios PLC		9,234		322,200
NCC Group PLC		38,822		79,572
Network International Holdings PLC(a)(b)		62,346		213,430
Softcat PLC		16,218		236,276
				1,386,105
Leisure Products — 0.9%
Games Workshop Group PLC		4,124		457,795
Life Sciences Tools & Services — 0.4%
Ergomed PLC(a)		5,018		67,950
Oxford Nanopore Technologies PLC(a)		41,078		103,207
				171,157
Machinery — 4.8%
Bodycote PLC		24,114		192,597
IMI PLC		32,635		610,216
Judges Scientific PLC		682		77,933
Morgan Advanced Materials PLC		35,960		133,850
Rotork PLC		107,840		420,014
Vesuvius PLC		26,984		134,245
Weir Group PLC (The)		32,519		739,789
				2,308,644
Marine — 0.3%
Clarkson PLC		3,428		136,277
Media — 2.9%
Ascential PLC(a)		55,285		179,815
Future PLC		14,419		242,683
ITV PLC		453,165		481,877
Next Fifteen Communications Group PLC		10,418		129,824
Reach PLC		36,839		40,723
S4 Capital PLC(a)		46,786		115,326
Tremor International Ltd.(a)(c)		11,016		42,140
YouGov PLC		13,311		143,720
				1,376,108
Metals & Mining — 1.4%
Atalaya Mining PLC		13,879		60,267
Centamin PLC		144,955		177,652
Central Asia Metals PLC		22,343		71,085
Ferrexpo PLC		37,239		65,980
Greatland Gold PLC(a)		567,436		53,579
Hill & Smith PLC		10,060		167,231
Hochschild Mining PLC		38,174		29,326
Pan African Resources PLC		218,440		35,571
SolGold PLC(a)(c)		141,175		28,087
				688,778
Multi-Utilities — 2.3%
Centrica PLC		738,571		932,029
Telecom Plus PLC		7,957		167,876
				1,099,905
Multiline Retail — 1.5%
B&M European Value Retail SA		119,453		706,126
Oil, Gas & Consumable Fuels — 2.1%
Capricorn Energy PLC(a)		39,321		117,959
Diversified Energy Co. PLC		105,601		132,357
Energean PLC		15,599		226,285
EnQuest PLC(a)		192,487		43,973
Genel Energy PLC		18,893		28,472
Gulf Keystone Petroleum Ltd.		26,941		67,174

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Harbour Energy PLC		53,646	$	187,178
Pantheon Resources PLC(a)(c)		92,926		63,824
Serica Energy PLC		25,758		80,227
Tullow Oil PLC(a)		144,388		60,444
				1,007,893
Personal Products — 0.1%
PZ Cussons PLC		29,685		65,057
Pharmaceuticals — 1.7%
Alliance Pharma PLC(c)		64,515		52,769
Dechra Pharmaceuticals PLC		14,288		469,323
Indivior PLC, NVS(a)		17,145		314,124
				836,216
Professional Services — 1.9%
Alpha Financial Markets Consulting PLC		14,287		75,615
Hays PLC		201,048		285,333
Marlowe PLC(a)		10,291		59,417
Pagegroup PLC		41,155		220,280
RWS Holdings PLC		38,852		166,463
SThree PLC		16,005		87,980
				895,088
Real Estate Management & Development — 1.9%
Grainger PLC		92,653		283,077
Helical PLC		13,676		58,398
IWG PLC(a)		94,817		208,764
Savills PLC		18,105		218,202
Sirius Real Estate Ltd.		147,326		148,680
				917,121
Road & Rail — 0.7%
Firstgroup PLC		93,895		119,153
National Express Group PLC(a)		65,092		97,366
Redde Northgate PLC		27,435		133,156
				349,675
Semiconductors & Semiconductor Equipment — 0.1%
Alphawave IP Group PLC(a)		34,024		37,501
Software — 1.3%
Bytes Technology Group PLC		26,928		129,432
Darktrace PLC(a)		40,802		128,752
FD Technologies PLC(a)		2,946		66,194
GB Group PLC		30,248		121,535
Kape Technologies PLC(a)		21,241		75,116
Learning Technologies Group PLC		73,945		125,501
				646,530
Specialty Retail — 3.3%
Currys PLC		134,760		131,299
Dunelm Group PLC		13,804		208,714
Frasers Group PLC(a)		20,960		201,489
Halfords Group PLC		27,206		68,984
Pets at Home Group PLC		61,126		285,387
Watches of Switzerland Group PLC(a)(b)		30,091		301,042
WH Smith PLC		16,457		313,469
Wickes Group PLC		32,813		58,967
				1,569,351
Textiles, Apparel & Luxury Goods — 0.7%
Coats Group PLC		200,607		176,632
Dr. Martens PLC		75,648		144,489
				321,121

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance — 1.2%
OSB Group PLC		53,799	$	360,979
Paragon Banking Group PLC		29,473		211,469
				572,448
Trading Companies & Distributors — 5.4%
Diploma PLC		15,651		522,942
Grafton Group PLC		26,865		307,182
Howden Joinery Group PLC		69,564		599,114
RS GROUP PLC		59,132		695,276
SIG PLC(a)		86,881		44,563
Travis Perkins PLC		26,701		322,875
Yellow Cake PLC(a)(b)		21,785		105,038
				2,596,990
Water Utilities — 0.7%
Penno Group PLC		32,770		324,447
Wireless Telecommunication Services — 0.4%
Airtel Africa PLC(b)		118,026		170,481
Total Long-Term Investments — 99.6% (Cost: $67,022,678)				47,843,654
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)		953,008		953,580

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f)		20,000	$	20,000
Total Short-Term Securities — 2.1% (Cost: $972,706)				973,580
Total Investments — 101.7% (Cost: $67,995,384)				48,817,234
Liabilities in Excess of Other Assets — (1.7)%				(793,991	)
Net Assets — 100.0%			$	48,023,243

^(a)  Non-income producing security.

^(b)  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.

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	685,192	$	267,987	(a)	$	—		$	122	$	279	$	953,580		953,008	$	28,083	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		—			0	(a)		—		—		20,000		20,000		365			—
									$	122	$	279	$	973,580			$	28,448		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 250 Index		3		03/17/23	$	143	$	4,076

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI United Kingdom Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	4,076	$	—	$	—	$	—	$	4,076

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(5,253	)	$	—	$	—	$	—	$	(5,253	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	16,370		$	—	$	—	$	—	$	16,370

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	187,136

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	15,367,133	$	32,431,486	$	45,035	$	47,843,654
Short-Term Securities
Money Market Funds		973,580		—		—		973,580
	$	16,340,713	$	32,431,486	$	45,035	$	48,817,234
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	4,076	$	—	$	4,076

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

February 28, 2023

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	—		$	3,280,514,373		$	47,843,654
Investments, at value — affiliated(c)		8,859,174			1,170,000			973,580
Cash		4,404			1,388			3,133
Foreign currency collateral pledged for futures contracts(d)		—			1,470,219			9,623
Foreign currency, at value(e)		—			9,919,090			84,194
Receivables:
Investments sold		—			17,033,066			398,005
Securities lending income — affiliated		947			—			6,247
Capital shares sold		6,564			—			—
Dividends — unaffiliated		—			15,729,133			56,386
Dividends — affiliated		—			3,999			41
Tax reclaims		—			125,065			19,263
Unrealized appreciation on forward foreign currency exchange contracts		312,191			—			—
Total assets		9,183,280			3,325,966,333			49,394,126
LIABILITIES
Collateral on securities loaned, at value		15,584			—			954,268
Payables:
Investments purchased		155,984			17,579,962			393,521
Investment advisory fees		—			1,283,823			22,233
Variation margin on futures contracts		—			231,221			861
Unrealized depreciation on forward foreign currency exchange contracts		98,695			—			—
Total liabilities		270,263			19,095,006			1,370,883
NET ASSETS	$	8,913,017		$	3,306,871,327		$	48,023,243
NET ASSETS CONSIST OF
Paid-in capital	$	14,205,672		$	4,351,422,163		$	81,676,008
Accumulated loss		(5,292,655	)		(1,044,550,836	)		(33,652,765	)
NET ASSETS	$	8,913,017		$	3,306,871,327		$	48,023,243
NET ASSETVALUE
Shares outstanding		340,000			102,600,000			1,450,000
Net asset value	$	26.21		$	32.23		$	33.12
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	—		$	3,788,160,349		$	67,022,678
(b) Securities loaned, at value	$	15,107		$	—		$	777,809
(c)  Investments, at cost — affiliated	$	9,214,443		$	1,170,000		$	972,706
(d) Foreign currency collateral pledged, at cost	$	—		$	1,539,968		$	10,141
(e) Foreign currency, at cost	$	—		$	10,057,842		$	83,975

See notes to financial statements.

FINANCIAL   STATEMENTS 19

Statements of Operations (unaudited)

Six Months Ended February 28, 2023

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	41,596,481		$	636,289
Dividends — affiliated		206,956			44,370			365
Securities lending income — affiliated — net		18,352			—			28,083
Foreign taxes withheld		—			(60,542	)		(20,757	)
Total investment income		225,308			41,580,309			643,980
EXPENSES
Investment advisory		40,918			7,958,371			137,460
Total expenses		40,918			7,958,371			137,460
Less:
Investment advisory fees waived		(41,017	)		—			—
Total expenses after fees waived		(99	)		7,958,371			137,460
Net investment income		225,407			33,621,938			506,520
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(10,942,062	)		(1,624,205	)
Investments — affiliated		(175,923	)		—			122
Capital gain distributions from underlying funds — affiliated		—			1			—
Forward foreign currency exchange contracts		341,751			—			—
Foreign currency transactions		—			(1,669,374	)		19,532
Futures contracts		—			(295,921	)		(5,253	)
In-kind redemptions — unaffiliated(a)		—			15,470,773			485,322
In-kind redemptions — affiliated(a)		(56,241	)		—			—
		109,587			2,563,417			(1,124,482	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—			347,052,974			4,978,255
Investments — affiliated		1,702,758			—			279
Forward foreign currency exchange contracts		(793,351	)		—			—
Foreign currency translations		—			1,015,264			7,807
Futures contracts		—			625,667			16,370
		909,407			348,693,905			5,002,711
Net realized and unrealized gain		1,018,994			351,257,322			3,878,229
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,244,401		$	384,879,260		$	4,384,749

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI United Kingdom ETF									iShares MSCI United Kingdom ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22				Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	225,407			$	688,168			$	33,621,938		$	131,753,890
Net realized gain			109,587				1,841,564				2,563,417			200,034,166
Net change in unrealized appreciation (depreciation)			909,407				(1,080,231	)			348,693,905			(677,452,421	)
Net increase (decrease) in net assets resulting from operations			1,244,401				1,449,501				384,879,260			(345,664,365	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(213,989	)			(688,249	)			(48,407,453	)		(144,252,025	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(7,955,509	)			6,810,679				(329,442,495	)		210,576,943
NET ASSETS
Total increase (decrease) in net assets			(6,925,097	)			7,571,931				7,029,312			(279,339,447	)
Beginning of period			15,838,114				8,266,183				3,299,842,015			3,579,181,462
End of period		$	8,913,017			$	15,838,114			$	3,306,871,327		$	3,299,842,015

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

See notes to financial statements.

FINANCIAL   STATEMENTS 21

Statements of Changes in Net Assets (continued)

	iShares MSCI United Kingdom Small-Cap ETF
		Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	506,520			$	1,925,857
Net realized loss			(1,124,482	)			(2,383,431	)
Net change in unrealized appreciation (depreciation)			5,002,711				(37,540,449	)
Net increase (decrease) in net assets resulting from operations			4,384,749				(37,998,023	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(296,954	)			(3,896,752	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(3,304,472	)			(41,424,975	)
NET ASSETS
Total increase (decrease) in net assets			783,323				(83,319,750	)
Beginning of period			47,239,920				130,559,670
End of period		$	48,023,243			$	47,239,920

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI United Kingdom ETF
	Six Months Ended 02/28/23				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			(unaudited	)			08/31/22				08/31/21				08/31/20				08/31/19				08/31/18
Net asset value, beginning of period		$	24.00			$	22.96			$	18.95			$	23.43			$	23.83			$	23.84
Net investment income(a)			0.42				1.08				0.59				0.74				0.92				1.11
Net realized and unrealized gain (loss)(b)			2.18				1.00				4.04				(4.46	)			(0.26	)			(0.05	)
Net increase (decrease) from investment operations			2.60				2.08				4.63				(3.72	)			0.66				1.06
Distributions from net investment income(c)			(0.39	)			(1.04	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)
Net asset value, end of period		$	26.21			$	24.00			$	22.96			$	18.95			$	23.43			$	23.83
Total Return(d)
Based on net asset value			10.92	%(e)			9.18	%			24.59	%			(16.34	)%			2.92	%			4.42	%
Ratios to Average Net Assets(f)
Total expenses			0.62	%(g)			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.00	%(g)(h)			0.00	%(h)			0.00	%(h)			0.00	%(h)			0.00	%			0.00	%
Net investment income			3.42	%(g)			4.50	%			2.82	%			3.31	%			3.96	%			4.62	%
Supplemental Data
Net assets, end of period (000)		$	8,913			$	15,838			$	8,266			$	10,420			$	35,146			$	22,643
Portfolio turnover rate(i)			9	%			12	%			15	%			15	%			11	%			17	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Rounds to less than 0.01%.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 23

Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares MSCI United Kingdom ETF
	Six Months Ended
				02/28/23			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)					08/31/22			08/31/21			08/31/20			08/31/19			08/31/18
Net asset value, beginning of period			$	28.90		$	33.05		$	26.88		$	30.27		$	33.62		$	33.76
Net investment income(a)				0.32			1.26			1.20			0.90			1.49			1.29
Net realized and unrealized gain (loss)(b)				3.48			(3.95	)		5.87			(3.30	)		(3.39	)		0.06
Net increase (decrease) from investment operations				3.80			(2.69	)		7.07			(2.40	)		(1.90	)		1.35
Distributions from net investment income(c)				(0.47	)		(1.46	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)
Net asset value, end of period			$	32.23		$	28.90		$	33.05		$	26.88		$	30.27		$	33.62
Total Return(d)
Based on net asset value				13.21	%(e)		(8.50	)%		26.46	%		(8.25	)%		(5.64	)%		3.90	%
Ratios to Average Net Assets(f)
Total expenses				0.51	%(g)		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%
Net investment income				2.14	%(g)		3.90	%		3.91	%		3.12	%		4.64	%		3.66	%
Supplemental Data
Net assets, end of period (000)			$	3,306,871		$	3,299,842		$	3,579,181		$	2,191,064		$	2,000,722		$	1,986,971
Portfolio turnover rate(h)				2	%		7	%		9	%		4	%		11	%		5	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares MSCI United Kingdom Small-Cap ETF
	Six Months Ended
				02/28/23			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)					08/31/22			08/31/21			08/31/20			08/31/19			08/31/18
Net asset value, beginning of period			$	30.48		$	50.22		$	35.68		$	35.95		$	42.65		$	39.92
Net investment income(a)				0.33			0.92			0.86			0.72			1.05			1.15
Net realized and unrealized gain (loss)(b)				2.50			(18.83	)		14.32			0.03			(6.69	)		2.93
Net increase (decrease) from investment operations				2.83			(17.91	)		15.18			0.75			(5.64	)		4.08
Distributions from net investment income(c)				(0.19	)		(1.83	)		(0.64	)		(1.02	)		(1.06	)		(1.35	)
Net asset value, end of period			$	33.12		$	30.48		$	50.22		$	35.68		$	35.95		$	42.65
Total Return(d)
Based on net asset value				9.32	%(e)		(36.56	)%		42.88	%		1.90	%		(13.17	)%		10.22	%
Ratios to Average Net Assets(f)
Total expenses				0.59	%(g)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income				2.17	%(g)		2.23	%		1.94	%		1.99	%		2.76	%		2.68	%
Supplemental Data
Net assets, end of period (000)			$	48,023		$	47,240		$	130,560		$	60,657		$	61,109		$	57,571
Portfolio turnover rate(h)				10	%		17	%		15	%		25	%		20	%		20	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 25

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification    Classification
Currency Hedged MSCI United Kingdom		Diversified
MSCI United Kingdom		Non-diversified
MSCI United Kingdom Small-Cap		Diversified

Currently the iShares Currency Hedged MSCI United Kingdom ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI United Kingdom ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI United Kingdom ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

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 Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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

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

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

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

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

NOTES   TO   FINANCIAL   STATEMENTS 27

Notes to Financial Statements (unaudited) (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Currency Hedged MSCI United Kingdom
Credit Suisse Securities (USA) LLC	$	15,107	$	(15,107	)	$	—		$	—
MSCI United Kingdom Small-Cap
Barclays Capital, Inc.	$	156,430	$	(156,430	)	$	—		$	—
BofA Securities, Inc.		46,578		(46,578	)		—			—
J.P. Morgan Securities LLC		244,414		(244,414	)		—			—
Jefferies LLC		60,485		(60,485	)		—			—
Morgan Stanley		266,317		(266,317	)		—			—
UBS AG		3,585		(3,585	)		—			—
	$	777,809	$	(777,809	)	$	—		$	—

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

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

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

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules 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 Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

NOTES   TO   FINANCIAL   STATEMENTS 29

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI United Kingdom		0.62%
MSCI United Kingdom Small-Cap		0.59

For its investment advisory services to the iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

For the iShares Currency Hedged MSCI United Kingdom ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI United Kingdom ETF (“EWU”), after taking into account any fee waivers by EWU, plus 0.03%. BFA has also contractually agreed to an additional reduction in its investment advisory fee of 0.03% through December 31, 2025.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI United Kingdom	$	41,017

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement,

30 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI United Kingdom	$	4,146
MSCI United Kingdom Small-Cap		6,164

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

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

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
MSCI United Kingdom		$42,930,061		$2,007,026		$(1,087,956)

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

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

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	1,155,186	$	1,466,972
MSCI United Kingdom		113,118,531		70,821,976
MSCI United Kingdom Small-Cap		5,265,262		4,717,163

For the six months ended February 28, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind    Sales
Currency Hedged MSCI United Kingdom	$	1,728,425	$	9,836,702
MSCI United Kingdom		—		364,287,728
MSCI United Kingdom Small-Cap		—		3,271,436

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Currency Hedged MSCI United Kingdom	$	4,113,809
MSCI United Kingdom		533,266,947
MSCI United Kingdom Small-Cap		12,550,279

NOTES   TO   FINANCIAL   STATEMENTS 31

Notes to Financial Statements (unaudited) (continued)

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

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI United Kingdom	$	9,365,674	$	312,191	$	(605,195	)	$	(293,004	)
MSCI United Kingdom		3,812,393,929		82,585,113		(612,773,946	)		(530,188,833	)
MSCI United Kingdom Small-Cap		68,773,269		1,735,895		(21,687,854	)		(19,951,959	)

9. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

32 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

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

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.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		70,000		$	1,727,890			760,000		$	17,906,170
Shares redeemed		(390,000	)		(9,683,399	)		(460,000	)		(11,095,491	)
		(320,000	)	$	(7,955,509	)		300,000		$	6,810,679
MSCI United Kingdom
Shares sold		1,300,000		$	40,850,646			43,500,000		$	1,432,434,045
Shares redeemed		(12,900,000	)		(370,293,141	)		(37,600,000	)		(1,221,857,102	)
		(11,600,000	)	$	(329,442,495	)		5,900,000		$	210,576,943

NOTES   TO   FINANCIAL   STATEMENTS 33

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI United Kingdom Small-Cap
Shares sold		—		$	16			50,000		$	1,854,361
Shares redeemed		(100,000	)		(3,304,488	)		(1,100,000	)		(43,279,336	)
		(100,000	)	$	(3,304,472	)		(1,050,000	)	$	(41,424,975	)

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

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

11. SUBSEQUENT EVENTS

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

34 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

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

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

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

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

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

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

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

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

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

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

STATEMENT   REGARDING   LIQUIDITY   RISK   MANAGEMENT   PROGRAM 35

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

36 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
Currency Abbreviations
GBP	British Pound
USD	United States Dollar

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 37

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

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

iS-SAR-813-0223

                    

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Emergent Food and AgTech Multisector ETF | IVEG | NASDAQ

· iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

· iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

· iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ

· iShares MSCI Water Management Multisector ETF | IWTR | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	1.26%	(7.69)%
U.S. small cap equities (Russell 2000® Index)	3.63	(6.02)
International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)
Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS  NOT  PART  OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Board Review and Approval of Investment Advisory Contract		53
Statement Regarding Liquidity Risk Management Program		55
Supplemental Information		56
General Information		57
Glossary of Terms Used in this Report		58

Fund Summary as of February 28, 2023 iShares^® Emergent Food and AgTech Multisector ETF

Investment Objective

The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as representd by the Morningstar Global Food Innovation 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

				Cumulative Total Returns
	6-Month Total Returns			Since Inception
Fund NAV		0.54	%		(11.53	)%
Fund Market		0.21			(11.36	)
Index		0.58			(11.22	)

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$          1,005.40	$        2.34			$       1,000.00	$       1,022.50	$        2.36		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Materials	50.8	%
Industrials	18.4
Consumer Staples	17.7
Health Care	9.5
Information Technology	3.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	58.6	%
Germany	10.5
United Kingdom	8.1
France	6.9
Norway	4.7
Japan	4.1
Canada	4.0
Denmark	2.1
Other (each representing less than 1%)	1.0

^(a) Excludes money market funds.

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

Fund Summary as of February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF

Investment Objective

The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		12.71	%		(3.30	)%		3.00	%		7.22	%		(3.30	)%		15.91	%		59.22	%
Fund Market		12.71			(3.10	)		3.05			7.21			(3.10	)		16.20			59.18
Index		12.63			(3.16	)		3.10			7.36			(3.16	)		16.50			60.64

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,127.10	$         1.05			$       1,000.00	$      1,023.80	$         1.00		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	19.3	%
Industrials	15.3
Health Care	12.2
Consumer Discretionary	11.4
Consumer Staples	10.0
Information Technology	8.9
Materials	7.7
Energy	5.6
Communication Services	3.8
Utilities	3.0
Real Estate	2.8

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	21.4	%
United Kingdom	15.4
France	11.7
Switzerland	10.5
Germany	8.1
Australia	7.5
Netherlands	4.5
Sweden	3.5
Denmark	3.1
Spain	2.7
Hong Kong	2.6
Italy	2.1
Singapore	1.5
Finland	1.1
Norway	1.0
Belgium	1.0
Other (each representing less than 1%)	2.3

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2023 iShares^® ESG MSCI EM Leaders ETF

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.76	)%		(16.27	)%		(2.35	)%		(16.27	)%		(7.04	)%
Fund Market		(1.29	)		(17.94	)		(2.50	)		(17.94	)		(7.46	)
Index		(2.32	)		(16.72	)		(1.87	)		(16.72	)		(5.62	)

The inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          982.40	$         0.79			$       1,000.00	$      1,024.00	$         0.80		0.16	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	24.5	%
Information Technology	13.3
Consumer Discretionary	13.2
Communication Services	13.1
Materials	8.4
Industrials	7.0
Consumer Staples	6.8
Energy	5.2
Health Care	4.2
Utilities	2.2
Real Estate	2.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	29.3	%
Taiwan	15.2
India	14.5
South Korea	8.1
South Africa	6.6
Brazil	4.5
Mexico	3.7
Thailand	3.1
Malaysia	2.3
United Arab Emirates	2.1
Indonesia	2.1
Saudi Arabia	2.0
Poland	1.1
Qatar	1.1
Other (each representing less than 1%)	4.3

^(a) Excludes money market funds.

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

Fund Summary as of February 28, 2023 iShares^® MSCI Global Sustainable Development Goals ETF

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCIACWI Sustainable Impact Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		0.03	%		(9.00	)%		7.46	%		9.02	%		(9.00	)%		43.31	%		80.93	%
Fund Market		(0.44	)		(8.98	)		7.39			8.98			(8.98	)		42.86			80.48
Index		(0.09	)		(9.49	)		7.45			9.13			(9.49	)		43.25			82.10

The inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          1,000.30	$         2.43			$       1,000.00	$      1,022.40	$         2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Consumer Staples	20.3	%
Health Care	20.2
Real Estate	16.2
Industrials	15.4
Materials	13.1
Consumer Discretionary	6.6
Utilities	4.5
Information Technology	3.7
Financials	0.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	26.7	%
Japan	15.2
China	10.3
Denmark	8.5
United Kingdom	6.0
Hong Kong	5.1
Switzerland	4.6
Belgium	4.3
Canada	4.2
Sweden	2.7
Germany	2.3
Chile	1.7
Taiwan	1.7
France	1.5
Australia	1.0
Other (each representing less than 1%)	4.2

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of February 28, 2023 iShares^® MSCI Water Management Multisector ETF

Investment Objective

The iShares MSCI Water Management Multisector ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that either 1) derive a proportion of their revenues from sustainable water products or services or 2) demonstrate relative efficiency in their water management, as represented by the MSCI ACWI IMI Sustainable Water Transition Extended Capped 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

	Cumulative Total Returns
	Since    Inception
Fund NAV		9.90%
Fund Market		9.82
Index		9.83

The inception date of the Fund was September 20, 2022. The first day of secondary market trading was September 22, 2022.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (09/20/22)	(a)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(b)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$        1,000.00		$          1,099.00	$         2.18			$       1,000.00	$      1,022.50	$         2.36		0.47	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 161/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Consumer Staples	28.7	%
Industrials	25.4
Utilities	19.3
Information Technology	16.0
Consumer Discretionary	7.2
Materials	2.3
Other (each representing less than 1%)	1.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	49.6	%
Switzerland	7.7
Taiwan	7.4
France	7.1
United Kingdom	6.2
Belgium	4.1
Japan	3.8
Brazil	3.2
Austria	2.9
China	1.8
Mexico	1.5
Other (each representing less than 1%)	4.7

^(a)  Excludes money market funds.

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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T   F U N D   P E R F O R M A N C E / D I S C L O S U R E   O F   E X P E N S E S 9

Schedule of Investments (unaudited)  February 28, 2023 iShares^® Emergent Food and AgTech Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.4%
Nufarm Ltd./Australia		7,128	$	27,753
Canada — 4.0%
Nutrien Ltd.		3,258		253,859
Denmark — 2.1%
Chr Hansen Holding A/S		1,902		131,858
France — 6.9%
Danone SA		4,674		262,736
Eurofins Scientific SE		2,496		173,958
				436,694
Germany — 10.5%
BASF SE		4,998		255,909
Bayer AG, Registered		4,506		267,572
GEA Group AG		3,114		136,891
				660,372
Japan — 4.1%
Kubota Corp		17,200		259,613
Netherlands — 0.6%
Corbion NV		1,002		37,644
Norway — 4.6%
Austevoll Seafood ASA		1,800		15,380
Bakkafrost P/F		960		62,809
Grieg Seafood ASA		1,146		8,263
Mowi ASA		9,078		156,729
Salmar ASA		1,182		49,000
				292,181
United Kingdom — 8.1%
CNH Industrial NV		15,354		251,688

Security	Shares		Value
United Kingdom (continued)
Croda International PLC		2,700	$	212,928
Genus PLC		1,200		42,761
				507,377
United States — 58.4%
AGCO Corp.		1,188		167,282
Archer-Daniels-Midland Co.		2,676		213,010
CF Industries Holdings Inc.		2,472		212,320
Corteva Inc.		3,912		243,679
Deere & Co.		570		238,967
Ecolab Inc.		1,686		268,698
Exponent Inc.		1,020		104,958
FMC Corp.		1,944		251,068
Ingredion Inc.		1,266		125,840
International Flavors & Fragrances Inc.		2,304		214,733
International Paper Co.		6,864		249,781
Kellogg Co.		3,360		221,558
Mosaic Co. (The)		5,244		278,928
Neogen Corp.(a)		4,536		80,242
Packaging Corp. of America		1,836		251,018
Sealed Air Corp.		2,862		139,150
Sotera Health Co.(a)		1,926		32,145
Trimble Inc.(a)		4,320		224,899
Westrock Co.		5,232		164,285
				3,682,561
Total Investments — 99.7% (Cost: $6,873,549)				6,289,912
Other Assets Less Liabilities — 0.3%				18,801
Net Assets — 100.0%			$	6,308,713

^(a) Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	65,147	$	—	$	(65,146	)(b)	$	5	$	(6	)	$	—		—	$	1,648	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		—		—		0	(b)		—		—			—		—		30			—
								$	5	$	(6	)	$	—			$	1,678		$	—

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

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

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

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® Emergent Food and AgTech Multisector ETF

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(945	)	$	—	$	—	$	—	$	(945	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(278	)	$	—	$	—	$	—	$	(278	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	10,203

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,936,420	$	2,353,492	$	—	$	6,289,912

See notes to financial statements.

SCHEDULE   OF  INVESTMENTS 11

Schedule of Investments (unaudited)  February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.5%
Ampol Ltd.		342,032	$	7,540,710
APA Group		1,612,310		11,616,303
Aristocrat Leisure Ltd.		285,119		6,986,624
ASX Ltd.		261,846		11,960,154
Aurizon Holdings Ltd.		2,991,525		6,647,595
Australia & New Zealand Banking Group Ltd.		1,197,135		19,802,372
BlueScope Steel Ltd.		598,426		7,656,676
Brambles Ltd.		1,929,051		16,668,339
Cochlear Ltd.		84,520		12,604,016
Coles Group Ltd.		917,975		11,211,780
Commonwealth Bank of Australia		708,049		47,834,959
Computershare Ltd.		593,730		9,875,570
CSL Ltd.		206,728		41,132,080
Dexus		1,965,820		11,107,983
Fortescue Metals Group Ltd.		1,066,821		15,287,455
Goodman Group		541,695		7,206,198
GPT Group (The)		3,445,086		10,875,113
IGO Ltd.		705,009		6,197,417
Lendlease Corp. Ltd.		1,252,910		6,416,169
Macquarie Group Ltd.		143,503		18,222,361
Mineral Resources Ltd.		145,052		8,011,015
Mirvac Group		5,869,796		8,937,223
National Australia Bank Ltd.		1,169,784		23,545,734
Newcrest Mining Ltd.		517,969		7,929,450
Northern Star Resources Ltd.		985,890		6,880,848
Orica Ltd.		637,914		6,930,654
Pilbara Minerals Ltd.(a)		2,034,697		5,669,819
Ramsay Health Care Ltd.		155,579		7,053,461
REA Group Ltd.		81,500		6,711,086
Rio Tinto Ltd.		200,327		15,656,374
Santos Ltd.		2,442,580		11,405,407
SEEK Ltd.		409,774		6,639,436
South32 Ltd.		3,063,025		8,899,388
Stockland		2,918,134		7,516,963
Transurban Group		3,446,377		32,794,758
Wesfarmers Ltd.		295,393		9,562,437
Westpac Banking Corp.		932,501		14,100,747
Woodside Energy Group Ltd.		1,366,887		33,119,636
Woolworths Group Ltd.		342,559		8,495,911
Xero Ltd.(a)		125,603		6,541,877
				523,252,098
Austria — 0.3%
OMV AG		226,031		11,009,398
Verbund AG		83,620		7,231,659
				18,241,057
Belgium — 1.0%
Anheuser-Busch InBev SA/NV		432,459		26,232,332
Argenx SE(a)		22,337		8,130,780
KBC Group NV		253,296		18,915,023
UCB SA		85,011		7,308,247
Umicore SA		185,149		6,170,757
				66,757,139
Denmark — 3.1%
AP Moller - Maersk A/S, Class A		4,512		10,313,037
Carlsberg AS, Class B		59,316		8,381,997
Coloplast A/S, Class B		61,119		7,062,060
DSV A/S		82,746		15,035,454
Genmab A/S(a)		38,582		14,516,435

Security	Shares		Value
Denmark (continued)
Novo Nordisk A/S, Class B		811,454	$	114,622,144
Novozymes A/S, Class B		141,409		6,810,807
Orsted AS(b)		125,998		10,967,251
Pandora A/S		95,741		9,068,937
Vestas Wind Systems A/S		574,175		16,384,049
				213,162,171
Finland — 1.1%
Kesko OYJ, Class B		377,577		8,199,404
Metso Outotec OYJ		846,345		9,023,402
Neste OYJ		326,833		15,763,560
Nokia OYJ		3,815,274		17,651,550
Stora Enso OYJ, Class R		444,176		6,279,675
UPM-Kymmene OYJ		427,808		15,502,238
Wartsila OYJ Abp		705,916		6,818,178
				79,238,007
France — 11.7%
Air Liquide SA		139,050		22,091,759
Airbus SE		180,952		23,699,371
Alstom SA		258,727		7,593,174
AXA SA		986,863		31,097,496
BNP Paribas SA		521,351		36,448,241
Capgemini SE		42,908		8,046,798
Carrefour SA		392,979		7,768,980
Cie. de Saint-Gobain		128,120		7,613,227
Cie. Generale des Etablissements Michelin SCA		820,072		25,763,415
Covivio		122,503		7,845,698
Credit Agricole SA		655,894		7,993,721
Danone SA		541,816		30,456,730
Dassault Systemes SE		544,513		21,012,850
Edenred		123,601		6,957,035
Eiffage SA		69,813		7,661,913
Engie SA		636,220		9,284,594
EssilorLuxottica SA		109,886		19,049,110
Gecina SA		101,243		11,647,972
Hermes International		15,604		28,245,309
Kering SA		46,367		27,185,929
Klepierre SA		312,550		7,794,891
Legrand SA		84,353		7,815,684
L’Oreal SA		141,508		55,934,263
LVMH Moet Hennessy Louis Vuitton SE		136,440		113,426,157
Orange SA		649,308		7,412,689
Pernod Ricard SA		114,562		23,898,918
Safran SA		126,224		17,822,996
Sanofi		478,478		44,736,852
Schneider Electric SE		347,747		55,798,458
Societe Generale SA		729,285		21,017,663
Teleperformance		25,396		6,607,890
TotalEnergies SE		1,153,481		71,174,561
Unibail-Rodamco-Westfield(a)		122,357		7,731,436
Valeo		461,892		9,595,686
Vinci SA		92,021		10,463,507
Worldline SA/France(a)(b)		139,941		5,828,884
				814,523,857
Germany — 7.7%
adidas AG		93,712		13,995,585
Allianz SE, Registered		203,011		47,669,696
BASF SE		264,515		13,543,766
Bayer AG, Registered		377,409		22,411,002
Bayerische Motoren Werke AG		140,358		14,480,085

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Brenntag SE		95,856	$	7,220,178
Commerzbank AG(a)		665,773		8,112,770
Covestro AG(b)		156,730		6,889,916
Deutsche Bank AG, Registered		892,924		11,132,364
Deutsche Boerse AG		114,748		20,009,050
Deutsche Lufthansa AG, Registered(a)		690,934		7,158,601
Deutsche Post AG, Registered		435,122		18,401,713
Deutsche Telekom AG, Registered		464,086		10,415,503
E.ON SE		1,104,914		12,055,562
Fresenius SE & Co. KGaA		233,669		6,429,914
GEA Group AG		200,210		8,801,206
HeidelbergCement AG		104,566		7,178,712
Henkel AG & Co. KGaA		127,810		8,847,831
Infineon Technologies AG		780,826		27,622,798
LEG Immobilien SE		94,729		6,891,400
Mercedes-Benz Group AG		373,182		28,601,677
Merck KGaA		124,953		23,677,717
MTU Aero Engines AG		28,995		6,997,162
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		93,120		32,077,709
Puma SE		162,633		10,352,311
Rheinmetall AG		29,386		7,469,257
SAP SE		631,214		71,712,756
Siemens AG, Registered		367,258		55,967,104
Vonovia SE		511,512		12,864,038
Zalando SE(a)(b)		177,629		7,037,670
				536,025,053
Hong Kong — 2.6%
AIA Group Ltd.		6,009,000		63,863,705
BOC Hong Kong Holdings Ltd.		3,647,500		12,344,400
Galaxy Entertainment Group Ltd.		1,251,000		8,328,705
Hang Seng Bank Ltd.		489,300		7,959,209
Hong Kong Exchanges & Clearing Ltd.		669,800		26,827,261
MTR Corp. Ltd.		3,175,500		16,002,191
Sands China Ltd.(a)		1,923,200		6,674,679
Sun Hung Kai Properties Ltd.		577,500		7,892,351
Swire Pacific Ltd., Class A		879,000		7,173,260
Swire Properties Ltd.		6,717,400		17,676,841
Wharf Real Estate Investment Co. Ltd.		1,274,000		6,985,120
				181,727,722
Ireland — 0.8%
CRH PLC		614,174		28,849,882
Flutter Entertainment PLC, Class DI(a)		71,077		11,412,005
Kerry Group PLC, Class A		175,433		16,796,787
				57,058,674
Israel — 0.6%
Bank Hapoalim BM		898,427		7,514,646
Bank Leumi Le-Israel BM		908,743		7,065,044
CyberArk Software Ltd.(a)		48,737		7,055,655
Elbit Systems Ltd.		43,765		7,410,065
Isracard Ltd.		1		4
Nice Ltd.(a)		40,483		8,415,000
Wix.com Ltd.(a)		76,375		6,914,229
				44,374,643
Italy — 2.1%
Assicurazioni Generali SpA		1,360,629		26,912,382
Enel SpA		4,616,834		25,898,406
Eni SpA		768,126		10,849,029
FinecoBank Banca Fineco SpA		403,325		6,969,645

Security	Shares		Value
Italy (continued)
Intesa Sanpaolo SpA		10,029,383	$	27,092,206
Moncler SpA		114,663		7,009,927
Poste Italiane SpA(b)		663,083		7,149,868
Prysmian SpA		175,822		6,759,469
Stellantis NV		451,087		7,891,441
Terna - Rete Elettrica Nazionale		926,841		6,967,473
UniCredit SpA		670,441		13,716,230
				147,216,076
Japan — 21.3%
Aeon Co. Ltd.		537,700		10,029,110
Ajinomoto Co. Inc.		630,300		18,598,338
ANA Holdings Inc.(a)		342,200		6,945,538
Asahi Group Holdings Ltd.		304,300		10,761,369
Asahi Kasei Corp.		2,935,100		20,443,006
Astellas Pharma Inc.		1,129,200		15,856,876
Azbil Corp.		391,500		10,181,306
Bridgestone Corp.		532,400		20,368,473
Chugai Pharmaceutical Co. Ltd.		267,500		6,654,723
Dai Nippon Printing Co. Ltd.		262,800		7,045,608
Dai-ichi Life Holdings Inc.		316,100		6,743,772
Daiichi Sankyo Co. Ltd.		899,100		28,318,356
Daikin Industries Ltd.		150,400		25,717,601
Daiwa Securities Group Inc.		3,368,400		16,105,383
East Japan Railway Co.		125,900		6,358,480
Eisai Co. Ltd.		173,200		9,355,004
ENEOS Holdings Inc.		3,256,800		11,196,484
FANUC Corp.		116,800		19,852,595
Fast Retailing Co. Ltd.		94,800		18,715,021
FUJIFILM Holdings Corp.		250,400		11,681,626
Fujitsu Ltd.		140,600		18,057,015
Hankyu Hanshin Holdings Inc.		394,500		11,226,341
Hitachi Construction Machinery Co. Ltd.		294,200		6,579,724
Hitachi Ltd.		447,100		22,631,266
Honda Motor Co. Ltd.		1,282,500		33,349,076
Hoya Corp.		256,100		25,354,590
Ibiden Co. Ltd.		207,500		7,117,575
Idemitsu Kosan Co. Ltd.		319,500		7,071,015
Inpex Corp.		1,455,000		15,254,782
ITOCHU Corp.		1,159,700		34,664,217
JFE Holdings Inc.		617,900		7,666,893
KDDI Corp.		1,346,400		39,392,787
Keyence Corp.		76,300		32,978,936
Kirin Holdings Co. Ltd.		653,800		9,786,393
Komatsu Ltd.		552,400		13,216,386
Kubota Corp.		716,500		10,814,679
Kurita Water Industries Ltd.		149,500		6,754,435
Kyowa Kirin Co. Ltd.		304,700		6,520,705
Marubeni Corp.		1,464,100		18,690,785
Mazda Motor Corp.		829,900		7,425,155
Mitsubishi Chemical Group Corp.		1,296,300		7,550,768
Mitsubishi Corp.		410,900		13,958,707
Mitsubishi Electric Corp.		669,000		7,517,697
Mitsubishi Heavy Industries Ltd.		248,500		9,157,134
Mitsubishi UFJ Financial Group Inc.		5,078,900		36,006,824
Mitsui Chemicals Inc.		298,300		7,196,526
Mizuho Financial Group Inc.		1,374,500		21,424,733
MS&AD Insurance Group Holdings Inc.		348,300		11,397,811
Murata Manufacturing Co. Ltd.		178,700		9,565,341
NEC Corp.		198,800		7,117,991
Nidec Corp.		134,100		6,805,502

SCHEDULE   OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nintendo Co. Ltd.		525,480	$	19,672,425
Nippon Express Holdings Inc.		116,500		6,498,955
Nippon Paint Holdings Co. Ltd.		811,700		7,093,049
Nippon Steel Corp.		420,400		9,394,995
Nippon Telegraph & Telephone Corp.		241,200		6,989,208
Nippon Yusen KK		286,000		7,433,993
Nitto Denko Corp.		129,800		7,814,656
Nomura Holdings Inc.		1,744,500		7,189,614
Nomura Research Institute Ltd.		387,700		8,661,936
Omron Corp.		317,100		17,022,943
Ono Pharmaceutical Co. Ltd.		332,200		6,766,238
Oriental Land Co. Ltd./Japan		114,900		18,347,800
ORIX Corp.		661,900		11,863,234
Panasonic Holdings Corp.		1,231,700		10,755,234
Rakuten Group Inc.		1,334,100		6,584,519
Recruit Holdings Co. Ltd.		763,300		20,468,509
Renesas Electronics Corp.(a)		732,800		9,494,027
Resona Holdings Inc.		1,736,400		9,563,884
SCSK Corp.		493,700		7,163,599
Secom Co. Ltd.		122,300		7,116,763
Sekisui Chemical Co. Ltd.		478,600		6,416,207
Sekisui House Ltd.		664,300		12,577,346
Seven & i Holdings Co. Ltd.		256,100		11,449,396
SG Holdings Co. Ltd.		471,600		6,799,691
Shimizu Corp.		1,273,600		6,874,742
Shin-Etsu Chemical Co. Ltd.		82,400		11,423,200
Shionogi & Co. Ltd.		195,900		8,678,764
Shiseido Co. Ltd.		153,200		7,056,055
SoftBank Corp.		2,109,500		23,797,190
SoftBank Group Corp.		538,400		21,773,577
Sompo Holdings Inc.		406,500		17,451,489
Sony Group Corp.		739,800		61,859,431
Sumitomo Chemical Co. Ltd.		4,195,300		14,700,307
Sumitomo Metal Mining Co. Ltd.		216,300		8,051,823
Sumitomo Mitsui Financial Group Inc.		590,400		25,785,028
Sumitomo Mitsui Trust Holdings Inc.		305,600		11,322,487
Suntory Beverage & Food Ltd.		201,500		7,068,425
Sysmex Corp.		181,400		10,866,038
T&D Holdings Inc.		440,600		6,669,433
Takeda Pharmaceutical Co. Ltd.		584,194		18,007,355
TDK Corp.		268,300		8,983,058
Terumo Corp.		284,900		7,659,070
Tokio Marine Holdings Inc.		1,063,300		22,574,526
Tokyo Electron Ltd.		82,700		28,374,530
Tokyo Gas Co. Ltd.		387,700		7,477,741
Tokyu Corp.		737,200		8,881,030
Toray Industries Inc.		2,736,600		15,668,166
TOTO Ltd.		196,800		6,576,727
Toyota Motor Corp.		4,981,600		67,897,045
West Japan Railway Co.		166,000		6,442,967
Yamaha Corp.		296,700		11,257,651
Yamaha Motor Co. Ltd.		656,300		16,791,571
Yaskawa Electric Corp.		323,000		12,708,120
Yokogawa Electric Corp.		447,800		6,688,014
				1,485,684,239
Netherlands — 4.4%
Adyen NV(a)(b)		10,012		14,191,302
Akzo Nobel NV		185,768		13,589,831
ASM International NV		23,165		7,896,159
ASML Holding NV		211,068		130,093,067

Security	Shares		Value
Netherlands (continued)
Heineken NV		105,589	$	10,762,527
ING Groep NV(a)		1,764,546		24,695,025
Koninklijke Ahold Delhaize NV		559,758		17,773,363
Koninklijke DSM NV		131,868		16,250,094
Koninklijke KPN NV		5,559,916		19,059,435
Prosus NV		420,334		30,133,397
Universal Music Group NV		339,625		8,002,020
Wolters Kluwer NV		148,479		17,189,049
				309,635,269
New Zealand — 0.3%
EBOS Group Ltd.		383,974		10,511,525
Meridian Energy Ltd.		2,249,562		7,383,838
Spark New Zealand Ltd.		2,141,275		6,611,338
				24,506,701
Norway — 1.0%
DNB Bank ASA		819,618		16,355,651
Equinor ASA		681,824		20,872,911
Kongsberg Gruppen ASA		171,741		7,147,606
Norsk Hydro ASA		991,659		7,218,051
Orkla ASA		1,035,880		6,972,263
Telenor ASA		1,123,571		12,598,424
				71,164,906
Portugal — 0.2%
Galp Energia SGPS SA		1,162,985		14,187,860
Singapore — 1.5%
Capitaland Investment Ltd/Singapore		4,715,700		13,005,872
City Developments Ltd.		2,254,200		12,894,816
DBS Group Holdings Ltd.		892,200		22,636,114
Keppel Corp. Ltd.		4,462,100		18,119,749
Oversea-Chinese Banking Corp. Ltd.		1,782,800		16,755,630
Sea Ltd., ADR(a)(c)		114,992		7,185,850
Sembcorp Marine Ltd.(a)(d)		70,981,057		6,679,836
United Overseas Bank Ltd.		450,000		9,974,533
				107,252,400
Spain — 2.7%
Amadeus IT Group SA(a)		352,626		22,174,122
Banco Bilbao Vizcaya Argentaria SA		3,264,508		25,375,110
Banco Santander SA		6,676,937		26,289,800
CaixaBank SA		1,637,647		7,031,840
Cellnex Telecom SA(b)		192,092		7,207,051
Corp. ACCIONA Energias Renovables SA		178,789		6,925,027
Endesa SA		371,339		7,281,964
Iberdrola SA		3,616,928		41,462,355
Industria de Diseno Textil SA		666,704		20,538,968
Naturgy Energy Group SA		320,510		8,817,120
Red Electrica Corp. SA		248,322		4,119,313
Repsol SA		531,626		8,407,579
				185,630,249
Sweden — 3.5%
Alfa Laval AB		209,494		6,890,842
Assa Abloy AB, Class B		451,900		10,996,425
Atlas Copco AB, Class A		1,195,014		14,187,470
Atlas Copco AB, Class B		839,509		8,843,803
Boliden AB		437,649		17,915,994
Epiroc AB, Class A		367,394		7,060,527
Epiroc AB, Class B		431,501		7,099,017
EQT AB		288,517		6,452,516
Essity AB, Class B		562,008		15,158,813

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Evolution AB(b)		79,120	$	9,547,144
H & M Hennes & Mauritz AB, Class B		580,634		7,316,212
Kinnevik AB, Class B(a)		448,679		6,692,895
Nibe Industrier AB, Class B		805,797		8,331,717
Nordea Bank Abp		1,474,130		18,680,509
Sandvik AB		428,638		8,817,905
Skandinaviska Enskilda Banken AB, Class A		614,299		7,685,798
Svenska Cellulosa AB SCA, Class B		692,287		9,661,139
Svenska Handelsbanken AB, Class A		1,295,421		13,740,481
Swedbank AB, Class A		416,863		8,517,563
Tele2 AB, Class B		1,145,918		10,533,050
Telefonaktiebolaget LM Ericsson, Class B		1,220,621		6,759,310
Telia Co. AB		5,175,178		13,364,294
Volvo AB, Class A		420,864		8,761,470
Volvo AB, Class B		445,688		8,917,826
				241,932,720
Switzerland — 10.4%
ABB Ltd., Registered		956,118		31,816,793
Alcon Inc.		184,476		12,578,084
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		643		7,044,481
Coca-Cola HBC AG, Class DI(a)		276,301		7,075,904
Credit Suisse Group AG, Registered		2,354,711		7,098,694
Geberit AG, Registered		23,942		12,921,445
Givaudan SA, Registered		6,197		18,679,495
Holcim AG		180,935		11,168,214
Julius Baer Group Ltd.		154,915		10,270,531
Kuehne + Nagel International AG, Registered		55,399		14,184,208
Logitech International SA, Registered		177,456		9,692,727
Lonza Group AG, Registered		49,535		29,505,088
Nestle SA, Registered		1,352,162		152,348,933
Novartis AG, Registered		954,174		80,303,394
Roche Holding AG, Bearer		22,449		6,954,267
Roche Holding AG, NVS		306,891		88,488,602
SGS SA, Registered		7,000		16,046,346
SIG Group AG(a)		418,050		10,111,354
Sika AG, Registered		52,897		14,833,639
Sonova Holding AG, Registered		35,964		8,844,863
STMicroelectronics NV		482,522		23,113,566
Straumann Holding AG		57,523		7,626,156
Swiss Life Holding AG, Registered		12,463		7,499,633
Swiss Re AG		232,166		24,253,838
Swisscom AG, Registered		17,753		10,954,367
Temenos AG, Registered		94,479		6,949,626
UBS Group AG, Registered		1,862,595		40,483,936
VAT Group AG(b)		23,939		7,225,905
Zurich Insurance Group AG		103,883		49,277,240
				727,351,329
United Kingdom — 15.3%
3i Group PLC		826,752		16,174,774
abrdn PLC		3,560,332		9,592,305
Anglo American PLC		666,749		23,039,319
Antofagasta PLC		474,199		8,945,185
Ashtead Group PLC		196,086		12,974,865
Associated British Foods PLC		306,258		7,382,595
AstraZeneca PLC		743,981		96,924,357
BAE Systems PLC		1,952,926		21,091,986
Barclays PLC		5,185,641		10,882,518
Barratt Developments PLC		1,938,450		10,898,886

Security	Shares		Value
United Kingdom (continued)
Berkeley Group Holdings PLC		147,188	$	7,409,243
BP PLC		6,892,269		45,292,739
British Land Co. PLC (The)		1,491,418		7,999,558
BT Group PLC		4,452,891		7,465,072
Burberry Group PLC		401,877		11,933,556
CNH Industrial NV		1,021,569		16,745,929
Coca-Cola Europacific Partners PLC		184,543		10,149,865
Compass Group PLC		583,625		13,482,778
Croda International PLC(c)		151,949		11,983,005
DCC PLC		131,310		7,300,274
Diageo PLC		1,383,664		58,717,759
Entain PLC		402,388		6,571,271
Experian PLC		189,202		6,378,780
GSK PLC		1,719,939		29,464,130
HSBC Holdings PLC		8,703,967		66,672,786
Informa PLC		1,011,633		8,126,494
InterContinental Hotels Group PLC		104,517		7,045,623
Intertek Group PLC		131,778		6,614,259
J Sainsbury PLC		3,480,666		11,225,362
Johnson Matthey PLC		268,134		7,034,460
Kingfisher PLC		2,983,724		10,318,782
Legal & General Group PLC		3,265,978		10,053,002
Lloyds Banking Group PLC		31,774,123		20,066,306
London Stock Exchange Group PLC		151,974		13,559,385
Mondi PLC		490,772		8,247,582
National Grid PLC		2,454,303		30,800,781
NatWest Group PLC, NVS		2,910,916		10,225,876
Pearson PLC		647,465		7,162,040
Prudential PLC		1,288,722		19,695,466
Reckitt Benckiser Group PLC		338,174		23,464,202
RELX PLC		956,441		28,841,929
Rio Tinto PLC		530,937		36,435,306
Rolls-Royce Holdings PLC(a)		5,207,111		9,072,338
Sage Group PLC (The)		1,462,225		13,174,817
Schroders PLC		1,308,203		7,808,614
Segro PLC		1,136,831		11,228,567
Shell PLC		3,490,798		105,730,598
Smiths Group PLC		345,490		7,326,468
Spirax-Sarco Engineering PLC		48,552		6,818,697
SSE PLC		621,298		13,003,118
St. James’s Place PLC		669,146		10,301,217
Standard Chartered PLC		1,268,210		12,000,052
Tesco PLC		3,617,238		11,080,985
Unilever PLC		1,369,025		68,160,302
Vodafone Group PLC		9,643,362		11,546,715
				1,071,642,878
Total Common Stocks — 99.1% (Cost: $6,514,880,791)				6,920,565,048
Preferred Stocks
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		82,494		7,813,494
Dr Ing hc F Porsche AG, Preference Shares, NVS		59,471		7,167,101
Henkel AG & Co. KGaA, Preference Shares, NVS		95,062		6,915,599

SCHEDULE   OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		16,533	$	7,022,687
				28,918,881
Total Preferred Stocks — 0.4% (Cost: $24,705,092)				28,918,881
Total Long-Term Investments — 99.5% (Cost: $6,539,585,883)				6,949,483,929
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)		3,390,586		3,392,620
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f)		1,300,000		1,300,000
Total Short-Term Securities — 0.1% (Cost: $4,691,629)				4,692,620
Total Investments — 99.6% (Cost: $6,544,277,512)				6,954,176,549
Other Assets Less Liabilities — 0.4%				26,790,412
Net Assets — 100.0%			$	6,980,966,961

^(a)  Non-income producing security.

^(b)  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.

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,537,814	$	—	$	(6,151,042	)(a)	$	8,490	$	(2,642	)	$	3,392,620		3,390,586	$	23,405	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,370,000		—		(70,000	)(a)		—		—			1,300,000		1,300,000		31,209			—
								$	8,490	$	(2,642	)	$	4,692,620			$	54,614		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		55		03/09/23	$	8,047	$	196,538
SPI 200 Index		28		03/16/23		3,380		11,935
Euro STOXX 50 Index		281		03/17/23		12,595		679,782

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

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		76		03/17/23	$	7,177	$	243,978
							$	1,132,233

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,132,233	$	—	$	—	$	—	$	1,132,233

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,563,278	$	—	$	—	$	—	$	2,563,278
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,581,754	$	—	$	—	$	—	$	1,581,754

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	36,709,372

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	31,305,599	$	6,882,579,613	$	6,679,836	$	6,920,565,048
Preferred Stocks		—		28,918,881		—		28,918,881
Short-Term Securities
Money Market Funds		4,692,620		—		—		4,692,620
	$	35,998,219	$	6,911,498,494	$	6,679,836	$	6,954,176,549

SCHEDULE   OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG Aware MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,132,233	$	—	$	1,132,233

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.9%
Atacadao SA		9,263	$	23,797
Banco Bradesco SA		22,960		51,047
Banco Santander Brasil SA		5,263		28,479
CCR SA		18,480		38,792
Cia. de Saneamento Basico do Estado de Sao Paulo		5,253		51,923
Cosan SA		18,597		53,211
Energisa SA		2,946		21,771
Equatorial Energia SA		14,640		71,110
Hapvida Participacoes e Investimentos SA(a)(b)		69,157		59,310
Hypera SA		5,735		45,624
Klabin SA		11,042		41,043
Localiza Rent a Car SA		11,138		118,051
Localiza Rent a Car SA, NVS		54		547
Lojas Renner SA		15,146		53,954
Natura & Co. Holding SA		13,741		40,209
Petro Rio SA(b)		10,502		67,600
Raia Drogasil SA		15,621		67,670
Rede D’Or Sao Luiz SA(a)		8,441		41,194
Rumo SA		19,135		65,642
Telefonica Brasil SA		7,341		54,601
Tim SA		11,814		27,665
TOTVS SA		8,042		41,919
Ultrapar Participacoes SA		11,015		27,730
WEG SA		24,522		183,419
				1,276,308
Chile — 0.4%
Cencosud SA		20,693		39,127
Empresas CMPC SA		15,804		26,261
Empresas COPEC SA		5,920		42,772
Enel Americas SA		342,687		42,667
Falabella SA		10,678		23,498
				174,325
China — 29.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,000		6,310
3SBio Inc.(a)		21,000		20,824
AAC Technologies Holdings Inc.(b)		12,500		27,937
Air China Ltd., Class A(b)		6,200		9,910
Air China Ltd., Class H(b)		28,000		25,817
Alibaba Group Holding Ltd.(b)		167,716		1,843,441
Alibaba Health Information Technology Ltd.(b)		76,000		54,418
Angel Yeast Co. Ltd., Class A		800		4,655
Anjoy Foods Group Co. Ltd., Class A		300		7,066
Baidu Inc.(b)		33,050		568,239
BBMG Corp., Class A		10,000		3,756
Beijing Capital International Airport Co. Ltd., Class H(b)		32,000		23,424
Beijing Enterprises Water Group Ltd.		74,000		18,581
BOC Aviation Ltd.(a)		3,400		24,563
BYD Co. Ltd., Class A		1,600		59,862
BYD Co. Ltd., Class H		12,000		322,611
By-health Co. Ltd., Class A		1,500		4,950
CECEP Wind Power Corp, Class A		7,310		4,163
Chengtun Mining Group Co. Ltd., Class A		2,800		2,514
Chengxin Lithium Group Co. Ltd., Class A		1,000		5,454
China Baoan Group Co. Ltd., Class A		2,500		4,596
China Communications Services Corp. Ltd., Class H		40,000		15,552
China Conch Venture Holdings Ltd.		26,000		52,324
China Construction Bank Corp., Class H		1,439,000		879,628

Security	Shares		Value
China (continued)
China Eastern Airlines Corp. Ltd., Class A(b)		8,000	$	6,251
China Everbright Environment Group Ltd.		64,000		25,956
China Feihe Ltd.(a)		59,000		47,289
China Jushi Co. Ltd., Class A		3,478		7,583
China Lesso Group Holdings Ltd.		20,000		21,096
China Medical System Holdings Ltd.		20,000		30,109
China Mengniu Dairy Co. Ltd.		48,000		211,280
China Merchants Bank Co. Ltd., Class A		18,800		100,978
China Merchants Bank Co. Ltd., Class H		58,500		317,450
China Overseas Land & Investment Ltd.		57,000		141,502
China Resources Cement Holdings Ltd.		44,000		23,676
China Resources Gas Group Ltd.		14,800		62,451
China Resources Land Ltd.		48,000		213,277
China Resources Mixc Lifestyle Services Ltd.(a)		10,200		55,999
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		800		5,860
China Ruyi Holdings Ltd.(b)		88,000		21,870
China Southern Airlines Co. Ltd., Class A(b)		7,400		8,411
China Southern Airlines Co. Ltd., Class H(b)		28,000		20,417
China Three Gorges Renewables Group Co. Ltd., Class A		25,200		20,274
China Vanke Co. Ltd., Class A		9,200		22,658
China Vanke Co. Ltd., Class H		25,500		44,584
CITIC Ltd.		85,000		93,786
CMOC Group Ltd., Class A		14,200		12,074
CMOC Group Ltd., Class H		51,000		28,718
Contemporary Amperex Technology Co. Ltd., Class A		2,200		127,465
COSCO SHIPPING Holdings Co. Ltd., Class A		12,200		18,920
COSCO SHIPPING Holdings Co. Ltd., Class H		49,500		51,343
Country Garden Services Holdings Co. Ltd.		22,000		40,963
CSPC Pharmaceutical Group Ltd.		135,360		145,417
Dali Foods Group Co. Ltd.(a)		36,500		14,763
ENN Energy Holdings Ltd.		12,000		170,829
ENN Natural Gas Co. Ltd., Class A		2,750		7,639
Far East Horizon Ltd.(c)		21,000		18,576
Fosun International Ltd.(c)		37,000		30,271
Ganfeng Lithium Co. Ltd., Class H(a)(c)		5,840		40,794
Ganfeng Lithium Group Co. Ltd., Class A		1,520		15,813
GEM Co. Ltd., Class A		4,600		5,222
Genscript Biotech Corp.(b)		16,000		43,795
Greentown Service Group Co. Ltd.(c)		20,000		13,345
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,600		7,269
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		500		6,065
Hansoh Pharmaceutical Group Co. Ltd.(a)		20,000		35,955
Henan Shuanghui Investment & Development Co. Ltd., Class A		3,100		11,802
Huadong Medicine Co. Ltd., Class A		1,600		11,048
Huatai Securities Co. Ltd., Class A		7,200		13,052
Huatai Securities Co. Ltd., Class H(a)		26,800		30,168
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		5,900		25,870
Jafron Biomedical Co. Ltd., Class A		700		3,262
Jiangsu Eastern Shenghong Co. Ltd., Class A		3,900		8,701
Jiangsu Expressway Co. Ltd., Class H		20,000		19,119
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		121		6,762
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,000		6,931
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		800		4,384
Kingdee International Software Group Co. Ltd.(b)		41,000		76,607
Kunlun Energy Co. Ltd.		62,000		49,677
Lenovo Group Ltd.		108,000		97,189

SCHEDULE   OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Li Auto Inc.(b)(c)		17,004	$	200,633
Longfor Group Holdings Ltd.(a)		28,000		80,154
Meituan, Class B(a)(b)		71,390		1,238,968
Microport Scientific Corp.(b)(c)		10,500		29,789
Ming Yang Smart Energy Group Ltd., Class A		2,100		7,671
NetEase Inc.		29,600		459,997
Orient Securities Co. Ltd., Class A		7,100		10,419
Ovctek China Inc., Class A		760		3,763
Pharmaron Beijing Co. Ltd., Class A		1,100		9,447
Pharmaron Beijing Co. Ltd., Class H(a)		3,200		17,944
Ping An Healthcare and Technology Co. Ltd.(a)(b)		8,500		19,479
Pop Mart International Group Ltd.(a)(c)		9,200		25,631
Postal Savings Bank of China Co. Ltd., Class A		24,500		15,936
Postal Savings Bank of China Co. Ltd., Class H(a)		125,000		75,100
Pylon Technologies Co. Ltd., NVS		176		6,791
SF Holding Co. Ltd., Class A		4,400		34,074
Shandong Nanshan Aluminum Co. Ltd., Class A		11,700		6,077
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		38,400		61,984
Shanghai Electric Group Co. Ltd., Class A(b)		13,400		8,075
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,200		10,668
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		8,000		23,405
Shanghai M&G Stationery Inc., Class A		800		6,236
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		3,100		8,812
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		11,600		20,456
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,100		7,952
Shenzhen Inovance Technology Co. Ltd., Class A		2,550		26,864
Shenzhen International Holdings Ltd.		26,000		22,598
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,100		49,627
Sichuan Yahua Industrial Group Co. Ltd., Class A		1,400		4,928
Sino Biopharmaceutical Ltd.		162,000		83,639
Sinopharm Group Co. Ltd., Class H		20,000		53,566
Skshu Paint Co. Ltd., Class A(b)		300		5,283
Sungrow Power Supply Co. Ltd., Class A		1,300		22,320
Tencent Holdings Ltd.		44,600		1,959,206
Tongcheng Travel Holdings Ltd.(b)		20,000		39,700
Topchoice Medical Corp., Class A(b)		300		6,305
Uni-President China Holdings Ltd.		21,000		18,412
Unisplendour Corp. Ltd., Class A		2,900		10,582
Vinda International Holdings Ltd.		6,000		16,526
Vipshop Holdings Ltd., ADR(b)(c)		6,243		92,958
Want Want China Holdings Ltd.		75,000		47,183
Weichai Power Co. Ltd., Class A		6,100		10,900
Weichai Power Co. Ltd., Class H		30,000		44,527
WuXi AppTec Co. Ltd., Class A		2,292		27,297
WuXi AppTec Co. Ltd., Class H(a)		5,560		59,319
Wuxi Biologics Cayman Inc., New(a)(b)		54,000		378,008
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,900		4,736
Xinyi Solar Holdings Ltd.		76,000		81,265
XPeng Inc.(b)		13,600		60,453
Yadea Group Holdings Ltd.(a)		18,000		38,631
Yihai International Holding Ltd.		8,000		23,290
Yum China Holdings Inc.		6,302		370,117
Yunnan Baiyao Group Co. Ltd., Class A		1,240		10,144
Yunnan Energy New Material Co. Ltd., Class A		800		14,438
Zhejiang Chint Electrics Co. Ltd., Class A		2,000		8,633
Zhejiang Expressway Co. Ltd., Class H		22,000		17,743
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,410		11,998
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		5,102
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,800		6,641

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,200	$	3,086
ZTO Express Cayman Inc., ADR		6,294		151,434
				12,870,080
Colombia — 0.1%
Bancolombia SA		4,170		30,807
Interconexion Electrica SA ESP		7,854		27,815
				58,622
Czech Republic — 0.1%
Komercni Banka AS		1,107		37,291
Moneta Money Bank AS(a)		4,419		16,834
				54,125
Egypt — 0.2%
Commercial International Bank Egypt SAE		37,755		65,454
Greece — 0.4%
Alpha Services and Holdings SA(b)		36,152		56,566
Eurobank Ergasias Services and Holdings SA, Class A(b)		39,648		60,777
Mytilineos SA		1,605		43,303
Terna Energy SA		863		17,982
				178,628
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		6,087		46,223
OTP Bank Nyrt		3,410		103,298
				149,521
India — 14.5%
Adani Green Energy Ltd.(b)		1,365		7,994
Adani Total Gas Ltd.		4,019		32,944
Asian Paints Ltd.		5,803		198,352
Axis Bank Ltd.		33,844		345,171
Berger Paints India Ltd.		3,409		23,875
Britannia Industries Ltd.		1,569		84,658
Colgate-Palmolive India Ltd.		1,734		30,892
Dabur India Ltd.		9,078		58,448
Eicher Motors Ltd.		2,000		75,061
GAIL India Ltd.		35,387		43,928
Grasim Industries Ltd.		3,765		71,819
Havells India Ltd.		3,761		54,420
HCL Technologies Ltd.		14,090		183,472
Hero MotoCorp Ltd.		1,787		52,259
Hindalco Industries Ltd.		19,720		95,129
Hindustan Unilever Ltd.		12,221		363,474
Housing Development Finance Corp. Ltd.		25,661		808,945
ICICI Prudential Life Insurance Co. Ltd.(a)		5,542		27,382
Indraprastha Gas Ltd.		4,611		24,454
Info Edge India Ltd.		1,165		49,159
Infosys Ltd.		50,384		905,041
Kotak Mahindra Bank Ltd.		8,264		172,667
Lupin Ltd.		3,041		24,236
Mahindra & Mahindra Ltd.		13,006		199,552
Marico Ltd.		7,281		43,288
Nestle India Ltd.		486		109,693
PI Industries Ltd.		1,181		44,244
Reliance Industries Ltd.		45,508		1,276,414
Shree Cement Ltd.		159		50,135
Shriram Transport Finance Co. Ltd.		3,346		48,654
Siemens Ltd.		1,099		43,135
State Bank of India		26,747		168,970
Tata Consultancy Services Ltd.		13,735		549,894

20 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
UPL Ltd.		7,156	$	60,041
Zomato Ltd.(b)		51,542		33,274
				6,361,074
Indonesia — 2.1%
Aneka Tambang Tbk		124,000		16,181
Bank Central Asia Tbk PT		818,400		469,384
Bank Negara Indonesia Persero Tbk PT		108,300		62,286
Barito Pacific Tbk PT		386,484		23,693
Indah Kiat Pulp & Paper Tbk PT		40,200		20,883
Kalbe Farma Tbk PT		307,200		42,497
Merdeka Copper Gold Tbk PT(b)		176,457		52,524
Telkom Indonesia Persero Tbk PT		749,000		190,797
Unilever Indonesia Tbk PT		110,500		30,278
				908,523
Kuwait — 0.7%
Kuwait Finance House KSCP		109,313		305,077
Malaysia — 2.3%
AMMB Holdings Bhd		25,000		22,334
Axiata Group Bhd		42,000		29,663
CIMB Group Holdings Bhd		104,500		130,639
DiGi.Com Bhd		46,700		44,738
HAP Seng Consolidated Bhd		9,900		13,454
Hartalega Holdings Bhd		1,300		426
IHH Healthcare Bhd		25,500		32,898
Kuala Lumpur Kepong Bhd		6,400		29,655
Malayan Banking Bhd		70,000		137,263
Malaysia Airports Holdings Bhd(b)		10,863		16,438
Maxis Bhd		35,000		30,490
MISC Bhd		18,500		31,154
Nestle Malaysia Bhd		1,000		30,106
Petronas Dagangan Bhd		4,100		19,205
Petronas Gas Bhd		11,800		43,808
PPB Group Bhd		9,400		36,657
Press Metal Aluminium Holdings Bhd		54,500		62,647
Public Bank Bhd		216,800		199,523
QL Resources Bhd		17,000		22,010
RHB Bank Bhd		22,200		28,098
Sime Darby Bhd		42,400		21,448
Telekom Malaysia Bhd		17,900		20,063
Top Glove Corp. Bhd(b)		91,000		15,307
				1,018,024
Mexico — 3.7%
America Movil SAB de CV, Series L, NVS		410,700		426,043
Arca Continental SAB de CV		7,000		59,079
Cemex SAB de CV, NVS(b)		229,069		114,682
Coca-Cola Femsa SAB de CV		8,400		60,758
Fomento Economico Mexicano SAB de CV		29,400		271,335
Gruma SAB de CV, Class B		3,020		44,270
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,010		86,339
Grupo Bimbo SAB de CV, Series A		19,600		93,037
Grupo Financiero Banorte SAB de CV, Class O		38,700		326,665
Grupo Televisa SAB, CPO		38,400		38,428
Industrias Penoles SAB de CV(b)		2,215		26,502
Kimberly-Clark de Mexico SAB de CV, Class A		23,300		46,749
Orbia Advance Corp. SAB de CV		15,000		31,326
				1,625,213
Peru — 0.3%
Credicorp Ltd.		1,100		140,162

Security	Shares		Value
Philippines — 0.7%
Ayala Corp.		3,940	$	44,422
Globe Telecom Inc.		15		481
JG Summit Holdings Inc.		43,788		38,951
Monde Nissin Corp.(a)		93,300		20,315
SM Investments Corp.		3,640		55,956
SM Prime Holdings Inc.		175,000		107,560
Universal Robina Corp.		12,400		30,578
				298,263
Poland — 1.1%
Bank Polska Kasa Opieki SA		2,892		58,196
CD Projekt SA		1,125		33,469
KGHM Polska Miedz SA		2,115		60,318
Polski Koncern Naftowy ORLEN SA		9,434		140,902
Powszechna Kasa Oszczednosci Bank Polski SA		13,379		93,362
Powszechny Zaklad Ubezpieczen SA		9,015		74,121
Santander Bank Polska SA		519		34,827
				495,195
Qatar — 1.1%
Commercial Bank PSQC (The)		47,719		80,291
Qatar Fuel QSC		9,092		40,410
Qatar Gas Transport Co. Ltd.		35,538		35,504
Qatar National Bank QPSC		69,679		321,520
				477,725
Russia — 0.0%
Gazprom PJSC(b)(d)		244,340		33
LUKOIL PJSC(b)(d)		8,544		1
Mobile TeleSystems PJSC(b)(d)		18,946		3
Moscow Exchange MICEX-RTS PJSC(b)(d)		30,360		4
Novatek PJSC(b)(d)		18,630		2
Novolipetsk Steel PJSC(b)(d)		31,136		4
PhosAgro PJSC(b)(d)		910		—
PhosAgro PJSC, New(b)(d)		18		—
Polymetal International PLC(b)(d)		7,120		1
Polyus PJSC(b)(d)		698		—
				48
Saudi Arabia — 2.0%
ACWA Power Co.		1,240		46,016
Bank AlBilad(b)		7,236		68,647
Dr Sulaiman Al Habib Medical Services Group Co.		1,260		77,758
Saudi Arabian Oil Co.(a)		35,859		302,929
Saudi Basic Industries Corp.		13,524		318,696
Saudi Electricity Co.		12,012		70,994
				885,040
South Africa — 6.6%
Absa Group Ltd.		12,317		132,982
Anglo American Platinum Ltd.		832		46,007
Aspen Pharmacare Holdings Ltd.		5,689		43,929
Bid Corp. Ltd.		4,889		107,071
Bidvest Group Ltd. (The)		4,226		53,922
Capitec Bank Holdings Ltd.		1,318		125,743
Clicks Group Ltd.		3,504		51,038
Discovery Ltd.(b)		7,558		61,629
FirstRand Ltd.		75,869		270,607
Gold Fields Ltd.		13,318		120,862
Growthpoint Properties Ltd.		51,072		37,376
Impala Platinum Holdings Ltd.		13,066		121,996
Kumba Iron Ore Ltd.		928		24,200
Mr. Price Group Ltd.		3,757		31,150
MTN Group Ltd.		25,251		198,964

SCHEDULE   OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
MultiChoice Group		5,492	$	42,166
Naspers Ltd., Class N		3,253		572,019
Nedbank Group Ltd.		6,733		84,536
NEPI Rockcastle NV		7,574		45,373
Northam Platinum Holdings Ltd.(b)		5,286		43,534
Old Mutual Ltd.		75,254		48,813
Remgro Ltd.		7,985		60,776
Sanlam Ltd.		25,623		83,475
Sasol Ltd.		8,614		126,311
Shoprite Holdings Ltd.		7,330		88,760
Standard Bank Group Ltd.		19,583		195,615
Vodacom Group Ltd.		9,395		64,747
				2,883,601
South Korea — 8.0%
Amorepacific Corp.		441		46,099
BGF retail Co. Ltd.		121		16,550
Celltrion Healthcare Co. Ltd.		1,341		55,154
CJ CheilJedang Corp.		120		29,119
CJ Corp.		188		12,342
Coway Co. Ltd.		841		33,931
Doosan Bobcat Inc.		762		21,815
Hana Financial Group Inc.		4,443		152,383
Hanwha Solutions Corp.(b)(d)		1,620		50,925
HMM Co. Ltd.(b)		3,916		66,623
Hyundai Engineering & Construction Co. Ltd.		1,182		32,482
Hyundai Glovis Co. Ltd.		275		32,935
Hyundai Mipo Dockyard Co. Ltd.(b)		358		18,976
Kakao Corp.		4,736		222,934
KB Financial Group Inc.		5,828		225,713
Korea Zinc Co. Ltd.		129		56,959
Korean Air Lines Co. Ltd.		2,706		46,496
LG Chem Ltd.		736		377,820
LG Corp.		1,366		84,990
LG Display Co. Ltd.(b)		3,362		38,861
LG Electronics Inc.		1,545		129,588
LG H&H Co. Ltd.		141		71,150
Lotte Chemical Corp.		301		40,525
NAVER Corp.		1,982		311,574
NCSoft Corp.		259		84,981
Netmarble Corp.(a)(b)		416		19,390
POSCO Chemical Co. Ltd.		391		65,237
S-1 Corp.		239		10,190
Samsung Engineering Co. Ltd.(b)		2,194		43,501
Samsung Life Insurance Co. Ltd.		1,163		59,893
Samsung SDI Co. Ltd.		817		429,232
Samsung SDS Co. Ltd.		564		53,340
Samsung Securities Co. Ltd.		963		24,371
Shinhan Financial Group Co. Ltd.		6,846		201,033
SK Biopharmaceuticals Co. Ltd.(b)		477		24,035
SK IE Technology Co. Ltd.(a)(b)		429		21,150
SK Inc.		540		72,830
SK Innovation Co. Ltd.(b)		833		94,217
SKC Co. Ltd.		325		24,038
Woori Financial Group Inc.		8,002		73,770
Yuhan Corp.		753		29,989
				3,507,141
Taiwan — 15.1%
Acer Inc.		46,000		38,145
Airtac International Group		2,000		69,815

Security	Shares		Value
Taiwan (continued)
AUO Corp.		96,600	$	58,786
Cathay Financial Holding Co. Ltd.		129,650		183,855
Chailease Holding Co. Ltd.		20,877		153,022
China Airlines Ltd.		43,000		28,459
China Steel Corp.		175,000		180,028
Chunghwa Telecom Co. Ltd.		56,000		211,728
CTBC Financial Holding Co. Ltd.		264,000		196,002
Delta Electronics Inc.		29,000		271,316
E.Sun Financial Holding Co. Ltd.		194,525		158,757
Eva Airways Corp.		38,000		35,194
Evergreen Marine Corp. Taiwan Ltd.		15,800		80,742
Far Eastern New Century Corp.		47,000		49,965
Far EasTone Telecommunications Co. Ltd.		23,000		51,898
First Financial Holding Co. Ltd.		154,550		135,437
Fubon Financial Holding Co. Ltd.		112,990		220,942
Hotai Motor Co. Ltd.		4,000		80,623
Hua Nan Financial Holdings Co. Ltd.		130,650		97,643
MediaTek Inc.		22,000		516,538
Mega Financial Holding Co. Ltd.		164,500		179,455
momo.com Inc.		1,200		30,841
Nan Ya Plastics Corp.		72,000		177,151
President Chain Store Corp.		8,000		69,902
Shanghai Commercial & Savings Bank Ltd. (The)		55,424		86,037
SinoPac Financial Holdings Co. Ltd.		154,120		86,281
Taishin Financial Holding Co. Ltd.		158,800		85,284
Taiwan Cement Corp.		93,792		120,238
Taiwan Cooperative Financial Holding Co. Ltd.		143,880		125,160
Taiwan High Speed Rail Corp.		28,000		26,922
Taiwan Mobile Co. Ltd.		25,000		79,198
Taiwan Semiconductor Manufacturing Co. Ltd.		132,000		2,183,794
Uni-President Enterprises Corp.		73,000		161,152
United Microelectronics Corp.		179,000		291,538
Voltronic Power Technology Corp.		1,000		52,214
Wan Hai Lines Ltd.		10,260		26,553
Yang Ming Marine Transport Corp.		26,000		54,724
				6,655,339
Thailand — 3.1%
Advanced Info Service PCL, NVDR		17,200		98,286
Airports of Thailand PCL, NVDR(b)		62,000		127,594
Asset World Corp. PCL, NVDR		126,800		21,158
B Grimm Power PCL, NVDR		12,700		14,021
Bangkok Dusit Medical Services PCL, NVDR		150,800		119,448
Berli Jucker PCL, NVDR		18,600		20,255
BTS Group Holdings PCL, NVDR		123,000		28,010
Bumrungrad Hospital PCL, NVDR		8,400		50,140
Central Pattana PCL, NVDR		30,400		60,399
Charoen Pokphand Foods PCL, NVDR		55,700		34,984
CP ALL PCL, NVDR		87,500		153,465
Energy Absolute PCL, NVDR		26,800		59,349
Home Product Center PCL, NVDR		85,500		33,849
Indorama Ventures PCL, NVDR		26,200		27,229
Intouch Holdings PCL, NVDR		16,100		32,223
Krungthai Card PCL, NVDR		13,700		22,765
Minor International PCL, NVDR(b)		48,300		45,757
Osotspa PCL, NVDR		23,300		21,256
PTT Exploration & Production PCL, NVDR		20,300		85,919
PTT Global Chemical PCL, NVDR		35,500		47,437
PTT Oil & Retail Business PCL, NVDR		44,300		27,451
SCB X PCL, NVS(c)		12,700		37,360
SCG Packaging PCL, NVDR		19,700		28,977

22 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Siam Cement PCL (The), NVDR		12,000	$	111,006
Thai Union Group PCL, NVDR		41,900		18,848
True Corp. PCL, NVDR		162,700		23,709
				1,350,895
Turkey — 0.6%
KOC Holding AS		11,387		46,642
Turk Hava Yollari AO(b)		8,137		61,826
Turkiye Is Bankasi AS, Class C		51,231		30,746
Turkiye Petrol Rafinerileri AS(b)		2,066		64,785
Turkiye Sise ve Cam Fabrikalari AS		19,392		48,519
				252,518
United Arab Emirates — 2.1%
Abu Dhabi Commercial Bank PJSC		41,078		93,652
Abu Dhabi Islamic Bank PJSC		20,808		59,110
Aldar Properties PJSC		55,871		71,398
Emirates NBD Bank PJSC		27,304		100,979
Emirates Telecommunications Group Co. PJSC		51,761		359,344
First Abu Dhabi Bank PJSC		66,747		255,726
				940,209
Total Common Stocks — 97.7% (Cost: $42,550,832)				42,931,110
Preferred Stocks
Brazil — 1.5%
Banco Bradesco SA, Preference Shares, NVS		79,851		199,496
Cia Energetica de Minas Gerais, Preference Shares, NVS		20,087		40,209
Gerdau SA, Preference Shares, NVS		16,581		90,673
Itau Unibanco Holding SA, Preference Shares, NVS		71,302		346,333
				676,711
Chile — 0.4%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,138		190,818

Security	Shares		Value
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		6,319	$	40,077
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		120		26,619
Total Preferred Stocks — 2.1% (Cost: $881,914)				934,225
Total Long-Term Investments — 99.8% (Cost: $43,432,746)				43,865,335
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)		412,068		412,315
Total Short-Term Securities — 1.0% (Cost: $412,272)				412,315
Total Investments — 100.8% (Cost: $43,845,018)				44,277,650
Liabilities in Excess of Other Assets — (0.8)%				(336,599	)
Net Assets — 100.0%			$	43,941,051

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	116,900	$	295,446	(a)	$	—		$	(63	)	$	32	$	412,315		412,068	$	1,676	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—			—		—		—		2,639			1
									$	(63	)	$	32	$	412,315			$	4,315		$	1

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

SCHEDULE   OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		2		03/17/23	$	96	$	(2,849	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,849	$	—	$	—	$	—	$	2,849

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(11,623	)	$	—	$	—	$	—	$	(11,623	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,336	)	$	—	$	—	$	—	$	(1,336	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	97,270

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	5,032,897	$	37,847,240	$	50,973	$	42,931,110
Preferred Stocks		716,788		217,437		—		934,225
Short-Term Securities
Money Market Funds		412,315		—		—		412,315
	$	6,162,000	$	38,064,677	$	50,973	$	44,277,650

24 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® ESG MSCI EM Leaders ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(2,849	)	$	—	$	—	$	(2,849	)

^(a)  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 25

Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
CSL Ltd.		14,992	$	2,982,916
IDP Education Ltd.		18,742		360,431
Vicinity Ltd.		531,634		727,376
				4,070,723
Austria — 0.4%
Verbund AG		21,618		1,869,577
Belgium — 4.3%
Elia Group SA/NV		10,359		1,364,574
Umicore SA		495,563		16,516,421
				17,880,995
Canada — 4.2%
Northland Power Inc.		73,563		1,787,185
RioCan REIT		26,034		412,309
Saputo Inc.		150,700		4,035,601
West Fraser Timber Co. Ltd.		150,567		11,310,456
				17,545,551
Chile — 1.7%
Empresas CMPC SA		4,316,739		7,172,921
China — 10.3%
3SBio Inc.(a)		257,500		255,347
Anjoy Foods Group Co. Ltd., Class A		3,400		80,083
BeiGene Ltd.(b)		13,021		225,697
Beijing Easpring Material Technology Co. Ltd., Class A		14,300		122,670
Beijing Enterprises Water Group Ltd.		6,074,000		1,525,139
CECEP Solar Energy Co. Ltd., Class A		114,400		116,674
CECEP Wind Power Corp, Class A		98,300		55,984
China Conch Venture Holdings Ltd.		601,000		1,209,498
China Everbright Environment Group Ltd.		9,338,000		3,787,183
China Longyuan Power Group Corp. Ltd., Class H		1,693,000		2,076,777
China Medical System Holdings Ltd.		150,000		225,818
China Mengniu Dairy Co. Ltd.		941,000		4,141,972
China Railway Signal & Communication Corp. Ltd., Class A		273,936		201,390
China Three Gorges Renewables Group Co. Ltd., Class A		302,800		243,606
Chongqing Fuling Zhacai Group Co. Ltd., Class A		4,800		17,668
Contemporary Amperex Technology Co. Ltd., Class A		63,300		3,667,501
CSPC Pharmaceutical Group Ltd.		671,520		721,413
Ginlong Technologies Co. Ltd., Class A(b)		1,900		43,408
Hansoh Pharmaceutical Group Co. Ltd.(a)		58,000		104,269
Henan Shuanghui Investment & Development Co. Ltd., Class A		109,500		416,893
Hengan International Group Co. Ltd.		274,000		1,260,204
Hengdian Group DMEGC Magnetics Co. Ltd.		39,500		123,675
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		1,008		56,332
Koolearn Technology Holding Ltd.(a)(b)		9,000		51,254
Li Auto Inc.(b)		367,844		4,340,250
Ming Yang Smart Energy Group Ltd., Class A		106,100		387,547
NIO Inc., ADR(b)(c)		702,688		6,598,240
Nongfu Spring Co. Ltd., Class H(a)		65,000		364,359
Pylon Technologies Co. Ltd., NVS		1,162		44,833
Riyue Heavy Industry Co. Ltd., Class A		19,900		71,905
Shanghai Junshi Biosciences Co. Ltd., Class A(b)		1,200		9,121
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		3,500		15,108
Shimao Group Holdings Ltd.(b)(c)		7,401,474		1,885,870
Sungrow Power Supply Co. Ltd., Class A		23,800		408,625

Security	Shares		Value
China (continued)
Tingyi Cayman Islands Holding Corp.(c)		924,000	$	1,492,797
Titan Wind Energy Suzhou Co. Ltd., Class A		49,200		108,292
Vinda International Holdings Ltd.(c)		201,000		553,622
Xinyi Solar Holdings Ltd.		1,458,000		1,559,002
XPeng Inc.(b)		662,432		2,944,541
Yadea Group Holdings Ltd.(a)		678,000		1,455,119
Yihai Kerry Arawana Holdings Co. Ltd., Class A		43,400		287,320
Zai Lab Ltd., ADR(b)(c)		1,304		48,444
				43,305,450
Denmark — 8.5%
Genmab A/S(b)		1,882		708,100
Novo Nordisk A/S, Class B		60,533		8,550,605
Orsted AS(a)		85,828		7,470,731
Rockwool A/S, Class B		10,029		2,276,969
Vestas Wind Systems A/S		578,292		16,501,528
				35,507,933
France — 1.5%
Covivio		13,530		866,528
Gecina SA		3,854		443,401
Ipsen SA		3,917		447,551
Klepierre SA		74,798		1,865,437
Unibail-Rodamco-Westfield(b)		40,930		2,586,265
				6,209,182
Germany — 2.3%
LEG Immobilien SE		26,732		1,935,864
Vonovia SE		308,013		7,746,233
				9,682,097
Greece — 0.1%
Terna Energy SA		13,851		288,609
Hong Kong — 5.1%
Henderson Land Development Co. Ltd.		281,000		986,362
Link REIT		154,500		1,016,839
MTR Corp. Ltd.		413,500		2,083,737
Sun Hung Kai Properties Ltd.		368,500		5,036,072
Swire Properties Ltd.		171,600		451,565
WH Group Ltd.(a)		20,515,000		11,938,272
				21,512,847
India — 0.5%
Adani Green Energy Ltd.(b)		6,336		37,106
Colgate-Palmolive India Ltd.		11,195		199,444
Godrej Consumer Products Ltd.(b)		20,114		224,556
Hindustan Unilever Ltd.		35,994		1,070,526
Marico Ltd.		35,523		211,195
Nestle India Ltd.		1,410		318,246
				2,061,073
Indonesia — 0.2%
Indofood CBP Sukses Makmur Tbk PT		806,500		535,463
Unilever Indonesia Tbk PT		628,500		172,218
				707,681
Japan — 15.2%
Asahi Intecc Co. Ltd.		7,800		132,803
Central Japan Railway Co.		65,300		7,331,551
Chugai Pharmaceutical Co. Ltd.		39,200		975,197
Daiichi Sankyo Co. Ltd.		70,900		2,233,090
Daiwa House Industry Co. Ltd.		744,000		17,172,390
Daiwa House REIT Investment Corp.		170		350,911
East Japan Railway Co.		269,500		13,610,885

26 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Eisai Co. Ltd.		26,600	$	1,436,738
Japan Metropolitan Fund Invest		827		620,880
Japan Real Estate Investment Corp.		124		513,528
Kyowa Kirin Co. Ltd.		17,900		383,067
Nippon Building Fund Inc.		158		666,894
Nippon Prologis REIT Inc.		247		526,872
Nisshin Seifun Group Inc.		178,300		2,060,271
Nissin Foods Holdings Co. Ltd.		19,200		1,598,981
Nomura Real Estate Master Fund Inc.		456		505,455
Ono Pharmaceutical Co. Ltd.		43,500		886,006
Open House Group Co. Ltd.		103,700		3,732,415
Shionogi & Co. Ltd.		19,300		855,029
Sysmex Corp.		11,800		706,832
Terumo Corp.		43,700		1,174,803
TOTO Ltd.		115,000		3,843,108
Unicharm Corp.		66,000		2,442,814
				63,760,520
Malaysia — 0.1%
PPB Group Bhd		62,000		241,783
QL Resources Bhd		271,400		351,383
				593,166
Mexico — 0.6%
Gruma SAB de CV, Class B		91,040		1,334,564
Kimberly-Clark de Mexico SAB de CV, Class A		508,600		1,020,452
				2,355,016
Netherlands — 0.3%
JDE Peet’s NV		42,523		1,251,752
Norway — 0.6%
Mowi ASA		111,341		1,922,275
Salmar ASA		19,239		797,555
				2,719,830
Saudi Arabia — 0.1%
ACWA Power Co.		3,350		124,318
Almarai Co. JSC		31,075		434,233
				558,551
Singapore — 0.8%
CapitaLand Ascendas REIT		324,400		666,272
CapitaLand Integrated Commercial Trust		950,340		1,367,064
City Developments Ltd.		149,100		852,904
Mapletree Pan Asia Commercial Trust		277,200		353,599
				3,239,839
Spain — 0.4%
Corp. ACCIONA Energias Renovables SA		22,645		877,108
EDP Renovaveis SA		48,999		1,002,751
				1,879,859
Sweden — 2.7%
Essity AB, Class B		274,604		7,406,782
Svenska Cellulosa AB SCA, Class B		238,075		3,322,431
Swedish Orphan Biovitrum AB(b)		21,799		502,187
				11,231,400
Switzerland — 4.6%
Geberit AG, Registered		5,563		3,002,339
Novartis AG, Registered		195,808		16,479,224
				19,481,563
Taiwan — 1.6%
Taiwan High Speed Rail Corp.		634,000		609,600

Security	Shares		Value
Taiwan (continued)
Uni-President Enterprises Corp.		2,863,000	$	6,320,234
				6,929,834
Thailand — 0.1%
BTS Group Holdings PCL, NVDR(c)		1,901,800		433,078
United Kingdom — 5.9%
Berkeley Group Holdings PLC		42,638		2,146,339
Johnson Matthey PLC		635,947		16,683,986
Land Securities Group PLC		78,255		646,168
Pearson PLC		494,405		5,468,942
				24,945,435
United States — 26.6%
Alexandria Real Estate Equities Inc.		17,166		2,571,123
Alnylam Pharmaceuticals Inc.(b)		1,749		334,846
Amgen Inc.		43,595		10,099,218
Baxter International Inc.		99,928		3,992,124
BioMarin Pharmaceutical Inc.(b)		9,484		944,512
Boston Properties Inc.		40,606		2,658,881
Colgate-Palmolive Co.		92,553		6,784,135
Darling Ingredients Inc.(b)		73,148		4,628,074
Dexcom Inc.(b)(c)		12,570		1,395,396
Digital Realty Trust Inc.		84,339		8,790,654
Edwards Lifesciences Corp.(b)		30,355		2,441,756
Eli Lilly & Co.		26,404		8,217,453
Enphase Energy Inc.(b)		14,620		3,077,949
First Solar Inc.(b)		20,010		3,384,491
Healthpeak Properties Inc.		56,462		1,358,476
Horizon Therapeutics PLC(b)		15,004		1,642,788
Hormel Foods Corp.		98,182		4,357,317
Incyte Corp.(b)		19,014		1,463,698
Insulet Corp.(b)		2,013		556,313
Jazz Pharmaceuticals PLC(b)		12,843		1,803,157
Kimberly-Clark Corp.		117,235		14,660,237
Lucid Group Inc.(b)(c)		10,247		93,555
Plug Power Inc.(b)(c)		61,289		911,367
Regeneron Pharmaceuticals Inc.(b)		7,353		5,591,368
Rivian Automotive Inc., Class A(b)(c)		26,097		503,672
Seagen Inc.(b)		3,495		628,016
SolarEdge Technologies Inc.(b)		10,995		3,495,530
Sun Communities Inc.		14,889		2,131,211
United Therapeutics Corp.(b)		3,976		978,255
Vertex Pharmaceuticals Inc.(b)		15,708		4,559,875
VMware Inc., Class A(b)		33,754		3,717,328
Xylem Inc./NY		39,355		4,039,791
				111,812,566
Total Common Stocks — 99.7% (Cost: $460,110,571)				419,007,048
Rights
Hong Kong — 0.0%
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(b)		38,220		36,032
Total Rights — 0.0% (Cost: $—)				36,032
Total Long-Term Investments — 99.7% (Cost: $460,110,571)				419,043,080

SCHEDULE   OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		2,975,187	$	2,976,972
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		10,000		10,000
Total Short-Term Securities — 0.7% (Cost: $2,986,369)				2,986,972
Total Investments — 100.4% (Cost: $463,096,940)				422,030,052
Liabilities in Excess of Other Assets — (0.4)%				(1,825,798	)
Net Assets — 100.0%			$	420,204,254

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,678,485	$	—	$	(4,703,503	)(a)	$	3,227	$	(1,237	)	$	2,976,972		2,975,187	$	26,780	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		—		(50,000	)(a)		—		—			10,000		10,000		8,496			—
								$	3,227	$	(1,237	)	$	2,986,972			$	35,276		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		5		03/17/23	$	512	$	(10,113	)
MSCI Emerging Markets Index		6		03/17/23		289		(16,406	)
							$	(26,519	)

28 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Global Sustainable Development Goals ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	26,519	$	—	$	—	$	—	$	26,519

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	93,587	$	—	$	—	$	—	$	93,587
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	16,504	$	—	$	—	$	—	$	16,504

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,344,898

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	146,125,904		$	272,881,144	$	—	$	419,007,048
Rights		—			36,032		—		36,032
Short-Term Securities
Money Market Funds		2,986,972			—		—		2,986,972
	$	149,112,876		$	272,917,176	$	—	$	422,030,052
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(26,519	)	$	—	$	—	$	(26,519	)

^(a)  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 29

Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI Water Management Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Beverages — 22.5%
Anheuser-Busch InBev SA/NV		3,724	$	225,892
Coca-Cola Co. (The)		5,548		330,161
Coca-Cola Europacific Partners PLC		984		54,120
Diageo PLC		5,780		245,283
Fomento Economico Mexicano SAB de CV		8,800		81,216
Heineken Holding NV		544		46,539
PepsiCo Inc.		1,414		245,371
				1,228,582
Building Products — 8.4%
Geberit AG, Registered		703		379,408
Genuit Group PLC		9,936		37,468
Uponor OYJ		2,156		40,124
				457,000
Commercial Services & Supplies — 1.0%
China Everbright Environment Group Ltd.		136,000		55,157
Construction Materials — 2.3%
Wienerberger AG		4,004		124,470
Diversified Financial Services — 0.6%
Metro Pacific Investments Corp.		412,000		30,361
Electric Utilities — 0.9%
Light SA		4,672		2,231
Mercury NZ Ltd.		4,744		18,388
Verbund AG		364		31,479
				52,098
Electronic Equipment, Instruments & Components — 2.3%
Badger Meter Inc.		1,014		123,323
Food Products — 6.2%
Ausnutria Dairy Corp. Ltd.		5,000		2,714
Barry Callebaut AG, Registered		20		39,823
General Mills Inc.		2,645		210,304
McCormick & Co. Inc./MD, NVS		1,136		84,427
				337,268
Hotels, Restaurants & Leisure — 7.2%
Hilton Worldwide Holdings Inc.		1,264		182,661
Marriott International Inc./MD, Class A		1,240		209,857
				392,518
Independent Power and Renewable Electricity Producers — 1.5%
AES Brasil Energia SA		4,592		8,701
Auren Energia SA		3,816		10,787
Brookfield Renewable Corp., Class A		772		21,499
Meridian Energy Ltd.		7,656		25,130
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		29,208		17,316
				83,433

Security	Shares		Value
Machinery — 16.0%
Energy Recovery Inc.(a)		1,979	$	43,677
Franklin Electric Co. Inc.		1,364		130,357
Kurita Water Industries Ltd.		3,600		162,649
METAWATER Co. Ltd.		1,200		14,690
Takuma Co. Ltd.		2,800		28,194
Watts Water Technologies Inc., Class A		936		164,015
Xylem Inc./NY		3,193		327,761
				871,343
Metals & Mining — 0.0%
Shanxi Taigang Stainless Steel Co. Ltd., Class A		4,000		2,751
Multi-Utilities — 7.1%
Veolia Environnement SA		13,028		388,812
Real Estate Management & Development — 0.4%
Swire Pacific Ltd., Class A		3,000		24,482
Semiconductors & Semiconductor Equipment — 13.7%
ASE Technology Holding Co. Ltd.		16,000		55,095
Macronix International Co. Ltd.		16,000		17,916
Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		330,878
Texas Instruments Inc.		2,008		344,272
				748,161
Water Utilities — 9.5%
AlKhorayef Water & Power Technologies Co.		318		11,525
American Water Works Co. Inc.		2,204		309,398
Athens Water Supply & Sewage Co. SA		2,280		17,104
Beijing Enterprises Water Group Ltd.		152,000		38,166
Cia. de Saneamento Basico do Estado de Sao Paulo		11,874		117,369
Cia. de Saneamento do Parana		7,392		24,087
				517,649
Total Common Stocks — 99.6% (Cost: $5,021,743)				5,437,408
Preferred Stocks
Water Utilities — 0.2%
Cia de Saneamento do Parana, Preference Shares, NVS		18,468		12,029
Total Preferred Stocks — 0.2% (Cost: $12,771)				12,029
Total Investments — 99.8% (Cost: $5,034,514)				5,449,437
Other Assets Less Liabilities — 0.2%				9,246
Net Assets — 100.0%			$	5,458,683

^(a) Non-income producing security.

30 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Water Management Multisector ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at     09/20/22(a)		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(b)	$	—	$	—	$	(15	)(c)	$	15	$	—	$	—		—	$	8	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		—		—		0	(c)		—		—		—		—		82		—
								$	15	$	—	$	—			$	90	$	—

^(a)  Commencement of operations.

^(b)  As of period end, the entity is no longer held.

^(c)  Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,071,677	$	2,365,731	$	—	$	5,437,408
Preferred Stocks		12,029		—		—		12,029
	$	3,083,706	$	2,365,731	$	—	$	5,449,437

SCHEDULE   OF  INVESTMENTS 31

Statements of Assets and Liabilities (unaudited)

February 28, 2023

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	6,289,912		$	6,949,483,929		$	43,865,335		$	419,043,080
Investments, at value — affiliated(c)		—			4,692,620			412,315			2,986,972
Cash		7,688			940			213,456			46,156
Cash pledged for futures contracts		1,983			—			8,000			26,000
Foreign currency collateral pledged for futures contracts(d)		—			2,451,217			—			—
Foreign currency, at value(e)		10,142			13,962,873			77,871			793,308
Receivables:
Investments sold		6,782			326,683,767			1,335,806			23,280,998
Securities lending income — affiliated		—			664			223			2,570
Dividends — unaffiliated		10,838			10,435,379			252,097			297,047
Dividends — affiliated		—			2,996			740			1,249
Tax reclaims		2,794			11,200,015			4,987			277,674
Total assets		6,330,139			7,318,914,400			46,170,830			446,755,054
LIABILITIES
Collateral on securities loaned, at value		—			3,401,177			418,924			2,977,424
Payables:
Investments purchased		19,102			333,325,446			1,623,996			23,327,454
Bank borrowings		—			—			180,028			—
Capital shares redeemed		—			—			—			72,937
Foreign taxes		—			—			—			163
Investment advisory fees		2,324			1,092,648			5,883			166,439
Professional fees		—			14,821			—			380	��
Variation margin on futures contracts		—			113,347			948			6,003
Total liabilities		21,426			337,947,439			2,229,779			26,550,800
NET ASSETS	$	6,308,713		$	6,980,966,961		$	43,941,051		$	420,204,254
NET ASSETS CONSIST OF
Paid-in capital	$	7,105,162		$	7,004,848,901		$	45,236,691		$	504,647,305
Accumulated loss		(796,449	)		(23,881,940	)		(1,295,640	)		(84,443,051	)
NET ASSETS	$	6,308,713		$	6,980,966,961		$	43,941,051		$	420,204,254
NET ASSETVALUE
Shares outstanding		300,000			100,300,000			1,000,000			5,400,000
Net asset value	$	21.03		$	69.60		$	43.94		$	77.82
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	6,873,549		$	6,539,585,883		$	43,432,746		$	460,110,571
(b) Securities loaned, at value	$	—		$	3,074,170		$	404,286		$	2,924,154
(c)  Investments, at cost — affiliated	$	—		$	4,691,629		$	412,272		$	2,986,369
(d) Foreign currency collateral pledged, at cost	$	—		$	2,426,586		$	—		$	—
(e) Foreign currency, at cost	$	10,414		$	14,174,018		$	78,272		$	794,479

See notes to financial statements.

32 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2023

	iShares MSCI Water Management Multisector ETF
ASSETS
Investments, at value — unaffiliated(a)	$	5,449,437
Cash		5,914
Foreign currency, at value(b)		10,607
Receivables:
Investments sold		522,731
Dividends — unaffiliated		4,437
Total assets		5,993,126
LIABILITIES
Payables:
Investments purchased		532,440
Investment advisory fees		2,003
Total liabilities		534,443
NET ASSETS	$	5,458,683
NET ASSETS CONSIST OF
Paid-in capital	$	4,982,461
Accumulated earnings		476,222
NET ASSETS	$	5,458,683
NET ASSET VALUE
Shares outstanding		200,000
Net asset value	$	27.29
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	5,034,514
(b) Foreign currency, at cost	$	10,737

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 33

Statements of Operations (unaudited)

Six Months Ended February 28, 2023

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	49,148		$	60,636,180		$	473,611		$	3,460,640
Dividends — affiliated		30			31,209			2,639			8,496
Securities lending income — affiliated — net		1,648			23,405			1,676			26,780
Other income — unaffiliated		—			382			—			—
Foreign taxes withheld		(2,491	)		(5,298,104	)		(55,606	)		(210,871	)
Foreign withholding tax claims		—			150,432			—			3,811
Other foreign taxes		—			—			(2,284	)		—
Total investment income		48,335			55,543,504			420,036			3,288,856
EXPENSES
Investment advisory		13,290			6,557,942			42,996			1,025,781
Commitment costs		—			—			568			874
Professional		—			15,081			—			382
Interest expense		—			—			28			—
Total expenses		13,290			6,573,023			43,592			1,027,037
Net investment income		35,045			48,970,481			376,444			2,261,819
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(207,104	)		(134,195,668	)		(141,312	)		(10,379,267	)
Investments — affiliated		5			8,490			(63	)		3,227
Capital gain distributions from underlying funds — affiliated		—			—			1			—
Foreign currency transactions		(412	)		64,652			(11,680	)		(20,409	)
Futures contracts		(945	)		2,563,278			(11,623	)		93,587
In-kind redemptions — unaffiliated(b)		—			64,555,274			411,073			1,785,407
		(208,456	)		(67,003,974	)		246,396			(8,517,455	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		194,524			823,064,440			(1,372,862	)		7,348,262
Investments — affiliated		(6	)		(2,642	)		32			(1,237	)
Foreign currency translations		17			904,317			4,061			46,702
Futures contracts		(278	)		1,581,754			(1,336	)		16,504
		194,257			825,547,869			(1,370,105	)		7,410,231
Net realized and unrealized gain (loss)		(14,199	)		758,543,895			(1,123,709	)		(1,107,224	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,846		$	807,514,376		$	(747,265)		$	1,154,595
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	(42,182	)	$	(8,861)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	68,236		$	35,265

See notes to financial statements.

34 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Operations (unaudited)(continued)

Six Months Ended February 28, 2023

		iShares MSCI Water Management Multisector ETF	(a)
INVESTMENT INCOME
Dividends — unaffiliated	$	32,617
Dividends — affiliated		82
Securities lending income — affiliated — net		8
Foreign taxes withheld		(867	)
Total investment income		31,840
EXPENSES
Investment advisory		10,839
Commitment costs		5
Total expenses		10,844
Net investment income		20,996
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		54,236
Investments — affiliated		15
Foreign currency transactions		2,616
		56,867
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		414,923
Foreign currency translations		651
		415,574
Net realized and unrealized gain		472,441
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	493,437
(a) For the period from September 20, 2022 (commencement of operations) to February 28, 2023.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 35

Statements of Changes in Net Assets

	iShares Emergent Food and AgTech Multisector ETF							iShares ESG Aware MSCI EAFE ETF
			Six Months Ended 02/28/23 (unaudited)			Period From 04/25/22 to 08/31/22	(a)	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	35,045		$	52,594			$	48,970,481			$	200,220,111
Net realized loss			(208,456	)		(10,583	)			(67,003,974	)			(240,509,355	)
Net change in unrealized appreciation (depreciation)			194,257			(778,202	)			825,547,869				(1,579,348,818	)
Net increase (decrease) in net assets resulting from operations			20,846			(736,191	)			807,514,376				(1,619,638,062	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(43,805	)		(37,299	)			(31,427,081	)			(246,221,801	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			1,066,423			6,038,739				(171,382,038	)			1,547,452,980
NET ASSETS
Total increase (decrease) in net assets			1,043,464			5,265,249				604,705,257				(318,406,883	)
Beginning of period			5,265,249			—				6,376,261,704				6,694,668,587
End of period		$	6,308,713		$	5,265,249			$	6,980,966,961			$	6,376,261,704

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

36 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares ESG MSCI EM Leaders ETF							iShares MSCI Global Sustainable Development Goals ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	376,444		$	5,099,358			$	2,261,819			$	10,093,334
Net realized gain (loss)			246,396			68,750,663				(8,517,455	)			(18,394,084	)
Net change in unrealized appreciation (depreciation)			(1,370,105	)		(157,777,441	)			7,410,231				(104,450,604	)
Net increase (decrease) in net assets resulting from operations			(747,265	)		(83,927,420	)			1,154,595				(112,751,354	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(2,201,979	)		(11,692,050	)			(3,789,063	)			(10,093,155	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(13,503,748	)		(726,515,865	)			7,048,073				(26,510,247	)
NET ASSETS
Total increase (decrease) in net assets			(16,452,992	)		(822,135,335	)			4,413,605				(149,354,756	)
Beginning of period			60,394,043			882,529,378				415,790,649				565,145,405
End of period		$	43,941,051		$	60,394,043			$	420,204,254			$	415,790,649

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 37

Statements of Changes in Net Assets (continued)

	iShares MSCI Water Management Multisector ETF
		Period From 09/20/22 to 02/28/23 (unaudited)	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,996
Net realized gain		56,867
Net change in unrealized appreciation (depreciation)		415,574
Net increase in net assets resulting from operations		493,437
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(17,215	)(c)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,982,461
NET ASSETS
Total increase in net assets		5,458,683
Beginning of period		—
End of period	$	5,458,683

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

38 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Financial Highlights 

(For a share outstanding throughout each period)

	iShares Emergent Food and AgTech Multisector ETF
	Six Months Ended				Period From
	02/28/23						04/25/22	(a)
	(unaudited)				to 08/31/22
Net asset value, beginning of period		$	21.06			$	24.09
Net investment income(b)			0.13				0.21
Net realized and unrealized loss(c)			(0.01	)			(3.09	)
Net increase (decrease) from investment operations			0.12				(2.88	)
Distributions from net investment income(d)			(0.15	)			(0.15	)
Net asset value, end of period		$	21.03			$	21.06
Total Return(e)
Based on net asset value			0.54	%(f)			(12.00	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.47	%(h)			0.47	%(h)
Net investment income			1.24	%(h)			2.78	%(h)
Supplemental Data
Net assets, end of period (000)		$	6,309			$	5,265
Portfolio turnover rate(i)			17	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EAFE ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of period		$	62.03			$	80.85			$	65.21			$	62.01			$	65.51			$	64.28
Net investment income(a)			0.48				2.07				1.84				1.53				2.12				2.16
Net realized and unrealized gain (loss)(b)			7.40				(18.37	)			15.47				2.85				(3.92	)			0.83
Net increase (decrease) from investment operations			7.88				(16.30	)			17.31				4.38				(1.80	)			2.99
Distributions from net investment income(c)			(0.31	)			(2.52	)			(1.67	)			(1.18	)			(1.70	)			(1.76	)
Net asset value, end of period		$	69.60			$	62.03			$	80.85			$	65.21			$	62.01			$	65.51
Total Return(d)
Based on net asset value			12.71	%(e)			(20.54	)%			26.69	%			7.12	%			(2.68	)%			4.64	%
Ratios to Average Net Assets(f)
Total expenses			0.20	%(g)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Total expenses excluding professional fees for foreign withholding tax claims			0.20	%(g)			0.20	%			N/A				N/A				N/A				N/A
Net investment income			1.49	%(g)			2.84	%			2.45	%			2.47	%			3.39	%			3.22	%
Supplemental Data
Net assets, end of period (000)		$	6,980,967			$	6,376,262			$	6,694,669			$	3,025,519			$	917,780			$	360,309
Portfolio turnover rate(h)			14	%			27	%			25	%			30	%			26	%			24	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

40 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI EM Leaders ETF
		Six Months Ended 02/28/23 (unaudited)					Year Ended 08/31/22			Year Ended 08/31/21			Period From 02/05/20 to 08/31/20	(a)
Net asset value, beginning of period			$	46.46		$	63.49		$	51.84		$	51.43
Net investment income(b)				0.31			0.96			1.01			0.79
Net realized and unrealized gain (loss)(c)				(1.14	)		(16.79	)		11.67			(0.03	)
Net increase (decrease) from investment operations				(0.83	)		(15.83	)		12.68			0.76
Distributions(d)
From net investment income				(0.27	)		(0.90	)		(1.03	)		(0.35	)
From net realized gain				(1.42	)		(0.30	)		—			—
Total distributions				(1.69	)		(1.20	)		(1.03	)		(0.35	)
Net asset value, end of period			$	43.94		$	46.46		$	63.49		$	51.84
Total Return(e)
Based on net asset value				(1.76	)%(f)		(25.25	)%(g)		24.68	%		1.54	%(f)
Ratios to Average Net Assets(h)
Total expenses				0.16	%(i)		0.16	%		0.16	%		0.16	%(i)
Net investment income				1.40	%(i)		1.60	%		1.66	%		3.04	%(i)
Supplemental Data
Net assets, end of period (000)			$	43,941		$	60,394		$	882,529		$	647,969
Portfolio turnover rate(j)				7	%		17	%		34	%		19	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding payments, the Fund’s total return would have been -26.07%.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Sustainable Development Goals ETF
	Six Months Ended 02/28/23 (unaudited)				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of period		$	78.45			$	100.03			$	81.68			$	57.03			$	58.35			$	55.92
Net investment income(a)			0.42				1.81				1.12				1.19				1.02				1.32
Net realized and unrealized gain (loss)(b)			(0.35	)			(21.60	)			18.09				24.32				(1.29	)			2.65
Net increase (decrease) from investment operations			0.07				(19.79	)			19.21				25.51				(0.27	)			3.97
Distributions from net investment income(c)			(0.70	)			(1.79	)			(0.86	)			(0.86	)			(1.05	)			(1.54	)
Net asset value, end of period		$	77.82			$	78.45			$	100.03			$	81.68			$	57.03			$	58.35
Total Return(d)
Based on net asset value			0.03	%(e)			(19.93	)%			23.60	%			45.10	%			(0.40	)%			7.16	%
Ratios to Average Net Assets(f)
Total expenses			0.49	%(g)			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Total expenses excluding professional fees for foreign withholding tax claims			0.49	%(g)			N/A				N/A				N/A				N/A				N/A
Net investment income			1.08	%(g)			2.06	%			1.19	%			1.82	%			1.79	%			2.26	%
Supplemental Data
Net assets, end of period (000)		$	420,204			$	415,791			$	565,145			$	175,604			$	54,174			$	37,928
Portfolio turnover rate(h)			18	%			54	%			70	%			47	%			43	%			36	%

^(a)  Based on average shares outstanding.

^(b)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

42 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Water Management Multisector ETF
		Period From
			09/20/22	(a)
		to 02/28/23 (unaudited)
Net asset value, beginning of period			$24.91
Net investment income(b)			0.11
Net realized and unrealized gain(c)			2.36
Net increase from investment operations			2.47
Distributions from net investment income(d)			(0.09	)(e)
Net asset value, end of period			$27.29
Total Return(f)
Based on net asset value			9.90	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.47	%(i)
Net investment income			0.91	%(i)
Supplemental Data
Net assets, end of period (000)			$5,459
Portfolio turnover rate(j)			24	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 43

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
Emergent Food and AgTech Multisector		Non-diversified
ESG Aware MSCI EAFE		Diversified
ESG MSCI EM Leaders(a)		Diversified
MSCI Global Sustainable Development Goals		Diversified
MSCI Water Management Multisector(b)		Non-diversified

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

^(b)  The Fund commenced operations on September 20, 2022.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

44 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately

N O T E S   T O  F I N A N C I A L   S T A T E M E N T S 45

Notes to Financial Statements (unaudited) (continued)

held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Aware MSCI EAFE
BNP Paribas SA	$	68,739	$	(67,189	)	$	—		$	1,550	(b)
HSBC Bank PLC		3,005,431		(3,005,431	)		—			—
	$	3,074,170	$	(3,072,620	)	$	—		$	1,550
ESG MSCI EM Leaders
Barclays Capital, Inc.	$	6,673	$	(6,673	)	$	—		$	—
BofA Securities, Inc.		33,446		(33,446	)		—			—
Citigroup Global Markets, Inc.		28,758		(28,758	)		—			—
Credit Suisse Securities (USA) LLC		17,647		(17,647	)		—			—
J.P. Morgan Securities LLC		199,516		(199,516	)		—			—
Morgan Stanley		21,174		(21,174	)		—			—
State Street Bank & Trust Co.		8,625		(8,625	)		—			—
UBS AG		88,447		(86,540	)		—			1,907	(b)
	$	404,286	$	(402,379	)	$	—		$	1,907
MSCI Global Sustainable Development Goals
Barclays Bank PLC	$	18,460	$	(18,194	)	$	—		$	266	(b)
BNP Paribas SA		1,399,299		(1,399,299	)		—			—
HSBC Bank PLC		82,630		(82,630	)		—			—
J.P. Morgan Securities LLC		681,306		(681,306	)		—			—
Morgan Stanley		268,411		(268,411	)		—			—
Nomura Securities International, Inc		10,332		(10,332	)		—			—
State Street Bank & Trust Co.		287,184		(287,184	)		—			—
UBS AG		176,532		(176,532	)		—			—
	$	2,924,154	$	(2,923,888	)	$	—		$	266

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

46 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

^(b)  The market value of the loaned securities is determined as of February 28, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Emergent Food and AgTech Multisector		0.47	%
ESG Aware MSCI EAFE		0.20
ESG MSCI EM Leaders		0.16
MSCI Global Sustainable Development Goals		0.49
MSCI Water Management Multisector		0.47

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Emergent Food and AgTech Multisector	$	343
ESG Aware MSCI EAFE		7,818
ESG MSCI EM Leaders		445
MSCI Global Sustainable Development Goals		6,706
MSCI Water Management Multisector		2

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Aware MSCI EAFE	$	240,947,888	$	324,483,080	$	(48,713,378	)
ESG MSCI EM Leaders		370,396		1,139,276		(351,513	)
MSCI Global Sustainable Development Goals		22,237,308		31,765,121		(1,426,144	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Emergent Food and AgTech Multisector	$	966,079	$	959,615
ESG Aware MSCI EAFE		971,513,114		932,798,931
ESG MSCI EM Leaders		3,694,313		12,904,543
MSCI Global Sustainable Development Goals		74,782,015		73,277,136
MSCI Water Management Multisector		1,716,080		1,248,697

For the six months ended February 28, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emergent Food and AgTech Multisector	$	1,058,220	$	—
ESG Aware MSCI EAFE		30,430,251		201,741,073
ESG MSCI EM Leaders		—		5,825,585
MSCI Global Sustainable Development Goals		15,590,518		10,804,586
MSCI Water Management Multisector		4,512,913		—

48 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Emergent Food and AgTech Multisector	$	8,113
ESG Aware MSCI EAFE		349,991,271
MSCI Global Sustainable Development Goals		31,101,981

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emergent Food and AgTech Multisector	$	6,875,436	$	138,817	$	(724,341	)	$	(585,524	)
ESG Aware MSCI EAFE		6,573,169,685		784,296,670		(402,157,573	)		382,139,097
ESG MSCI EM Leaders		45,959,626		6,752,167		(8,436,992	)		(1,684,825	)
MSCI Global Sustainable Development Goals		467,027,477		19,633,302		(64,657,246	)		(45,023,944	)
MSCI Water Management Multisector		5,034,514		460,226		(45,303	)		414,923

9. LINE OF CREDIT

The iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the iShares MSCI Global Sustainable Developement Goals ETF and iShares MSCI Water Management Multisector ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended February 28, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG MSCI EM Leaders	$	180,000	$	994		5.67	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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Notes to Financial Statements (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

50 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23				Year Ended 08/31/22
iShares ETF	Shares		Amount		Shares		Amount
Emergent Food and AgTech Multisector
Shares sold		50,000	$	1,066,423		250,000	$	6,038,739

N O T E S   T O  F I N A N C I A L   S T A T E M E N T S 51

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EAFE
Shares sold		500,000			$31,311,889			20,900,000			$  1,606,111,842
Shares redeemed		(3,000,000	)		(202,693,927	)		(900,000	)		(58,658,862	)
		(2,500,000	)		$ (171,382,038	)		20,000,000			$ 1,547,452,980
ESG MSCI EM Leaders
Shares sold		—			$(1,052	)		350,000			$25,549,181
Shares redeemed		(300,000	)		(13,502,696	)		(12,950,000	)		(752,065,046	)
		(300,000	)		$  (13,503,748	)		(12,600,000	)		$   (726,515,865	)
MSCI Global Sustainable Development Goals
Shares sold		250,000			$   18,919,405			600,000			$54,530,456
Shares redeemed		(150,000	)		(11,871,332	)		(950,000	)		(81,040,703	)
		100,000			$     7,048,073			(350,000	)		$     (26,510,247	)

	Period Ended 02/28/23
iShares ETF	Shares		Amount
MSCI Water Management Multisector(a)
Shares sold		200,000	$	4,982,461

^(a)  The Fund commenced operations on September 20, 2022.

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

52 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares MSCI Water Management Multisector ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further

BOARD   REVIEW   AND   APPROVAL   OF   INVESTMENT   ADVISORY   CONTRACT 53

Board Review and Approval of Investment Advisory Contract (continued)

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

54 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Emergent Food and AgTech Multisector ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management Multisector ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T  R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 55

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG MSCI EM Leaders	$	0.269765	$	1.424065	$	—	$	1.693830		16	%		84	%		—	%		100	%
MSCI Water Management Multisector(a)		0.081803		—		0.004272		0.086075		95			—			5			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

56 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 57

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

58 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar Inc. and MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-817-0223

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

· iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	1.26%	(7.69)%
U.S. small cap equities (Russell 2000® Index)	3.63	(6.02)
International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)
Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS  NOT  PART  OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		14
Statements of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		19
Statement Regarding Liquidity Risk Management Program		26
Supplemental Information		27
General Information		28
Glossary of Terms Used in this Report		29

Fund Summary as of February 28, 2023 iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(3.82	)%		(18.13	)%		(21.03	)%		(18.13	)%		(22.80	)%
Fund Market		(3.60	)		(18.17	)		(20.80	)		(18.17	)		(22.55	)
Index		(4.16	)		(17.42	)		(20.21	)		(17.42	)		(21.98	)

The inception date of the Fund was January 25, 2022. The first day of secondary market trading was January 27, 2022.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23	)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22	)	Ending Account Value (02/28/23	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          961.80		$        2.87			$       1,000.00		$       1,021.90		$        2.96		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	39.6	%
Consumer Discretionary	26.2
Communication Services	23.3
Industrials	8.5
Financials	2.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Meituan, Class B	4.1	%
Baidu Inc.	3.9
Pinduoduo Inc.	3.9
Xiaomi Corp., Class B	3.9
NetEase Inc.	3.9
Tencent Holdings Ltd.	3.7
Kuaishou Technology	3.7
Alibaba Group Holding Ltd.	3.6
JD.com Inc., Class A	3.1
Contemporary Amperex Technology Co. Ltd., Class A	2.9

^(a)  Excludes money market funds.

4 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of February 28, 2023 iShares^® MSCI Japan Value ETF

Investment Objective

The iShares MSCI JapanValue ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		6.70	%		(4.94	)%		3.40	%		(4.94	)%		14.26	%
Fund Market		6.79			(5.59	)		3.32			(5.59	)		13.92
Index		5.93			(4.97	)		3.32			(4.97	)		13.92

The inception date of the Fund was March 5, 2019. The first day of secondary market trading was March 7, 2019.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$       1,067.00	$         0.77			$       1,000.00	$      1,024.10	$         0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of  Total Investments	(a)
Industrials	25.6	%
Financials	21.1
Consumer Discretionary	19.3
Communication Services	8.3
Real Estate	4.7
Information Technology	4.7
Materials	4.5
Health Care	4.5
Consumer Staples	3.7
Utilities	2.0
Energy	1.6

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Toyota Motor Corp.	8.7	%
Mitsubishi UFJ Financial Group Inc.	5.1
Sumitomo Mitsui Financial Group Inc.	3.5
Hitachi Ltd.	3.0
SoftBank Group Corp.	2.9
Takeda Pharmaceutical Co. Ltd.	2.8
KDDI Corp.	2.8
Honda Motor Co. Ltd.	2.6
Mitsubishi Corp.	2.6
Mitsui & Co. Ltd.	2.5

^(a)  Excludes money market funds.

FUND   SUMMARY 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2023 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Capital Markets — 1.0%
East Money Information Co. Ltd., Class A		20,960	$	62,933
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		13,605
				76,538
Communications Equipment — 2.4%
BYD Electronic International Co. Ltd.		18,000		52,486
Guangzhou Haige Communications Group Inc. Co., Class A		4,000		5,481
Hengtong Optic-Electric Co. Ltd., Class A		3,600		7,627
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		5,877
Yealink Network Technology Corp. Ltd., Class A		1,600		15,332
Zhongji Innolight Co. Ltd., Class A		1,200		6,121
ZTE Corp., Class A		6,000		27,789
ZTE Corp., Class H		20,800		61,799
				182,512
Consumer Finance — 1.4%
360 DigiTech Inc.		3,184		64,826
Lufax Holding Ltd., ADR		18,168		39,243
				104,069
Diversified Consumer Services — 4.1%
Koolearn Technology Holding Ltd.(a)(b)		10,000		56,949
New Oriental Education & Technology Group Inc.(b)		40,800		157,336
Offcn Education Technology Co. Ltd., Class A(b)		10,000		8,216
TAL Education Group, ADR(b)		12,044		84,670
				307,171
Electrical Equipment — 6.4%
Beijing Easpring Material Technology Co. Ltd., Class A		800		6,863
Contemporary Amperex Technology Co. Ltd., Class A		3,800		220,166
Eve Energy Co. Ltd., Class A		3,200		33,405
Fangda Carbon New Material Co. Ltd., Class A(b)		6,000		5,775
Ginlong Technologies Co. Ltd., Class A(b)		600		13,682
Gotion High-tech Co. Ltd., Class A		2,800		11,886
Guangzhou Great Power Energy & Technology Co. Ltd.		800		7,704
Hongfa Technology Co. Ltd., Class A		880		4,437
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		200		11,177
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,600		12,937
Jiangxi Special Electric Motor Co. Ltd., NVS(b)		2,800		7,194
Ningbo Orient Wires & Cables Co. Ltd.		1,192		9,433
Ningbo Ronbay New Energy Technology Co. Ltd.		740		7,676
Pylon Technologies Co. Ltd., NVS		284		10,957
Shenzhen Kstar Science & Technology Co. Ltd.		800		5,768
Sieyuan Electric Co. Ltd.		1,200		8,108
Sungrow Power Supply Co. Ltd., Class A		2,400		41,206
Sunwoda Electronic Co. Ltd., Class A		2,800		8,693
Suzhou Maxwell Technologies Co. Ltd., Class A		300		15,821
TBEA Co. Ltd., Class A		6,400		19,853
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		15,540
Zhejiang HangKe Technology Inc. Co., Class A		800		5,786
				484,067
Electronic Equipment, Instruments & Components — 9.6%
AAC Technologies Holdings Inc.(b)(c)		20,000		44,699
Avary Holding Shenzhen Co. Ltd., Class A		3,200		13,078
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		5,180
BOE Technology Group Co. Ltd., Class A		59,600		35,716
Chaozhou Three-Circle Group Co. Ltd., Class A		3,200		14,648
China Railway Signal & Communication Corp. Ltd., Class A		12,000		8,822
China Zhenhua Group Science & Technology Co. Ltd., Class A		800		11,958
Foxconn Industrial Internet Co. Ltd., Class A		15,600		21,550

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
GoerTek Inc., Class A		5,600	$	17,334
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		11,855
Hengdian Group DMEGC Magnetics Co. Ltd.		2,722		8,506
Kingboard Holdings Ltd.		18,000		64,262
Kingboard Laminates Holdings Ltd.		24,000		29,930
Lens Technology Co. Ltd., Class A		7,800		14,285
Lingyi iTech Guangdong Co., Class A(b)		11,200		9,224
Luxshare Precision Industry Co. Ltd., Class A		11,200		48,135
Maxscend Microelectronics Co. Ltd., Class A		640		10,777
Raytron Technology Co. Ltd., Class A		800		5,322
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		200		6,052
Shengyi Technology Co. Ltd., Class A		3,600		9,390
Shennan Circuits Co. Ltd., Class A		800		9,179
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,200		4,394
Sunny Optical Technology Group Co. Ltd.		19,200		218,339
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,800		11,736
Tianma Microelectronics Co. Ltd., Class A		4,000		5,503
Unisplendour Corp. Ltd., Class A		4,800		17,516
Westone Information Industry Inc., Class A		1,200		5,405
Wingtech Technology Co. Ltd., Class A		2,000		15,492
Wuhan Guide Infrared Co. Ltd., Class A		5,360		9,187
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,800		6,599
Xiamen Faratronic Co. Ltd.		400		8,765
Zhejiang Dahua Technology Co. Ltd., Class A		4,400		9,162
Zhejiang Supcon Technology Co. Ltd.		804		11,332
Zhuzhou Hongda Electronics Corp. Ltd.		800		5,249
				728,581
Entertainment — 8.8%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,600		11,358
Beijing Enlight Media Co. Ltd., Class A		4,800		5,242
Bilibili Inc.(b)		5,040		97,551
China Ruyi Holdings Ltd.(b)		144,000		35,787
G-Bits Network Technology Xiamen Co. Ltd., Class A		100		5,083
iQIYI Inc., ADR(b)		11,612		89,761
Kingsoft Corp. Ltd.		25,600		84,521
Mango Excellent Media Co. Ltd., Class A		3,200		15,413
NetEase Inc.		18,800		292,160
Perfect World Co. Ltd., Class A		3,200		6,545
Tencent Music Entertainment Group, ADR(b)		696		5,248
Wanda Film Holding Co. Ltd., Class A(b)		3,600		7,003
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		12,400		7,839
				663,511
Household Durables — 4.2%
Ecovacs Robotics Co. Ltd., Class A		800		10,411
Gree Electric Appliances Inc. of Zhuhai, Class A		4,400		22,457
Haier Smart Home Co. Ltd., Class A		10,000		37,874
Haier Smart Home Co. Ltd., Class H		61,600		218,007
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		7,080
TCL Technology Group Corp., Class A		26,800		17,101
Zhejiang Supor Co. Ltd., Class A		800		6,546
				319,476
Interactive Media & Services — 14.5%
Autohome Inc., ADR		2,004		61,122
Baidu Inc.(b)		17,400		299,163
JOYY Inc., ADR		1,272		39,941
Kanzhun Ltd., ADR(b)		4,880		98,332
Kuaishou Technology(a)(b)		41,600		278,781
Tencent Holdings Ltd.		6,400		281,142

SCHEDULE   OF  INVESTMENTS 7

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Weibo Corp., ADR(b)(c)		1,860	$	38,465
				1,096,946
Internet & Direct Marketing Retail — 17.9%
Alibaba Group Holding Ltd.(b)		24,800		272,588
Alibaba Health Information Technology Ltd.(b)		8,000		5,728
JD Health International Inc.(a)(b)		5,400		37,802
JD.com Inc., Class A		10,600		235,637
Meituan, Class B(a)(b)		17,920		311,000
Pinduoduo Inc., ADR(b)		3,388		297,229
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		13,600		31,167
Vipshop Holdings Ltd., ADR(b)		11,216		167,006
				1,358,157
IT Services — 2.1%
Chinasoft International Ltd.		72,000		51,710
DHC Software Co. Ltd., Class A		4,000		3,783
GDS Holdings Ltd., Class A(b)		23,200		56,122
TravelSky Technology Ltd., Class H		24,000		47,374
				158,989
Machinery — 2.1%
Haitian International Holdings Ltd.		16,000		41,820
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,000		19,832
Keda Industrial Group Co. Ltd.		3,200		7,545
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		680		5,457
Ningbo Deye Technology Co. Ltd., NVS		400		19,019
North Industries Group Red Arrow Co. Ltd., Class A		2,400		7,818
Riyue Heavy Industry Co. Ltd., Class A		1,600		5,781
Shenzhen Inovance Technology Co. Ltd., Class A		4,400		46,353
Wuxi Shangji Automation Co. Ltd., Class A		560		8,948
				162,573
Media — 0.0%
China Literature Ltd.(a)(b)		800		3,425
Semiconductors & Semiconductor Equipment — 13.7%
3peak Inc.		156		5,721
Advanced Micro-Fabrication Equipment Inc., Class A(b)		800		12,119
Amlogic Shanghai Co. Ltd.(b)		684		7,833
China Resources Microelectronics Ltd.		1,840		14,342
Daqo New Energy Corp., ADR(b)		1,616		71,395
Flat Glass Group Co. Ltd., Class A		2,400		11,923
Flat Glass Group Co. Ltd., Class H		12,000		31,787
GCL-Poly Energy Holdings Ltd.(b)		544,000		140,088
GigaDevice Semiconductor Inc., Class A		1,200		18,090
Hangzhou Chang Chuan Technology Co. Ltd.		775		4,922
Hangzhou First Applied Material Co. Ltd., Class A		2,240		22,132
Hangzhou Lion Electronics Co. Ltd.		1,200		7,698
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,400		11,633
Hua Hong Semiconductor Ltd.(a)(b)		16,000		61,355
Ingenic Semiconductor Co. Ltd., Class A		800		8,693
JA Solar Technology Co. Ltd., Class A		3,920		34,384
JCET Group Co. Ltd., Class A		2,800		11,332
Jiangsu Pacific Quartz Co. Ltd., NVS		400		8,265
LONGi Green Energy Technology Co. Ltd., Class A		12,320		78,455
Montage Technology Co. Ltd., Class A		1,600		13,291
NAURA Technology Group Co. Ltd., Class A		800		26,771
Risen Energy Co. Ltd.(b)		2,000		9,036
SG Micro Corp., Class A		600		13,530
Shanghai Aiko Solar Energy Co. Ltd.(b)		1,574		8,287
Shanghai Fudan Microelectronics Group Co. Ltd.		744		7,701
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		8,000		32,826

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Shenzhen SC New Energy Technology Corp., Class A		400	$	7,417
StarPower Semiconductor Ltd., Class A		400		16,972
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		5,200		32,596
Tianshui Huatian Technology Co. Ltd., Class A		4,800		6,609
TongFu Microelectronics Co. Ltd., Class A(b)		2,400		7,702
Tongwei Co. Ltd., Class A		7,200		43,408
Trina Solar Co. Ltd.		3,584		31,827
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,519		24,188
Will Semiconductor Co. Ltd. Shanghai, Class A		2,020		24,976
Wuhan DR Laser Technology Corp. Ltd.		200		4,116
Wuxi Autowell Technology Co. Ltd.		204		5,753
Xinyi Solar Holdings Ltd.		128,000		136,867
Yangzhou Yangjie Electronic Technology Co. Ltd.		766		6,021
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,000		19,713
				1,041,774
Software — 4.7%
360 Security Technology Inc., Class A		11,600		17,999
Beijing Kingsoft Office Software Inc., Class A		800		33,507
Beijing Shiji Information Technology Co. Ltd., Class A		2,800		6,688
China National Software & Service Co. Ltd., Class A		1,192		12,251
Hundsun Technologies Inc., Class A		3,120		19,938
Iflytek Co. Ltd., Class A		3,600		25,008
Kingdee International Software Group Co. Ltd.(b)		68,000		127,056
NavInfo Co. Ltd., Class A		4,000		7,495
Sangfor Technologies Inc., Class A		800		16,425
Shanghai Baosight Software Co. Ltd., Class A		2,200		15,664
Shanghai Baosight Software Co. Ltd., Class B		13,520		44,070
Thunder Software Technology Co. Ltd., Class A		800		10,984
Yonyou Network Technology Co. Ltd., Class A		5,400		18,092
				355,177
Technology Hardware, Storage & Peripherals — 7.0%
China Greatwall Technology Group Co. Ltd., Class A		5,600		10,478
GRG Banking Equipment Co. Ltd., Class A		4,400		6,769
Inspur Electronic Information Industry Co. Ltd., Class A		2,400		13,445
Lenovo Group Ltd.		192,000		172,781
Ninestar Corp., Class A		2,400		18,618
Shenzhen Transsion Holding Co. Ltd., Class A		1,104		12,811
Xiaomi Corp., Class B(a)(b)		196,000		296,936
				531,838
Total Long-Term Investments — 99.9% (Cost: $9,449,688)				7,574,804
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		94,373		94,429
Total Short-Term Securities — 1.2% (Cost: $94,389)				94,429
Total Investments — 101.1% (Cost: $9,544,077)				7,669,233
Liabilities in Excess of Other Assets — (1.1)%				(86,946	)
Net Assets — 100.0%			$	7,582,287

8 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI China Multisector Tech ETF

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	47,181		$ 47,179	(a)	$	—		$	48	$	21	$	94,429		94,373	$	279	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—		—		—		—		46			—
									$	48	$	21	$	94,429			$	325		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c) As of period end, the entity is no longer held.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	518	$	—	$	—	$	—	$	518

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,089,009	$	6,485,795	$	—	$	7,574,804
Short-Term Securities
Money Market Funds		94,429		—		—		94,429
	$	1,183,438	$	6,485,795	$	—	$	7,669,233

See notes to financial statements.

SCHEDULE   OF  INVESTMENTS 9

Schedule of Investments (unaudited)  February 28, 2023 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Nippon Express Holdings Inc.		9,400	$	524,379
Airlines — 0.2%
ANA Holdings Inc.(a)		9,400		190,713
Japan Airlines Co. Ltd.(a)		9,400		177,001
				367,714
Auto Components — 2.0%
Aisin Corp.		19,000		520,667
Bridgestone Corp.		77,300		2,957,331
Sumitomo Electric Industries Ltd.		103,400		1,272,436
				4,750,434
Automobiles — 14.2%
Honda Motor Co. Ltd.		235,000		6,110,747
Isuzu Motors Ltd.		84,600		1,011,682
Mazda Motor Corp.		75,200		672,818
Nissan Motor Co. Ltd.		338,400		1,313,797
Subaru Corp.		56,400		903,597
Suzuki Motor Corp.		56,400		1,979,136
Toyota Motor Corp.		1,504,000		20,498,867
Yamaha Motor Co. Ltd.		37,600		962,004
				33,452,648
Banks — 13.2%
Chiba Bank Ltd. (The)		75,200		550,608
Concordia Financial Group Ltd.		150,400		646,157
Japan Post Bank Co. Ltd.		56,400		487,224
Mitsubishi UFJ Financial Group Inc.		1,692,000		11,995,421
Mizuho Financial Group Inc.		338,450		5,275,519
Resona Holdings Inc.		310,200		1,708,545
Shizuoka Financial Group Inc., NVS		65,800		525,774
Sumitomo Mitsui Financial Group Inc.		188,000		8,210,680
Sumitomo Mitsui Trust Holdings Inc.		47,000		1,741,351
				31,141,279
Beverages — 1.1%
Asahi Group Holdings Ltd.		65,800		2,326,974
Suntory Beverage & Food Ltd.		9,400		329,743
				2,656,717
Building Products — 0.8%
AGC Inc.		28,200		1,043,307
Lixil Corp.		37,600		599,429
TOTO Ltd.		9,400		314,132
				1,956,868
Capital Markets — 1.4%
Daiwa Securities Group Inc.		188,000		898,629
Nomura Holdings Inc.		413,600		1,704,571
SBI Holdings Inc.		37,600		810,479
				3,413,679
Chemicals — 2.3%
Asahi Kasei Corp.		178,600		1,243,951
Mitsubishi Chemical Group Corp.		178,600		1,040,320
Mitsui Chemicals Inc.		28,200		680,329
Sumitomo Chemical Co. Ltd.		216,200		757,563
Toray Industries Inc.		197,500		1,130,769
Tosoh Corp.		37,600		511,706
				5,364,638
Commercial Services & Supplies — 1.0%
Dai Nippon Printing Co. Ltd.		28,200		756,036
Secom Co. Ltd.		14,800		860,686

Security	Shares		Value
Commercial Services & Supplies (continued)
Toppan Inc.		37,600	$	679,975
				2,296,697
Construction & Engineering — 1.1%
Kajima Corp.		56,500		675,232
Obayashi Corp.		94,000		695,320
Shimizu Corp.		75,200		405,921
Taisei Corp.		28,200		919,409
				2,695,882
Diversified Financial Services — 1.5%
Mitsubishi HC Capital Inc.		94,000		490,732
ORIX Corp.		169,200		3,032,572
				3,523,304
Electric Utilities — 1.1%
Chubu Electric Power Co. Inc.		94,000		973,300
Kansai Electric Power Co. Inc. (The)		103,400		971,313
Tokyo Electric Power Co. Holdings Inc.(a)		216,200		716,338
				2,660,951
Electrical Equipment — 1.5%
Fuji Electric Co. Ltd.		9,400		362,932
Mitsubishi Electric Corp.		272,600		3,063,265
				3,426,197
Electronic Equipment, Instruments & Components — 1.3%
Kyocera Corp.		47,000		2,313,149
Omron Corp.		9,400		504,622
Yokogawa Electric Corp.		9,400		140,392
				2,958,163
Entertainment — 0.1%
Toho Co. Ltd./Tokyo		9,400		327,213
Equity Real Estate Investment Trusts (REITs) — 1.8%
Daiwa House REIT Investment Corp.		285		588,292
GLP J-Reit		282		296,126
Japan Metropolitan Fund Invest		1,128		846,859
Japan Real Estate Investment Corp.		188		778,575
Nippon Building Fund Inc.		191		806,182
Nippon Prologis REIT Inc.		188		401,020
Nomura Real Estate Master Fund Inc.		564		625,168
				4,342,222
Food & Staples Retailing — 0.1%
MatsukiyoCocokara & Co.		5,700		264,999
Food Products — 0.4%
MEIJI Holdings Co. Ltd.		15,700		718,993
Nisshin Seifun Group Inc.		28,200		325,854
				1,044,847
Gas Utilities — 0.9%
Osaka Gas Co. Ltd.		56,400		916,123
Tokyo Gas Co. Ltd.		56,400		1,087,812
				2,003,935
Hotels, Restaurants & Leisure — 0.6%
Oriental Land Co. Ltd./Japan		9,400		1,501,039
Household Durables — 2.1%
Iida Group Holdings Co. Ltd.		18,800		312,419
Panasonic Holdings Corp.		310,200		2,708,674
Sekisui House Ltd.		84,600		1,601,751
Sharp Corp./Japan		37,600		259,425
				4,882,269

10 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 2.9%
Hitachi Ltd.		137,000	$	6,934,653
Insurance — 4.9%
Dai-ichi Life Holdings Inc.		141,000		3,008,136
Japan Post Holdings Co. Ltd.		338,400		3,008,101
Japan Post Insurance Co. Ltd.		28,200		489,618
MS&AD Insurance Group Holdings Inc.		61,100		1,999,444
Sompo Holdings Inc.		44,200		1,897,554
T&D Holdings Inc.		75,200		1,138,844
				11,541,697
Internet & Direct Marketing Retail — 0.1%
Rakuten Group Inc.		65,800		324,340
IT Services — 0.0%
Otsuka Corp.		1,700		57,307
Machinery — 4.7%
FANUC Corp.		9,400		1,597,726
Hitachi Construction Machinery Co. Ltd.		18,800		420,458
Hoshizaki Corp.		9,400		333,237
Komatsu Ltd.		131,600		3,148,581
Kubota Corp.		94,000		1,418,813
Makita Corp.		18,800		459,759
Mitsubishi Heavy Industries Ltd.		47,000		1,731,933
NGK Insulators Ltd.		37,600		499,100
Toyota Industries Corp.		18,800	��	1,102,999
Yaskawa Electric Corp.		9,400		369,834
				11,082,440
Marine — 1.2%
Mitsui OSK Lines Ltd.		47,000		1,227,645
Nippon Yusen KK		65,800		1,710,338
				2,937,983
Media — 0.6%
Dentsu Group Inc.		28,200		904,333
Hakuhodo DY Holdings Inc.		37,600		419,170
				1,323,503
Metals & Mining — 2.0%
JFE Holdings Inc.		65,800		816,445
Nippon Steel Corp.		112,800		2,520,826
Sumitomo Metal Mining Co. Ltd.		37,600		1,399,670
				4,736,941
Oil, Gas & Consumable Fuels — 1.6%
ENEOS Holdings Inc.		432,800		1,487,914
Idemitsu Kosan Co. Ltd.		28,292		626,144
Inpex Corp.		150,400		1,576,852
				3,690,910
Paper & Forest Products — 0.2%
Oji Holdings Corp.		112,800		457,706
Personal Products — 0.5%
Kao Corp.		33,600		1,251,666
Pharmaceuticals — 4.5%
Astellas Pharma Inc.		169,200		2,376,004
Eisai Co. Ltd.		18,800		1,015,439
Shionogi & Co. Ltd.		11,100		491,752
Takeda Pharmaceutical Co. Ltd.		216,200		6,664,208
				10,547,403
Real Estate Management & Development — 2.9%
Daito Trust Construction Co. Ltd.		9,400		885,468

Security	Shares		Value
Real Estate Management & Development (continued)
Daiwa House Industry Co. Ltd.		84,600	$	1,952,667
Hulic Co. Ltd.		56,400		448,872
Mitsubishi Estate Co. Ltd.		159,800		1,986,347
Nomura Real Estate Holdings Inc.		18,800		419,135
Sumitomo Realty & Development Co. Ltd.		47,000		1,109,582
				6,802,071
Road & Rail — 2.9%
Central Japan Railway Co.		19,400		2,178,133
East Japan Railway Co.		28,200		1,424,219
Hankyu Hanshin Holdings Inc.		18,800		534,994
Keio Corp.		9,400		327,517
Keisei Electric Railway Co. Ltd.		9,400		271,718
Kintetsu Group Holdings Co. Ltd.		18,800		569,533
Odakyu Electric Railway Co. Ltd.		18,800		227,909
Tobu Railway Co. Ltd.		9,400		209,864
Tokyu Corp.		37,600		452,966
West Japan Railway Co.		18,800		729,686
				6,926,539
Semiconductors & Semiconductor Equipment — 0.3%
SUMCO Corp.		47,000		648,526
Software — 0.2%
Trend Micro Inc./Japan		9,400		441,994
Specialty Retail — 0.3%
Nitori Holdings Co. Ltd.		3,900		440,724
USS Co. Ltd.		9,400		152,502
				593,226
Technology Hardware, Storage & Peripherals — 3.0%
Brother Industries Ltd.		37,600		553,056
Canon Inc.		141,000		3,034,636
FUJIFILM Holdings Corp.		48,700		2,271,946
Ricoh Co. Ltd.		75,200		584,223
Seiko Epson Corp.		37,600		518,417
				6,962,278
Tobacco — 1.5%
Japan Tobacco Inc.		169,200		3,440,749
Trading Companies & Distributors — 8.9%
ITOCHU Corp.		84,600		2,528,751
Marubeni Corp.		216,200		2,760,021
Mitsubishi Corp.		178,600		6,067,231
Mitsui & Co. Ltd.		206,800		5,804,021
Sumitomo Corp.		159,800		2,723,435
Toyota Tsusho Corp.		28,200		1,150,095
				21,033,554
Wireless Telecommunication Services — 7.6%
KDDI Corp.		225,600		6,600,574
SoftBank Corp.		404,200		4,559,765
SoftBank Group Corp.		169,200		6,842,662
				18,003,001
Total Long-Term Investments — 99.7% (Cost: $247,592,932)				235,294,561

SCHEDULE   OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(b)(c)		80,000	$	80,000
Total Short-Term Securities — 0.0% (Cost: $80,000)				80,000
Total Investments — 99.7% (Cost: $247,672,932)				235,374,561
Other Assets Less Liabilities — 0.3%				591,455
Net Assets — 100.0%			$	235,966,016

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000		$ 60,000	(a)	$	—	$	—	$	—	$	80,000		80,000	$	1,280	$	—

^(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
Mini TOPIX Index		42		03/09/23	$	614	$	11,740

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	11,740	$	—	$	—	$	—	$	11,740

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

12 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2023 iShares^® MSCI Japan Value ETF

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	45,190	$	—	$	—	$	—	$	45,190
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	11,954	$	—	$	—	$	—	$	11,954

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	861,310

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	235,294,561	$	—	$	235,294,561
Short-Term Securities
Money Market Funds		80,000		—		—		80,000
	$	80,000	$	235,294,561	$	—	$	235,374,561
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	11,740	$	—	$	11,740

^(a)  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 13

Statements of Assets and Liabilities (unaudited)

February 28, 2023

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	7,574,804		$	235,294,561
Investments, at value — affiliated(c)		94,429			80,000
Cash		3,811			297
Foreign currency collateral pledged for futures contracts(d)		—			18,633
Foreign currency, at value(e)		43,383			282,506
Receivables:
Investments sold		251,662			343,730
Securities lending income — affiliated		42			—
Dividends — unaffiliated		17,390			236,511
Dividends — affiliated		—			281
Variation margin on futures contracts		—			2,115
Total assets		7,985,521			236,258,634
LIABILITIES
Collateral on securities loaned, at value		94,359			—
Payables:
Investments purchased		305,202			265,052
Investment advisory fees		3,673			27,566
Total liabilities		403,234			292,618
NET ASSETS	$	7,582,287		$	235,966,016
NET ASSETS CONSIST OF
Paid-in capital	$	9,892,974		$	251,541,278
Accumulated loss		(2,310,687	)		(15,575,262	)
NET ASSETS	$	7,582,287		$	235,966,016
NET ASSETVALUE
Shares outstanding		400,000			9,400,000
Net asset value	$	18.96		$	25.10
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	9,449,688		$	247,592,932
(b) Securities loaned, at value	$	81,511		$	—
(c)  Investments, at cost — affiliated	$	94,389		$	80,000
(d) Foreign currency collateral pledged, at cost	$	—		$	19,059
(e) Foreign currency, at cost	$	43,382		$	296,812

See notes to financial statements.

14 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended February 28, 2023

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	12,034		$	1,372,680
Dividends — affiliated		46			1,280
Securities lending income — affiliated — net		279			—
Foreign taxes withheld		(197	)		(137,269	)
Total investment income		12,162			1,236,691
EXPENSES
Investment advisory		21,499			78,584
Commitment costs		46			—
Total expenses		21,545			78,584
Net investment income (loss)		(9,383	)		1,158,107
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(116,851	)		(974,530	)
Investments — affiliated		48			—
Foreign currency transactions		110			62,867
Futures contracts		518			45,190
		(116,175	)		(866,473	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(177,896	)		(955,888	)
Investments — affiliated		21			—
Foreign currency translations		168			(15,808	)
Futures contracts		—			11,954
		(177,707	)		(959,742	)
Net realized and unrealized loss		(293,882	)		(1,826,215	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(303,265	)	$	(668,108	)

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 15

Statements of Changes in Net Assets

	iShares MSCI China Multisector Tech ETF							iShares MSCI Japan Value ETF
		Six Months Ended			Period From			Six Months Ended
			02/28/23			01/25/22	(a)		02/28/23			Year Ended
		(unaudited)			to 08/31/22			(unaudited)			08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(9,383	)	$	45,984		$	1,158,107		$	2,218,537
Net realized loss			(116,175	)		(276,477	)		(866,473	)		(1,114,202	)
Net change in unrealized appreciation (depreciation)			(177,707	)		(1,697,116	)		(959,742	)		(12,976,420	)
Net decrease in net assets resulting from operations			(303,265	)		(1,927,609	)		(668,108	)		(11,872,085	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(58,126	)(c)		(21,687	)		(894,771	)		(2,495,878	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			—			9,892,974			156,676,823			50,859,340
NET ASSETS
Total increase (decrease) in net assets			(361,391	)		7,943,678			155,113,944			36,491,377
Beginning of period			7,943,678			—			80,852,072			44,360,695
End of period		$	7,582,287		$	7,943,678		$	235,966,016		$	80,852,072

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

16 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Financial Highlights 

(For a share outstanding throughout each period)

	iShares MSCI China Multisector Tech  ETF
	Six Months Ended				Period From
	02/28/23						01/25/22	(a)
	(unaudited)				to 08/31/22
Net asset value, beginning of period		$	19.86			$	24.81
Net investment income (loss)(b)			(0.02	)			0.12
Net realized and unrealized loss(c)			(0.73	)			(5.02	)
Net decrease from investment operations			(0.75	)			(4.90	)
Distributions from net investment income(d)			(0.15	)(e)			(0.05	)
Net asset value, end of period		$	18.96			$	19.86
Total Return(f)
Based on net asset value			(3.82	)%(g)			(19.74	)%(g)
Ratios to Average Net Assets(h)
Total expenses			0.59	%(i)			0.59	%(i)
Net investment income (loss)			(0.26	)%(i)			0.93	%(i)
Supplemental Data
Net assets, end of period (000)		$	7,582			$	7,944
Portfolio turnover rate(j)			11	%			17	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 17

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan Value ETF
	Six Months Ended																				Period From
		02/28/23					Year Ended					Year Ended					Year Ended						03/05/19	(a)
	(unaudited)					08/31/22					08/31/21					08/31/20					to 08/31/19
Net asset value, beginning of period			$	23.78				$	27.73				$	23.22				$	23.70			$	24.67
Net investment income(b)				0.27					0.72					0.65					0.71				0.46
Net realized and unrealized gain (loss)(c)				1.31					(3.88	)				4.36					(0.26	)			(0.97	)
Net increase (decrease) from investment operations				1.58					(3.16	)				5.01					0.45				(0.51	)
Distributions from net investment income(d)				(0.26	)				(0.79	)				(0.50	)				(0.93	)			(0.46	)
Net asset value, end of period			$	25.10				$	23.78				$	27.73				$	23.22			$	23.70
Total Return(e)
Based on net asset value				6.70	%(f)				(11.57	)%				21.62	%				1.71	%			(2.10	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.15	%(h)				0.15	%				0.15	%				0.15	%			0.15	%(h)
Net investment income				2.21	%(h)				2.74	%				2.39	%				2.98	%			3.83	%(h)
Supplemental Data
Net assets, end of period (000)			$	235,966				$	80,852				$	44,361				$	6,965			$	7,111
Portfolio turnover rate(i)				6	%				24	%				24	%				35	%			9	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

18 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
MSCI China Multisector Tech		Non-diversified
MSCI Japan Value		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

N O T E S   T O  F I N A N C I A L   S T A T E M E N T S 19

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

20 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China Multisector Tech
Barclays Capital, Inc.	$	41,514	$	(41,514	)	$	—		$	—
J.P. Morgan Securities LLC		39,997		(39,997	)		—			—
	$	81,511	$	(81,511	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

N O T E S   T O  F I N A N C I A L   S T A T E M E N T S 21

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI China Multisector Tech		0.59%
MSCI Japan Value		0.15

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI China Multisector Tech	$	78

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
MSCI Japan Value	$	4,497,586	$	5,094,067	$	(741,458)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

22 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI China Multisector Tech	$	835,398	$	879,725
MSCI Japan Value		11,544,501		8,011,602

For the six months ended February 28, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Japan Value	$	153,084,168	$	—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
MSCI China Multisector Tech	$	274,665
MSCI Japan Value		1,845,089

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI China Multisector Tech	$	9,563,108	$	411,889	$	(2,305,764	)	$	(1,893,875	)
MSCI Japan Value		248,322,552		2,861,312		(15,797,563	)		(12,936,251	)

9. LINE OF CREDIT

The iShares MSCI China Multisector Tech ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

N O T E S   T O  F I N A N C I A L   S T A T E M E N T S 23

Notes to Financial Statements (unaudited) (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

24 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23				Period Ended 08/31/22
iShares ETF	Shares		Amount		Shares		Amount
MSCI China Multisector Tech
Shares sold		—	$	—		400,000	$	9,892,974

	Six Months Ended 02/28/23				Year Ended 08/31/22
iShares ETF	Shares		Amount		Shares			Amount
MSCI Japan Value
Shares sold		6,000,000	$	156,676,823		2,100,000		$	58,305,017
Shares redeemed		—		—		(300,000	)		(7,445,677	)
		6,000,000	$	156,676,823		1,800,000		$	50,859,340

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S   T O  F I N A N C I A L   S T A T E M E N T S 25

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI ChinaMultisector Tech ETF and iShares MSCI Japan Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

26 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized  Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI China Multisector Tech(a)	$	0.054469	$	—	$	0.090846	$	0.145315		37	%		—	%		63	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

G E N E R A L  I N F O R M A T I O N 27

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

28 2 0 2 3   I SHARES   SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares

G L O S S A R Y  O F   T E R M S   U S E D   I N   T H I S   R E P O R T 29

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-819-0223

FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Advanced MSCI EAFE ETF  |  DMXF  |  NASDAQ

· iShares ESG Advanced MSCI EM ETF  |  EMXF  |  NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	1.26%	(7.69)%
U.S. small cap equities (Russell 2000® Index)	3.63	(6.02)
International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)
Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
General Information		35
Glossary of Terms Used in this Report		36

Fund Summary  as of February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		12.23	%		(4.86	)%		5.91	%		(4.86	)%		16.81	%
Fund Market		11.82			(4.33	)		6.02			(4.33	)		17.13
Index		11.99			(4.83	)		6.07			(4.83	)		17.28

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00		$          1,122.30	$        0.63		$        1,000.00		$        1,024.20	$        0.60		0.12	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	21.1	%
Industrials	19.1
Information Technology	14.3
Health Care	13.0
Consumer Discretionary	8.6
Materials	7.7
Communication Services	5.8
Consumer Staples	5.2
Real Estate	4.6
Utilities	0.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.0	%
France	10.7
Germany	9.2
Switzerland	9.1
United Kingdom	8.6
Netherlands	7.3
Australia	4.9
Sweden	4.8
Denmark	4.7
Hong Kong	3.8
Singapore	1.9
Spain	1.8
Italy	1.2
Finland	1.2
Belgium	1.0
Other (each representing less than 1%)	2.8

^(a)  Excludes money market funds.

4 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Fund Summary  as of February 28, 2023 iShares^® ESG Advanced MSCI EM ETF

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.13	)%		(15.67	)%		0.38	%		(15.67	)%		0.91	%
Fund Market		(2.05	)		(16.28	)		0.44			(16.28	)		1.07
Index		(2.60	)		(15.54	)		0.69			(15.54	)		1.65

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          978.70	$        0.78			$    1,000.00	$        1,024.00	$        0.80		0.16	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Financials		34.2%
Consumer Discretionary		17.2
Information Technology		17.0
Communication Services		8.4
Consumer Staples		6.5
Materials		5.3
Health Care		4.9
Industrials		3.9
Real Estate		2.2
Utilities		0.4

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
China		32.2%
Taiwan		17.5
India		12.6
South Africa		6.4
South Korea		5.4
Brazil		4.4
Thailand		3.0
Saudi Arabia		2.9
Indonesia		2.8
United Arab Emirates		2.3
Malaysia		2.1
Mexico		2.1
Poland		1.0
Qatar		1.0
Other (each representing less than 1%)		4.3

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.9%
ASX Ltd.		10,074	$	460,143
Aurizon Holdings Ltd.		90,087		200,186
BlueScope Steel Ltd.		24,309		311,026
Brambles Ltd.		72,061		622,657
Cochlear Ltd.		3,431		511,647
Computershare Ltd.		28,397		472,330
CSL Ltd.		24,747		4,923,840
Dexus		50,301		284,229
Fortescue Metals Group Ltd.		87,381		1,252,163
Goodman Group		87,308		1,161,463
GPT Group (The)		95,565		301,670
IDP Education Ltd.		10,767		207,062
IGO Ltd.		35,186		309,304
James Hardie Industries PLC		22,995		479,092
Lendlease Corp. Ltd.		35,551		182,057
Mineral Resources Ltd.		8,833		487,834
Mirvac Group		206,517		314,438
Newcrest Mining Ltd.		46,063		705,166
Northern Star Resources Ltd.		59,349		414,216
Orica Ltd.		23,214		252,210
Pilbara Minerals Ltd.(a)		130,962		364,934
QBE Insurance Group Ltd.		76,577		774,671
Ramsay Health Care Ltd.		9,350		423,900
REA Group Ltd.		2,701		222,413
Reece Ltd.		11,607		128,529
Scentre Group		267,983		535,230
SEEK Ltd.		17,823		288,780
Sonic Healthcare Ltd.		23,652		511,667
Stockland		121,405		312,733
Suncorp Group Ltd.		65,262		562,951
Transurban Group		158,702		1,510,164
Vicinity Ltd.		206,229		282,161
WiseTech Global Ltd.		7,665		323,914
Xero Ltd.(a)		6,935		361,201
				20,455,981
Austria — 0.2%
Erste Group Bank AG		17,739		696,309
voestalpine AG		5,706		210,751
				907,060
Belgium — 1.0%
Ageas SA/NV		8,322		375,564
Argenx SE(a)		2,847		1,036,322
D’ieteren Group		1,402		271,725
Elia Group SA/NV		1,800		237,111
Groupe Bruxelles Lambert NV		5,110		428,964
KBC Group NV		12,921		964,883
Sofina SA		803		200,047
Umicore SA		10,587		352,850
Warehouses De Pauw CVA		8,322		253,971
				4,121,437
Denmark — 4.6%
AP Moller - Maersk A/S, Class A		148		338,282
AP Moller - Maersk A/S, Class B, NVS		219		510,127
Chr Hansen Holding A/S		5,476		379,629
Demant A/S(a)		4,845		144,890
DSV A/S		9,636		1,750,920
Genmab A/S(a)		3,358		1,263,444
Novo Nordisk A/S, Class B		85,191		12,033,677

Security	Shares		Value
Denmark (continued)
Novozymes A/S, Class B		10,585	$	509,815
Pandora A/S		4,745		449,464
Rockwool A/S, Class B		444		100,805
Tryg A/S		19,068		422,422
Vestas Wind Systems A/S		52,122		1,487,298
				19,390,773
Finland — 1.2%
Elisa OYJ		7,305		414,838
Kesko OYJ, Class B		14,600		317,051
Kone OYJ, Class B		17,520		909,842
Metso Outotec OYJ		34,164		364,243
Nokia OYJ		279,298		1,292,186
Orion OYJ, Class B		5,372		253,135
Sampo OYJ, Class A		24,747		1,204,688
Wartsila OYJ Abp		22,212		214,537
				4,970,520
France — 10.6%
Accor SA(a)		8,761		290,771
Aeroports de Paris(a)		1,460		211,542
Air Liquide SA		27,010		4,291,251
Amundi SA(b)		3,249		213,697
Arkema SA		2,999		304,036
AXA SA		96,433		3,038,745
BioMerieux		2,192		214,642
BNP Paribas SA		57,305		4,006,258
Bouygues SA		11,836		400,491
Bureau Veritas SA		15,549		444,181
Capgemini SE		8,468		1,588,055
Carrefour SA		31,244		617,677
Cie. Generale des Etablissements Michelin SCA		35,040		1,100,818
Covivio		2,342		149,993
Credit Agricole SA		62,488		761,574
Danone SA		33,142		1,862,988
Dassault Systemes SE		34,383		1,326,846
Edenred		12,848		723,166
Eiffage SA		4,241		465,446
Eurazeo SE		2,201		148,106
Eurofins Scientific SE		6,887		479,987
Euronext NV(b)		4,380		319,477
Gecina SA		2,487		286,128
Getlink SE		22,796		382,855
Hermes International		1,606		2,907,073
Ipsen SA		1,985		226,803
Klepierre SA		9,992		249,197
Legrand SA		13,797		1,274,390
L’Oreal SA		12,410		4,905,335
Publicis Groupe SA		11,826		938,832
Sartorius Stedim Biotech		1,460		475,517
Schneider Electric SE		27,886		4,474,505
SEB SA		1,255		144,773
Sodexo SA		4,672		432,710
Unibail-Rodamco-Westfield(a)(c)		5,870		370,911
Valeo		10,403		216,120
Vinci SA		27,740		3,154,255
Vivendi SE		36,368		374,251
Wendel SE		1,387		157,302
Worldline SA/France(a)(b)		12,337		513,866
				44,444,570

S C H E D U L E  O F  I N V E S T M E N  T S 7

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany — 8.6%
adidas AG		8,322	$	1,242,864
Aroundtown SA		46,663		120,890
Bayerische Motoren Werke AG		17,082		1,762,271
Bechtle AG		4,307		181,380
Beiersdorf AG		5,183		618,568
Brenntag SE		7,957		599,347
Carl Zeiss Meditec AG, Bearer		1,971		262,725
Commerzbank AG(a)		53,228		648,609
Continental AG		5,986		429,747
Covestro AG(b)		10,220		449,275
Daimler Truck Holding AG(a)		22,703		719,097
Deutsche Boerse AG		9,782		1,705,725
Deutsche Lufthansa AG, Registered(a)		29,638		307,072
Deutsche Post AG, Registered		51,173		2,164,154
Evonik Industries AG		10,951		233,823
GEA Group AG		7,811		343,371
Hannover Rueck SE		3,070		596,190
HeidelbergCement AG		7,665		526,221
HelloFresh SE(a)		8,614		192,975
Henkel AG & Co. KGaA		5,484		379,191
Infineon Technologies AG		67,379		2,383,625
Knorr-Bremse AG		3,587		243,790
LEG Immobilien SE		3,869		280,183
Merck KGaA		6,643		1,258,802
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,227		2,489,536
Nemetschek SE		2,993		169,493
Rational AG		264		175,109
SAP SE		53,655		6,095,790
Scout24 SE(b)		4,044		221,636
Siemens AG, Registered		39,370		6,025,544
Siemens Healthineers AG(b)		14,527		758,166
Symrise AG		6,862		701,086
Telefonica Deutschland Holding AG		57,457		174,292
United Internet AG, Registered		5,256		114,859
Vonovia SE		36,938		928,955
Zalando SE(a)(b)		11,972		474,331
				35,978,692
Hong Kong — 3.8%
AIA Group Ltd.		607,400		6,455,453
BOC Hong Kong Holdings Ltd.		186,000		629,488
CK Asset Holdings Ltd.		109,500		686,787
ESR Group Ltd.(b)		102,200		173,846
Futu Holdings Ltd., ADR(a)(c)		3,431		168,840
Hang Lung Properties Ltd.		96,000		185,153
Hang Seng Bank Ltd.		43,800		712,474
Henderson Land Development Co. Ltd.		73,000		256,243
HKT Trust & HKT Ltd., Class SS		219,000		284,721
Hong Kong Exchanges & Clearing Ltd.		61,800		2,475,253
Hongkong Land Holdings Ltd.		58,400		266,888
Link REIT		109,500		720,672
MTR Corp. Ltd.		76,500		385,504
New World Development Co. Ltd.		73,000		198,718
Sino Land Co. Ltd.		170,000		218,000
Sun Hung Kai Properties Ltd.		73,000		997,648
Swire Pacific Ltd., Class A		36,500		297,866
Swire Properties Ltd.		58,400		153,680
WH Group Ltd.(b)		438,000		254,885

Security	Shares		Value
Hong Kong (continued)
Wharf Real Estate Investment Co. Ltd.		75,000	$	411,212
				15,933,331
Ireland — 0.9%
AIB Group PLC		55,188		235,725
Bank of Ireland Group PLC		52,852		582,276
CRH PLC		39,128		1,837,978
Kerry Group PLC, Class A		8,402		804,447
Smurfit Kappa Group PLC		12,848		479,317
				3,939,743
Israel — 0.5%
Azrieli Group Ltd.		2,190		122,905
Check Point Software Technologies Ltd.(a)		5,208		644,334
CyberArk Software Ltd.(a)		2,117		306,478
Nice Ltd.(a)		3,285		682,837
Wix.com Ltd.(a)		2,920		264,347
				2,020,901
Italy — 1.2%
Amplifon SpA		6,424		185,750
Assicurazioni Generali SpA		57,670		1,140,676
DiaSorin SpA		1,314		158,400
FinecoBank Banca Fineco SpA		31,463		543,696
Infrastrutture Wireless Italiane SpA(b)		18,475		203,337
Mediobanca Banca di Credito Finanziario SpA		30,766		328,320
Moncler SpA		10,585		645,219
Nexi SpA(a)(b)		29,346		236,842
Poste Italiane SpA(b)		26,083		281,247
Prysmian SpA		13,213		507,973
Recordati Industria Chimica e Farmaceutica SpA		5,122		217,206
Telecom Italia SpA/Milano(a)		582,547		190,215
Terna - Rete Elettrica Nazionale		72,635		546,029
				5,184,910
Japan — 26.9%
Advantest Corp.		7,900		626,223
Aeon Co. Ltd.		36,500		680,793
AGC Inc.		7,300		270,076
Ajinomoto Co. Inc.		21,900		646,206
ANA Holdings Inc.(a)		7,400		150,135
Asahi Intecc Co. Ltd.		14,600		248,580
Asahi Kasei Corp.		62,800		437,403
Astellas Pharma Inc.		94,900		1,332,640
Azbil Corp.		7,300		189,843
Bridgestone Corp.		29,200		1,117,129
Brother Industries Ltd.		14,600		214,751
Canon Inc.		51,800		1,114,852
Capcom Co. Ltd.		7,300		229,734
Central Japan Railway Co.		7,300		819,607
Chiba Bank Ltd. (The)		29,200		213,800
Chugai Pharmaceutical Co. Ltd.		36,500		908,028
Concordia Financial Group Ltd.		58,400		250,901
CyberAgent Inc.		21,900		187,241
Dai Nippon Printing Co. Ltd.		14,600		391,423
Daifuku Co. Ltd.		7,300		398,100
Dai-ichi Life Holdings Inc.		51,900		1,107,250
Daiichi Sankyo Co. Ltd.		87,600		2,759,079
Daikin Industries Ltd.		12,200		2,086,135
Daito Trust Construction Co. Ltd.		3,000		282,596
Daiwa House Industry Co. Ltd.		29,200		673,970
Daiwa House REIT Investment Corp.		146		301,371
Daiwa Securities Group Inc.		65,700		314,042

8 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Denso Corp.		21,900	$	1,164,394
Dentsu Group Inc.		14,600		468,201
Disco Corp.		1,400		438,986
East Japan Railway Co.		14,600		737,362
Eisai Co. Ltd.		14,600		788,586
FANUC Corp.		9,300		1,580,729
Fast Retailing Co. Ltd.		9,000		1,776,743
FUJIFILM Holdings Corp.		18,300		853,729
Fujitsu Ltd.		9,400		1,207,226
GMO Payment Gateway Inc.		2,200		180,699
Hakuhodo DY Holdings Inc.		14,600		162,763
Hamamatsu Photonics KK		7,300		358,215
Hankyu Hanshin Holdings Inc.		14,600		415,474
Hirose Electric Co. Ltd.		1,300		158,943
Hitachi Construction Machinery Co. Ltd.		7,300		163,263
Hoshizaki Corp.		7,300		258,790
Hoya Corp.		18,100		1,791,949
Hulic Co. Ltd.		21,900		174,296
Ibiden Co. Ltd.		7,300		250,401
Itochu Techno-Solutions Corp.		7,300		162,452
Japan Exchange Group Inc.		29,200		435,506
Japan Metropolitan Fund Invest		367		275,529
Japan Post Bank Co. Ltd.		21,900		189,188
Japan Real Estate Investment Corp.		73		302,319
JFE Holdings Inc.		29,200		362,313
JSR Corp.		7,300		165,854
Kajima Corp.		21,900		261,727
Kao Corp.		22,500		838,169
KDDI Corp.		80,300		2,349,406
Keio Corp.		7,300		254,348
Keisei Electric Railway Co. Ltd.		7,300		211,015
Keyence Corp.		10,000		4,322,272
Kikkoman Corp.		7,300		341,307
Kintetsu Group Holdings Co. Ltd.		7,300		221,148
Kobayashi Pharmaceutical Co. Ltd.		2,000		120,405
Kobe Bussan Co. Ltd.		7,300		199,555
Komatsu Ltd.		43,800		1,047,932
Konami Group Corp.		4,800		211,716
Kubota Corp.		51,800		781,857
Kurita Water Industries Ltd.		7,300		329,815
Kyocera Corp.		14,600		718,553
Kyowa Kirin Co. Ltd.		14,600		312,446
Lixil Corp.		14,600		232,757
Makita Corp.		11,500		287,173
MatsukiyoCocokara & Co.		5,900		274,298
McDonald’s Holdings Co. Japan Ltd.		7,300		288,990
MEIJI Holdings Co. Ltd.		7,300		334,309
MINEBEA MITSUMI Inc.		14,600		253,033
MISUMI Group Inc.		14,700		349,559
Mitsubishi Chemical Group Corp.		65,700		382,693
Mitsubishi Electric Corp.		102,200		1,148,443
Mitsubishi Estate Co. Ltd.		59,300		737,111
Mitsubishi HC Capital Inc.		29,500		154,006
Mitsubishi UFJ Financial Group Inc.		620,500		4,399,030
Mitsui Chemicals Inc.		7,300		176,113
Mitsui Fudosan Co. Ltd.		44,500		848,109
MonotaRO Co. Ltd.		14,600		198,580
MS&AD Insurance Group Holdings Inc.		21,900		716,658
Murata Manufacturing Co. Ltd.		29,200		1,562,999
NEC Corp.		14,600		522,509

Security	Shares		Value
Japan (continued)
NGK Insulators Ltd.		14,600	$	193,800
Nidec Corp.		22,400		1,136,788
Nihon M&A Center Holdings Inc.		15,300		127,566
Nintendo Co. Ltd.		58,400		2,186,324
Nippon Building Fund Inc.		73		308,122
Nippon Paint Holdings Co. Ltd.		43,800		382,747
Nippon Prologis REIT Inc.		73		155,715
Nippon Telegraph & Telephone Corp.		58,400		1,692,246
Nippon Yusen KK		21,900		569,246
Nissan Chemical Corp.		7,300		320,570
Nissin Foods Holdings Co. Ltd.		2,100		174,889
Nitori Holdings Co. Ltd.		3,800		429,423
Nitto Denko Corp.		7,300		439,499
Nomura Real Estate Holdings Inc.		7,400		164,979
Nomura Real Estate Master Fund Inc.		219		242,751
Nomura Research Institute Ltd.		21,900		489,287
NTT Data Corp.		29,700		412,077
Obayashi Corp.		37,000		273,690
Odakyu Electric Railway Co. Ltd.		14,600		176,993
Oji Holdings Corp.		37,100		150,540
Omron Corp.		7,300		391,887
Ono Pharmaceutical Co. Ltd.		21,900		446,058
Open House Group Co. Ltd.		7,300		262,745
Oriental Land Co. Ltd./Japan		9,600		1,532,975
Otsuka Corp.		7,300		246,084
Otsuka Holdings Co. Ltd.		21,900		663,481
Pan Pacific International Holdings Corp.		19,000		347,296
Persol Holdings Co. Ltd.		7,400		148,210
Rakuten Group Inc.		43,800		215,898
Recruit Holdings Co. Ltd.		73,000		1,957,554
Renesas Electronics Corp.(a)		58,400		754,381
Resona Holdings Inc.		109,500		603,113
Ricoh Co. Ltd.		29,200		226,853
Rohm Co. Ltd.		4,100		315,752
SCSK Corp.		7,300		105,923
Secom Co. Ltd.		9,900		575,729
Seiko Epson Corp.		14,600		201,300
Sekisui Chemical Co. Ltd.		21,900		293,596
Sekisui House Ltd.		29,700		562,317
SG Holdings Co. Ltd.		14,600		210,508
Sharp Corp./Japan		14,600		100,734
Shimadzu Corp.		14,600		421,633
Shimizu Corp.		29,200		157,618
Shin-Etsu Chemical Co. Ltd.		18,500		2,564,675
Shionogi & Co. Ltd.		14,600		646,809
Shiseido Co. Ltd.		21,900		1,009,099
Shizuoka Financial Group Inc., NVS		22,200		177,389
SoftBank Corp.		146,000		1,647,021
SoftBank Group Corp.		58,400		2,361,770
Sompo Holdings Inc.		14,600		626,794
Sony Group Corp.		65,700		5,493,599
Square Enix Holdings Co. Ltd.		7,300		325,393
SUMCO Corp.		14,600		201,457
Sumitomo Chemical Co. Ltd.		73,000		255,792
Sumitomo Mitsui Financial Group Inc.		65,700		2,869,370
Sumitomo Realty & Development Co. Ltd.		15,500		365,926
Suntory Beverage & Food Ltd.		7,300		256,077
Sysmex Corp.		7,300		437,277
T&D Holdings Inc.		29,200		442,211
Taisei Corp.		7,300		238,003

S C H E D U L E  O F  I N V E S T M E N  T S 9

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
TDK Corp.		21,900	$	733,243
Terumo Corp.		36,500		981,243
TIS Inc.		14,600		362,433
Tobu Railway Co. Ltd.		7,300		162,980
Tokio Marine Holdings Inc.		94,900		2,014,787
Tokyo Electron Ltd.		7,600		2,607,575
Tokyu Corp.		36,500		439,715
Toppan Inc.		14,600		264,033
Toray Industries Inc.		73,000		417,955
Tosoh Corp.		14,600		198,694
TOTO Ltd.		7,300		243,954
Toyota Industries Corp.		7,500		440,123
Trend Micro Inc./Japan		7,300		343,250
Unicharm Corp.		21,900		810,570
USS Co. Ltd.		14,600		236,865
Welcia Holdings Co. Ltd.		7,300		159,805
West Japan Railway Co.		14,600		566,671
Yakult Honsha Co. Ltd.		7,300		497,613
Yamaha Corp.		7,300		276,983
Yamaha Motor Co. Ltd.		14,600		373,544
Yamato Holdings Co. Ltd.		14,600		246,605
Yaskawa Electric Corp.		14,600		574,423
Yokogawa Electric Corp.		14,600		218,055
Z Holdings Corp.		138,700		372,361
ZOZO Inc.		7,300		162,247
				112,557,145
Netherlands — 7.3%
ABN AMRO Bank NV, CVA(b)		21,046		371,381
Adyen NV(a)(b)		1,095		1,552,085
AerCap Holdings NV(a)		7,081		442,138
Akzo Nobel NV		9,344		683,559
ASM International NV		2,409		821,146
ASML Holding NV		20,732		12,778,296
EXOR NV, NVS(a)		5,694		469,837
IMCD NV		2,936		464,743
ING Groep NV(a)		194,399		2,720,636
JDE Peet’s NV		5,186		152,661
Just Eat Takeaway.com NV(a)(b)		9,441		205,345
Koninklijke Ahold Delhaize NV		53,947		1,712,918
Koninklijke DSM NV		9,052		1,115,478
NN Group NV		14,381		582,093
OCI NV		5,318		176,652
Prosus NV		41,318		2,962,053
QIAGEN NV(a)		11,753		540,985
Randstad NV		6,209		380,985
Universal Music Group NV		37,814		890,948
Wolters Kluwer NV		13,578		1,571,892
				30,595,831
New Zealand — 0.4%
Auckland International Airport Ltd.(a)		65,700		355,008
EBOS Group Ltd.		8,322		227,820
Fisher & Paykel Healthcare Corp. Ltd.		30,076		481,409
Mercury NZ Ltd.		39,133		151,680
Meridian Energy Ltd.		66,430		218,046
Spark New Zealand Ltd.		97,973		302,499
				1,736,462
Norway — 0.7%
Adevinta ASA(a)		14,390		107,529
DNB Bank ASA		48,034		958,529

Security	Shares		Value
Norway (continued)
Gjensidige Forsikring ASA		9,646	$	170,974
Mowi ASA		22,046		380,619
Orkla ASA		37,376		251,569
Salmar ASA		3,358		139,690
Telenor ASA		35,415		397,103
Yara International ASA		8,428		400,657
				2,806,670
Portugal — 0.1%
Jeronimo Martins SGPS SA		15,257		313,164
Singapore — 1.9%
CapitaLand Ascendas REIT		175,299		360,040
CapitaLand Integrated Commercial Trust		277,481		399,156
Capitaland Investment Ltd/Singapore		146,000		402,667
City Developments Ltd.		22,300		127,564
DBS Group Holdings Ltd.		94,900		2,407,719
Grab Holdings Ltd., Class A(a)		64,139		205,886
Mapletree Logistics Trust		173,300		217,195
Oversea-Chinese Banking Corp. Ltd.		175,200		1,646,616
Singapore Airlines Ltd.		73,000		308,211
Singapore Exchange Ltd.		37,100		239,605
United Overseas Bank Ltd.		58,400		1,294,473
UOL Group Ltd.		22,300		112,933
Venture Corp. Ltd.		14,600		185,926
				7,907,991
Spain — 1.8%
Acciona SA		1,314		247,564
ACS Actividades de Construccion y Servicios SA		11,779		357,087
Aena SME SA(a)(b)		3,961		612,792
Amadeus IT Group SA(a)		23,214		1,459,762
CaixaBank SA		228,125		977,698
Cellnex Telecom SA(b)		29,127		1,092,809
Corp. ACCIONA Energias Renovables SA		3,358		130,065
EDP Renovaveis SA		14,746		301,773
Ferrovial SA		25,519		708,302
Grifols SA(a)		17,155		208,987
Red Electrica Corp. SA		7,817		129,673
Telefonica SA		270,392		1,103,058
				7,329,570
Sweden — 4.8%
Assa Abloy AB, Class B		51,757		1,259,442
Atlas Copco AB, Class A		138,627		1,645,810
Atlas Copco AB, Class B		80,519		848,227
Electrolux AB, Class B(c)		10,401		125,860
Embracer Group AB(a)(c)		31,122		150,024
Epiroc AB, Class A		32,777		629,904
Epiroc AB, Class B		20,124		331,078
EQT AB		18,323		409,783
Essity AB, Class B		31,390		846,670
Fastighets AB Balder, Class B(a)		28,908		143,004
Getinge AB, Class B		11,796		253,534
H & M Hennes & Mauritz AB, Class B		38,070		479,697
Hexagon AB, Class B		100,448		1,113,222
Holmen AB, Class B		4,735		191,186
Husqvarna AB, Class B		21,652		191,708
Industrivarden AB, Class A		6,590		181,143
Industrivarden AB, Class C		7,769		213,000
Indutrade AB		13,807		293,681
Investment AB Latour, Class B		7,738		160,089

10 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Investor AB, Class A		25,842	$	529,732
Investor AB, Class B		94,827		1,831,713
Kinnevik AB, Class B(a)		12,556		186,731
Lifco AB, Class B		10,950		218,748
Nibe Industrier AB, Class B		78,183		808,390
Nordea Bank Abp		174,178		2,207,223
Sagax AB, Class B		9,250		227,561
Sandvik AB		55,042		1,132,319
Skandinaviska Enskilda Banken AB, Class A		83,366		1,043,033
SKF AB, Class B		19,783		375,741
Svenska Cellulosa AB SCA, Class B		31,244		436,022
Svenska Handelsbanken AB, Class A		75,263		798,312
Swedish Orphan Biovitrum AB(a)		8,249		190,034
Tele2 AB, Class B		28,983		266,406
Telia Co. AB		140,160		361,947
Volvo Car AB, Class B(a)(c)		30,119		142,005
				20,222,979
Switzerland — 9.1%
ABB Ltd., Registered		81,103		2,698,869
Adecco Group AG, Registered		8,068		287,675
Alcon Inc.		25,769		1,757,002
Bachem Holding AG, Class A		1,845		183,892
Baloise Holding AG, Registered		2,430		404,660
Banque Cantonale Vaudoise, Registered		1,533		137,081
Clariant AG, Registered		11,169		180,654
Coca-Cola HBC AG, Class DI(a)		10,157		260,115
Geberit AG, Registered		1,825		984,949
Givaudan SA, Registered		476		1,434,797
Julius Baer Group Ltd.		11,023		730,801
Kuehne + Nagel International AG, Registered		2,774		710,247
Logitech International SA, Registered		8,804		480,878
Lonza Group AG, Registered		3,796		2,261,054
Novartis AG, Registered		111,325		9,369,125
Partners Group Holding AG		1,168		1,106,018
Schindler Holding AG, Participation Certificates, NVS		2,117		476,121
Schindler Holding AG, Registered		1,241		267,443
SGS SA, Registered		292		669,362
SIG Group AG(a)		15,768		381,380
Sika AG, Registered		7,519		2,108,515
Sonova Holding AG, Registered		2,774		682,228
STMicroelectronics NV		35,259		1,688,962
Straumann Holding AG		5,694		754,886
Swiss Life Holding AG, Registered		1,606		966,413
Swiss Prime Site AG, Registered		3,877		326,700
Swiss Re AG		15,549		1,624,368
Swisscom AG, Registered		1,319		813,880
Temenos AG, Registered		3,220		236,838
VAT Group AG(b)		1,387		418,661
Zurich Insurance Group AG		7,738		3,670,546
				38,074,120
United Kingdom — 8.6%
3i Group PLC		50,224		982,594
abrdn PLC		112,201		302,294
Admiral Group PLC		9,216		243,874
Anglo American PLC		65,554		2,265,200
Antofagasta PLC		20,805		392,461
Ashtead Group PLC		22,849		1,511,901
Auto Trader Group PLC(b)		48,910		349,808
Aviva PLC		144,613		776,920

Security	Shares		Value
United Kingdom (continued)
Barratt Developments PLC		52,427	$	294,769
Berkeley Group Holdings PLC		5,350		269,312
British Land Co. PLC (The)		44,020		236,111
Bunzl PLC		17,447		621,652
Burberry Group PLC		20,221		600,453
CNH Industrial NV		52,779		865,173
Coca-Cola Europacific Partners PLC		10,521		578,655
Compass Group PLC		91,104		2,104,665
Croda International PLC		7,227		569,936
Halma PLC		18,834		490,183
Hikma Pharmaceuticals PLC		8,614		179,719
Informa PLC		75,701		608,110
InterContinental Hotels Group PLC		8,906		600,365
Intertek Group PLC		8,395		421,366
JD Sports Fashion PLC		128,616		280,018
Johnson Matthey PLC		9,417		247,054
Kingfisher PLC		103,451		357,770
Land Securities Group PLC		32,975		272,281
Legal & General Group PLC		308,279		948,913
Lloyds Banking Group PLC		3,519,768		2,222,838
London Stock Exchange Group PLC		17,009		1,517,573
M&G PLC		115,340		297,066
Mondi PLC		25,039		420,788
Ocado Group PLC(a)		28,861		190,714
Pearson PLC		34,164		377,911
Persimmon PLC		16,137		281,408
Phoenix Group Holdings PLC		37,896		288,691
Prudential PLC		141,912		2,168,833
RELX PLC		99,061		2,987,231
Rentokil Initial PLC		129,502		796,584
Sage Group PLC (The)		52,633		474,229
Schroders PLC		37,920		226,343
Segro PLC		62,780		620,083
Severn Trent PLC		13,224		436,779
Spirax-Sarco Engineering PLC		3,796		533,115
St. James’s Place PLC		28,324		436,036
Standard Chartered PLC		129,064		1,221,229
Taylor Wimpey PLC		172,718		255,491
Vodafone Group PLC		1,362,983		1,632,001
Whitbread PLC		10,367		384,496
WPP PLC		56,429		694,030
				35,835,026
Total Common Stocks — 99.1% (Cost: $441,134,947)				414,726,876
Preferred Stocks
Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,139		297,313
Dr Ing hc F Porsche AG, Preference Shares, NVS		5,913		712,600
Henkel AG & Co. KGaA, Preference Shares, NVS		9,198		669,139
Sartorius AG, Preference Shares, NVS		1,241		527,137
				2,206,189
Total Preferred Stocks — 0.6% (Cost: $2,331,660)				2,206,189

S C H E D U L E  O F  I N V E S T M E N  T S 11

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Hong Kong — 0.0%
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(a)		21,900	$	20,646
Total Rights — 0.0% (Cost: $—)				20,646
Total Long-Term Investments — 99.7% (Cost: $443,466,607)				416,953,711
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)		911,414		911,961
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)		40,000		40,000
Total Short-Term Securities — 0.2% (Cost: $951,626)				951,961
Total Investments — 99.9% (Cost: $444,418,233)				417,905,672
Other Assets Less Liabilities — 0.1%				565,154
Net Assets — 100.0%			$	418,470,826

^(a) Non-income producing security.

^(b) 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.

^(c) All or a portion of this security is on loan.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period end.

^(f) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,631,126	$	—		$	(724,862	)(a)	$	5,967	$	(270	)	$	911,961		911,414	$	14,426	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		10,000	(a)		—			—		—			40,000		40,000		1,633			—
									$	5,967	$	(270	)	$	951,961			$	16,059		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		40		03/09/23	$	585	$	18,869
Euro STOXX 50 Index		18		03/17/23		807		53,864
							$	72,733

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EAFE  ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	72,733	$	—	$	—	$	—	$	72,733

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	204,397	$	—	$	—	$	—	$	204,397
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	85,862	$	—	$	—	$	—	$	85,862

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,831,773

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,610,678	$	412,116,198	$	—	$	414,726,876
Preferred Stocks		—		2,206,189		—		2,206,189
Rights		—		20,646		—		20,646
Short-Term Securities
Money Market Funds		951,961		—		—		951,961
	$	3,562,639	$	414,343,033	$	—	$	417,905,672
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	72,733	$	—	$	72,733

^(a)  Derivative financial instruments are futures contracts Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 13

Schedule of Investments  (unaudited) February 28, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.9%
Atacadao SA		9,828	$	25,248
B3 SA - Brasil, Bolsa, Balcao		96,978		195,421
Banco Bradesco SA		24,466		54,395
Banco do Brasil SA		13,650		105,071
CCR SA		19,124		40,144
Cia. de Saneamento Basico do Estado de Sao Paulo		5,572		55,077
Energisa SA		3,052		22,554
Hapvida Participacoes e Investimentos SA(a)(b)		73,570		63,095
Localiza Rent a Car SA		11,878		125,894
Localiza Rent a Car SA, NVS		41		415
Lojas Renner SA		16,114		57,402
Natura & Co. Holding SA		14,518		42,483
Raia Drogasil SA		16,702		72,353
Rede D’Or Sao Luiz SA(a)		9,187		44,834
Rumo SA		20,580		70,599
Sendas Distribuidora SA		15,359		53,216
Telefonica Brasil SA		7,812		58,104
Tim SA		13,104		30,686
TOTVS SA		8,232		42,910
WEG SA		26,726		199,905
				1,359,806
Chile — 0.5%
Banco de Chile		725,340		75,367
Banco de Credito e Inversiones SA		930		29,102
Banco Santander Chile		1,048,265		44,442
Cencosud SA		22,358		42,276
Empresas CMPC SA		15,827		26,299
Falabella SA		12,656		27,851
				245,337
China — 32.0%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,800		8,834
3SBio Inc.(a)		21,000		20,824
AAC Technologies Holdings Inc.(b)		14,000		31,289
Agricultural Bank of China Ltd., Class A		88,200		37,181
Agricultural Bank of China Ltd., Class H		410,000		142,146
Air China Ltd., Class A(b)		8,400		13,428
Air China Ltd., Class H(b)		28,000		25,791
Alibaba Group Holding Ltd.(b)		191,800		2,108,159
Alibaba Health Information Technology Ltd.(b)		84,000		60,146
Baidu Inc.(b)		35,240		605,892
Bank of China Ltd., Class A		32,200		14,966
Bank of China Ltd., Class H		1,260,000		462,107
Bank of Communications Co. Ltd., Class A		39,200		27,637
Bank of Communications Co. Ltd., Class H		140,000		82,776
Bank of Hangzhou Co. Ltd., Class A		5,600		9,778
Bank of Ningbo Co. Ltd., Class A		7,000		29,706
BeiGene Ltd.(b)		9,737		168,775
Beijing Enterprises Water Group Ltd.		56,000		14,061
Beijing Shiji Information Technology Co. Ltd., Class A		1,828		4,366
Beijing Tongrentang Co. Ltd., Class A		1,400		9,863
BOC Aviation Ltd.(a)		2,800		20,226
Bosideng International Holdings Ltd.		56,000		31,064
By-health Co. Ltd., Class A		2,800		9,250
China CITIC Bank Corp. Ltd., Class H		140,000		64,772
China Conch Venture Holdings Ltd.		28,000		56,349
China Construction Bank Corp., Class A		11,200		9,090
China Construction Bank Corp., Class H		1,526,000		932,809

Security	Shares		Value
China (continued)
China Everbright Bank Co. Ltd., Class A		43,400	$	18,609
China Everbright Bank Co. Ltd., Class H		42,000		12,095
China Everbright Environment Group Ltd.		56,000		22,687
China Feihe Ltd.(a)		56,000		44,884
China International Capital Corp. Ltd., Class A		1,400		8,440
China International Capital Corp. Ltd., Class H(a)		28,000		60,286
China Jinmao Holdings Group Ltd.		84,000		16,266
China Jushi Co. Ltd., Class A		4,371		9,530
China Lesso Group Holdings Ltd.		14,000		14,767
China Life Insurance Co. Ltd., Class A		2,800		14,409
China Life Insurance Co. Ltd., Class H		112,000		189,987
China Literature Ltd.(a)(b)		5,600		23,977
China Medical System Holdings Ltd.		28,000		42,153
China Mengniu Dairy Co. Ltd.		56,000		246,494
China Minsheng Banking Corp. Ltd., Class A		34,576		16,964
China Minsheng Banking Corp. Ltd., Class H		98,000		33,845
China Overseas Land & Investment Ltd.		56,000		138,834
China Railway Signal & Communication Corp. Ltd., Class A		5,800		4,264
China Resources Land Ltd.		56,000		248,823
China Resources Mixc Lifestyle Services Ltd.(a)		11,200		61,489
China Resources Pharmaceutical Group Ltd.(a)		21,000		17,256
China Ruyi Holdings Ltd.(b)		112,000		27,834
China Southern Airlines Co. Ltd., Class A(b)		12,100		13,753
China Southern Airlines Co. Ltd., Class H(b)		28,000		20,417
China Tourism Group Duty Free Corp. Ltd.(a)(b)		1,400		35,407
China Tourism Group Duty Free Corp. Ltd., Class A		1,400		39,822
China Vanke Co. Ltd., Class A		9,800		24,135
China Vanke Co. Ltd., Class H		26,600		46,507
China Zheshang Bank Co. Ltd., Class A(b)		15,400		6,471
Chow Tai Fook Jewellery Group Ltd.		30,800		59,695
CITIC Securities Co. Ltd., Class A		11,200		33,278
CITIC Securities Co. Ltd., Class H		35,000		74,108
CMOC Group Ltd., Class A		26,600		22,617
CMOC Group Ltd., Class H		42,000		23,650
Contemporary Amperex Technology Co. Ltd., Class A		2,100		121,671
Country Garden Services Holdings Co. Ltd.		35,000		65,168
CSC Financial Co. Ltd., Class A		4,200		16,179
CSPC Pharmaceutical Group Ltd.		140,000		150,402
Dali Foods Group Co. Ltd.(a)		35,000		14,156
Dongfeng Motor Group Co. Ltd., Class H		56,000		28,609
Far East Horizon Ltd.		28,000		24,768
Foxconn Industrial Internet Co. Ltd., Class A		11,200		15,472
Ganfeng Lithium Co. Ltd., Class H(a)		5,600		39,118
Ganfeng Lithium Group Co. Ltd., Class A		1,400		14,565
GDS Holdings Ltd., Class A(b)		14,000		33,867
Geely Automobile Holdings Ltd.		98,000		127,319
GEM Co. Ltd., Class A		6,400		7,257
Genscript Biotech Corp.(b)		14,000		38,321
Great Wall Motor Co. Ltd., Class A		1,400		6,946
Great Wall Motor Co. Ltd., Class H		49,000		65,026
Greentown China Holdings Ltd.		14,000		19,142
Greentown Service Group Co. Ltd.		28,000		18,683
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,424		6,470
Haier Smart Home Co. Ltd., Class A		7,000		26,500
Haier Smart Home Co. Ltd., Class H		36,400		128,685
Haitong Securities Co. Ltd., Class A		14,000		18,426
Haitong Securities Co. Ltd., Class H		39,200		25,227
Hangzhou Robam Appliances Co. Ltd., Class A		1,400		6,195
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		2,800		32,156

14 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hansoh Pharmaceutical Group Co. Ltd.(a)		28,000	$	50,337
Huatai Securities Co. Ltd., Class A		9,800		17,765
Huatai Securities Co. Ltd., Class H(a)		22,400		25,215
Huaxia Bank Co. Ltd., Class A		12,600		9,463
Hundsun Technologies Inc., Class A		1,778		11,362
Hygeia Healthcare Holdings Co. Ltd.(a)(b)		5,600		40,799
Industrial & Commercial Bank of China Ltd., Class A		65,800		40,707
Industrial & Commercial Bank of China Ltd., Class H		910,000		454,055
Industrial Bank Co. Ltd., Class A		21,000		51,086
Industrial Securities Co. Ltd., Class A		11,260		10,415
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		7,000		30,693
Jafron Biomedical Co. Ltd., Class A		1,400		6,524
JD.com Inc., Class A		34,300		759,027
Jiangsu Hengrui Medicine Co. Ltd., Class A		5,600		35,051
Jiumaojiu International Holdings Ltd.(a)		14,000		33,830
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		2,800		5,314
Kanzhun Ltd., ADR(b)		2,898		58,395
Keda Industrial Group Co. Ltd.		2,800		6,602
Kingboard Holdings Ltd.		7,000		24,991
Kingdee International Software Group Co. Ltd.(b)		42,000		78,475
Kingsoft Corp. Ltd.		14,000		46,223
Koolearn Technology Holding Ltd.(a)(b)		7,000		39,864
Kuaishou Technology(a)(b)		28,000		187,275
Legend Biotech Corp., ADR(b)		938		43,317
Li Auto Inc.(b)		17,538		206,934
Longfor Group Holdings Ltd.(a)		28,000		80,154
Meituan, Class B(a)(b)		70,000		1,214,845
Microport Scientific Corp.(b)		9,800		27,803
Ming Yang Smart Energy Group Ltd., Class A		2,800		10,227
MINISO Group Holding Ltd.		1,526		27,315
NetEase Inc.		32,275		501,568
NIO Inc., ADR(b)(c)		21,756		204,289
Nongfu Spring Co. Ltd., Class H(a)		28,000		156,955
Orient Securities Co. Ltd., Class A		8,800		12,914
People’s Insurance Co. Group of China Ltd. (The), Class A		8,400		6,309
People’s Insurance Co. Group of China Ltd. (The), Class H		126,000		39,838
Pharmaron Beijing Co. Ltd., Class A		1,400		12,024
Pharmaron Beijing Co. Ltd., Class H(a)		2,800		15,701
Ping An Bank Co. Ltd., Class A		19,600		38,799
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		8,400		19,250
Ping An Insurance Group Co. of China Ltd., Class A		12,600		87,449
Ping An Insurance Group Co. of China Ltd., Class H		98,000		669,000
Pop Mart International Group Ltd.(a)(c)		8,400		23,403
Postal Savings Bank of China Co. Ltd., Class A		23,800		15,481
Postal Savings Bank of China Co. Ltd., Class H(a)		126,000		75,701
Sangfor Technologies Inc., Class A		700		14,372
SF Holding Co. Ltd., Class A		4,200		32,525
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		39,200		63,275
Shanghai Electric Group Co. Ltd., Class A(b)		13,083		7,884
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,800		13,577
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		7,000		20,479
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,800		7,959
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		11,200		19,751
Shanghai Pudong Development Bank Co. Ltd., Class A		29,400		30,371
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,400		10,131
Shanghai Rural Commercial Bank Co. Ltd.		8,399		7,167
Shenzhen Inovance Technology Co. Ltd., Class A		2,850		30,024
Sino Biopharmaceutical Ltd.		168,000		86,737
Sinopharm Group Co. Ltd., Class H		22,400		59,994
Sungrow Power Supply Co. Ltd., Class A		1,400		24,037

Security	Shares		Value
China (continued)
Sunny Optical Technology Group Co. Ltd.		11,200	$	127,364
TCL Technology Group Corp., Class A		19,600		12,507
Tongcheng Travel Holdings Ltd.(b)		22,400		44,463
Topsports International Holdings Ltd.(a)		28,000		24,491
Unisplendour Corp. Ltd., Class A		2,800		10,218
Vipshop Holdings Ltd., ADR(b)		6,636		98,810
Want Want China Holdings Ltd.		70,000		44,038
WuXi AppTec Co. Ltd., Class A		2,860		34,062
WuXi AppTec Co. Ltd., Class H(a)		5,640		60,173
Wuxi Biologics Cayman Inc., New(a)(b)		60,000		420,009
Xinyi Solar Holdings Ltd.		84,000		89,819
XPeng Inc.(b)		13,136		58,390
Yadea Group Holdings Ltd.(a)		28,000		60,093
Yonyou Network Technology Co. Ltd., Class A		2,800		9,381
Yum China Holdings Inc.		6,622		388,910
Yunnan Baiyao Group Co. Ltd., Class A		1,940		15,871
Zai Lab Ltd., ADR(b)(c)		1,414		52,530
Zhejiang Expressway Co. Ltd., Class H		28,000		22,583
Zhejiang Weixing New Building Materials Co. Ltd., Class A		2,100		7,748
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		7,000		6,752
				15,254,605
Colombia — 0.1%
Bancolombia SA		3,990		29,477
Interconexion Electrica SA ESP		7,182		25,435
				54,912
Czech Republic — 0.1%
Komercni Banka AS		1,204		40,559
Moneta Money Bank AS(a)		5,488		20,906
				61,465
Egypt — 0.1%
Commercial International Bank Egypt SAE		32,770		56,811
Greece — 0.6%
Alpha Services and Holdings SA(b)		35,789		55,998
Eurobank Ergasias Services and Holdings SA, Class A(b)		41,312		63,328
Hellenic Telecommunications Organization SA		3,059		46,925
JUMBO SA		1,952		38,977
National Bank of Greece SA(b)		8,783		49,143
Terna Energy SA		854		17,795
				272,166
Hungary — 0.3%
OTP Bank Nyrt		3,556		107,721
Richter Gedeon Nyrt		2,226		46,661
				154,382
India — 12.5%
ABB India Ltd.		812		31,602
Adani Green Energy Ltd.(b)		4,928		28,860
Apollo Hospitals Enterprise Ltd.		1,596		84,912
Asian Paints Ltd.		6,090		208,161
AU Small Finance Bank Ltd.(a)		2,786		19,962
Axis Bank Ltd.		36,138		368,567
Bajaj Auto Ltd.		1,036		45,851
Bajaj Finance Ltd.		4,326		319,435
Bandhan Bank Ltd.(a)(b)		10,445		29,141
Bank of Baroda		16,184		31,128
Berger Paints India Ltd.		3,999		28,007
Bharti Airtel Ltd.		35,322		316,918
Britannia Industries Ltd.		1,736		93,669

S C H E D U L E  O F  I N V E S T M E N  T S 15

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Cholamandalam Investment and Finance Co. Ltd.		6,622	$	60,541
Colgate-Palmolive India Ltd.		1,890		33,671
Dabur India Ltd.		9,898		63,728
Eicher Motors Ltd.		2,170		81,442
Grasim Industries Ltd.		3,962		75,655
Havells India Ltd.		3,990		57,734
HCL Technologies Ltd.		15,078		196,337
HDFC Life Insurance Co. Ltd.(a)		15,512		91,653
Hero MotoCorp Ltd.		1,680		49,130
Hindustan Unilever Ltd.		13,048		388,071
ICICI Lombard General Insurance Co. Ltd.(a)		3,894		51,882
ICICI Prudential Life Insurance Co. Ltd.(a)		5,978		29,537
Indian Hotels Co. Ltd. (The)		13,174		49,521
Info Edge India Ltd.		1,135		47,893
Infosys Ltd.		53,370		958,678
Kotak Mahindra Bank Ltd.		8,834		184,577
Mahindra & Mahindra Ltd.		13,818		212,010
Marico Ltd.		8,330		49,524
Mphasis Ltd.		1,330		32,708
Nestle India Ltd.		532		120,076
PI Industries Ltd.		1,218		45,631
SBI Cards & Payment Services Ltd.		3,836		34,798
Shriram Transport Finance Co. Ltd.		3,598		52,318
Siemens Ltd.		1,148		45,058
State Bank of India		28,364		179,185
Tata Consultancy Services Ltd.		14,492		580,202
Tata Elxsi Ltd.		546		40,441
Tech Mahindra Ltd.		9,296		123,573
Titan Co. Ltd.		5,670		162,624
Torrent Pharmaceuticals Ltd.		1,498		26,454
Trent Ltd.		3,010		46,506
TVS Motor Co. Ltd.		3,346		43,686
Wipro Ltd.		21,854		102,199
Zomato Ltd.(b)		47,533		30,686
				5,953,942
Indonesia — 2.8%
Bank Central Asia Tbk PT		877,800		503,452
Bank Negara Indonesia Persero Tbk PT		117,600		67,635
Bank Rakyat Indonesia Persero Tbk PT		1,082,247		331,238
Barito Pacific Tbk PT		486,062		29,797
Kalbe Farma Tbk PT		340,200		47,062
Merdeka Copper Gold Tbk PT(b)		193,200		57,507
Sarana Menara Nusantara Tbk PT		291,200		20,050
Sumber Alfaria Trijaya Tbk PT		266,000		50,586
Telkom Indonesia Persero Tbk PT		784,200		199,764
Unilever Indonesia Tbk PT		117,954		32,321
				1,339,412
Kuwait — 0.7%
Gulf Bank KSCP		25,956		25,612
Kuwait Finance House KSCP		116,947		326,382
				351,994
Malaysia — 2.1%
AMMB Holdings Bhd		29,500		26,354
Axiata Group Bhd		44,800		31,641
CIMB Group Holdings Bhd		109,200		136,515
DiGi.Com Bhd		49,000		46,941
HAP Seng Consolidated Bhd		11,200		15,221
Hong Leong Bank Bhd		9,800		44,855
Hong Leong Financial Group Bhd		4,200		17,053

Security	Shares		Value
Malaysia (continued)
IHH Healthcare Bhd		28,000	$	36,123
Inari Amertron Bhd		42,000		22,914
Malayan Banking Bhd		75,600		148,244
Maxis Bhd		39,200		34,149
MR DIY Group M Bhd(a)		47,600		18,027
Nestle Malaysia Bhd		1,400		42,148
PPB Group Bhd		11,200		43,677
Press Metal Aluminium Holdings Bhd		59,000		67,819
Public Bank Bhd		228,700		210,474
RHB Bank Bhd		23,800		30,123
Sime Darby Bhd		44,800		22,662
Telekom Malaysia Bhd		18,200		20,400
				1,015,340
Mexico — 2.1%
Arca Continental SAB de CV		6,100		51,483
Banco del Bajio SA(a)		12,600		48,220
Gruma SAB de CV, Class B		3,360		49,255
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,080		88,347
Grupo Financiero Banorte SAB de CV, Class O		40,600		342,703
Grupo Televisa SAB, CPO		39,200		39,229
Kimberly-Clark de Mexico SAB de CV, Class A		25,200		50,561
Wal-Mart de Mexico SAB de CV		82,600		325,091
				994,889
Peru — 0.3%
Credicorp Ltd.		1,134		144,494
Philippines — 0.5%
BDO Unibank Inc.		38,308		85,319
Globe Telecom Inc.		10		320
Monde Nissin Corp.(a)		100,800		21,948
PLDT Inc.		1,330		30,858
SM Prime Holdings Inc.		190,400		117,026
				255,471
Poland — 1.0%
Allegro.eu SA (a)(b)		6,062		39,512
Bank Polska Kasa Opieki SA		2,958		59,524
CD Projekt SA		1,050		31,238
KGHM Polska Miedz SA		2,226		63,484
LPP SA		14		29,571
mBank SA(b)		242		17,822
Powszechna Kasa Oszczednosci Bank Polski SA		14,014		97,793
Powszechny Zaklad Ubezpieczen SA		9,898		81,381
Santander Bank Polska SA		560		37,579
				457,904
Qatar — 1.0%
Commercial Bank PSQC (The)		51,660		86,922
Ooredoo QPSC		12,502		31,504
Qatar National Bank QPSC		73,458		338,957
				457,383
Russia — 0.0%
Magnit PJSC(b)(d)		693		—
Moscow Exchange MICEX-RTS PJSC(b)(d)		12,190		2
Novolipetsk Steel PJSC(b)(d)		15,750		2
PhosAgro PJSC(b)(d)		563		—
PhosAgro PJSC, New(b)(d)		11		—
Polymetal International PLC(b)(d)		3,451		1
Polyus PJSC(b)(d)		329		—
TCS Group Holding PLC, GDR(b)(d)		1,183		—

16 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E  H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
VK Co. Ltd.(b)(d)		1,337	$	—
				5
Saudi Arabia — 2.9%
Al Rajhi Bank(b)		31,080		581,218
Almarai Co. JSC		3,962		55,364
Bank AlBilad(b)		7,745		73,476
Dr Sulaiman Al Habib Medical Services Group Co.		1,386		85,534
Etihad Etisalat Co.		5,950		61,934
Jarir Marketing Co.		1,008		39,686
Mobile Telecommunications Co.(b)		6,468		17,868
Sahara International Petrochemical Co.		5,796		54,611
Saudi Basic Industries Corp.		14,252		335,852
Saudi Investment Bank (The)		7,700		32,407
Savola Group (The)		4,228		30,612
				1,368,562
South Africa — 6.3%
Absa Group Ltd.		13,392		144,588
Anglo American Platinum Ltd.		840		46,449
Aspen Pharmacare Holdings Ltd.		5,992		46,269
Bid Corp. Ltd.		5,320		116,510
Bidvest Group Ltd. (The)		4,536		57,878
Capitec Bank Holdings Ltd.		1,386		132,230
Clicks Group Ltd.		3,850		56,078
Discovery Ltd.(b)		7,994		65,184
FirstRand Ltd.		80,052		285,527
Foschini Group Ltd. (The)		5,306		29,307
Gold Fields Ltd.		14,182		128,703
Growthpoint Properties Ltd.		54,600		39,958
Impala Platinum Holdings Ltd.		13,524		126,272
Kumba Iron Ore Ltd.		980		25,556
Mr. Price Group Ltd.		4,200		34,824
MTN Group Ltd.		26,908		212,020
MultiChoice Group		5,922		45,467
Naspers Ltd., Class N		3,458		608,067
Nedbank Group Ltd.		7,252		91,052
NEPI Rockcastle NV		7,448		44,618
Old Mutual Ltd.		78,988		51,235
Pepkor Holdings Ltd.(a)		33,368		34,068
Remgro Ltd.		8,246		62,762
Sanlam Ltd.		28,462		92,724
Shoprite Holdings Ltd.		7,952		96,292
Standard Bank Group Ltd.		21,212		211,887
Vodacom Group Ltd.		9,954		68,600
Woolworths Holdings Ltd.		15,680		65,743
				3,019,868
South Korea — 5.3%
Amorepacific Corp.		476		49,758
BGF retail Co. Ltd.		126		17,234
CJ CheilJedang Corp.		126		30,575
CJ Corp.		238		15,625
Coway Co. Ltd.		910		36,715
DB Insurance Co. Ltd.		728		42,365
Hana Financial Group Inc.		4,704		161,334
Hanon Systems		2,926		19,948
HYBE Co. Ltd.(b)		308		43,036
Hyundai Engineering & Construction Co. Ltd.		1,260		34,626
KakaoBank Corp.(b)		2,268		45,677
KB Financial Group Inc.		6,174		239,113
Korean Air Lines Co. Ltd.		2,758		47,417

Security	Shares		Value
South Korea (continued)
LG Display Co. Ltd.(b)		3,640	$	42,074
LG Electronics Inc.		1,708		143,260
LG H&H Co. Ltd.		154		77,709
LG Uplus Corp.		2,772		23,190
Lotte Chemical Corp.		316		42,544
Mirae Asset Securities Co. Ltd.		4,676		25,248
NCSoft Corp.		266		87,278
Netmarble Corp.(a)(b)		378		17,619
NH Investment & Securities Co. Ltd.(b)		1,946		13,971
POSCO Chemical Co. Ltd.		441		73,580
Samsung Fire & Marine Insurance Co. Ltd.		490		79,471
Samsung Life Insurance Co. Ltd.		1,288		66,330
Samsung SDS Co. Ltd.		535		50,598
Samsung Securities Co. Ltd.		1,036		26,219
Shinhan Financial Group Co. Ltd.		7,266		213,366
SK Biopharmaceuticals Co. Ltd.(b)		504		25,395
SK Bioscience Co. Ltd.(b)		364		19,173
SK Hynix Inc.		8,638		583,797
SK IE Technology Co. Ltd.(a)(b)		420		20,706
SKC Co. Ltd.		336		24,852
Woori Financial Group Inc.		8,440		77,808
Yuhan Corp.		762		30,348
				2,547,959
Taiwan — 17.4%
Accton Technology Corp.		7,000		64,107
Acer Inc.		42,000		34,828
Advantech Co. Ltd.		4,000		46,400
ASE Technology Holding Co. Ltd.		56,000		192,835
Asustek Computer Inc.		14,000		126,803
AUO Corp.		112,000		68,158
Cathay Financial Holding Co. Ltd.		134,080		190,138
Chailease Holding Co. Ltd.		21,315		156,232
Chang Hwa Commercial Bank Ltd.		84,600		48,281
China Airlines Ltd.		42,000		27,797
China Development Financial Holding Corp.		252,000		108,505
China Steel Corp.		196,000		201,631
Chunghwa Telecom Co. Ltd.		60,000		226,851
Compal Electronics Inc.		70,000		55,359
CTBC Financial Holding Co. Ltd.		280,000		207,881
Delta Electronics Inc.		33,000		308,739
E Ink Holdings Inc.		14,000		88,591
E.Sun Financial Holding Co. Ltd.		210,232		171,576
Eclat Textile Co. Ltd.		2,000		31,440
Eva Airways Corp.		42,000		38,898
Evergreen Marine Corp. Taiwan Ltd.		16,000		81,764
Far Eastern New Century Corp.		56,000		59,532
Far EasTone Telecommunications Co. Ltd.		28,000		63,181
First Financial Holding Co. Ltd.		171,059		149,904
Fubon Financial Holding Co. Ltd.		112,650		220,277
Hotai Motor Co. Ltd.		4,000		80,623
Hua Nan Financial Holdings Co. Ltd.		145,037		108,395
Innolux Corp.		140,600		67,352
Inventec Corp.		42,000		36,486
Lite-On Technology Corp.		28,000		63,715
MediaTek Inc.		25,000		586,976
Mega Financial Holding Co. Ltd.		185,250		202,091
Micro-Star International Co. Ltd.		14,000		62,455
momo.com Inc.		1,000		25,701
Nan Ya Plastics Corp.		70,000		172,230
Nien Made Enterprise Co. Ltd.		2,000		21,294

S C H E D U L E  O F  I N V E S T M E N  T S 17

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
President Chain Store Corp.		10,000	$	87,377
Shanghai Commercial & Savings Bank Ltd. (The)		59,225		91,938
Shin Kong Financial Holding Co. Ltd.		210,000		60,967
SinoPac Financial Holdings Co. Ltd.		173,200		96,962
Taishin Financial Holding Co. Ltd.		175,941		94,490
Taiwan Business Bank		98,000		46,022
Taiwan Cement Corp.		98,994		126,907
Taiwan Cooperative Financial Holding Co. Ltd.		154,165		134,107
Taiwan Mobile Co. Ltd.		28,000		88,701
Taiwan Semiconductor Manufacturing Co. Ltd.		143,000		2,365,777
Unimicron Technology Corp.		20,000		82,604
United Microelectronics Corp.		182,000		296,424
Voltronic Power Technology Corp.		1,000		52,214
Win Semiconductors Corp.		6,000		32,931
WPG Holdings Ltd.		28,000		45,260
Yageo Corp.		4,775		83,685
Yuanta Financial Holding Co. Ltd.		168,600		125,363
				8,308,755
Thailand — 3.0%
Advanced Info Service PCL, NVDR		18,900		108,000
Airports of Thailand PCL, NVDR(b)		68,600		141,177
Asset World Corp. PCL, NVDR		151,200		25,230
Bangkok Dusit Medical Services PCL, NVDR		166,600		131,963
Berli Jucker PCL, NVDR		22,400		24,393
BTS Group Holdings PCL, NVDR		125,400		28,556
Bumrungrad Hospital PCL, NVDR		9,800		58,496
Central Pattana PCL, NVDR		32,100		63,777
Central Retail Corp. PCL, NVDR		14,000		17,727
Charoen Pokphand Foods PCL, NVDR		61,500		38,627
CP ALL PCL, NVDR		94,300		165,392
Delta Electronics Thailand PCL, NVDR		4,900		126,332
Home Product Center PCL, NVDR		93,900		37,174
Indorama Ventures PCL, NVDR		28,000		29,100
Intouch Holdings PCL, NVDR		18,200		36,426
Kasikornbank PCL, NVDR		9,800		37,980
Krung Thai Bank PCL, NVDR		58,800		28,780
Krungthai Card PCL, NVDR		16,800		27,916
Minor International PCL, NVDR(b)		51,800		49,073
Osotspa PCL, NVDR		16,800		15,331
SCB X PCL, NVS(c)		14,000		41,184
SCG Packaging PCL, NVDR		22,800		33,537
Siam Cement PCL (The), NVDR		12,600		116,557
Thai Union Group PCL, NVDR		50,400		22,671
True Corp. PCL, NVDR		191,800		27,949
				1,433,348
Turkey — 0.6%
Akbank TAS		49,994		46,228
Haci Omer Sabanci Holding AS		16,240		37,470
Turk Hava Yollari AO(b)		8,708		66,165
Turkcell Iletisim Hizmetleri AS		19,726		33,253
Turkiye Is Bankasi AS, Class C		55,081		33,056
Turkiye Sise ve Cam Fabrikalari AS		21,784		54,446
Yapi ve Kredi Bankasi AS		45,150		23,927
				294,545

Security	Shares		Value
United Arab Emirates — 2.3%
Abu Dhabi Commercial Bank PJSC		44,632	$	101,755
Abu Dhabi Islamic Bank PJSC		23,744		67,450
Aldar Properties PJSC		62,650		80,061
Dubai Islamic Bank PJSC		40,600		63,446
Emirates NBD Bank PJSC		30,282		111,992
Emirates Telecommunications Group Co. PJSC		55,286		383,816
First Abu Dhabi Bank PJSC		70,283		269,274
				1,077,794
Total Common Stocks — 97.4% (Cost: $50,136,350)				46,481,149
Preferred Stocks
Brazil — 1.5%
Banco Bradesco SA, Preference Shares, NVS		85,225		212,922
Itau Unibanco Holding SA, Preference Shares, NVS		76,720		372,650
Itausa SA, Preference Shares, NVS		80,353		126,313
				711,885
Chile — 0.4%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,268		202,420
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		7,448		47,238
Total Preferred Stocks — 2.0% (Cost: $917,326)				961,543
Total Long-Term Investments — 99.4% (Cost: $51,053,676)				47,442,692
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)		334,684		334,884
Total Short-Term Securities — 0.7% (Cost: $334,853)				334,884
Total Investments — 100.1% (Cost: $51,388,529)				47,777,576
Liabilities in Excess of Other Assets — (0.1)%				(41,412	)
Net Assets — 100.0%			$	47,736,164

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

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Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EM  ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	288,657	$	46,280	(a)	$	—		$	(62	)	$	9	$	334,884		334,684	$	1,388	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		50,000		—			(50,000	)(a)		—			—		—		—		1,153			—
									$	(62	)	$	9	$	334,884			$	2,541		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c) As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		03/17/23	$	144	$	(287	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	287	$	—	$	—	$	—	$	287

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(314	)	$	—	$	—	$	—	$	(314	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	216		$	—	$	—	$	—	$	216

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	96,780

S C H E D U L E  O F  I N V E S T M E N  T S 19

Schedule of Investments  (unaudited) (continued) February 28, 2023 iShares^® ESG Advanced MSCI EM  ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	4,907,755		$	41,573,389	$	5	$	46,481,149
Preferred Stocks		759,123			202,420		—		961,543
Short-Term Securities
Money Market Funds		334,884			—		—		334,884
	$	6,001,762		$	41,775,809	$	5	$	47,777,576
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(287	)	$	—	$	—	$	(287	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

February 28, 2023

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	416,953,711		$	47,442,692
Investments, at value — affiliated(c)		951,961			334,884
Cash		6,547			314,306
Cash pledged for futures contracts		101,000			4,000
Foreign currency, at value(d)		873,460			324,341
Receivables:
Investments sold		9,246,244			2,984,902
Securities lending income — affiliated		2,179			172
Dividends — unaffiliated		376,780			69,959
Dividends — affiliated		87			254
Tax reclaims		350,718			589
Total assets		428,862,687			51,476,099
LIABILITIES
Collateral on securities loaned, at value		906,393			334,939
Payables:
Investments purchased		9,445,412			3,168,093
Bank borrowings		—			230,036
Investment advisory fees		39,377			6,133
Variation margin on futures contracts		679			734
Total liabilities		10,391,861			3,739,935
NET ASSETS	$	418,470,826		$	47,736,164
NET ASSETS CONSIST OF
Paid-in capital	$	461,854,554		$	54,485,764
Accumulated loss		(43,383,728	)		(6,749,600	)
NET ASSETS	$	418,470,826		$	47,736,164
NET ASSET VALUE
Shares outstanding		7,300,000			1,400,000
Net asset value	$	57.32		$	34.10
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	443,466,607		$	51,053,676
(b) Securities loaned, at value	$	871,596		$	318,825
(c)  Investments, at cost — affiliated	$	951,626		$	334,853
(d) Foreign currency, at cost	$	885,562		$	324,362

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 21

Statements of Operations  (unaudited)

Six Months Ended February 28, 2023

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,567,675		$	318,660
Dividends — affiliated		1,633			1,153
Securities lending income — affiliated — net		14,426			1,388
Foreign taxes withheld		(231,735	)		(40,953	)
Total investment income		2,351,999			280,248
EXPENSES
Investment advisory		230,206			31,875
Commitment costs		—			413
Interest expense		—			69
Total expenses		230,206			32,357
Net investment income		2,121,793			247,891
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(2,848,291	)		(1,300,626	)
Investments — affiliated		5,967			(62	)
Foreign currency transactions		34,300			(9,380	)
Futures contracts		204,397			(314	)
		(2,603,627	)		(1,310,382	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		47,183,234			624,305
Investments — affiliated		(270	)		9
Foreign currency translations		20,117			(262	)
Futures contracts		85,862			216
		47,288,943			624,268
Net realized and unrealized gain (loss)		44,685,316			(686,114	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	46,807,109		$	(438,223	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(8,267	)
(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	10,591

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares ESG Advanced MSCI EAFE ETF						iShares ESG Advanced MSCI EM ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,121,793		$	9,021,180		$	247,891		$	840,274
Net realized loss		(2,603,627	)		(13,145,851	)		(1,310,382	)		(1,585,361	)
Net change in unrealized appreciation (depreciation)		47,288,943			(94,638,332	)		624,268			(6,761,697	)
Net increase (decrease) in net assets resulting from operations		46,807,109			(98,763,003	)		(438,223	)		(7,506,784	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,282,900	)		(9,431,637	)		(673,916	)		(523,636	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,514,153			216,781,420			13,380,462			29,948,355
NET ASSETS
Total increase in net assets		64,038,362			108,586,780			12,268,323			21,917,935
Beginning of period		354,432,464			245,845,684			35,467,841			13,549,906
End of period	$	418,470,826		$	354,432,464		$	47,736,164		$	35,467,841

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T  S 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EAFE ETF
		Six Months Ended 02/28/23 (unaudited	)		Year Ended 08/31/22			Year Ended 08/31/21			Period From 06/16/20 to 08/31/20	(a)
Net asset value, beginning of period	$	51.37		$	70.24		$	55.79		$	51.37
Net investment income(b)		0.29			1.65			1.36			0.18
Net realized and unrealized gain (loss)(c)		5.97			(18.86	)		13.91			4.24
Net increase (decrease) from investment operations		6.26			(17.21	)		15.27			4.42
Distributions from net investment income(d)		(0.31	)		(1.66	)		(0.82	)		—
Net asset value, end of period	$	57.32		$	51.37		$	70.24		$	55.79
Total Return(e)
Based on net asset value		12.23	%(f)		(24.82	)%		27.47	%		8.60	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%(h)		0.12	%		0.12	%		0.12	%(h)
Net investment income		1.11	%(h)		2.73	%		2.06	%		1.64	%(h)
Supplemental Data
Net assets, end of period (000)	$	418,471		$	354,432		$	245,846		$	11,158
Portfolio turnover rate(i)		8	%(f)		18	%		28	%		6	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EM ETF
		Six Months Ended 02/28/23	(unaudited)		Year Ended 08/31/22			Period From 10/06/20 to 08/31/21	(a)
Net asset value, beginning of period	$	35.47		$	45.17		$	35.39
Net investment income(b)		0.21			1.08			0.71
Net realized and unrealized gain (loss)(c)		(0.97	)		(9.94	)		9.42
Net increase (decrease) from investment operations		(0.76	)		(8.86	)		10.13
Distributions from net investment income(d)		(0.61	)		(0.84	)		(0.35	)
Net asset value, end of period	$	34.10		$	35.47		$	45.17
Total Return(e)
Based on net asset value		(2.13	)%(f)		(19.91	)%		28.74	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.16	%(h)		0.16	%		0.16	%(h)
Net investment income		1.24	%(h)		2.72	%		1.83	%(h)
Supplemental Data
Net assets, end of period (000)	$	47,736		$	35,468		$	13,550
Portfolio turnover rate(i)		14	%(f)		31	%		51	%(f)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 25

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
ESG Advanced MSCI EAFE		Non-diversified
ESG Advanced MSCI EM		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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Notes to Financial Statements  (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Advanced MSCI EAFE
Barclays Capital, Inc.	$	167,117	$	(162,298	)	$	—		$	4,819
Goldman Sachs & Co. LLC		148,520		(148,520	)		—			—
J.P. Morgan Securities LLC		204,510		(204,510	)		—			—
Morgan Stanley		351,449		(351,449	)		—			—
	$	871,596	$	(866,777	)	$	—		$	4,819
ESG Advanced MSCI EM
J.P. Morgan Securities LLC	$	318,825	$	(318,825	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or

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Notes to Financial Statements  (unaudited) (continued)

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
ESG Advanced MSCI EAFE		0.12%
ESG Advanced MSCI EM		0.16

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Advanced MSCI EAFE	$	4,191
ESG Advanced MSCI EM		344

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
ESG Advanced MSCI EAFE	$	12,785,806	$	16,206,592	$	(306,597)
ESG Advanced MSCI EM		166,161		759,943		(196,055)

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Notes to Financial Statements  (unaudited) (continued)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	33,107,545	$	30,833,191
ESG Advanced MSCI EM		16,052,365		5,819,184

For the six months ended February 28, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
ESG Advanced MSCI EAFE	$	17,768,692	$	—
ESG Advanced MSCI EM		2,585,190		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
ESG Advanced MSCI EAFE	$	12,048,286
ESG Advanced MSCI EM		1,369,975

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
ESG Advanced MSCI EAFE	$	446,992,084	$	22,784,610	$	(51,798,289	)	$	(29,013,679)
ESG Advanced MSCI EM		51,928,846		1,822,057		(5,973,614	)		(4,151,557)

9. LINE OF CREDIT

The iShares ESG Advanced MSCI EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

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Notes to Financial Statements  (unaudited) (continued)

For the six months ended February 28, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	230,000	$	3,227		3.67	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including

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Notes to Financial Statements  (unaudited) (continued)

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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Notes to Financial Statements  (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/23				Year Ended 08/31/22
iShares ETF	Shares		Amount		Shares			Amount
ESG Advanced MSCI EAFE
Shares sold		400,000	$	19,514,153		3,500,000		$	223,468,417
Shares redeemed		—		—		(100,000	)		(6,686,997	)
		400,000	$	19,514,153		3,400,000		$	216,781,420
ESG Advanced MSCI EM
Shares sold		400,000	$	13,380,462		700,000		$	29,948,355

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 33

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Advanced MSCI EAFE ETF and iShares ESG Advanced MSCI EM ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L  I N F O R M A T I O N 35

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-820-0223

        

(b) Not Applicable

Item 2.      Code of Ethics.

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

 By: /s/ Dominik Rohe

 Dominik Rohe, President (Principal Executive

 Officer)

 Date:             April 20, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 By: /s/ Dominik Rohe

 Dominik Rohe, President (Principal Executive

 Officer)

 Date:             April 20, 2023

 By: /s/ Trent Walker

 Trent Walker, Treasurer and Chief Financial

 Officer (Principal Financial Officer)

 Date:             April 20, 2023