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: July 31, 2022

Date of reporting period: January 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Cloud 5G and Tech ETF  |  IDAT  |  NYSE Arca

· iShares Cybersecurity and Tech ETF  |  IHAK  |  NYSE Arca

· iShares Exponential Technologies ETF  |  XT  |  NASDAQ

· iShares Genomics Immunology and Healthcare ETF  |  IDNA  |  NYSE Arca

· iShares Robotics and Artificial Intelligence Multisector ETF  |  IRBO  |  NYSE Arca

· iShares Self-Driving EV and Tech ETF  |  IDRV  |  NYSE Arca

· iShares U.S. Tech Breakthrough Multisector ETF  |  TECB  |  NYSE Arca

· iShares Virtual Work and Life Multisector ETF  |  IWFH  |  NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		3.44	%	23.29%
U.S. small cap equities (Russell 2000® Index)		(8.41	)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)		(3.43	)	7.03
Emerging market equities (MSCI Emerging Markets Index)		(4.59	)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01		0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.87	)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(3.17	)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		(2.56	)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(1.55	)	2.05
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
Fund Summary		4
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements:
Statements of Assets and Liabilities		39
Statements of Operations		41
Statements of Changes in Net Assets		43
Financial Highlights		47
Notes to Financial Statements		55
Statement Regarding Liquidity Risk Management Program		65
Supplemental Information		66
General Information		67
Glossary of Terms Used in this Report		68

3

Fund Summary as of January 31, 2022 iShares^® Cloud 5G and Tech ETF

Investment Objective

The iShares Cloud 5G and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of companies from developed and emerging markets that could benefit from providing products, services, and technologies related to cloud computing and 5G, as represented by the Morningstar^® Global Digital Infrastructure & Connectivity 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 Months			Since Inception
Fund NAV		6.01	%		10.62	%
Fund Market		5.97			10.58
Index		5.31			9.75

The inception date of the Fund was 6/8/21. The first day of secondary market trading was 6/10/21.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,060.10	$	2.44		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Semiconductors & Semiconductor Equipment	37.9	%
Software	19.7
Communications Equipment	17.1
Electronic Equipment, Instruments & Components	7.4
Equity Real Estate Investment Trusts (REITs)	3.5
Technology Hardware, Storage & Peripherals	3.4
Chemicals	2.6
Media	2.6
Construction & Engineering	2.4
IT Services	2.1
Diversified Telecommunication Services	1.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	64.9	%
Taiwan	10.8
Japan	7.0
Netherlands	5.1
Sweden	3.3
Finland	2.8
Germany	2.4
United Kingdom	1.2
Other (each representing less than 1%)	2.5

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2022 iShares^® Cybersecurity and Tech ETF

Investment Objective

The iShares Cybersecurity and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that are involved in cyber security and technology, including cyber security hardware, software, products, and services, as represented by the NYSE^® FactSet^® Global Cyber Security 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.43	)%		(0.88	)%		20.71	%		(0.88	)%		64.50	%
Fund Market		(7.47	)		(0.98	)		20.76			(0.98	)		64.66
Index		(7.68	)		(0.84	)		21.09			(0.84	)		65.61

The inception date of the Fund was 6/11/19. The first day of secondary market trading was 6/13/19.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$          925.70	$        2.28			$      1,000.00	$      1,022.80	$        2.40		0.47	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Software	71.6	%
Professional Services	9.7
Communications Equipment	9.7
IT Services	9.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	76.8	%
Israel	8.6
Japan	3.9
Taiwan	2.4
Canada	2.4
United Kingdom	2.2
Denmark	1.6
Germany	1.4
Other (each representing less than 1%)	0.7

^(a) Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of January 31, 2022 iShares^® Exponential Technologies ETF

Investment Objective

The iShares Exponential Technologies ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of developed and emerging market companies that create or use exponential technologies, as represented by the Morningstar Exponential Technologies IndexSM (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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.51	)%		2.87	%		17.72	%		14.55	%		2.87	%		126.04	%		154.34	%
Fund Market		(6.68	)		2.84			17.66			14.53			2.84			125.46			154.14
Index		(6.93	)		2.56			17.94			14.74			2.56			128.18			157.01

The inception date of the Fund was 3/19/15. The first day of secondary market trading was 3/23/15.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          934.90	$         2.19			$       1,000.00	$       1,022.90	$         2.29		0.45	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	53.2	%
Health Care	22.7
Industrials	6.3
Consumer Discretionary	4.6
Communication Services	4.3
Financials	2.7
Materials	2.6
Utilities	2.0
Other (each representing less than 1%)	1.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	59.7	%
Japan	7.1
China	5.7
United Kingdom	3.6
Netherlands	3.4
Australia	3.3
Taiwan	2.2
Switzerland	2.1
Canada	1.9
India	1.6

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2022 iShares^® Genomics Immunology and Healthcare ETF

Investment Objective

The iShares Genomics Immunology and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in genomics, immunology and bioengineering, as represented by the NYSE^® FactSet Global Genomics and Immuno Biopharma Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(26.91	)%		(27.20	)%		16.98	%		(27.20	)%		51.37	%
Fund Market		(27.12	)		(27.39	)		16.90			(27.39	)		51.11
Index		(27.06	)		(27.41	)		16.82			(27.41	)		50.66

The inception date of the Fund was 6/11/19. The first day of secondary market trading was 6/13/19.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	730.90	$	2.05		$	$1,000.00	$	1,022.80	$	2.40		0.47	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Biotechnology	71.9	%
Pharmaceuticals	20.5
Life Sciences Tools & Services	7.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	61.3	%
Japan	10.2
Germany	6.6
France	6.5
Switzerland	4.7
Denmark	4.4
China	3.2
Taiwan	1.7
Netherlands	1.0
United Kingdom	0.4

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary as of January 31, 2022 iShares^® Robotics and Artificial Intelligence Multisector ETF

Investment Objective

The iShares Robotics and Artificial Intelligence Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in robotics technologies and artificial intelligence, as represented by the NYSE^® FactSet^® Global Robotics and Artificial Intelligence 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(13.08	)%		(13.35	)%		14.17	%		(13.35	)%		61.21	%
Fund Market		(13.42	)		(13.98	)		14.06			(13.98	)		60.66
Index		(13.34	)		(13.69	)		14.37			(13.69	)		62.02

The inception date of the Fund was 6/26/18. The first day of secondary market trading was 6/28/18.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	869.20	$	2.21		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	53.9	%
Communication Services	20.8
Industrials	14.9
Consumer Discretionary	7.4
Health Care	3.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	49.8	%
China	13.5
Japan	10.8
Taiwan	7.8
South Korea	3.5
France	3.0
Israel	2.6
Netherlands	2.2
Germany	1.8
United Kingdom	1.6

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2022 iShares^® Self-Driving EV and Tech ETF

Investment Objective

The iShares Self-Driving EV and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that may benefit from growth and innovation in and around electric vehicles, battery technologies and autonomous driving technologies, as represented by the NYSE^® FactSet Global Autonomous Driving and Electric Vehicle 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.95	%		13.79	%		29.04	%		13.79	%		104.06	%
Fund Market		0.85			13.50			29.01			13.50			103.91
Index		0.43			13.25			28.97			13.25			103.29

The inception date of the Fund was 4/16/19. The first day of secondary market trading was 4/18/19.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$	1,009.50	$	2.38		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	45.1	%
Information Technology	37.7
Industrials	8.3
Communication Services	4.8
Materials	4.1

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	48.0	%
Germany	11.0
Japan	10.7
South Korea	7.6
Netherlands	4.8
China	4.8
Switzerland	3.0
Sweden	2.9
United Kingdom	2.3
Taiwan	1.3

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 9

Fund Summary as of January 31, 2022 iShares^® U.S. Tech Breakthrough Multisector ETF

Investment Objective

The iShares U.S. Tech Breakthrough Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that could benefit from various breakthrough technologies, including robotics and artificial intelligence, cloud and data tech, cybersecurity, genomics and immunology, and financial technology, as represented by the NYSE^® FactSet^® U.S. Tech Breakthrough IndexTM (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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(8.57	)%		6.86	%		22.15	%		6.86	%		51.18	%
Fund Market		(8.66	)		6.78			22.10			6.78			51.06
Index		(8.42	)		7.22			22.60			7.22			52.22

The inception date of the Fund was 1/8/20. The first day of secondary market trading was 1/10/20.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$          914.30	$       1.45			$       1,000.00	$       1,023.70	$        1.53		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	65.0	%
Communication Services	15.0
Health Care	9.9
Consumer Discretionary	6.2
Real Estate	2.2
Industrials	1.1
Financials	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	4.7	%
Meta Platforms Inc, Class A	4.4
Microsoft Corp.	4.2
Alphabet Inc., Class A	4.1
salesforce.com Inc.	3.9
Amazon.com Inc.	3.8
NVIDIA Corp.	3.5
Walt Disney Co. (The)	3.1
Adobe Inc.	3.0
Gilead Sciences Inc.	2.8

^(a)  Excludes money market funds.

10 2 0 2 2    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 January 31, 2022 iShares^® Virtual Work and Life Multisector ETF

Investment Objective

The iShares Virtual Work and Life Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products, services and technologies that empower individuals to work remotely, and support an increasingly virtual way of life across entertainment, wellness and learning, as represented by the NYSE^® FactSet^® Global Virtual Work and Life 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(29.09	)%		(35.93	)%		(15.72	)%		(35.93	)%		(20.51	)%
Fund Market		(28.80	)		(35.90	)		(15.53	)		(35.90	)		(20.27	)
Index		(29.37	)		(36.15	)		(15.85	)		(36.15	)		(20.59	)

The inception date of the Fund was 9/29/20. The first day of secondary market trading was 10/1/20.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         709.10	$        2.02			$      1,000.00	$      1,022.80	$        2.40		0.47	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	39.5	%
Communication Services	36.1
Consumer Discretionary	17.3
Health Care	5.8
Consumer Staples	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Activision Blizzard Inc.	3.0	%
Citrix Systems Inc.	2.8
Nintendo Co. Ltd.	2.5
GN Store Nord A/S	2.4
Kuaishou Technology	2.4
Electronic Arts Inc.	2.3
Tencent Holdings Ltd.	2.3
Anaplan Inc.	2.3
Dropbox Inc., Class A	2.3
Zendesk Inc.	2.2

^(a) Excludes money market funds.

F U N D    S U M M A R Y 11

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

12 2 0 2 2    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) January 31, 2022 iShares^® Cloud 5G and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 2.6%
DuPont de Nemours Inc.		3,052	$	233,783
Communications Equipment — 17.0%
Arista Networks Inc.(a)		1,920		238,675
Ciena Corp.(a)		3,872		256,752
F5 Inc.(a)		1,048		217,586
Juniper Networks Inc.		7,376		256,832
Nokia OYJ(a)		40,808		243,364
Telefonaktiebolaget LM Ericsson, Class B		23,220		289,927
				1,503,136
Construction & Engineering — 2.5%
China Communications Services Corp. Ltd., Class H		72,000		38,326
COMSYS Holdings Corp.		4,400		104,694
EXEO Group Inc.		3,600		73,166
				216,186
Diversified Telecommunication Services — 1.3%
Cogent Communications Holdings Inc.		1,344		85,492
NOS SGPS SA		6,632		26,107
				111,599
Electronic Equipment, Instruments & Components — 7.4%
Murata Manufacturing Co. Ltd.		3,200		240,586
Quectel Wireless Solutions Co. Ltd., Class A		400		11,938
Taiyo Yuden Co. Ltd.		4,000		194,285
Yageo Corp.		12,000		204,513
				651,322
Equity Real Estate Investment Trusts (REITs) — 3.5%
CyrusOne Inc.		2,688		241,517
Keppel DC REIT		40,800		64,766
				306,283
IT Services — 2.1%
Computacenter PLC		3,040		109,468
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		3,260		27,547
Megaport Ltd.(a)		5,012		48,214
				185,229
Media — 2.6%
DISH Network Corp., Class A(a)		7,420		232,988
Semiconductors & Semiconductor Equipment — 37.8%
Analog Devices Inc.		1,292		211,850
Broadcom Inc.		412		241,383
Infineon Technologies AG		5,180		215,114
Intel Corp.		4,648		226,915
MACOM Technology Solutions Holdings Inc., Class H(a)		1,464		89,611
MediaTek Inc.		6,000		238,315
Microchip Technology Inc.		2,760		213,845
NXP Semiconductors NV		1,056		216,945

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Qorvo Inc.(a)		1,492	$	204,822
QUALCOMM Inc.		1,320		232,003
Skyworks Solutions Inc.		1,504		220,366
STMicroelectronics NV		4,924		231,530
Taiwan Semiconductor Manufacturing Co. Ltd.		11,000		254,342
Win Semiconductors Corp.		12,000		148,659
Wolfspeed Inc.(a)		1,944		183,203
Xilinx Inc.		1,076		208,260
				3,337,163
Software — 19.6%
C3.ai Inc., Class A(a)		2,528		66,587
Cadence Design Systems Inc.(a)		1,308		198,999
Citrix Systems Inc.		2,904		296,034
Datadog Inc., Class A(a)		1,316		192,281
Dropbox Inc., Class A(a)		9,528		235,818
New Relic Inc.(a)		2,036		214,065
Nutanix Inc., Class A(a)		6,592		180,225
Synopsys Inc.(a)		660		204,930
Teradata Corp.(a)(b)		3,588		144,740
				1,733,679
Technology Hardware, Storage & Peripherals — 3.4%
Pure Storage Inc., Class A(a)		7,204		190,834
Wiwynn Corp.		3,000		109,976
				300,810
Total Common Stocks — 99.8% (Cost: $8,696,087)				8,812,178
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		168,380		168,430
Total Short-Term Investments — 1.9% (Cost: $168,430)				168,430
Total Investments in Securities — 101.7% (Cost: $8,864,517)				8,980,608
Other Assets, Less Liabilities — (1.7)%				(148,634	)
Net Assets — 100.0%			$	8,831,974

^(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.

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) January 31, 2022 iShares^® Cloud 5G and Tech ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	168,430	(a)	$	—		$	—	$	—	$	168,430		168,380	$	24	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		10,000		—			(10,000	)(a)		—		—		—		—		—			—
									$	—	$	—	$	168,430			$	24		$	—

^(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.

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
Investments
Assets
Common Stocks	$	5,990,996	$	2,821,182	$	—	$	8,812,178
Money Market Funds		168,430		—		—		168,430
	$	6,159,426	$	2,821,182	$	—	$	8,980,608

See notes to financial statements.

14 2 0 2 2    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) January 31, 2022 iShares^® Cybersecurity and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 9.6%
Accton Technology Corp		1,345,000	$	12,988,202
ADTRAN Inc		109,217		2,098,058
Calix Inc.(a)		154,928		7,789,780
Juniper Networks Inc		741,300		25,812,066
Radware Ltd.(a)(b)		110,022		3,700,040
				52,388,146
IT Services — 9.0%
Akamai Technologies Inc.(a)(b)		209,505		23,998,798
My EG Services Bhd		10,940,100		2,551,355
Okta Inc.(a)(b)		106,042		20,984,651
Secunet Security Networks AG		3,585		1,276,491
				48,811,295
Professional Services — 9.7%
Booz Allen Hamilton Holding Corp.		261,804		20,088,221
CACI International Inc., Class A(a)		62,950		15,577,607
ManTech International Corp./VA, Class A		58,183		4,203,140
Science Applications International Corp.		156,651		12,850,082
				52,719,050
Software — 71.4%
A10 Networks Inc.		201,760		2,986,047
Absolute Software Corp.		98,901		797,495
Ahnlab Inc.(b)		16,844		1,087,349
Alarm.com Holdings Inc.(a)		122,694		9,149,291
Allot Ltd.(a)		87,043		835,613
BlackBerry Ltd.(a)		1,469,320		12,090,695
Check Point Software Technologies Ltd.(a)		208,776		25,263,984
Citrix Systems Inc		292,844		29,852,517
Clear Secure Inc., Class A(a)(b)		185,872		4,589,180
Cognyte Software Ltd.(a)		194,838		2,113,992
Crowdstrike Holdings Inc., Class A(a)		116,597		21,062,082
CyberArk Software Ltd.(a)(b)		105,988		14,536,254
Darktrace PLC(a)		830,697		4,602,118
Digital Arts Inc.		28,200		1,661,479
DocuSign Inc.(a)		159,878		20,107,856
Everbridge Inc.(a)		81,766		4,179,878
Fortinet Inc.(a)		76,342		22,691,896
Kape Technologies PLC(a)		298,996		1,492,770
KnowBe4 Inc., Class A(a)(b)		58,395		1,396,808
Mandiant Inc.(a)(b)		630,123		9,508,556
McAfee Corp., Class A		247,992		6,360,995
Micro Focus International PLC		967,488		5,952,109
Mimecast Ltd.(a)		167,125		13,321,534
Netcompany Group A/S(c)		121,302		8,911,360

Security	Shares		Value
Software (continued)
OneSpan Inc.(a)		89,299	$	1,434,142
Palo Alto Networks Inc.(a)(b)		44,264		22,902,194
Ping Identity Holding Corp.(a)		189,870		3,757,527
Qualys Inc.(a)(b)		94,342		12,088,984
Rapid7 Inc.(a)(b)		147,017		14,162,148
SailPoint Technologies Holdings Inc.(a)(b)		243,698		9,428,676
SentinelOne Inc., Class A(a)(b)		99,675		4,460,456
TeamViewer AG(a)(c)		429,799		6,494,278
Telos Corp.(a)		143,464		1,677,094
Tenable Holdings Inc.(a)		279,051		14,343,221
Trend Micro Inc/Japan(a)		367,500		19,496,828
Varonis Systems Inc.(a)		252,387		9,403,940
VMware Inc., Class A		194,623		25,005,163
Zscaler Inc.(a)		73,172		18,813,253
				388,019,762
Total Common Stocks — 99.7% (Cost: $536,713,463)				541,938,253
Short-Term Investments
Money Market Funds — 8.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		46,805,116		46,819,158
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		950,000		950,000
				47,769,158
Total Short-Term Investments — 8.8% (Cost: $47,768,655)				47,769,158
Total Investments in Securities — 108.5% (Cost: $584,482,118)				589,707,411
Other Assets, Less Liabilities — (8.5)%				(46,256,095	)
Net Assets — 100.0%			$	543,451,316

^(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 15

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Cybersecurity and Tech ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	62,729,133	$	—		$	(15,900,402	)(a)	$	(9,490	)	$	(83	)	$	46,819,158		46,805,116	$	222,324	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		790,000		160,000	(a)		—			—			—			950,000		950,000		26			—
									$	(9,490	)	$	(83	)	$	47,769,158			$	222,350		$	—

^(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
E-Mini Technology Select Sector Index		8		03/18/22	$	1,304	$	(53,658	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	53,658

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	168,812
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(112,078	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	692,177

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

16 2 0 2 2    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) January 31, 2022 iShares^® Cybersecurity and Tech 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
Investments
Assets
Common Stocks	$	475,423,914		$	66,514,339	$	—	$	541,938,253
Money Market Funds		47,769,158			—		—		47,769,158
	$	523,193,072		$	66,514,339	$	—	$	589,707,411
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(53,658	)	$	—	$	—	$	(53,658	)

^(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) January 31, 2022 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.3%
IRESS Ltd.		2,335,065	$	18,890,284
Megaport Ltd.(a)		1,478,706		14,224,813
Nanosonics Ltd.(a)		4,963,785		18,042,370
Netwealth Group Ltd.		1,837,130		19,897,096
NEXTDC Ltd.(a)		2,458,512		18,864,079
Technology One Ltd.		2,357,500		17,636,470
WiseTech Global Ltd.		558,313		18,183,892
				125,739,004
Canada — 1.9%pg8
Bausch Health Cos Inc.(a)		835,098		20,530,081
BlackBerry Ltd.(a)		2,290,381		18,847,017
Descartes Systems Group Inc. (The)(a)		261,067		18,993,412
Shopify Inc., Class A(a)		13,816		13,335,595
				71,706,105
China — 5.6%
3SBio Inc.(a)(b)		24,281,000		19,225,533
Alibaba Group Holding Ltd.(a)		1,367,300		21,430,461
Baidu Inc.(a)		1,148,950		22,759,413
China Datang Corp. Renewable Power Co. Ltd., Class H		51,994,000		21,098,026
China Longyuan Power Group Corp. Ltd., Class H		10,063,000		20,531,420
China Resources Power Holdings Co. Ltd.		6,878,000		16,749,871
Genscript Biotech Corp.(a)		4,036,000		12,856,338
I-Mab, ADR(a)		391,711		9,890,703
Innovent Biologics Inc.(a)(b)		2,509,500		10,627,244
JD.com Inc., Class A(a)		16,804		636,895
Shanghai Junshi Biosciences Co. Ltd., Class A(a)		2,289,284		21,244,946
Tencent Holdings Ltd.		352,900		22,113,517
Wuxi Biologics Cayman Inc., New(a)(b)		1,616,500		16,201,798
				215,366,165
Denmark — 0.9%
Orsted A/S(b)		166,088		17,695,845
Vestas Wind Systems A/S		670,417		18,141,747
				35,837,592
Finland — 1.1%
Nokia OYJ(a)		3,613,839		21,551,576
Wartsila OYJ Abp		1,514,220		18,695,176
				40,246,752
France — 1.6%
Capgemini SE		93,421		21,002,569
Dassault Systemes SE		336,903		16,292,081
Sanofi		212,995		22,271,185
				59,565,835
Germany — 1.5%
Infineon Technologies AG		456,757		18,968,087
Merck KGaA		83,555		18,323,467
SAP SE		159,575		20,020,472
				57,312,026
India — 1.6%
Infosys Ltd.		905,567		21,305,909
Tata Consultancy Services Ltd.		427,103		21,507,123
Wipro Ltd.		2,513,364		19,405,359
				62,218,391
Israel — 0.5%
Nice Ltd.(a)		68,688		17,582,591

Security	Shares		Value
Japan — 7.1%
Chugai Pharmaceutical Co. Ltd.		623,600	$	20,254,380
Denso Corp.		264,100		19,710,755
FANUC Corp.		97,200		19,221,136
Harmonic Drive Systems Inc.		506,200		20,021,573
Murata Manufacturing Co. Ltd.		272,000		20,449,849
Nabtesco Corp.		756,300		23,641,155
Nidec Corp.		177,200		15,705,200
Rakuten Group Inc.(a)		2,093,700		18,163,632
SoftBank Group Corp.		445,411		19,731,502
Taiyo Yuden Co. Ltd.		368,700		17,908,198
Takeda Pharmaceutical Co. Ltd.		782,304		22,673,661
TDK Corp.		522,100		18,855,579
Tokyo Electron Ltd.		38,100		18,635,966
Yaskawa Electric Corp.		408,000		17,083,108
				272,055,694
Netherlands — 3.4%
Adyen NV(a)(b)		7,415		15,088,765
ASM International NV		50,890		17,484,805
ASML Holding NV		26,484		17,937,467
NXP Semiconductors NV		95,912		19,704,161
QIAGEN NV(a)		369,705		18,275,347
STMicroelectronics NV		455,036		21,396,125
TomTom NV(a)(c)		2,245,430		21,458,308
				131,344,978
Singapore — 0.5%
Keppel DC REIT		11,947,900		18,966,016
South Korea — 1.0%
Samsung SDI Co. Ltd.		35,478		17,607,154
SK Hynix Inc.		210,746		21,813,845
				39,420,999
Spain — 0.5%
Siemens Gamesa Renewable Energy SA(a)		843,821		18,258,486
Sweden — 1.3%
Subsea 7 SA		2,951,177		22,187,748
Telefonaktiebolaget LM Ericsson, Class B		2,051,332		25,613,123
				47,800,871
Switzerland — 2.1%
ABB Ltd., Registered		576,179		19,977,150
CRISPR Therapeutics AG(a)		269,393		17,173,804
Novartis AG, Registered		255,487		22,199,135
Roche Holding AG, NVS		49,853		19,293,069
				78,643,158
Taiwan — 2.2%
Hon Hai Precision Industry Co. Ltd.		5,464,000		20,429,496
MediaTek Inc.		540,000		21,448,362
Taiwan Semiconductor Manufacturing Co. Ltd.		977,000		22,590,181
Win Semiconductors Corp.		1,648,000		20,415,902
				84,883,941
United Kingdom — 3.6%
Aptiv PLC(a)		121,458		16,588,734
AstraZeneca PLC		197,197		22,939,520
GlaxoSmithKline PLC		993,886		22,179,545
Ocado Group PLC(a)		981,192		19,992,350
Sage Group PLC (The)		1,920,973		18,771,700
Sensata Technologies Holding PLC(a)		350,413		20,099,690
Spirax-Sarco Engineering PLC		98,266		17,713,006
				138,284,545

18 2 0 2 2    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) January 31, 2022 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States — 59.6%
AbbVie Inc.		169,476	$	23,199,570
Accenture PLC, Class A		55,340		19,567,117
Advanced Micro Devices Inc.(a)(c)		146,922		16,785,839
Agilent Technologies Inc.		132,819		18,504,343
Akamai Technologies Inc.(a)		187,327		21,458,308
Albemarle Corp.		79,287		17,501,812
Alnylam Pharmaceuticals Inc.(a)		119,626		16,460,538
Alphabet Inc., Class A(a)		6,996		18,931,666
Amazon.com Inc.(a)		6,004		17,960,786
Analog Devices Inc.		119,350		19,569,819
ANSYS Inc.(a)		52,209		17,751,582
Apple Inc.		114,940		20,089,213
Applied Materials Inc.		133,649		18,467,619
Arista Networks Inc.(a)		170,545		21,200,449
Aspen Technology Inc.(a)		142,854		21,450,957
Autodesk Inc.(a)		78,191		19,531,330
Beam Therapeutics Inc.(a)(c)		266,642		18,454,293
Biogen Inc.(a)		91,247		20,621,822
BioMarin Pharmaceutical Inc.(a)		233,491		20,694,307
Blackbaud Inc.(a)		265,332		18,079,722
BlackRock Inc.(d)		22,898		18,843,680
Block Inc.(a)(c)		107,852		13,189,221
Bristol-Myers Squibb Co.		375,631		24,374,696
Broadcom Inc.		38,240		22,404,051
Broadridge Financial Solutions Inc.		125,404		19,966,825
Cadence Design Systems Inc.(a)		116,593		17,738,459
CF Industries Holdings Inc.		354,503		24,414,622
Cisco Systems Inc.		369,081		20,546,739
Citrix Systems Inc.		260,412		26,546,399
Cogent Communications Holdings Inc.		268,282		17,065,418
Cognizant Technology Solutions Corp., Class A		255,081		21,789,019
Coinbase Global Inc., Class A(a)(c)		74,061		14,082,699
Coupa Software Inc.(a)(c)		121,986		16,379,060
Crowdstrike Holdings Inc., Class A(a)		100,259		18,110,786
Denali Therapeutics Inc.(a)(c)		444,903		15,224,581
DISH Network Corp., Class A(a)(c)		658,526		20,677,716
Dropbox Inc., Class A(a)		870,723		21,550,394
DuPont de Nemours Inc.		272,309		20,858,869
Edwards Lifesciences Corp.(a)		176,051		19,224,769
Eli Lilly & Co.		86,326		21,183,537
Enphase Energy Inc.(a)(c)		91,395		12,838,256
Envestnet Inc.(a)(c)		230,046		17,009,601
Exelixis Inc.(a)(c)		1,256,709		22,746,433
F5 Inc.(a)(c)		91,281		18,951,761
Fastly Inc., Class A(a)(c)		483,626		13,860,721
First Solar Inc.(a)		205,970		16,143,929
Fortinet Inc.(a)		65,669		19,519,454
Gilead Sciences Inc.		289,398		19,875,855
Guardant Health Inc.(a)(c)		211,416		14,703,983
Guidewire Software Inc.(a)(c)		175,330		17,680,277
Hewlett Packard Enterprise Co.		1,358,787		22,188,992
Hubbell Inc.		107,492		20,132,177
Illumina Inc.(a)		54,781		19,108,708
Incyte Corp.(a)		312,363		23,217,942
Intel Corp.		399,672		19,511,987
Intellia Therapeutics Inc.(a)		176,720		16,712,410
International Business Machines Corp.		173,273		23,144,075
Intuit Inc.		29,963		16,636,356
Intuitive Surgical Inc.(a)		64,892		18,441,009
Ionis Pharmaceuticals Inc.(a)(c)		663,909		21,112,306

Security	Shares		Value
United States (continued)
Jazz Pharmaceuticals PLC(a)(c)		170,531	$	23,688,461
Johnson & Johnson		122,835		21,163,242
Juniper Networks Inc.		637,750		22,206,455
KLA Corp.		50,250		19,560,817
Lam Research Corp.		30,063		17,734,765
Livent Corp.(a)		740,946		17,049,167
Lumen Technologies Inc.		1,771,929		21,901,042
Mandiant Inc.(a)		1,267,547		19,127,284
Manhattan Associates Inc.(a)		137,455		18,401,101
Marqeta Inc., Class A(a)(c)		1,108,877		13,084,749
MercadoLibre Inc.(a)(c)		17,284		19,566,525
Merck & Co. Inc.		298,348		24,309,395
Meta Platforms Inc, Class A(a)		65,310		20,459,011
Microchip Technology Inc.		250,916		19,440,972
Micron Technology Inc.		251,018		20,651,251
Microsoft Corp.		63,198		19,653,314
Moderna Inc.(a)		72,396		12,258,815
MongoDB Inc.(a)		39,813		16,128,644
Myriad Genetics Inc.(a)(c)		790,929		20,793,523
NortonLifeLock Inc.		874,460		22,744,705
NVIDIA Corp.		66,387		16,255,521
Okta Inc.(a)(c)		87,113		17,238,792
Oracle Corp.		235,328		19,099,220
Palantir Technologies Inc., Class A(a)		1,038,846		14,242,579
Palo Alto Networks Inc.(a)(c)		39,857		20,622,012
Paylocity Holding Corp.(a)		84,154		17,165,733
PayPal Holdings Inc.(a)		107,076		18,410,647
Pegasystems Inc.		179,358		17,795,901
PTC Inc.(a)(c)		177,541		20,640,917
Qorvo Inc.(a)		125,055		17,167,550
QUALCOMM Inc.		117,106		20,582,551
Regeneron Pharmaceuticals Inc.(a)		32,259		19,632,505
RingCentral Inc., Class A(a)		97,829		17,265,840
Rocket Companies Inc., Class A		1,282,857		16,215,312
Sabre Corp.(a)		2,298,063		21,027,276
salesforce.com Inc.(a)		80,963		18,834,423
Seagen Inc.(a)		141,726		19,063,564
SEI Investments Co.		342,495		20,073,632
ServiceNow Inc.(a)		32,151		18,833,413
Shoals Technologies Group Inc., Class A(a)(c)		741,032		12,493,800
Skyworks Solutions Inc.		128,124		18,772,728
Snowflake Inc., Class A(a)		56,557		15,604,076
SoFi Technologies Inc.(a)(c)		1,223,464		15,268,831
SolarEdge Technologies Inc.(a)		62,068		14,785,839
Splunk Inc.(a)		177,818		22,035,207
SS&C Technologies Holdings Inc.		276,904		22,116,322
Synaptics Inc.(a)		73,189		15,395,306
Synopsys Inc.(a)		58,406		18,135,063
TE Connectivity Ltd.		141,554		20,243,638
Teladoc Health Inc.(a)(c)		207,504		15,917,632
Tesla Inc.(a)		19,784		18,532,068
Texas Instruments Inc.		110,513		19,835,978
Thermo Fisher Scientific Inc.		32,891		19,119,538
Twilio Inc., Class A(a)		77,139		15,899,891
Tyler Technologies Inc.(a)(c)		39,702		18,810,808
Veoneer Inc.(a)(c)		596,421		20,999,983
VMware Inc., Class A		184,434		23,696,080
Xilinx Inc.		94,370		18,265,314
Zendesk Inc.(a)(c)		204,652		20,160,269

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) January 31, 2022 iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zscaler Inc.(a)		68,307	$	17,562,413
				2,277,730,274
Total Common Stocks — 99.3% (Cost: $3,391,623,988)				3,792,963,423
Preferred Stocks
Chile — 0.5%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		366,159		19,609,242
Total Preferred Stocks — 0.5% (Cost: $20,894,108)				19,609,242
Short-Term Investments
Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		126,349,124		126,387,029
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		4,530,000		4,530,000
				130,917,029
Total Short-Term Investments — 3.4% (Cost: $130,909,279)				130,917,029
Total Investments in Securities — 103.2% (Cost: $3,543,427,375)				3,943,489,694
Other Assets, Less Liabilities — (3.2)%				(121,117,970	)
Net Assets — 100.0%			$	3,822,371,724

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	29,091,609	$	97,303,544	(a)	$	—		$	(3,179	)	$	(4,945)		$	126,387,029		126,349,124	$	61,035	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		12,950,000		—			(8,420,000	)(a)		—			—			4,530,000		4,530,000		147			—
BlackRock Inc		21,333,249		1,641,426			(3,182,834	)		71,887			(1,020,048	)		18,843,680		22,898		212,034			—
									$	68,708		$	(1,024,993	)	$	149,760,709			$	273,216		$	—

^(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.

20 2 0 2 2    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) January 31, 2022 iShares^® Exponential Technologies 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		21		03/18/22	$	987	$	(6,956	)
MSCI Emerging Markets Index		33		03/18/22		2,021		7,006
S&P 500 E-Mini Index		19		03/18/22		4,279		(193,973	)
							$	(193,923	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	7,006
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	200,929

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,517,781
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(249,987	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,438,463

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.

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) January 31, 2022 iShares^® Exponential Technologies ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	2,454,138,417		$	1,338,825,006		$	—	$	3,792,963,423
Preferred Stocks		—			19,609,242			—		19,609,242
Money Market Funds		130,917,029			—			—		130,917,029
	$	2,585,055,446		$	1,358,434,248		$	—	$	3,943,489,694
Derivative financial instruments(a)
Assets
Futures Contracts	$	7,006		$	—		$	—	$	7,006
Liabilities
Futures Contracts		(193,973	)		(6,956	)		—		(200,929	)
	$	(186,967	)	$	(6,956	)	$	—	$	(193,923	)

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

See notes to financial statements.

22 2 0 2 2    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) January 31, 2022 iShares^® Genomics Immunology and Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 3.1%
BeiGene Ltd.(a)(b)		450,600	$	8,159,059
Denmark — 4.4%
Genmab A/S(a)		33,086		11,266,759
France — 6.5%
Sanofi		130,356		13,630,285
Valneva SE(a)(b)		187,724		3,244,892
				16,875,177
Germany — 6.6%
BioNTech SE, ADR(a)		35,784		6,157,711
Evotec SE(a)		272,214		11,015,056
				17,172,767
Japan — 10.2%
Ono Pharmaceutical Co. Ltd.		539,600		13,086,218
Takeda Pharmaceutical Co. Ltd.		454,400		13,169,959
				26,256,177
Netherlands — 1.0%
CureVac NV(a)(b)		130,782		2,525,400
Switzerland — 4.7%
Roche Holding AG, NVS		31,240		12,089,854
Taiwan — 1.7%
Adimmune Corp.		739,000		1,052,146
Medigen Vaccine Biologics Corp.(a)		369,000		3,363,109
				4,415,255
United Kingdom — 0.4%
Adaptimmune Therapeutics PLC, ADR(a)		331,428		967,770
United States — 61.2%
Agenus Inc.(a)		541,588		1,494,783
Alaunos Therapeutics Inc.(a)		475,132		513,143
Aligos Therapeutics Inc.(a)		62,906		200,671
Allogene Therapeutics Inc.(a)		160,886		1,842,145
Altimmune Inc.(a)(b)		80,940		653,186
Arcturus Therapeutics Holdings Inc.(a)		54,670		1,428,527
Arcus Biosciences Inc.(a)		101,246		3,118,377
Beam Therapeutics Inc.(a)(b)		129,788		8,982,627
Bluebird Bio Inc.(a)		164,152		1,295,159
Blueprint Medicines Corp.(a)		130,640		10,072,344
Coherus Biosciences Inc.(a)		173,382		2,143,002
Cue Biopharma Inc.(a)		73,982		546,727
CytomX Therapeutics Inc.(a)(b)		150,946		694,352
Editas Medicine Inc.(a)		164,436		3,130,861
Exelixis Inc.(a)		744,790		13,480,699
Fate Therapeutics Inc.(a)(b)		216,550		8,988,990
FibroGen Inc.(a)		204,622		3,087,746

Security	Shares		Value
United States (continued)
Gilead Sciences Inc.		176,932	$	12,151,690
Gossamer Bio Inc.(a)		133,338		1,278,711
Humanigen Inc.(a)(b)		146,402		377,717
Inovio Pharmaceuticals Inc.(a)(b)		498,988		2,065,810
Intellia Therapeutics Inc.(a)		121,836		11,522,030
Invitae Corp.(a)(b)		538,748		6,055,527
Iovance Biotherapeutics Inc.(a)		329,014		5,478,083
Ligand Pharmaceuticals Inc.(a)		38,340		4,778,314
Maravai LifeSciences Holdings Inc., Class A(a)		263,978		7,634,244
Moderna Inc.(a)		40,186		6,804,695
NGM Biopharmaceuticals Inc.(a)		61,628		974,339
Novavax Inc.(a)(b)		76,680		7,184,916
Personalis Inc.(a)		86,620		986,602
Precision BioSciences Inc.(a)(b)		121,410		579,126
RAPT Therapeutics Inc.(a)		57,368		1,240,296
Regeneron Pharmaceuticals Inc.(a)		19,454		11,839,510
Sangamo Therapeutics Inc.(a)		291,100		1,755,333
Twist Bioscience Corp.(a)		107,778		6,404,169
Vaxart Inc.(a)		300,472		1,487,336
Vir Biotechnology Inc.(a)(b)		169,832		5,830,333
				158,102,120
Total Common Stocks — 99.8% (Cost: $312,093,839)				257,830,338
Short-Term Investments
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		10,268,661		10,271,741
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		220,000		220,000
				10,491,741
Total Short-Term Investments — 4.1% (Cost: $10,491,377)				10,491,741
Total Investments in Securities — 103.9% (Cost: $322,585,216)				268,322,079
Other Assets, Less Liabilities — (3.9)%				(10,092,720	)
Net Assets — 100.0%			$	258,229,359

^(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.

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) January 31, 2022 iShares^® Genomics Immunology and Healthcare ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:)

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,270,396	$	—		$	(3,997,378	)(a)	$	(954	)	$	(323	)	$	10,271,741		10,268,661	$	53,525	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		200,000		20,000	(a)		—			—			—			220,000		220,000		11			—
									$	(954	)	$	(323	)	$	10,491,741			$	53,536		$	—

^(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
E-Mini Health Care Sector Index		3		03/18/22	$	397	$	(12,787	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	12,787

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	20,915
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(20,197	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	401,117

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

24 2 0 2 2    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) January 31, 2022 iShares^® Genomics Immunology and Healthcare 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
Investments
Assets
Common Stocks	$	172,168,256		$	85,662,082	$	—	$	257,830,338
Money Market Funds		10,491,741			—		—		10,491,741
	$	182,659,997		$	85,662,082	$	—	$	268,322,079
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(12,787	)	$	—	$	—	$	(12,787	)

^(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 25

Schedule of Investments  (unaudited) January 31, 2022 iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.6%
Megaport Ltd.(a)		244,743	$	2,354,372
Canada — 1.2%
ATS Automation Tooling Systems Inc.(a)		107,835		4,402,815
China — 13.5%
Alibaba Group Holding Ltd.(a)		224,400		3,517,147
Baidu Inc.(a)		195,100		3,864,713
DouYu International Holdings Ltd., ADR(a)		1,513,656		3,178,678
Hello Group Inc., ADR		376,343		3,661,817
HUYA Inc., ADR(a)		534,371		3,537,536
iQIYI Inc., ADR(a)(b)		729,512		2,976,409
JD.com Inc., Class A(a)		2,433		92,214
JOYY Inc., ADR		83,724		4,233,085
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		103,836		877,414
Kuaishou Technology(a)(c)		356,400		4,073,921
Shanghai MicroPort MedBot Group Co. Ltd.(a)(b)		539,000		3,312,684
Tencent Holdings Ltd.		49,300		3,089,250
Tencent Music Entertainment Group, ADR(a)		567,935		3,509,838
Weibo Corp., ADR(a)		73,857		2,559,145
Xiaomi Corp., Class B(a)(c)		1,550,000		3,288,121
ZTE Corp., Class H		1,435,800		3,879,876
				49,651,848
France — 3.0%
Atos SE		31,595		1,132,584
Dassault Systemes SE		60,031		2,903,001
Somfy SA, NVS		14,722		2,710,562
Vivendi SE		335,328		4,394,597
				11,140,744
Germany — 1.8%
Duerr AG		82,589		3,655,004
Nemetschek SE		30,022		2,774,998
				6,430,002
Israel — 2.6%
Maytronics Ltd.		134,328		2,878,672
Nano Dimension Ltd., ADR(a)		860,150		3,156,750
Stratasys Ltd.(a)(b)		146,490		3,492,322
				9,527,744
Japan — 10.7%
FANUC Corp.		18,500		3,658,344
Harmonic Drive Systems Inc.		67,200		2,657,941
Hitachi Ltd.		59,400		3,087,375
Kawasaki Heavy Industries Ltd.		213,700		4,141,195
Kyocera Corp.		63,800		3,934,629
MinebeaMitsumi Inc.		133,900		3,276,611
Nidec Corp.		32,600		2,889,331
Oracle Corp. Japan		40,000		2,991,622
Ricoh Co. Ltd.		386,200		3,261,232
Sharp Corp./Japan		325,000		3,612,736
Sony Group Corp.		27,000		3,020,448
Yaskawa Electric Corp.		72,400		3,031,414
				39,562,878
Netherlands — 2.2%
Stellantis NV		195,256		3,770,172
STMicroelectronics NV		73,498		3,455,930
Yandex NV, Class A(a)		21,031		1,010,750
				8,236,852

Security	Shares		Value
South Korea — 3.5%
AfreecaTV Co. Ltd.		20,856	$	2,736,016
LG Electronics Inc.		33,962		3,689,716
Samsung Electronics Co. Ltd.		59,876		3,724,232
Samsung SDS Co. Ltd.		21,821		2,590,258
				12,740,222
Sweden — 1.6%
Spotify Technology SA(a)(b)		16,702		3,277,935
Surgical Science Sweden AB(a)		118,023		2,531,319
				5,809,254
Taiwan — 7.8%
Alchip Technologies Ltd.		95,000		3,295,805
Faraday Technology Corp.		493,000		3,706,195
Global Unichip Corp.		161,000		2,826,944
Hiwin Technologies Corp.		367,000		3,553,395
Holtek Semiconductor Inc.		870,000		3,241,373
HTC Corp.(a)		1,119,000		2,648,662
Nuvoton Technology Corp.		609,000		3,245,383
RDC Semiconductor Co. Ltd.(a)		210,000		3,626,289
Via Technologies Inc.		1,050,000		2,629,404
				28,773,450
United Kingdom — 1.6%
AVEVA Group PLC		92,839		3,684,020
Clarivate PLC(a)(b)		137,600		2,264,896
				5,948,916
United States — 49.7%
3D Systems Corp.(a)(b)		165,590		2,964,061
Adobe Inc.(a)(b)		6,019		3,215,952
Advanced Micro Devices Inc.(a)		23,920		2,732,860
Alphabet Inc., Class A(a)		1,292		3,496,242
Altair Engineering Inc., Class A(a)		57,575		3,622,619
Alteryx Inc., Class A(a)		55,015		3,139,706
Altra Industrial Motion Corp.		70,553		3,406,299
Amazon.com Inc.(a)		1,051		3,144,035
Ambarella Inc.(a)		17,594		2,465,799
AMETEK Inc.		22,082		3,020,155
Analog Devices Inc.		17,448		2,860,949
ANSYS Inc.(a)		9,747		3,314,078
Apple Inc.		17,716		3,096,403
Autodesk Inc.(a)(b)		14,942		3,732,362
Bentley Systems Inc., Class B		82,088		3,297,475
Bumble Inc., Class A(a)		113,600		3,352,336
CEVA Inc.(a)		84,898		3,198,108
Cognex Corp.		46,161		3,067,860
Concentrix Corp.		19,201		3,859,209
Desktop Metal Inc., Class A(a)		643,141		2,630,447
Domo Inc., Class B(a)		70,719		3,320,964
Dropbox Inc., Class A(a)		158,463		3,921,959
Elastic NV(a)		30,275		2,823,144
FARO Technologies Inc.(a)(b)		52,254		2,837,915
Freshworks Inc.(a)		127,395		2,770,841
fuboTV Inc.(a)(b)		71,574		768,705
GoDaddy Inc., Class A(a)		56,186		4,253,842
HubSpot Inc.(a)(b)		5,172		2,528,074
Informatica Inc.(a)(b)		108,307		3,023,931
Intel Corp.		69,906		3,412,811
International Business Machines Corp.		31,360		4,188,755
Intuitive Surgical Inc.(a)		11,296		3,210,097
iRobot Corp.(a)(b)		50,200		3,289,104
Lattice Semiconductor Corp.(a)		51,878		2,864,703

26 2 0 2 2    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) January 31, 2022 iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Lumen Technologies Inc.		284,374	$	3,514,863
Matterport Inc, Class A(a)(b)		136,603		1,329,147
Meta Platforms Inc, Class A(a)		12,613		3,951,148
Microchip Technology Inc.		39,607		3,068,750
Microsoft Corp.		10,759		3,345,834
MicroStrategy Inc., Class A(a)(b)		5,647		2,078,152
Netflix Inc.(a)		6,002		2,563,694
NVIDIA Corp.		11,664		2,856,047
Pegasystems Inc.		25,382		2,518,402
Pinterest Inc., Class A(a)		45,021		1,330,821
Proto Labs Inc.(a)		73,371		3,681,757
PTC Inc.(a)		27,071		3,147,274
QUALCOMM Inc.		18,559		3,261,930
salesforce.com Inc.(a)		15,211		3,538,535
Silicon Laboratories Inc.(a)		17,358		2,867,368
Snap Inc., Class A, NVS(a)		75,553		2,458,495
Snowflake Inc., Class A(a)		10,924		3,013,932
Splunk Inc.(a)(b)		26,083		3,232,205
Sumo Logic Inc.(a)		110,917		1,321,021
Teradata Corp.(a)(b)		86,290		3,480,939
Texas Instruments Inc.		16,266		2,919,584
Twitter Inc.(a)		87,800		3,293,378
Velo3D Inc.(a)(b)		405,488		2,615,398
Vicarious Surgical Inc., Class A, NVS(a)(b)		328,654		2,113,245
Vimeo Inc.(a)		199,568		2,923,671
Walt Disney Co. (The)(a)		19,500		2,787,915
Xilinx Inc.		16,205		3,136,478
				183,181,783
Total Common Stocks — 99.8% (Cost: $361,080,248)				367,760,880

Security	Shares		Value
Short-Term Investments
Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		22,920,862	$	22,927,738
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		400,000		400,000
				23,327,738
Total Short-Term Investments — 6.3% (Cost: $23,327,738)				23,327,738
Total Investments in Securities — 106.1% (Cost: $384,407,986)				391,088,618
Other Assets, Less Liabilities — (6.1)%				(22,445,597	)
Net Assets — 100.0%			$	368,643,021

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	29,642,364	$	—	$	(6,710,810	)(a)	$	483	$	(4,299	)	$	22,927,738		22,920,862	$	172,204	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		790,000		—		(390,000	)(a)		—		—			400,000		400,000		12			—
								$	483	$	(4,299	)	$	23,327,738			$	172,216		$	—

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

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

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

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Robotics and Artificial Intelligence Multisector 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
E-Mini Technology Select Sector Index		4		03/18/22	$	652	$	4,912

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,912

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	88,417
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(53,270	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,008,410

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
Investments
Assets
Common Stocks	$	225,321,173	$	142,439,707	$	—	$	367,760,880
Money Market Funds		23,327,738		—		—		23,327,738
	$	248,648,911	$	142,439,707	$	—	$	391,088,618
Derivative financial instruments(a)
Assets
Futures Contracts	$	4,912	$	—	$	—	$	4,912

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

See notes to financial statements.

28 2 0 2 2    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) January 31, 2022 iShares^® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.3%
Allkem Ltd.(a)		175,820	$	1,144,879
Novonix Ltd.(a)		86,600		467,025
				1,611,904
Austria — 0.2%
ams-OSRAM AG(a)		76,214		1,281,413
Belgium — 0.8%
Solvay SA		21,160		2,549,551
Umicore SA		57,152		2,163,526
				4,713,077
Canada — 1.3%
ElectraMeccanica Vehicles Corp.(a)(b)		20,423		40,642
Linamar Corp.		14,838		822,355
Lion Electric Co. (The)(a)(b)		12,309		107,950
Magna International Inc.		84,823		6,833,752
Martinrea International Inc.		28,701		236,625
				8,041,324
China — 4.7%
BOE Varitronix Ltd.		137,000		156,145
BYD Co. Ltd., Class H		257,500		7,616,092
Ganfeng Lithium Co. Ltd., Class H(c)		87,200		1,385,636
Li Auto Inc.(a)		362,300		4,445,792
NIO Inc., ADR(a)(b)		407,162		9,979,540
XPeng Inc.(a)		327,400		5,710,300
				29,293,505
France — 0.6%
Cie. Plastic Omnium SA		18,295		425,529
Faurecia SE		38,511		1,707,118
Valeo		61,328		1,716,485
				3,849,132
Germany — 8.4%
Bayerische Motoren Werke AG		97,088		10,276,076
Continental AG(a)		31,345		3,038,901
Daimler AG, Registered		263,804		21,049,904
Hella GmbH & Co. KGaA		13,789		966,603
Infineon Technologies AG		383,168		15,912,102
Vitesco Technologies Group AG(a)		7,668		379,609
				51,623,195
Japan — 10.7%
Aisin Corp.		39,800		1,445,256
Alps Alpine Co. Ltd.		47,400		516,967
Denso Corp.		117,000		8,732,141
Exedy Corp.		11,000		161,470
FCC Co. Ltd.		12,300		158,169
GS Yuasa Corp.		17,200		367,974
Honda Motor Co. Ltd.		425,100		12,520,373
Koito Manufacturing Co. Ltd.		29,100		1,461,125
Musashi Seimitsu Industry Co. Ltd.		16,500		248,552
Nissan Motor Co. Ltd.(a)		633,600		3,353,383
Nissha Co. Ltd.		9,900		126,041
Renesas Electronics Corp.(a)		322,200		3,697,828
Subaru Corp.		167,200		3,043,265
Tokai Rika Co. Ltd.		17,800		231,889
Toyoda Gosei Co. Ltd.		18,900		397,223
Toyota Boshoku Corp.		24,800		439,591
Toyota Motor Corp.		1,442,800		28,514,303
TS Tech Co. Ltd.		27,700		364,988

Security	Shares		Value
Japan (continued)
Yokowo Co. Ltd		4,600	$	105,670
				65,886,208
Netherlands — 4.8%
NXP Semiconductors NV		79,471		16,326,522
Sono Group NV(a)		6,807		38,664
STMicroelectronics NV		193,542		9,100,486
Yandex NV, Class A(a)		89,510		4,301,851
				29,767,523
South Korea — 7.6%
Hanon Systems		53,885		483,525
Hyundai Mobis Co. Ltd.		18,334		3,599,008
Hyundai Wia Corp.		5,189		297,196
Iljin Materials Co. Ltd		6,505		525,734
KCC Corp.		1,287		416,929
LG Chem Ltd.		13,868		7,434,084
Samsung Electronics Co. Ltd.		413,526		25,720,936
Samsung SDI Co. Ltd.		15,212		7,549,468
Sebang Global Battery Co. Ltd.		1,741		90,894
SL Corp.		4,782		107,415
SNT Motiv Co. Ltd.		3,529		129,890
SOLUM Co. Ltd.(a)		9,388		181,705
				46,536,784
Spain — 0.1%
Cie. Automotive SA		19,507		566,622
Sweden — 2.9%
Hexagon AB, Class B		605,475		8,166,688
Smart Eye AB(a)		7,913		129,302
Volvo AB, Class B		431,074		9,727,796
				18,023,786
Switzerland — 2.9%
ABB Ltd., Registered		517,007		17,925,552
Autoneum Holding AG(a)		1,150		208,902
				18,134,454
Taiwan — 1.3%
Delta Electronics Inc.		541,000		5,337,205
Himax Technologies Inc., ADR		57,117		620,862
Innolux Corp.		2,807,000		1,763,109
International CSRC Investment Holdings Co.		299,430		269,963
Via Technologies Inc.		49,000		122,705
				8,113,844
United Kingdom — 2.3%
Aptiv PLC(a)		80,097		10,939,648
Sensata Technologies Holding PLC(a)		46,317		2,656,743
TI Fluid Systems PLC(c)		115,226		370,999
				13,967,390
United States — 47.9%
Adient PLC(a)		27,523		1,155,140
Albemarle Corp.		34,716		7,663,210
Alphabet Inc., Class A(a)		9,312		25,198,924
Altra Industrial Motion Corp.		17,768		857,839
Ambarella Inc.(a)		10,527		1,475,359
Apple Inc.		163,414		28,561,499
Autoliv Inc.		26,461		2,620,697
BorgWarner Inc.		70,509		3,091,820
Canoo Inc.(a)(b)		29,208		178,753
Cooper-Standard Holdings Inc.(a)		4,551		93,705
CTS Corp.		8,336		279,673

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) January 31, 2022 iShares^® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Dana Inc		44,337	$	960,339
Diodes Inc.(a)		12,861		1,193,372
Eaton Corp. PLC		118,867		18,832,099
Faraday Future Intelligent Electric Inc.(a)(b)		32,238		137,979
Fisker Inc, Class A(a)(b)		47,537		561,412
Ford Motor Co.		1,168,487		23,720,286
Garmin Ltd.		45,172		5,620,300
General Motors Co.(a)		412,051		21,727,449
Gentex Corp		71,672		2,250,501
Gentherm Inc.(a)		10,514		918,818
Holley Inc.(a)		15,456		182,999
II-VI Inc.(a)(b)		31,203		1,978,270
indie Semiconductor Inc., Class A(a)		14,098		111,515
Intel Corp.		535,819		26,158,684
Lear Corp.		17,881		2,991,849
Lordstown Motors Corp., Class A(a)(b)		36,457		109,371
Lucid Group Inc.(a)(b)		154,454		4,539,403
Luminar Technologies Inc, Class A(a)(b)		64,179		939,581
Methode Electronics Inc		10,541		464,120
Microvast Holdings Inc.(a)(b)		36,250		200,825
NVIDIA Corp.		85,706		20,985,971
ON Semiconductor Corp.(a)		126,472		7,461,848
QUALCOMM Inc.		149,445		26,266,453
Rivian Automotive Inc., Class A(a)		138,507		9,105,450
Romeo Power Inc.(a)		28,879		68,154
Standard Motor Products Inc.		7,157		342,606
Stoneridge Inc.(a)		6,642		125,335
Synaptics Inc.(a)		11,611		2,442,374
Tenneco Inc., Class A(a)		23,963		251,612
Tesla Inc.(a)		25,976		24,332,239
Universal Display Corp		12,669		1,944,818
Veoneer Inc.(a)		33,919		1,194,288
Visteon Corp.(a)(b)		8,810		894,303
Xilinx Inc.		73,634		14,251,861
				294,443,103
Total Common Stocks — 96.8% (Cost: $561,626,831)				595,853,264

Security	Shares		Value
Preferred Stocks
Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		34,608	$	1,853,393
Germany — 2.6%
Porsche Automobil Holding SE, Preference Shares, NVS		45,822		4,291,181
Volkswagen AG, Preference Shares, NVS		55,057		11,466,842
				15,758,023
Total Preferred Stocks — 2.9% (Cost: $16,618,960)				17,611,416
Short-Term Investments
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		14,037,747		14,041,959
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		650,000		650,000
				14,691,959
Total Short-Term Investments — 2.4% (Cost: $14,691,959)				14,691,959
Total Investments in Securities — 102.1% (Cost: $592,937,750)				628,156,639
Other Assets, Less Liabilities — (2.1)%				(12,981,151	)
Net Assets — 100.0%			$	615,175,488

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	216,037	$	13,826,402	(a)	$	—	$	(480	)	$	—	$	14,041,959		14,037,747	$	82,292	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		220,000		430,000	(a)		—		—			—		650,000		650,000		23			—
								$	(480	)	$	—	$	14,691,959			$	82,315		$	—

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

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

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Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Self-Driving EV and Tech 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		17		03/18/22	$	799	$	(4,184	)
S&P 500 E-Mini Index		2		03/18/22		450		(18,732	)
							$	(22,916	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	22,916

^(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).

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	32,551
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(35,745	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,057,898

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
Investments
Assets
Common Stocks	$	347,348,257		$	248,505,007		$	—	$	595,853,264
Preferred Stocks		—			17,611,416			—		17,611,416
Money Market Funds		14,691,959			—			—		14,691,959
	$	362,040,216		$	266,116,423		$	—	$	628,156,639
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(18,732	)	$	(4,184	)	$	—	$	(22,916	)

^(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 31

Schedule of Investments  (unaudited)  January 31, 2022 iShares^® U.S. Tech Breakthrough Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 0.0%
Meta Financial Group Inc.		787	$	46,795
Biotechnology — 8.6%
Agenus Inc.(a)		29,142		80,432
Allogene Therapeutics Inc.(a)		8,657		99,123
Arcturus Therapeutics Holdings Inc.(a)		2,937		76,744
Arcus Biosciences Inc.(a)(b)		5,450		167,860
Beam Therapeutics Inc.(a)		6,969		482,325
Bluebird Bio Inc.(a)		8,814		69,542
Blueprint Medicines Corp.(a)		7,475		576,323
Coherus Biosciences Inc.(a)		9,328		115,294
Editas Medicine Inc.(a)		8,834		168,199
Exelixis Inc.(a)		40,000		724,000
Fate Therapeutics Inc.(a)		11,626		482,595
FibroGen Inc.(a)		11,009		166,126
Gilead Sciences Inc.		162,353		11,150,404
Gossamer Bio Inc.(a)		7,174		68,799
Inovio Pharmaceuticals Inc.(a)(b)		26,846		111,142
Intellia Therapeutics Inc.(a)		8,672		820,111
Invitae Corp.(a)		28,934		325,218
Iovance Biotherapeutics Inc.(a)		17,667		294,156
Ligand Pharmaceuticals Inc.(a)		2,060		256,738
Moderna Inc.(a)		45,305		7,671,496
Novavax Inc.(a)		9,719		910,670
RAPT Therapeutics Inc.(a)		3,089		66,784
Regeneron Pharmaceuticals Inc.(a)		13,298		8,093,030
Sangamo Therapeutics Inc.(a)		15,667		94,472
Twist Bioscience Corp.(a)		5,789		343,982
Vaxart Inc.(a)		16,139		79,888
Vir Biotechnology Inc.(a)		9,116		312,952
				33,808,405
Capital Markets — 0.4%
Blucora Inc.(a)		1,294		20,988
Coinbase Global Inc., Class A(a)		4,146		788,362
Donnelley Financial Solutions Inc.(a)		906		33,721
MarketAxess Holdings Inc.		1,033		355,848
Open Lending Corp., Class A(a)		2,826		53,666
Tradeweb Markets Inc., Class A		2,896		245,494
Virtu Financial Inc., Class A		3,029		93,687
				1,591,766
Communications Equipment — 0.5%
ADTRAN Inc.		5,853		112,436
Calix Inc.(a)		6,808		342,306
Juniper Networks Inc.		39,242		1,366,407
				1,821,149
Consumer Finance — 0.2%
Enova International Inc.(a)		976		39,313
Green Dot Corp., Class A(a)		1,254		39,765
OneMain Holdings Inc.		3,461		178,795
Regional Management Corp.		258		13,096
SoFi Technologies Inc.(a)(b)		15,398		192,167
Upstart Holdings Inc.(a)		1,724		187,933
World Acceptance Corp.(a)		161		30,426
				681,495
Diversified Telecommunication Services — 0.1%
Lumen Technologies Inc.		47,184		583,194

Security	Shares		Value
Electrical Equipment — 0.4%
AMETEK Inc.		10,677	$	1,460,293
Electronic Equipment, Instruments & Components — 0.1%
Cognex Corp.		7,935		527,360
FARO Technologies Inc.(a)		838		45,512
				572,872
Entertainment — 5.2%
Netflix Inc.(a)		20,236		8,643,605
Walt Disney Co. (The)(a)		84,202		12,038,360
				20,681,965
Equity Real Estate Investment Trusts (REITs) — 2.3%
CyrusOne Inc.		9,439		848,094
Digital Realty Trust Inc.		21,192		3,162,482
Equinix Inc.		6,710		4,864,079
				8,874,655
Health Care Equipment & Supplies — 1.2%
Intuitive Surgical Inc.(a)		16,468		4,679,876
Vicarious Surgical Inc., Class A, NVS(a)(b)		2,370		15,239
				4,695,115
Household Durables — 0.0%
iRobot Corp.(a)		1,224		80,197
Interactive Media & Services — 9.6%
Alphabet Inc., Class A(a)		6,021		16,293,247
Bumble Inc., Class A(a)		3,832		113,082
fuboTV Inc.(a)(b)		5,617		60,327
Meta Platforms Inc, Class A(a)		55,719		17,454,534
Pinterest Inc., Class A(a)		25,469		752,864
Snap Inc., Class A, NVS(a)		49,968		1,625,959
Twitter Inc.(a)		36,096		1,353,961
Vimeo Inc.(a)		10,730		157,194
				37,811,168
Internet & Direct Marketing Retail — 6.2%
Amazon.com Inc.(a)		5,044		15,088,975
ContextLogic Inc., Class A(a)		31,291		82,921
Coupang Inc.(a)(b)		53,741		1,118,888
eBay Inc.		44,870		2,695,341
Etsy Inc.(a)		9,423		1,480,165
MercadoLibre Inc.(a)(b)		3,338		3,778,816
Poshmark Inc., Class A(a)		2,994		47,335
				24,292,441
IT Services — 15.5%
Affirm Holdings Inc.(a)		5,136		329,064
Akamai Technologies Inc.(a)(b)		19,540		2,238,307
Alliance Data Systems Corp.		1,379		95,206
Block Inc.(a)		10,942		1,338,097
Broadridge Financial Solutions Inc.		3,228		513,962
Cantaloupe Inc.(a)		1,855		15,582
Concentrix Corp.		3,214		645,982
Euronet Worldwide Inc.(a)		1,407		188,383
Evo Payments Inc., Class A(a)		1,304		31,452
Fastly Inc., Class A(a)(b)		7,952		227,904
Fidelity National Information Services Inc.		16,838		2,019,213
Fiserv Inc.(a)(b)		16,704		1,765,613
FleetCor Technologies Inc.(a)		2,208		526,078
Flywire Corp.(a)		1,505		42,426
Global Payments Inc.		8,007		1,200,089
GoDaddy Inc., Class A(a)		12,362		935,927
International Business Machines Corp.		66,967		8,944,782

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Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® U.S. Tech Breakthrough Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Jack Henry & Associates Inc.		2,049	$	343,843
Marqeta Inc., Class A(a)		5,865		69,207
Mastercard Inc., Class A		24,184		9,344,214
MongoDB Inc.(a)		4,622		1,872,418
Okta Inc.(a)		17,470		3,457,138
Paya Holdings Inc., Class A(a)(b)		2,345		15,360
Payoneer Global Inc.(a)		5,959		31,106
PayPal Holdings Inc.(a)		32,685		5,619,859
Repay Holdings Corp.(a)(b)		2,127		38,052
Shift4 Payments Inc., Class A(a)(b)		1,405		74,072
Snowflake Inc., Class A(a)		20,576		5,676,918
Switch Inc., Class A		9,650		247,330
Toast Inc.(a)(b)		1,526		34,915
Twilio Inc., Class A(a)		12,414		2,558,774
Visa Inc., Class A		46,334		10,479,361
WEX Inc.(a)		1,226		197,361
				61,117,995
Life Sciences Tools & Services — 0.1%
Maravai LifeSciences Holdings Inc., Class A(a)		14,182		410,144
Machinery — 0.1%
Altra Industrial Motion Corp.		2,990		144,357
Desktop Metal Inc., Class A(a)		8,946		36,589
Proto Labs Inc.(a)		1,273		63,879
Velo3D Inc.(a)		2,782		17,944
				262,769
Professional Services — 0.7%
Alight Inc., Class A(a)(b)		6,235		60,230
Booz Allen Hamilton Holding Corp.		16,051		1,231,593
CACI International Inc., Class A(a)		2,803		693,631
ManTech International Corp./VA, Class A		3,340		241,282
Science Applications International Corp.		6,975		572,159
				2,798,895
Semiconductors & Semiconductor Equipment — 13.9%
Advanced Micro Devices Inc.(a)		55,704		6,364,182
Analog Devices Inc.		24,823		4,070,227
CEVA Inc.(a)		1,038		39,101
Intel Corp.		188,556		9,205,304
Lattice Semiconductor Corp.(a)		6,291		347,389
Microchip Technology Inc.		25,214		1,953,581
NVIDIA Corp.		55,703		13,639,437
QUALCOMM Inc.		51,887		9,119,659
Silicon Laboratories Inc.(a)		1,828		301,967
Texas Instruments Inc.		42,774		7,677,505
Xilinx Inc.		11,472		2,220,406
				54,938,758
Software — 28.5%
A10 Networks Inc.		7,752		114,729
ACI Worldwide Inc.(a)		3,235		111,187
Adobe Inc.(a)		21,984		11,746,051
Alarm.com Holdings Inc.(a)		5,670		422,812
Alkami Technology Inc.(a)		895		13,729
Altair Engineering Inc., Class A(a)		2,318		145,849
Alteryx Inc., Class A(a)		4,370		249,396
ANSYS Inc.(a)		4,032		1,370,920
Appian Corp.(a)		2,945		166,010
Autodesk Inc.(a)		10,162		2,538,366
Avalara Inc.(a)		2,366		259,361
AvidXchange Holdings Inc.(a)		3,538		36,654

Security	Shares		Value
Software (continued)
Bentley Systems Inc., Class B(b)		8,789	$	353,054
Bill.com Holdings Inc.(a)		2,653		499,321
Black Knight Inc.(a)		4,193		312,798
Blackline Inc.(a)		1,478		135,784
Blend Labs Inc.(a)(b)		3,945		31,402
Bottomline Technologies DE Inc.(a)		1,197		67,499
C3.ai Inc., Class A(a)(b)		5,705		150,270
CCC Intelligent Solutions Holdings Inc.(a)		1,973		21,032
Citrix Systems Inc.		15,049		1,534,095
Clear Secure Inc., Class A(a)(b)		7,847		193,742
Clearwater Analytics Holdings Inc.(a)		1,238		21,108
CommVault Systems Inc.(a)		3,300		222,618
Confluent Inc., Class A(a)(b)		4,478		292,816
Couchbase Inc.(a)		1,734		40,628
Crowdstrike Holdings Inc., Class A(a)		24,580		4,440,131
Datto Holding Corp.(a)		2,079		51,788
DocuSign Inc.(a)		23,505		2,956,224
Domo Inc., Class B(a)		2,114		99,273
Dropbox Inc., Class A(a)		22,110		547,222
Duck Creek Technologies Inc.(a)		2,091		53,425
Ebix Inc.		660		20,057
Everbridge Inc.(a)		4,661		238,270
Expensify Inc.(a)		780		22,815
Fair Isaac Corp.(a)		1,999		989,485
Fortinet Inc.(a)		16,661		4,952,316
Freshworks Inc.(a)(b)		2,562		55,724
Gitlab Inc.(a)(b)		118		7,553
Guidewire Software Inc.(a)		2,320		233,949
HubSpot Inc.(a)		3,343		1,634,058
Informatica Inc.(a)(b)		7,718		215,487
Intapp Inc.(a)		1,007		20,261
Intuit Inc.		7,674		4,260,835
Mandiant Inc.(a)		28,431		429,024
Matterport Inc, Class A(a)(b)		8,392		81,654
McAfee Corp., Class A		11,533		295,821
Microsoft Corp.		52,930		16,460,171
MicroStrategy Inc., Class A(a)		629		231,478
Ncino Inc.		1,760		80,661
Nutanix Inc., Class A(a)		15,900		434,706
OneSpan Inc.(a)		4,259		68,400
Oracle Corp.		118,773		9,639,617
Palo Alto Networks Inc.(a)		11,760		6,084,624
Pegasystems Inc.		2,968		294,485
Ping Identity Holding Corp.(a)		8,209		162,456
Progress Software Corp.		3,224		146,724
PTC Inc.(a)		4,923		572,348
Q2 Holdings Inc.(a)(b)		1,497		97,679
Qualys Inc.(a)		4,180		535,625
Rapid7 Inc.(a)(b)		6,740		649,264
SailPoint Technologies Holdings Inc.(a)		11,156		431,626
salesforce.com Inc.(a)		66,185		15,396,617
SentinelOne Inc., Class A(a)		4,192		187,592
ServiceNow Inc.(a)		14,786		8,661,343
Splunk Inc.(a)		11,779		1,459,654
Sprout Social Inc., Class A(a)		3,290		226,516
SS&C Technologies Holdings Inc.		6,201		495,274
Sumo Logic Inc.(a)		5,837		69,519
Telos Corp.(a)		5,784		67,615
Tenable Holdings Inc.(a)		12,497		642,346
Teradata Corp.(a)		7,914		319,251

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) January 31, 2022 iShares^® U.S. Tech Breakthrough Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Varonis Systems Inc.(a)		12,812	$	477,375
VMware Inc., Class A		25,239		3,242,707
Workiva Inc.(a)		1,158		136,968
Zscaler Inc.(a)		9,907		2,547,189
Zuora Inc., Class A(a)		8,561		142,369
				112,618,802
Technology Hardware, Storage & Peripherals — 6.3%
3D Systems Corp.(a)(b)		5,778		103,426
Apple Inc.		105,641		18,463,934
HP Inc.		86,032		3,159,956
NetApp Inc.		16,577		1,434,076
Pure Storage Inc., Class A(a)		19,815		524,899
Western Digital Corp.(a)		22,724		1,175,740
				24,862,031
Total Common Stocks — 99.9% (Cost: $329,667,398)				394,010,904
Short-Term Investments
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		7,057,242		7,059,360

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		520,000	$	520,000
				7,579,360
Total Short-Term Investments — 1.9% (Cost: $7,579,360)				7,579,360
Total Investments in Securities — 101.8% (Cost: $337,246,758)				401,590,264
Other Assets, Less Liabilities — (1.8)%				(7,057,738	)
Net Assets — 100.0%			$	394,532,526

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,355,243	$	705,607	(a)	$	—	$	(1,490	)	$	—	$	7,059,360		7,057,242	$	11,396	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares .		470,000		50,000	(a)		—		—			—		520,000		520,000		14			—
								$	(1,490	)	$	—	$	7,579,360			$	11,410		$	—

^(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
E-Mini Technology Select Sector Index		2		03/18/22	$	326	$	(10,289	)
Russell 2000 E-Mini Index		1		03/18/22		101		(9,550	)
							$	(19,839	)

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Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® U.S. Tech Breakthrough Multisector 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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	19,839

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	39,591
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(23,076	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	296,328

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
Investments
Assets
Common Stocks	$	394,010,904		$	—	$	—	$	394,010,904
Money Market Funds		7,579,360			—		—		7,579,360
	$	401,590,264		$	—	$	—	$	401,590,264
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(19,839	)	$	—	$	—	$	(19,839	)

^(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) January 31, 2022 iShares^® Virtual Work and Life Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communication Services — 36.0%
Activision Blizzard Inc.		2,296	$	181,407
Bandwidth Inc., Class A(a)		474		29,677
Bumble Inc., Class A(a)		1,731		51,082
DouYu International Holdings Ltd., ADR(a)		6,463		13,572
Electronic Arts Inc.		1,044		138,497
fuboTV Inc.(a)		2,550		27,387
Hello Group Inc., ADR		3,480		33,860
HUYA Inc., ADR(a)		1,710		11,320
iQIYI Inc., ADR(a)		7,906		32,256
JOYY Inc., ADR		1,268		64,110
Kahoot! ASA(a)		7,344		29,486
Kingsoft Corp. Ltd.		19,800		88,979
Kuaishou Technology(a)(b)		12,600		144,028
Match Group Inc.(a)		1,048		118,110
Meitu Inc.(a)(b)		43,500		8,625
NetDragon Websoft Holdings Ltd.		5,000		12,621
Netflix Inc.(a)		216		92,262
Nexon Co. Ltd.		6,600		124,421
Nintendo Co. Ltd.		300		147,012
Nordic Entertainment Group AB, Class B(a)		1,608		62,256
Ooma Inc.(a)		423		7,631
Paradox Interactive AB		792		16,415
Roku Inc., Class A(a)		642		105,320
Snap Inc., Class A, NVS(a)		2,823		91,860
Sohu.com Ltd., ADR(a)		612		11,138
Spotify Technology SA(a)		584		114,616
Take-Two Interactive Software Inc.(a)		792		129,365
Tencent Holdings Ltd.		2,200		137,857
Ubisoft Entertainment SA(a)		2,088		119,819
XD Inc.(a)		4,200		15,876
				2,160,865
Consumer Discretionary — 17.2%
2U Inc.(a)		1,545		24,936
Chegg Inc.(a)		2,979		78,854
Dada Nexus Ltd., ADR(a)		4,842		52,875
Deliveroo PLC(a)(b)		18,159		38,151
Delivery Hero SE(a)(b)		1,141		88,074
Demae-Can Co. Ltd.(a)		900		5,858
DoorDash Inc., Class A(a)		840		95,332
Duolingo Inc., Class A(a)(c)		252		25,202
JD Health International Inc.(a)(b)		16,200		130,850
JD.com Inc., Class A(a)		104		3,942
Just Eat Takeaway.com NV(a)(b)		2,295		113,329
Meituan, Class B(a)(b)		4,300		128,288
New Oriental Education & Technology Group Inc.(a)		31,800		44,561
Peloton Interactive Inc., Class A(a)		3,033		82,892
PowerSchool Holdings Inc., Class A(a)		1,683		27,568
Stride Inc.(a)		837		29,354
Zomato Ltd.(a)		54,087		65,920
				1,035,986
Consumer Staples — 1.3%
Shop Apotheke Europe NV(a)(b)		252		32,763
Zur Rose Group AG(a)		177		43,329
				76,092
Health Care — 5.8%
Alibaba Health Information Technology Ltd.(a)		84,000		63,315
GN Store Nord A/S		2,406		145,597
Ping An Healthcare and Technology Co. Ltd.(a)(b)		9,300		29,674

Security	Shares		Value
Health Care (continued)
Teladoc Health Inc.(a)		1,429	$	109,618
				348,204
Information Technology — 39.5%
8x8 Inc.(a)		2,298		35,274
Anaplan Inc.(a)		2,829		136,584
Asana Inc., Class A(a)		1,398		73,367
Avast PLC(b)		12,768		105,297
Avaya Holdings Corp.(a)(c)		1,722		31,375
Box Inc., Class A(a)		3,069		80,193
Braze Inc.(a)		132		6,603
Citrix Systems Inc.		1,662		169,424
Cloudflare Inc., Class A(a)(c)		828		79,819
CM.Com NV(a)		255		6,948
DocuSign Inc.(a)		978		123,003
Dropbox Inc., Class A(a)		5,511		136,397
Enghouse Systems Ltd.		864		30,437
Esker SA		108		29,206
Everbridge Inc.(a)		798		40,794
Five9 Inc.(a)		1,026		128,968
Fronteo Inc.(a)		600		13,277
GB Group PLC		5,100		45,537
Justsystems Corp.		600		25,969
Life360 Inc.(a)(b)		3,132		18,374
LivePerson Inc.(a)		1,386		41,400
Megaport Ltd.(a)		3,039		29,234
Microsoft Corp		414		128,746
Mitek Systems Inc.(a)		796		13,030
Monday.com Ltd.(a)		177		37,050
Nice Ltd.(a)		445		113,910
Nuix Ltd.(a)		5,802		6,139
PagerDuty Inc.(a)		1,539		50,818
Plantronics Inc.(a)		861		22,946
RingCentral Inc., Class A(a)		681		120,190
Smartsheet Inc., Class A(a)		2,001		124,502
Turtle Beach Corp.(a)		324		6,584
Verint Systems Inc.(a)		1,329		68,218
Weave Communications Inc.(a)		564		5,640
WingArc1st Inc		300		3,377
Xperi Holding Corp.		2,127		35,882
Zendesk Inc.(a)		1,362		134,171
Zoom Video Communications Inc., Class A(a)		718		110,773
				2,369,456
Total Common Stocks — 99.8% (Cost: $7,905,709)				5,990,603
Short-Term Investments
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		121,342		121,378

36 2 0 2 2    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) January 31, 2022 iShares^® Virtual Work and Life Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		10,000	$	10,000
				131,378
Total Short-Term Investments — 2.2% (Cost: $131,378)				131,378
Total Investments In Securities — 102.0% (Cost: $8,037,087)				6,121,981
Other Assets, Less Liabilities — (2.0)%				(119,508	)
Net Assets — 100.0%			$	6,002,473

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	305,040	$	—		$	(183,637	)(a)	$	(25	)	$	—	$	121,378		121,342	$	187	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—			—			—		10,000		10,000		—			—
									$	(25	)	$	—	$	131,378			$	187		$	—

^(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
Micro E-mini Russell 2000 Index		1		03/18/22	$	10	$	(475	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	475

^(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).

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) (continued) January 31, 2022 iShares^® Virtual Work and Life Multisector ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	39
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(570	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,077

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
Investments
Assets
Common Stocks	$	3,857,585		$	2,133,018	$	—	$	5,990,603
Money Market Funds		131,378			—		—		131,378
	$	3,988,963		$	2,133,018	$	—	$	6,121,981
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(475	)	$	—	$	—	$	(475)

^(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)

January 31, 2022

	iShares Cloud 5G and Tech ETF		iShares Cybersecurity and Tech ETF		iShares Exponential Technologies ETF		iShares Genomics Immunology and Healthcare ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	8,812,178	$	541,938,253	$	3,793,728,985	$	257,830,338
Affiliated(c)		168,430		47,769,158		149,760,709		10,491,741
Cash		8,804		—		9,684		5,421
Foreign currency, at value(d)		13,580		45,093		3,972,780		209,372
Cash pledged:
Futures contracts		—		73,000		284,000		17,000
Foreign currency collateral pledged:
Futures contracts(e)		—		—		85,383		—
Receivables:
Securities lending income — Affiliated		6		118,228		12,056		1,806
Variation margin on futures contracts		—		33,200		153,720		2,520
Capital shares sold		—		218,777		—		—
Dividends		1,029		533,665		2,360,447		211
Tax reclaims		—		—		1,895,772		62,515
Total assets		9,004,027		590,729,374		3,952,263,536		268,620,924
LIABILITIES
Bank overdraft		—		30,326		—		—
Collateral on securities loaned, at value		168,430		46,841,174		126,350,746		10,279,240
Deferred foreign capital gain tax		—		—		2,016,916		—
Payables:
Investments purchased		—		185,262		—		—
Investment advisory fees		3,623		221,296		1,524,150		112,325
Total liabilities		172,053		47,278,058		129,891,812		10,391,565
NET ASSETS	$	8,831,974	$	543,451,316	$	3,822,371,724	$	258,229,359
NET ASSETS CONSIST OF:
Paid-in capital	$	8,082,612	$	512,569,966	$	3,110,861,471	$	325,671,865
Accumulated earnings (loss)		749,362		30,881,350		711,510,253		(67,442,506	)
NET ASSETS	$	8,831,974	$	543,451,316	$	3,822,371,724	$	258,229,359
Shares outstanding		320,000		13,450,000		64,250,000		7,100,000
Net asset value	$	27.60	$	40.41	$	59.49	$	36.37
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	168,824	$	47,492,847	$	132,988,486	$	10,850,011
(b) Investments, at cost — Unaffiliated	$	8,696,087	$	536,713,463	$	3,402,126,611	$	312,093,839
(c)  Investments, at cost — Affiliated	$	168,430	$	47,768,655	$	141,300,764	$	10,491,377
(d) Foreign currency, at cost	$	13,639	$	45,434	$	3,983,225	$	210,640
(e) Foreign currency collateral pledged, at cost	$	—	$	—	$	88,484	$	—

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 39

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2022

	iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF		iShares U.S. Tech Breakthrough Multisector ETF		iShares Virtual Work and Life Multisector ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	367,760,880		$	613,464,680	$	394,010,904	$	5,990,603
Affiliated(c)		23,327,738			14,691,959		7,579,360		131,378
Cash		30,986			2,674		8,356		1,255
Foreign currency, at value(d)		334,970			699,291		—		1,452
Cash pledged:
Futures contracts		37,000			22,000		27,000		1,000
Foreign currency collateral pledged:
Futures contracts(e)		—			69,654		—		—
Receivables:
Investments sold		58,102			—		—		—
Securities lending income — Affiliated		95,640			66,311		2,738		35
Variation margin on futures contracts		16,600			18,944		11,239		294
Dividends		111,848			363,163		61,877		3,926
Tax reclaims		17,530			71,417		—		195
Total assets		391,791,294			629,470,093		401,701,474		6,130,138
LIABILITIES
Collateral on securities loaned, at value		22,932,349			14,042,439		7,066,426		121,403
Payables:
Investments purchased		—			—		—		3,788
Bank borrowings		—			—		—		18
Capital shares redeemed		58,102			—		—		—
Investment advisory fees		157,822			252,166		102,522		2,456
Total liabilities		23,148,273			14,294,605		7,168,948		127,665
NET ASSETS	$	368,643,021		$	615,175,488	$	394,532,526	$	6,002,473
NET ASSETS CONSIST OF:
Paid-in capital	$	370,352,846		$	570,413,745	$	319,358,649	$	8,079,425
Accumulated earnings (loss)		(1,709,825	)		44,761,743		75,173,877		(2,076,952	)
NET ASSETS	$	368,643,021		$	615,175,488	$	394,532,526	$	6,002,473
Shares outstanding		10,000,000			12,300,000		10,500,000		300,000
Net asset value	$	36.86		$	50.01	$	37.57	$	20.01
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Securities loaned, at value	$	23,923,220		$	15,402,594	$	7,421,170	$	132,202
(b) Investments, at cost — Unaffiliated	$	361,080,248		$	578,245,791	$	329,667,398	$	7,905,709
(c)  Investments, at cost — Affiliated	$	23,327,738		$	14,691,959	$	7,579,360	$	131,378
(d) Foreign currency, at cost	$	336,976		$	700,001	$	—	$	1,457
(e) Foreign currency collateral pledged, at cost	$	—		$	69,958	$	—	$	—

See notes to financial statements.

40 2 0 2 2    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 Operations (unaudited)

Six Months Ended January 31, 2022

	iShares Cloud 5G and Tech ETF			iShares Cybersecurity and Tech ETF			iShares Exponential Technologies ETF			iShares Genomics Immunology and Healthcare ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	49,464	(a)	$	4,958,192		$	20,916,523		$	586,834
Dividends — Affiliated		—			26			212,181			11
Non-cash dividends — Unaffiliated		—			—			1,271,923			—
Securities lending income — Affiliated — net		24			222,324			61,035			53,525
Foreign taxes withheld		(1,445	)		(143,432	)		(913,364	)		(30,591	)
Total investment income		48,043			5,037,110			21,548,298			609,779
EXPENSES
Investment advisory fees		21,140			1,538,010			9,255,104			797,524
Commitment fees		23			695			6,661			21
Miscellaneous		—			—			217			—
Total expenses		21,163			1,538,705			9,261,982			797,545
Net investment income (loss)		26,880			3,498,405			12,286,316			(187,766	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(b)		(93,647	)		(1,863,633	)		420,394,097			(132,537	)
Investments — Affiliated		—			(9,490	)		68,708			(954	)
In-kind redemptions — Unaffiliated		732,444			33,119,830			—			987,443
Futures contracts		—			168,812			1,517,781			20,915
Foreign currency transactions		(828	)		(44,234	)		996,054			(8,371	)
Net realized gain		637,969			31,371,285			422,976,640			866,496
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(c)		(209,676	)		(82,199,652	)		(702,902,259	)		(101,931,984	)
Investments — Affiliated		—			(83	)		(1,024,993	)		(323	)
Futures contracts		—			(112,078	)		(249,987	)		(20,197	)
Foreign currency translations		(41	)		(2,143	)		(99,513	)		(6,060	)
Net change in unrealized appreciation (depreciation)		(209,717	)		(82,313,956	)		(704,276,752	)		(101,958,564	)
Net realized and unrealized gain (loss)		428,252			(50,942,671	)		(281,300,112	)		(101,092,068	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	455,132		$	(47,444,266	)	$	(269,013,796	)	$	(101,279,834	)
(a) Includes $13,503 related to a special distribution from VMware Inc., Class A.
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	(1,498,072	)	$	—
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	1,109,449		$	—

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 41

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022

	iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF			iShares U.S. Tech Breakthrough Multisector ETF			iShares Virtual Work and Life Multisector ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,118,407		$	2,131,224		$	1,497,735		$	6,964
Dividends — Affiliated		12			23			14			—
Securities lending income — Affiliated — net		172,204			82,292			11,396			187
Foreign taxes withheld		(545,807	)		(163,541	)		—			(156	)
Total investment income		744,816			2,049,998			1,509,145			6,995
EXPENSES
Investment advisory fees		1,028,821			1,212,647			885,065			15,130
Commitment fees		1,032			1,196			—			—
Miscellaneous		217			—			—			—
Interest expense		—			—			—			18
Total expenses		1,030,070			1,213,843			885,065			15,148
Less:
Investment advisory fees waived		—			—			(221,266	)		—
Total expenses after fees waived		1,030,070			1,213,843			663,799			15,148
Net investment income (loss)		(285,254	)		836,155			845,346			(8,153	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,005,996	)		12,541,873			(3,311,322	)		(287,794	)
Investments — Affiliated		483			(480	)		(1,490	)		(25	)
In-kind redemptions — Unaffiliated		13,025,266			2,551,399			14,336,810			294,823
Futures contracts		88,417			32,551			39,591			39
Foreign currency transactions		781			(74,350	)		—			1,149
Net realized gain		9,108,951			15,050,993			11,063,589			8,192
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(67,981,509	)		(26,541,530	)		(48,921,703	)		(1,914,734	)
Investments — Affiliated		(4,299	)		—			—			—
Futures contracts		(53,270	)		(35,745	)		(23,076	)		(570	)
Foreign currency translations		(5,269	)		(7,787	)		—			(25	)
Net change in unrealized appreciation (depreciation)		(68,044,347	)		(26,585,062	)		(48,944,779	)		(1,915,329	)
Net realized and unrealized loss		(58,935,396	)		(11,534,069	)		(37,881,190	)		(1,907,137	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,220,650	)	$	(10,697,914	)	$	(37,035,844	)	$	(1,915,290	)

See notes to financial statements.

42 2 0 2 2    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 Changes in Net Assets

	iShares Cloud 5G and Tech ETF						iShares Cybersecurity and Tech ETF
		Six Months Ended 01/31/22 (unaudited)			Period From 06/08/21 to 07/31/21	(a)		Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	26,880		$	12,454		$	3,498,405		$	127,176
Net realized gain		637,969			468			31,371,285			6,063,542
Net change in unrealized appreciation (depreciation)		(209,717	)		325,750			(82,313,956	)		74,847,100
Net increase (decrease) in net assets resulting from operations		455,132			338,672			(47,444,266	)		81,037,818
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(44,442	)		—			(3,285,180	)		(391,004	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		51,011			8,031,601			(22,213,584	)		426,258,789
NET ASSETS
Total increase (decrease) in net assets		461,701			8,370,273			(72,943,030	)		506,905,603
Beginning of period		8,370,273			—			616,394,346			109,488,743
End of period	$	8,831,974		$	8,370,273		$	543,451,316		$	616,394,346

^(a)  Commencement of operations.

^(b)  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 43

Statements of Changes in Net Assets (continued)

	iShares Exponential Technologies ETF						iShares Genomics Immunology and Healthcare ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	12,286,316		$	29,176,818		$	(187,766	)	$	398,315
Net realized gain		422,976,640			428,643,327			866,496			13,765,938
Net change in unrealized appreciation (depreciation)		(704,276,752	)		502,112,932			(101,958,564	)		39,713,821
Net increase (decrease) in net assets resulting from operations		(269,013,796	)		959,933,077			(101,279,834	)		53,878,074
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(17,818,721	)		(26,862,976	)		(1,922,685	)		(498,913	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		194,626,556			323,880,980			33,613,780			132,764,319
NET ASSETS
Total increase (decrease) in net assets		(92,205,961	)		1,256,951,081			(69,588,739	)		186,143,480
Beginning of period		3,914,577,685			2,657,626,604			327,818,098			141,674,618
End of period	$	3,822,371,724		$	3,914,577,685		$	258,229,359		$	327,818,098

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

See notes to financial statements.

44 2 0 2 2    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 Changes in Net Assets (continued)

	iShares Robotics and Artificial Intelligence Multisector ETF						iShares Self-Driving EV and Tech ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(285,254	)	$	1,352,975		$	836,155		$	2,411,618
Net realized gain		9,108,951			21,415,650			15,050,993			5,409,929
Net change in unrealized appreciation (depreciation)		(68,044,347	)		47,488,251			(26,585,062	)		58,225,172
Net increase (decrease) in net assets resulting from operations		(59,220,650	)		70,256,876			(10,697,914	)		66,046,719
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(9,301,910	)		(1,990,133	)		(4,508,473	)		(1,978,221	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,720,910			208,006,030			201,197,308			332,456,072
NET ASSETS
Total increase (decrease) in net assets		(64,801,650	)		276,272,773			185,990,921			396,524,570
Beginning of period		433,444,671			157,171,898			429,184,567			32,659,997
End of period	$	368,643,021		$	433,444,671		$	615,175,488		$	429,184,567

^(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 45

Statements of Changes in Net Assets (continued)

	iShares U.S. Tech Breakthrough Multisector ETF						iShares Virtual Work and Life Multisector ETF
		Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Period From 09/29/20 to 07/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	845,346		$	1,552,833		$	(8,153	)	$	(9,155	)
Net realized gain		11,063,589			26,282,770			8,192			568,112
Net change in unrealized appreciation (depreciation)		(48,944,779	)		82,013,503			(1,915,329	)		(265	)
Net increase (decrease) in net assets resulting from operations		(37,035,844	)		109,849,106			(1,915,290	)		558,692
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(859,139	)		(1,801,251	)		—			(10,999	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		110,132			(19,803,841	)		(548,573	)		7,918,643
NET ASSETS
Total increase (decrease) in net assets		(37,784,851	)		88,244,014			(2,463,863	)		8,466,336
Beginning of period		432,317,377			344,073,363			8,466,336			—
End of period	$	394,532,526		$	432,317,377		$	6,002,473		$	8,466,336

^(a)  Commencement of operations.

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

See notes to financial statements.

46  2 0 2 2    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  

(For a share outstanding throughout each period)

	iShares Cloud 5G and Tech ETF
		Six Months Ended 01/31/22 (unaudited)					Period From 06/08/21 to 07/31/21	(a)
Net asset value, beginning of period			$	26.16		$	25.07
Net investment income(b)				0.08	(c)		0.04
Net realized and unrealized gain(d)				1.50			1.05
Net increase from investment operations				1.58			1.09
Distributions(e)
From net investment income				(0.14	)		—
Total distributions				(0.14	)		—
Net asset value, end of period			$	27.60		$	26.16
Total Return(f)
Based on net asset value				6.01	%(g)		4.35	%(g)
Ratios to Average Net Assets(h)
Total expenses				0.47	%(i)		0.47	%(i)
Net investment income				0.60	%(c)(i)		1.09	%(i)
Supplemental Data
Net assets, end of period (000)			$	8,832		$	8,370
Portfolio turnover rate(j)				39	%(g)		0	%(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Includes a one-time special distribution from VMware Inc., Class A. Excluding such special distribution, the net investment income would have been $0.30 per share and 0.04% of average net assets.

^(d)  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.

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

^(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 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Cybersecurity and Tech ETF
		Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/11/19 to 07/31/19	(a)
Net asset value, beginning of period	$	43.87		$	33.69		$	26.58		$	24.94
Net investment income(b)		0.24			0.02			0.33	(c)		0.00	(d)
Net realized and unrealized gain (loss)(e)		(3.49	)		10.22			7.02			1.64
Net increase (decrease) from investment operations		(3.25	)		10.24			7.35			1.64
Distributions(f)
From net investment income		(0.21	)		(0.06	)		(0.15	)		—
From net realized gain		—			—			(0.09	)		—
Total distributions		(0.21	)		(0.06	)		(0.24	)		—
Net asset value, end of period	$	40.41		$	43.87		$	33.69		$	26.58
Total Return(g)
Based on net asset value		(7.43	)%(h)		30.42	%		27.85	%		6.58	%(h)
Ratios to Average Net Assets(i)
Total expenses		0.47	%(j)		0.47	%		0.47	%		0.47	%(j)
Net investment income		1.07	%(j)		0.04	%		1.12	%(c)		0.06	%(j)
Supplemental Data
Net assets, end of period (000)	$	543,451		$	616,394		$	109,489		$	3,987
Portfolio turnover rate(k)		29	%(h)		38	%		29	%		8	%(h)

^(a) Commencement of operations.

^(b)  Based on average shares outstanding.

^(c) Includes a one-time special distribution from NortonLifeLock Inc. Excluding such special distribution, the net investment income would have been $0.08 per share and 0.26% of average net assets.

^(d)  Rounds to less than $0.01.

^(e)  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.

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

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

^(h)  Not annualized.

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

^(j)  Annualized.

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

See notes to financial statements.

48 2 0 2 2    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 Exponential Technologies ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	63.91		$	47.25		$	38.89		$	37.73		$	32.74		$	25.95
Net investment income(a)			0.19			0.52			0.44			0.55			0.47			0.38
Net realized and unrealized gain (loss)(b)			(4.33	)		16.61			8.47			1.16			4.91			6.79
Net increase (decrease) from investment operations			(4.14	)		17.13			8.91			1.71			5.38			7.17
Distributions(c)
From net investment income			(0.28	)		(0.47	)		(0.55	)		(0.55	)		(0.39	)		(0.38	)
Total distributions			(0.28	)		(0.47	)		(0.55	)		(0.55	)		(0.39	)		(0.38	)
Net asset value, end of period		$	59.49		$	63.91		$	47.25		$	38.89		$	37.73		$	32.74
Total Return(d)
Based on net asset value			(6.51	)%(e)		36.33	%		23.05	%		4.67	%		16.48	%		27.80	%
Ratios to Average Net Assets(f)
Total expenses			0.45	%(g)		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%
Net investment income			0.60	%(g)		0.91	%		1.07	%		1.47	%		1.30	%		1.32	%
Supplemental Data
Net assets, end of period (000)		$	3,822,372		$	3,914,578		$	2,657,627		$	2,562,819		$	2,346,884		$	1,147,540
Portfolio turnover rate(h)			52	%(e)		23	%		23	%		21	%		19	%		23	%

^(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 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Genomics Immunology and Healthcare ETF
		Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/11/19 to 07/31/19	(a)
Net asset value, beginning of period	$	50.05		$	37.28		$	27.61		$	24.46
Net investment income (loss)(b)		(0.03	)		0.08			0.17			(0.01	)
Net realized and unrealized gain (loss)(c)		(13.39	)		12.78			9.82			3.16
Net increase (decrease) from investment operations		(13.42	)		12.86			9.99			3.15
Distributions(d)
From net investment income		(0.26	)		(0.09	)		(0.08	)		—
From net realized gain		—			—			(0.24	)		—
Total distributions		(0.26	)		(0.09	)		(0.32	)		—
Net asset value, end of period	$	36.37		$	50.05		$	37.28		$	27.61
Total Return(e)
Based on net asset value		(26.91	)%(f)		34.49	%		36.42	%		12.88	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%		0.47	%		0.47	%(h)
Net investment income (loss)		(0.11	)%(h)		0.16	%		0.54	%		(0.35	)%(h)
Supplemental Data
Net assets, end of period (000)	$	258,229		$	327,818		$	141,675		$	24,851
Portfolio turnover rate(i)		38	%(f)		52	%		38	%		19	%(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.

50 2 0 2 2    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 Robotics and Artificial Intelligence Multisector ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Period From 06/26/18(a) to 07/31/18
Net asset value, beginning of period		$	43.34		$	31.43		$	24.99		$	23.63			$	23.80
Net investment income (loss)(b)			(0.03	)		0.17			0.11			0.24				0.03
Net realized and unrealized gain (loss)(c)			(5.54	)		12.00			6.44			1.30				(0.20	)
Net increase (decrease) from investment operations			(5.57	)		12.17			6.55			1.54				(0.17	)
Distributions(d)
From net investment income			(0.91	)		(0.26	)		(0.11	)		(0.18	)			—
Total distributions			(0.91	)		(0.26	)		(0.11	)		(0.18	)			—
Net asset value, end of period		$	36.86		$	43.34		$	31.43		$	24.99			$	23.63
Total Return(e)
Based on net asset value			(13.08	)%(f)		38.79	%		26.27	%		6.60	%			(0.71	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.47	%(h)		0.47	%		0.47	%		0.47	%			0.47	%(h)
Net investment income (loss)			(0.13	)%(h)		0.42	%		0.40	%		1.02	%			1.16	%(h)
Supplemental Data
Net assets, end of period (000)		$	368,643		$	433,445		$	157,172		$	44,978			$	9,454
Portfolio turnover rate(i)			37	%(f)		42	%		34	%		35	%			0	%(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 51

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Self-Driving EV and Tech ETF
	Six Months Ended 01/31/22 (unaudited)					Year Ended 07/31/21			Year Ended 07/31/20			Period From 04/16/19 to 07/31/19	(a)
Net asset value, beginning of period		$	49.91		$	29.69		$	24.08		$	25.39
Net investment income(b)			0.09			0.50			0.37			0.17
Net realized and unrealized gain (loss)(c)			0.41			20.04			5.59			(1.30	)
Net increase (decrease) from investment operations			0.50			20.54			5.96			(1.13	)
Distributions(d)
From net investment income			(0.40	)		(0.32	)		(0.35	)		(0.18	)
Total distributions			(0.40	)		(0.32	)		(0.35	)		(0.18	)
Net asset value, end of period		$	50.01		$	49.91		$	29.69		$	24.08
Total Return(e)
Based on net asset value			0.95	%(f)		69.28	%		24.91	%(g)		(4.40	)%(f)
Ratios to Average Net Assets(h)
Total expenses			0.47	%(i)		0.47	%		0.47	%		0.47	%(i)
Net investment income			0.32	%(i)		1.10	%		1.44	%		2.43	%(i)
Supplemental Data
Net assets, end of period (000)		$	615,175		$	429,185		$	32,660		$	26,493
Portfolio turnover rate(j)			29	%(f)		24	%		19	%		2	%(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) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares U.S. Tech Breakthrough Multisector ETF
	Six Months Ended 01/31/22 (unaudited)					Year Ended 07/31/21			Period From 06/11/20 to 07/31/20	(a)
Net asset value, beginning of period		$	41.17		$	30.72		$	25.21
Net investment income(b)			0.08			0.15			0.07
Net realized and unrealized gain (loss)(c)			(3.60	)		10.48			5.60
Net increase (decrease) from investment operations			(3.52	)		10.63			5.67
Distributions(d)
From net investment income			(0.08	)		(0.15	)		(0.16	)
From net realized gain			—			(0.03	)		—
Total distributions			(0.08	)		(0.18	)		(0.16	)
Net asset value, end of period		$	37.57		$	41.17		$	30.72
Total Return(e)
Based on net asset value			(8.57	)%(f)		34.72	%		22.73	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.40	%(h)		0.40	%		0.40	%(h)
Total expenses after fees waived			0.30	%(h)		0.30	%		0.30	%(h)
Net investment income			0.38	%(h)		0.43	%		0.43	%(h)
Supplemental Data
Net assets, end of period (000)		$	394,533		$	432,317		$	344,073
Portfolio turnover rate(i)			5	%(f)		11	%		12	%(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 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Virtual Work and Life Multisector ETF
		Six Months Ended 01/31/22 (unaudited)					Period From 09/29/20 to 07/31/21	(a)
Net asset value, beginning of period			$	28.22		$	25.22
Net investment loss(b)				(0.03	)		(0.04	)
Net realized and unrealized gain (loss)(c)				(8.18	)		3.09
Net increase (decrease) from investment operations				(8.21	)		3.05
Distributions(d)
From net investment income				—			(0.05	)
Total distributions				—			(0.05	)
Net asset value, end of period			$	20.01		$	28.22
Total Return(e)
Based on net asset value				(29.09	)%(f)		12.11	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)		0.47	%(h)
Net investment loss				(0.25	)%(h)		(0.16	)%(h)
Supplemental Data
Net assets, end of period (000)			$	6,002		$	8,466
Portfolio turnover rate(i)				27	%(f)		27	%(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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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
Cloud 5G and Tech		Non-diversified
Cybersecurity and Tech		Non-diversified
Exponential Technologies		Diversified
Genomics Immunology and Healthcare		Non-diversified
Robotics and Artificial Intelligence Multisector		Diversified
Self-Driving EV and Tech		Non-diversified
U.S. Tech Breakthrough Multisector		Non-diversified
Virtual Work and Life Multisector		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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

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Notes to Financial Statements (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Cloud 5G and Tech
Barclays Capital, Inc.	$	141,835	$	141,835		$	—	$	—
UBS AG		26,989		24,274			—		(2,715	)(b)
	$	168,824	$	166,109		$	—	$	(2,715	)
Cybersecurity and Tech
Cybersecurity and Tech
Barclays Capital, Inc.	$	1,985,776	$	1,985,776		$	—	$	—
BNP Paribas SA		10,415,045		10,118,675			—		(296,370	)(b)
BofA Securities, Inc.		1,781,146		1,754,060			—		(27,086	)(b)
Citigroup Global Markets, Inc.		647,780		646,914			—		(866	)(b)
Credit Suisse Securities (USA) LLC		8,311		8,108			—		(203	)(b)
J.P. Morgan Securities LLC		31,943,234		31,187,571			—		(755,663	)(b)
Jefferies LLC		638,070		635,105			—		(2,965	)(b)
RBC Capital Markets LLC		23,541		23,089			—		(452	)(b)
State Street Bank & Trust Co.		49,944		49,899			—		(45	)(b)
	$	47,492,847	$	46,409,197		$	—	$	(1,083,650	)
Exponential Technologies
Barclays Bank PLC	$	11,573,648	$	11,030,706		$	—	$	(542,942	)(b)
BNP Paribas SA		26,738,033		25,209,933			—		(1,528,100	)(b)
BofA Securities, Inc.		3,994,720		3,793,268			—		(201,452	)(b)
Citigroup Global Markets, Inc.		84,697		80,466			—		(4,231	)(b)
Credit Suisse Securities (USA) LLC		252,846		227,495			—		(25,351	)(b)
Goldman Sachs & Co. LLC		62,338,894		59,758,401			—		(2,580,493	)(b)
J.P. Morgan Securities LLC		21,390,718		20,203,691			—		(1,187,027	)(b)
SG Americas Securities LLC		111,128		111,128			—		—
Toronto Dominion Bank		2,377,718		2,202,429			—		(175,289	)(b)
UBS AG		1,134,084		1,021,812			—		(112,272	)(b)
UBS Securities LLC		2,847,200		2,601,554			—		(245,646	)(b)
Wells Fargo Bank N.A		144,800		144,800			—		—
	$	132,988,486	$	126,385,683		$	—	$	(6,602,803	)
Genomics Immunology and Healthcare
Barclays Capital, Inc.	$	818,342	$	784,646		$	—	$	(33,696	)(b)
BNP Paribas SA		4,400,957		4,208,639			—		(192,318	)(b)
Credit Suisse Securities (USA) LLC		37,788		34,109			—		(3,679	)(b)
Jefferies LLC		267,167		256,685			—		(10,482	)(b)
Scotia Capital (USA), Inc.		4,608,400		4,301,805			—		(306,595	)(b)
State Street Bank & Trust Co.		563,168		539,897			—		(23,271	)(b)
Toronto Dominion Bank		13,265		12,505			—		(760	)(b)
UBS Securities LLC		140,924		133,454			—		(7,470	)(b)
	$	10,850,011	$	10,271,740		$	—	$	(578,271	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Robotics and Artificial Intelligence Multisector
BNP Paribas SA	$	2,642	$	2,521		$	—	$	(121	)(b)
BofA Securities, Inc.		7,424,837		7,092,359			—		(332,478	)(b)
Citigroup Global Markets, Inc.		8,733		8,663			—		(70	)(b)
Credit Suisse Securities (USA) LLC		294,390		264,622			—		(29,768	)(b)
Goldman Sachs & Co. LLC		4,666,904		4,526,669			—		(140,235	)(b)
J.P. Morgan Securities LLC		6,799,563		6,519,384			—		(280,179	)(b)
Macquarie Bank Ltd		614,598		614,598			—		—
RBC Capital Markets LLC		219,328		206,958			—		(12,370	)(b)
Scotia Capital (USA), Inc		127,296		116,976			—		(10,320	)(b)
State Street Bank & Trust Co.		7,835		7,835			—		—
Toronto Dominion Bank		192,900		187,462			—		(5,438	)(b)
UBS AG		2,517,046		2,370,700			—		(146,346	)(b)
UBS Securities LLC		1,047,148		983,700			—		(63,448	)(b)
	$	23,923,220	$	22,902,447		$	—	$	(1,020,773	)
Self-Driving EV and Tech
Barclays Capital, Inc.	$	4,491,002	$	4,241,787		$	—	$	(249,215	)(b)
BNP Paribas SA		1,181,483		1,120,347			—		(61,136	)(b)
Citigroup Global Markets, Inc		9,467,520		8,438,796			—		(1,028,724	)(b
Toronto Dominion Bank		57,882		54,448			—		(3,434	)(b)
UBS AG		191,374		173,852			—		(17,522	)(b)
UBS Securities LLC		13,333		12,730			—		(603	)(b)
	$	15,402,594	$	14,041,960		$	—	$	(1,360,634	)
U.S. Tech Breakthrough Multisector
Barclays Bank PLC	$	150,865	$	146,267		$	—	$	(4,598	)(b)
BNP Paribas SA		3,984,974		3,783,206			—		(201,768	)(b)
BofA Securities, Inc.		377,494		362,629			—		(14,865	)(b)
Citadel Clearing LLC		470,532		440,260			—		(30,272	)(b)
Citigroup Global Markets, Inc.		779,490		754,764			—		(24,726	)(b)
J.P. Morgan Securities LLC		827,120		794,712			—		(32,408	)(b)
Morgan Stanley		588,375		553,236			—		(35,139	)(b)
Toronto Dominion Bank		190,245		175,131			—		(15,114	)(b)
UBS AG		52,075		49,157			—		(2,918	)(b)
	$	7,421,170	$	7,059,362		$	—	$	(361,808	)
Virtual Work and Life Multisector
Barclays Bank PLC	$	37,748	$	36,520		$	—	$	(1,228	)(b)
Citigroup Global Markets, Inc.		15,502		14,521			—		(981	)(b)
Credit Suisse Securities (USA) LLC		78,952		70,338			—		(8,614	)(b)
	$	132,202	$	121,379		$	—	$	(10,823	)

^(a)  Collateral received 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 statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. 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

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Notes to Financial Statements (unaudited)  (continued)

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 Fund, 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 Fee
Cloud 5G and Tech		0.47	%
Cybersecurity and Tech		0.47
Genomics Immunology and Healthcare		0.47
Robotics and Artificial Intelligence Multisector		0.47
Self-Driving EV and Tech		0.47
U.S. Tech Breakthrough Multisector		0.40
Virtual Work and Life Multisector		0.47

For its investment advisory services to the iShares Exponential Technologies 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 Net Assets	Investment Advisory Fee
First $2 billion		0.4700	%
Over $2 billion, up to and including $3 billion		0.4465
Over $3 billion, up to and including $4 billion		0.4242
Over $4 billion		0.4030

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares U.S. Tech Breakthrough Multisector ETF, BFA has elected to implement a voluntary fee waiver in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30%, and currently intends to keep such voluntary fee waiver for the Fund in place through December 31, 2022. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
U.S. Tech Breakthrough Multisector	$	221,266

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 of iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF and iShares U.S. Tech Breakthrough Multisector ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended    January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF		Fees Paid to BTC
Cloud 5G and Tech	$	10
Cybersecurity and Tech		65,012
Exponential Technologies		22,898
Genomics Immunology and Healthcare		18,298
Robotics and Artificial Intelligence Multisector		41,867
Self-Driving EV and Tech		19,655
U.S. Tech Breakthrough Multisector		4,457
Virtual Work and Life Multisector		81

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 January 31, 2022, 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)
Cybersecurity and Tech	$	13,548,755	$	41,858,725	$	7,357,422
Exponential Technologies		133,959,247		335,740,881		62,631,290
Genomics Immunology and Healthcare		12,975,055		29,738,866		(275,408	)
Robotics and Artificial Intelligence Multisector		10,230,060		31,414,820		(2,712,445	)
Self-Driving EV and Tech		45,192,984		34,168,318		918,155
U.S. Tech Breakthrough Multisector		3,220,911		7,743,664		(1,281,735	)

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.

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Cloud 5G and Tech	$	5,777,502	$	3,455,260
Cybersecurity and Tech		190,343,884		184,342,483
Exponential Technologies		2,147,802,175		2,097,709,256
Genomics Immunology and Healthcare		126,312,855		128,112,119
Robotics and Artificial Intelligence Multisector		162,628,982		159,301,501
Self-Driving EV and Tech		164,923,972		146,099,243
U.S. Tech Breakthrough Multisector		22,323,306		22,967,182
Virtual Work and Life Multisector		1,746,834		1,753,085

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
Cloud 5G and Tech	$	—	$	2,269,818
Cybersecurity and Tech		88,142,507		113,895,894
Exponential Technologies		157,269,363		—
Genomics Immunology and Healthcare		50,838,832		17,629,956
Robotics and Artificial Intelligence Multisector		22,364,022		27,642,007
Self-Driving EV and Tech		186,119,532		5,010,755
U.S. Tech Breakthrough Multisector		29,218,250		28,384,802
Virtual Work and Life Multisector		2,203,727		2,749,587

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Cybersecurity and Tech	$	4,994,488
Exponential Technologies		85,246,475
Genomics Immunology and Healthcare		9,347,857
Robotics and Artificial Intelligence Multisector		5,680,653
Self-Driving EV and Tech		1,559,145
U.S. Tech Breakthrough Multisector		228,014
Virtual Work and Life Multisector		112,129

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 January 31, 2022, 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)
Cloud 5G and Tech	$	8,864,517	$	610,180	$	(494,089	)	$	116,091
Cybersecurity and Tech		585,302,977		53,881,647		(49,530,871	)		4,350,776
Exponential Technologies		3,565,161,056		692,956,689		(314,821,974	)		378,134,715
Genomics Immunology and Healthcare		327,069,979		17,642,259		(76,402,946	)		(58,760,687	)
Robotics and Artificial Intelligence Multisector		389,968,092		46,906,272		(45,780,834	)		1,125,438
Self-Driving EV and Tech		596,873,355		62,543,679		(31,283,311	)		31,260,368
U.S. Tech Breakthrough Multisector		337,276,547		82,903,466		(18,609,588	)		64,293,878
Virtual Work and Life Multisector		8,069,567		137,770		(2,085,831	)		(1,948,061	)

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Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 January 31, 2022, the iShares Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF,iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF and iShares Self-Driving EV and Tech ETF did not borrow under the Credit Agreement or Syndicated Credit Agreement.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Virtual Work and Life Multisector	$	99,000	$	3,228		1.10	%

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: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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

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Notes to Financial Statements (unaudited) (continued)

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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 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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Period Ended 07/31/21
iShares ETF	Shares			Amount			Shares		Amount
Cloud 5G and Tech
Shares sold		80,000		$	2,360,994			320,000	$	8,031,601
Shares redeemed		(80,000	)		(2,309,983	)		—		—
Net increase		—		$	51,011			320,000	$	8,031,601

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 63

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
Cybersecurity and Tech
Shares sold		2,100,000		$	96,167,964			11,500,000		$	453,252,819
Shares redeemed		(2,700,000	)		(118,381,548	)		(700,000	)		(26,994,030	)
Net increase (decrease)		(600,000	)	$	(22,213,584	)		10,800,000		$	426,258,789
Exponential Technologies
Shares sold		3,000,000		$	194,626,556			18,650,000		$	1,079,162,518
Shares redeemed		—			—			(13,650,000	)		(755,281,538	)
Net increase		3,000,000		$	194,626,556			5,000,000		$	323,880,980
Genomics Immunology and Healthcare
Shares sold		1,050,000		$	51,613,485			4,600,000		$	217,819,944
Shares redeemed		(500,000	)		(17,999,705	)		(1,850,000	)		(85,055,625	)
Net increase		550,000		$	33,613,780			2,750,000		$	132,764,319
Robotics and Artificial Intelligence Multisector
Shares sold		800,000		$	34,386,688			6,400,000		$	263,467,814
Shares redeemed		(800,000	)		(30,665,778	)		(1,400,000	)		(55,461,784	)
Net increase		—		$	3,720,910			5,000,000		$	208,006,030
Self-Driving EV and Tech
Shares sold		3,800,000		$	206,663,909			8,000,000		$	353,574,131
Shares redeemed		(100,000	)		(5,466,601	)		(500,000	)		(21,118,059	)
Net increase		3,700,000		$	201,197,308			7,500,000		$	332,456,072
U.S. Tech Breakthrough Multisector
Shares sold		700,000		$	29,288,940			2,200,000		$	81,664,317
Shares redeemed		(700,000	)		(29,178,808	)		(2,900,000	)		(101,468,158	)
Net increase (decrease)		—		$	110,132			(700,000	)	$	(19,803,841	)

	Six Months Ended 01/31/22						Period Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
Virtual Work and Life Multisector
Shares sold		100,000		$	2,213,934			400,000		$	10,935,506
Shares redeemed		(100,000	)		(2,762,507	)		(100,000	)		(3,016,863	)
Net increase (decrease)		—		$	(548,573)			300,000		$	7,918,643

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

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

12. SUBSEQUENT EVENTS

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

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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 Cloud 5G and Tech ETF, iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF, iShares U.S. Tech Breakthrough Multisector ETF and iShares Virtual Work and Life 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 65

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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
Cloud 5G and Tech(a)	$	0.118953	$	—	$	0.019929	$	0.138882		86	%		—	%		14	%		100	%
Cybersecurity and Tech(a)		0.201802		—		0.010831		0.212633		95			—			5			100
Exponential Technologies(a)		0.211351		—		0.069038		0.280389		75			—			25			100
Genomics Immunology and Healthcare(a)		0.239098		—		0.017260		0.256358		93			—			7			100
Robotics and Artificial Intelligence Multisector(a)		0.619362		—		0.292590		0.911952		68			—			32			100
Self-Driving EV and Tech(a)		0.391130		—		0.012861		0.403991		97			—			3			100
U.S. Tech Breakthrough Multisector(a)		0.076381		—		0.005392		0.081773		93			—			7			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 email 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 67

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
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 ICE Data Indices, LLC or Morningstar Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

^©2022 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-101-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares MSCI ACWI ETF | ACWI | NASDAQ

·  iShares MSCI ACWI Low Carbon Target ETF | CRBN | NYSE Arca

·  iShares MSCI All Country Asia ex Japan ETF | AAXJ | NASDAQ

·  iShares MSCI Europe Financials ETF | EUFN | NASDAQ

·  iShares MSCI Europe Small-Cap ETF | IEUS | NASDAQ

·  iShares MSCI Kokusai ETF | TOK | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		89
Statements of Operations		91
Statements of Changes in Net Assets		93
Financial Highlights		96
Notes to Financial Statements		102
Statement Regarding Liquidity Risk Management Program		114
Supplemental Information		115
General Information		116
Glossary of Terms Used in this Report		117

3

Fund Summary as of January31,  2022 iShares^® MSCI ACWI ETF

Investment Objective

The iShares MSCI ACWI ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market equities, as represented by the MSCI ACWI (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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.08	%		13.60	%		12.90	%		10.87	%		13.60	%		83.45	%		180.65	%
Fund Market		(0.08	)		13.63			12.86			10.87			13.63			83.14			180.71
Index		(0.32	)		13.23			12.64			10.66			13.23			81.34			175.42

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,000.80	$        1.61			$      1,000.00	$      1,023.60	$        1.63		0.32	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	22.8	%
Financials	14.7
Consumer Discretionary	12.1
Health Care	11.4
Industrials	9.4
Communication Services	8.5
Consumer Staples	6.9
Materials	4.8
Energy	4.0
Utilities	2.7
Real Estate	2.7

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	60.0	%
Japan	5.5
China	3.8
United Kingdom	3.7
Canada	3.1
France	2.9
Switzerland	2.5
Germany	2.2
Australia	1.9
Taiwan	1.8

^(a)  Excludes money market funds.

4 2 0 2 2   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 January31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF

Investment Objective

The iShares MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization developed and emerging market equities with a lower carbon exposure than that of the broad market, as represented by the MSCI ACWI Low Carbon Target Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.09	)%		13.54	%		12.98	%		10.10	%		13.54	%		84.05	%		99.03	%
Fund Market		(0.14	)		13.47			12.93			10.11			13.47			83.70			99.16
Index		(0.58	)		12.89			12.67			9.77			12.89			81.54			94.69

The inception date of the Fund was 12/8/14. The first day of secondary market trading was 12/9/14.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$       999.10	$        1.01			$      1,000.00	$      1,024.20	$        1.02		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	23.0	%
Financials	16.2
Consumer Discretionary	11.9
Health Care	11.4
Industrials	10.2
Communication Services	8.6
Consumer Staples	7.5
Materials	3.6
Real Estate	2.8
Energy	2.8
Utilities	2.0

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	59.8	%
Japan	5.6
China	3.9
United Kingdom	3.7
Canada	3.6
France	2.6
Switzerland	2.5
Germany	2.0
Taiwan	1.9
Australia	1.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of January31, 2022 iShares^® MSCI All Country Asia ex Japan ETF

Investment Objective

The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Asian equities, excluding Japan, as represented by the MSCI AC Asia ex Japan 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.19	)%		(10.74	)%		8.78	%		5.97	%		(10.74	)%		52.31	%		78.61	%
Fund Market		(5.26	)		(10.80	)		8.72			6.00			(10.80	)		51.92			79.02
Index		(6.20	)		(11.29	)		9.28			6.58			(11.29	)		55.86			89.18

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$       948.10	$        3.39			$      1,000.00	$      1,021.70	$        3.52		0.69	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	25.1	%
Financials	19.7
Consumer Discretionary	14.7
Communication Services	10.6
Industrials	6.1
Materials	5.1
Consumer Staples	5.0
Real Estate	3.9
Health Care	3.9
Energy	3.1
Utilities	2.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	37.3	%
Taiwan	18.3
India	14.3
South Korea	13.6
Hong Kong	7.3
Singapore	3.0
Thailand	2.0
Indonesia	1.7
Malaysia	1.6
Philippines	0.9

^(a)  Excludes money market funds.

6 2 0 2 2   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 January31, 2022 iShares^® MSCI Europe Financials ETF

Investment Objective

The iShares MSCI Europe Financials ETF (the “Fund”) seeks to track the investment results of an index composed of developed market European equities in the financials sector, as represented by the MSCI Europe Financials 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.15	%		27.95	%		5.19	%		5.87	%		27.95	%		28.82	%		76.88	%
Fund Market		7.87			28.78			5.09			5.78			28.78			28.17			75.46
Index		7.09			26.80			5.11			5.94			26.80			28.33			78.03

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,081.50	$        2.52			$      1,000.00	$      1,022.80	$        2.45		0.48	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Banks	46.8	%
Insurance	30.7
Capital Markets	16.4
Diversified Financial Services	6.1

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	25.5	%
Switzerland	14.5
Germany	12.6
France	11.1
Sweden	7.4
Italy	7.0
Spain	6.3
Netherlands	5.8
Finland	3.4
Belgium	2.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of January31, 2022 iShares^® MSCI Europe Small-Cap ETF

Investment Objective

The iShares MSCI Europe Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities in Europe, as represented by the MSCI Europe 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.12	)%		6.83	%		10.40	%		9.76	%		6.83	%		63.99	%		153.77	%
Fund Market		(8.17	)		7.17			10.31			9.78			7.17			63.36			154.12
Index		(8.82	)		6.11			10.32			9.65			6.11			63.42			151.25

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         918.80	$        1.93			$       1,000.00	$        1,023.20	$         2.04		0.40	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	25.7	%
Financials	13.9
Consumer Discretionary	11.4
Real Estate	10.7
Information Technology	9.2
Health Care	7.3
Materials	7.0
Communication Services	5.2
Consumer Staples	4.4
Utilities	3.1
Energy	2.1

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	31.1	%
Sweden	12.2
Germany	9.6
Switzerland	8.9
France	6.3
Italy	5.2
Netherlands	4.9
Norway	4.3
Spain	3.7
Belgium	3.4

8 2 0 2 2   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 January31, 2022 iShares^® MSCI Kokusai ETF

Investment Objective

The iShares MSCI Kokusai ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding Japan, as represented by the MSCI Kokusai 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.81	%		18.55	%		14.07	%		12.17	%		18.55	%		93.14	%		215.29	%
Fund Market		0.49			18.83			13.98			12.06			18.83			92.38			212.12
Index		0.52			18.11			13.81			11.91			18.11			90.93			208.02

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,008.10	$        1.27			$      1,000.00	$      1,023.90	$        1.28		0.25	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	23.5	%
Financials	14.3
Health Care	12.5
Consumer Discretionary	11.3
Industrials	9.3
Communication Services	8.2
Consumer Staples	7.1
Materials	4.2
Energy	4.0
Utilities	2.9
Real Estate	2.7

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	72.4	%
United Kingdom	4.5
Canada	3.7
France	3.4
Switzerland	3.1
Germany	2.7
Australia	2.3
Netherlands	1.7
Sweden	1.0
Hong Kong	0.9

F U N D   S U M M A R Y 9

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

10 2 0 2 2   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)  January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.9%
Ampol Ltd.		85,079	$	1,802,229
APA Group		350,535		2,377,274
Aristocrat Leisure Ltd.		190,107		5,510,777
ASX Ltd.		60,930		3,613,668
Aurizon Holdings Ltd.		607,889		1,520,850
AusNet Services Ltd.		594,946		1,094,759
Australia & New Zealand Banking Group Ltd.		770,128		14,554,523
BHP Group Ltd.(a)		810,570		25,995,428
BHP Group Ltd.		605,378		19,108,630
BlueScope Steel Ltd.		194,129		2,544,419
Brambles Ltd.		470,650		3,233,388
Cochlear Ltd.		14,002		1,920,135
Coles Group Ltd.		385,506		4,428,963
Commonwealth Bank of Australia		487,219		32,492,506
Computershare Ltd.		126,397		1,752,065
Crown Resorts Ltd.(b)		104,194		897,746
CSL Ltd.		131,880		24,429,792
Dexus		356,367		2,594,320
Domino’s Pizza Enterprises Ltd.		17,400		1,283,480
Endeavour Group Ltd./Australia		361,574		1,615,011
Evolution Mining Ltd.		485,218		1,219,077
Fortescue Metals Group Ltd.		477,416		6,703,924
Glencore PLC		2,875,608		14,980,806
Goodman Group		465,397		7,684,507
GPT Group (The)		716,803		2,540,102
IDP Education Ltd.		60,374		1,261,959
Insurance Australia Group Ltd.		503,431		1,518,536
James Hardie Industries PLC		148,524		4,998,609
Lendlease Corp. Ltd.		198,683		1,405,989
Macquarie Group Ltd.		95,704		12,509,613
Magellan Financial Group Ltd.		33,052		439,787
Medibank Pvt Ltd.		950,705		2,083,252
Mirvac Group		1,444,266		2,676,462
National Australia Bank Ltd.		878,057		16,942,499
Newcrest Mining Ltd.		232,967		3,613,635
Northern Star Resources Ltd.		368,362		2,195,409
Orica Ltd.		151,869		1,504,648
Origin Energy Ltd.		552,351		2,210,232
Qantas Airways Ltd.(b)		259,589		888,481
QBE Insurance Group Ltd.		460,715		3,657,911
Ramsay Health Care Ltd.		34,742		1,550,049
REA Group Ltd.		10,307		1,067,772
Reece Ltd.		74,810		1,154,946
Rio Tinto Ltd.		79,405		6,313,148
Rio Tinto PLC		340,588		24,006,453
Santos Ltd.		981,998		5,002,034
Scentre Group		1,576,303		3,272,635
SEEK Ltd.		126,333		2,618,024
Sonic Healthcare Ltd.		105,317		2,836,219
South32 Ltd.		1,468,937		4,041,481
Stockland		791,837		2,282,413
Suncorp Group Ltd.		451,905		3,549,214
Sydney Airport(b)		404,047		2,483,321
Tabcorp Holdings Ltd.		467,836		1,643,779
Telstra Corp. Ltd.		1,229,318		3,417,406
Transurban Group		864,807		7,639,900
Treasury Wine Estates Ltd.		231,955		1,743,428
Vicinity Centres		1,245,890		1,444,371

Security	Shares		Value
Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		58,281	$	1,131,462
Wesfarmers Ltd.		305,275		11,390,577
Westpac Banking Corp.		979,533		14,127,736
WiseTech Global Ltd.		47,005		1,530,922
Woodside Petroleum Ltd.		222,511		3,976,050
Woolworths Group Ltd.		361,548		8,819,769
				360,848,510
Austria — 0.1%
Erste Group Bank AG		84,150		3,933,220
OMV AG		61,561		3,767,802
Raiffeisen Bank International AG		16,529		464,585
Verbund AG		14,232		1,507,313
voestalpine AG		38,209		1,270,263
				10,943,183
Belgium — 0.2%
Ageas SA/NV		52,735		2,538,375
Anheuser-Busch InBev SA/NV		205,641		12,963,835
Elia Group SA/NV		7,053		951,765
Etablissements Franz Colruyt NV		12,446		505,553
Groupe Bruxelles Lambert SA		46,157		4,952,780
KBC Group NV		68,907		5,992,797
Proximus SADP		27,221		555,868
Sofina SA		2,793		1,112,027
Solvay SA		11,314		1,363,215
UCB SA		35,965		3,578,705
Umicore SA		59,638		2,257,635
				36,772,555
Brazil — 0.4%
Ambev SA		1,287,185		3,628,775
Americanas SA(b)		157,546		940,808
Atacadao SA		94,443		296,485
B3 SA - Brasil, Bolsa, Balcao		1,801,896		4,961,059
Banco Bradesco SA		82,643		292,591
Banco BTG Pactual SA		407,368		1,854,218
Banco do Brasil SA		231,684		1,424,983
Banco Inter SA		109,136		533,955
Banco Santander Brasil SA		29,400		181,989
BB Seguridade Participacoes SA		152,100		662,811
BRF SA(b)		192,922		811,274
CCR SA		475,456		1,163,995
Centrais Eletricas Brasileiras SA		149,332		992,435
Cia. de Saneamento Basico do Estado de Sao Paulo		110,000		773,921
Cia. Siderurgica Nacional SA		191,583		921,457
Cosan SA		334,304		1,496,470
Energisa SA		10,000		82,202
Engie Brasil Energia SA		25,800		197,748
Equatorial Energia SA		266,300		1,151,438
Hapvida Participacoes e Investimentos SA(c)		370,090		882,345
Hypera SA		187,063		1,095,936
JBS SA		290,961		1,922,717
Klabin SA		218,081		1,021,799
Localiza Rent a Car SA		152,985		1,688,277
Lojas Renner SA		214,375		1,135,238
Magazine Luiza SA		796,400		1,049,848
Natura & Co. Holding SA(b)		293,123		1,253,063
Notre Dame Intermedica Participacoes SA		142,894		1,915,981
Petroleo Brasileiro SA		766,796		5,093,105
Raia Drogasil SA		298,903		1,303,665
Rumo SA(b)		406,988		1,197,181

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Suzano SA		206,795	$	2,305,468
Telefonica Brasil SA		176,398		1,650,337
TIM SA		335,031		837,246
Ultrapar Participacoes SA		234,821		668,188
Vale SA		1,101,000		16,767,645
Vibra Energia SA		296,382		1,278,158
WEG SA		445,454		2,697,840
				68,132,651
Canada — 3.1%
Agnico Eagle Mines Ltd.		69,513		3,319,934
Air Canada(a)(b)		52,213		938,984
Algonquin Power & Utilities Corp.		79,222		1,131,164
Alimentation Couche-Tard Inc.		243,726		9,830,336
AltaGas Ltd.		67,237		1,381,079
Ballard Power Systems Inc.(a)(b)		83,724		873,367
Bank of Montreal		185,997		21,052,786
Bank of Nova Scotia (The)		330,737		23,822,743
Barrick Gold Corp.		476,694		9,123,994
Bausch Health Cos Inc.(b)		96,036		2,360,953
BCE Inc.		53,571		2,798,344
BlackBerry Ltd.(a)(b)		137,460		1,131,127
Brookfield Asset Management Inc., Class A		392,153		21,595,178
Brookfield Renewable Corp., Class A		31,800		1,087,977
CAE Inc.(b)		68,870		1,739,155
Cameco Corp.		124,419		2,418,592
Canadian Apartment Properties REIT		29,934		1,316,611
Canadian Imperial Bank of Commerce		128,002		16,073,382
Canadian National Railway Co.		195,292		23,802,533
Canadian Natural Resources Ltd.		345,548		17,577,102
Canadian Pacific Railway Ltd.		261,451		18,704,601
Canadian Tire Corp. Ltd., Class A, NVS		18,326		2,645,927
Canadian Utilities Ltd., Class A, NVS		91,400		2,655,392
Canopy Growth Corp.(a)(b)		76,420		614,414
CCL Industries Inc., Class B, NVS		60,996		3,189,076
Cenovus Energy Inc.		367,279		5,342,398
CGI Inc.(b)		52,567		4,488,138
Constellation Software Inc.		6,237		10,742,222
Dollarama Inc.		89,128		4,598,911
Emera Inc.		39,917		1,891,359
Empire Co. Ltd., Class A, NVS		33,415		1,030,985
Enbridge Inc.		566,866		23,965,212
Fairfax Financial Holdings Ltd.		8,611		4,157,992
First Quantum Minerals Ltd.		177,117		4,362,611
FirstService Corp.		9,801		1,562,809
Fortis Inc.		108,002		5,130,127
Franco-Nevada Corp.		54,321		7,182,260
George Weston Ltd.		15,637		1,705,228
GFL Environmental Inc.		50,650		1,663,961
Gildan Activewear Inc.		65,879		2,622,411
Great-West Lifeco Inc.		50,422		1,575,154
Hydro One Ltd.(c)		58,036		1,499,353
iA Financial Corp. Inc.		21,307		1,386,384
Imperial Oil Ltd.		84,898		3,473,662
Intact Financial Corp.		33,299		4,511,731
Ivanhoe Mines Ltd., Class A(b)		163,764		1,402,974
Keyera Corp.		53,345		1,255,201
Kinross Gold Corp.		433,327		2,341,940
Kirkland Lake Gold Ltd.		65,596		2,470,783
Lightspeed Commerce Inc.(b)		33,620		1,091,265
Loblaw Companies Ltd.		40,839		3,150,754

Security	Shares		Value
Canada (continued)
Lundin Mining Corp.		117,912	$	982,329
Magna International Inc.		83,132		6,697,516
Manulife Financial Corp.		550,315		11,459,574
Metro Inc.		55,150		2,949,808
National Bank of Canada		77,654		6,212,809
Nutrien Ltd.		163,360		11,409,433
Nuvei Corp.(b)(c)		17,998		1,096,885
Onex Corp.		17,206		1,235,952
Open Text Corp.		98,404		4,709,829
Pan American Silver Corp.		64,885		1,404,229
Parkland Corp.		46,850		1,245,746
Pembina Pipeline Corp.		167,885		5,330,479
Power Corp. of Canada		198,832		6,391,280
Quebecor Inc., Class B		33,521		792,700
Restaurant Brands International Inc.		79,700		4,457,908
RioCan REIT		19,664		342,339
Ritchie Bros Auctioneers Inc.		31,110		1,896,238
Rogers Communications Inc., Class B, NVS		107,741		5,464,392
Royal Bank of Canada		396,119		45,163,456
Saputo Inc.		107,198		2,402,605
Shaw Communications Inc., Class B, NVS		133,719		3,985,850
Shopify Inc., Class A(b)		31,703		30,600,634
Sun Life Financial Inc.		164,372		9,309,004
Suncor Energy Inc.		432,463		12,356,572
TC Energy Corp.		263,646		13,614,226
Teck Resources Ltd., Class B		141,733		4,377,483
TELUS Corp.		199,435		4,692,680
TFI International Inc.		22,204		2,137,167
Thomson Reuters Corp.		54,600		5,861,398
TMX Group Ltd.		15,578		1,584,700
Toronto-Dominion Bank (The)		509,838		40,834,368
Tourmaline Oil Corp.		84,341		3,006,989
Waste Connections Inc.		72,884		9,088,635
West Fraser Timber Co. Ltd.		24,111		2,231,759
Wheaton Precious Metals Corp.		133,163		5,368,842
WSP Global Inc.		25,825		3,443,604
				569,929,994
Chile — 0.0%
Banco de Chile		10,926,568		1,092,624
Banco de Credito e Inversiones SA		27,269		987,674
Banco Santander Chile		20,117,998		999,561
Cia. Cervecerias Unidas SA		107,516		891,062
Empresas CMPC SA		347,634		638,069
Empresas COPEC SA		142,808		1,198,501
Enel Americas SA		8,787,673		1,036,117
Enel Chile SA		9,195,982		360,271
Falabella SA		183,898		654,544
				7,858,423
China — 3.7%
Yankuang Energy Group Co. Ltd., Class H(a)		576,000		1,220,341
360 DigiTech Inc.		26,857		531,500
3SBio Inc.(b)(c)		358,500		283,858
51job Inc., ADR(b)		11,886		599,054
AAC Technologies Holdings Inc.(a)		193,000		586,020
Agile Group Holdings Ltd.		228,000		120,862
Agora Inc., ADR(b)		17,308		197,830
Agricultural Bank of China Ltd., Class A		5,287,900		2,464,949
Agricultural Bank of China Ltd., Class H		3,839,000		1,460,642
Aier Eye Hospital Group Co. Ltd., Class A		391,748		2,005,795

12 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Air China Ltd., Class H(b)		700,000	$	527,722
Akeso Inc.(a)(b)(c)		77,000		209,155
Alibaba Group Holding Ltd.(b)		4,214,176		66,051,147
Alibaba Health Information Technology Ltd.(a)(b)		1,134,000		854,751
Alibaba Pictures Group Ltd.(b)		3,820,000		432,590
A-Living Smart City Services Co. Ltd., Class A(c)		151,750		295,435
Aluminum Corp. of China Ltd., Class H(a)(b)		1,462,000		769,401
Anhui Conch Cement Co. Ltd., Class A		417,992		2,582,064
Anhui Conch Cement Co. Ltd., Class H		71,500		378,201
ANTA Sports Products Ltd.(a)		272,000		4,084,153
Autohome Inc., ADR		20,435		680,894
AviChina Industry & Technology Co. Ltd., Class H		856,000		483,085
Baidu Inc., ADR(b)		77,786		12,425,536
Bank of China Ltd., Class H		21,206,000		8,265,941
Bank of Communications Co. Ltd., Class A		3,975,800		2,969,077
Bank of Communications Co. Ltd., Class H		1,058,000		709,645
Bank of Ningbo Co. Ltd., Class A		400,115		2,474,042
Bank of Shanghai Co. Ltd., Class A		2,570,351		2,846,570
BeiGene Ltd., ADR(a)(b)		14,264		3,460,161
Beijing Capital International Airport Co. Ltd., Class H(b)		552,000		368,530
Beijing Enterprises Holdings Ltd.		67,500		230,106
Beijing Enterprises Water Group Ltd.		1,114,000		434,504
Bilibili Inc., ADR(a)(b)		46,863		1,653,795
BOC Aviation Ltd.(c)		70,100		589,344
Bosideng International Holdings Ltd.(a)		1,128,000		549,828
BYD Co. Ltd., Class A		59,500		2,218,601
BYD Co. Ltd., Class H		193,500		5,723,160
BYD Electronic International Co. Ltd.(a)		194,500		588,261
CanSino Biologics Inc., Class H(b)(c)		26,000		435,541
CGN Power Co. Ltd., Class H(c)		6,123,000		1,691,780
China Bohai Bank Co. Ltd., Class H(c)		817,500		204,452
China Cinda Asset Management Co. Ltd., Class H		554,000		101,320
China CITIC Bank Corp. Ltd., Class H		2,139,000		1,020,504
China Communications Services Corp. Ltd., Class H		582,000		309,798
China Conch Venture Holdings Ltd.		553,000		2,628,784
China Construction Bank Corp., Class H		26,618,260		20,425,476
China Education Group Holdings Ltd.		351,000		307,215
China Everbright Bank Co. Ltd., Class A		5,073,400		2,675,561
China Everbright Environment Group Ltd.		1,206,000		895,873
China Evergrande Group(a)(b)		740,000		158,136
China Feihe Ltd.(c)		1,054,000		1,461,647
China Galaxy Securities Co. Ltd., Class H		1,295,500		768,199
China Gas Holdings Ltd.		819,800		1,392,825
China Hongqiao Group Ltd.		568,500		642,364
China Huishan Dairy Holdings Co. Ltd.(b)(d)		813,015		1
China International Capital Corp. Ltd., Class H(c)		458,800		1,249,779
China Jinmao Holdings Group Ltd.		1,386,000		503,492
China Lesso Group Holdings Ltd.		391,000		679,756
China Life Insurance Co. Ltd., Class H		2,093,000		3,679,280
China Literature Ltd.(b)(c)		111,000		672,257
China Longyuan Power Group Corp. Ltd., Class H		996,000		2,032,127
China Medical System Holdings Ltd.		431,000		721,722
China Meidong Auto Holdings Ltd.		214,000		1,004,737
China Mengniu Dairy Co. Ltd.		770,000		4,551,180
China Merchants Bank Co. Ltd., Class A		655,800		5,098,488
China Merchants Bank Co. Ltd., Class H		954,288		7,976,054
China Merchants Port Holdings Co. Ltd.		426,000		787,320
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		760,922		1,624,639

Security	Shares		Value
China (continued)
China Minsheng Banking Corp. Ltd., Class A		3,927,200	$	2,400,737
China Minsheng Banking Corp. Ltd., Class H		13,500		5,381
China Molybdenum Co. Ltd., Class H		1,377,000		707,604
China National Building Material Co. Ltd., Class H		1,014,000		1,317,036
China Oilfield Services Ltd., Class H		670,000		658,918
China Overseas Land & Investment Ltd.		1,075,000		3,172,838
China Overseas Property Holdings Ltd.		515,000		598,090
China Pacific Insurance Group Co. Ltd., Class A		634,697		2,641,508
China Pacific Insurance Group Co. Ltd., Class H		404,600		1,231,682
China Petroleum & Chemical Corp., Class H		7,051,200		3,691,937
China Power International Development Ltd.		1,853,000		917,074
China Railway Group Ltd., Class H		1,193,000		736,418
China Resources Beer Holdings Co. Ltd.		396,000		2,956,489
China Resources Cement Holdings Ltd.		506,000		436,034
China Resources Gas Group Ltd.		258,000		1,290,488
China Resources Land Ltd.		762,000		3,683,217
China Resources Mixc Lifestyle Services Ltd.(c)		155,000		911,043
China Resources Power Holdings Co. Ltd.		576,000		1,402,723
China Shenhua Energy Co. Ltd., Class H		1,124,000		2,764,644
China Southern Airlines Co. Ltd., Class H(a)(b)		732,000		468,660
China State Construction Engineering Corp. Ltd., Class A		4,854,677		3,976,207
China State Construction International Holdings Ltd.		686,000		812,065
China Taiping Insurance Holdings Co. Ltd.		685,600		969,958
China Tourism Group Duty Free Corp. Ltd., Class A		48,592		1,592,344
China Tower Corp. Ltd., Class H(c)		11,666,000		1,409,238
China Traditional Chinese Medicine Holdings Co. Ltd.		1,174,000		684,651
China Vanke Co. Ltd., Class A		674,896		2,162,157
China Vanke Co. Ltd., Class H		147,200		380,548
China Yangtze Power Co. Ltd., Class A		948,210		3,270,136
China Yuhua Education Corp. Ltd.(c)		604,000		131,424
Chinasoft International Ltd.		896,000		896,601
Chindata Group Holdings Ltd., ADR(a)(b)		33,952		173,834
Chongqing Zhifei Biological Products Co. Ltd., Class A		58,100		975,596
CIFI Ever Sunshine Services Group Ltd.		214,000		386,189
CIFI Holdings Group Co. Ltd.		866,900		565,922
CITIC Ltd.		1,415,000		1,589,194
CITIC Securities Co. Ltd., Class A		1,060,083		4,147,398
CITIC Securities Co. Ltd., Class H		619,500		1,658,909
Contemporary Amperex Technology Co. Ltd., Class A		49,000		4,728,093
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		1,229,800		2,237,288
COSCO SHIPPING Ports Ltd.		490,000		390,335
Country Garden Holdings Co. Ltd.		2,122,866		1,743,629
Country Garden Services Holdings Co. Ltd.		460,000		2,717,316
CSPC Pharmaceutical Group Ltd.		2,587,120		3,144,358
Dada Nexus Ltd., ADR(b)		21,602		235,894
Dali Foods Group Co. Ltd.(c)		1,218,000		703,972
Daqo New Energy Corp., ADR(b)		19,865		796,984
DiDi Global Inc.(a)(b)		86,854		313,543
Dongfeng Motor Group Co. Ltd., Class H		670,000		590,836
Dongyue Group Ltd.		508,000		621,748
ENN Energy Holdings Ltd.		216,100		3,440,369
Far East Horizon Ltd.		462,000		395,219
Flat Glass Group Co. Ltd., Class H(a)		195,000		782,854
Foshan Haitian Flavouring & Food Co. Ltd., Class A		99,292		1,519,569
Fosun International Ltd.		673,000		763,616
Fuyao Glass Industry Group Co. Ltd., Class H(c)		219,600		1,189,179
Ganfeng Lithium Co. Ltd., Class H(a)(c)		107,200		1,703,443
GDS Holdings Ltd., ADR(a)(b)		32,810		1,439,703

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Geely Automobile Holdings Ltd.		1,559,000	$	3,374,856
Genscript Biotech Corp.(b)		368,000		1,172,233
GF Securities Co. Ltd., Class H		457,400		792,825
GOME Retail Holdings Ltd.(a)(b)		3,502,000		239,875
Great Wall Motor Co. Ltd., Class H		983,000		2,666,965
Greentown China Holdings Ltd.		237,000		391,300
Greentown Service Group Co. Ltd.		488,000		535,751
Guangdong Investment Ltd.		986,000		1,408,436
Guangzhou Automobile Group Co. Ltd., Class H		836,000		821,189
Guangzhou R&F Properties Co. Ltd., Class H(a)		370,800		165,045
Haidilao International Holding Ltd.(a)(c)		291,000		630,707
Haier Smart Home Co. Ltd., Class H		701,600		2,812,743
Haitian International Holdings Ltd.		196,000		509,926
Haitong Securities Co. Ltd., Class H		892,800		803,443
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		46,800		490,269
Hansoh Pharmaceutical Group Co. Ltd.(c)		394,000		812,196
Hello Group Inc., ADR		44,747		435,388
Hengan International Group Co. Ltd.(a)		161,500		789,462
HengTen Networks Group Ltd.(a)(b)		1,196,000		369,210
Hopson Development Holdings Ltd.		189,290		394,417
Hua Hong Semiconductor Ltd.(b)(c)		182,000		885,973
Huaneng Power International Inc., Class H		1,298,000		683,273
Huatai Securities Co. Ltd., Class H(c)		604,200		1,074,034
Huazhu Group Ltd., ADR(b)		62,487		2,469,486
Hygeia Healthcare Holdings Co. Ltd.(a)(c)		108,200		490,538
I-Mab, ADR(b)		18,449		465,837
Industrial & Commercial Bank of China Ltd., Class A		3,848,391		2,825,064
Industrial & Commercial Bank of China Ltd., Class H		13,567,260		8,219,659
Industrial Bank Co. Ltd., Class A		855,000		2,828,674
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		369,200		2,225,051
Innovent Biologics Inc.(a)(b)(c)		334,000		1,414,425
iQIYI Inc., ADR(a)(b)		80,052		326,612
JD Health International Inc.(b)(c)		96,950		783,081
JD.com Inc., Class A(b)		571,040		21,643,209
Jiangsu Expressway Co. Ltd., Class H		280,000		292,559
Jiangsu Hengrui Medicine Co. Ltd., Class A		258,518		1,667,398
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		58,600		1,454,050
Jiangxi Copper Co. Ltd., Class H		310,000		508,325
Jinxin Fertility Group Ltd.(a)(b)(c)		425,500		426,219
Jiumaojiu International Holdings Ltd.(c)		307,000		662,993
JOYY Inc., ADR		17,846		902,294
Kanzhun Ltd.(a)(b)		19,191		581,295
KE Holdings Inc., ADR(b)		95,078		2,071,750
Kingboard Holdings Ltd.		266,500		1,286,588
Kingboard Laminates Holdings Ltd.		494,000		847,237
Kingdee International Software Group Co. Ltd.(b)		798,000		1,828,490
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		17,291		146,109
Kingsoft Corp. Ltd.		278,600		1,251,992
Kuaishou Technology(b)(c)		138,400		1,582,016
Kunlun Energy Co. Ltd.		1,192,000		1,236,160
Kweichow Moutai Co. Ltd., Class A		22,532		6,729,345
KWG Group Holdings Ltd.		378,000		206,685
Lenovo Group Ltd.		2,190,000		2,373,320
Li Auto Inc., ADR(a)(b)		153,171		3,996,231
Li Ning Co. Ltd.		569,500		5,557,181
Logan Group Co. Ltd.		214,000		133,114
Longfor Group Holdings Ltd.(c)		498,000		2,987,415
LONGi Green Energy Technology Co. Ltd., Class A		151,800		1,700,004
Luxshare Precision Industry Co. Ltd., Class A		262,140		1,963,951

Security	Shares		Value
China (continued)
Meituan, Class B(b)(c)		1,139,300	$	33,990,267
Microport Scientific Corp.		220,200		634,676
Ming Yuan Cloud Group Holdings Ltd.		208,000		428,876
Minth Group Ltd.		222,000		1,026,631
MMG Ltd.(b)		828,000		268,839
Muyuan Foods Co. Ltd., Class A		325,312		2,829,150
NetEase Inc.		530,990		11,086,798
New China Life Insurance Co. Ltd., Class H		231,500		660,292
New Oriental Education & Technology Group Inc., ADR(b)		433,173		619,437
Nine Dragons Paper Holdings Ltd.		366,000		365,587
NIO Inc., ADR(a)(b)		342,088		8,384,577
Noah Holdings Ltd., ADR(a)(b)		10,686		335,434
Nongfu Spring Co. Ltd., Class H(c)		495,200		2,998,238
People’s Insurance Co. Group of China Ltd. (The), Class H		1,986,000		628,469
PetroChina Co. Ltd., Class H		5,782,000		2,867,246
Pharmaron Beijing Co. Ltd., Class H(c)		67,600		860,000
PICC Property & Casualty Co. Ltd., Class H		1,492,000		1,390,175
Pinduoduo Inc., ADR(b)		127,174		7,610,092
Ping An Bank Co. Ltd., Class A		883,100		2,213,415
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		158,100		504,455
Ping An Insurance Group Co. of China Ltd., Class A		530,600		4,192,114
Ping An Insurance Group Co. of China Ltd., Class H		1,541,000		12,229,098
Poly Developments and Holdings Group Co. Ltd., Class A		745,799		1,837,679
Postal Savings Bank of China Co. Ltd., Class A		2,574,200		2,291,352
Postal Savings Bank of China Co. Ltd., Class H(c)		1,333,000		1,110,589
Powerlong Real Estate Holdings Ltd.		316,000		176,383
RLX Technology Inc., ADR(a)(b)		176,612		591,650
SAIC Motor Corp. Ltd., Class A		607,913		1,805,936
Sany Heavy Equipment International Holdings Co. Ltd.		555,000		582,003
Seazen Group Ltd.		534,000		361,253
Shandong Gold Mining Co. Ltd., Class H(a)(c)		262,000		442,164
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		796,000		980,984
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		187,500		751,859
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		277,000		254,784
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		213,700		417,243
Shanghai Pudong Development Bank Co. Ltd., Class A		2,650,752		3,515,746
Shenzhen International Holdings Ltd.		296,500		300,866
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		31,800		1,613,445
Shenzhou International Group Holdings Ltd.		207,100		3,842,729
Shimao Group Holdings Ltd.(a)		279,000		205,622
Shimao Services Holdings Ltd.(c)		146,000		116,700
Silergy Corp.		22,000		2,973,618
Sinopharm Group Co. Ltd., Class H		373,600		835,666
Sinotruk Hong Kong Ltd.		188,000		279,642
Smoore International Holdings Ltd.(c)		479,000		2,061,052
Sun Art Retail Group Ltd.(a)		593,500		216,735
Sunac China Holdings Ltd.		673,000		829,352
Sunac Services Holdings Ltd.(b)(c)		294,000		334,469
Sunny Optical Technology Group Co. Ltd.		207,100		5,346,816
TAL Education Group, ADR(b)		113,584		324,850
Tencent Holdings Ltd.		1,586,300		99,401,166

14 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Tencent Music Entertainment Group, ADR(b)		178,321	$	1,102,024
Tingyi Cayman Islands Holding Corp.		622,000		1,288,651
Tongcheng Travel Holdings Ltd.(b)		396,800		816,521
Topsports International Holdings Ltd.(c)		412,000		372,266
TravelSky Technology Ltd., Class H		374,000		699,357
Trip.com Group Ltd., ADR(b)		143,256		3,812,042
Tsingtao Brewery Co. Ltd., Class H		178,000		1,601,992
Uni-President China Holdings Ltd.		421,000		397,899
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		93,000		360,152
Vinda International Holdings Ltd.(a)		129,000		347,154
Vipshop Holdings Ltd., ADR(b)		119,864		1,115,934
Vnet Group Inc., ADR(a)(b)		25,245		250,430
Wanhua Chemical Group Co. Ltd., Class A		141,853		2,045,850
Want Want China Holdings Ltd.(a)		1,625,000		1,594,314
Weibo Corp., ADR(a)(b)		17,521		607,103
Weichai Power Co. Ltd., Class H		607,000		1,101,481
Weimob Inc.(a)(b)(c)		659,000		497,813
Wens Foodstuffs Group Co. Ltd., Class A(b)		689,316		2,192,987
Wharf Holdings Ltd. (The)		373,200		1,275,434
Wuliangye Yibin Co. Ltd., Class A		94,400		2,968,845
WuXi AppTec Co. Ltd., Class A		142,659		2,370,425
WuXi AppTec Co. Ltd., Class H(c)		91,712		1,315,449
Wuxi Biologics Cayman Inc., New(b)(c)		997,000		9,992,696
Xiaomi Corp., Class B(b)(c)		4,103,200		8,704,399
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		296,400		516,737
Xinyi Solar Holdings Ltd.		1,402,000		2,249,180
XPeng Inc., ADR(b)		109,121		3,829,056
Yadea Group Holdings Ltd.(c)		446,000		635,100
Yihai International Holding Ltd.(a)		156,000		665,960
Yum China Holdings Inc.		118,813		5,723,222
Zai Lab Ltd., ADR(a)(b)		22,700		1,127,509
Zhejiang Expressway Co. Ltd., Class H		448,000		383,817
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		137,100		472,143
Zhongsheng Group Holdings Ltd.		187,000		1,436,556
Zhuzhou CRRC Times Electric Co. Ltd.		152,900		807,570
Zijin Mining Group Co. Ltd., Class H		1,926,000		2,500,352
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		505,000		330,754
ZTE Corp., Class H		205,200		554,500
ZTO Express Cayman Inc., ADR		108,382		3,255,795
				694,849,258
Colombia — 0.0%
Ecopetrol SA		2,469,114		1,816,912
Grupo de Inversiones Suramericana SA		143,390		989,764
Interconexion Electrica SA ESP		26,649		159,309
				2,965,985
Czech Republic — 0.0%
CEZ AS		75,967		2,818,634
Komercni Banka AS		43,859		1,944,853
				4,763,487
Denmark — 0.6%
Ambu A/S, Class B(a)		49,865		1,056,588
AP Moller - Maersk A/S, Class A		1,975		6,616,751
AP Moller - Maersk A/S, Class B, NVS		538		1,932,573
Carlsberg A/S, Class B		33,011		5,345,491
Chr Hansen Holding A/S		31,583		2,532,812
Coloplast A/S, Class B		26,596		3,867,650

Security	Shares		Value
Denmark (continued)
Danske Bank A/S		187,441	$	3,638,461
Demant A/S(b)		24,815		1,097,898
DSV A/S		60,179		12,227,208
Genmab A/S(b)		19,237		6,550,766
GN Store Nord A/S		33,848		2,048,277
Novo Nordisk A/S, Class B		474,308		47,178,585
Novozymes A/S, Class B		60,568		4,157,837
Orsted A/S(c)		43,220		4,604,875
Pandora A/S		31,423		3,416,929
Tryg A/S		114,211		2,706,322
Vestas Wind Systems A/S		289,083		7,822,699
				116,801,722
Egypt — 0.0%
Commercial International Bank Egypt SAE(b)		423,208		1,387,171
Finland — 0.3%
Elisa OYJ		32,204		1,891,721
Fortum OYJ		140,066		3,812,559
Kesko OYJ, Class B		78,582		2,481,870
Kone OYJ, Class B		76,639		4,963,460
Neste OYJ		122,523		5,525,728
Nokia OYJ(b)		1,536,805		9,164,927
Nordea Bank Abp		886,572		10,530,420
Orion OYJ, Class B		23,974		974,848
Sampo OYJ, Class A		139,012		6,899,558
Stora Enso OYJ, Class R		184,976		3,765,565
UPM-Kymmene OYJ		154,734		5,639,511
Wartsila OYJ Abp		158,146		1,952,535
				57,602,702
France — 2.9%
Accor SA(b)		70,728		2,599,349
Aeroports de Paris(b)		5,652		766,981
Air Liquide SA		134,599		23,024,402
Airbus SE(b)		169,008		21,581,176
Alstom SA		83,901		2,720,047
Amundi SA(c)		12,544		975,124
ArcelorMittal SA		189,781		5,637,260
Arkema SA		24,295		3,592,455
AXA SA		497,581		15,758,886
BioMerieux		10,445		1,224,811
BNP Paribas SA		309,266		22,078,309
Bollore SA		77,745		419,062
Bouygues SA		74,330		2,621,400
Bureau Veritas SA		30,201		864,121
Capgemini SE		49,080		11,033,987
Carrefour SA		179,078		3,408,139
Cie. de Saint-Gobain		153,000		10,353,122
Cie. Generale des Etablissements Michelin SCA		53,087		8,882,719
CNP Assurances		39,111		962,724
Covivio		9,045		755,331
Credit Agricole SA		320,695		4,824,678
Danone SA		171,319		10,681,922
Dassault Systemes SE		147,373		7,126,718
Edenred		86,354		3,709,108
Eiffage SA		15,205		1,597,638
Electricite de France SA		120,895		1,162,793
Engie SA		521,569		8,022,671
EssilorLuxottica SA		81,813		15,477,827
Eurazeo SE		3,235		257,048
Eurofins Scientific SE		31,663		3,179,056

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Faurecia SE		20,898	$	926,368
Gecina SA		5,927		804,248
Getlink SE		192,299		3,033,490
Hermes International		9,013		13,532,289
Ipsen SA		10,773		1,048,221
Kering SA		21,248		15,867,258
Klepierre SA		37,921		1,008,632
La Francaise des Jeux SAEM(c)		26,670		1,104,234
Legrand SA		80,814		8,224,686
L’Oreal SA		71,547		30,561,060
LVMH Moet Hennessy Louis Vuitton SE		77,733		63,848,115
Orange SA		390,725		4,590,024
Orpea SA		12,481		547,968
Pernod Ricard SA		62,142		13,292,133
Publicis Groupe SA		76,960		5,214,877
Remy Cointreau SA		4,015		837,261
Renault SA(b)		63,603		2,527,737
Safran SA		92,753		11,229,533
Sanofi		318,957		33,350,785
Sartorius Stedim Biotech		6,775		2,970,913
Schneider Electric SE		157,882		26,744,471
SEB SA		5,107		775,089
Societe Generale SA		208,165		7,727,154
Sodexo SA		14,360		1,335,532
Teleperformance		12,517		4,713,767
Thales SA		20,704		1,909,891
TotalEnergies SE		703,325		39,996,279
Ubisoft Entertainment SA(b)		29,361		1,684,866
Unibail-Rodamco-Westfield(a)(b)		35,999		2,743,023
Valeo		77,184		2,160,272
Veolia Environnement SA		201,063		7,263,355
Vinci SA		144,298		15,816,003
Vivendi SE		226,722		2,971,275
Wendel SE		14,952		1,624,031
Worldline SA/France(b)(c)		69,087		3,348,659
				530,632,363
Germany — 2.1%
adidas AG		53,939		14,801,789
Allianz SE, Registered		112,642		28,921,117
Aroundtown SA		279,398		1,725,711
BASF SE		253,199		19,392,230
Bayer AG, Registered		279,978		17,009,743
Bayerische Motoren Werke AG		98,187		10,392,397
Bechtle AG		24,411		1,465,695
Beiersdorf AG		25,708		2,557,008
Brenntag SE		30,873		2,645,083
Carl Zeiss Meditec AG, Bearer		10,635		1,710,323
Commerzbank AG(b)		302,251		2,610,029
Continental AG(b)		30,649		2,971,424
Covestro AG(c)		60,002		3,599,699
Daimler AG, Registered		242,863		19,378,944
Daimler Truck Holding AG(b)		123,846		4,366,051
Delivery Hero SE(b)(c)		39,609		3,057,417
Deutsche Bank AG, Registered(b)		573,352		7,983,079
Deutsche Boerse AG		54,147		9,624,759
Deutsche Lufthansa AG, Registered(b)		138,276		1,075,209
Deutsche Post AG, Registered		284,677		17,132,029
Deutsche Telekom AG, Registered		956,925		18,065,763
E.ON SE		638,790		8,810,492
Evonik Industries AG		44,116		1,439,226

Security	Shares		Value
Germany (continued)
Fresenius Medical Care AG & Co. KGaA		53,052	$	3,607,184
Fresenius SE & Co. KGaA		116,520		4,809,987
GEA Group AG		55,600		2,626,830
Hannover Rueck SE		12,410		2,503,620
HeidelbergCement AG		40,349		2,807,829
HelloFresh SE(b)		49,403		3,289,287
Henkel AG & Co. KGaA		32,090		2,535,462
Infineon Technologies AG		378,698		15,726,473
KION Group AG		15,807		1,461,409
Knorr-Bremse AG		12,265		1,243,544
LANXESS AG		28,758		1,750,937
LEG Immobilien SE		16,406		2,176,399
Merck KGaA		38,872		8,524,562
MTU Aero Engines AG		16,283		3,464,846
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		39,501		12,505,420
Nemetschek SE		19,720		1,822,762
Puma SE		31,369		3,354,993
Rational AG		946		793,047
RWE AG		180,119		7,597,827
SAP SE		291,590		36,583,232
Scout24 SE(c)		25,909		1,547,918
Siemens AG, Registered		213,301		33,866,035
Siemens Healthineers AG(c)		61,156		3,930,022
Symrise AG		26,945		3,219,911
Telefonica Deutschland Holding AG		210,293		603,703
Uniper SE		41,367		1,871,848
United Internet AG, Registered(e)		24,593		964,455
Volkswagen AG		2,514		727,999
Vonovia SE		201,035		11,450,105
Zalando SE(b)(c)		62,055		4,925,175
				383,028,038
Greece — 0.0%
Hellenic Telecommunications Organization SA		33,207		645,456
JUMBO SA		65,225		970,174
OPAP SA		28,613		424,988
				2,040,618
Hong Kong — 0.7%
AIA Group Ltd.		3,403,600		35,532,938
BOC Hong Kong Holdings Ltd.		755,500		2,917,240
Budweiser Brewing Co. APAC Ltd.(c)		482,700		1,275,069
China Youzan Ltd.(a)(b)		5,272,000		204,617
CK Asset Holdings Ltd.		610,516		4,075,443
CK Hutchison Holdings Ltd.		647,016		4,598,552
CK Infrastructure Holdings Ltd.		207,500		1,278,691
CLP Holdings Ltd.		470,500		4,708,530
ESR Cayman Ltd.(b)(c)		644,400		2,184,967
Futu Holdings Ltd., ADR(a)(b)		17,111		740,051
Galaxy Entertainment Group Ltd.(b)		522,000		3,023,039
Hang Lung Properties Ltd.		610,000		1,303,390
Hang Seng Bank Ltd.		211,500		4,187,236
Henderson Land Development Co. Ltd.		299,003		1,307,598
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,073,000		1,067,901
HKT Trust & HKT Ltd., Class SS		1,215,000		1,657,983
Hong Kong & China Gas Co. Ltd.		3,372,040		5,197,185
Hong Kong Exchanges & Clearing Ltd.		295,000		16,837,329
Hongkong Land Holdings Ltd.(a)		335,100		1,814,872
Huabao International Holdings Ltd.(a)		233,000		143,762

16 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Hutchmed China Ltd., ADR(b)		29,391	$	800,611
Jardine Matheson Holdings Ltd.		54,100		3,195,305
Link REIT		589,800		5,063,733
Melco Resorts & Entertainment Ltd., ADR(b)		77,103		814,208
MTR Corp. Ltd.(a)		354,000		1,916,140
New World Development Co. Ltd.		483,916		1,975,495
Power Assets Holdings Ltd.		415,500		2,553,084
Sands China Ltd.(b)		680,800		1,898,378
Sino Biopharmaceutical Ltd.		3,093,000		2,133,097
Sino Land Co. Ltd.		550,000		712,632
SITC International Holdings Co. Ltd.(a)		413,000		1,574,182
Sun Hung Kai Properties Ltd.		291,000		3,550,347
Swire Pacific Ltd., Class A		136,000		823,899
Swire Properties Ltd.		195,800		521,948
Techtronic Industries Co. Ltd.		371,500		6,129,784
WH Group Ltd.(c)		3,129,500		2,093,666
Wharf Real Estate Investment Co. Ltd.		476,200		2,264,822
Xinyi Glass Holdings Ltd.		547,000		1,450,078
Yuexiu Property Co. Ltd.		381,000		387,132
				133,914,934
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		52,196		455,174
OTP Bank Nyrt(b)		75,510		4,381,629
Richter Gedeon Nyrt		14,254		375,690
				5,212,493
India — 1.4%
Adani Enterprises Ltd.		79,307		1,838,005
Adani Green Energy Ltd.(b)		122,132		3,100,527
Adani Ports & Special Economic Zone Ltd.		172,321		1,667,885
Adani Total Gas Ltd.		77,919		1,901,705
Adani Transmission Ltd.(b)		79,307		2,118,743
Ambuja Cements Ltd.		110,208		542,550
Apollo Hospitals Enterprise Ltd.		32,722		1,966,097
Asian Paints Ltd.		124,877		5,291,791
Aurobindo Pharma Ltd.		104,792		894,716
Avenue Supermarts Ltd.(b)(c)		45,049		2,497,880
Axis Bank Ltd.(b)		577,306		6,045,896
Bajaj Auto Ltd.		20,243		970,967
Bajaj Finance Ltd.		82,028		7,768,946
Bajaj Finserv Ltd.		12,935		2,742,586
Bandhan Bank Ltd.(c)		184,727		786,780
Bharat Electronics Ltd.		296,192		838,486
Bharat Forge Ltd.		59,083		585,441
Bharat Petroleum Corp. Ltd.		207,567		1,111,495
Bharti Airtel Ltd.(b)		714,659		7,019,310
Biocon Ltd.(b)		133,312		658,445
Britannia Industries Ltd.		33,132		1,575,376
Cholamandalam Investment and Finance Co. Ltd.		127,637		1,084,646
Cipla Ltd.		147,549		1,873,110
Colgate-Palmolive India Ltd.		32,670		625,503
Container Corp. of India Ltd.		90,484		789,498
Dabur India Ltd.		160,902		1,161,259
Divi’s Laboratories Ltd.		42,055		2,283,664
DLF Ltd.		194,177		1,028,282
Dr. Reddy’s Laboratories Ltd.		37,186		2,149,721
Eicher Motors Ltd.		43,508		1,553,729
GAIL India Ltd.		451,947		881,284
Godrej Consumer Products Ltd.(b)		94,801		1,134,227
Godrej Properties Ltd.(b)		33,400		772,657

Security	Shares		Value
India (continued)
Grasim Industries Ltd.		83,399	$	1,942,021
Havells India Ltd.		78,137		1,248,966
HCL Technologies Ltd.		325,151		4,825,491
HDFC Asset Management Co. Ltd.(c)		17,205		511,493
HDFC Life Insurance Co. Ltd.(c)		273,772		2,295,037
Hero MotoCorp Ltd.		35,403		1,300,764
Hindalco Industries Ltd.		411,971		2,731,056
Hindustan Unilever Ltd.		240,357		7,349,458
Housing Development Finance Corp. Ltd.		496,726		16,948,657
ICICI Bank Ltd.		1,290,087		13,859,591
ICICI Lombard General Insurance Co. Ltd.(c)		50,179		927,552
Indian Railway Catering & Tourism Corp.		75,418		885,499
Indraprastha Gas Ltd.		104,676		553,916
Info Edge India Ltd.		25,353		1,678,121
Infosys Ltd.		981,220		23,085,850
InterGlobe Aviation Ltd.(b)(c)		39,590		991,632
ITC Ltd.		943,988		2,803,573
JSW Steel Ltd.		263,197		2,242,300
Jubilant Foodworks Ltd.		25,841		1,178,996
Kotak Mahindra Bank Ltd.		179,557		4,500,586
Larsen & Toubro Infotech Ltd.(c)		14,120		1,195,030
Larsen & Toubro Ltd.		191,320		4,930,470
Lupin Ltd.		84,591		1,033,788
Mahindra & Mahindra Ltd.		233,488		2,792,713
Marico Ltd.		148,901		966,163
Maruti Suzuki India Ltd.		39,320		4,555,375
Mindtree Ltd.		20,341		1,101,762
Motherson Sumi Systems Ltd.		340,369		825,478
Motherson Sumi Wiring India Ltd., NVS		340,369		211,959
Nestle India Ltd.		8,674		2,162,965
NTPC Ltd.		1,112,071		2,132,617
Oil & Natural Gas Corp. Ltd.		689,900		1,613,190
Page Industries Ltd.		1,783		1,018,436
PI Industries Ltd.		20,687		678,929
Pidilite Industries Ltd.		44,530		1,470,500
Piramal Enterprises Ltd.		34,329		1,108,116
Power Grid Corp. of India Ltd.		697,444		2,021,400
Reliance Industries Ltd.		821,767		26,483,223
SBI Life Insurance Co. Ltd.(c)		134,576		2,236,779
Shree Cement Ltd.		3,026		989,398
Shriram Transport Finance Co. Ltd.		61,881		1,027,512
Siemens Ltd.		19,968		625,969
SRF Ltd.		44,006		1,423,399
State Bank of India		552,019		4,020,132
Sun Pharmaceutical Industries Ltd.		274,902		3,088,401
Tata Consultancy Services Ltd.		264,866		13,337,545
Tata Consumer Products Ltd.		189,405		1,854,501
Tata Motors Ltd.(b)		494,412		3,410,948
Tata Power Co. Ltd. (The)		436,976		1,454,655
Tata Steel Ltd.		215,676		3,180,254
Tech Mahindra Ltd.		193,550		3,863,589
Titan Co. Ltd.		104,512		3,332,484
UltraTech Cement Ltd.		29,524		2,869,395
UPL Ltd.		159,126		1,667,173
Vedanta Ltd.		221,160		964,721
Wipro Ltd.		393,589		3,038,850
Zomato Ltd.(b)		502,453		612,381
				268,421,966
Indonesia — 0.2%
Adaro Energy Tbk PT		4,121,700		645,383

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Astra International Tbk PT		7,471,000	$	2,859,353
Bank Central Asia Tbk PT		12,955,300		6,890,886
Bank Mandiri Persero Tbk PT		4,873,814		2,553,919
Bank Negara Indonesia Persero Tbk PT		3,139,888		1,611,532
Bank Rakyat Indonesia Persero Tbk PT		18,693,530		5,320,840
Barito Pacific Tbk PT		7,598,500		472,118
Charoen Pokphand Indonesia Tbk PT		2,570,245		1,129,373
Gudang Garam Tbk PT		125,300		267,415
Indah Kiat Pulp & Paper Tbk PT		682,500		362,957
Indocement Tunggal Prakarsa Tbk PT		800,000		612,859
Indofood Sukses Makmur Tbk PT		2,751,900		1,213,582
Kalbe Farma Tbk PT		8,902,700		1,015,188
Merdeka Copper Gold Tbk PT(b)		3,997,300		1,021,881
Semen Indonesia Persero Tbk PT		1,422,700		670,051
Telkom Indonesia Persero Tbk PT		12,255,100		3,589,219
Unilever Indonesia Tbk PT		3,045,400		856,523
United Tractors Tbk PT		773,706		1,250,959
				32,344,038
Ireland — 0.6%
CRH PLC		250,774		12,586,444
Flutter Entertainment PLC, Class DI(b)		42,499		6,465,957
Horizon Therapeutics PLC(b)		60,754		5,670,171
Kerry Group PLC, Class A		57,766		7,278,375
Kingspan Group PLC		28,810		2,773,165
Linde PLC		143,369		45,688,833
Seagate Technology Holdings PLC		60,611		6,494,469
Smurfit Kappa Group PLC		93,269		4,915,801
STERIS PLC		22,769		5,109,364
Trane Technologies PLC		68,365		11,833,981
				108,816,560
Israel — 0.2%
Azrieli Group Ltd		10,219		923,953
Bank Hapoalim BM		207,863		2,157,147
Bank Leumi Le-Israel BM		221,435		2,374,888
Check Point Software Technologies Ltd.(b)		25,229		3,052,961
CyberArk Software Ltd.(a)(b)		11,340		1,555,281
Elbit Systems Ltd		7,103		1,183,238
Fiverr International Ltd.(a)(b)		8,554		729,742
ICL Group Ltd.		308,172		2,786,959
Inmode Ltd.(a)(b)		18,333		884,201
Isracard Ltd		1		5
Israel Discount Bank Ltd., Class A		219,728		1,473,462
Kornit Digital Ltd.(a)(b)		13,483		1,416,524
Mizrahi Tefahot Bank Ltd		67,788		2,620,512
Nice Ltd.(b)		19,086		4,885,589
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		321,697		2,711,906
Wix.com Ltd.(a)(b)		15,680		2,059,882
				30,816,250
Italy — 0.5%
Amplifon SpA		29,563		1,256,607
Assicurazioni Generali SpA		276,540		5,819,714
Atlantia SpA(b)		159,258		2,955,076
DiaSorin SpA		7,204		1,110,578
Enel SpA		2,246,275		17,288,675
Eni SpA		676,260		10,158,230
Ferrari NV		36,552		8,424,234
FinecoBank Banca Fineco SpA		153,952		2,588,282
Infrastrutture Wireless Italiane SpA(c)		45,609		491,775
Intesa Sanpaolo SpA		4,212,544		12,519,000

Security	Shares		Value
Italy (continued)
Mediobanca Banca di Credito Finanziario SpA		231,621	$	2,653,592
Moncler SpA		42,539		2,730,134
Nexi SpA(b)(c)		145,991		2,135,478
Poste Italiane SpA(c)		103,000		1,382,528
Prysmian SpA		53,729		1,811,824
Recordati Industria Chimica e Farmaceutica SpA		52,011		2,913,682
Snam SpA		660,604		3,701,813
Telecom Italia SpA		2,848,268		1,342,331
Tenaris SA		160,669		1,961,272
Terna - Rete Elettrica Nazionale		602,548		4,734,468
UniCredit SpA		584,996		9,297,584
				97,276,877
Japan — 5.5%
Advantest Corp.		50,300		4,281,161
Aeon Co. Ltd.		171,000		3,896,602
AGC Inc.		46,400		2,129,546
Aisin Corp.		44,000		1,597,771
Ajinomoto Co. Inc.		130,000		3,627,193
Asahi Group Holdings Ltd.		124,900		5,098,506
Asahi Intecc Co. Ltd.		65,200		1,112,376
Asahi Kasei Corp.		392,800		3,880,047
Astellas Pharma Inc.		516,900		8,343,057
Bandai Namco Holdings Inc.		49,000		3,444,119
Benefit One Inc.		32,500		988,433
Bridgestone Corp.		152,100		6,660,645
Brother Industries Ltd.		70,500		1,298,332
Canon Inc.		264,400		6,253,252
Capcom Co. Ltd.		53,100		1,281,873
Central Japan Railway Co.		35,200		4,618,613
Chubu Electric Power Co. Inc.		142,000		1,422,258
Chugai Pharmaceutical Co. Ltd.		189,700		6,161,411
Concordia Financial Group Ltd.		617,400		2,537,115
Cosmos Pharmaceutical Corp.		7,400		924,147
CyberAgent Inc.		111,800		1,303,611
Dai Nippon Printing Co. Ltd.		83,800		2,011,629
Daifuku Co. Ltd.		24,600		1,707,849
Dai-ichi Life Holdings Inc.		295,700		6,656,045
Daiichi Sankyo Co. Ltd.		488,900		10,985,575
Daikin Industries Ltd.		68,900		14,465,145
Daito Trust Construction Co. Ltd.		17,000		1,949,331
Daiwa House Industry Co. Ltd.		143,800		4,196,539
Daiwa House REIT Investment Corp.		851		2,535,100
Daiwa Securities Group Inc.		402,800		2,427,151
Denso Corp.		118,000		8,806,774
Dentsu Group Inc.		59,400		2,057,127
Disco Corp.		8,600		2,364,602
East Japan Railway Co.		73,500		4,197,062
Eisai Co. Ltd.		59,500		2,980,059
ENEOS Holdings Inc.		881,980		3,512,595
FANUC Corp.		50,100		9,907,191
Fast Retailing Co. Ltd.		15,200		8,944,665
Fuji Electric Co. Ltd.		35,800		1,913,376
FUJIFILM Holdings Corp.		102,700		6,884,597
Fujitsu Ltd.		48,800		6,451,278
GLP J-REIT		1,544		2,485,241
GMO Payment Gateway Inc.		13,700		1,202,200
Hakuhodo DY Holdings Inc.		59,100		905,278
Hamamatsu Photonics KK		53,100		2,716,664
Hankyu Hanshin Holdings Inc.		58,700		1,709,429
Hikari Tsushin Inc.		6,500		780,421

18 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hirose Electric Co. Ltd.		11,700	$	1,743,976
Hitachi Ltd.		263,900		13,716,467
Hitachi Metals Ltd.(b)		60,100		1,083,764
Honda Motor Co. Ltd.		441,400		13,000,453
Hoshizaki Corp.		14,200		1,049,300
Hoya Corp.		101,800		13,200,238
Hulic Co. Ltd.		124,800		1,206,274
Ibiden Co. Ltd.		34,800		1,944,637
Idemitsu Kosan Co. Ltd.		65,400		1,675,655
Iida Group Holdings Co. Ltd.		36,200		753,127
Inpex Corp.		319,800		3,233,015
Isuzu Motors Ltd.		150,500		1,843,625
Ito En Ltd.		18,300		985,713
ITOCHU Corp.		317,900		10,213,003
Itochu Techno-Solutions Corp.		33,500		913,884
Japan Exchange Group Inc.		131,800		2,711,237
Japan Metropolitan Fund Invest		1,956		1,648,346
Japan Post Bank Co. Ltd.		252,700		2,486,001
Japan Post Holdings Co. Ltd.		835,800		7,133,996
Japan Post Insurance Co. Ltd.		50,200		880,190
Japan Real Estate Investment Corp.		342		1,880,639
Japan Tobacco Inc.		317,000		6,328,866
JFE Holdings Inc.		139,800		1,795,989
JSR Corp.		58,300		1,932,539
Kajima Corp.		224,400		2,710,214
Kakaku.com Inc.		46,200		956,874
Kansai Electric Power Co. Inc. (The)		220,300		2,079,439
Kansai Paint Co. Ltd.		49,500		1,027,511
Kao Corp.		150,100		7,500,730
KDDI Corp.		432,300		13,811,425
Keio Corp.		26,500		1,191,986
Keisei Electric Railway Co. Ltd.		35,800		1,010,317
Keyence Corp.		51,200		26,261,627
Kikkoman Corp.		39,900		3,015,958
Kintetsu Group Holdings Co. Ltd.(b)		48,700		1,415,004
Kirin Holdings Co. Ltd.		228,300		3,659,225
Kobayashi Pharmaceutical Co. Ltd.		14,600		1,136,945
Kobe Bussan Co. Ltd.		40,900		1,273,192
Koito Manufacturing Co. Ltd.		23,600		1,184,968
Komatsu Ltd.		246,100		6,184,232
Konami Holdings Corp.		28,100		1,514,865
Kose Corp.		8,800		804,580
Kubota Corp.		296,200		6,352,165
Kyocera Corp.		83,800		5,168,055
Kyowa Kirin Co. Ltd.		77,700		1,936,656
Lasertec Corp.		19,300		4,329,711
Lawson Inc.		13,200		578,544
Lion Corp.		62,700		819,234
Lixil Corp.		61,300		1,403,166
M3 Inc.		119,200		4,582,833
Makita Corp.		57,200		2,140,620
Marubeni Corp.		510,300		5,250,956
Mazda Motor Corp.(b)		221,500		1,706,381
McDonald’s Holdings Co. Japan Ltd.		37,300		1,628,907
Medipal Holdings Corp.		32,000		575,842
MEIJI Holdings Co. Ltd.		27,900		1,740,446
Mercari Inc.(b)		36,000		1,359,567
MinebeaMitsumi Inc.		110,600		2,706,446
Misumi Group Inc.		92,000		2,984,653
Mitsubishi Chemical Holdings Corp.		323,000		2,533,671

Security	Shares		Value
Japan (continued)
Mitsubishi Corp.		351,300	$	11,927,485
Mitsubishi Electric Corp.		499,200		6,251,680
Mitsubishi Estate Co. Ltd.		300,900		4,333,689
Mitsubishi Gas Chemical Co. Inc.		41,400		793,030
Mitsubishi Heavy Industries Ltd.		80,400		2,183,615
Mitsubishi UFJ Financial Group Inc.		3,504,100		21,239,330
Mitsui & Co. Ltd.		407,800		10,168,644
Mitsui Chemicals Inc.		44,100		1,179,438
Mitsui Fudosan Co. Ltd.		231,300		4,958,455
Miura Co. Ltd.		23,800		702,698
Mizuho Financial Group Inc.		663,590		8,988,991
MonotaRO Co. Ltd.		83,900		1,378,544
MS&AD Insurance Group Holdings Inc.		125,800		4,314,879
Murata Manufacturing Co. Ltd.		150,600		11,322,600
NEC Corp.		63,900		2,492,949
Nexon Co. Ltd.		133,800		2,522,346
NGK Insulators Ltd.		59,700		1,008,794
Nidec Corp.		120,200		10,653,301
Nihon M&A Center Holdings Inc.		105,200		1,656,186
Nintendo Co. Ltd.		29,200		14,309,208
Nippon Building Fund Inc.		478		2,768,164
Nippon Express Holdings Co., NVS		16,900		1,001,557
Nippon Paint Holdings Co. Ltd.		208,200		1,665,062
Nippon Prologis REIT Inc.		746		2,327,697
Nippon Sanso Holdings Corp.		48,500		963,151
Nippon Shinyaku Co. Ltd.		15,400		1,006,710
Nippon Steel Corp.		237,034		3,874,215
Nippon Telegraph & Telephone Corp.		345,700		9,893,150
Nippon Yusen KK		41,900		3,284,680
Nissan Chemical Corp.		33,600		1,823,078
Nissan Motor Co. Ltd.(b)		637,500		3,374,024
Nisshin Seifun Group Inc.		50,700		711,939
Nissin Foods Holdings Co. Ltd.		17,300		1,227,134
Nitori Holdings Co. Ltd.		19,600		2,807,947
Nitto Denko Corp.		37,300		2,904,164
Nomura Holdings Inc.		889,700		3,930,291
Nomura Real Estate Holdings Inc.		20,400		477,703
Nomura Real Estate Master Fund Inc.		1,195		1,657,982
Nomura Research Institute Ltd.		87,000		3,045,511
NTT Data Corp.		170,900		3,276,278
Obayashi Corp.		341,700		2,768,503
Obic Co. Ltd.		18,500		3,056,601
Odakyu Electric Railway Co. Ltd.		76,600		1,353,580
Oji Holdings Corp.		189,200		1,007,126
Olympus Corp.		309,900		6,934,647
Omron Corp.		44,800		3,275,304
Ono Pharmaceutical Co. Ltd.		105,800		2,565,830
Open House Group Co. Ltd.		28,800		1,491,068
Oracle Corp. Japan		13,700		1,024,630
Oriental Land Co. Ltd./Japan		49,300		8,582,310
ORIX Corp.		351,900		7,258,684
Orix JREIT Inc.		741		1,063,375
Osaka Gas Co. Ltd.		89,700		1,525,473
Otsuka Corp.		30,800		1,249,765
Otsuka Holdings Co. Ltd.		111,100		3,790,433
Pan Pacific International Holdings Corp.		117,900		1,586,796
Panasonic Corp.		620,200		6,828,095
Persol Holdings Co. Ltd.		61,200		1,579,927
Pola Orbis Holdings Inc.		24,700		368,138
Rakuten Group Inc.(b)		243,300		2,110,719

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Recruit Holdings Co. Ltd.		374,300	$	18,501,116
Renesas Electronics Corp.(b)		341,600		3,920,478
Resona Holdings Inc.		608,800		2,616,279
Ricoh Co. Ltd.		186,900		1,578,261
Rinnai Corp.		11,300		1,009,146
Rohm Co. Ltd.		23,600		1,987,996
Ryohin Keikaku Co. Ltd.		64,700		929,051
Santen Pharmaceutical Co. Ltd.		109,500		1,243,282
SBI Holdings Inc.		67,130		1,731,672
SCSK Corp.		50,000		846,072
Secom Co. Ltd.		54,800		3,858,690
Seiko Epson Corp.		81,100		1,263,254
Sekisui Chemical Co. Ltd.		101,500		1,774,625
Sekisui House Ltd.		151,400		3,067,388
Seven & i Holdings Co. Ltd.		206,500		10,502,308
SG Holdings Co. Ltd.		83,600		1,774,683
Sharp Corp./Japan		53,700		596,935
Shimadzu Corp.		68,300		2,464,382
Shimano Inc.		18,500		4,148,479
Shimizu Corp.		141,500		942,168
Shin-Etsu Chemical Co. Ltd.		97,500		16,312,655
Shionogi & Co. Ltd.		67,300		3,835,606
Shiseido Co. Ltd.		109,600		5,528,661
Shizuoka Bank Ltd. (The)		286,700		2,252,736
SMC Corp.		15,000		8,366,422
Softbank Corp.		796,200		9,981,053
SoftBank Group Corp.		325,800		14,432,790
Sohgo Security Services Co. Ltd.		16,800		609,295
Sompo Holdings Inc.		79,400		3,715,399
Sony Group Corp.		341,000		38,147,147
Square Enix Holdings Co. Ltd.		23,700		1,162,199
Stanley Electric Co. Ltd.		27,800		649,807
Subaru Corp.		159,400		2,901,295
SUMCO Corp.		95,600		1,762,489
Sumitomo Chemical Co. Ltd.		358,000		1,805,412
Sumitomo Corp.		338,000		5,223,928
Sumitomo Dainippon Pharma Co. Ltd.		56,500		614,959
Sumitomo Electric Industries Ltd.		210,400		2,789,587
Sumitomo Metal Mining Co. Ltd.		71,400		3,297,944
Sumitomo Mitsui Financial Group Inc.		349,000		12,571,312
Sumitomo Mitsui Trust Holdings Inc.		75,708		2,618,073
Sumitomo Realty & Development Co. Ltd.		74,000		2,289,573
Suntory Beverage & Food Ltd.		35,500		1,363,154
Suzuki Motor Corp.		103,500		4,406,421
Sysmex Corp.		41,500		3,950,422
T&D Holdings Inc.		170,900		2,525,612
Taisei Corp.		90,400		2,963,407
Takeda Pharmaceutical Co. Ltd.		431,934		12,518,823
TDK Corp.		105,800		3,820,954
Terumo Corp.		183,700		6,705,753
TIS Inc.		76,600		2,014,631
Tobu Railway Co. Ltd.		52,000		1,218,006
Toho Co. Ltd./Tokyo		39,300		1,522,390
Tokio Marine Holdings Inc.		163,900		9,780,512
Tokyo Century Corp.		11,300		557,648
Tokyo Electric Power Co. Holdings Inc.(b)		435,300		1,159,748
Tokyo Electron Ltd.		39,000		19,076,186
Tokyo Gas Co. Ltd.		106,600		2,152,439
Tokyu Corp.		139,600		1,854,981
Toppan Inc.		87,900		1,672,037

Security	Shares		Value
Japan (continued)
Toray Industries Inc.		414,000	$	2,616,402
Toshiba Corp.		109,000		4,513,693
Tosoh Corp.		54,200		848,040
TOTO Ltd.		35,400		1,523,632
Toyo Suisan Kaisha Ltd.		23,300		954,666
Toyota Industries Corp.		33,500		2,613,287
Toyota Motor Corp.		2,947,200		58,246,017
Toyota Tsusho Corp.		50,100		2,031,730
Trend Micro Inc/Japan(b)		38,000		2,015,999
Tsuruha Holdings Inc.		11,700		942,369
Unicharm Corp.		109,000		4,212,142
USS Co. Ltd.		99,700		1,627,173
Welcia Holdings Co. Ltd.		33,600		907,463
West Japan Railway Co.		52,400		2,195,757
Yakult Honsha Co. Ltd.		35,300		1,789,762
Yamaha Corp.		35,800		1,630,874
Yamaha Motor Co. Ltd.		73,600		1,752,674
Yamato Holdings Co. Ltd.		71,800		1,528,926
Yaskawa Electric Corp.		59,300		2,482,912
Yokogawa Electric Corp.		67,900		1,112,575
Z Holdings Corp.		675,400		3,430,131
ZOZO Inc.		36,900		983,290
				1,022,185,418
Kuwait — 0.1%
Agility Public Warehousing Co. KSC		490,119		1,631,405
Boubyan Bank KSCP(b)		1,091,327		2,905,990
Kuwait Finance House KSCP		1,307,673		3,915,384
Mabanee Co. KPSC		337,770		920,278
Mobile Telecommunications Co. KSCP		1,344,047		2,656,170
National Bank of Kuwait SAKP		1,361,916		4,668,552
				16,697,779
Malaysia — 0.2%
Axiata Group Bhd		352,300		313,118
CIMB Group Holdings Bhd		1,797,000		2,238,506
Dialog Group Bhd		1,739,400		1,067,224
DiGi.Com Bhd		1,803,100		1,639,306
Genting Bhd		1,226,500		1,284,618
Genting Malaysia Bhd		423,900		277,544
Hartalega Holdings Bhd		480,900		675,592
Hong Leong Bank Bhd		276,400		1,281,128
Hong Leong Financial Group Bhd		416,400		1,817,235
IHH Healthcare Bhd		1,358,800		2,093,958
Malayan Banking Bhd		432,100		854,330
Malaysia Airports Holdings Bhd(b)		505,500		688,412
Maxis Bhd		1,231,000		1,244,546
MISC Bhd		388,900		649,102
Petronas Chemicals Group Bhd		600,100		1,274,612
Petronas Gas Bhd		472,700		1,920,667
PPB Group Bhd		155,800		591,113
Press Metal Aluminium Holdings Bhd		1,506,400		2,217,041
Public Bank Bhd		3,481,150		3,506,576
Telekom Malaysia Bhd		428,000		517,424
Tenaga Nasional Bhd		682,000		1,496,079
Top Glove Corp. Bhd(a)		1,424,100		724,724
				28,372,855
Mexico — 0.2%
America Movil SAB de CV, Series L, NVS		9,427,200		8,870,562
Cemex SAB de CV, NVS(b)		5,236,154		3,198,349
Coca-Cola Femsa SAB de CV		43,900		230,417

20 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Fibra Uno Administracion SA de CV		573,900	$	589,814
Fomento Economico Mexicano SAB de CV		607,700		4,572,185
Gruma SAB de CV, Class B		38,720		506,431
Grupo Aeroportuario del Pacifico SAB de CV, Class B		89,300		1,227,767
Grupo Aeroportuario del Sureste SAB de CV, Class B		45,435		919,955
Grupo Bimbo SAB de CV, Series A		326,100		1,021,078
Grupo Carso SAB de CV, Series A1		29,300		81,943
Grupo Financiero Banorte SAB de CV, Class O		787,800		4,993,066
Grupo Financiero Inbursa SAB de CV, Class O(b)		50,400		72,688
Grupo Mexico SAB de CV, Series B		1,128,428		4,846,201
Grupo Televisa SAB, CPO		825,400		1,682,171
Industrias Penoles SAB de CV		32,305		346,087
Kimberly-Clark de Mexico SAB de CV, Class A		259,300		374,595
Megacable Holdings SAB de CV, CPO		7,100		22,868
Orbia Advance Corp. SAB de CV		632,223		1,476,352
Wal-Mart de Mexico SAB de CV		1,525,900		5,188,415
				40,220,944
Netherlands — 1.4%
ABN AMRO Bank NV, CVA(c)		106,174		1,703,993
Adyen NV(b)(c)		5,368		10,923,329
Aegon NV		571,887		3,226,297
Akzo Nobel NV		59,030		6,110,057
Argenx SE(b)		12,573		3,364,432
ASM International NV		12,823		4,405,731
ASML Holding NV		115,178		78,009,423
CNH Industrial NV		322,953		4,922,479
Davide Campari-Milano NV		242,914		3,049,858
Euronext NV(c)		15,214		1,466,817
EXOR NV		19,468		1,632,410
Heineken Holding NV		14,162		1,241,611
Heineken NV		74,362		7,975,075
IMCD NV		14,072		2,420,663
ING Groep NV		1,075,917		15,911,846
Just Eat Takeaway.com NV(b)(c)		47,642		2,352,602
Koninklijke Ahold Delhaize NV		293,533		9,517,690
Koninklijke DSM NV		52,060		9,759,189
Koninklijke KPN NV		1,071,764		3,535,220
Koninklijke Philips NV		248,742		8,273,976
NN Group NV		80,592		4,510,100
NXP Semiconductors NV(a)		76,259		15,666,649
Prosus NV		261,056		21,718,779
QIAGEN NV(b)		55,502		2,743,588
Randstad NV		21,540		1,401,256
Stellantis NV		576,663		11,134,710
STMicroelectronics NV		192,670		9,059,484
Universal Music Group NV		210,201		5,189,680
Wolters Kluwer NV		80,967		8,240,706
				259,467,650
New Zealand — 0.1%
Auckland International Airport Ltd.(b)		530,853		2,519,903
Fisher & Paykel Healthcare Corp. Ltd.		184,534		3,395,153
Meridian Energy Ltd.		274,806		792,147
Ryman Healthcare Ltd.		88,717		580,105
Spark New Zealand Ltd.		261,830		748,344
Xero Ltd.(b)		37,346		3,025,230
				11,060,882
Norway — 0.2%
Adevinta ASA(b)		71,141		746,365
DNB Bank ASA		270,923		6,448,020

Security	Shares		Value
Norway (continued)
Equinor ASA		291,814	$	8,044,675
Gjensidige Forsikring ASA		33,914		828,400
Mowi ASA		96,624		2,371,531
Norsk Hydro ASA		307,078		2,359,989
Orkla ASA		252,199		2,410,114
Schibsted ASA, Class B		39,809		1,038,418
Telenor ASA		219,962		3,635,210
Yara International ASA		60,722		3,117,942
				31,000,664
Peru — 0.0%
Cia. de Minas Buenaventura SAA, ADR(b)		79,572		644,533
Credicorp Ltd.		18,213		2,608,466
Southern Copper Corp.		17,100		1,092,519
				4,345,518
Philippines — 0.1%
Aboitiz Equity Ventures Inc.		910,900		1,125,781
Ayala Corp.		51,850		886,650
Ayala Land Inc.		2,681,500		1,893,398
Bank of the Philippine Islands		780,374		1,501,498
BDO Unibank Inc.		1,002,165		2,663,563
GT Capital Holdings Inc.		7,390		82,872
JG Summit Holdings Inc.		576,359		705,227
Jollibee Foods Corp.		275,620		1,297,671
Metropolitan Bank & Trust Co.		557,950		646,316
PLDT Inc.		16,515		594,184
SM Investments Corp.		27,880		519,041
SM Prime Holdings Inc.		4,433,725		3,066,119
				14,982,320
Poland — 0.1%
Allegro.eu SA(a)(b)(c)		88,756		822,623
Bank Polska Kasa Opieki SA		64,929		2,163,520
CD Projekt SA(a)		16,970		753,388
Cyfrowy Polsat SA		223,027		1,722,882
Dino Polska SA(b)(c)		10,406		800,707
KGHM Polska Miedz SA		58,934		2,032,938
Orange Polska SA(b)		48,756		94,388
Polski Koncern Naftowy ORLEN SA		81,994		1,433,047
Polskie Gornictwo Naftowe i Gazownictwo SA		353,068		461,069
Powszechna Kasa Oszczednosci Bank Polski SA(b)		310,392		3,633,546
Powszechny Zaklad Ubezpieczen SA		117,028		1,041,979
				14,960,087
Portugal — 0.0%
Banco Espirito Santo SA, Registered(d)		3		—
EDP - Energias de Portugal SA		1,003,935		5,139,254
Galp Energia SGPS SA		98,020		1,080,796
Jeronimo Martins SGPS SA		89,465		2,149,938
				8,369,988
Qatar — 0.1%
Industries Qatar QSC		354,590		1,631,045
Masraf Al Rayan QSC		3,678,831		4,932,817
Mesaieed Petrochemical Holding Co.		994,035		661,540
Ooredoo QPSC		653,644		1,298,767
Qatar Islamic Bank SAQ		168,878		904,658
Qatar National Bank QPSC		1,206,576		7,202,159
				16,630,986
Russia — 0.4%
Alrosa PJSC		388,440		571,435
Gazprom PJSC		3,353,380		14,489,032

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Inter RAO UES PJSC		11,798,500	$	592,216
LUKOIL PJSC		123,644		10,977,233
Magnit PJSC, GDR(e)		83,768		1,103,335
MMC Norilsk Nickel PJSC		19,072		5,349,103
Mobile TeleSystems PJSC		232,607		1,777,118
Moscow Exchange MICEX-RTS PJSC		490,370		924,088
Novatek PJSC, GDR(e)		28,234		5,963,178
Novolipetsk Steel PJSC		316,690		874,900
PhosAgro PJSC, GDR(e)		77,569		1,556,061
Polymetal International PLC		69,389		996,712
Polyus PJSC		9,781		1,543,792
Rosneft Oil Co. PJSC		352,530		2,629,100
Sberbank of Russia PJSC		2,395,410		8,255,112
Severstal PAO		34,238		667,183
Surgutneftegas PJSC		2,361,310		1,113,105
Tatneft PJSC		384,309		2,474,102
TCS Group Holding PLC, GDR(e)		33,273		2,395,799
X5 Retail Group NV, GDR(e)		24,002		540,230
Yandex NV, Class A(b)		87,123		4,181,744
				68,974,578
Saudi Arabia — 0.4%
Al Rajhi Bank		327,704		13,013,970
Alinma Bank		756,733		6,067,208
Almarai Co. JSC		122,640		1,609,697
Arab National Bank		106,001		784,458
Bank AlBilad(b)		38,742		575,871
Bank Al-Jazira		604,177		3,751,574
Banque Saudi Fransi		253,434		3,554,440
Co for Cooperative Insurance (The)		9,835		204,871
Dar Al Arkan Real Estate Development Co.(b)		53,182		146,534
Etihad Etisalat Co.		113,443		987,221
Riyad Bank		551,500		4,997,734
SABIC Agri-Nutrients Co.		77,364		3,507,496
Sahara International Petrochemical Co.		107,561		1,244,210
Saudi Arabian Mining Co.(b)		101,637		2,504,813
Saudi Arabian Oil Co.(c)		392,290		3,915,457
Saudi Basic Industries Corp.		187,463		6,275,048
Saudi British Bank (The)		132,130		1,419,085
Saudi Cement Co.		10,209		152,900
Saudi Electricity Co.		491,244		3,454,279
Saudi Kayan Petrochemical Co.(b)		113,631		599,412
Saudi National Bank (The)		677,333		13,323,163
Saudi Telecom Co.		165,993		5,222,312
Savola Group (The)		56,665		516,560
Yanbu National Petrochemical Co.		23,046		419,052
				78,247,365
Singapore — 0.3%
Ascendas REIT		1,466,379		3,007,310
CapitaLand Integrated Commercial Trust		2,192,032		3,160,243
Capitaland Investment Ltd/Singapore(b)		1,446,800		3,712,302
City Developments Ltd.		111,500		585,707
DBS Group Holdings Ltd.		440,000		11,557,422
Genting Singapore Ltd.		2,775,900		1,516,869
Keppel Corp. Ltd.		618,400		2,607,304
Mapletree Commercial Trust(a)		527,600		706,201
Mapletree Logistics Trust		603,745		759,826
Oversea-Chinese Banking Corp. Ltd.(a)		721,100		6,712,188
Sea Ltd., ADR(b)		38,361		5,766,042
Singapore Airlines Ltd.(b)		342,900		1,279,053

Security	Shares		Value
Singapore (continued)
Singapore Exchange Ltd.		64,300	$	445,070
Singapore Technologies Engineering Ltd.		293,700		816,327
Singapore Telecommunications Ltd.		1,983,200		3,595,987
United Overseas Bank Ltd.		254,200		5,681,029
UOL Group Ltd.		78,400		425,161
Venture Corp. Ltd.		78,900		1,033,727
Wilmar International Ltd.		425,000		1,352,002
				54,719,770
South Africa — 0.4%
Absa Group Ltd.		104,656		1,156,731
Anglo American Platinum Ltd.		13,035		1,579,375
AngloGold Ashanti Ltd.		95,519		1,790,684
Aspen Pharmacare Holdings Ltd.		90,808		1,222,511
Bid Corp. Ltd.		135,678		2,924,889
Bidvest Group Ltd. (The)		25,900		317,553
Capitec Bank Holdings Ltd.		26,064		3,422,269
Clicks Group Ltd.		44,203		848,744
Discovery Ltd.(b)		57,373		579,793
Exxaro Resources Ltd.		40,916		442,063
FirstRand Ltd.		1,160,220		4,676,963
Gold Fields Ltd.		290,833		3,116,558
Growthpoint Properties Ltd.		1,905,847		1,809,129
Harmony Gold Mining Co. Ltd.		140,960		514,850
Impala Platinum Holdings Ltd.		242,128		3,732,853
Kumba Iron Ore Ltd.		12,480		445,252
Mr. Price Group Ltd.		116,080		1,539,552
MTN Group Ltd.(b)		514,103		6,465,320
MultiChoice Group		160,527		1,316,570
Naspers Ltd., Class N		64,382		10,407,228
Nedbank Group Ltd.		165,652		2,053,352
NEPI Rockcastle PLC		95,819		651,594
Northam Platinum Holdings Ltd.(b)		115,822		1,529,423
Old Mutual Ltd.		1,571,817		1,416,399
Reinet Investments SCA		31,273		619,539
Remgro Ltd.		57,271		494,274
Sanlam Ltd.		914,480		3,757,194
Sasol Ltd.(b)		172,853		3,891,335
Shoprite Holdings Ltd.		100,425		1,372,170
Sibanye Stillwater Ltd.		671,308		2,502,215
Standard Bank Group Ltd.		375,720		3,667,097
Tiger Brands Ltd.		27,564		328,670
Vodacom Group Ltd.		119,982		1,146,191
Woolworths Holdings Ltd.		412,439		1,424,979
				73,163,319
South Korea — 1.3%
Alteogen Inc.(b)		10,281		417,510
Amorepacific Corp.		10,944		1,427,331
AMOREPACIFIC Group		12,779		439,736
BGF retail Co. Ltd.		4,415		598,065
Celltrion Healthcare Co. Ltd.		24,815		1,311,086
Celltrion Inc.		28,533		3,626,377
CJ CheilJedang Corp.(a)		4,056		1,176,462
CJ Corp.		13,534		904,622
CJ ENM Co. Ltd.		5,890		610,659
CJ Logistics Corp.(b)		999		97,012
Coway Co. Ltd.(a)		20,661		1,190,319
DB Insurance Co. Ltd.(a)		8,850		443,297
Doosan Heavy Industries & Construction Co. Ltd.(a)(b)		86,667		1,303,304
Douzone Bizon Co. Ltd.		9,014		399,546

22 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Ecopro BM Co. Ltd.		3,460	$	983,098
GS Engineering & Construction Corp.		38,591		1,284,252
Hana Financial Group Inc.		106,002		3,993,984
Hankook Tire & Technology Co. Ltd.		33,499		945,917
Hanmi Pharm Co. Ltd.		2,917		602,062
Hanwha Solutions Corp.(b)		32,958		899,476
HLB Inc.(b)		34,283		919,390
HMM Co. Ltd.(b)		83,017		1,545,613
Hotel Shilla Co. Ltd.		7,699		466,961
HYBE Co. Ltd.(b)		4,932		998,511
Hyundai Engineering & Construction Co. Ltd.		16,025		573,891
Hyundai Glovis Co. Ltd.		7,974		1,090,931
Hyundai Heavy Industries Holdings Co. Ltd.		26,025		1,049,329
Hyundai Mobis Co. Ltd.		19,102		3,749,769
Hyundai Motor Co.		47,120		7,594,750
Hyundai Steel Co.		38,933		1,285,882
Kakao Corp.(a)(b)		78,675		5,682,826
Kakao Games Corp.(b)		10,325		580,232
Kangwon Land Inc.(b)		26,358		554,200
KB Financial Group Inc.		105,773		5,242,075
Kia Corp.		74,239		5,176,367
Korea Aerospace Industries Ltd.		29,765		894,887
Korea Electric Power Corp.(b)		77,949		1,340,270
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)(b)		14,876		1,005,652
Korea Zinc Co. Ltd.		3,699		1,573,473
Korean Air Lines Co. Ltd.(b)		37,881		914,732
Krafton Inc.(a)(b)		6,515		1,509,513
KT&G Corp.(a)(b)		34,567		2,232,884
Kumho Petrochemical Co. Ltd.		5,401		670,499
L&F Co. Ltd.(b)		7,464		1,103,141
LG Chem Ltd.		13,737		7,363,860
LG Corp.		29,208		1,806,266
LG Display Co. Ltd.(a)		87,538		1,472,175
LG Electronics Inc.		33,089		3,594,871
LG Household & Health Care Ltd.		3,084		2,508,673
LG Innotek Co. Ltd.		3,666		1,102,181
LG Uplus Corp.		33,394		363,882
Lotte Chemical Corp.		6,329		1,040,759
Lotte Shopping Co. Ltd.		4,367		293,519
Mirae Asset Securities Co. Ltd.(a)		250,334		1,793,194
NAVER Corp.		35,220		9,303,031
NCSoft Corp.		4,822		2,172,622
Netmarble Corp.(c)		7,710		713,866
Orion Corp./Republic of Korea		11,762		962,440
Pearl Abyss Corp.(b)		9,872		787,571
POSCO		20,056		4,486,395
POSCO Chemical Co. Ltd.		7,381		693,870
Samsung Biologics Co. Ltd.(b)(c)		5,225		3,234,688
Samsung C&T Corp.		28,112		2,543,225
Samsung Electro-Mechanics Co. Ltd.		11,547		1,756,737
Samsung Electronics Co. Ltd.		1,319,625		82,079,459
Samsung Engineering Co. Ltd.(b)		41,262		755,036
Samsung Fire & Marine Insurance Co. Ltd.(a)		12,661		2,116,303
Samsung Heavy Industries Co. Ltd.(b)		134,937		586,516
Samsung SDI Co. Ltd.		16,115		7,997,612
Samsung SDS Co. Ltd.		7,375		875,448
Seegene Inc.		10,303		464,938
Shin Poong Pharmaceutical Co. Ltd.		8,466		171,332
Shinhan Financial Group Co. Ltd.		109,845		3,518,244

Security	Shares		Value
South Korea (continued)
SK Biopharmaceuticals Co. Ltd.(b)		7,816	$	498,940
SK Bioscience Co. Ltd.(b)		6,913		946,201
SK Chemicals Co. Ltd.		3,504		370,928
SK Hynix Inc.		154,408		15,982,425
SK Inc.(a)		10,061		1,862,485
SK Innovation Co. Ltd.(b)		15,520		2,848,354
SK Square Co. Ltd.(b)		13,843		631,576
SK Telecom Co. Ltd.		19,767		940,812
SKC Co. Ltd.		6,669		802,880
S-Oil Corp.		10,351		785,780
Woori Financial Group Inc.		108,196		1,331,067
				243,970,054
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		71,915		1,815,609
Aena SME SA(b)(c)		16,895		2,729,938
Amadeus IT Group SA(b)		126,720		8,713,293
Banco Bilbao Vizcaya Argentaria SA		1,772,446		11,316,412
Banco Santander SA		4,622,162		16,208,082
CaixaBank SA		1,183,798		3,808,728
Cellnex Telecom SA(c)		117,318		5,319,854
EDP Renovaveis SA		43,087		905,752
Enagas SA		14,013		302,990
Endesa SA		92,259		2,065,548
Ferrovial SA		169,819		4,719,025
Grifols SA		95,881		1,690,796
Iberdrola SA		1,618,385		18,554,881
Iberdrola SA		25,298		288,758
Industria de Diseno Textil SA		299,988		9,098,455
Naturgy Energy Group SA(a)		58,919		1,865,511
Red Electrica Corp. SA		116,669		2,351,839
Repsol SA		469,241		5,962,928
Siemens Gamesa Renewable Energy SA(a)(b)		61,488		1,330,469
Telefonica SA		1,449,961		6,759,092
				105,807,960
Sweden — 0.9%
Alfa Laval AB		70,886		2,394,614
Assa Abloy AB, Class B		282,877		7,745,763
Atlas Copco AB, Class A		206,912		12,246,301
Atlas Copco AB, Class B		99,437		5,085,484
Boliden AB		90,892		3,680,447
Electrolux AB, Class B		89,695		1,866,301
Embracer Group AB(a)(b)		154,133		1,546,467
Epiroc AB, Class A		311,761		6,652,707
EQT AB		84,709		3,319,452
Essity AB, Class B		168,485		4,749,656
Evolution AB(c)		49,775		6,192,862
Fastighets AB Balder, Class B(b)		24,912		1,650,391
Getinge AB, Class B		59,071		2,309,415
H & M Hennes & Mauritz AB, Class B		214,650		4,273,863
Hexagon AB, Class B		614,350		8,286,395
Husqvarna AB, Class B		84,842		1,179,640
Industrivarden AB, Class A		10,957		346,372
Industrivarden AB, Class C		35,891		1,114,795
Investment AB Latour, Class B		32,156		1,000,501
Investor AB, Class B		581,972		12,635,733
Kinnevik AB, Class B(b)		67,387		2,014,104
L E Lundbergforetagen AB, Class B		15,050		769,003
Lifco AB, Class B		56,881		1,333,305
Lundin Energy AB		68,059		2,767,815

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Nibe Industrier AB, Class B		406,810	$	3,866,549
Sagax AB, Class B		47,846		1,396,634
Sandvik AB		328,675		8,655,498
Securitas AB, Class B		36,543		441,375
Sinch AB(a)(b)(c)		155,521		1,598,900
Skandinaviska Enskilda Banken AB, Class A		447,763		5,788,161
Skanska AB, Class B		70,581		1,728,025
SKF AB, Class B		132,990		2,915,424
Svenska Cellulosa AB SCA, Class B		158,916		2,767,305
Svenska Handelsbanken AB, Class A		312,057		3,325,765
Swedbank AB, Class A		250,480		4,903,949
Swedish Match AB		426,069		3,296,616
Tele2 AB, Class B		105,040		1,528,338
Telefonaktiebolaget LM Ericsson, Class B		827,649		10,334,103
Telia Co. AB		759,922		2,995,153
Volvo AB, Class B		416,570		9,400,493
				160,103,674
Switzerland — 2.5%
ABB Ltd., Registered		478,198		16,579,975
Adecco Group AG, Registered		48,471		2,308,829
Alcon Inc.		141,100		10,880,025
Bachem Holding AG, Class B, Registered		1,569		935,926
Baloise Holding AG, Registered		8,110		1,420,681
Barry Callebaut AG, Registered		707		1,623,009
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		341		3,957,425
Chocoladefabriken Lindt & Spruengli AG, Registered		12		1,381,752
Cie. Financiere Richemont SA, Class A, Registered		148,526		21,585,848
Clariant AG, Registered		36,836		780,742
Coca-Cola HBC AG, Class DI		69,313		2,295,689
Credit Suisse Group AG, Registered		623,751		5,929,009
EMS-Chemie Holding AG, Registered		1,756		1,776,161
Geberit AG, Registered		11,309		7,683,675
Givaudan SA, Registered		2,422		10,034,163
Holcim Ltd.		138,550		7,509,586
Julius Baer Group Ltd.		76,155		4,976,705
Kuehne + Nagel International AG, Registered		16,200		4,574,669
Logitech International SA, Registered		47,101		3,957,875
Lonza Group AG, Registered		21,863		15,073,268
Nestle SA, Registered		781,222		100,885,670
Novartis AG, Registered		608,195		52,845,753
Partners Group Holding AG		6,073		8,466,962
Roche Holding AG, Bearer		568		233,900
Roche Holding AG, NVS		196,838		76,176,139
Schindler Holding AG, Participation Certificates, NVS		10,522		2,640,853
Schindler Holding AG, Registered		9,767		2,450,275
SGS SA, Registered		1,508		4,300,170
Siemens Energy AG(b)		110,743		2,490,926
Sika AG, Registered		40,775		14,266,116
Sonova Holding AG, Registered		16,390		5,838,773
Straumann Holding AG, Registered		2,503		4,147,680
Swatch Group AG (The), Bearer		10,864		3,169,269
Swiss Life Holding AG, Registered		6,963		4,481,454
Swiss Prime Site AG, Registered		29,137		2,880,963
Swiss Re AG		82,050		8,939,992
Swisscom AG, Registered		7,826		4,473,145
Temenos AG, Registered		22,870		2,741,307
UBS Group AG, Registered		1,011,398		18,760,974
VAT Group AG(c)		6,713		2,737,611
Vifor Pharma AG		14,202		2,515,842

Security	Shares		Value
Switzerland (continued)
Zurich Insurance Group AG		42,117	$	20,144,908
				470,853,694
Taiwan — 1.8%
Accton Technology Corp.		163,000		1,574,035
Acer Inc.		1,549,000		1,606,436
Advantech Co. Ltd.		116,388		1,613,173
Airtac International Group		36,393		1,277,723
ASE Technology Holding Co. Ltd.		1,004,873		3,659,839
Asia Cement Corp.		352,000		563,967
ASMedia Technology Inc.		11,000		634,264
Asustek Computer Inc.		188,000		2,457,816
AU Optronics Corp.		2,384,000		1,772,331
Catcher Technology Co. Ltd.		155,000		873,398
Cathay Financial Holding Co. Ltd.		2,623,357		6,084,998
Chailease Holding Co. Ltd.		310,644		2,849,331
Chang Hwa Commercial Bank Ltd.		3,745,319		2,397,280
China Development Financial Holding Corp.		4,456,000		2,972,463
China Steel Corp.		3,057,305		3,741,554
Chunghwa Telecom Co. Ltd.		1,042,140		4,429,116
CTBC Financial Holding Co. Ltd.		4,299,142		4,321,967
Delta Electronics Inc.		467,000		4,607,162
E.Sun Financial Holding Co. Ltd.		4,320,651		4,543,555
Eclat Textile Co. Ltd.		51,000		1,131,408
eMemory Technology Inc.		19,000		1,109,220
Evergreen Marine Corp. Taiwan Ltd.		689,000		2,923,240
Far EasTone Telecommunications Co. Ltd.		596,000		1,396,938
Feng TAY Enterprise Co. Ltd.		91,800		752,867
First Financial Holding Co. Ltd.		2,920,018		2,659,024
Formosa Chemicals & Fibre Corp.		818,000		2,344,854
Formosa Plastics Corp.		1,187,160		4,552,130
Fubon Financial Holding Co. Ltd.		1,894,971		5,229,199
Giant Manufacturing Co. Ltd.		91,000		1,053,990
Globalwafers Co. Ltd.		62,000		1,769,420
Hiwin Technologies Corp.		57,379		555,559
Hon Hai Precision Industry Co. Ltd.		3,412,000		12,757,218
Hotai Motor Co. Ltd.		85,000		1,861,498
Hua Nan Financial Holdings Co. Ltd.		2,330,445		1,846,544
Innolux Corp.		2,468,000		1,550,179
Largan Precision Co. Ltd.		24,000		1,778,508
Lite-On Technology Corp.		551,000		1,272,592
MediaTek Inc.		379,000		15,053,573
Mega Financial Holding Co. Ltd.		2,810,287		3,761,226
Micro-Star International Co. Ltd.		243,000		1,359,192
momo.com Inc.		15,000		612,944
Nan Ya Plastics Corp.		1,857,830		5,866,551
Nan Ya Printed Circuit Board Corp.		74,000		1,299,464
Nanya Technology Corp.		305,000		810,237
Novatek Microelectronics Corp.		162,000		2,848,972
Oneness Biotech Co. Ltd.(b)		78,000		670,238
Parade Technologies Ltd.		22,000		1,624,243
Pegatron Corp.		382,000		960,230
President Chain Store Corp.		114,000		1,088,828
Quanta Computer Inc.		654,000		2,213,586
Realtek Semiconductor Corp.		153,000		2,968,222
Shanghai Commercial & Savings Bank Ltd. (The)		564,000		951,523
SinoPac Financial Holdings Co. Ltd.		4,084,842		2,444,019
Taishin Financial Holding Co. Ltd.		4,762,225		3,405,628
Taiwan Cement Corp.		1,055,013		1,794,289
Taiwan Cooperative Financial Holding Co. Ltd.		3,117,561		2,991,177
Taiwan High Speed Rail Corp.		343,000		353,327

24 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Taiwan Mobile Co. Ltd.		596,000	$	2,142,265
Taiwan Semiconductor Manufacturing Co. Ltd.		6,747,000		156,004,043
Unimicron Technology Corp.		337,000		2,526,402
Uni-President Enterprises Corp.		1,505,600		3,690,181
United Microelectronics Corp.		3,296,000		6,886,330
Vanguard International Semiconductor Corp.		266,000		1,283,159
Voltronic Power Technology Corp.		16,000		824,565
Wan Hai Lines Ltd.		189,000		1,036,059
Win Semiconductors Corp.		94,000		1,164,499
Winbond Electronics Corp.		857,000		956,505
Wistron Corp.		600,000		681,999
Wiwynn Corp.		31,000		1,136,416
Yageo Corp.		110,000		1,874,703
Yang Ming Marine Transport Corp.(b)		496,000		1,837,141
Yuanta Financial Holding Co. Ltd.		2,396,840		2,203,724
Zhen Ding Technology Holding Ltd.		198,000		682,533
				336,532,789
Thailand — 0.2%
Advanced Info Service PCL, NVDR		349,900		2,324,225
Airports of Thailand PCL, NVDR(a)(b)		1,205,400		2,321,788
B Grimm Power PCL, NVDR(a)		234,700		251,651
Bangkok Dusit Medical Services PCL, NVDR		4,289,100		2,896,542
Bangkok Expressway & Metro PCL, NVDR		5,264,600		1,302,249
BTS Group Holdings PCL, NVDR		2,854,900		792,148
Central Pattana PCL, NVDR		1,096,800		1,802,641
Charoen Pokphand Foods PCL, NVDR(a)		2,595,400		1,978,091
CP ALL PCL, NVDR		1,339,000		2,538,358
Delta Electronics Thailand PCL, NVDR		102,800		1,088,914
Electricity Generating PCL, NVDR		94,600		484,989
Energy Absolute PCL, NVDR		655,500		1,767,833
Global Power Synergy PCL, NVDR		233,500		552,983
Gulf Energy Development PCL, NVDR		1,005,556		1,492,355
Indorama Ventures PCL, NVDR		885,033		1,275,108
Intouch Holdings PCL, NVDR		743,800		1,722,887
Muangthai Capital PCL, NVDR(a)		310,100		527,494
Osotspa PCL, NVDR		215,900		210,015
PTT Exploration & Production PCL, NVDR		382,700		1,502,027
PTT Global Chemical PCL, NVDR		636,000		1,090,703
PTT PCL, NVDR		2,596,200		3,065,127
Ratch Group PCL, NVDR		548,700		735,653
Siam Cement PCL (The), NVDR		207,500		2,410,314
Srisawad Corp. PCL, NVDR		307,000		559,093
True Corp. PCL, NVDR		3,299,700		480,395
				35,173,583
Turkey — 0.0%
Akbank TAS		876,529		528,092
Aselsan Elektronik Sanayi Ve Ticaret AS		382,594		620,411
BIM Birlesik Magazalar AS		201,475		1,064,077
Eregli Demir ve Celik Fabrikalari TAS		482,847		988,875
Turkcell Iletisim Hizmetleri AS		275,729		388,860
Turkiye Garanti Bankasi AS		668,946		599,613
Turkiye Petrol Rafinerileri AS(b)		54,339		698,398
				4,888,326
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		1,464,262		3,584,807
Aldar Properties PJSC		2,020,605		2,280,416
Emaar Properties PJSC		1,620,215		2,158,903
Emirates NBD Bank PJSC		702,479		2,562,051
Emirates Telecommunications Group Co. PJSC		796,973		7,176,969

Security	Shares		Value
United Arab Emirates (continued)
First Abu Dhabi Bank PJSC		801,907	$	4,366,437
				22,129,583
United Kingdom — 3.7%
3i Group PLC		327,412		6,097,656
Abrdn PLC		731,775		2,393,186
Admiral Group PLC		51,487		2,189,264
Amcor PLC		443,301		5,324,045
Anglo American PLC		310,294		13,679,460
Antofagasta PLC		136,349		2,480,370
Aptiv PLC(b)		77,060		10,524,855
Ashtead Group PLC		142,003		10,157,188
Associated British Foods PLC		100,980		2,665,458
AstraZeneca PLC		431,735		50,222,841
Auto Trader Group PLC(c)		299,307		2,712,211
AVEVA Group PLC		38,803		1,539,774
Aviva PLC		878,530		5,186,840
BAE Systems PLC		934,530		7,313,401
Barclays PLC		4,441,524		11,915,799
Barratt Developments PLC		299,268		2,489,023
Berkeley Group Holdings PLC		45,172		2,577,966
BP PLC		5,657,894		29,330,080
British American Tobacco PLC		597,720		25,519,641
British Land Co. PLC (The)		323,556		2,419,400
BT Group PLC		2,339,064		6,195,410
Bunzl PLC		79,431		2,975,244
Burberry Group PLC		130,932		3,321,606
Clarivate PLC(a)(b)		97,814		1,610,018
Coca-Cola Europacific Partners PLC		60,984		3,485,236
Compass Group PLC		461,209		10,482,185
Croda International PLC		28,534		3,081,614
DCC PLC		26,118		2,196,093
Diageo PLC		629,018		31,741,102
Entain PLC(b)		173,638		3,759,149
Evraz PLC		112,445		763,908
Experian PLC		270,428		11,295,205
Ferguson PLC		68,220		10,730,352
GlaxoSmithKline PLC		1,361,059		30,373,373
Halma PLC		73,992		2,507,860
Hargreaves Lansdown PLC		85,738		1,556,635
Hikma Pharmaceuticals PLC		37,162		1,043,997
HSBC Holdings PLC		5,651,008		40,220,136
Imperial Brands PLC		268,974		6,377,334
Informa PLC(b)		320,552		2,424,773
InterContinental Hotels Group PLC(b)		30,012		1,982,994
Intertek Group PLC		51,644		3,747,828
J Sainsbury PLC		630,105		2,476,027
JD Sports Fashion PLC		646,371		1,657,403
Johnson Matthey PLC		64,377		1,700,112
Kingfisher PLC		661,443		2,966,145
Land Securities Group PLC		245,489		2,636,659
Legal & General Group PLC		1,790,524		7,000,873
Lloyds Banking Group PLC		19,501,333		13,533,356
London Stock Exchange Group PLC		93,494		9,154,317
M&G PLC		627,365		1,836,119
Melrose Industries PLC		1,319,878		2,688,612
Mondi PLC		85,384		2,136,238
National Grid PLC		925,628		13,544,637
Natwest Group PLC		1,371,492		4,507,794
Next PLC		41,636		4,242,112
NMC Health PLC(b)(d)		19,275		—

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Ocado Group PLC(b)		136,107	$	2,773,258
Pearson PLC		236,149		1,971,713
Persimmon PLC		93,636		3,050,613
Prudential PLC		721,637		12,163,713
Reckitt Benckiser Group PLC		195,667		15,853,352
RELX PLC		555,522		17,088,070
Rentokil Initial PLC		465,465		3,259,528
Rolls-Royce Holdings PLC(b)		2,345,234		3,676,108
Royalty Pharma PLC, Class A		80,246		3,210,642
Sage Group PLC (The)		217,164		2,122,121
Schroders PLC		21,525		986,938
Segro PLC		274,646		4,841,940
Sensata Technologies Holding PLC(b)		39,847		2,285,624
Severn Trent PLC		94,376		3,664,080
Shell PLC		2,162,833		55,560,398
Smith & Nephew PLC		261,928		4,454,602
Smiths Group PLC		92,171		1,942,742
Spirax-Sarco Engineering PLC		17,693		3,189,264
SSE PLC		296,514		6,379,801
St. James’s Place PLC		230,908		4,766,503
Standard Chartered PLC		771,120		5,615,873
Taylor Wimpey PLC		1,102,767		2,262,389
Tesco PLC		2,020,559		8,115,922
Unilever PLC		720,818		36,964,879
United Utilities Group PLC		140,219		2,022,781
Vodafone Group PLC		7,432,222		13,049,974
Whitbread PLC(b)		45,734		1,881,843
WPP PLC		366,282		5,743,491
				677,589,076
United States — 59.8%
10X Genomics Inc., Class A(a)(b)		22,050		2,122,754
3M Co.		160,668		26,674,101
A O Smith Corp.		31,842		2,433,366
Abbott Laboratories		491,432		62,637,923
AbbVie Inc.		492,683		67,443,376
ABIOMED Inc.(b)		13,370		3,955,782
Accenture PLC, Class A		175,303		61,983,635
Activision Blizzard Inc.		214,174		16,921,888
Adobe Inc.(b)		132,264		70,668,655
Advance Auto Parts Inc.		19,190		4,442,677
Advanced Micro Devices Inc.(b)		338,652		38,690,991
AES Corp. (The)		198,726		4,407,743
Affirm Holdings Inc.(a)(b)		25,410		1,628,019
Aflac Inc.		183,069		11,500,395
Agilent Technologies Inc.		83,126		11,581,114
AGNC Investment Corp.		133,360		1,985,730
Air Products and Chemicals Inc.		63,077		17,795,283
Airbnb Inc., Class A(b)		64,706		9,962,783
Akamai Technologies Inc.(b)		48,096		5,509,397
Albemarle Corp.		33,580		7,412,449
Alexandria Real Estate Equities Inc.		29,501		5,747,975
Align Technology Inc.(b)		21,202		10,494,142
Alleghany Corp.(b)		4,212		2,796,768
Allegion PLC		21,680		2,660,786
Alliant Energy Corp.		76,696		4,591,023
Allstate Corp. (The)		82,932		10,007,404
Ally Financial Inc.		83,476		3,983,475
Alnylam Pharmaceuticals Inc.(b)		34,683		4,772,381
Alphabet Inc., Class A(b)		82,593		223,502,440
Alphabet Inc., Class C, NVS(b)		79,452		215,630,344

Security	Shares		Value
United States (continued)
Altria Group Inc.		514,868	$	26,196,484
Amazon.com Inc.(b)		125,513		375,468,374
AMC Entertainment Holdings Inc., Class A(a)(b)		146,059		2,345,708
AMERCO		2,764		1,683,138
Ameren Corp.		74,141		6,579,272
American Electric Power Co. Inc.		139,139		12,578,166
American Express Co.		179,326		32,246,401
American Financial Group Inc./OH		22,146		2,885,181
American International Group Inc.		240,019		13,861,097
American Tower Corp.		127,518		32,070,777
American Water Works Co. Inc.		53,811		8,652,809
Ameriprise Financial Inc.		31,754		9,663,060
AmerisourceBergen Corp.		45,563		6,205,681
AMETEK Inc.		67,619		9,248,251
Amgen Inc.		158,389		35,976,477
Amphenol Corp., Class A		171,950		13,685,500
Analog Devices Inc.		152,589		25,020,018
Annaly Capital Management Inc.		334,002		2,638,616
ANSYS Inc.(b)		20,513		6,974,625
Anthem Inc.		68,258		30,101,095
Aon PLC, Class A		64,498		17,829,827
Apollo Global Management Inc.		102,278		7,159,460
Apple Inc.		4,559,565		796,920,771
Applied Materials Inc.		253,502		35,028,906
Aramark		53,861		1,846,894
Arch Capital Group Ltd.(b)		100,832		4,670,538
Archer-Daniels-Midland Co.		161,877		12,140,775
Arista Networks Inc.(b)		66,514		8,268,355
Arrow Electronics Inc.(b)		20,228		2,508,272
Arthur J Gallagher & Co.		45,632		7,207,118
Asana Inc., Class A(b)		20,164		1,058,207
Assurant Inc.		13,665		2,084,049
AT&T Inc.		1,925,277		49,094,563
Atmos Energy Corp.		34,414		3,689,869
Autodesk Inc.(b)		62,330		15,569,411
Automatic Data Processing Inc.		119,158		24,566,805
AutoZone Inc.(b)		6,139		12,194,203
Avalara Inc.(a)(b)		25,541		2,799,804
AvalonBay Communities Inc.		40,279		9,837,340
Avantor Inc.(b)		135,024		5,040,446
Avery Dennison Corp.		17,334		3,560,750
Baker Hughes Co.		209,681		5,753,647
Ball Corp.		92,373		8,969,418
Bank of America Corp.		2,088,076		96,343,827
Bank of New York Mellon Corp. (The)		233,909		13,861,447
Bath & Body Works Inc.		72,015		4,037,881
Baxter International Inc.		140,394		11,995,263
Becton Dickinson and Co.		80,529		20,465,640
Bentley Systems Inc., Class B		50,367		2,023,242
Berkshire Hathaway Inc., Class B(b)		365,761		114,490,508
Best Buy Co. Inc.		64,136		6,367,422
Bill.com Holdings Inc.(b)		20,962		3,945,258
Biogen Inc.(b)		41,214		9,314,364
BioMarin Pharmaceutical Inc.(b)		53,446		4,736,919
Bio-Rad Laboratories Inc., Class A(b)		6,812		4,085,361
Bio-Techne Corp.		9,929		3,737,375
Black Knight Inc.(b)		37,846		2,823,312
BlackRock Inc.(f)		42,915		35,316,470
Blackstone Inc., NVS		179,527		23,692,178
Block Inc.		22,726		2,593,618

26 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Block Inc.(b)		110,585	$	13,523,440
Boeing Co. (The)(b)		153,588		30,754,461
Booking Holdings Inc.(b)		11,484		28,206,197
Booz Allen Hamilton Holding Corp.		40,384		3,098,664
BorgWarner Inc.		69,825		3,061,826
Boston Properties Inc.		45,416		5,090,225
Boston Scientific Corp.(b)		403,717		17,319,459
Bristol-Myers Squibb Co.		623,053		40,429,909
Broadcom Inc.		113,862		66,709,469
Broadridge Financial Solutions Inc.		27,953		4,450,677
Brown & Brown Inc.		71,342		4,728,548
Brown-Forman Corp., Class B, NVS		90,943		6,132,286
Bunge Ltd.		37,710		3,728,011
Burlington Stores Inc.(b)		19,643		4,654,016
Cable One Inc.		1,511		2,334,087
Cadence Design Systems Inc.(b)		79,969		12,166,484
Caesars Entertainment Inc.(b)		59,869		4,558,426
Camden Property Trust		28,120		4,501,731
Campbell Soup Co.		47,053		2,075,978
Capital One Financial Corp.		126,166		18,512,337
Cardinal Health Inc.		83,493		4,305,734
Carlyle Group Inc. (The)		36,255		1,850,818
CarMax Inc.(a)(b)		47,014		5,226,546
Carnival Corp.(b)		222,937		4,416,382
Carrier Global Corp.		238,983		11,394,709
Carvana Co., Class A(a)(b)		21,760		3,526,426
Catalent Inc.(b)		46,339		4,816,012
Caterpillar Inc.		153,834		31,006,781
Cboe Global Markets Inc.		34,099		4,041,754
CBRE Group Inc., Class A(b)		97,283		9,858,659
CDW Corp./DE		34,460		6,514,663
Celanese Corp.		32,093		4,997,201
Centene Corp.(b)		165,129		12,840,431
CenterPoint Energy Inc.		112,355		3,186,388
Ceridian HCM Holding Inc.(b)		37,710		2,859,172
Cerner Corp.		84,087		7,668,734
CF Industries Holdings Inc.		63,150		4,349,141
CH Robinson Worldwide Inc.		37,677		3,942,898
Charles River Laboratories International Inc.(b)		12,901		4,254,234
Charles Schwab Corp. (The)		386,976		33,937,795
Charter Communications Inc., Class A(a)(b)		36,266		21,518,068
Cheniere Energy Inc.		67,368		7,538,479
Chevron Corp.		537,935		70,647,004
Chewy Inc., Class A(a)(b)		26,989		1,284,946
Chipotle Mexican Grill Inc.(b)		7,845		11,654,375
Chubb Ltd.		123,482		24,360,529
Church & Dwight Co. Inc.		72,880		7,481,132
Cigna Corp.		95,204		21,940,714
Cincinnati Financial Corp.		38,152		4,495,450
Cintas Corp.		22,578		8,839,964
Cisco Systems Inc.		1,170,167		65,143,197
Citigroup Inc.		548,452		35,715,194
Citizens Financial Group Inc.		125,498		6,459,382
Citrix Systems Inc.		34,607		3,527,838
Clorox Co. (The)		37,210		6,246,071
Cloudflare Inc., Class A(b)		67,874		6,543,054
CME Group Inc.		101,877		23,380,771
CMS Energy Corp.		83,550		5,378,949
Coca-Cola Co. (The)		1,129,045		68,883,035
Cognex Corp.		41,622		2,766,198

Security	Shares		Value
United States (continued)
Cognizant Technology Solutions Corp., Class A		149,196	$	12,744,322
Coinbase Global Inc., Class A(b)		10,276		1,953,981
Colgate-Palmolive Co.		200,498		16,531,060
Comcast Corp., Class A		1,267,281		63,351,377
Conagra Brands Inc.		145,498		5,057,510
ConocoPhillips		372,057		32,971,691
Consolidated Edison Inc.		92,457		7,992,908
Constellation Brands Inc., Class A		47,735		11,348,996
Cooper Companies Inc. (The)		11,771		4,688,389
Copart Inc.(b)		59,287		7,662,845
Corning Inc.		221,806		9,324,724
Corteva Inc.		211,549		10,171,276
CoStar Group Inc.(b)		112,709		7,907,663
Costco Wholesale Corp.		123,370		62,317,888
Coterra Energy Inc.		204,677		4,482,426
Coupa Software Inc.(b)		20,138		2,703,929
Crowdstrike Holdings Inc., Class A(a)(b)		53,428		9,651,234
Crown Castle International Corp.		121,913		22,250,342
Crown Holdings Inc.		30,046		3,437,262
CSX Corp.		637,494		21,815,045
Cummins Inc.		41,039		9,064,694
CVS Health Corp.		368,254		39,222,734
Danaher Corp.		179,230		51,222,142
Darden Restaurants Inc.		37,547		5,251,699
Datadog Inc., Class A(b)		53,912		7,877,082
DaVita Inc.(b)		20,575		2,229,713
Deere & Co.		78,234		29,447,278
Dell Technologies Inc., Class C(b)		69,895		3,970,735
Delta Air Lines Inc.(b)		45,696		1,813,674
DENTSPLY SIRONA Inc.		65,630		3,505,955
Devon Energy Corp.		177,015		8,951,649
Dexcom Inc.(b)		27,261		11,735,315
Diamondback Energy Inc.		45,111		5,691,204
Digital Realty Trust Inc.		80,205		11,968,992
Discover Financial Services		84,317		9,759,693
Discovery Inc., Class A(a)(b)		48,454		1,352,351
Discovery Inc., Class C, NVS(b)		79,385		2,171,180
DISH Network Corp., Class A(b)		71,579		2,247,581
DocuSign Inc.(b)		54,891		6,903,641
Dollar General Corp.		66,602		13,885,185
Dollar Tree Inc.(b)		63,650		8,352,153
Dominion Energy Inc.		214,708		17,318,347
Domino’s Pizza Inc.		10,780		4,901,127
DoorDash Inc., Class A(a)(b)		29,419		3,338,762
Dover Corp.		42,400		7,204,184
Dow Inc.		216,289		12,918,942
DR Horton Inc.		97,648		8,712,155
DraftKings Inc., Class A(a)(b)		94,123		2,079,177
Dropbox Inc., Class A(b)		84,332		2,087,217
DTE Energy Co.		50,925		6,132,898
Duke Energy Corp.		209,043		21,962,058
Duke Realty Corp.		110,106		6,361,925
DuPont de Nemours Inc.		147,642		11,309,377
Dynatrace Inc.(a)(b)		59,466		3,262,305
Eastman Chemical Co.		28,901		3,437,196
Eaton Corp. PLC		108,588		17,203,597
eBay Inc.		184,495		11,082,615
Ecolab Inc.		71,895		13,620,508
Edison International		105,925		6,651,031
Edwards Lifesciences Corp.(b)		177,300		19,361,160

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) (continued) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Elanco Animal Health Inc.(b)		104,666	$	2,725,503
Electronic Arts Inc.		79,281		10,517,417
Eli Lilly & Co.		226,353		55,544,763
Emerson Electric Co.		170,936		15,717,565
Enphase Energy Inc.(b)		36,040		5,062,539
Entegris Inc.		33,935		4,066,770
Entergy Corp.		57,639		6,442,311
EOG Resources Inc.		150,411		16,767,818
EPAM Systems Inc.(b)		14,084		6,705,956
Equifax Inc.		35,350		8,475,516
Equinix Inc.		25,208		18,273,279
Equitable Holdings Inc.		110,276		3,709,685
Equity LifeStyle Properties Inc.		38,435		3,009,076
Equity Residential		102,719		9,114,257
Erie Indemnity Co., Class A, NVS		6,265		1,153,387
Essential Utilities Inc.		69,353		3,380,265
Essex Property Trust Inc.		19,197		6,383,002
Estee Lauder Companies Inc. (The), Class A		65,044		20,280,069
Etsy Inc.(b)		35,549		5,584,037
Everest Re Group Ltd.		12,563		3,560,354
Evergy Inc.		53,451		3,472,177
Eversource Energy		93,059		8,327,850
Exact Sciences Corp.(a)(b)		46,162		3,524,930
Exelon Corp.		277,924		16,105,696
Expedia Group Inc.(b)		39,877		7,309,055
Expeditors International of Washington Inc.		51,450		5,889,996
Extra Space Storage Inc.		39,220		7,773,012
Exxon Mobil Corp.		1,152,825		87,568,587
F5 Inc.(b)		18,025		3,742,351
FactSet Research Systems Inc.		7,982		3,367,526
Fair Isaac Corp.(b)		7,774		3,848,052
Fastenal Co.		165,508		9,380,993
FedEx Corp.		70,155		17,248,308
Fidelity National Financial Inc.		78,758		3,965,465
Fidelity National Information Services Inc.		172,484		20,684,281
Fifth Third Bancorp		202,953		9,057,792
First Republic Bank/CA		49,911		8,664,050
FirstEnergy Corp.		153,420		6,437,503
Fiserv Inc.(b)		164,100		17,345,370
FleetCor Technologies Inc.(b)		21,802		5,194,545
FMC Corp.		38,159		4,211,609
Ford Motor Co.		1,098,482		22,299,185
Fortinet Inc.(b)		40,107		11,921,405
Fortive Corp.		92,798		6,545,971
Fortune Brands Home & Security Inc.		32,707		3,080,018
Fox Corp., Class A, NVS		90,461		3,673,621
Franklin Resources Inc.		86,645		2,770,041
Freeport-McMoRan Inc.		419,198		15,602,550
Garmin Ltd.		35,457		4,411,560
Gartner Inc.(b)		24,813		7,292,293
Generac Holdings Inc.(b)		18,109		5,113,619
General Dynamics Corp.		60,200		12,768,420
General Electric Co.		305,230		28,838,130
General Mills Inc.		157,729		10,832,828
General Motors Co.(b)		364,308		19,209,961
Genuine Parts Co.		32,021		4,266,158
Gilead Sciences Inc.		352,356		24,199,810
Global Payments Inc.		81,954		12,283,266
Globe Life Inc.		24,025		2,457,758
GoDaddy Inc., Class A(b)		49,219		3,726,370

Security	Shares		Value
United States (continued)
Goldman Sachs Group Inc. (The)		94,020	$	33,347,014
Guidewire Software Inc.(a)(b)		25,140		2,535,118
Halliburton Co.		247,561		7,610,025
Hartford Financial Services Group Inc. (The)		99,973		7,185,060
Hasbro Inc.		37,379		3,456,810
HCA Healthcare Inc.		72,820		17,480,441
Healthpeak Properties Inc.		163,168		5,771,252
HEICO Corp.		13,594		1,854,086
HEICO Corp., Class A		15,260		1,674,022
Henry Schein Inc.(b)		31,436		2,367,131
Hershey Co. (The)		40,610		8,003,013
Hess Corp.		82,649		7,627,676
Hewlett Packard Enterprise Co.		382,918		6,253,051
Hilton Worldwide Holdings Inc.(b)		63,385		9,197,797
Hologic Inc.(b)		62,165		4,366,470
Home Depot Inc. (The)		291,918		107,128,068
Honeywell International Inc.		190,523		38,958,143
Hormel Foods Corp.		87,064		4,132,928
Host Hotels & Resorts Inc.(b)		207,647		3,600,599
Howmet Aerospace Inc.		117,103		3,640,732
HP Inc.		345,167		12,677,984
HubSpot Inc.(b)		12,486		6,103,157
Humana Inc.		35,582		13,965,935
Huntington Bancshares Inc./OH		272,252		4,100,115
Huntington Ingalls Industries Inc.		10,229		1,914,869
IAC/InterActiveCorp.(a)(b)		23,521		3,211,557
IDEX Corp.		15,643		3,370,128
IDEXX Laboratories Inc.(b)		24,669		12,514,584
IHS Markit Ltd.		105,981		12,377,521
Illinois Tool Works Inc.		87,738		20,523,673
Illumina Inc.(b)		41,441		14,455,450
Incyte Corp.(b)		54,347		4,039,613
Ingersoll Rand Inc.		105,745		5,943,926
Insulet Corp.(b)		18,565		4,604,120
Intel Corp.		1,125,216		54,933,045
Intercontinental Exchange Inc.		159,420		20,192,137
International Business Machines Corp.		250,458		33,453,675
International Flavors & Fragrances Inc.		69,508		9,169,495
International Paper Co.		110,510		5,332,108
Interpublic Group of Companies Inc. (The)		84,468		3,001,993
Intuit Inc.		75,842		42,109,754
Intuitive Surgical Inc.(b)		100,353		28,518,316
Invesco Ltd.		99,646		2,257,978
Invitation Homes Inc.		130,013		5,457,946
IPG Photonics Corp.(b)		10,858		1,677,235
IQVIA Holdings Inc.(b)		47,313		11,586,954
Iron Mountain Inc.		70,023		3,215,456
Jack Henry & Associates Inc.		18,555		3,113,715
Jacobs Engineering Group Inc.		36,253		4,719,416
Jazz Pharmaceuticals PLC(b)		17,116		2,377,584
JB Hunt Transport Services Inc.		18,954		3,649,403
JM Smucker Co. (The)		25,137		3,533,759
Johnson & Johnson		723,304		124,618,046
Johnson Controls International PLC		198,433		14,420,126
JPMorgan Chase & Co.		816,519		121,334,723
Juniper Networks Inc.		90,982		3,167,993
Kellogg Co.		50,574		3,186,162
Keurig Dr Pepper Inc.		157,714		5,985,246
KeyCorp.		287,576		7,206,655
Keysight Technologies Inc.(b)		51,490		8,692,542

28 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Kimberly-Clark Corp.		82,184	$	11,312,628
Kinder Morgan Inc.		567,308		9,848,467
KKR & Co. Inc.		149,814		10,660,764
KLA Corp.		43,779		17,041,851
Knight-Swift Transportation Holdings Inc.		36,533		2,067,037
Kraft Heinz Co. (The)		191,674		6,861,929
Kroger Co. (The)		205,396		8,953,212
L3Harris Technologies Inc.		57,128		11,956,319
Laboratory Corp. of America Holdings(b)		27,832		7,552,492
Lam Research Corp.		39,908		23,542,527
Las Vegas Sands Corp.(b)		96,997		4,248,469
Lear Corp.		11,587		1,938,737
Leidos Holdings Inc.		39,446		3,528,445
Lennar Corp., Class A		79,732		7,663,043
Lennox International Inc.		7,991		2,266,407
Liberty Broadband Corp., Class C, NVS(b)		40,550		6,018,025
Liberty Global PLC, Class A(b)		46,544		1,262,273
Liberty Global PLC, Class C, NVS(b)		99,613		2,693,536
Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)		62,064		3,738,115
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		19,338		894,383
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		39,932		1,858,036
Lincoln National Corp.		55,598		3,890,748
Live Nation Entertainment Inc.(b)		39,098		4,281,622
LKQ Corp.		86,317		4,737,940
Lockheed Martin Corp.		66,330		25,810,993
Loews Corp.		46,949		2,800,977
Lowe’s Companies Inc.		193,251		45,868,125
Lucid Group Inc.(a)(b)		115,122		3,383,436
Lululemon Athletica Inc.(b)		33,691		11,244,708
Lumen Technologies Inc.		277,902		3,434,869
Lyft Inc., Class A(b)		70,328		2,709,035
LyondellBasell Industries NV, Class A		77,817		7,527,238
M&T Bank Corp.		37,675		6,381,391
Marathon Petroleum Corp.		184,832		13,261,696
Markel Corp.(b)		3,368		4,151,868
MarketAxess Holdings Inc.		9,174		3,160,260
Marriott International Inc./MD, Class A(b)		79,554		12,817,740
Marsh & McLennan Companies Inc.		141,742		21,777,241
Martin Marietta Materials Inc.		18,279		7,112,724
Marvell Technology Inc.		229,399		16,379,089
Masco Corp.		76,773		4,862,034
Masimo Corp.(b)		14,272		3,137,985
Mastercard Inc., Class A		243,781		94,192,103
Match Group Inc.(b)		73,127		8,241,413
McCormick & Co. Inc./MD, NVS		72,872		7,309,790
McDonald’s Corp.		206,268		53,516,233
McKesson Corp.		45,254		11,617,607
Medical Properties Trust Inc.		135,273		3,078,813
Medtronic PLC		370,191		38,311,067
MercadoLibre Inc.(a)(b)		12,461		14,106,600
Merck & Co. Inc.		705,449		57,479,985
Meta Platforms Inc, Class A(b)		657,517		205,973,775
MetLife Inc.		209,854		14,072,809
Mettler-Toledo International Inc.(b)		5,898		8,685,867
MGM Resorts International		115,426		4,930,999
Microchip Technology Inc.		148,794		11,528,559
Micron Technology Inc.		315,270		25,937,263
Microsoft Corp.		1,968,700		612,226,326

Security	Shares		Value
United States (continued)
Mid-America Apartment Communities Inc.		34,406	$	7,111,032
Moderna Inc.(b)		95,749		16,213,178
Mohawk Industries Inc.(b)		17,752		2,802,508
Molina Healthcare Inc.(b)		14,876		4,321,180
Molson Coors Beverage Co., Class B		60,061		2,862,507
Mondelez International Inc., Class A		388,880		26,066,626
MongoDB Inc.(b)		16,427		6,654,742
Monolithic Power Systems Inc.		12,414		5,001,973
Monster Beverage Corp.(b)		111,310		9,652,803
Moody’s Corp.		46,888		16,082,584
Morgan Stanley		383,082		39,281,228
Mosaic Co. (The)		107,849		4,308,568
Motorola Solutions Inc.		47,381		10,989,549
MSCI Inc.		21,098		11,311,060
Nasdaq Inc.		25,073		4,493,332
NetApp Inc.		68,322		5,910,536
Netflix Inc.(b)		122,142		52,171,734
Neurocrine Biosciences Inc.(b)		25,760		2,035,555
Newell Brands Inc.		124,428		2,887,974
Newmont Corp.		221,674		13,559,799
News Corp., Class A, NVS		112,312		2,497,819
NextEra Energy Inc.		528,471		41,284,155
Nike Inc., Class B		354,764		52,529,905
NiSource Inc.		76,605		2,235,334
Nordson Corp.		14,784		3,437,871
Norfolk Southern Corp.		69,822		18,990,886
Northern Trust Corp.		58,645		6,840,353
Northrop Grumman Corp.		43,387		16,048,851
NortonLifeLock Inc.		172,236		4,479,858
Novavax Inc.(a)(b)		20,456		1,916,727
Novocure Ltd.(a)(b)		25,284		1,735,747
NRG Energy Inc.		72,125		2,879,951
Nuance Communications Inc.(b)		79,003		4,364,916
Nucor Corp.		84,063		8,523,988
NVIDIA Corp.		691,842		169,404,432
NVR Inc.(b)		792		4,219,158
O’Reilly Automotive Inc.(b)		19,170		12,494,047
Oak Street Health Inc.(a)(b)		31,139		541,196
Occidental Petroleum Corp.		269,004		10,133,381
Okta Inc.(a)(b)		35,807		7,085,847
Old Dominion Freight Line Inc.		22,929		6,922,953
Omnicom Group Inc.		62,796		4,732,307
ON Semiconductor Corp.(b)		104,622		6,172,698
ONEOK Inc.		132,097		8,015,646
Oracle Corp.		468,944		38,059,495
Otis Worldwide Corp.		98,160		8,385,809
Owens Corning		23,045		2,044,092
PACCAR Inc.		100,129		9,310,996
Packaging Corp. of America		21,915		3,301,056
Palantir Technologies Inc., Class A(b)		441,131		6,047,906
Palo Alto Networks Inc.(b)		27,731		14,348,019
Parker-Hannifin Corp.		37,669		11,677,767
Paychex Inc.		94,088		11,079,803
Paycom Software Inc.(b)		14,837		4,974,846
PayPal Holdings Inc.(b)		309,421		53,201,847
Peloton Interactive Inc., Class A(b)		77,433		2,116,244
Pentair PLC		53,785		3,426,105
PepsiCo Inc.		381,913		66,269,544
PerkinElmer Inc.		26,977		4,644,630
Pfizer Inc.		1,552,293		81,790,318

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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
PG&E Corp.(b)		413,739	$	5,291,722
Philip Morris International Inc.		419,138		43,108,343
Phillips 66		106,725		9,049,213
Pinterest Inc., Class A(b)		154,315		4,561,551
Pioneer Natural Resources Co.		59,873		13,105,601
Plug Power Inc.(a)(b)		146,435		3,202,533
PNC Financial Services Group Inc. (The)		119,505		24,616,835
Pool Corp.		10,803		5,144,929
PPG Industries Inc.		67,916		10,608,479
PPL Corp.		205,533		6,100,219
Principal Financial Group Inc.		75,076		5,485,053
Procter & Gamble Co. (The)		668,788		107,307,035
Progressive Corp. (The)		166,368		18,077,547
Prologis Inc.		205,415		32,213,180
Prudential Financial Inc.		108,048		12,054,915
PTC Inc.(b)		24,460		2,843,720
Public Service Enterprise Group Inc.		144,977		9,645,320
Public Storage		44,952		16,116,641
PulteGroup Inc.		77,250		4,070,303
Qorvo Inc.(b)		32,454		4,455,285
QUALCOMM Inc.		313,869		55,165,615
Quest Diagnostics Inc.		35,053		4,732,856
Raymond James Financial Inc.		36,204		3,832,917
Raytheon Technologies Corp.		418,356		37,731,528
Realty Income Corp.		137,297		9,529,785
Regency Centers Corp.		36,488		2,618,014
Regeneron Pharmaceuticals Inc.(b)		29,850		18,166,411
Regions Financial Corp.		288,243		6,612,294
Republic Services Inc.		62,311		7,954,622
ResMed Inc.		42,150		9,635,490
RingCentral Inc., Class A(b)		21,801		3,847,658
Rivian Automotive Inc., Class A(b)		46,848		3,079,788
Robert Half International Inc.		27,143		3,074,216
Robinhood Markets Inc., Class A(a)(b)		45,946		650,136
Rockwell Automation Inc.		32,413		9,374,488
Roku Inc., Class A(b)		32,363		5,309,150
Rollins Inc.		57,201		1,764,651
Roper Technologies Inc.		29,319		12,817,094
Ross Stores Inc.		101,744		9,945,476
Royal Caribbean Cruises Ltd.(b)		61,537		4,788,194
RPM International Inc.		31,596		2,799,722
S&P Global Inc.		67,202		27,903,614
salesforce.com Inc.(b)		271,382		63,131,595
SBA Communications Corp.		31,867		10,370,796
Schlumberger NV		382,772		14,954,902
Seagen Inc.(a)(b)		37,132		4,994,625
Sealed Air Corp.		37,856		2,571,180
SEI Investments Co.		26,177		1,534,234
Sempra Energy		80,363		11,102,952
ServiceNow Inc.(b)		55,887		32,737,487
Sherwin-Williams Co. (The)		70,022		20,062,003
Signature Bank/New York NY		16,238		4,946,582
Simon Property Group Inc.		89,660		13,197,952
Sirius XM Holdings Inc.(a)		312,768		1,989,204
Skyworks Solutions Inc.		47,429		6,949,297
Snap Inc., Class A, NVS(b)		296,953		9,662,851
Snap-on Inc.		13,063		2,720,370
Snowflake Inc., Class A(b)		59,254		16,348,179
SoFi Technologies Inc.(a)(b)		143,829		1,794,986
SolarEdge Technologies Inc.(b)		14,386		3,427,033

Security	Shares		Value
United States (continued)
Southern Co. (The)		297,373	$	20,664,450
Southwest Airlines Co.(b)		43,178		1,932,647
Splunk Inc.(b)		47,120		5,839,110
SS&C Technologies Holdings Inc.		63,966		5,108,964
Stanley Black & Decker Inc.		37,038		6,468,687
Starbucks Corp.		328,728		32,320,537
State Street Corp.		105,364		9,956,898
Steel Dynamics Inc.		47,245		2,623,042
Stryker Corp.		95,263		23,629,987
Sun Communities Inc.		24,143		4,562,061
Sunrun Inc.(a)(b)		52,282		1,355,672
SVB Financial Group(b)		16,013		9,349,991
Synchrony Financial		156,039		6,645,701
Synopsys Inc.(b)		36,381		11,296,300
Sysco Corp.		140,424		10,974,136
T-Mobile U.S. Inc.(b)		170,467		18,439,415
T Rowe Price Group Inc.		65,323		10,087,831
Take-Two Interactive Software Inc.(b)		32,806		5,358,532
Target Corp.		137,124		30,226,243
TE Connectivity Ltd.		91,329		13,060,960
Teladoc Health Inc.(b)		38,894		2,983,559
Teledyne Technologies Inc.(b)		12,184		5,134,703
Teleflex Inc.		10,003		3,102,831
Teradyne Inc.		47,399		5,566,065
Tesla Inc.(b)		232,502		217,789,273
Texas Instruments Inc.		257,259		46,175,418
Textron Inc.		62,700		4,267,362
Thermo Fisher Scientific Inc.		109,465		63,632,004
TJX Companies Inc. (The)		338,363		24,351,985
Tractor Supply Co.		31,791		6,940,293
Trade Desk Inc. (The), Class A(b)		123,236		8,569,831
Tradeweb Markets Inc., Class A		27,368		2,319,985
TransDigm Group Inc.(b)		14,853		9,152,270
TransUnion		55,707		5,744,506
Travelers Companies Inc. (The)		68,913		11,451,962
Trimble Inc.(b)		76,894		5,548,671
Truist Financial Corp.		371,895		23,362,444
Twilio Inc., Class A(b)		46,524		9,589,527
Twitter Inc.(b)		224,632		8,425,946
Tyler Technologies Inc.(b)		10,714		5,076,293
Tyson Foods Inc., Class A		85,436		7,765,278
U.S. Bancorp		381,908		22,223,227
Uber Technologies Inc.(b)		301,639		11,281,299
UDR Inc.		87,075		4,949,343
UGI Corp.		44,773		2,030,456
Ulta Beauty Inc.(b)		14,639		5,324,790
Union Pacific Corp.		181,170		44,305,123
United Parcel Service Inc., Class B		202,449		40,937,212
United Rentals Inc.(b)		21,788		6,974,775
UnitedHealth Group Inc.		260,234		122,978,781
Unity Software Inc.(a)(b)		16,879		1,774,827
Universal Health Services Inc., Class B		17,920		2,330,675
Upstart Holdings Inc.(b)		6,235		679,677
Vail Resorts Inc.		12,310		3,411,101
Valero Energy Corp.		119,258		9,894,836
Veeva Systems Inc., Class A(b)		39,506		9,344,749
Ventas Inc.		108,833		5,770,326
VeriSign Inc.(b)		30,066		6,529,734
Verisk Analytics Inc.		43,806		8,591,671
Verizon Communications Inc.		1,136,952		60,519,955

30 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Vertex Pharmaceuticals Inc.(b)		72,280	$	17,567,654
VF Corp.		94,181		6,141,543
ViacomCBS Inc., Class B, NVS		170,032		5,687,570
Viatris Inc.		348,085		5,210,832
VICI Properties Inc.		124,280		3,556,894
Visa Inc., Class A		463,285		104,781,168
Vistra Corp.		99,993		2,180,847
VMware Inc., Class A		54,150		6,957,192
Vornado Realty Trust		45,306		1,857,999
Vulcan Materials Co.		38,173		7,264,704
W R Berkley Corp.		40,599		3,430,616
Walmart Inc.		423,919		59,268,115
Walgreens Boots Alliance Inc.		209,062		10,402,925
Walt Disney Co. (The)(b)		502,759		71,879,454
Waste Management Inc.		117,883		17,734,319
Waters Corp.(b)		18,521		5,928,943
Wayfair Inc., Class A(a)(b)		20,372		3,176,402
WEC Energy Group Inc.		90,952		8,825,982
Wells Fargo & Co.		1,132,586		60,933,127
Welltower Inc.		118,308		10,249,022
West Pharmaceutical Services Inc.		21,471		8,442,827
Western Digital Corp.(b)		86,761		4,489,014
Western Union Co. (The)		128,441		2,428,819
Westinghouse Air Brake Technologies Corp.		50,177		4,460,735
Westrock Co.		78,213		3,610,312
Weyerhaeuser Co.		206,685		8,356,275
Whirlpool Corp.		19,388		4,075,164
Williams Companies Inc. (The)		295,604		8,850,384
Willis Towers Watson PLC		36,785		8,606,219
Workday Inc., Class A(b)		50,532		12,785,101
WP Carey Inc.		35,031		2,718,406
WW Grainger Inc.		12,884		6,378,997
Wynn Resorts Ltd.(b)		30,821		2,633,654
Xcel Energy Inc.		149,633		10,423,435
Xilinx Inc.		71,143		13,769,728
Xylem Inc./NY		54,967		5,772,634
Yum! Brands Inc.		84,343		10,557,213
Zebra Technologies Corp., Class A(b)		14,867		7,569,087
Zendesk Inc.(a)(b)		31,149		3,068,488
Zillow Group Inc., Class C, NVS(b)		46,833		2,364,130
Zimmer Biomet Holdings Inc.		57,823		7,113,385
Zoetis Inc.		132,317		26,435,613
Zoom Video Communications Inc., Class A(b)		60,547		9,341,191
ZoomInfo Technologies Inc.(b)		64,169		3,391,973
Zscaler Inc.(b)		23,663		6,083,994
				11,090,300,389
Total Common Stocks — 99.3% (Cost: $13,744,111,890)				18,416,109,029
Preferred Stocks
Brazil — 0.2%
Banco Bradesco SA, Preference Shares, NVS		1,603,379		6,884,435
Cia. Energetica de Minas Gerais, Preference Shares, NVS		474,532		1,173,350
Gerdau SA, Preference Shares, NVS		256,750		1,346,099
Itau Unibanco Holding SA, Preference Shares, NVS		1,255,764		5,990,189
Itausa SA, Preference Shares, NVS		1,390,531		2,668,408

Security	Shares		Value
Brazil (continued)
Petroleo Brasileiro SA, Preference Shares, NVS		1,667,537	$	10,158,909
				28,221,390
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		42,165		2,258,100
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		180,813		1,614,032
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,823		417,412
Fuchs Petrolub SE, Preference Shares, NVS		16,341		706,179
Henkel AG & Co. KGaA, Preference Shares, NVS		52,587		4,301,010
Porsche Automobil Holding SE, Preference Shares, NVS		45,405		4,252,129
Sartorius AG, Preference Shares, NVS		8,503		4,590,577
Volkswagen AG, Preference Shares, NVS(a)		61,666		12,843,313
				27,110,620
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		1,929,900		931,457
South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		244,058		13,727,593
Total Preferred Stocks — 0.4% (Cost: $58,705,920)				73,863,192
Rights
China — 0.0%
Citic Securities Co. Ltd. (Expires 02/23/22)(b)		90,525		35,759
South Korea — 0.0%
Doosan Heavy Industries & Construction Co. Ltd. (Expires 02/11/22)(a)(b)		9,806		13,829
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(b)(d)		67,617		33,842
Total Rights — 0.0% (Cost: $36,244)				83,430
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(f)(g)(h)		184,475,073		184,530,416
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		11,060,000		11,060,000
				195,590,416
Total Short-Term Investments — 1.1% (Cost: $195,507,275)				195,590,416
Total Investments in Securities — 100.8% (Cost: $13,998,361,329)				18,685,646,067
Other Assets, Less Liabilities — (0.8)%				(146,414,525	)
Net Assets — 100.0%			$	18,539,231,542

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) January 31, 2022 iShares^® MSCI ACWI ETF

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

^(b)  Non-income producing security.

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

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

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

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

^(h)  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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	121,480,560	$	63,075,843	(a)	$	—		$	(6,058	)	$	(19,929	)	$	184,530,416		184,475,073	$	500,949	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		29,600,000		—			(18,540,000	)(a)		—			—			11,060,000		11,060,000		659			—
BlackRock Inc.		34,020,813		5,314,617			(2,334,767	)		1,005,459			(2,689,652	)		35,316,470		42,915		313,773			—
									$	999,401		$	(2,709,581	)	$	230,906,886			$	815,381		$	—

^(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		81		03/18/22	$	9,053	$	(131,385	)
MSCI Emerging Markets Index		75		03/18/22		4,593		(7,100	)
S&P 500 E-Mini Index		102		03/18/22		22,972		(98,924	)
							$	(237,409	)

32 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI 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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	237,409

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	782,052
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(513,657	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$39,988,697

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
Investments
Assets
Common Stocks	$	12,107,866,704		$	6,308,242,324	$	1	$	18,416,109,029
Preferred Stocks		29,835,422			44,027,770		—		73,863,192
Rights		—			49,588		33,842		83,430
Money Market Funds		195,590,416			—		—		195,590,416
	$	12,333,292,542		$	6,352,319,682	$	33,843	$	18,685,646,067
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(237,409	)	$	—	$	—	$	(237,409	)

^(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 33

Schedule of Investments (unaudited)  January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.6%
Ampol Ltd.		37,510	$	794,574
Aristocrat Leisure Ltd.		15,818		458,529
Australia & New Zealand Banking Group Ltd.		57,350		1,083,848
Brambles Ltd.		83,855		576,088
Coles Group Ltd.		155		1,781
Commonwealth Bank of Australia		30,070		2,005,360
Computershare Ltd.		36,270		502,760
CSL Ltd.		9,145		1,694,043
Endeavour Group Ltd./Australia		23,715		105,926
Fortescue Metals Group Ltd.		90,055		1,264,562
Goodman Group		31,000		511,864
GPT Group (The)		173,600		615,178
James Hardie Industries PLC		19,530		657,287
Lendlease Corp. Ltd.		23,405		165,626
Macquarie Group Ltd.		7,634		997,852
Mirvac Group		155		287
National Australia Bank Ltd.		68,665		1,324,922
Northern Star Resources Ltd.		35,960		214,319
QBE Insurance Group Ltd.		59,985		476,259
REA Group Ltd.		4,340		449,610
Rio Tinto PLC		155		10,925
Scentre Group		241,800		502,012
Sonic Healthcare Ltd.		9,610		258,800
Suncorp Group Ltd.		37,975		298,252
Sydney Airport(a)		55,675		342,185
Tabcorp Holdings Ltd.		78,442		275,612
Telstra Corp. Ltd.		73,780		205,103
Transurban Group		97,340		859,923
Treasury Wine Estates Ltd.		52,700		396,105
Vicinity Centres		123,225		142,856
Wesfarmers Ltd.		27,125		1,012,102
Westpac Banking Corp.		74,710		1,077,537
Woolworths Group Ltd.		23,715		578,515
				19,860,602
Austria — 0.1%
Erste Group Bank AG		6,975		326,015
Raiffeisen Bank International AG		7,811		219,546
Verbund AG		9,455		1,001,380
				1,546,941
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		20,925		1,319,135
Elia Group SA/NV		2,790		376,495
Groupe Bruxelles Lambert SA		4,506		483,507
Umicore SA		9,610		363,793
				2,542,930
Brazil — 0.4%
Ambev SA		180,420		508,632
B3 SA - Brasil, Bolsa, Balcao		162,750		448,090
Banco Bradesco SA		121,675		430,781
Banco do Brasil SA		31,000		190,667
Localiza Rent a Car SA		52,700		581,575
Lojas Renner SA		25,265		133,793
Natura & Co. Holding SA(a)		31,000		132,521
Notre Dame Intermedica Participacoes SA		155		2,078
Vale SA		124,204		1,891,561
WEG SA		31,000		187,748
				4,507,446

Security	Shares		Value
Canada — 3.5%
Agnico Eagle Mines Ltd.		12,400	$	592,223
Alimentation Couche-Tard Inc.		21,080		850,231
AltaGas Ltd.		73,470		1,509,107
Bank of Montreal		12,555		1,421,086
Bank of Nova Scotia (The)		23,095		1,663,516
BCE Inc.		16,585		866,337
Brookfield Asset Management Inc., Class A		36,425		2,005,861
Brookfield Renewable Corp., Class A		16,120		551,515
CAE Inc.(a)		14,570		367,932
Cameco Corp.		41,230		801,474
Canadian Imperial Bank of Commerce		6,665		836,933
Canadian National Railway Co.		13,640		1,662,467
Canadian Pacific Railway Ltd.		16,284		1,164,982
Canadian Tire Corp. Ltd., Class A, NVS		4,030		581,856
Canopy Growth Corp.(a)(b)		12,555		100,942
CCL Industries Inc., Class B, NVS		13,330		696,937
CGI Inc.(a)		2,945		251,442
Constellation Software Inc.		465		800,887
Enbridge Inc.		70,215		2,968,457
Fairfax Financial Holdings Ltd.		775		374,224
First Quantum Minerals Ltd.		22,320		549,769
Franco-Nevada Corp.		9,765		1,291,117
George Weston Ltd.		5,580		608,504
Great-West Lifeco Inc.		5,735		179,158
Hydro One Ltd.(c)		37,820		977,075
Intact Financial Corp.		4,185		567,032
Ivanhoe Mines Ltd., Class A(a)		84,630		725,029
Keyera Corp.		23,095		543,423
Kirkland Lake Gold Ltd.		10,695		402,845
Loblaw Companies Ltd.		10,075		777,292
Lundin Mining Corp.		58,280		485,533
Magna International Inc.		6,200		499,502
Manulife Financial Corp.		33,945		706,859
Metro Inc.		6,975		373,072
National Bank of Canada		3,255		260,421
Open Text Corp.		14,570		697,352
Pan American Silver Corp.		8,060		174,433
Pembina Pipeline Corp.		50,995		1,619,131
Power Corp. of Canada		7,440		239,152
Restaurant Brands International Inc.		7,595		424,816
RioCan REIT		17,515		304,926
Rogers Communications Inc., Class B, NVS		11,935		605,318
Royal Bank of Canada		24,955		2,845,241
Shaw Communications Inc., Class B, NVS		17,825		531,321
Shopify Inc., Class A(a)		2,325		2,244,156
Sun Life Financial Inc.		10,695		605,698
TELUS Corp.		26,040		612,718
TFI International Inc.		3,720		358,055
Thomson Reuters Corp.		8,680		931,812
Toronto-Dominion Bank (The)		31,031		2,485,361
Wheaton Precious Metals Corp.		25,420		1,024,879
WSP Global Inc.		4,340		578,712
				45,298,121
Chile — 0.0%
Falabella SA		111,910		398,318
China — 3.9%
Agricultural Bank of China Ltd., Class H		1,705,000		648,709
Alibaba Group Holding Ltd.(a)		294,568		4,616,930
Alibaba Health Information Technology Ltd.(a)		42,000		31,658

34 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
ANTA Sports Products Ltd.(b)		31,000	$	465,473
Baidu Inc., ADR(a)		5,425		866,590
Bank of China Ltd., Class H		3,410,000		1,329,193
Bank of Communications Co. Ltd., Class A		1,023,000		763,963
Bank of Jiangsu Co. Ltd., Class A		294,500		306,169
Bank of Nanjing Co. Ltd., Class A		341,000		529,420
BeiGene Ltd., ADR(a)		1,395		338,399
Bilibili Inc., ADR(a)		4,650		164,099
BYD Co. Ltd., Class H		7,000		207,039
CGN Power Co. Ltd., Class H(c)		2,170,000		599,569
China CITIC Bank Corp. Ltd., Class H		930,000		443,698
China Construction Bank Corp., Class H		2,635,000		2,021,963
China Everbright Bank Co. Ltd., Class A		279,000		147,136
China Life Insurance Co. Ltd., Class H		310,000		544,948
China Mengniu Dairy Co. Ltd.		18,000		106,391
China Merchants Bank Co. Ltd., Class A		46,500		361,512
China Merchants Bank Co. Ltd., Class H		77,500		647,754
China Merchants Port Holdings Co. Ltd.		310,000		572,932
China Minsheng Banking Corp. Ltd., Class A		806,060		492,753
China Molybdenum Co. Ltd., Class H		930,000		477,902
China National Nuclear Power Co. Ltd., Class A		527,098		589,148
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		46,500		276,433
China Oilfield Services Ltd., Class H		930,000		914,618
China Overseas Land & Investment Ltd.		155,000		457,479
China Resources Beer Holdings Co. Ltd.		14,000		104,522
China Resources Gas Group Ltd.		26,000		130,049
China Resources Land Ltd.		22,000		106,340
China Suntien Green Energy Corp. Ltd., Class H		620,000		377,803
China Tower Corp. Ltd., Class H(c)		3,100,000		374,476
China Vanke Co. Ltd., Class H		47,200		122,024
China Yangtze Power Co. Ltd., Class A		201,500		694,923
Contemporary Amperex Technology Co. Ltd., Class A		2,100		202,633
Country Garden Holdings Co. Ltd.		155,000		127,310
Country Garden Services Holdings Co. Ltd.		15,000		88,608
Daqo New Energy Corp., ADR(a)		4,960		198,995
ENN Energy Holdings Ltd.		46,500		740,292
Foshan Haitian Flavouring & Food Co. Ltd., Class A		20,632		315,753
Geely Automobile Holdings Ltd.		155,000		335,537
GEM Co. Ltd., Class A		186,000		260,833
Great Wall Motor Co. Ltd., Class H		77,500		210,264
Industrial & Commercial Bank of China Ltd., Class H		1,705,000		1,032,966
Industrial Bank Co. Ltd., Class A		170,598		564,405
Innovent Biologics Inc.(a)(c)		14,000		59,287
JD.com Inc., Class A(a)		41,710		1,580,867
Jiangsu Expressway Co. Ltd., Class H		310,000		323,905
Kweichow Moutai Co. Ltd., Class A		800		238,926
Lenovo Group Ltd.		310,000		335,950
Li Auto Inc., ADR(a)		11,935		311,384
Li Ning Co. Ltd.		77,500		756,245
Meituan, Class B(a)(c)		81,700		2,437,466
Muyuan Foods Co. Ltd., Class A		33,036		287,305
NetEase Inc.		46,200		964,632
NIO Inc., ADR(a)(b)		28,830		706,623
Nongfu Spring Co. Ltd., Class H(c)		62,000		375,385
People’s Insurance Co. Group of China Ltd. (The), Class H		620,000		196,199
PICC Property & Casualty Co. Ltd., Class H		310,000		288,843
Pinduoduo Inc., ADR(a)		9,455		565,787
Ping An Insurance Group Co. of China Ltd., Class H		155,000		1,230,052

Security	Shares		Value
China (continued)
SF Holding Co. Ltd., Class A		31,000	$	310,997
Shenzhen International Holdings Ltd.		465,000		471,848
Shenzhou International Group Holdings Ltd.		31,000		575,203
Sichuan Chuantou Energy Co. Ltd., Class A		232,500		405,036
Sunac China Holdings Ltd.		155,000		191,010
Sunny Optical Technology Group Co. Ltd.		15,500		400,172
Tencent Holdings Ltd		108,500		6,798,857
Trip.com Group Ltd., ADR(a)		12,400		329,964
Wuliangye Yibin Co. Ltd., Class A		15,500		487,469
WuXi AppTec Co. Ltd., Class H(c)		17,500		251,007
Wuxi Biologics Cayman Inc., New(a)(c)		107,000		1,072,436
Xiaomi Corp., Class B(a)(c)		341,000		723,387
XPeng Inc., ADR(a)		8,680		304,581
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		62,000		410,678
Yintai Gold Co. Ltd., Class A		279,000		365,166
Zhejiang Expressway Co. Ltd., Class H		310,000		265,588
Zhejiang Huayou Cobalt Co. Ltd., Class A		8,800		138,262
Zijin Mining Group Co. Ltd., Class H		310,000		402,445
ZTO Express Cayman Inc., ADR		9,300		279,372
				49,751,945
Colombia — 0.1%
Grupo de Inversiones Suramericana SA		88,505		610,915
Interconexion Electrica SA ESP		74,090		442,913
				1,053,828
Czech Republic — 0.0%
Komercni Banka AS		11,935		529,237
Denmark — 0.5%
Carlsberg A/S, Class B		1,610		260,708
Chr Hansen Holding A/S		5,580		447,490
Genmab A/S(a)		1,240		422,257
Novo Nordisk A/S, Class B		33,325		3,314,779
Novozymes A/S, Class B		6,975		478,816
Orsted A/S(c)		7,750		825,724
Pandora A/S		2,480		269,675
Vestas Wind Systems A/S		24,025		650,126
				6,669,575
Finland — 0.3%
Kesko OYJ, Class B		15,655		494,435
Kone OYJ, Class B		3,410		220,846
Neste OYJ		28,365		1,279,248
Nokia OYJ(a)		98,425		586,970
Nordea Bank Abp		42,315		502,604
Sampo OYJ, Class A		15,345		761,615
Wartsila OYJ Abp		25,420		313,845
				4,159,563
France — 2.5%
Aeroports de Paris(a)		2,790		378,605
Airbus SE(a)		12,400		1,583,396
Alstom SA		7,750		251,253
AXA SA		55,025		1,742,697
BNP Paribas SA		20,150		1,438,496
Bureau Veritas SA		10,230		292,704
Capgemini SE		3,255		731,777
CNP Assurances		12,555		309,043
Danone SA		11,470		715,167
Dassault Aviation SA		1,550		184,206
Dassault Systemes SE		7,750		374,777
Edenred		4,218		181,173

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) (continued) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Eiffage SA		2,790	$	293,154
EssilorLuxottica SA		6,355		1,202,273
Eurofins Scientific SE		2,790		280,124
Gecina SA		1,305		177,078
Getlink SE		15,655		246,956
Hermes International		465		698,160
Kering SA		1,550		1,157,485
Klepierre SA		13,485		358,677
Legrand SA		5,580		567,894
L’Oreal SA		6,045		2,582,101
LVMH Moet Hennessy Louis Vuitton SE		5,580		4,583,285
Orange SA		19,840		233,070
Pernod Ricard SA		4,960		1,060,941
Publicis Groupe SA		6,200		420,117
Renault SA(a)		8,990		357,284
Safran SA		6,975		844,458
Sanofi		23,250		2,431,067
Sartorius Stedim Biotech		775		339,846
Schneider Electric SE		12,400		2,100,502
Societe Generale SA		18,755		696,192
Sodexo SA		3,565		331,558
Teleperformance		930		350,228
Thales SA		2,945		271,669
Unibail-Rodamco-Westfield(a)(b)		5,270		401,559
Vinci SA		15,345		1,681,912
Vivendi SE		25,265		331,107
Worldline SA/France(a)(c)		7,750		375,644
			32,557,635
Germany — 1.8%
adidas AG		3,720		1,020,832
Allianz SE, Registered		10,230		2,626,578
Aroundtown SA		27,435		169,453
Bayer AG, Registered		21,080		1,280,691
Bayerische Motoren Werke AG		10,075		1,066,367
Beiersdorf AG		2,188		217,626
Brenntag SE		3,100		265,596
Daimler AG, Registered		20,460		1,632,580
Daimler Truck Holding AG(a)		10,230		360,647
Delivery Hero SE(a)(c)		3,720		287,147
Deutsche Bank AG, Registered(a)		44,640		621,546
Deutsche Boerse AG		3,410		606,136
Deutsche Post AG, Registered		14,415		867,503
Deutsche Telekom AG, Registered		68,200		1,287,546
Fresenius SE & Co. KGaA		11,470		473,486
GEA Group AG		5,270		248,982
HelloFresh SE(a)		5,115		340,560
Infineon Technologies AG		29,605		1,229,429
Merck KGaA		2,945		645,833
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		2,945		932,343
Puma SE		155		16,578
SAP SE		21,390		2,683,615
Siemens AG, Registered		17,050		2,707,047
Siemens Healthineers AG(c)		4,960		318,741
Symrise AG		2,015		240,791
Vonovia SE		10,718		610,452
Zalando SE(a)(c)		5,115		405,967
			23,164,072

Security	Shares		Value
Greece — 0.0%
OPAP SA		5,625	$	83,548
Hong Kong — 0.6%
AIA Group Ltd.		248,000		2,589,073
CK Asset Holdings Ltd.		77,500		517,344
Galaxy Entertainment Group Ltd.(a)		46,000		266,398
Hong Kong Exchanges & Clearing Ltd.		20,900		1,192,882
Hongkong Land Holdings Ltd.(b)		62,000		335,787
Link REIT		62,000		532,301
Power Assets Holdings Ltd.		103,000		632,895
Sands China Ltd.(a)		62,000		172,884
Sun Hung Kai Properties Ltd.		33,500		408,717
Techtronic Industries Co. Ltd.		26,500		437,252
			7,085,533
India — 1.3%
Adani Enterprises Ltd.		13,485		312,526
Adani Green Energy Ltd.(a)		14,880		377,754
Adani Ports & Special Economic Zone Ltd.		24,800		240,038
Adani Total Gas Ltd.		11,780		287,505
Asian Paints Ltd.		15,500		656,828
Avenue Supermarts Ltd.(a)(c)		6,510		360,967
Axis Bank Ltd.(a)		44,660		467,706
Bajaj Finance Ltd.		4,185		396,365
Bandhan Bank Ltd.(c)		155		660
Bharti Airtel Ltd.(a)		63,395		622,659
DLF Ltd.		63,395		335,714
Godrej Consumer Products Ltd.(a)		11,625		139,085
HCL Technologies Ltd.		28,520		423,259
Hero MotoCorp Ltd.		3,100		113,899
Hindustan Unilever Ltd.		21,080		644,569
Housing Development Finance Corp. Ltd.		24,645		840,906
ICICI Bank Ltd.		55,132		592,291
ICICI Bank Ltd., ADR, NVS		26,334		572,238
Infosys Ltd.		76,415		1,797,869
ITC Ltd.		182,900		543,199
Kotak Mahindra Bank Ltd.		15,965		400,162
Larsen & Toubro Ltd.		17,205		443,387
Mahindra & Mahindra Ltd., GDR		5,580		67,463
Maruti Suzuki India Ltd.		2,170		251,403
Nestle India Ltd.		2,635		657,069
Petronet LNG Ltd.		249,550		717,402
PI Industries Ltd.		14,105		462,914
Reliance Industries Ltd.		33,480		1,078,965
SBI Life Insurance Co. Ltd.(c)		11,625		193,218
Sun Pharmaceutical Industries Ltd.		24,025		269,910
Tata Consultancy Services Ltd.		19,861		1,000,117
Tata Motors Ltd.(a)		58,900		406,351
Tech Mahindra Ltd.		20,460		408,416
Titan Co. Ltd.		11,780		375,619
Wipro Ltd.		13,950		107,706
Wipro Ltd., ADR		32,244		247,956
			16,814,095
Indonesia — 0.3%
Astra International Tbk PT		1,178,000		450,852
Bank Central Asia Tbk PT		1,076,100		572,375
Bank Mandiri Persero Tbk PT		511,500		268,030
Bank Rakyat Indonesia Persero Tbk PT		1,251,937		356,346
Charoen Pokphand Indonesia Tbk PT		341,000		149,836
Gudang Garam Tbk PT		77,500		165,401
Merdeka Copper Gold Tbk PT(a)		1,953,000		499,270

36 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Telkom Indonesia Persero Tbk PT		2,495,500	$	730,871
				3,192,981
Ireland — 0.4%
Flutter Entertainment PLC, Class DI(a)		4,045		615,422
Horizon Therapeutics PLC(a)		4,030		376,120
Kerry Group PLC, Class A		3,565		449,181
Kingspan Group PLC		4,185		402,836
Linde PLC		4,805		1,531,257
Seagate Technology Holdings PLC		3,875		415,206
STERIS PLC		1,395		313,038
Trane Technologies PLC		5,890		1,019,559
			5,122,619
Israel — 0.4%
Azrieli Group Ltd.		3,875		350,359
Bank Hapoalim BM		68,068		706,392
Bank Leumi Le-Israel BM		63,756		683,782
Check Point Software Technologies Ltd.(a)		3,565		431,401
Elbit Systems Ltd.		3,100		516,407
Inmode Ltd.(a)(b)		4,185		201,842
Isracard Ltd.		—		1
Israel Discount Bank Ltd., Class A		77,035		516,585
Kornit Digital Ltd.(a)(b)		2,945		309,402
Mizrahi Tefahot Bank Ltd.		10,385		401,458
Nice Ltd.(a)		2,170		555,471
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		28,520		240,424
			4,913,524
Italy — 0.6%
Assicurazioni Generali SpA		31,000		652,387
Atlantia SpA(a)		18,910		350,880
Ferrari NV		2,635		607,295
Intesa Sanpaolo SpA		363,320		1,079,729
Mediobanca Banca di Credito Finanziario SpA		25,575		293,003
Moncler SpA		6,355		407,861
Poste Italiane SpA(c)		46,810		628,312
Snam SpA		147,405		826,011
Tenaris SA		146,165		1,784,223
Terna - Rete Elettrica Nazionale		120,900		949,961
UniCredit SpA		37,510		596,162
			8,175,824
Japan — 5.6%
Advantest Corp.		15,500		1,319,244
Asahi Group Holdings Ltd.		15,500		632,721
Astellas Pharma Inc.		47,100		760,221
Canon Inc.		31,000		733,172
Central Japan Railway Co.		1,900		249,300
Chugai Pharmaceutical Co. Ltd.		15,500		503,436
Concordia Financial Group Ltd.		170,500		700,645
Dai-ichi Life Holdings Inc.		31,000		697,793
Daiichi Sankyo Co. Ltd.		46,500		1,044,854
Daikin Industries Ltd.		3,800		797,787
Daiwa House Industry Co. Ltd.		15,500		452,339
Daiwa Securities Group Inc.		108,500		653,788
Denso Corp.		3,800		283,608
Dentsu Group Inc.		15,500		536,792
FANUC Corp.		2,200		435,046
Fast Retailing Co. Ltd.		500		294,232
FUJIFILM Holdings Corp.		15,500		1,039,058
Hitachi Ltd.		15,500		805,628
Honda Motor Co. Ltd.		15,500		456,518

Security	Shares		Value
Japan (continued)
Hoya Corp.		15,500	$	2,009,859
Hulic Co. Ltd.		46,500		449,453
Iida Group Holdings Co. Ltd.		15,500		322,472
Isuzu Motors Ltd.		31,000		379,750
ITOCHU Corp.		24,100		774,248
Japan Post Holdings Co. Ltd.		93,000		793,804
Japan Post Insurance Co. Ltd.		15,500		271,772
Japan Tobacco Inc.		51,600		1,030,188
Kajima Corp.		31,000		374,406
Kao Corp.		15,500		774,559
KDDI Corp.		33,000		1,054,307
Keisei Electric Railway Co. Ltd.		15,500		437,428
Keyence Corp.		2,900		1,487,475
Komatsu Ltd.		31,000		778,997
Kubota Corp.		15,500		332,406
Kyocera Corp.		3,100		191,181
Lawson Inc.		15,500		679,351
M3 Inc.		15,500		595,922
Marubeni Corp.		108,500		1,116,458
Medipal Holdings Corp.		31,000		557,846
Misumi Group Inc.		15,500		502,849
Mitsubishi Electric Corp.		31,000		388,225
Mitsubishi Estate Co. Ltd.		46,500		669,713
Mitsubishi HC Capital Inc.		46,500		240,158
Mitsubishi UFJ Financial Group Inc.		310,000		1,878,997
Mitsui & Co. Ltd.		124,000		3,091,986
Mitsui Fudosan Co. Ltd.		15,500		332,279
Mizuho Financial Group Inc.		62,000		839,852
MS&AD Insurance Group Holdings Inc.		15,500		531,643
Murata Manufacturing Co. Ltd.		15,500		1,165,341
NEC Corp.		15,400		600,805
Nexon Co. Ltd.		15,500		292,200
Nidec Corp.		15,500		1,373,762
Nintendo Co. Ltd.		1,200		588,050
Nippon Paint Holdings Co. Ltd.		33,600		268,713
Nippon Telegraph & Telephone Corp.		31,000		887,150
Nomura Holdings Inc.		93,000		410,832
NTT Data Corp.		15,500		297,146
Obayashi Corp.		77,500		627,916
Olympus Corp.		31,000		693,688
Omron Corp.		2,100		153,530
Oriental Land Co. Ltd./Japan		2,200		382,983
ORIX Corp.		15,500		319,720
Panasonic Corp.		46,500		511,942
Rakuten Group Inc.(a)		31,000		268,937
Recruit Holdings Co. Ltd.		31,000		1,532,286
Renesas Electronics Corp.(a)		31,000		355,781
Resona Holdings Inc.		124,000		532,882
Ricoh Co. Ltd.		35,700		301,465
SBI Holdings Inc.		15,500		399,835
Secom Co. Ltd.		15,500		1,091,418
Sekisui House Ltd.		15,500		314,032
Seven & i Holdings Co. Ltd.		15,500		788,309
Shimizu Corp.		62,000		412,823
Shin-Etsu Chemical Co. Ltd.		6,700		1,120,972
Shiseido Co. Ltd.		15,500		781,882
Shizuoka Bank Ltd. (The)		31,000		243,582
SMC Corp.		600		334,657
Softbank Corp.		15,500		194,306
SoftBank Group Corp.		31,000		1,373,286

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) (continued) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sony Group Corp.		31,000	$	3,467,922
Subaru Corp.		18,500		336,725
Sumitomo Corp.		31,000		479,118
Sumitomo Mitsui Financial Group Inc.		31,000		1,116,649
Sumitomo Mitsui Trust Holdings Inc.		31,000		1,072,017
Sumitomo Realty & Development Co. Ltd.		15,500		479,573
T&D Holdings Inc.		31,000		458,127
Takeda Pharmaceutical Co. Ltd.		46,575		1,349,892
Terumo Corp.		15,500		565,809
Tokio Marine Holdings Inc.		15,500		924,942
Tokyo Electron Ltd.		1,900		929,353
Toshiba Corp.		15,500		641,855
Toyota Motor Corp.		201,500		3,982,279
Toyota Tsusho Corp.		15,500		628,579
Unicharm Corp.		15,500		598,974
Yaskawa Electric Corp.		15,500		648,991
Yokogawa Electric Corp.		15,500		253,975
Z Holdings Corp.		46,500		236,158
			72,074,935
Kuwait — 0.2%
Agility Public Warehousing Co. KSC		100,905		335,871
Kuwait Finance House KSCP		93,174		278,978
Mobile Telecommunications Co. KSCP		329,530		651,233
National Bank of Kuwait SAKP		201,810		691,791
			1,957,873
Malaysia — 0.1%
Dialog Group Bhd		1,271,000		779,833
Malayan Banking Bhd		108,500		214,522
Petronas Dagangan Bhd		124,000		574,746
Public Bank Bhd		222,700		224,327
			1,793,428
Mexico — 0.2%
America Movil SAB de CV, Series L, NVS		403,001		379,206
Coca-Cola Femsa SAB de CV		31,000		162,709
Fomento Economico Mexicano SAB de CV		46,500		349,855
Grupo Aeroportuario del Pacifico SAB de CV, Class B		15,500		213,106
Grupo Financiero Banorte SAB de CV, Class O		62,201		394,229
Grupo Mexico SAB de CV, Series B		77,500		332,835
Promotora y Operadora de Infraestructura SAB de CV		12,425		90,640
Wal-Mart de Mexico SAB de CV		124,000		421,629
			2,344,209
Netherlands — 1.3%
Adyen NV(a)(c)		310		630,818
Aegon NV		88,660		500,175
Akzo Nobel NV		5,115		529,442
ASM International NV		930		319,530
ASML Holding NV		8,060		5,458,993
CNH Industrial NV		28,830		439,429
Davide Campari-Milano NV		48,360		607,174
Heineken NV		3,720		398,957
ING Groep NV		70,835		1,047,586
Just Eat Takeaway.com NV(a)(c)		6,200		306,161
Koninklijke DSM NV		3,410		639,240
Koninklijke Philips NV		17,532		583,172
NN Group NV		6,665		372,988
NXP Semiconductors NV		5,890		1,210,042
Prosus NV		18,445		1,534,548
Randstad NV		7,440		483,999
Stellantis NV		40,455		781,140

Security	Shares		Value
Netherlands (continued)
STMicroelectronics NV		15,190	$	714,245
Wolters Kluwer NV		4,960		504,822
			17,062,461
New Zealand — 0.1%
Meridian Energy Ltd.		155,620		448,585
Xero Ltd.(a)		5,890		477,122
			925,707
Norway — 0.4%
Adevinta ASA(a)		16,740		175,625
DNB Bank ASA		51,460		1,224,758
Gjensidige Forsikring ASA		41,385		1,010,890
Mowi ASA		29,260		718,155
Orkla ASA		83,545		798,389
Schibsted ASA, Class A		8,215		243,366
Telenor ASA		89,900		1,485,736
			5,656,919
Peru — 0.1%
Southern Copper Corp.		14,880		950,683
Philippines — 0.1%
Ayala Land Inc.		325,500		229,835
BDO Unibank Inc.		74,420		197,794
International Container Terminal Services Inc.		72,980		287,080
SM Prime Holdings Inc.		356,500		246,536
			961,245
Poland — 0.1%
Bank Polska Kasa Opieki SA		11,160		371,866
Powszechna Kasa Oszczednosci Bank Polski SA(a)		46,190		540,714
Powszechny Zaklad Ubezpieczen SA		53,165		473,364
			1,385,944
Portugal — 0.1%
Jeronimo Martins SGPS SA		22,785		547,547
Qatar — 0.1%
Barwa Real Estate Co.		547,150		502,684
Industries Qatar QSC		94,395		434,199
Mesaieed Petrochemical Holding Co.		1,007,810		670,707
Qatar National Bank QPSC		19,065		113,801
			1,721,391
Russia — 0.3%
Alrosa PJSC		184,910		272,022
Magnit PJSC, GDR(d)		20,636		271,803
Mobile TeleSystems PJSC		36,890		281,840
Moscow Exchange MICEX-RTS PJSC		152,460		287,307
Ozon Holdings PLC, ADR(a)		5,270		103,469
Polymetal International PLC		12,434		178,603
Polyus PJSC		1,430		225,705
Sberbank of Russia PJSC		292,860		1,009,260
TCS Group Holding PLC, GDR(d)		4,185		301,338
United Co. RUSAL International PJSC(a)		509,950		480,496
VK Co. Ltd.(a)		22,940		181,909
VTB Bank PJSC		22,490,000		12,708
Yandex NV, Class A(a)		9,920		476,142
			4,082,602
Saudi Arabia — 0.6%
Abdullah Al Othaim Markets Co.		5,115		144,511
Al Rajhi Bank		26,660		1,058,737
Arab National Bank		74,555		551,742
Bank Al-Jazira		11,625		72,184

38 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Banque Saudi Fransi		23,250	$	326,084
Dar Al Arkan Real Estate Development Co.(a)		131,440		362,162
Emaar Economic City(a)		102,455		353,724
Etihad Etisalat Co.		155		1,349
Riyad Bank		42,935		389,080
SABIC Agri-Nutrients Co.		20,615		934,634
Saudi British Bank (The)		34,875		374,560
Saudi National Bank (The)		74,865		1,472,597
Saudi Telecom Co.		31,000		975,292
Yanbu National Petrochemical Co.		20,305		369,212
			7,385,868
Singapore — 0.3%
Ascendas REIT		83,902		172,070
City Developments Ltd.		93,000		488,527
DBS Group Holdings Ltd.		31,000		814,273
Genting Singapore Ltd.		852,500		465,842
Oversea-Chinese Banking Corp. Ltd.(b)		50,400		469,136
Sea Ltd., ADR(a)		3,255		489,259
Singapore Exchange Ltd.		12,600		87,214
Singapore Telecommunications Ltd.		379,600		688,300
United Overseas Bank Ltd.		5,100		113,978
UOL Group Ltd.		108,500		588,393
			4,376,992
South Africa — 0.3%
FirstRand Ltd.		170,035		685,428
Growthpoint Properties Ltd.		310,000		294,268
MTN Group Ltd.(a)		37,975		477,571
Naspers Ltd., Class N		4,960		801,775
Nedbank Group Ltd.		16,955		210,164
Northam Platinum Holdings Ltd.(a)		33,170		438,008
Old Mutual Ltd.		190,960		172,078
Sanlam Ltd.		30,690		126,092
Standard Bank Group Ltd.		46,655		455,361
			3,660,745
South Korea — 1.4%
Amorepacific Corp.		1,705		222,368
Celltrion Inc.		2,119		269,312
Coway Co. Ltd.		2,325		133,948
GS Engineering & Construction Corp.		7,905		263,067
Hana Financial Group Inc.		7,464		281,231
HLB Inc.(a)		155		4,157
Hotel Shilla Co. Ltd.		2,015		122,214
Hyundai Heavy Industries Holdings Co. Ltd.		10,075		406,224
Hyundai Mobis Co. Ltd.		1,860		365,122
Hyundai Motor Co.		3,255		524,637
Kakao Corp.(a)		7,905		570,991
KB Financial Group Inc.		7,918		392,413
Kia Corp.		6,045		421,492
Korea Aerospace Industries Ltd.		5,172		155,496
KT&G Corp.(a)		7,750		500,618
LG Chem Ltd.		693		371,490
LG Electronics Inc.		3,875		420,990
LG Household & Health Care Ltd.		310		252,169
NAVER Corp.		2,521		665,898
NCSoft Corp.		622		280,251
Samsung Biologics Co. Ltd.(a)(c)		930		575,744
Samsung C&T Corp.		2,945		266,427
Samsung Electronics Co. Ltd.		98,120		6,102,974
Samsung Engineering Co. Ltd.(a)		19,220		351,699

Security	Shares		Value
South Korea (continued)
Samsung Fire & Marine Insurance Co. Ltd.		1,240	$	207,268
Samsung Life Insurance Co. Ltd.		11,470		580,943
Samsung SDI Co. Ltd.		1,395		692,316
Samsung SDS Co. Ltd.		1,705		202,392
Shinhan Financial Group Co. Ltd.		9,769		312,893
SK Hynix Inc.		11,625		1,203,278
SK IE Technology Co. Ltd.(a)(c)		2,790		273,908
SK Inc.		4,185		774,724
			18,168,654
Spain — 0.6%
Aena SME SA(a)(c)		3,875		626,133
Amadeus IT Group SA(a)		13,020		895,258
Banco Bilbao Vizcaya Argentaria SA		140,275		895,604
Banco Santander SA		346,115		1,213,687
CaixaBank SA		243,040		781,952
Cellnex Telecom SA(c)		10,230		463,885
Enagas SA		7,009		151,549
Ferrovial SA		17,737		492,886
Industria de Diseno Textil SA		32,240		977,820
Red Electrica Corp. SA		9,559		192,692
Siemens Gamesa Renewable Energy SA(a)		9,455		204,586
Telefonica SA		145,096		676,375
			7,572,427
Sweden — 0.9%
Alfa Laval AB		15,345		518,373
Assa Abloy AB, Class B		25,420		696,053
Atlas Copco AB, Class A		8,063		477,217
Atlas Copco AB, Class B		13,362		683,370
Boliden AB		21,390		866,135
Epiroc AB, Class A		14,105		300,988
EQT AB		6,200		242,956
Evolution AB(c)		3,720		462,832
H & M Hennes & Mauritz AB, Class B		27,900		555,513
Hexagon AB, Class B		33,170		447,399
Industrivarden AB, Class A		245		7,745
Industrivarden AB, Class C		13,020		404,409
Investor AB, Class B		61,845		1,342,774
Nibe Industrier AB, Class B		43,245		411,025
Sandvik AB		27,785		731,705
Skanska AB, Class B		13,485		330,151
Svenska Cellulosa AB SCA, Class B		17,515		305,000
Swedish Match AB		155		1,199
Tele2 AB, Class B		32,240		469,094
Telefonaktiebolaget LM Ericsson, Class B		54,095		675,435
Telia Co. AB		74,865		295,072
Volvo AB, Class B		42,005		947,902
			11,172,347
Switzerland — 2.5%
ABB Ltd., Registered		35,030		1,214,552
Adecco Group AG, Registered		4,805		228,878
Alcon Inc.		8,680		669,303
Cie. Financiere Richemont SA, Class A, Registered		10,850		1,576,872
Coca-Cola HBC AG, Class DI		10,230		338,824
Credit Suisse Group AG, Registered		58,648		557,473
Geberit AG, Registered		620		421,247
Givaudan SA, Registered		204		845,157
Julius Baer Group Ltd.		11,160		729,302
Kuehne + Nagel International AG, Registered		1,395		393,930
Logitech International SA, Registered		4,495		377,713

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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Lonza Group AG, Registered		930	$	641,181
Nestle SA, Registered		53,785		6,945,703
Novartis AG, Registered		40,610		3,528,582
Partners Group Holding AG		465		648,302
Roche Holding AG, NVS		13,795		5,338,653
SGS SA, Registered		310		883,987
Siemens Energy AG(a)		13,504		303,743
Sika AG, Registered		4,805		1,681,145
Sonova Holding AG, Registered		933		332,372
Straumann Holding AG, Registered		155		256,848
Swatch Group AG (The), Registered		2,015		113,112
Swiss Life Holding AG, Registered		620		399,038
Swiss Re AG		4,805		523,542
UBS Group AG, Registered		65,669		1,218,130
VAT Group AG(c)		1,240		505,681
Vifor Pharma AG		1,550		274,578
Zurich Insurance Group AG		1,395		667,240
			31,615,088
Taiwan — 1.8%
Acer Inc.		310,000		321,495
Catcher Technology Co. Ltd.		155,000		873,397
Cathay Financial Holding Co. Ltd.		473,253		1,097,732
China Development Financial Holding Corp.		984,542		656,758
CTBC Financial Holding Co. Ltd.		775,400		779,517
Delta Electronics Inc.		35,000		345,290
E.Sun Financial Holding Co. Ltd.		775,437		815,442
Fubon Financial Holding Co. Ltd.		310,380		856,498
Hon Hai Precision Industry Co. Ltd.		192,720		720,566
Hotai Motor Co. Ltd.		5,000		109,500
MediaTek Inc.		25,000		992,980
Mega Financial Holding Co. Ltd.		155,000		207,449
Shin Kong Financial Holding Co. Ltd.		1,085,675		437,646
SinoPac Financial Holdings Co. Ltd.		1,085,200		649,290
Taishin Financial Holding Co. Ltd.		841,846		602,033
Taiwan Cooperative Financial Holding Co. Ltd.		620,754		595,589
Taiwan Semiconductor Manufacturing Co. Ltd.		486,000		11,237,285
Uni-President Enterprises Corp.		310,000		759,801
United Microelectronics Corp.		310,000		647,683
WPG Holdings Ltd.		155,000		305,574
Yuanta Financial Holding Co. Ltd.		620,600		570,598
			23,582,123
Thailand — 0.2%
Airports of Thailand PCL, NVDR(a)		403,000		776,241
Bangkok Expressway & Metro PCL, NVDR		2,931,700		725,184
Krung Thai Bank PCL, NVDR		961,000		407,312
Siam Commercial Bank PCL (The), NVDR		155,000		589,203
			2,497,940
Turkey — 0.0%
Akbank TAS		221,395		133,386
Turkiye Is Bankasi AS, Class C		91,032		57,432
			190,818
United Arab Emirates — 0.1%
Emaar Properties PJSC		259,780		346,151
Emirates Telecommunications Group Co. PJSC		84,630		762,117
First Abu Dhabi Bank PJSC		101,750		554,036
			1,662,304
United Kingdom — 3.7%
3i Group PLC		40,610		756,313
Abrdn PLC		67,890		222,026

Security	Shares		Value
United Kingdom (continued)
Amcor PLC		50,685	$	608,727
Antofagasta PLC		40,765		741,570
Aptiv PLC(a)		5,890		804,456
Ashtead Group PLC		11,160		798,252
AstraZeneca PLC		29,450		3,425,858
Aviva PLC		164,300		970,027
BAE Systems PLC		39,060		305,674
Barclays PLC		345,030		925,653
Barratt Developments PLC		35,960		299,081
Berkeley Group Holdings PLC		4,562		260,353
British American Tobacco PLC		57,970		2,475,028
British Land Co. PLC (The)		48,980		366,249
BT Group PLC		174,530		462,272
Bunzl PLC		9,145		342,544
Burberry Group PLC		11,935		302,778
Clarivate PLC(a)		15,965		262,784
Coca-Cola Europacific Partners PLC		8,370		478,345
Compass Group PLC		43,245		982,856
Croda International PLC		6,240		673,907
DCC PLC		3,410		286,725
Diageo PLC		50,065		2,526,348
Entain PLC(a)		15,655		338,920
Experian PLC		20,657		862,799
Ferguson PLC		6,045		950,821
GlaxoSmithKline PLC		105,865		2,362,482
Halma PLC		16,585		562,126
HSBC Holdings PLC		378,820		2,696,190
Imperial Brands PLC		32,240		764,406
Informa PLC(a)		37,510		283,739
Intertek Group PLC		4,030		292,459
JD Sports Fashion PLC		58,125		149,042
Johnson Matthey PLC		9,920		261,974
Land Securities Group PLC		31,620		339,613
Legal & General Group PLC		170,345		666,042
Lloyds Banking Group PLC		1,528,610		1,060,811
London Stock Exchange Group PLC		7,007		686,079
M&G PLC		117,335		343,406
National Grid PLC		71,920		1,052,399
Natwest Group PLC		93,000		305,671
Next PLC		4,960		505,353
Ocado Group PLC(a)		9,920		202,126
Pearson PLC		25,110		209,655
Persimmon PLC		8,559		278,848
Prudential PLC		61,151		1,030,744
Reckitt Benckiser Group PLC		16,275		1,318,635
RELX PLC		41,385		1,273,018
Rentokil Initial PLC		34,875		244,220
Rolls-Royce Holdings PLC(a)		206,615		323,865
Royalty Pharma PLC, Class A		9,455		378,295
Sage Group PLC (The)		11,625		113,599
Segro PLC		20,305		357,972
Sensata Technologies Holding PLC(a)		6,975		400,086
Severn Trent PLC		18,910		734,167
Smith & Nephew PLC		21,855		371,687
Smiths Group PLC		16,740		352,839
St. James’s Place PLC		9,455		195,174
Taylor Wimpey PLC		211,420		433,740
Tesco PLC		82,049		329,564
Unilever PLC		54,009		2,769,681
United Utilities Group PLC		47,430		684,219

40 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Vodafone Group PLC		660,610	$	1,159,942
Whitbread PLC(a)		9,031		371,604
WPP PLC		33,790		529,845
				47,825,683
United States — 59.6%
10X Genomics Inc., Class A(a)		3,100		298,437
3M Co.		9,300		1,543,986
A O Smith Corp.		4,495		343,508
Abbott Laboratories		34,100		4,346,386
AbbVie Inc.		36,580		5,007,436
ABIOMED Inc.(a)		1,240		366,879
Accenture PLC, Class A		12,710		4,494,002
Activision Blizzard Inc.		14,105		1,114,436
Adobe Inc.(a)		8,525		4,554,907
Advanced Micro Devices Inc.(a)		23,715		2,709,439
Affirm Holdings Inc.(a)(b)		2,170		139,032
Aflac Inc.		18,755		1,178,189
Agilent Technologies Inc.		6,355		885,379
AGNC Investment Corp.		32,395		482,362
Airbnb Inc., Class A(a)		6,200		954,614
Akamai Technologies Inc.(a)		2,945		337,350
Albemarle Corp.		4,185		923,797
Alexandria Real Estate Equities Inc.		1,705		332,202
Align Technology Inc.(a)		1,705		843,907
Allegion PLC		2,635		323,394
Allstate Corp. (The)		7,905		953,896
Alnylam Pharmaceuticals Inc.(a)(b)		2,170		298,592
Alphabet Inc., Class A(a)		5,890		15,938,752
Alphabet Inc., Class C, NVS(a)		5,270		14,302,622
Altria Group Inc.		49,290		2,507,875
Amazon.com Inc.(a)		8,835		26,429,637
AMC Entertainment Holdings Inc., Class A(a)		10,540		169,272
AMERCO		465		283,162
American Express Co.		13,330		2,397,001
American International Group Inc.		21,545		1,244,224
American Tower Corp.		8,525		2,144,037
American Water Works Co. Inc.		12,245		1,968,996
Ameriprise Financial Inc.		2,325		707,521
AmerisourceBergen Corp.		2,325		316,665
AMETEK Inc.		4,650		635,981
Amgen Inc.		11,625		2,640,502
Amphenol Corp., Class A		12,710		1,011,589
Analog Devices Inc.		10,540		1,728,244
Annaly Capital Management Inc.		46,810		369,799
ANSYS Inc.(a)		930		316,209
Anthem Inc.		4,650		2,050,603
Aon PLC, Class A		4,650		1,285,446
Apollo Global Management Inc.		6,411		448,770
Apple Inc.		318,370		55,644,709
Applied Materials Inc.		19,530		2,698,655
Arista Networks Inc.(a)		3,720		462,433
Arrow Electronics Inc.(a)		3,875		480,500
Arthur J Gallagher & Co.		2,480		391,691
AT&T Inc.		146,010		3,723,255
Atmos Energy Corp.		10,230		1,096,861
Autodesk Inc.(a)		4,340		1,084,089
Automatic Data Processing Inc.		10,075		2,077,163
AutoZone Inc.(a)		310		615,769
AvalonBay Communities Inc.		3,100		757,113
Avantor Inc.(a)		13,950		520,754

Security	Shares		Value
United States (continued)
Avery Dennison Corp.		2,790	$	573,122
Baker Hughes Co.		64,635		1,773,584
Ball Corp.		7,595		737,475
Bank of America Corp.		138,105		6,372,165
Bank of New York Mellon Corp. (The)		15,500		918,530
Bath & Body Works Inc.		5,425		304,180
Baxter International Inc.		8,525		728,376
Becton Dickinson and Co.		4,805		1,221,143
Berkshire Hathaway Inc., Class B(a)		21,080		6,598,462
Best Buy Co. Inc.		4,340		430,875
Bill.com Holdings Inc.(a)		1,550		291,726
Biogen Inc.(a)		3,100		700,600
BioMarin Pharmaceutical Inc.(a)		5,425		480,818
Bio-Rad Laboratories Inc., Class A(a)		310		185,916
Bio-Techne Corp.		930		350,061
BlackRock Inc.(e)		2,790		2,296,003
Blackstone Inc., NVS		13,795		1,820,526
Block Inc.		1,976		225,539
Block Inc.(a)		8,060		985,657
Boeing Co. (The)(a)		11,470		2,296,753
Booking Holdings Inc.(a)		930		2,284,201
Booz Allen Hamilton Holding Corp.		4,960		380,581
BorgWarner Inc.		4,185		183,512
Boston Properties Inc.		3,565		399,565
Boston Scientific Corp.(a)		32,550		1,396,395
Bristol-Myers Squibb Co.		51,615		3,349,297
Broadcom Inc.		8,680		5,085,438
Broadridge Financial Solutions Inc.		1,550		246,791
Brown-Forman Corp., Class B, NVS		7,020		473,359
Burlington Stores Inc.(a)		1,705		403,966
Cadence Design Systems Inc.(a)		4,340		660,288
Caesars Entertainment Inc.(a)		4,340		330,448
Camden Property Trust		930		148,884
Capital One Financial Corp.		7,440		1,091,671
Cardinal Health Inc.		4,805		247,794
Carlyle Group Inc. (The)		11,780		601,369
CarMax Inc.(a)		2,790		310,164
Carrier Global Corp.		18,940		903,059
Carvana Co., Class A(a)		1,550		251,193
Catalent Inc.(a)		3,410		354,401
Caterpillar Inc.		10,540		2,124,442
Cboe Global Markets Inc.		3,565		422,559
CBRE Group Inc., Class A(a)		8,525		863,924
CDW Corp./DE		3,100		586,055
Centene Corp.(a)		9,610		747,274
Ceridian HCM Holding Inc.(a)		3,410		258,546
Cerner Corp.		6,200		565,440
Charles River Laboratories International Inc.(a)		1,705		562,241
Charles Schwab Corp. (The)		26,505		2,324,488
Charter Communications Inc., Class A(a)(b)		2,635		1,563,451
Cheniere Energy Inc.		15,965		1,786,483
Chipotle Mexican Grill Inc.(a)		620		921,060
Chubb Ltd.		7,905		1,559,498
Church & Dwight Co. Inc.		4,805		493,233
Cigna Corp.		6,665		1,536,016
Cincinnati Financial Corp.		4,185		493,119
Cintas Corp.		1,860		728,246
Cisco Systems Inc.		85,405		4,754,496
Citigroup Inc.		42,780		2,785,834
Citizens Financial Group Inc.		16,275		837,674

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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Citrix Systems Inc.		2,170	$	221,210
Clorox Co. (The)		1,860		312,220
Cloudflare Inc., Class A(a)		4,650		448,260
CME Group Inc.		6,820		1,565,190
Coca-Cola Co. (The)		89,280		5,446,973
Cognex Corp.		5,580		370,847
Cognizant Technology Solutions Corp., Class A		11,935		1,019,488
Coinbase Global Inc., Class A(a)(b)		1,085		206,313
Colgate-Palmolive Co.		19,685		1,623,028
Comcast Corp., Class A		83,235		4,160,918
Consolidated Edison Inc.		5,270		455,592
Constellation Brands Inc., Class A		4,960		1,179,240
Cooper Companies Inc. (The)		465		185,210
Copart Inc.(a)		4,805		621,046
Corning Inc.		7,130		299,745
Corteva Inc.		13,175		633,454
CoStar Group Inc.(a)		8,835		619,864
Costco Wholesale Corp.		9,765		4,932,594
Crowdstrike Holdings Inc., Class A(a)		3,875		699,980
Crown Castle International Corp.		8,370		1,527,609
CSX Corp.		45,725		1,564,709
Cummins Inc.		1,395		308,128
CVS Health Corp.		25,265		2,690,975
Danaher Corp.		12,555		3,588,093
Darden Restaurants Inc.		2,790		390,237
Datadog Inc., Class A(a)		4,185		611,470
Deere & Co.		5,580		2,100,312
Dell Technologies Inc., Class C(a)		8,990		510,722
DENTSPLY SIRONA Inc.		6,510		347,764
Dexcom Inc.(a)		2,015		867,417
Digital Realty Trust Inc.		4,030		601,397
Discover Financial Services		3,100		358,825
DocuSign Inc.(a)		3,565		448,370
Dollar General Corp.		3,100		646,288
Dollar Tree Inc.(a)		3,565		467,799
Domino’s Pizza Inc.		465		211,412
DoorDash Inc., Class A(a)		2,480		281,455
Dover Corp.		3,410		579,393
DR Horton Inc.		4,805		428,702
DraftKings Inc., Class A(a)(b)		9,610		212,285
Duke Realty Corp.		7,285		420,927
DuPont de Nemours Inc.		6,665		510,539
Eaton Corp. PLC		7,750		1,227,832
eBay Inc.		12,710		763,490
Ecolab Inc.		8,215		1,556,332
Edison International		10,230		642,342
Edwards Lifesciences Corp.(a)		13,485		1,472,562
Elanco Animal Health Inc.(a)		13,330		347,113
Electronic Arts Inc.		4,495		596,307
Eli Lilly & Co.		15,965		3,917,651
Emerson Electric Co.		13,175		1,211,441
Enphase Energy Inc.(a)		2,945		413,684
Entegris Inc.		1,705		204,327
EPAM Systems Inc.(a)		930		442,810
Equifax Inc.		2,480		594,605
Equinix Inc.		1,705		1,235,954
Equitable Holdings Inc.		11,625		391,065
Equity Residential		9,455		838,942
Essential Utilities Inc.		34,255		1,669,589
Essex Property Trust Inc.		1,085		360,763

Security	Shares		Value
United States (continued)
Estee Lauder Companies Inc. (The), Class A		5,735	$	1,788,116
Etsy Inc.(a)		2,635		413,906
Eversource Energy		26,660		2,385,803
Exact Sciences Corp.(a)(b)		3,875		295,895
Expedia Group Inc.(a)		3,410		625,019
Expeditors International of Washington Inc.		4,495		514,588
Extra Space Storage Inc.		2,325		460,792
F5 Inc.(a)		2,015		418,354
Fair Isaac Corp.(a)		155		76,723
Fastenal Co.		11,780		667,690
FedEx Corp.		1,705		419,191
Fidelity National Financial Inc.		6,975		351,191
Fidelity National Information Services Inc.		13,487		1,617,361
Fifth Third Bancorp		17,515		781,694
First Republic Bank/CA		1,860		322,877
Fiserv Inc.(a)		13,038		1,378,117
FleetCor Technologies Inc.(a)		1,705		406,233
FMC Corp.		10,385		1,146,192
Ford Motor Co.		74,090		1,504,027
Fortinet Inc.(a)		3,100		921,444
Fortive Corp.		6,687		471,701
Fortune Brands Home & Security Inc.		5,115		481,680
Freeport-McMoRan Inc.		46,500		1,730,730
Garmin Ltd.		3,720		462,842
Gartner Inc.(a)		2,325		683,294
Generac Holdings Inc.(a)		1,395		393,920
General Dynamics Corp.		4,805		1,019,141
General Electric Co.		22,940		2,167,371
General Mills Inc.		11,160		766,469
General Motors Co.(a)		23,870		1,258,665
Genuine Parts Co.		3,720		495,616
Gilead Sciences Inc.		26,350		1,809,718
Global Payments Inc.		6,355		952,487
Goldman Sachs Group Inc. (The)		6,975		2,473,893
Halliburton Co.		136,090		4,183,407
Hartford Financial Services Group Inc. (The)		7,750		556,993
Hasbro Inc.		4,030		372,694
HCA Healthcare Inc.		4,960		1,190,648
Healthpeak Properties Inc.		7,486		264,780
HEICO Corp.		1,550		211,405
Henry Schein Inc.(a)		7,130		536,889
Hershey Co. (The)		3,720		733,100
Hewlett Packard Enterprise Co.		44,950		734,034
Hilton Worldwide Holdings Inc.(a)		4,495		652,269
Hologic Inc.(a)		4,805		337,503
Home Depot Inc. (The)		19,995		7,337,765
Honeywell International Inc.		14,880		3,042,662
Host Hotels & Resorts Inc.(a)		21,390		370,903
Howmet Aerospace Inc.		11,160		346,964
HP Inc.		29,295		1,076,005
HubSpot Inc.(a)		775		378,820
Humana Inc.		2,325		912,563
Huntington Bancshares Inc./OH		24,335		366,485
IDEX Corp.		1,707		367,756
IDEXX Laboratories Inc.(a)		1,550		786,315
IHS Markit Ltd.		8,060		941,327
Illinois Tool Works Inc.		6,355		1,486,562
Illumina Inc.(a)		3,100		1,081,342
Ingersoll Rand Inc.		7,173		403,194
Insulet Corp.(a)		1,240		307,520

42 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Intel Corp.		82,460	$	4,025,697
Intercontinental Exchange Inc.		9,610		1,217,203
International Business Machines Corp.		21,545		2,877,766
International Flavors & Fragrances Inc.		8,525		1,124,618
Interpublic Group of Companies Inc. (The)		12,710		451,713
Intuit Inc.		5,115		2,840,001
Intuitive Surgical Inc.(a)		7,440		2,114,299
Invesco Ltd.		15,655		354,742
Invitation Homes Inc.		7,440		312,331
IQVIA Holdings Inc.(a)		4,805		1,176,744
Iron Mountain Inc.		8,990		412,821
Jack Henry & Associates Inc.		3,255		546,222
Jacobs Engineering Group Inc.		2,325		302,669
Jazz Pharmaceuticals PLC(a)		155		21,531
JM Smucker Co. (The)		2,480		348,638
Johnson & Johnson		53,010		9,133,093
Johnson Controls International PLC		20,460		1,486,828
JPMorgan Chase & Co.		53,785		7,992,451
Juniper Networks Inc.		16,895		588,284
Keurig Dr Pepper Inc.		23,250		882,338
KeyCorp.		31,310		784,629
Keysight Technologies Inc.(a)		2,325		392,507
Kinder Morgan Inc.		199,330		3,460,369
KKR & Co. Inc.		8,990		639,728
KLA Corp.		3,100		1,206,737
Kraft Heinz Co. (The)		21,700		776,860
L3Harris Technologies Inc.		3,300		690,657
Laboratory Corp. of America Holdings(a)		1,860		504,730
Lam Research Corp.		2,945		1,737,314
Las Vegas Sands Corp.(a)		9,145		400,551
Leidos Holdings Inc.		3,255		291,160
Lennar Corp., Class A		4,495		432,014
Lennox International Inc.		717		203,356
Liberty Broadband Corp., Class C, NVS(a)		2,480		368,057
Liberty Global PLC, Class C, NVS(a)		14,260		385,590
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		5,890		272,413
Lincoln National Corp.		6,510		455,570
Live Nation Entertainment Inc.(a)		3,720		407,377
LKQ Corp.		5,890		323,302
Lockheed Martin Corp.		4,960		1,930,085
Loews Corp.		15,655		933,977
Lowe’s Companies Inc.		13,330		3,163,875
Lucid Group Inc.(a)(b)		10,385		305,215
Lululemon Athletica Inc.(a)		2,325		775,992
Lyft Inc., Class A(a)		8,215		316,442
M&T Bank Corp.		2,325		393,809
Markel Corp.(a)(b)		155		191,075
MarketAxess Holdings Inc.		775		266,972
Marriott International Inc./MD, Class A(a)		3,410		549,419
Marsh & McLennan Companies Inc.		10,850		1,666,994
Martin Marietta Materials Inc.		1,860		723,763
Marvell Technology Inc.		17,980		1,283,772
Masco Corp.		7,750		490,808
Mastercard Inc., Class A		17,312		6,689,011
Match Group Inc.(a)		4,805		541,524
McCormick & Co. Inc./MD, NVS		6,820		684,114
McDonald’s Corp.		14,260		3,699,757
McKesson Corp.		3,100		795,832
Medical Properties Trust Inc.		11,625		264,585
Medtronic PLC		26,970		2,791,125

Security	Shares		Value
United States (continued)
MercadoLibre Inc.(a)(b)		930	$	1,052,816
Merck & Co. Inc.		50,995		4,155,073
Meta Platforms Inc, Class A(a)		46,035		14,420,924
MetLife Inc.		20,925		1,403,230
Mettler-Toledo International Inc.(a)		465		684,796
MGM Resorts International		9,455		403,918
Microchip Technology Inc.		10,850		840,658
Micron Technology Inc.		20,305		1,670,492
Microsoft Corp.		136,710		42,514,076
Moderna Inc.(a)		6,975		1,181,077
Molina Healthcare Inc.(a)		940		273,051
Mondelez International Inc., Class A		34,100		2,285,723
MongoDB Inc.(a)		1,085		439,544
Monolithic Power Systems Inc.		1,085		437,179
Monster Beverage Corp.(a)		11,470		994,678
Moody’s Corp.		2,790		956,970
Morgan Stanley		27,745		2,844,972
Motorola Solutions Inc.		3,410		790,915
MSCI Inc.		1,395		747,887
NetApp Inc.		5,735		496,135
Netflix Inc.(a)		8,680		3,707,575
Newell Brands Inc.		13,950		323,780
Newmont Corp.		16,120		986,060
NextEra Energy Inc.		21,855		1,707,313
Nike Inc., Class B		24,490		3,626,234
Norfolk Southern Corp.		4,340		1,180,437
Northern Trust Corp.		2,945		343,505
Northrop Grumman Corp.		2,790		1,032,021
NortonLifeLock Inc.		12,710		330,587
Novavax Inc.(a)(b)		1,860		174,282
Novocure Ltd.(a)		2,170		148,971
Nuance Communications Inc.(a)		8,990		496,698
NVIDIA Corp.		48,515		11,879,383
Okta Inc.(a)		1,860		368,075
Old Dominion Freight Line Inc.		2,635		795,586
Omnicom Group Inc.		3,255		245,297
ONEOK Inc.		21,080		1,279,134
Oracle Corp.		33,480		2,717,237
O’Reilly Automotive Inc.(a)		1,240		808,170
Otis Worldwide Corp.		8,370		715,049
PACCAR Inc.		4,805		446,817
Palantir Technologies Inc., Class A(a)		34,410		471,761
Palo Alto Networks Inc.(a)		1,860		962,364
Parker-Hannifin Corp.		2,790		864,928
Paychex Inc.		7,750		912,640
Paycom Software Inc.(a)(b)		930		311,829
PayPal Holdings Inc.(a)		21,080		3,624,495
Peloton Interactive Inc., Class A(a)		7,285		199,099
Pentair PLC		4,212		268,304
PepsiCo Inc.		28,210		4,894,999
PerkinElmer Inc.		2,480		426,982
Pfizer Inc.		113,254		5,967,353
Philip Morris International Inc.		35,960		3,698,486
Pinterest Inc., Class A(a)		10,695		316,144
Pioneer Natural Resources Co.		14,570		3,189,227
Plug Power Inc.(a)(b)		12,710		277,968
PNC Financial Services Group Inc. (The)		9,300		1,915,707
Pool Corp.		620		295,275
PPG Industries Inc.		8,680		1,355,816
Principal Financial Group Inc.		7,130		520,918

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) (continued) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Procter & Gamble Co. (The)		49,755	$	7,983,190
Progressive Corp. (The)		10,075		1,094,750
Prologis Inc.		15,190		2,382,096
Prudential Financial Inc.		13,795		1,539,108
PTC Inc.(a)		4,185		486,548
Public Storage		2,945		1,055,871
QUALCOMM Inc.		22,320		3,922,963
Quest Diagnostics Inc.		2,170		292,993
Raytheon Technologies Corp.		32,712		2,950,295
Realty Income Corp.		8,552		593,594
Regency Centers Corp.		3,720		266,910
Regeneron Pharmaceuticals Inc.(a)		1,860		1,131,977
Regions Financial Corp.		31,310		718,251
ResMed Inc.		2,790		637,794
RingCentral Inc., Class A(a)		1,550		273,560
Robert Half International Inc.		3,410		386,217
Rockwell Automation Inc.		2,170		627,607
Roku Inc., Class A(a)		2,325		381,416
Roper Technologies Inc.		2,325		1,016,397
Ross Stores Inc.		7,285		712,109
S&P Global Inc.		4,960		2,059,491
salesforce.com Inc.(a)		18,445		4,290,860
SBA Communications Corp.		2,170		706,205
Schlumberger NV		81,220		3,173,265
Seagen Inc.(a)		1,860		250,189
Sempra Energy		7,285		1,006,496
ServiceNow Inc.(a)		3,720		2,179,102
Sherwin-Williams Co. (The)		6,355		1,820,771
Signature Bank/New York NY		1,395		424,959
Simon Property Group Inc.		8,370		1,232,064
Skyworks Solutions Inc.		2,480		363,370
Snap Inc., Class A, NVS(a)		22,010		716,205
Snap-on Inc.		2,325		484,181
Snowflake Inc., Class A(a)		4,495		1,240,170
SoFi Technologies Inc.(a)(b)		15,345		191,506
SolarEdge Technologies Inc.(a)		1,085		258,469
Splunk Inc.(a)		2,635		326,529
SS&C Technologies Holdings Inc.		4,805		383,775
Stanley Black & Decker Inc.		3,720		649,698
Starbucks Corp.		25,265		2,484,055
State Street Corp.		7,805		737,573
Stryker Corp.		6,975		1,730,149
Sun Communities Inc.		1,550		292,888
Sunrun Inc.(a)		6,510		168,804
SVB Financial Group(a)		1,240		724,036
Synchrony Financial		10,540		448,899
Synopsys Inc.(a)		2,170		673,785
Sysco Corp.		12,555		981,173
T Rowe Price Group Inc.		3,720		574,480
Take-Two Interactive Software Inc.(a)		1,860		303,812
Target Corp.		9,300		2,049,999
TE Connectivity Ltd.		8,990		1,285,660
Teladoc Health Inc.(a)		3,100		237,801
Teledyne Technologies Inc.(a)		930		391,930
Teleflex Inc.		775		240,397
Teradyne Inc.		3,720		436,840
Tesla Inc.(a)		16,430		15,390,310
Texas Instruments Inc.		17,825		3,199,409
Textron Inc.		4,495		305,930
Thermo Fisher Scientific Inc.		7,750		4,505,075

Security	Shares		Value
United States (continued)
TJX Companies Inc. (The)		25,420	$	1,829,477
T-Mobile U.S. Inc.(a)		13,020		1,408,373
Tractor Supply Co.		1,395		304,542
Trade Desk Inc. (The), Class A(a)		8,680		603,607
Tradeweb Markets Inc., Class A		2,790		236,508
TransDigm Group Inc.(a)		1,085		668,566
TransUnion		4,030		415,574
Travelers Companies Inc. (The)		3,100		515,158
Trimble Inc.(a)		6,820		492,131
Truist Financial Corp.		28,985		1,820,838
Twilio Inc., Class A(a)		2,945		607,023
Twitter Inc.(a)		15,190		569,777
Tyler Technologies Inc.(a)		930		440,634
U.S. Bancorp.		27,435		1,596,443
Uber Technologies Inc.(a)		30,845		1,153,603
UDR Inc.		4,233		240,604
Ulta Beauty Inc.(a)		1,240		451,038
Union Pacific Corp.		12,555		3,070,325
United Parcel Service Inc., Class B		13,330		2,695,459
United Rentals Inc.(a)		2,170		694,660
UnitedHealth Group Inc.		17,670		8,350,312
Vail Resorts Inc.		930		257,703
Veeva Systems Inc., Class A(a)		2,945		696,610
Ventas Inc.		7,905		419,123
Verisk Analytics Inc.		3,100		608,003
Verizon Communications Inc.		82,305		4,381,095
Vertex Pharmaceuticals Inc.(a)		4,805		1,167,855
VF Corp.		7,130		464,947
ViacomCBS Inc., Class B, NVS		10,850		362,933
Viatris Inc.		22,940		343,412
VICI Properties Inc.		11,625		332,708
Visa Inc., Class A		32,860		7,431,946
VMware Inc., Class A		4,495		577,518
Vornado Realty Trust		8,542		350,307
Vulcan Materials Co.		4,185		796,447
Walgreens Boots Alliance Inc.		20,925		1,041,228
Walmart Inc.		29,605		4,139,075
Walt Disney Co. (The)(a)		34,720		4,963,918
Waters Corp.(a)		1,550		496,186
Wayfair Inc., Class A(a)(b)		1,550		241,676
Wells Fargo & Co.		81,685		4,394,653
Welltower Inc.		10,850		939,936
West Pharmaceutical Services Inc.		1,085		426,644
Western Digital Corp.(a)		6,355		328,808
Western Union Co. (The)		33,325		630,176
Westinghouse Air Brake Technologies Corp.		6,355		564,960
Weyerhaeuser Co.		16,430		664,265
Williams Companies Inc. (The)		46,655		1,396,851
Willis Towers Watson PLC		2,345		548,636
Workday Inc., Class A(a)		3,410		862,764
WW Grainger Inc.		930		460,452
Wynn Resorts Ltd.(a)		4,495		384,098
Xilinx Inc.		4,960		960,008
Xylem Inc./NY		5,115		537,177
Yum! Brands Inc.		6,355		795,455
Zebra Technologies Corp., Class A(a)		1,240		631,309
Zillow Group Inc., Class C, NVS(a)		7,285		367,747
Zimmer Biomet Holdings Inc.		5,425		667,384
Zoetis Inc.		9,765		1,950,949
Zoom Video Communications Inc., Class A(a)		4,340		669,575

44 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
ZoomInfo Technologies Inc.(a)		5,270	$	278,572
Zscaler Inc.(a)		1,395		358,668
			764,607,510
Total Common Stocks — 99.2% (Cost: $1,062,144,981)				1,273,211,780
Preferred Stocks
Brazil — 0.0%
Banco Bradesco SA, Preference Shares, NVS		70,544		302,895
Itau Unibanco Holding SA, Preference Shares, NVS		39,114		186,580
				489,475
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		15,655		838,386
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		38,440		343,136
Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		9,455		773,310
Sartorius AG, Preference Shares, NVS		930		502,086
Volkswagen AG, Preference Shares, NVS		6,045		1,259,005
			2,534,401
South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		15,500		871,833
Total Preferred Stocks — 0.4% (Cost: $4,805,794)				5,077,231

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		7,149,968	$	7,152,113
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		1,480,000		1,480,000
				8,632,113
Total Short-Term Investments — 0.7% (Cost: $8,630,785)				8,632,113
Total Investments in Securities — 100.3% (Cost: $1,075,581,560)				1,286,921,124
Other Assets, Less Liabilities — (0.3)%				(4,022,948	)
Net Assets — 100.0%			$	1,282,898,176

^(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)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,226,983	$	2,926,457	(a)	$	—	$	(1,041	)	$	(286	)	$	7,152,113		7,149,968	$	10,071	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,380,000		100,000	(a)		—		—			—			1,480,000		1,480,000		52			—
BlackRock Inc.		1,525,352		937,257			—		—			(166,606	)		2,296,003		2,790		20,187			—
								$	(1,041	)	$	(166,892	)	$	10,928,116			$	30,310		$	—

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target 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 EAFE Index		9		03/18/22	$	1,006	$	(5,744	)
MSCI Emerging Markets Index		9		03/18/22		551		7,685
S&P 500 E-Mini Index		10		03/18/22		2,252		(22,672	)
							$	(20,731	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	7,685
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	28,416

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	124,583
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(49,858	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,220,523

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.

46 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI Low Carbon Target ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	840,543,128		$	432,668,652	$	—	$	1,273,211,780
Preferred Stocks		832,611			4,244,620		—		5,077,231
Money Market Funds		8,632,113			—		—		8,632,113
	$	850,007,852		$	436,913,272	$	—	$	1,286,921,124
Derivative financial instruments(a)
Assets
Futures Contracts	$	7,685		$	—	$	—	$	7,685
Liabilities
Futures Contracts		(28,416	)		—		—		(28,416	)
	$	(20,731	)	$	—	$	—	$	(20,731	)

^(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 47

Schedule of Investments (unaudited)  January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 37.1%
Yankuang Energy Group Co. Ltd., Class H(a)		1,132,000	$	2,398,310
360 DigiTech Inc.		59,713		1,181,720
360 Security Technology Inc., Class A(b)		339,600		561,152
3SBio Inc.(b)(c)		990,500		784,271
51job Inc., ADR(b)		21,508		1,084,003
AAC Technologies Holdings Inc.		413,500		1,255,541
AECC Aviation Power Co. Ltd., Class A		114,291		864,225
Agile Group Holdings Ltd.		488,000		258,686
Agora Inc., ADR(b)		33,394		381,693
Agricultural Bank of China Ltd., Class A		2,999,800		1,398,354
Agricultural Bank of China Ltd., Class H		17,546,000		6,675,808
Aier Eye Hospital Group Co. Ltd., Class A		226,474		1,159,573
Air China Ltd., Class A(b)		365,919		583,462
Air China Ltd., Class H(b)		1,136,000		856,418
Akeso Inc.(b)(c)		288,000		782,295
Alibaba Group Holding Ltd.(b)		10,301,240		161,457,120
Alibaba Health Information Technology Ltd.(a)(b)		2,830,000		2,133,109
Alibaba Pictures Group Ltd.(b)		8,490,000		961,436
A-Living Smart City Services Co. Ltd., Class A(c)		354,250		689,672
Aluminum Corp. of China Ltd., Class A(b)		594,399		503,274
Aluminum Corp. of China Ltd., Class H(a)(b)		2,830,000		1,489,334
Angel Yeast Co. Ltd., Class A		29,998		271,304
Anhui Conch Cement Co. Ltd., Class A		226,480		1,399,036
Anhui Conch Cement Co. Ltd., Class H		797,500		4,218,397
Anhui Gujing Distillery Co. Ltd., Class A		29,935		989,844
Anhui Gujing Distillery Co. Ltd., Class B		56,600		835,130
Anhui Kouzi Distillery Co. Ltd., Class A		28,300		311,133
ANTA Sports Products Ltd.		749,800		11,258,449
Autohome Inc., ADR		51,506		1,716,180
AVIC Electromechanical Systems Co. Ltd., Class A		226,499		433,962
AVIC Industry-Finance Holdings Co. Ltd., Class A		622,600		373,439
AviChina Industry & Technology Co. Ltd., Class H		1,698,000		958,268
Baidu Inc., ADR(b)		187,932		30,020,258
Bank of Beijing Co. Ltd., Class A		1,224,900		866,244
Bank of Chengdu Co. Ltd., Class A		226,400		502,689
Bank of China Ltd., Class A		1,273,500		618,819
Bank of China Ltd., Class H		54,344,000		21,182,886
Bank of Communications Co. Ltd., Class A		1,726,386		1,289,243
Bank of Communications Co. Ltd., Class H		5,943,100		3,986,286
Bank of Hangzhou Co. Ltd., Class A		311,460		695,772
Bank of Jiangsu Co. Ltd., Class A		764,100		794,376
Bank of Nanjing Co. Ltd., Class A		484,100		751,590
Bank of Ningbo Co. Ltd., Class A		311,325		1,925,024
Bank of Shanghai Co. Ltd., Class A		795,641		881,143
Baoshan Iron & Steel Co. Ltd., Class A		962,295		1,072,143
BBMG Corp., Class A		799,694		345,464
BeiGene Ltd., ADR(b)		31,940		7,748,005
Beijing Capital International Airport Co. Ltd., Class H(b)		1,132,000		755,752
Beijing Dabeinong Technology Group Co. Ltd., Class A		213,800		309,634
Beijing Enlight Media Co. Ltd., Class A		141,500		235,218
Beijing Enterprises Holdings Ltd.		283,000		964,739
Beijing Enterprises Water Group Ltd.		3,396,000		1,324,575
Beijing New Building Materials PLC, Class A		85,526		437,929
Beijing Originwater Technology Co. Ltd., Class A		283,000		294,839
Beijing Shiji Information Technology Co. Ltd., Class A		42,620		212,812
Beijing Shunxin Agriculture Co. Ltd., Class A		28,300		121,861
Beijing Sinnet Technology Co. Ltd., Class A		86,599		182,612
Beijing Tiantan Biological Products Corp. Ltd., Class A		67,120		295,483

Security	Shares		Value
China (continued)
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		29,600	$	1,043,906
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		1,613,100		1,285,574
Betta Pharmaceuticals Co. Ltd., Class A		28,300		278,213
BGI Genomics Co. Ltd., Class A		28,390		374,277
Bilibili Inc., ADR(a)(b)		111,510		3,935,188
BOC Aviation Ltd.(c)		141,700		1,191,298
BOE Technology Group Co. Ltd., Class A		1,641,400		1,258,618
Bosideng International Holdings Ltd.(a)		2,264,000		1,103,555
BYD Co. Ltd., Class A		56,650		2,112,332
BYD Co. Ltd., Class H		566,000		16,740,614
BYD Electronic International Co. Ltd.		424,500		1,283,891
By-Health Co. Ltd., Class A		84,900		334,449
Caitong Securities Co. Ltd., Class A		226,468		348,614
CanSino Biologics Inc., Class H(a)(b)(c)		56,600		948,140
CGN Power Co. Ltd., Class H(c)		7,366,000		2,035,220
Changchun High & New Technology Industry Group Inc., Class A		28,300		786,763
Changjiang Securities Co. Ltd., Class A		453,600		501,766
Chaozhou Three-Circle Group Co. Ltd., Class A		86,597		519,157
China Bohai Bank Co. Ltd., Class H(c)		2,122,500		530,826
China Cinda Asset Management Co. Ltd., Class H		6,509,000		1,190,421
China CITIC Bank Corp. Ltd., Class H		6,226,200		2,970,484
China Communications Services Corp. Ltd., Class H		1,698,000		903,844
China Conch Venture Holdings Ltd.		1,132,000		5,381,164
China Construction Bank Corp., Class A		396,200		374,930
China Construction Bank Corp., Class H		65,096,390		49,951,604
China CSSC Holdings Ltd., Class A		198,300		637,837
China Eastern Airlines Corp. Ltd., Class A(b)		509,495		462,170
China Education Group Holdings Ltd.		566,000		495,396
China Everbright Bank Co. Ltd., Class A		1,782,900		940,249
China Everbright Bank Co. Ltd., Class H		2,264,000		850,578
China Everbright Environment Group Ltd.		2,547,370		1,892,306
China Evergrande Group(a)(b)		2,830,000		604,765
China Feihe Ltd.(c)		2,266,000		3,142,402
China Galaxy Securities Co. Ltd., Class A		184,751		306,997
China Galaxy Securities Co. Ltd., Class H		2,550,000		1,512,086
China Gas Holdings Ltd.		2,037,600		3,461,845
China Greatwall Technology Group Co. Ltd., Class A		141,500		284,452
China Hongqiao Group Ltd.		1,556,500		1,758,731
China Huishan Dairy Holdings Co. Ltd.(b)(d)		277,900		—
China International Capital Corp. Ltd., Class H(c)		1,132,000		3,083,588
China Jinmao Holdings Group Ltd.		3,962,000		1,439,275
China Jushi Co. Ltd., Class A		186,571		481,335
China Lesso Group Holdings Ltd.		849,000		1,475,992
China Life Insurance Co. Ltd., Class A		142,290		620,697
China Life Insurance Co. Ltd., Class H		4,772,000		8,388,689
China Literature Ltd.(b)(c)		283,000		1,713,951
China Longyuan Power Group Corp. Ltd., Class H		2,320,000		4,733,469
China Medical System Holdings Ltd.		849,000		1,421,675
China Meidong Auto Holdings Ltd.		566,000		2,657,390
China Mengniu Dairy Co. Ltd.		2,264,000		13,381,650
China Merchants Bank Co. Ltd., Class A		877,304		6,820,562
China Merchants Bank Co. Ltd., Class H		2,548,446		21,300,220
China Merchants Port Holdings Co. Ltd.		1,138,180		2,103,548
China Merchants Securities Co. Ltd., Class A		368,665		975,007
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		312,160		666,491
China Minsheng Banking Corp. Ltd., Class A		1,698,098		1,038,064
China Minsheng Banking Corp. Ltd., Class H		3,537,520		1,409,918

48 2 0 2 2   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) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Molybdenum Co. Ltd., Class A		764,100	$	633,899
China Molybdenum Co. Ltd., Class H		2,547,000		1,308,835
China National Building Material Co. Ltd., Class H		2,830,000		3,675,751
China National Chemical Engineering Co. Ltd., Class A		283,056		459,053
China National Medicines Corp. Ltd., Class A		56,600		248,375
China National Nuclear Power Co. Ltd., Class A		792,600		885,905
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		169,800		1,009,426
China Oilfield Services Ltd., Class H		1,280,000		1,258,829
China Overseas Land & Investment Ltd.		2,548,260		7,521,131
China Overseas Property Holdings Ltd.		1,415,000		1,643,295
China Pacific Insurance Group Co. Ltd., Class A		311,398		1,295,989
China Pacific Insurance Group Co. Ltd., Class H		1,755,000		5,342,565
China Petroleum & Chemical Corp., Class A		1,273,592		846,528
China Petroleum & Chemical Corp., Class H		16,418,000		8,596,298
China Power International Development Ltd.		3,639,000		1,800,989
China Railway Group Ltd., Class A		990,500		972,044
China Railway Group Ltd., Class H		2,547,000		1,572,219
China Resources Beer Holdings Co. Ltd.		1,136,000		8,481,240
China Resources Cement Holdings Ltd.		1,698,000		1,463,214
China Resources Gas Group Ltd.		566,000		2,831,071
China Resources Land Ltd.		2,265,555		10,950,826
China Resources Mixc Lifestyle Services Ltd.(c)		396,200		2,328,742
China Resources Power Holdings Co. Ltd.		1,132,000		2,756,739
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		84,973		462,496
China Shenhua Energy Co. Ltd., Class A		283,018		1,009,046
China Shenhua Energy Co. Ltd., Class H		2,265,000		5,571,101
China Southern Airlines Co. Ltd., Class A(b)		537,700		622,823
China Southern Airlines Co. Ltd., Class H(a)(b)		1,132,000		724,758
China State Construction Engineering Corp. Ltd., Class A		1,726,300		1,413,920
China State Construction International Holdings Ltd.		1,132,000		1,340,026
China Suntien Green Energy Corp. Ltd., Class H		1,164,000		709,295
China Taiping Insurance Holdings Co. Ltd.		1,075,590		1,521,699
China Tourism Group Duty Free Corp. Ltd., Class A		85,998		2,818,126
China Tower Corp. Ltd., Class H(c)		28,870,000		3,487,460
China Traditional Chinese Medicine Holdings Co. Ltd.		1,708,000		996,068
China TransInfo Technology Co. Ltd., Class A		113,200		241,929
China United Network Communications Ltd., Class A		1,196,000		698,807
China Vanke Co. Ltd., Class A		452,807		1,450,653
China Vanke Co. Ltd., Class H		1,075,484		2,780,392
China Yangtze Power Co. Ltd., Class A		1,032,448		3,560,652
China Yuhua Education Corp. Ltd.(c)		1,132,000		246,312
China Zheshang Bank Co. Ltd., Class A		1,188,600		640,960
Chinasoft International Ltd.		1,698,000		1,699,140
Chindata Group Holdings Ltd., ADR(a)(b)		73,014		373,832
Chongqing Brewery Co. Ltd., Class A(b)		29,996		628,011
Chongqing Changan Automobile Co. Ltd., Class A		283,137		580,906
Chongqing Fuling Zhacai Group Co. Ltd., Class A		56,600		282,037
Chongqing Zhifei Biological Products Co. Ltd., Class A		56,600		950,408
CIFI Ever Sunshine Services Group Ltd.		568,000		1,025,024
CIFI Holdings Group Co. Ltd.		2,368,000		1,545,856
CITIC Ltd.		3,962,000		4,449,742
CITIC Securities Co. Ltd., Class A		586,302		2,293,809
CITIC Securities Co. Ltd., Class H		1,273,500		3,410,202
Contemporary Amperex Technology Co. Ltd., Class A		100,099		9,658,721
COSCO SHIPPING Holdings Co. Ltd., Class A(b)		537,912		1,395,340
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		2,264,399		4,119,461
COSCO SHIPPING Ports Ltd.		1,702,000		1,355,818

Security	Shares		Value
China (continued)
Country Garden Holdings Co. Ltd.(a)		5,377,838	$	4,417,119
Country Garden Services Holdings Co. Ltd.		1,132,000		6,686,960
CRRC Corp. Ltd., Class A		936,000		858,877
CRRC Corp. Ltd., Class H		2,717,000		1,244,298
CSC Financial Co. Ltd., Class A		198,199		832,066
CSPC Pharmaceutical Group Ltd.		6,227,440		7,568,763
Dada Nexus Ltd., ADR(b)		41,035		448,102
Dali Foods Group Co. Ltd.(c)		1,556,500		899,616
Daqo New Energy Corp., ADR(b)		42,181		1,692,302
DaShenLin Pharmaceutical Group Co. Ltd., Class A		28,500		166,532
DHC Software Co. Ltd., Class A		198,100		223,750
DiDi Global Inc.(a)(b)		205,175		740,682
Dong-E-E-Jiao Co. Ltd., Class A		28,300		168,290
Dongfang Electric Corp. Ltd., Class A		165,988		449,489
Dongfeng Motor Group Co. Ltd., Class H		1,698,000		1,497,373
Dongxing Securities Co. Ltd., Class A		227,298		379,836
Dongyue Group Ltd.(a)		1,164,000		1,424,635
East Money Information Co. Ltd., Class A		438,844		2,191,526
Ecovacs Robotics Co. Ltd., Class A		28,300		599,609
ENN Energy Holdings Ltd.		537,900		8,563,511
Eve Energy Co. Ltd., Class A		84,916		1,278,157
Everbright Securities Co. Ltd., Class A		170,893		370,889
Fangda Carbon New Material Co. Ltd., Class A		228,775		349,998
Far East Horizon Ltd.		1,132,000		968,371
Fiberhome Telecommunication Technologies Co. Ltd., Class A		84,999		219,252
First Capital Securities Co. Ltd., Class A		254,700		261,505
Flat Glass Group Co. Ltd., Class A		59,200		459,308
Flat Glass Group Co. Ltd., Class H(a)		283,000		1,136,143
Focus Media Information Technology Co. Ltd., Class A		646,240		780,568
Foshan Haitian Flavouring & Food Co. Ltd., Class A		141,540		2,166,134
Fosun International Ltd.		1,839,500		2,087,179
Founder Securities Co. Ltd., Class A		481,242		557,614
Foxconn Industrial Internet Co. Ltd., Class A		367,900		645,838
Fujian Sunner Development Co. Ltd., Class A		56,600		188,479
Fuyao Glass Industry Group Co. Ltd., Class A		85,599		646,240
Fuyao Glass Industry Group Co. Ltd., Class H(c)		452,800		2,452,005
Ganfeng Lithium Co. Ltd., Class A		58,298		1,253,969
Ganfeng Lithium Co. Ltd., Class H(a)(c)		169,800		2,698,178
GCL System Integration Technology Co. Ltd., Class A(b)		306,600		153,940
GDS Holdings Ltd., ADR(a)(b)		57,872		2,539,423
Geely Automobile Holdings Ltd.		3,923,000		8,492,341
Gemdale Corp., Class A		226,446		461,131
Genscript Biotech Corp.(b)		926,000		2,949,695
GF Securities Co. Ltd., Class A		339,800		1,122,463
GF Securities Co. Ltd., Class H		623,000		1,079,864
Giant Network Group Co. Ltd., Class A		113,219		174,591
Gigadevice Semiconductor Beijing Inc., Class A		28,435		633,325
GoerTek Inc., Class A		141,797		1,068,311
GOME Retail Holdings Ltd.(a)(b)		8,490,160		581,548
Gotion High-tech Co. Ltd., Class A(b)		59,200		377,891
Great Wall Motor Co. Ltd., Class A		85,100		551,412
Great Wall Motor Co. Ltd., Class H		2,122,500		5,758,528
Greenland Holdings Corp. Ltd., Class A		419,887		289,670
Greentown China Holdings Ltd.		566,000		934,498
Greentown Service Group Co. Ltd.		1,132,000		1,242,767
GRG Banking Equipment Co. Ltd., Class A		141,560		252,934
Guangdong Haid Group Co. Ltd., Class A		113,299		1,290,227
Guangdong Investment Ltd.		2,264,000		3,233,974

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) (continued) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Guangdong Kinlong Hardware Products Co. Ltd., Class A		18,700	$	472,214
Guanghui Energy Co. Ltd., Class A(b)		363,200		334,582
Guangzhou Automobile Group Co. Ltd., Class H		2,264,397		2,224,280
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		84,900		387,842
Guangzhou Haige Communications Group Inc. Co., Class A		198,111		290,104
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		29,998		365,909
Guangzhou R&F Properties Co. Ltd., Class H(a)		1,018,800		453,474
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		29,358		352,224
Guangzhou Tinci Materials Technology Co. Ltd., Class A		56,600		852,235
Guosen Securities Co. Ltd., Class A		367,900		636,764
Guotai Junan Securities Co. Ltd., Class A		424,500		1,184,062
Guoyuan Securities Co. Ltd., Class A		283,030		320,333
Haidilao International Holding Ltd.(a)(c)		566,000		1,226,736
Haier Smart Home Co. Ltd., Class A		339,600		1,496,229
Haier Smart Home Co. Ltd., Class H		1,415,400		5,674,396
Haitian International Holdings Ltd.		569,000		1,480,347
Haitong Securities Co. Ltd., Class A		679,200		1,231,043
Haitong Securities Co. Ltd., Class H		1,226,400		1,103,654
Hangzhou First Applied Material Co. Ltd., Class A		56,796		1,027,769
Hangzhou Robam Appliances Co. Ltd., Class A		56,783		310,169
Hangzhou Silan Microelectronics Co. Ltd., Class A		56,600		459,603
Hangzhou Tigermed Consulting Co. Ltd., Class A		29,390		483,405
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		56,800		595,028
Hansoh Pharmaceutical Group Co. Ltd.(c)		902,000		1,859,393
Hefei Meiya Optoelectronic Technology Inc., Class A		28,300		150,065
Hello Group Inc., ADR		110,087		1,071,146
Henan Shuanghui Investment & Development Co. Ltd., Class A		142,198		668,967
Hengan International Group Co. Ltd.(a)		424,500		2,075,088
Hengli Petrochemical Co. Ltd., Class A		254,999		965,022
HengTen Networks Group Ltd.(a)(b)		2,280,000		703,846
Hengyi Petrochemical Co. Ltd., Class A		228,000		364,668
Hesteel Co. Ltd., Class A		792,400		298,040
Hithink RoyalFlush Information Network Co. Ltd., Class A		28,388		567,280
Hongfa Technology Co. Ltd., Class A		28,300		284,715
Hopson Development Holdings Ltd.(a)		522,480		1,088,673
Hoshine Silicon Industry Co. Ltd., Class A		29,600		492,484
Hua Hong Semiconductor Ltd.(b)(c)		283,000		1,377,640
Huadian Power International Corp. Ltd., Class A		396,200		260,989
Huadong Medicine Co. Ltd., Class A		84,987		490,695
Hualan Biological Engineering Inc., Class A		73,280		292,695
Huaneng Power International Inc., Class A		283,000		327,889
Huaneng Power International Inc., Class H		2,268,000		1,193,886
Huatai Securities Co. Ltd., Class A		367,900		995,573
Huatai Securities Co. Ltd., Class H(c)		896,200		1,593,097
Huaxi Securities Co. Ltd., Class A		226,400		323,462
Huaxia Bank Co. Ltd., Class A		824,799		731,933
Huaxin Cement Co. Ltd., Class A		84,900		247,972
Huayu Automotive Systems Co. Ltd., Class A		141,700		618,562
Huazhu Group Ltd., ADR(b)		122,836		4,854,479
Hundsun Technologies Inc., Class A		84,912		785,751
Hygeia Healthcare Holdings Co. Ltd.(c)		232,800		1,055,427
Iflytek Co. Ltd., Class A		114,000		788,387
I-Mab, ADR(b)		28,097		709,449

Security	Shares		Value
China (continued)
Imeik Technology Development Co. Ltd., Class A		8,200	$	573,721
Industrial & Commercial Bank of China Ltd., Class A		2,575,300		1,890,501
Industrial & Commercial Bank of China Ltd., Class H		38,207,350		23,147,738
Industrial Bank Co. Ltd., Class A		905,625		2,996,161
Industrial Securities Co. Ltd., Class A		368,059		501,815
Ingenic Semiconductor Co. Ltd., Class A		29,600		516,906
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(b)		2,037,696		759,528
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		453,300		352,855
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		283,091		1,706,100
Innovent Biologics Inc.(a)(b)(c)		850,500		3,601,702
Inspur Electronic Information Industry Co. Ltd., Class A		84,948		455,551
iQIYI Inc., ADR(a)(b)		191,912		783,001
JA Solar Technology Co. Ltd., Class A		59,200		842,033
Jafron Biomedical Co. Ltd., Class A		28,620		212,744
Jason Furniture Hangzhou Co. Ltd., Class A		28,300		327,553
JD Health International Inc.(b)(c)		226,500		1,829,478
JD.com Inc., Class A(b)		1,374,822		52,107,664
Jiangsu Eastern Shenghong Co. Ltd., Class A		134,900		359,376
Jiangsu Expressway Co. Ltd., Class H		1,134,000		1,184,865
Jiangsu Hengli Hydraulic Co. Ltd., Class A		56,665		690,034
Jiangsu Hengrui Medicine Co. Ltd., Class A		276,210		1,781,508
Jiangsu King’s Luck Brewery JSC Ltd., Class A		56,600		457,096
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		56,600		1,404,424
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		56,600		266,212
Jiangsu Zhongtian Technology Co. Ltd., Class A		141,700		374,540
Jiangxi Copper Co. Ltd., Class A		142,300		463,909
Jiangxi Copper Co. Ltd., Class H		849,000		1,392,155
Jiangxi Zhengbang Technology Co. Ltd., Class A		169,800		237,876
Jinke Properties Group Co. Ltd., Class A		254,700		180,375
Jinxin Fertility Group Ltd.(b)(c)		849,000		850,434
Jiumaojiu International Holdings Ltd.(c)		566,000		1,222,326
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		141,500		260,083
Jointown Pharmaceutical Group Co. Ltd., Class A		141,500		296,532
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		57,286		289,997
JOYY Inc., ADR		37,368		1,889,326
Juewei Food Co. Ltd., Class A		28,300		235,280
Kanzhun Ltd.(a)(b)		47,269		1,431,778
KE Holdings Inc., ADR(b)		243,097		5,297,084
Kingboard Holdings Ltd.		424,500		2,049,368
Kingboard Laminates Holdings Ltd.		707,500		1,213,401
Kingdee International Software Group Co. Ltd.(b)		1,698,000		3,890,698
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		37,639		318,050
Kingsoft Corp. Ltd.		623,000		2,799,680
Kuaishou Technology(b)(c)		339,600		3,881,884
Kunlun Energy Co. Ltd.		2,836,000		2,941,066
Kweichow Moutai Co. Ltd., Class A		56,672		16,925,504
KWG Group Holdings Ltd.		829,500		453,558
Laobaixing Pharmacy Chain JSC, Class A		39,220		262,982
LB Group Co. Ltd., Class A		113,200		436,489
Lee & Man Paper Manufacturing Ltd.		851,000		582,817
Legend Biotech Corp., ADR(a)(b)		30,564		1,303,249
Lenovo Group Ltd.		5,094,000		5,520,408
Lens Technology Co. Ltd., Class A		226,486		612,921
Lepu Medical Technology Beijing Co. Ltd., Class A		84,900		277,379
Li Auto Inc., ADR(b)		373,614		9,747,589
Li Ning Co. Ltd.		1,562,000		15,241,995

50 2 0 2 2   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) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Lingyi iTech Guangdong Co., Class A(b)		339,600	$	329,671
Livzon Pharmaceutical Group Inc., Class A		56,601		312,346
Logan Group Co. Ltd.(a)		849,000		528,104
Longfor Group Holdings Ltd.(c)		1,273,500		7,639,504
LONGi Green Energy Technology Co. Ltd., Class A		226,420		2,535,671
Luxshare Precision Industry Co. Ltd., Class A		283,230		2,121,957
Luzhou Laojiao Co. Ltd., Class A		56,600		1,944,315
Mango Excellent Media Co. Ltd., Class A		85,650		477,708
Maxscend Microelectronics Co. Ltd., Class A		19,540		810,273
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b)		198,187		224,162
Meituan, Class B(b)(c)		2,773,800		82,754,501
Metallurgical Corp. of China Ltd., Class A		990,508		576,117
Microport Scientific Corp.(a)		452,800		1,305,092
Ming Yuan Cloud Group Holdings Ltd.		283,000		583,518
Minth Group Ltd.		566,000		2,617,447
MMG Ltd.(b)		2,264,000		735,087
Muyuan Foods Co. Ltd., Class A		226,636		1,970,992
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		52,701		299,251
Nanjing Securities Co. Ltd., Class A		226,400		321,301
NARI Technology Co. Ltd., Class A		254,797		1,424,026
NAURA Technology Group Co. Ltd., Class A		28,300		1,286,468
NavInfo Co. Ltd., Class A(b)		141,700		356,955
NetEase Inc		1,334,470		27,863,047
New China Life Insurance Co. Ltd., Class A		113,299		672,137
New China Life Insurance Co. Ltd., Class H		537,700		1,533,645
New Hope Liuhe Co. Ltd., Class A(b)		226,472		576,251
New Oriental Education & Technology Group Inc., ADR(b)		1,048,611		1,499,514
Nine Dragons Paper Holdings Ltd.		1,132,000		1,130,722
Ninestar Corp., Class A		85,400		659,235
Ningbo Joyson Electronic Corp., Class A		56,600		164,730
Ningbo Tuopu Group Co. Ltd., Class A		59,200		519,245
Ningxia Baofeng Energy Group Co. Ltd., Class A		283,000		717,744
NIO Inc., ADR(a)(b)		925,793		22,691,186
Noah Holdings Ltd., ADR(a)(b)		22,923		719,553
Nongfu Spring Co. Ltd., Class H(a)(c)		1,189,000		7,198,920
Offshore Oil Engineering Co. Ltd., Class A		198,900		140,355
OFILM Group Co. Ltd., Class A(b)		169,823		214,292
Oppein Home Group Inc., Class A		28,300		614,214
Orient Securities Co. Ltd., Class A		279,198		541,052
Ovctek China Inc., Class A		28,380		170,599
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b)		566,000		331,350
People’s Insurance Co. Group of China Ltd. (The), Class H		6,228,000		1,970,849
Perfect World Co. Ltd., Class A		85,589		186,073
PetroChina Co. Ltd., Class A		877,300		697,264
PetroChina Co. Ltd., Class H		14,716,000		7,297,543
Pharmaron Beijing Co. Ltd., Class A		28,300		525,169
Pharmaron Beijing Co. Ltd., Class H(c)		113,200		1,440,119
PICC Property & Casualty Co. Ltd., Class H		4,529,814		4,220,665
Pinduoduo Inc., ADR(b)		297,467		17,800,425
Ping An Bank Co. Ltd., Class A		820,938		2,057,611
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		311,300		993,275
Ping An Insurance Group Co. of China Ltd., Class A		452,899		3,578,221
Ping An Insurance Group Co. of China Ltd., Class H		4,245,000		33,687,555
Poly Developments and Holdings Group Co. Ltd., Class A		509,495		1,255,416

Security	Shares		Value
China (continued)
Postal Savings Bank of China Co. Ltd., Class A		1,132,000	$	1,007,618
Postal Savings Bank of China Co. Ltd., Class H(c)		5,379,000		4,481,513
Power Construction Corp. of China Ltd., Class A		707,700		968,554
Powerlong Real Estate Holdings Ltd.		849,000		473,890
RiseSun Real Estate Development Co. Ltd., Class A		255,193		179,427
RLX Technology Inc., ADR(b)		413,603		1,385,570
Rongsheng Petrochemical Co. Ltd., Class A		424,768		1,215,919
SAIC Motor Corp. Ltd., Class A		367,998		1,093,217
Sangfor Technologies Inc., Class A		28,300		693,355
Sany Heavy Equipment International Holdings Co. Ltd.		849,000		890,307
Sany Heavy Industry Co. Ltd., Class A		367,999		1,174,002
Satellite Chemical Co. Ltd., Class A		88,800		591,126
SDIC Capital Co. Ltd., Class A		367,928		436,427
SDIC Power Holdings Co. Ltd., Class A		339,600		536,117
Sealand Securities Co. Ltd., Class A		396,210		243,670
Seazen Group Ltd.		1,782,000		1,205,528
Seazen Holdings Co. Ltd., Class A		113,224		592,030
SF Holding Co. Ltd., Class A		198,195		1,988,322
Shaanxi Coal Industry Co. Ltd., Class A		476,499		946,393
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		113,200		351,948
Shandong Gold Mining Co. Ltd., Class A		226,480		672,520
Shandong Gold Mining Co. Ltd., Class H(a)(c)		353,750		597,005
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		113,220		545,455
Shandong Linglong Tyre Co. Ltd., Class A		56,800		274,800
Shandong Nanshan Aluminum Co. Ltd., Class A		650,900		446,831
Shandong Sun Paper Industry JSC Ltd., Class A		141,500		249,440
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,682,400		2,073,376
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		42,620		294,353
Shanghai Baosight Software Co. Ltd., Class A		56,680		484,384
Shanghai Baosight Software Co. Ltd., Class B		296,479		1,372,847
Shanghai Construction Group Co. Ltd., Class A		645,400		334,274
Shanghai Electric Group Co. Ltd., Class A		650,900		439,131
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		113,200		764,484
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		283,000		1,134,806
Shanghai International Airport Co. Ltd., Class A(b)		56,600		451,526
Shanghai International Port Group Co. Ltd., Class A		537,700		481,476
Shanghai Jahwa United Co. Ltd., Class A		28,300		180,492
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		933,975		859,067
Shanghai M&G Stationery Inc., Class A		56,600		489,863
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		141,500		420,101
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		452,800		884,078
Shanghai Pudong Development Bank Co. Ltd., Class A		1,332,595		1,767,447
Shanghai Putailai New Energy Technology Co. Ltd., Class A		29,600		669,155
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		169,800		246,993
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		141,671		306,114
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		169,800		324,171
Shanxi Meijin Energy Co. Ltd., Class A(b)		226,400		472,936
Shanxi Securities Co. Ltd., Class A		254,740		237,360
Shanxi Taigang Stainless Steel Co. Ltd., Class A		306,600		330,152
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		56,680		2,467,771
Shengyi Technology Co. Ltd., Class A		113,200		352,021

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shennan Circuits Co. Ltd., Class A		220	$	4,127
Shenwan Hongyuan Group Co. Ltd., Class A		1,160,397		856,383
Shenzhen Energy Group Co. Ltd., Class A		226,486		248,900
Shenzhen Goodix Technology Co. Ltd., Class A		28,300		396,599
Shenzhen Inovance Technology Co. Ltd., Class A		113,200		1,082,787
Shenzhen International Holdings Ltd.		707,500		717,919
Shenzhen Kangtai Biological Products Co. Ltd., Class A		28,300		359,543
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		56,875		2,885,681
Shenzhen Overseas Chinese Town Co. Ltd., Class A		424,500		519,367
Shenzhen Sunway Communication Co. Ltd., Class A		56,600		191,254
Shenzhen Transsion Holding Co. Ltd., Class A		27,620		587,066
Shenzhou International Group Holdings Ltd.		562,100		10,429,733
Shimao Group Holdings Ltd.(a)		849,000		625,709
Shimao Services Holdings Ltd.(c)		283,000		226,207
Sichuan Chuantou Energy Co. Ltd., Class A		254,700		443,711
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		84,900		236,043
Sichuan Swellfun Co. Ltd., Class A		28,300		443,697
Silergy Corp.		53,000		7,163,716
Sinolink Securities Co. Ltd., Class A		169,800		277,949
Sinopec Shanghai Petrochemical Co. Ltd., Class A		254,700		156,342
Sinopharm Group Co. Ltd., Class H		905,600		2,025,641
Sinotruk Hong Kong Ltd.		405,000		602,421
Smoore International Holdings Ltd.(c)		1,415,000		6,088,493
Songcheng Performance Development Co. Ltd., Class A		152,620		368,898
SooChow Securities Co. Ltd., Class A		263,657		325,796
Southwest Securities Co. Ltd., Class A		566,000		426,627
Sun Art Retail Group Ltd.(a)		1,273,500		465,057
Sunac China Holdings Ltd.		1,698,000		2,092,482
Sunac Services Holdings Ltd.(b)(c)		566,000		643,909
Sungrow Power Supply Co. Ltd., Class A		56,600		1,026,552
Suning.com Co. Ltd., Class A(b)		509,694		312,777
Sunny Optical Technology Group Co. Ltd.		477,200		12,320,139
Sunwoda Electronic Co. Ltd., Class A		86,599		487,862
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		81,000		317,411
TAL Education Group, ADR(b)		286,165		818,432
TBEA Co. Ltd., Class A		165,997		496,445
TCL Technology Group Corp., Class A		707,500		629,919
Tencent Holdings Ltd.		3,905,800		244,746,312
Tencent Music Entertainment Group, ADR(a)(b)		448,121		2,769,388
Thunder Software Technology Co. Ltd., Class A		28,300		627,466
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		143,199		975,634
Tianma Microelectronics Co. Ltd., Class A		226,489		426,279
Tianshui Huatian Technology Co. Ltd., Class A		165,900		300,860
Tingyi Cayman Islands Holding Corp.		1,134,000		2,349,405
Toly Bread Co. Ltd., Class A		56,618		231,976
Tongcheng Travel Holdings Ltd.(b)		679,200		1,397,634
Tongkun Group Co. Ltd., Class A		114,896		377,698
Tongling Nonferrous Metals Group Co. Ltd., Class A		666,500		359,686
Tongwei Co. Ltd., Class A		198,100		1,181,655
Topchoice Medical Corp., Class A(b)		12,200		286,985
Topsports International Holdings Ltd.(c)		1,132,000		1,022,829
Transfar Zhilian Co. Ltd., Class A		228,096		278,582
TravelSky Technology Ltd., Class H		568,000		1,062,125
Trip.com Group Ltd., ADR(b)		344,447		9,165,735
Tsingtao Brewery Co. Ltd., Class A		24,400		356,582
Tsingtao Brewery Co. Ltd., Class H		348,000		3,131,985
Unigroup Guoxin Microelectronics Co. Ltd., Class A		28,300		964,914
Uni-President China Holdings Ltd.		851,000		804,305

Security	Shares		Value
China (continued)
Unisplendour Corp. Ltd., Class A		141,520	$	468,369
Universal Scientific Industrial Shanghai Co. Ltd., Class A		84,900		184,691
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		141,500		547,973
Vinda International Holdings Ltd.(a)		283,000		761,586
Vipshop Holdings Ltd., ADR(b)		303,942		2,829,700
Vnet Group Inc., ADR(a)(b)		66,505		659,730
Walvax Biotechnology Co. Ltd., Class A		56,600		436,202
Wanhua Chemical Group Co. Ltd., Class A		143,199		2,065,262
Want Want China Holdings Ltd.(a)		3,357,000		3,293,608
Weibo Corp., ADR(a)(b)		42,662		1,478,238
Weichai Power Co. Ltd., Class A		283,000		699,291
Weichai Power Co. Ltd., Class H		1,415,600		2,568,791
Weimob Inc.(a)(b)(c)		1,423,000		1,074,943
Wens Foodstuffs Group Co. Ltd., Class A(b)		328,098		1,043,809
Western Securities Co. Ltd., Class A		339,699		408,788
Wharf Holdings Ltd. (The)		871,000		2,976,696
Will Semiconductor Co. Ltd. Shanghai, Class A		28,300		1,148,588
Wingtech Technology Co. Ltd., Class A		56,600		964,177
Winning Health Technology Group Co. Ltd., Class A		118,138		215,208
Wuchan Zhongda Group Co. Ltd., Class A		283,099		236,198
Wuhan Guide Infrared Co. Ltd., Class A		142,061		470,891
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		114,849		454,503
Wuliangye Yibin Co. Ltd., Class A		141,799		4,459,526
WUS Printed Circuit Kunshan Co. Ltd., Class A		113,250		310,755
WuXi AppTec Co. Ltd., Class A		115,564		1,920,214
WuXi AppTec Co. Ltd., Class H(c)		226,474		3,248,376
Wuxi Biologics Cayman Inc., New(b)(c)		2,406,500		24,119,782
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		28,390		326,019
XCMG Construction Machinery Co. Ltd., Class A		452,898		405,251
Xiamen C & D Inc., Class A		226,400		334,689
Xiaomi Corp., Class B(b)(c)		9,679,400		20,533,574
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		254,713		605,025
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		445,058		775,903
Xinyi Solar Holdings Ltd.(a)		3,396,000		5,448,085
XPeng Inc., ADR(a)(b)		264,348		9,275,971
Yadea Group Holdings Ltd.(c)		488,000		694,907
Yankuang Energy Group Co. Ltd., Class A		113,200		414,198
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		56,701		375,578
Yealink Network Technology Corp. Ltd., Class A		44,748		549,900
Yifeng Pharmacy Chain Co. Ltd., Class A		24,486		191,660
Yihai International Holding Ltd.(a)		283,000		1,208,120
Yihai Kerry Arawana Holdings Co. Ltd., Class A		56,600		512,239
Yintai Gold Co. Ltd., Class A		187,021		244,780
Yonghui Superstores Co. Ltd., Class A		511,028		312,730
Yonyou Network Technology Co. Ltd., Class A		141,790		787,057
Yum China Holdings Inc.		285,278		13,741,841
Yunda Holding Co. Ltd., Class A		141,520		440,297
Yunnan Baiyao Group Co. Ltd., Class A		58,254		829,067
Yunnan Energy New Material Co. Ltd., Class A		36,200		1,454,450
Zai Lab Ltd., ADR(b)		52,082		2,586,913
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		28,402		1,608,474
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		367,972		393,155
Zhejiang Chint Electrics Co. Ltd., Class A		85,100		641,514
Zhejiang Dahua Technology Co. Ltd., Class A		169,800		513,317
Zhejiang Dingli Machinery Co. Ltd., Class A		13,447		155,146

52 2 0 2 2   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) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zhejiang Expressway Co. Ltd., Class H		1,134,000	$	971,537
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		84,925		279,767
Zhejiang Huayou Cobalt Co. Ltd., Class A		56,600		889,275
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		59,200		541,436
Zhejiang Longsheng Group Co. Ltd., Class A		226,400		444,994
Zhejiang NHU Co. Ltd., Class A		141,677		673,244
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		183,640		556,373
Zhejiang Supor Co. Ltd., Class A		29,999		245,228
Zhejiang Weixing New Building Materials Co. Ltd., Class A		86,596		308,987
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		28,300		206,136
Zheshang Securities Co. Ltd., Class A		198,100		385,942
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		339,600		1,169,510
Zhongji Innolight Co. Ltd., Class A		56,699		321,724
Zhongsheng Group Holdings Ltd.		424,500		3,261,058
Zhuzhou CRRC Times Electric Co. Ltd.		368,100		1,944,190
Zijin Mining Group Co. Ltd., Class A		820,700		1,294,735
Zijin Mining Group Co. Ltd., Class H		3,962,000		5,143,508
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		446,137		498,011
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		679,600		445,110
ZTE Corp., Class A		169,800		812,770
ZTE Corp., Class H		501,600		1,355,443
ZTO Express Cayman Inc., ADR		294,910		8,859,096
				1,713,059,902
Hong Kong — 7.3%
AIA Group Ltd.		8,207,400		85,683,698
BOC Hong Kong Holdings Ltd.		2,527,500		9,759,530
Budweiser Brewing Co. APAC Ltd.(c)		1,041,600		2,751,422
China Youzan Ltd.(a)(b)		10,188,000		395,417
Chow Tai Fook Jewellery Group Ltd.		1,415,000		2,486,118
CK Asset Holdings Ltd.		1,415,132		9,446,582
CK Hutchison Holdings Ltd.		1,839,632		13,074,861
CK Infrastructure Holdings Ltd.		424,500		2,615,925
CLP Holdings Ltd.		1,132,000		11,328,494
ESR Cayman Ltd.(b)(c)		1,358,800		4,607,282
Futu Holdings Ltd., ADR(a)(b)		35,296		1,526,552
Galaxy Entertainment Group Ltd.(b)		1,415,000		8,194,636
Hang Lung Properties Ltd.		1,415,000		3,023,438
Hang Seng Bank Ltd.		537,700		10,645,279
Henderson Land Development Co. Ltd.		1,132,166		4,951,181
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,840,500		1,831,754
HKT Trust & HKT Ltd., Class SS		2,549,640		3,479,226
Hong Kong & China Gas Co. Ltd.		7,643,763		11,781,013
Hong Kong Exchanges & Clearing Ltd.		781,453		44,601,972
Hongkong Land Holdings Ltd.(a)		792,600		4,292,653
Huabao International Holdings Ltd.(a)		566,500		349,532
Hutchmed China Ltd., ADR(a)(b)		58,864		1,603,455
Jardine Matheson Holdings Ltd.		141,500		8,357,407
Link REIT		1,415,200		12,150,212
Melco Resorts & Entertainment Ltd., ADR(b)		142,780		1,507,757
MTR Corp. Ltd.		991,500		5,366,816
New World Development Co. Ltd.		1,132,166		4,621,852
Power Assets Holdings Ltd.		990,500		6,086,234
Sands China Ltd.(b)		1,698,000		4,734,791
Sino Biopharmaceutical Ltd.		7,036,250		4,852,571
Sino Land Co. Ltd.		2,265,200		2,935,006

Security	Shares		Value
Hong Kong (continued)
SITC International Holdings Co. Ltd.(a)		849,000	$	3,236,030
Sun Hung Kai Properties Ltd.		882,500		10,766,947
Swire Pacific Ltd., Class A		283,000		1,714,436
Swire Properties Ltd.		792,800		2,113,384
Techtronic Industries Co. Ltd.		990,500		16,343,340
WH Group Ltd.(c)		5,377,000		3,597,265
Wharf Real Estate Investment Co. Ltd.		1,132,000		5,383,828
Xinyi Glass Holdings Ltd.		1,132,000		3,000,892
Yuexiu Property Co. Ltd.		920,600		935,417
				336,134,205
India — 14.3%
ACC Ltd.		50,091		1,544,606
Adani Enterprises Ltd.		190,475		4,414,415
Adani Green Energy Ltd.(b)		265,205		6,732,677
Adani Ports & Special Economic Zone Ltd.		341,366		3,304,061
Adani Total Gas Ltd.		189,074		4,614,574
Adani Transmission Ltd.(b)		189,636		5,066,260
Ambuja Cements Ltd.		483,458		2,380,046
Apollo Hospitals Enterprise Ltd.		68,777		4,132,458
Asian Paints Ltd.		257,863		10,927,209
Aurobindo Pharma Ltd.		192,723		1,645,472
Avenue Supermarts Ltd.(b)(c)		109,525		6,072,951
Axis Bank Ltd.(b)		1,450,344		15,188,875
Bajaj Auto Ltd.		46,141		2,213,180
Bajaj Finance Ltd.		184,540		17,477,950
Bajaj Finserv Ltd.		26,602		5,640,376
Balkrishna Industries Ltd.		63,695		2,007,967
Bandhan Bank Ltd.(c)		448,093		1,908,496
Berger Paints India Ltd.		174,611		1,694,790
Bharat Electronics Ltd.		829,756		2,348,945
Bharat Forge Ltd.		167,819		1,662,884
Bharat Petroleum Corp. Ltd.		585,896		3,137,398
Bharti Airtel Ltd.(b)		1,673,597		16,437,905
Biocon Ltd.(b)		253,624		1,252,681
Britannia Industries Ltd.		70,475		3,350,979
Cholamandalam Investment and Finance Co. Ltd.		285,547		2,426,549
Cipla Ltd.		324,902		4,124,576
Coal India Ltd.		964,181		2,074,932
Colgate-Palmolive India Ltd.		80,669		1,544,498
Container Corp. of India Ltd.		178,856		1,560,568
Dabur India Ltd.		395,383		2,853,551
Divi’s Laboratories Ltd.		90,564		4,917,792
DLF Ltd.		437,427		2,316,434
Dr. Reddy’s Laboratories Ltd.		77,548		4,483,046
Eicher Motors Ltd.		87,186		3,113,530
GAIL India Ltd.		1,060,684		2,068,305
Godrej Consumer Products Ltd.(b)		245,676		2,939,340
Godrej Properties Ltd.(b)		87,182		2,016,819
Grasim Industries Ltd.		191,342		4,455,572
Havells India Ltd.		170,970		2,732,837
HCL Technologies Ltd.		729,379		10,824,545
HDFC Asset Management Co. Ltd.(c)		33,677		1,001,195
HDFC Life Insurance Co. Ltd.(c)		599,677		5,027,107
Hero MotoCorp Ltd.		77,554		2,849,460
Hindalco Industries Ltd.		1,095,243		7,260,632
Hindustan Petroleum Corp. Ltd.		447,989		1,896,233
Hindustan Unilever Ltd.		553,044		16,910,568
Housing Development Finance Corp. Ltd.		1,162,678		39,671,430
ICICI Bank Ltd.		3,435,065		36,903,400
ICICI Lombard General Insurance Co. Ltd.(c)		135,109		2,497,470

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
ICICI Prudential Life Insurance Co. Ltd.(c)		229,710	$	1,732,260
Indian Oil Corp. Ltd.		1,199,362		2,029,068
Indian Railway Catering & Tourism Corp.		167,594		1,967,758
Indraprastha Gas Ltd.		200,422		1,060,577
Indus Towers Ltd.		450,536		1,534,067
Info Edge India Ltd.		52,931		3,503,516
Infosys Ltd.		2,308,714		54,318,730
InterGlobe Aviation Ltd.(b)(c)		67,362		1,687,253
ITC Ltd.		1,952,533		5,798,875
JSW Steel Ltd.		576,252		4,909,365
Jubilant Foodworks Ltd.		54,908		2,505,179
Kotak Mahindra Bank Ltd.		375,856		9,420,809
Larsen & Toubro Infotech Ltd.(c)		36,224		3,065,777
Larsen & Toubro Ltd.		463,044		11,933,016
Lupin Ltd.		148,575		1,815,738
Mahindra & Mahindra Ltd.		594,418		7,109,741
Marico Ltd.		339,913		2,205,568
Maruti Suzuki India Ltd.		90,000		10,426,851
Mindtree Ltd.		47,560		2,576,067
Motherson Sumi Systems Ltd.		899,617		2,181,791
Motherson Sumi Wiring India Ltd., NVS		843,866		525,504
Mphasis Ltd.		59,163		2,484,521
MRF Ltd.		1,415		1,374,179
Muthoot Finance Ltd.		90,740		1,782,531
Nestle India Ltd.		22,359		5,575,483
NTPC Ltd.		3,285,256		6,300,130
Oil & Natural Gas Corp. Ltd.		1,720,298		4,022,565
Page Industries Ltd.		3,681		2,102,559
Petronet LNG Ltd.		492,420		1,415,600
PI Industries Ltd.		58,304		1,913,486
Pidilite Industries Ltd.		106,721		3,524,214
Piramal Enterprises Ltd.		73,580		2,375,111
Power Grid Corp. of India Ltd.		2,114,113		6,127,328
Reliance Industries Ltd.		1,934,022		62,328,051
SBI Cards & Payment Services Ltd.(b)		150,273		1,781,516
SBI Life Insurance Co. Ltd.(c)		315,545		5,244,652
Shree Cement Ltd.		7,077		2,313,936
Shriram Transport Finance Co. Ltd.		137,550		2,283,968
Siemens Ltd.		48,959		1,534,795
SRF Ltd.		102,488		3,315,033
State Bank of India		1,218,694		8,875,258
Sun Pharmaceutical Industries Ltd.		563,770		6,333,704
Tata Consultancy Services Ltd.		624,581		31,451,290
Tata Consumer Products Ltd.		411,787		4,031,887
Tata Motors Ltd.(b)		1,134,859		7,829,391
Tata Power Co. Ltd. (The)		988,004		3,288,980
Tata Steel Ltd.		493,921		7,283,119
Tech Mahindra Ltd.		425,947		8,502,630
Titan Co. Ltd.		239,737		7,644,286
Torrent Pharmaceuticals Ltd.		36,230		1,300,908
Trent Ltd.		129,048		1,796,330
UltraTech Cement Ltd.		68,777		6,684,337
United Spirits Ltd.(b)		210,552		2,459,227
UPL Ltd.		344,194		3,606,141
Vedanta Ltd.		774,450		3,378,223
Wipro Ltd.		928,639		7,169,902
Yes Bank Ltd.(b)		7,931,641		1,421,716
Zomato Ltd.(b)		1,240,347		1,511,712
				658,303,753

Security	Shares		Value
Indonesia — 1.7%
Adaro Energy Tbk PT		11,121,900	$	1,741,487
Aneka Tambang Tbk		6,282,600		783,805
Astra International Tbk PT		13,642,600		5,221,391
Bank Central Asia Tbk PT		37,418,200		19,902,630
Bank Mandiri Persero Tbk PT		12,680,002		6,644,426
Bank Negara Indonesia Persero Tbk PT		5,094,615		2,614,786
Bank Rakyat Indonesia Persero Tbk PT		45,994,367		13,091,625
Barito Pacific Tbk PT		20,177,900		1,253,716
Charoen Pokphand Indonesia Tbk PT		5,009,900		2,201,365
Gudang Garam Tbk PT		311,300		664,376
Indah Kiat Pulp & Paper Tbk PT		1,924,800		1,023,619
Indocement Tunggal Prakarsa Tbk PT		1,019,200		780,782
Indofood CBP Sukses Makmur Tbk PT		1,528,800		929,433
Indofood Sukses Makmur Tbk PT		3,056,400		1,347,866
Kalbe Farma Tbk PT		14,319,800		1,632,907
Merdeka Copper Gold Tbk PT(b)		8,065,500		2,061,887
Sarana Menara Nusantara Tbk PT		16,640,400		1,189,337
Semen Indonesia Persero Tbk PT		2,094,800		986,591
Telkom Indonesia Persero Tbk PT		33,086,700		9,690,285
Tower Bersama Infrastructure Tbk PT		5,773,200		1,162,663
Unilever Indonesia Tbk PT		4,782,700		1,345,140
United Tractors Tbk PT		1,132,843		1,831,626
				78,101,743
Malaysia — 1.6%
AMMB Holdings Bhd(b)		1,216,900		950,388
Axiata Group Bhd		1,981,000		1,760,679
CIMB Group Holdings Bhd		4,471,400		5,569,980
Dialog Group Bhd		2,830,062		1,736,410
DiGi.Com Bhd		2,151,600		1,956,149
Fraser & Neave Holdings Bhd(a)		113,200		668,030
Genting Bhd		1,613,100		1,689,537
Genting Malaysia Bhd		2,122,500		1,389,685
HAP Seng Consolidated Bhd		452,800		822,191
Hartalega Holdings Bhd		1,132,000		1,590,290
Hong Leong Bank Bhd		367,900		1,705,235
Hong Leong Financial Group Bhd		198,100		864,539
IHH Healthcare Bhd		1,160,300		1,788,062
Inari Amertron Bhd		2,264,000		1,808,975
IOI Corp. Bhd		1,528,200		1,389,259
Kuala Lumpur Kepong Bhd		339,600		1,752,565
Malayan Banking Bhd		3,113,800		6,156,478
Malaysia Airports Holdings Bhd(b)		735,800		1,002,045
Maxis Bhd		1,726,300		1,745,296
MISC Bhd		933,900		1,558,747
Nestle Malaysia Bhd		58,000		1,832,693
Petronas Chemicals Group Bhd		1,613,900		3,427,923
Petronas Dagangan Bhd		198,100		918,203
Petronas Gas Bhd		509,600		2,070,598
PPB Group Bhd		424,520		1,610,650
Press Metal Aluminium Holdings Bhd		2,292,300		3,373,687
Public Bank Bhd		9,660,350		9,730,907
QL Resources Bhd		849,000		1,008,130
RHB Bank Bhd		1,188,645		1,582,087
Sime Darby Bhd		1,981,000		1,018,075
Sime Darby Plantation Bhd		1,227,800		1,035,512
Telekom Malaysia Bhd		820,700		992,173
Tenaga Nasional Bhd		1,443,300		3,166,115
Top Glove Corp. Bhd(a)		3,537,700		1,800,335

54 2 0 2 2   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) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Westports Holdings Bhd		707,500	$	649,098
				72,120,726
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		1,471,650		1,818,812
AC Energy Corp.		5,320,400		999,570
Ayala Corp.		189,678		3,243,547
Ayala Land Inc.		5,462,900		3,857,334
Bank of the Philippine Islands		891,456		1,715,228
BDO Unibank Inc.		1,372,770		3,648,560
Globe Telecom Inc.		19,820		1,208,945
GT Capital Holdings Inc.		67,925		761,720
International Container Terminal Services Inc.		727,410		2,861,402
JG Summit Holdings Inc.		2,083,205		2,548,989
Jollibee Foods Corp.		322,680		1,519,239
Manila Electric Co.		158,480		1,043,523
Metro Pacific Investments Corp.		10,471,200		793,968
Metropolitan Bank & Trust Co.		1,341,780		1,554,287
Monde Nissin Corp.(b)(c)		3,113,000		1,000,313
PLDT Inc.		52,365		1,884,010
SM Investments Corp.		147,240		2,741,163
SM Prime Holdings Inc.		6,963,625		4,815,658
Universal Robina Corp.		639,660		1,593,660
				39,609,928
Singapore — 3.0%
Ascendas REIT		2,179,314		4,469,427
CapitaLand Integrated Commercial Trust		3,254,947		4,692,644
Capitaland Investment Ltd/Singapore(b)		1,754,600		4,502,077
City Developments Ltd.		311,300		1,635,252
DBS Group Holdings Ltd.		1,241,300		32,605,063
Genting Singapore Ltd.		4,019,600		2,196,479
Keppel Corp. Ltd.		962,200		4,056,837
Mapletree Commercial Trust		1,472,600		1,971,097
Mapletree Logistics Trust		2,071,061		2,606,475
Oversea-Chinese Banking Corp. Ltd.(a)		2,292,375		21,338,028
Sea Ltd., ADR(b)		96,786		14,547,904
Singapore Airlines Ltd.(a)(b)		877,700		3,273,913
Singapore Exchange Ltd.		494,000		3,419,354
Singapore Technologies Engineering Ltd.		1,075,800		2,990,140
Singapore Telecommunications Ltd.		5,491,000		9,956,417
United Overseas Bank Ltd.		792,600		17,713,547
UOL Group Ltd.		283,000		1,534,701
Venture Corp. Ltd.		169,800		2,224,675
Wilmar International Ltd.		1,273,500		4,051,235
				139,785,265
South Korea — 12.8%
Alteogen Inc.(b)		18,961		770,004
Amorepacific Corp.		21,227		2,768,453
AMOREPACIFIC Group		17,829		613,511
BGF retail Co. Ltd.		5,094		690,043
Celltrion Healthcare Co. Ltd.		59,461		3,141,587
Celltrion Inc.		66,670		8,473,367
Celltrion Pharm Inc.(a)(b)		11,657		810,143
Cheil Worldwide Inc.		51,506		948,335
CJ CheilJedang Corp.		5,943		1,723,796
CJ Corp.		10,471		699,889
CJ ENM Co. Ltd.		7,641		792,198
CJ Logistics Corp.(b)		6,226		604,601
Coway Co. Ltd.		37,643		2,168,685
DB Insurance Co. Ltd.		32,262		1,616,005

Security	Shares		Value
South Korea (continued)
Doosan Bobcat Inc.(b)		37,641	$	1,180,392
Doosan Heavy Industries & Construction Co. Ltd.(a)(b)		211,415		3,179,274
Douzone Bizon Co. Ltd.		13,588		602,289
Ecopro BM Co. Ltd.		7,643		2,171,624
E-MART Inc.(b)		14,150		1,574,916
F&F Co. Ltd./New(b)		2,368		1,633,868
Green Cross Corp.		3,962		586,602
GS Engineering & Construction Corp.		43,016		1,431,509
GS Holdings Corp.		34,243		1,105,600
Hana Financial Group Inc.		210,010		7,912,837
Hankook Tire & Technology Co. Ltd.		52,638		1,486,348
Hanmi Pharm Co. Ltd.		5,011		1,034,259
Hanon Systems		134,708		1,208,772
Hanwha Solutions Corp.(b)		83,202		2,270,714
HLB Inc.(a)(b)		62,205		1,668,193
HMM Co. Ltd.(b)		180,301		3,356,850
Hotel Shilla Co. Ltd.		21,791		1,321,671
HYBE Co. Ltd.(b)		11,320		2,291,797
Hyundai Engineering & Construction Co. Ltd.		51,506		1,844,543
Hyundai Glovis Co. Ltd.		13,020		1,781,279
Hyundai Heavy Industries Holdings Co. Ltd.		35,092		1,414,910
Hyundai Mobis Co. Ltd.		45,007		8,834,982
Hyundai Motor Co.		94,817		15,282,500
Hyundai Steel Co.		59,725		1,972,602
Iljin Materials Co. Ltd.		16,131		1,303,707
Industrial Bank of Korea(b)		172,630		1,498,827
Kakao Corp.(b)		211,975		15,311,308
Kakao Games Corp.(b)		20,946		1,177,098
KakaoBank Corp.(a)(b)		63,976		2,222,583
Kangwon Land Inc.(b)		66,788		1,404,276
KB Financial Group Inc.		269,434		13,353,061
Kia Corp.		179,440		12,511,582
Korea Aerospace Industries Ltd.		50,940		1,531,514
Korea Electric Power Corp.(b)		171,241		2,944,350
Korea Investment Holdings Co. Ltd.		28,591		1,753,182
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		26,889		1,817,759
Korea Zinc Co. Ltd.		5,943		2,528,021
Korean Air Lines Co. Ltd.(b)		118,870		2,870,415
Krafton Inc.(a)(b)		14,999		3,475,239
KT&G Corp.(b)		76,040		4,911,867
Kumho Petrochemical Co. Ltd.		12,737		1,581,216
L&F Co. Ltd.(b)		15,852		2,342,844
LG Chem Ltd.		31,132		16,688,629
LG Corp.		59,155		3,658,232
LG Display Co. Ltd.		154,267		2,594,394
LG Electronics Inc.		72,456		7,871,800
LG Household & Health Care Ltd.		6,226		5,064,525
LG Innotek Co. Ltd.		9,622		2,892,849
LG Uplus Corp.		144,613		1,575,796
Lotte Chemical Corp.		11,605		1,908,359
Lotte Shopping Co. Ltd.		6,792		456,510
Meritz Securities Co. Ltd.(a)		203,760		1,038,449
Mirae Asset Securities Co. Ltd.		198,666		1,423,085
NAVER Corp.		83,489		22,052,832
NCSoft Corp.		11,039		4,973,782
Netmarble Corp.(c)		14,999		1,388,753
NH Investment & Securities Co. Ltd.		85,183		816,768
Orion Corp./Republic of Korea		16,414		1,343,095
Pan Ocean Co. Ltd.		203,477		849,299
Pearl Abyss Corp.(a)(b)		20,661		1,648,298

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
POSCO		50,097	$	11,206,369
POSCO Chemical Co. Ltd.		21,510		2,022,103
S-1 Corp.		11,603		649,884
Samsung Biologics Co. Ltd.(b)(c)		11,322		7,009,213
Samsung C&T Corp.		56,048		5,070,528
Samsung Electro-Mechanics Co. Ltd.		37,089		5,642,644
Samsung Electronics Co. Ltd.		3,232,992		201,089,123
Samsung Engineering Co. Ltd.(b)		110,380		2,019,798
Samsung Fire & Marine Insurance Co. Ltd.		21,225		3,547,786
Samsung Heavy Industries Co. Ltd.(b)		426,292		1,852,916
Samsung Life Insurance Co. Ltd.		48,110		2,436,717
Samsung SDI Co. Ltd.		37,356		18,539,175
Samsung SDS Co. Ltd.(a)		22,078		2,620,766
Samsung Securities Co. Ltd.		43,317		1,462,610
SD Biosensor Inc.(b)		24,633		1,236,248
Seegene Inc.		24,621		1,111,060
Shin Poong Pharmaceutical Co. Ltd.(a)		22,074		446,727
Shinhan Financial Group Co. Ltd.		299,167		9,582,069
SK Biopharmaceuticals Co. Ltd.(b)		15,848		1,011,669
SK Bioscience Co. Ltd.(b)		15,282		2,091,688
SK Chemicals Co. Ltd.		7,926		839,034
SK Hynix Inc.		368,749		38,168,380
SK IE Technology Co. Ltd.(b)(c)		11,958		1,173,978
SK Inc.		28,308		5,240,356
SK Innovation Co. Ltd.(b)		34,809		6,388,425
SK Square Co. Ltd.(b)		14,156		645,857
SK Telecom Co. Ltd.		23,218		1,105,063
SKC Co. Ltd.		14,716		1,771,658
S-Oil Corp.		32,262		2,449,119
Woori Financial Group Inc.		310,973		3,825,704
Yuhan Corp.		35,962		1,704,980
				589,714,899
Taiwan — 18.3%
Accton Technology Corp.		338,000		3,263,950
Acer Inc.		1,698,830		1,761,822
Advantech Co. Ltd.		283,413		3,928,190
Airtac International Group		115,109		4,041,365
ASE Technology Holding Co. Ltd.		2,264,110		8,246,095
Asia Cement Corp.		1,981,448		3,174,635
ASMedia Technology Inc.		20,000		1,153,208
Asustek Computer Inc.		486,100		6,355,022
AU Optronics Corp.		5,379,580		3,999,327
Catcher Technology Co. Ltd.		569,000		3,206,214
Cathay Financial Holding Co. Ltd.		5,377,357		12,473,029
Chailease Holding Co. Ltd.		897,007		8,227,649
Chang Hwa Commercial Bank Ltd.		3,113,814		1,993,070
Cheng Shin Rubber Industry Co. Ltd.		1,132,303		1,423,471
China Development Financial Holding Corp.		10,445,763		6,968,053
China Steel Corp.		7,926,484		9,700,494
Chunghwa Telecom Co. Ltd.		2,547,110		10,825,268
Compal Electronics Inc.		2,508,000		2,293,534
CTBC Financial Holding Co. Ltd.		12,169,456		12,234,066
Delta Electronics Inc.		1,415,000		13,959,602
E.Sun Financial Holding Co. Ltd.		7,641,727		8,035,967
Eclat Textile Co. Ltd.		134,208		2,977,333
eMemory Technology Inc.		41,000		2,393,581
Evergreen Marine Corp. Taiwan Ltd.		1,758,942		7,462,714
Far Eastern New Century Corp.		1,415,040		1,482,359
Far EasTone Telecommunications Co. Ltd.		810,000		1,898,523
Feng TAY Enterprise Co. Ltd.		283,340		2,323,719

Security	Shares		Value
Taiwan (continued)
First Financial Holding Co. Ltd.		6,509,345	$	5,927,534
Formosa Chemicals & Fibre Corp.		2,264,740		6,492,036
Formosa Petrochemical Corp.		849,000		2,962,985
Formosa Plastics Corp.		2,547,400		9,767,930
Foxconn Technology Co. Ltd.		566,666		1,248,282
Fubon Financial Holding Co. Ltd.		5,094,156		14,057,395
Giant Manufacturing Co. Ltd.		283,000		3,277,792
Globalwafers Co. Ltd.		158,000		4,509,167
Hiwin Technologies Corp.		208,165		2,015,511
Hon Hai Precision Industry Co. Ltd.		8,451,516		31,599,599
Hotai Motor Co. Ltd.		210,000		4,598,994
Hua Nan Financial Holdings Co. Ltd.		5,377,130		4,260,605
Innolux Corp.		6,226,981		3,911,239
Inventec Corp.		1,698,460		1,557,924
Largan Precision Co. Ltd.		72,000		5,335,523
Lite-On Technology Corp.		1,415,371		3,268,947
MediaTek Inc.		1,020,391		40,529,104
Mega Financial Holding Co. Ltd.		7,641,827		10,227,653
Micro-Star International Co. Ltd.		566,000		3,165,856
momo.com Inc.		35,000		1,430,202
Nan Ya Plastics Corp.		3,396,000		10,723,698
Nan Ya Printed Circuit Board Corp.		137,000		2,405,764
Nanya Technology Corp.		851,000		2,260,693
Nien Made Enterprise Co. Ltd.		68,000		959,138
Novatek Microelectronics Corp.		433,000		7,614,845
Oneness Biotech Co. Ltd.(b)		151,000		1,297,512
Parade Technologies Ltd.		49,000		3,617,632
Pegatron Corp.		1,415,000		3,556,873
Pou Chen Corp.		1,415,000		1,645,079
President Chain Store Corp.		428,000		4,087,879
Quanta Computer Inc.		1,698,000		5,747,199
Realtek Semiconductor Corp.		283,642		5,502,695
Ruentex Development Co. Ltd.		695,851		1,620,296
Shanghai Commercial & Savings Bank Ltd. (The)		2,266,088		3,823,111
Shin Kong Financial Holding Co. Ltd.		8,209,143		3,309,182
SinoPac Financial Holdings Co. Ltd.		6,792,925		4,064,303
Synnex Technology International Corp.		849,950		2,093,157
Taishin Financial Holding Co. Ltd.		6,794,627		4,859,068
Taiwan Cement Corp.		3,396,071		5,775,790
Taiwan Cooperative Financial Holding Co. Ltd.		6,511,467		6,247,496
Taiwan High Speed Rail Corp.		1,132,000		1,166,082
Taiwan Mobile Co. Ltd.		1,132,000		4,068,866
Taiwan Semiconductor Manufacturing Co. Ltd.		16,699,670		386,129,544
Unimicron Technology Corp.		849,000		6,364,734
Uni-President Enterprises Corp.		3,074,694		7,535,984
United Microelectronics Corp.		8,207,000		17,146,879
Vanguard International Semiconductor Corp.		568,000		2,739,979
Voltronic Power Technology Corp.		39,000		2,009,877
Wan Hai Lines Ltd.		313,500		1,718,542
Win Semiconductors Corp.		285,000		3,530,663
Winbond Electronics Corp.		2,264,000		2,526,870
Wistron Corp.		1,417,169		1,610,847
Wiwynn Corp.		55,000		2,016,223
WPG Holdings Ltd.		851,100		1,677,899
Yageo Corp.		283,217		4,826,798
Yang Ming Marine Transport Corp.(b)		1,160,000		4,296,539
Yuanta Financial Holding Co. Ltd.		5,943,418		5,464,551
Zhen Ding Technology Holding Ltd.		566,097		1,951,412
				843,940,237

56 2 0 2 2   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) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand — 1.9%
Advanced Info Service PCL, NVDR		759,400	$	5,044,345
Airports of Thailand PCL, NVDR(a)(b)		2,830,200		5,451,406
Asset World Corp. PCL, NVDR(b)		6,254,300		927,759
B Grimm Power PCL, NVDR(a)		594,300		637,224
Bangkok Commercial Asset Management PCL, NVDR		1,301,800		802,140
Bangkok Dusit Medical Services PCL, NVDR		6,311,700		4,262,456
Bangkok Expressway & Metro PCL, NVDR(a)		5,065,700		1,253,049
Berli Jucker PCL, NVDR		849,000		815,826
BTS Group Holdings PCL, NVDR		5,424,100		1,505,023
Bumrungrad Hospital PCL, NVDR		311,300		1,325,928
Carabao Group PCL, NVDR(a)		198,100		608,131
Central Pattana PCL, NVDR		1,415,600		2,326,604
Central Retail Corp. PCL, NVDR		1,273,774		1,308,140
Charoen Pokphand Foods PCL, NVDR(a)		2,575,900		1,963,229
CP ALL PCL, NVDR		3,878,100		7,351,759
Delta Electronics Thailand PCL, NVDR		226,400		2,398,154
Electricity Generating PCL, NVDR		198,100		1,015,606
Energy Absolute PCL, NVDR		1,047,500		2,825,027
Global Power Synergy PCL, NVDR		476,400		1,128,226
Gulf Energy Development PCL, NVDR		2,009,500		2,982,317
Home Product Center PCL, NVDR		4,217,343		1,799,819
Indorama Ventures PCL, NVDR(a)		1,216,900		1,753,244
Intouch Holdings PCL, NVDR		758,625		1,757,226
Krung Thai Bank PCL, NVDR		1,896,175		803,679
Krungthai Card PCL, NVDR(a)		650,900		1,182,761
Land & Houses PCL, NVDR		4,612,900		1,362,664
Minor International PCL, NVDR(b)		2,264,020		2,092,743
Muangthai Capital PCL, NVDR		537,700		914,652
Osotspa PCL, NVDR		707,500		688,214
PTT Exploration & Production PCL, NVDR		962,484		3,777,573
PTT Global Chemical PCL, NVDR		1,585,276		2,718,657
PTT Oil & Retail Business PCL, NVDR		2,122,500		1,579,534
PTT PCL, NVDR		6,876,900		8,119,010
Ratch Group PCL, NVDR		396,200		531,193
SCG Packaging PCL, NVDR		877,300		1,650,851
Siam Cement PCL (The), NVDR		505,500		5,871,872
Siam Commercial Bank PCL (The), NVDR		594,300		2,259,119
Sri Trang Gloves Thailand PCL, NVDR(a)		707,500		616,234
Srisawad Corp. PCL, NVDR		566,000		1,030,771
Thai Oil PCL, NVDR		849,000		1,353,059
Thai Union Group PCL, NVDR		2,065,900		1,299,302
True Corp. PCL, NVDR		7,499,590		1,091,847
				90,186,373
Total Common Stocks — 98.8% (Cost: $3,862,341,635)				4,560,957,031
Preferred Stocks
South Korea — 0.8%
Hyundai Motor Co.
Preference Shares, NVS		14,433		1,142,644

Security	Shares		Value
South Korea (continued)
Series 2, Preference Shares, NVS		24,621	$	2,002,164
LG Chem Ltd., Preference Shares, NVS		5,377		1,364,957
LG Household & Health Care Ltd., Preference Shares, NVS		1,415		648,658
Samsung Electronics Co. Ltd., Preference Shares, NVS		559,003		31,442,386
				36,600,809
Total Preferred Stocks — 0.8% (Cost: $13,912,143)				36,600,809
Rights
China — 0.0%
Citic Securities Co. Ltd. (Expires 02/23/22)(b)		191,025		75,459
South Korea — 0.0%
Doosan Heavy Industries & Construction Co. Ltd. (Expires 02/11/22)(a)(b)		25,042		35,314
Total Rights — 0.0% (Cost: $0)				110,773
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		63,529,076		63,548,135
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		16,350,000		16,350,000
			79,898,135
Total Short-Term Investments — 1.7% (Cost: $79,869,837)				79,898,135
Total Investments in Securities — 101.3% (Cost: $3,956,123,615)				4,677,566,748
Other Assets, Less Liabilities — (1.3)%				(60,534,868	)
Net Assets — 100.0%			$	4,617,031,880

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	91,718,593	$	—	$	(28,152,722	)(a)	$	6,994	$	(24,730	)	$	63,548,135		63,529,076	$	1,007,255	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		32,790,000		—		(16,440,000	)(a)		—		—			16,350,000		16,350,000		533			—
								$	6,994	$	(24,730	)	$	79,898,135			$	1,007,788		$	—

^(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 Free Index		54		03/18/22	$	1,665	$	10,210
MSCI Emerging Markets Index		238		03/18/22		14,575		(3,642	)
							$	6,568

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	10,210
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,642

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(810,900	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	465,298

58 2 0 2 2   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) January 31, 2022 iShares^® MSCI All Country Asia ex Japan ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,271,057

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
Investments
Assets
Common Stocks	$	271,281,776		$	4,289,675,255	$	—	$	4,560,957,031
Preferred Stocks		—			36,600,809		—		36,600,809
Rights		—			110,773		—		110,773
Money Market Funds		79,898,135			—		—		79,898,135
	$	351,179,911		$	4,326,386,837	$	—	$	4,677,566,748
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	10,210	$	—	$	10,210
Liabilities
Futures Contracts		(3,642	)		—		—		(3,642	)
	$	(3,642	)	$	10,210	$	—	$	6,568

^(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 59

Schedule of Investments (unaudited)  January 31, 2022 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 1.1%
Erste Group Bank AG		352,315	$	16,467,408
Raiffeisen Bank International AG		151,527		4,259,006
				20,726,414
Belgium — 2.6%
Ageas SA/NV		176,166		8,479,671
Groupe Bruxelles Lambert SA		115,719		12,416,983
KBC Group NV		256,045		22,268,066
Sofina SA		15,659		6,234,598
				49,399,318
Denmark — 1.2%
Danske Bank A/S		706,715		13,718,211
Tryg A/S		368,922		8,741,905
				22,460,116
Finland — 3.4%
Nordea Bank Abp		3,312,984		39,350,570
Sampo OYJ, Class A		511,141		25,369,370
				64,719,940
France — 11.0%
Amundi SA(a)		62,420		4,852,300
AXA SA		1,983,506		62,819,609
BNP Paribas SA		1,151,353		82,194,381
CNP Assurances		175,918		4,330,251
Credit Agricole SA		1,267,375		19,066,953
Eurazeo SE		40,420		3,211,706
Societe Generale SA		830,753		30,837,827
Wendel SE		27,532		2,990,425
				210,303,452
Germany — 12.5%
Allianz SE, Registered		422,065		108,366,251
Commerzbank AG(b)		1,026,702		8,865,882
Deutsche Bank AG, Registered(b)		2,118,138		29,491,941
Deutsche Boerse AG		194,662		34,601,636
Hannover Rueck SE		61,637		12,434,780
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		143,501		45,430,250
				239,190,740
Italy — 7.0%
Assicurazioni Generali SpA		1,142,113		24,035,478
FinecoBank Banca Fineco SpA		550,008		9,246,880
Intesa Sanpaolo SpA		16,971,702		50,437,157
Mediobanca Banca di Credito Finanziario SpA		636,445		7,291,505
Poste Italiane SpA(a)		534,520		7,174,648
UniCredit SpA		2,194,261		34,874,301
				133,059,969
Netherlands — 5.8%
ABN AMRO Bank NV, CVA(a)		431,848		6,930,754
Aegon NV		1,831,544		10,332,644
Euronext NV(a)		87,611		8,446,777
EXOR NV		111,000		9,307,453
ING Groep NV		4,001,137		59,173,221
NN Group NV		276,883		15,494,961
				109,685,810
Norway — 1.4%
DNB Bank ASA		953,273		22,688,081
Gjensidige Forsikring ASA		204,780		5,002,055
				27,690,136

Security	Shares		Value
Spain — 6.3%
Banco Bilbao Vizcaya Argentaria SA		6,833,707	$	43,630,691
Banco Santander SA		17,744,239		62,221,983
CaixaBank SA		4,543,605		14,618,503
				120,471,177
Sweden — 7.4%
EQT AB		303,129		11,878,576
Industrivarden AB, Class A		136,721		4,322,013
Industrivarden AB, Class C		163,591		5,081,231
Investor AB		510,893		11,622,446
Investor AB, Class B		1,867,204		40,540,595
Kinnevik AB, Class B(b)		248,074		7,414,588
L E Lundbergforetagen AB, Class B		77,777		3,974,136
Skandinaviska Enskilda Banken AB, Class A		1,667,894		21,560,599
Svenska Handelsbanken AB, Class A		1,494,652		15,929,337
Swedbank AB, Class A		927,995		18,168,479
				140,492,000
Switzerland — 14.5%
Baloise Holding AG, Registered		47,307		8,287,071
Credit Suisse Group AG, Registered		2,716,487		25,821,322
Julius Baer Group Ltd.		226,560		14,805,623
Partners Group Holding AG		23,106		32,214,331
Swiss Life Holding AG, Registered		32,172		20,706,211
Swiss Re AG		308,150		33,575,361
UBS Group AG, Registered		3,599,541		66,769,852
Zurich Insurance Group AG		154,165		73,738,390
				275,918,161
United Kingdom — 25.4%
3i Group PLC		997,310		18,573,703
Abrdn PLC		2,234,759		7,308,523
Admiral Group PLC		197,865		8,413,363
Aviva PLC		4,008,727		23,667,518
Barclays PLC		17,348,124		46,541,852
Hargreaves Lansdown PLC		364,586		6,619,321
HSBC Holdings PLC		20,918,949		148,887,240
Legal & General Group PLC		6,118,261		23,922,141
Lloyds Banking Group PLC		72,744,070		50,482,262
London Stock Exchange Group PLC		337,130		33,009,549
M&G PLC		2,664,479		7,798,174
Natwest Group PLC		5,903,150		19,402,361
Phoenix Group Holdings PLC		715,966		6,409,622
Prudential PLC		2,675,269		45,093,590
Schroders PLC		127,285		5,836,119
St. James’s Place PLC		552,996		11,415,182
Standard Chartered PLC		2,697,363		19,644,218
				483,024,738
Total Common Stocks — 99.6% (Cost: $1,872,864,695)				1,897,141,971

60 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,010,000	$	1,010,000
Total Short-Term Investments — 0.1% (Cost: $1,010,000)				1,010,000
Total Investments in Securities — 99.7% (Cost: $1,873,874,695)				1,898,151,971
Other Assets, Less Liabilities — 0.3%				6,574,771
Net Assets — 100.0%			$	1,904,726,742

^(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)  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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	620,000		$390,000	(a)	$	—	$	—	$	—	$	1,010,000		1,010,000	$	28	$	—

^(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
Euro STOXX 50 Index		94		03/18/22	$	4,418	$	(58,220	)
FTSE 100 Index		26		03/18/22		2,606		58,154
							$	(66	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	58,154
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	58,220

^(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).

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Financials ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	167,103
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	59,397

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,181,414

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
Investments
Assets
Common Stocks	$	—	$	1,897,141,971		$	—	$	1,897,141,971
Money Market Funds		1,010,000		—			—		1,010,000
	$	1,010,000	$	1,897,141,971		$	—	$	1,898,151,971
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	58,154		$	—	$	58,154
Liabilities
Futures Contracts		—		(58,220	)		—		(58,220	)
	$	—	$	(66	)	$	—	$	(66	)

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

See notes to financial statements.

62 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 2.1%
Agrana Beteiligungs AG		2,184	$	42,300
ams-OSRAM AG(a)		49,391		830,428
ANDRITZ AG		12,179		647,966
AT&S Austria Technologie & Systemtechnik AG		4,434		206,519
BAWAG Group AG(a)(b)		12,841		770,655
CA Immobilien Anlagen AG		7,667		278,647
DO & CO AG(a)		1,232		126,995
EVN AG		6,313		185,835
FACC AG(a)(c)		3,581		31,140
IMMOFINANZ AG(a)		13,981		362,687
Lenzing AG(a)		2,319		284,651
Oesterreichische Post AG		6,090		255,621
Palfinger AG		2,761		94,352
Porr AG(a)		3,173		44,773
S IMMO AG		7,663		196,386
S&T AG(c)		8,650		158,864
Schoeller-Bleckmann Oilfield Equipment AG(a)		1,952		82,304
Semperit AG Holding		1,944		58,968
Telekom Austria AG(a)		29,424		254,534
UNIQA Insurance Group AG		21,156		196,100
Vienna Insurance Group AG Wiener Versicherung Gruppe		6,934		203,096
Wienerberger AG		20,748		751,223
Zumtobel Group AG		4,925		44,596
			6,108,640
Belgium — 3.4%
Ackermans & van Haaren NV		4,135		798,158
Aedifica SA		6,374		766,619
AGFA-Gevaert NV(a)		23,366		99,142
Akka Technologies(a)		2,211		120,799
Barco NV		12,694		262,150
Befimmo SA		3,960		148,471
Bekaert SA		6,593		306,949
bpost SA(a)		17,944		132,463
Cie. d’Entreprises CFE		1,391		188,428
Cofinimmo SA		5,115		754,568
D’ieteren Group		3,990		695,195
Econocom Group SA/NV		23,399		93,574
Euronav NV		33,509		276,054
Fagron		11,356		195,208
Galapagos NV(a)		8,258		556,464
Gimv NV		3,649		222,438
Immobel SA		761		67,857
Intervest Offices & Warehouses NV		3,738		114,645
Ion Beam Applications		3,582		61,199
KBC Ancora		6,351		306,034
Kinepolis Group NV(a)		2,501		151,463
Melexis NV		3,604		377,890
Mithra Pharmaceuticals SA(a)(c)		3,665		83,140
Montea NV		1,871		258,807
Ontex Group NV(a)		12,207		89,392
Orange Belgium SA		2,772		60,353
Recticel SA		7,685		146,394
Retail Estates NV		1,850		148,999
Shurgard Self Storage SA		4,822		277,955
Telenet Group Holding NV		7,920		304,037
Tessenderlo Group SA(a)		3,194		124,416
Van de Velde NV		1,026		38,033
VGP NV		1,299		368,091

Security	Shares		Value
Belgium (continued)
Warehouses De Pauw CVA		24,522	$	1,054,969
X-Fab Silicon Foundries SE(a)(b)		10,170		99,210
Xior Student Housing NV		3,666		200,368
			9,949,932
China — 0.0%
Boshiwa International Holding Ltd.(d)		20,000		—
Denmark — 3.1%
ALK-Abello A/S(a)		1,186		500,812
Alm Brand A/S		153,790		291,569
Bavarian Nordic A/S(a)(c)		11,517		338,984
Better Collective A/S(a)		5,317		111,882
cBrain A/S		1,570		49,162
Chemometec A/S		2,786		288,851
D/S Norden A/S		4,596		104,613
Dfds A/S(a)		6,281		306,615
Drilling Co. of 1972 A/S (The)(a)(c)		3,689		143,894
FLSmidth & Co. A/S		9,447		318,460
H Lundbeck A/S		12,587		320,263
ISS A/S(a)		28,224		531,747
Jyske Bank A/S, Registered(a)		9,493		559,159
Matas A/S		6,651		111,206
Netcompany Group A/S(b)		7,059		518,584
Nilfisk Holding A/S(a)		4,066		143,044
NKT A/S(a)		7,405		311,747
NNIT A/S(b)		2,185		32,001
NTG Nordic Transport Group A/S, Class A(a)		1,205		80,223
Per Aarsleff Holding A/S		3,396		153,018
Ringkjoebing Landbobank A/S		4,859		639,637
Royal Unibrew A/S		8,792		1,010,775
Scandinavian Tobacco Group A/S, Class A(b)		11,353		244,738
Schouw & Co. A/S		2,199		185,974
SimCorp A/S		7,155		667,133
Solar A/S, Class B		997		106,903
Spar Nord Bank A/S		15,277		219,690
Sydbank A/S		10,745		379,272
Topdanmark A/S		8,049		460,349
Zealand Pharma A/S(a)		6,190		120,590
			9,250,895
Finland — 3.2%
Admicom OYJ		505		43,005
Aktia Bank OYJ		10,327		133,974
Anora Group OYJ		6,090		69,102
BasWare OYJ(a)		2,368		69,169
Cargotec OYJ, Class B		6,711		335,060
Caverion OYJ		17,299		119,662
Citycon OYJ		11,493		91,988
Finnair OYJ(a)(c)		109,045		80,691
F-Secure OYJ		16,669		82,023
Harvia OYJ		2,491		131,661
Huhtamaki OYJ		17,479		689,087
Kamux Corp.		5,564		71,222
Kemira OYJ		19,580		287,808
Kojamo OYJ		22,102		506,708
Konecranes OYJ		10,703		430,524
Marimekko OYJ		1,098		90,434
Metsa Board OYJ, Class B		31,545		340,073
Metso Outotec OYJ		111,941		1,200,523
Musti Group OYJ		5,647		168,769
Neles OYJ		17,599		247,349

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Nokian Renkaat OYJ		23,766	$	803,528
Oriola OYJ, Class B		15,758		38,745
Outokumpu OYJ(a)		65,808		426,364
Puuilo OYJ(a)		7,641		69,091
QT Group OYJ(a)		3,121		362,303
Remedy Entertainment OYJ		1,399		55,412
Revenio Group OYJ		4,305		224,759
Rovio Entertainment OYJ(b)		5,560		43,818
Sanoma OYJ		13,214		199,584
Spinnova OYJ(a)		2,772		34,038
Talenom OYJ		4,549		51,682
TietoEVRY OYJ		15,512		461,583
Tokmanni Group Corp.		8,659		181,183
Uponor OYJ		9,864		218,873
Valmet OYJ		23,930		913,990
YIT OYJ		25,422		126,289
			9,400,074
France — 6.3%
AB Science SA(a)(c)		5,173		52,418
ABC arbitrage		6,651		53,052
Air France-KLM(a)(c)		49,980		226,173
AKWEL		1,646		40,682
Albioma SA		4,670		182,453
ALD SA(b)		17,933		268,734
Altarea SCA(c)		724		129,039
Alten SA		5,263		858,428
Aperam SA		8,651		487,480
Aramis Group SAS, NVS(a)(b)(c)		3,738		52,276
Atos SE		17,832		639,223
Aubay		1,252		74,449
Believe SA, NVS(a)		3,461		58,206
Beneteau SA(a)		6,469		107,861
Boiron SA		820		37,282
Bonduelle SCA		2,293		53,936
Carmila SA		9,417		156,621
Casino Guichard Perrachon SA(a)(c)		6,788		150,144
Cellectis SA(a)(c)		5,410		34,207
CGG SA(a)		131,677		109,611
Chargeurs SA		3,024		76,168
Cie. des Alpes(a)		3,511		58,643
Cie. Plastic Omnium SA		10,655		247,828
Coface SA(a)		18,504		244,807
Derichebourg SA(a)		17,572		220,982
Elior Group SA(a)(b)(c)		22,035		132,918
Elis SA(a)		34,301		626,599
Eramet SA(a)		1,613		167,187
Esker SA		958		259,067
Europcar Mobility Group(a)(b)		541,726		307,709
Eutelsat Communications SA		31,010		384,518
Fnac Darty SA		3,111		184,645
Gaztransport Et Technigaz SA		3,969		364,123
Groupe Guillin		1,278		33,956
Guerbet		1,002		37,486
ICADE		5,494		396,702
ID Logistics Group(a)		459		166,660
Imerys SA		6,233		286,440
Interparfums SA		3,050		231,747
IPSOS		7,027		321,086
JCDecaux SA(a)		11,503		314,884
Kaufman & Broad SA		2,592		102,883

Security	Shares		Value
France (continued)
Korian SA		12,895	$	282,697
Lagardere SA(a)		5,945		161,845
LISI		3,290		103,307
LNA Sante SA		923		42,711
Maisons du Monde SA(b)		5,733		130,898
Manitou BF SA		1,738		64,630
McPhy Energy SA(a)(c)		3,708		69,399
Mercialys SA		12,477		138,314
Mersen SA		3,278		136,713
Metropole Television SA		4,229		82,505
Neoen SA(a)(b)(c)		6,846		243,447
Nexans SA		4,212		380,614
Nexity SA		6,915		289,543
Peugeot Invest		877		117,904
Pharmagest Interactive		672		60,717
Quadient SA		6,202		126,741
Rexel SA(a)		44,043		981,701
Rubis SCA		16,444		532,338
SCOR SE		28,496		972,072
SES SA, Class A		68,738		528,872
SES-Imagotag SA(a)		855		65,479
SMCP SA(a)(b)		6,719		55,267
Societe BIC SA		4,499		256,169
SOITEC(a)		3,871		706,721
Solutions 30 SE(a)(c)		15,487		122,198
Sopra Steria Group SACA		2,698		474,343
SPIE SA		23,071		535,121
Technicolor SA(a)		35,514		111,364
Television Francaise 1		7,735		73,935
Trigano SA		1,566		296,699
Vallourec SA(a)		24,738		220,056
Valneva SE(a)(c)		12,679		219,162
Verallia SA(b)		13,212		414,393
Vicat SA		3,369		139,612
Vilmorin & Cie SA		1,051		59,273
Virbac SA		738		296,892
Voltalia SA(a)		3,980		73,525
			18,506,490
Germany — 9.2%
1&1 AG		7,965		212,003
Aareal Bank AG(c)		10,596		341,324
ABOUT YOU Holding SE, NVS(a)		6,710		130,414
Adesso SE		491		101,380
ADLER Group SA(b)		13,870		164,045
ADVA Optical Networking SE(a)		7,428		124,537
AIXTRON SE		19,954		414,902
alstria office REIT-AG		28,848		630,685
Amadeus Fire AG		1,038		193,485
Atoss Software AG		725		145,362
AURELIUS Equity Opportunities SE & Co. KGaA		5,472		174,644
Aurubis AG		5,662		590,225
Basler AG		649		87,189
BayWa AG		2,594		108,992
Bertrandt AG		949		55,539
Bike24 Holding AG, NVS(a)(c)		3,582		57,224
Bilfinger SE		5,120		178,286
Borussia Dortmund GmbH & Co. KGaA(a)		14,216		68,924
CANCOM SE		6,878		417,474
Ceconomy AG(a)		28,217		125,570
Cewe Stiftung & Co. KGaA		949		116,620

64 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
CompuGroup Medical SE & Co. KgaA		4,772	$	316,300
Corestate Capital Holding SA(a)(c)		4,044		53,856
CropEnergies AG		4,641		63,922
CTS Eventim AG & Co. KGaA(a)		10,380		737,886
Datagroup SE(a)		738		71,767
Dermapharm Holding SE		3,338		269,939
Deutsche Beteiligungs AG		2,315		96,070
Deutsche EuroShop AG		8,787		164,760
Deutsche Pfandbriefbank AG(b)		24,326		300,181
Deutz AG(a)		21,692		148,625
DIC Asset AG		7,910		136,069
Draegerwerk AG & Co. KGaA		546		30,153
Duerr AG		9,184		406,441
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,672		232,926
Elmos Semiconductor SE		1,517		94,342
ElringKlinger AG(a)		5,407		64,330
Encavis AG		17,541		276,331
Energiekontor AG, NVS		1,150		81,346
Evotec SE(a)		23,715		959,620
Fielmann AG		4,546		289,930
flatexDEGIRO AG(a)		5,920		114,557
Fraport AG Frankfurt Airport Services Worldwide(a)		6,569		448,707
Freenet AG		22,466		611,873
Gerresheimer AG		5,491		492,765
GFT Technologies SE		3,089		153,100
Global Fashion Group SA(a)		13,486		61,621
Grand City Properties SA		18,800		414,911
GRENKE AG(c)		4,942		156,100
Hamborner REIT AG		12,027		132,301
Hamburger Hafen und Logistik AG		5,484		117,809
Heidelberger Druckmaschinen AG(a)		46,598		146,204
Hensoldt AG		7,291		99,341
HOCHTIEF AG		3,677		286,020
Home24 SE(a)(c)		4,590		51,613
Hornbach Baumarkt AG(c)		1,400		74,788
Hornbach Holding AG & Co. KGaA		1,735		265,800
Hugo Boss AG		10,778		682,770
Hypoport SE(a)		642		283,706
Indus Holding AG		3,169		121,598
Instone Real Estate Group SE(b)		8,303		147,748
Jenoptik AG		9,133		334,253
JOST Werke AG(b)		2,597		129,979
K+S AG, Registered(a)		34,468		658,047
Kloeckner & Co. SE(a)		13,384		151,162
Koenig & Bauer AG(a)		2,417		75,365
Krones AG		2,490		247,281
KWS Saat SE & Co. KGaA		2,030		157,743
LPKF Laser & Electronics AG		4,500		89,553
MBB SE		403		59,409
Media and Games Invest SE(a)(c)		16,132		66,965
Medios AG(a)		2,258		83,205
METRO AG		23,031		235,095
Mister Spex SE, NVS(a)		2,825		32,626
MLP SE		11,952		111,475
MorphoSys AG(a)		6,307		201,972
Nagarro SE(a)		1,531		266,173
New Work SE		472		104,107
Nordex SE(a)(c)		18,461		296,247
Norma Group SE		5,739		208,426
Northern Data AG(a)(c)		868		56,425

Security	Shares		Value
Germany (continued)
OHB SE		911	$	37,445
PATRIZIA AG		7,929		172,371
Pfeiffer Vacuum Technology AG		706		139,028
PNE AG		6,848		65,057
ProSiebenSat.1 Media SE		29,372		459,405
PVA TePla AG, NVS(a)		3,532		123,604
Rheinmetall AG		7,844		820,089
SAF-Holland SE(a)		8,202		103,427
Salzgitter AG(a)		6,572		224,844
Secunet Security Networks AG		219		77,978
SGL Carbon SE(a)		10,766		75,150
Siltronic AG		2,977		388,749
Sirius Real Estate Ltd.		179,746		314,178
Sixt SE(a)		2,437		396,176
SMA Solar Technology AG		1,860		66,249
Software AG		9,162		352,787
Stabilus SA		4,389		295,562
Steico SE		953		105,935
Stratec SE		1,415		191,536
Stroeer SE & Co. KGaA		5,102		382,018
Suedzucker AG		12,768		178,762
Synlab AG, NVS(a)		8,011		184,229
TAG Immobilien AG		25,817		681,784
Takkt AG		5,545		93,877
TeamViewer AG(a)(b)		28,964		437,647
thyssenkrupp AG(a)		72,710		748,308
TUI AG(a)(c)		199,404		687,282
Varta AG(c)		3,285		357,934
VERBIO Vereinigte BioEnergie AG		3,887		247,761
Vitesco Technologies Group AG(a)		4,011		198,567
Vossloh AG		1,558		75,111
Wacker Chemie AG		2,827		412,573
Wacker Neuson SE		5,840		146,711
Westwing Group AG(a)		2,098		50,371
Wuestenrot & Wuerttembergische AG		4,186		88,360
Zeal Network SE(a)		2,456		104,711
			27,148,034
Hong Kong — 0.0%
China Hongxing Sports Ltd.(d)		198,000		2
Peace Mark Holdings Ltd.(d)		30,000		—
Untrade Real Gold Mining(d)		27,000		—
			2
Ireland — 1.4%
AIB Group PLC(a)		145,765		385,008
Bank of Ireland Group PLC(a)		174,814		1,178,224
C&C Group PLC(a)		70,741		210,639
Cairn Homes PLC(a)		122,424		171,371
Dalata Hotel Group PLC(a)		36,785		175,223
Glanbia PLC		36,075		495,494
Glenveagh Properties PLC(a)(b)		124,384		170,738
Grafton Group PLC		39,993		628,635
Greencore Group PLC(a)		96,957		161,041
Hibernia REIT PLC		117,122		167,290
Irish Residential Properties REIT PLC		77,676		146,082
Origin Enterprises PLC		22,069		84,298
Uniphar PLC(a)		40,499		178,355
			4,152,398
Israel — 0.1%
Plus500 Ltd.		16,603		329,670

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Tremor International Ltd.(a)(c)		19,456	$	137,062
				466,732
Italy — 5.2%
A2A SpA		282,024		535,728
ACEA SpA		7,745		156,530
Anima Holding SpA(b)		46,465		235,014
Arnoldo Mondadori Editore SpA(a)		22,866		52,660
Ascopiave SpA		13,832		56,501
Autogrill SpA(a)		34,886		261,972
Azimut Holding SpA		19,299		519,124
Banca Generali SpA		10,415		419,470
Banca IFIS SpA		3,936		78,993
Banca Mediolanum SpA		40,081		389,624
Banca Monte dei Paschi di Siena SpA(a)(c)		57,553		59,497
Banca Popolare di Sondrio SCPA		81,809		344,107
Banco BPM SpA		245,522		765,429
BFF Bank SpA(b)		30,102		230,158
Biesse SpA(a)		2,372		61,541
Bio On SpA(a)(c)(d)		801		—
BPER Banca		190,096		400,195
Brembo SpA		26,748		355,617
Brunello Cucinelli SpA(a)		6,124		355,640
Buzzi Unicem SpA		17,051		356,043
Carel Industries SpA(b)		6,416		154,471
CIR SpA-Compagnie Industriali(a)		127,154		60,426
Credito Emiliano SpA		16,213		111,834
Danieli & C Officine Meccaniche SpA		1,606		43,684
Datalogic SpA		2,673		41,759
De’ Longhi SpA		12,020		414,228
Digital Bros. SpA		907		28,833
Digital Value SpA(a)		637		65,987
doValue SpA(a)(b)		10,842		94,010
El.En. SpA		7,566		122,126
Enav SpA(a)(b)		48,817		224,293
ERG SpA		10,650		310,554
Esprinet SpA		5,419		74,292
Falck Renewables SpA		20,061		196,992
Fila SpA		3,772		38,739
Fincantieri SpA(a)(c)		81,165		51,964
Gruppo MutuiOnline SpA		4,665		222,044
GVS SpA(b)		12,867		144,076
Hera SpA		147,363		612,643
Illimity Bank SpA(a)		9,447		138,230
Immobiliare Grande Distribuzione SIIQ SpA(a)		9,647		44,910
Interpump Group SpA		12,741		786,802
Iren SpA		116,083		349,225
Italgas SpA		87,414		579,942
Italmobiliare SpA		2,312		82,713
Juventus Football Club SpA(a)(c)		180,825		77,296
La Doria SpA		2,616		48,375
Leonardo SpA(a)		70,656		510,333
Maire Tecnimont SpA		25,569		122,114
MARR SpA		5,609		119,441
OVS SpA(a)(b)		39,292		109,171
Pharmanutra SpA		704		52,200
Piaggio & C SpA		27,943		89,449
Pirelli & C SpA(b)		62,100		439,062
RAI Way SpA(b)		18,413		104,625
Reply SpA		3,712		623,804
Saipem SpA(a)(c)		99,554		152,279

Security	Shares		Value
Italy (continued)
Salcef SpA		3,051	$	82,652
Salvatore Ferragamo SpA(a)		8,773		187,995
Sanlorenzo SpA/Ameglia		2,075		89,969
Saras SpA(a)		91,751		57,545
Seco SpA, NVS(a)(c)		5,807		45,830
Sesa SpA		1,382		249,958
Societa Cattolica Di Assicurazione SPA(a)		8,354		53,308
SOL SpA		6,540		139,894
Tamburi Investment Partners SpA		18,333		186,657
Technogym SpA(b)		23,594		201,362
Tinexta SpA		3,747		133,106
Tod’s SpA(a)		1,731		93,295
Unipol Gruppo SpA		71,055		399,737
Webuild SpA(c)		72,199		151,236
Wiit SpA, NVS		1,770		62,525
Zignago Vetro SpA		3,750		64,940
				15,276,778
Netherlands — 4.8%
Aalberts NV		17,671		1,080,230
Accell Group NV(a)		4,585		298,395
AerCap Holdings NV(a)		23,764		1,497,132
Alfen Beheer BV(a)(b)(c)		3,729		278,078
AMG Advanced Metallurgical Group NV		5,433		186,978
Arcadis NV		13,112		573,979
ASR Nederland NV		24,507		1,139,468
B&S Group Sarl(b)		5,462		44,142
Basic-Fit NV(a)(b)(c)		8,846		422,019
BE Semiconductor Industries NV		11,856		994,106
Boskalis Westminster		14,080		398,603
Brunel International NV		4,018		49,373
Cementir Holding NV		8,108		71,486
CM.Com NV(a)		2,246		61,193
Corbion NV		10,669		445,468
COSMO Pharmaceuticals NV(a)		1,600		99,195
Eurocommercial Properties NV		7,740		187,172
Fastned BV(a)(c)		740		38,960
Flow Traders(b)		5,869		227,631
ForFarmers NV		6,407		29,145
Fugro NV(a)		18,687		149,429
Intertrust NV(a)(b)		16,230		352,815
Iveco Group NV, NVS(a)		36,492		388,241
Koninklijke BAM Groep NV(a)		47,414		158,313
Koninklijke Vopak NV		12,460		427,514
Meltwater Holding BV(a)		23,670		61,920
MFE-MediaForEurope NV(a)		54,816		45,448
MFE-MediaForEurope NV		54,816		69,947
NSI NV		3,634		150,691
OCI NV(a)		16,478		450,968
Pharming Group NV(a)(c)		114,845		105,521
PostNL NV		86,973		372,568
Rhi Magnesita NV		5,136		236,896
SBM Offshore NV		27,061		428,276
Shop Apotheke Europe NV(a)(b)(c)		2,369		307,998
SIF Holding NV		2,113		25,391
Signify NV(b)		23,081		1,222,575
Sligro Food Group NV(a)		4,379		111,711
Technip Energies NV(a)		19,137		292,825
TKH Group NV		7,302		421,355
TomTom NV(a)(c)		11,375		108,704
Van Lanschot Kempen NV		5,592		140,869

66 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Vastned Retail NV		2,041	$	57,132
Wereldhave NV		6,041		92,816
				14,302,676
Norway — 4.3%
Aker ASA, Class A		4,635		396,496
Aker Carbon Capture ASA(a)		49,865		111,325
Aker Horizons Holding AS(a)		21,023		47,229
Aker Solutions ASA(a)		44,153		115,492
Atea ASA(a)		14,649		248,091
Atlantic Sapphire ASA(a)(c)		13,904		57,720
Austevoll Seafood ASA		15,944		211,162
Bakkafrost P/F		9,053		624,100
Bonheur ASA		3,344		117,075
Borregaard ASA		16,992		399,655
BW Energy Ltd.(a)		13,210		34,257
BW LPG Ltd.(b)		14,144		76,298
BW Offshore Ltd.		18,743		57,335
Crayon Group Holding ASA(a)(b)		9,829		189,993
DNO ASA		81,466		119,615
Elkem ASA(b)		52,008		189,695
Elopak ASA, NVS(a)		21,819		55,391
Entra ASA(b)		11,482		252,387
Europris ASA(b)		28,613		213,715
Fjordkraft Holding ASA(b)		18,227		77,718
Flex LNG Ltd.		5,482		108,312
Frontline Ltd./Bermuda(a)		16,474		108,448
Golden Ocean Group Ltd.		24,092		219,498
Grieg Seafood ASA(a)		9,133		94,423
Hafnia Ltd.(a)(c)		12,816		23,430
Hexagon Composites ASA(a)		20,687		63,784
Hexagon Purus ASA(a)(c)		9,316		18,234
Kahoot! ASA(a)(c)		46,812		187,949
Kongsberg Gruppen ASA		16,108		488,170
Leroy Seafood Group ASA		53,645		447,161
LINK Mobility Group Holding ASA(a)		29,510		45,302
MPC Container Ships AS, NVS(a)		47,971		162,873
NEL ASA(a)(c)		257,505		349,628
Nordic Semiconductor ASA(a)		31,241		925,668
Norway Royal Salmon ASA		1,633		35,436
Norwegian Air Shuttle ASA(a)(c)		108,532		147,901
Nykode Therapeutics AS(a)		23,227		147,291
Pexip Holding ASA(a)(c)		13,060		50,251
Protector Forsikring ASA		9,928		132,242
Quantafuel ASA(a)(c)		20,973		49,087
REC Silicon ASA(a)(c)		53,839		94,537
Salmar ASA		10,477		714,356
Sbanken ASA(b)		14,315		151,294
Scatec ASA(b)		21,459		316,950
Selvaag Bolig ASA		7,307		43,006
SpareBank 1 Nord Norge		17,254		217,276
Sparebank 1 Oestlandet		7,152		118,757
SpareBank 1 SMN		23,389		387,345
SpareBank 1 SR-Bank ASA		31,195		466,129
Stolt-Nielsen Ltd.		4,746		85,939
Storebrand ASA		84,234		898,050
TGS ASA		21,047		226,622
Tomra Systems ASA		21,108		1,055,296
Veidekke ASA		18,911		282,665
Volue ASA(a)		8,348		49,746
Wallenius Wilhelmsen ASA(a)		18,273		98,700

Security	Shares		Value
Norway (continued)
XXL ASA(b)		25,574	$	39,853
				12,646,358
Portugal — 0.4%
Altri SGPS SA		12,669		81,029
Banco Comercial Portugues SA, Class R(a)		1,512,285		256,989
Corticeira Amorim SGPS SA		6,596		75,857
CTT-Correios de Portugal SA		18,744		91,569
Navigator Co. SA (The)		39,131		147,623
NOS SGPS SA		37,271		146,720
REN - Redes Energeticas Nacionais SGPS SA		68,875		196,377
Semapa-Sociedade de Investimento e Gestao		2,925		39,209
Sonae SGPS SA		158,471		182,083
				1,217,456
Singapore — 0.0%
Jurong Technologies Industrial Corp. Ltd.(d)		60,000		—
Spain — 3.7%
Acciona SA		4,449		774,949
Acerinox SA		29,067		370,407
Almirall SA		13,379		172,204
Applus Services SA		24,836		218,194
Atresmedia Corp. de Medios de Comunicacion SA		15,775		61,346
Audax Renovables SA(c)		18,575		26,088
Banco de Sabadell SA(a)		990,410		770,295
Bankinter SA		120,879		708,860
Befesa SA(b)		7,174		506,464
Cia. de Distribucion Integral Logista Holdings SA		11,515		232,972
Cie. Automotive SA		8,949		259,943
Construcciones y Auxiliar de Ferrocarriles SA		3,407		134,835
Corp Financiera Alba SA		3,127		184,016
Distribuidora Internacional de Alimentacion SA(a)		2,430,617		42,746
Ebro Foods SA		12,346		228,580
eDreams ODIGEO SA(a)		11,044		97,032
Ence Energia y Celulosa SA(a)		27,399		73,509
Faes Farma SA		55,913		215,206
Fluidra SA		15,852		504,761
Gestamp Automocion SA(b)		31,234		140,713
Global Dominion Access SA(b)		15,368		75,912
Grenergy Renovables SA(a)		1,952		55,044
Grupo Catalana Occidente SA		7,518		253,551
Indra Sistemas SA(a)		24,307		247,669
Inmobiliaria Colonial Socimi SA		51,599		455,642
Laboratorios Farmaceuticos Rovi SA		3,422		251,427
Lar Espana Real Estate Socimi SA		11,376		68,773
Linea Directa Aseguradora SA Cia de Segurosy Reaseguros		116,128		208,461
Mapfre SA		191,631		416,183
Mediaset Espana Comunicacion SA(a)		29,430		137,805
Melia Hotels International SA(a)		21,973		166,516
Merlin Properties Socimi SA		61,979		700,640
Metrovacesa SA(b)		7,287		54,031
Miquel y Costas & Miquel SA		3,255		45,783
Neinor Homes SA(b)		8,125		98,948
Pharma Mar SA		2,564		161,374
Prosegur Cash SA(a)(b)		80,654		59,165
Prosegur Cia. de Seguridad SA		39,423		98,212
Sacyr SA		70,446		176,102
Solaria Energia y Medio Ambiente SA(a)		13,468		235,349
Soltec Power Holdings SA(a)(c)		6,589		38,789
Talgo SA(a)(b)		13,381		71,222

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Tecnicas Reunidas SA(a)(c)		6,097	$	54,669
Unicaja Banco SA(b)		227,951		233,668
Viscofan SA		7,118		431,423
Zardoya Otis SA		33,136		262,764
				10,782,242
Sweden — 12.1%
AAK AB		31,655		592,942
AcadeMedia AB(b)		15,289		88,759
AddTech AB, Class B		46,075		852,334
AFRY AB		16,765		376,010
Alimak Group AB(b)		6,224		71,224
Ambea AB(b)		13,122		72,824
Arjo AB, Class B		38,610		385,865
Atrium Ljungberg AB, Class B		8,099		174,926
Attendo AB(a)(b)		20,133		70,957
Avanza Bank Holding AB		22,326		706,361
Axfood AB		18,899		481,422
Bactiguard Holding AB(a)		3,215		48,528
Beijer Alma AB		7,969		202,508
Beijer Ref AB		44,618		778,762
Betsson AB, Class B		19,298		107,977
BHG Group AB(a)		17,497		167,718
BICO Group AB, Class B(a)		5,995		119,699
Bilia AB, Class A		13,139		197,190
BillerudKorsnas AB		33,748		536,592
BioArctic AB(a)(b)		5,860		67,871
BioGaia AB, Class B		2,860		155,494
Biotage AB		11,739		239,696
Bonava AB, Class B		13,556		117,319
Boozt AB(a)(b)(c)		8,331		156,587
Bravida Holding AB(b)		36,610		438,056
Bufab AB		4,670		176,120
Bure Equity AB		10,013		345,491
Calliditas Therapeutics AB, Class B(a)(c)		5,035		53,284
Camurus AB(a)(c)		5,231		74,835
Castellum AB		46,504		1,095,343
Catena AB		5,179		293,979
Cellavision AB		2,514		82,048
Cibus Nordic Real Estate AB		6,492		178,805
Cint Group AB(a)		26,419		351,344
Clas Ohlson AB, Class B		7,216		87,454
Cloetta AB, Class B		38,895		102,937
Collector AB(a)		11,431		44,829
Coor Service Management Holding AB(b)		15,774		133,978
Corem Property Group AB, Class B		109,290		313,696
Creades AB, Class A		9,289		121,101
Desenio Group AB(a)		10,117		18,621
Dios Fastigheter AB		15,116		168,274
Dometic Group AB(b)		56,385		624,595
Duni AB(a)		6,100		69,081
Dustin Group AB(b)		12,404		127,373
Electrolux Professional AB, Class B(a)		38,666		270,016
Elekta AB, Class B		65,122		666,472
Fabege AB		46,710		696,907
Fagerhult AB		14,404		89,800
Fingerprint Cards AB, Class B(a)(c)		52,713		105,504
Fortnox AB		87,830		451,643
GARO AB		5,040		94,130
Granges AB		19,581		242,847
Hansa Biopharma AB(a)		5,507		43,916

Security	Shares		Value
Sweden (continued)
Hemnet Group AB(a)		7,789	$	140,483
Hexatronic Group AB		5,045		204,567
Hexpol AB		47,543		567,270
HMS Networks AB		4,466		233,244
Holmen AB, Class B		16,897		820,682
Hufvudstaden AB, Class A		20,226		288,866
Humble Group AB(a)(c)		25,191		64,741
Implantica AG, SDR(a)		3,499		22,101
Indutrade AB		48,637		1,209,981
Instalco AB		36,425		264,784
Intrum AB(c)		11,735		353,289
Investment AB Oresund		4,422		67,909
INVISIO AB		7,297		93,823
Inwido AB		9,142		159,978
JM AB		9,963		377,361
Kambi Group PLC, Class B(a)		4,502		116,718
Karo Pharma AB(a)		9,060		58,199
K-Fast Holding AB(a)		10,130		75,556
Kindred Group PLC		41,095		477,419
KNOW IT AB		3,895		142,268
LeoVegas AB(b)		13,014		47,490
Lime Technologies AB		1,949		61,199
Lindab International AB		14,006		406,612
Loomis AB		13,344		342,639
Mekonomen AB(a)		7,312		107,931
Millicom International Cellular SA, SDR(a)		18,321		489,058
MIPS AB		4,707		467,987
Modern Times Group MTG AB, Class B(a)		18,625		249,280
Munters Group AB(b)		23,177		162,803
Mycronic AB		13,001		266,007
NCC AB, Class B		14,625		241,777
New Wave Group AB, Class B		7,042		107,161
Nobia AB		23,069		126,054
Nolato AB, Class B		36,008		368,985
Nordic Entertainment Group AB, Class B(a)		13,251		513,033
Nordnet AB publ		20,261		315,769
Nyfosa AB		32,174		500,847
OX2 AB(a)		14,727		82,283
Pandox AB(a)		16,420		238,718
Paradox Interactive AB(c)		6,567		136,110
Peab AB, Class B		32,796		368,629
Platzer Fastigheter Holding AB, Class B		11,030		145,493
PowerCell Sweden AB(a)		8,399		134,111
Ratos AB, Class B		37,662		197,697
Re:NewCell AB(a)		3,595		66,478
Resurs Holding AB(b)		22,914		94,047
Rvrc Holding AB		7,118		70,929
Saab AB, Class B		13,218		313,452
Samhallsbyggnadsbolaget i Norden AB		164,176		990,165
Samhallsbyggnadsbolaget i Norden AB, Class D		26,534		86,675
SAS AB(a)(c)		669,239		113,080
Scandic Hotels Group AB(a)(b)(c)		27,340		115,350
Sdiptech AB, Class B(a)		4,302		178,313
Sectra AB(a)		24,246		399,375
Sedana Medical AB(a)		11,688		93,506
SkiStar AB		7,591		116,885
SSAB AB, Class A(a)		45,214		267,684
SSAB AB, Class B(a)		104,526		544,222
Stillfront Group AB(a)		55,329		269,305
Storytel AB(a)(c)		7,477		117,935

68 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Subsea 7 SA		39,917	$	300,107
Surgical Science Sweden AB(a)		5,949		127,592
Svolder AB, NVS		15,098		115,928
Sweco AB, Class B		35,886		504,471
SwedenCare AB(c)		11,399		130,020
Thule Group AB(b)		18,566		896,115
Tobii AB(a)		16,788		58,517
Tobii Dynavox AB(a)		16,788		45,882
Trelleborg AB, Class B		43,635		1,098,681
Troax Group AB		6,898		241,654
Vestum AB, NVS(a)		27,250		107,582
Vimian Group AB(a)(c)		22,961		165,359
Vitec Software Group AB		5,192		233,581
Vitrolife AB		11,457		471,139
VNV Global AB(a)(c)		15,384		133,032
Volati AB		3,577		70,660
Wallenstam AB, Class B		29,268		460,638
Wihlborgs Fastigheter AB		24,915		515,114
Xvivo Perfusion AB(a)		4,332		121,950
				35,784,379
Switzerland — 8.9%
Allreal Holding AG, Registered		2,573		558,292
ALSO Holding AG, Registered(a)		1,131		318,287
APG SGA SA(a)		205		42,033
Arbonia AG		8,944		216,252
Aryzta AG(a)		178,102		204,457
Ascom Holding AG, Registered(a)		5,294		69,328
Autoneum Holding AG(a)		480		87,194
Banque Cantonale Vaudoise, Registered		5,429		448,889
Basilea Pharmaceutica AG, Registered(a)		2,137		103,796
Belimo Holding AG, Registered		1,776		980,743
Bell Food Group AG, Registered		395		119,906
BKW AG		3,810		454,518
Bobst Group SA, Registered(a)		1,404		119,231
Bossard Holding AG, Class A, Registered		1,020		319,794
Bucher Industries AG, Registered		1,201		552,983
Burckhardt Compression Holding AG		535		253,040
Burkhalter Holding AG		761		52,724
Bystronic AG, Registered		245		322,003
Cembra Money Bank AG		5,391		370,788
Coltene Holding AG, Registered		567		67,429
Comet Holding AG, Registered		1,247		397,814
Daetwyler Holding AG, Bearer		1,333		523,409
DKSH Holding AG		6,256		501,596
dormakaba Holding AG		518		296,605
Dufry AG, Registered(a)		12,765		661,508
EFG International AG(a)		17,041		130,523
Emmi AG, Registered		377		423,122
Flughafen Zurich AG, Registered(a)		3,589		664,024
Forbo Holding AG, Registered		191		367,716
Galenica AG(b)		9,013		636,533
Georg Fischer AG, Registered		738		1,079,190
Gurit Holding AG, Bearer		51		79,330
Helvetia Holding AG, Registered		6,687		840,800
Huber + Suhner AG, Registered		2,869		261,200
Idorsia Ltd.(a)		19,585		456,204
Implenia AG, Registered(a)		2,484		60,598
Inficon Holding AG, Registered		305		372,546
Interroll Holding AG, Registered		114		482,518
Intershop Holding AG		202		133,410

Security	Shares		Value
Switzerland (continued)
Kardex Holding AG, Registered		1,114	$	309,217
Komax Holding AG, Registered(a)		662		204,193
Landis+Gyr Group AG(a)		3,829		252,551
LEM Holding SA, Registered		81		202,671
Leonteq AG		1,776		127,673
Liechtensteinische Landesbank AG		2,280		137,541
Medacta Group SA(a)(b)		1,250		159,715
Medartis Holding AG(a)(b)		689		94,690
Medmix AG(a)(b)		4,523		195,706
Metall Zug AG, Class B, Registered		33		67,841
Meyer Burger Technology AG(a)(c)		428,370		165,787
Mobilezone Holding AG, Registered		7,112		111,142
Mobimo Holding AG, Registered		1,187		388,429
Molecular Partners AG(a)		3,824		104,875
Montana Aerospace AG(a)(b)		2,978		111,307
OC Oerlikon Corp. AG, Registered		33,652		326,744
Orior AG		1,133		106,131
Peach Property Group AG		1,470		91,057
PolyPeptide Group AG(a)(b)		2,097		209,070
PSP Swiss Property AG, Registered		8,133		986,159
Relief Therapeutics Holding AG(a)(c)		332,655		24,052
Rieter Holding AG, Registered(a)		546		110,371
Schweiter Technologies AG, Bearer		182		241,418
Sensirion Holding AG(a)(b)		1,607		197,030
SFS Group AG		3,008		438,861
Siegfried Holding AG, Registered		699		565,926
SIG Combibloc Group AG(a)		57,211		1,329,234
Softwareone Holding AG(a)		17,131		336,583
St. Galler Kantonalbank AG, Class A, Registered		534		258,046
Stadler Rail AG(c)		9,012		428,850
Sulzer AG, Registered		3,301		315,957
Swiss Steel Holding AG, Registered(a)		143,345		49,124
Swissquote Group Holding SA, Registered		1,645		279,841
Tecan Group AG, Registered		2,141		1,040,980
Trifork Holding AG, NVS(a)		1,606		62,349
TX Group AG(a)		478		75,209
u-blox Holding AG(a)		1,306		93,127
Valiant Holding AG, Registered		2,853		288,146
Valora Holding AG, Registered(a)		665		129,259
Vetropack Holding AG, Registered		2,148		124,633
Vontobel Holding AG, Registered		5,055		418,966
VZ Holding AG		2,550		238,585
V-ZUG Holding AG(a)		367		45,277
Ypsomed Holding AG, Registered		568		106,170
Zehnder Group AG, Registered		1,670		152,858
Zur Rose Group AG(a)		1,620		396,569
				26,130,253
United Kingdom — 31.0%
888 Holdings PLC		66,417		229,259
AB Dynamics PLC		2,685		51,638
Abcam PLC(a)		38,789		696,434
Aclara Resources Inc.(a)		1,206		1,188
Advanced Medical Solutions Group PLC		34,183		136,232
AG Barr PLC		15,971		106,323
Airtel Africa PLC(b)		167,372		343,275
AJ Bell PLC		55,432		252,786
Alliance Pharma PLC		84,085		122,585
Alpha FX Group PLC		4,914		116,646
Alphawave IP Group PLC(a)(c)		47,892		104,022
AO World PLC(a)		59,054		79,898

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Argo Blockchain PLC(a)		83,085	$	87,639
Ascential PLC(a)		78,949		377,145
Ashmore Group PLC		83,418		319,758
ASOS PLC(a)		12,585		377,590
Assura PLC		481,971		435,931
Aston Martin Lagonda Global Holdings PLC(a)(b)		11,943		193,852
Atalaya Mining PLC		13,690		75,856
Auction Technology Group PLC(a)		15,227		219,533
Avacta Group PLC(a)(c)		46,523		53,309
Avast PLC(b)		119,116		982,341
Avon Protection PLC		5,683		86,749
B&M European Value Retail SA		160,382		1,228,144
Babcock International Group PLC(a)		46,074		188,729
Bakkavor Group PLC(b)		22,292		36,756
Balfour Beatty PLC		116,423		399,090
Bank of Georgia Group PLC		7,276		143,651
Beazley PLC(a)		109,240		725,266
Bellway PLC		21,862		841,230
Biffa PLC(b)		55,525		254,972
Big Yellow Group PLC		31,104		624,966
Blue Prism Group PLC(a)		14,833		251,955
BMO Commercial Property Trust Ltd.		136,873		210,956
Bodycote PLC		33,881		364,365
boohoo Group PLC(a)(c)		182,148		264,207
Breedon Group PLC		269,300		309,665
Brewin Dolphin Holdings PLC		53,661		238,260
Bridgepoint Group PLC(a)(b)		37,059		190,142
Britvic PLC		46,888		575,444
Burford Capital Ltd.		33,527		304,586
Bytes Technology Group PLC		38,810		243,249
Capita PLC(a)		307,424		132,272
Capital & Counties Properties PLC		125,963		292,984
Capricorn Energy PLC(a)		91,105		254,005
Carnival PLC(a)		27,832		510,737
Centamin PLC		207,587		250,169
Central Asia Metals PLC		29,397		87,770
Centrica PLC(a)		1,043,115		1,025,657
Ceres Power Holdings PLC(a)		17,145		143,353
Chemring Group PLC		51,271		189,938
Cineworld Group PLC(a)(c)		174,278		93,635
Civitas Social Housing PLC		110,515		143,429
Clarkson PLC		5,208		231,797
Clinigen Group PLC		22,860		280,556
Clipper Logistics PLC		14,038		127,627
Close Brothers Group PLC		26,320		457,366
CLS Holdings PLC		33,163		100,479
CMC Markets PLC(b)		23,300		72,073
Coats Group PLC		254,194		224,914
Computacenter PLC		14,366		517,305
ContourGlobal PLC(b)		36,625		92,012
ConvaTec Group PLC(b)		290,069		688,660
Countryside Properties PLC(a)(b)		86,725		361,690
Craneware PLC		5,200		132,876
Cranswick PLC		9,500		470,773
Crest Nicholson Holdings PLC		46,527		200,863
Currys PLC		195,257		281,612
Custodian REIT PLC		74,711		106,508
CVS Group PLC		12,104		321,015
Dechra Pharmaceuticals PLC		19,220		1,079,569
Deliveroo PLC(a)(b)		125,140		262,914

Security	Shares		Value
United Kingdom (continued)
Derwent London PLC		18,163	$	839,251
Diploma PLC		22,091		829,143
Direct Line Insurance Group PLC		237,055		977,172
Diversified Energy Co. PLC		146,170		208,772
Domino’s Pizza Group PLC		73,532		385,496
dotdigital group PLC		48,462		96,391
Dr. Martens PLC		81,024		336,630
Drax Group PLC		71,208		580,136
DS Smith PLC		244,289		1,247,571
Dunelm Group PLC		21,663		390,395
easyJet PLC(a)		54,600		461,288
Electrocomponents PLC		83,744		1,267,953
Elementis PLC(a)		104,030		199,232
EMIS Group PLC		9,681		170,822
Empiric Student Property PLC		109,868		128,848
Energean PLC(a)		20,739		263,160
Ergomed PLC(a)		6,691		102,242
Essentra PLC		53,249		248,143
Eurasia Mining PLC(a)		330,284		95,503
Euromoney Institutional Investor PLC		18,860		233,904
FD Technologies PLC(a)(c)		4,017		87,520
Ferrexpo PLC		53,338		175,172
Fevertree Drinks PLC		18,457		529,471
Finablr PLC(a)(b)(d)		20,497		—
Firstgroup PLC(a)		136,031		187,342
Forterra PLC(b)		42,260		150,614
Frasers Group PLC(a)		36,309		360,672
Frontier Developments PLC(a)		3,944		73,411
Funding Circle Holdings PLC(a)(b)		30,442		39,099
Future PLC		20,314		866,419
Games Workshop Group PLC		5,910		633,657
Gamma Communications PLC		14,675		308,691
GB Group PLC		40,690		363,312
Genuit Group PLC		44,592		345,687
Genus PLC		11,610		599,298
Go-Ahead Group PLC (The)(a)(d)		8,585		77,012
Grainger PLC		120,214		489,567
Great Portland Estates PLC		40,814		422,872
Greatland Gold PLC(a)		721,904		133,983
Greggs PLC		17,966		651,577
Gym Group PLC (The)(a)(b)		28,792		95,257
Halfords Group PLC		35,733		157,147
Hammerson PLC		549,595		289,729
Harbour Energy PLC(a)		74,988		365,912
Hays PLC		301,844		588,183
Helical PLC		20,020		115,777
Helios Towers PLC(a)		132,086		272,859
Hill & Smith Holdings PLC		14,034		284,145
Hiscox Ltd.		62,379		819,932
Hochschild Mining PLC		61,365		85,991
Home Reit PLC		101,129		158,450
HomeServe PLC		53,240		548,763
Hotel Chocolat Group PLC(a)		9,495		60,912
Howden Joinery Group PLC		105,828		1,167,540
Hunting PLC		24,707		71,773
Ibstock PLC(b)		72,554		194,419
Ideagen PLC		47,146		171,832
IG Design Group PLC (c)		15,032		19,408
IG Group Holdings PLC		68,979		759,377
IMI PLC		47,418		1,059,449

70 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Impax Asset Management Group PLC		15,523	$	229,639
Inchcape PLC		69,206		789,170
Indivior PLC(a)		131,408		400,059
IntegraFin Holdings PLC		49,655		331,411
Intermediate Capital Group PLC		51,787		1,337,429
Investec PLC		125,329		715,516
IP Group PLC		176,234		231,625
IQE PLC(a)		139,879		60,296
ITM Power PLC(a)		77,280		286,792
ITV PLC(a)		641,952		981,961
IWG PLC(a)		136,038		523,951
J D Wetherspoon PLC(a)		17,386		211,095
JET2 PLC(a)		28,986		516,227
John Wood Group PLC(a)		123,942		373,107
Johnson Service Group PLC(a)		80,411		163,515
JTC PLC(b)		23,625		249,960
Judges Scientific PLC		919		94,180
Jupiter Fund Management PLC		76,555		237,501
Just Group PLC(a)		188,336		219,163
Kainos Group PLC		14,027		288,369
Kape Technologies PLC(a)		19,130		95,509
Keller Group PLC		12,384		142,099
Keywords Studios PLC		12,822		434,556
Kier Group PLC(a)		80,340		106,668
Lancashire Holdings Ltd.		43,710		323,621
Learning Technologies Group PLC		101,794		228,764
Liontrust Asset Management PLC		10,694		233,282
LondonMetric Property PLC		155,702		561,007
Luceco PLC(b)		14,513		58,673
LXI REIT PLC		126,001		249,984
LXI REIT PLC		16,780		1,128
Man Group PLC/Jersey		251,659		657,415
Marks & Spencer Group PLC(a)		347,487		1,028,356
Marshalls PLC		34,946		332,728
Marston’s PLC(a)		112,839		123,376
Mediclinic International PLC(a)		71,803		309,730
Meggitt PLC(a)		139,122		1,405,167
Micro Focus International PLC		59,911		368,580
Mitchells & Butlers PLC(a)		49,427		167,717
Mitie Group PLC		251,790		204,022
Moneysupermarket.com Group PLC		95,364		243,702
Moonpig Group PLC(a)		27,859		118,370
Morgan Advanced Materials PLC		50,734		218,343
Morgan Sindall Group PLC		6,844		197,746
Naked Wines PLC(a)(c)		10,573		74,582
National Express Group PLC(a)		99,512		337,473
NCC Group PLC		56,220		144,646
Network International Holdings PLC(a)(b)		83,938		296,557
Ninety One PLC		59,229		206,630
Numis Corp. PLC(c)		13,913		60,261
On the Beach Group PLC(a)(b)		27,698		108,351
OSB Group PLC		80,367		597,043
Oxford Biomedica PLC(a)		10,591		120,847
Pagegroup PLC		59,168		466,876
Pantheon Resources PLC		93,883		101,576
Paragon Banking Group PLC		45,387		347,628
Patisserie Holdings PLC(d)		7,527		—
Penno Group PLC		50,231		736,014
Petrofac Ltd.(a)(c)		74,007		119,010
Petropavlovsk PLC(a)		427,206		87,263

Security	Shares		Value
United Kingdom (continued)
Pets at Home Group PLC		90,025	$	516,988
Picton Property Income Ltd. (The)		92,547		128,449
Playtech PLC(a)		55,098		432,751
Polar Capital Holdings PLC		13,417		114,137
Premier Foods PLC		109,884		174,384
Primary Health Properties PLC		239,775		465,026
Provident Financial PLC(a)		46,361		195,283
PZ Cussons PLC		39,721		103,631
QinetiQ Group PLC		102,155		370,734
Quilter PLC(b)		299,641		556,409
Rank Group PLC(a)		46,555		98,301
Rathbones Group PLC		11,046		278,908
Reach PLC		53,603		188,157
Redde Northgate PLC		42,618		222,112
Redrow PLC		50,509		425,520
Regional REIT Ltd.(b)		75,929		91,340
Renalytix PLC(a)		8,466		54,652
Renewi PLC(a)		14,411		129,841
Renishaw PLC		6,493		400,941
Restaurant Group PLC (The)(a)		129,635		166,212
Restore PLC		22,794		142,549
Rightmove PLC		152,871		1,347,327
Rotork PLC		156,982		721,509
Royal Mail PLC		144,056		860,829
RWS Holdings PLC		52,373		355,000
S4 Capital PLC(a)		48,600		339,838
Sabre Insurance Group PLC(b)		41,976		128,149
Safestore Holdings PLC		37,938		650,461
Saga PLC(a)		18,503		71,823
Sanne Group PLC		29,208		359,429
Savills PLC		25,578		466,101
Secure Income REIT PLC		49,828		283,667
Senior PLC(a)		75,994		137,563
Serco Group PLC		212,687		384,730
Serica Energy PLC		30,317		105,376
Shaftesbury PLC		35,064		294,418
SIG PLC(a)		124,137		68,818
Smart Metering Systems PLC		22,933		227,618
Softcat PLC		21,484		474,437
SolGold PLC(a)(c)		141,059		50,669
Spectris PLC		19,948		910,300
Spire Healthcare Group PLC(a)(b)		47,630		153,289
Spirent Communications PLC		110,145		367,834
SSP Group PLC(a)		136,112		505,011
Stagecoach Group PLC(a)		73,938		90,539
SThree PLC		22,762		144,531
Strix Group PLC		36,872		121,493
Synthomer PLC		60,293		297,665
Target Healthcare REIT PLC		111,673		172,709
Tate & Lyle PLC		84,359		806,915
TBC Bank Group PLC		7,591		143,949
Team17 Group PLC(a)		18,009		171,964
Telecom Plus PLC		11,111		224,447
TI Fluid Systems PLC(b)		41,286		132,931
TORM PLC, Class A(a)(c)		3,789		27,099
TP ICAP Group PLC		141,123		267,528
Trainline PLC(a)(b)		87,467		263,501
Travis Perkins PLC		40,506		821,871
Tritax Big Box REIT PLC		305,031		978,430
Trustpilot Group PLC(a)(b)		33,327		82,984

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Tullow Oil PLC(a)		219,346	$	148,456
Tyman PLC		35,335		178,614
UK Commercial Property REIT Ltd		138,361		153,012
Ultra Electronics Holdings PLC		12,847		504,029
UNITE Group PLC (The)		60,027		839,852
Urban Logistics REIT PLC		84,551		199,566
Vesuvius PLC		38,975		241,541
Victoria PLC(a)		11,783		150,546
Victorian Plumbing Group PLC(a)		20,485		28,211
Victrex PLC		15,445		430,209
Virgin Money UK PLC(a)		233,340		603,984
Vistry Group PLC		40,031		555,018
Vivo Energy PLC(b)		79,841		142,169
Volex PLC		19,798		80,170
Volution Group PLC		35,641		241,492
Warehouse REIT PLC		74,347		166,582
Watkin Jones PLC		37,904		135,599
Weir Group PLC (The)		46,087		1,085,168
WH Smith PLC(a)		23,570		528,804
Wickes Group PLC		46,728		128,957
Workspace Group PLC		24,695		282,180
Yellow Cake PLC(a)(b)		26,293		113,942
Yougov PLC		19,042		297,071
Young & Co’s Brewery PLC, Series A		4,030		81,570
				91,266,548
Total Common Stocks — 99.2% (Cost: $325,530,515)				292,389,887
Preferred Stocks
Germany — 0.4%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,457		84,643
Einhell Germany AG, Preference Shares, NVS		306		70,818
Jungheinrich AG, Preference Shares, NVS		8,652		369,971
Schaeffler AG, Preference Shares, NVS		22,419		166,651
Sixt SE, Preference Shares, NVS		2,908		262,739
STO SE & Co. KGaA, Preference Shares, NVS		455		114,191
				1,069,013
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		6,614		118,475
Total Preferred Stocks — 0.4% (Cost: $1,281,380)				1,187,488

Security	Shares		Value
Rights
Spain — 0.0%
Sacyr SA (Expires 02/02/22)(a)(d)		78,186	$	4,568
Total Rights — 0.0% (Cost: $4,783)				4,568
Warrants
Italy — 0.0%
Webuild SpA (Expires 08/02/30)(a)(c)		5,951		—
Total Warrants — 0.0% (Cost: $0)				—
Short-Term Investments
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		10,158,350		10,161,398
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		110,000		110,000
				10,271,398
Total Short-Term Investments — 3.5% (Cost: $10,270,251)				10,271,398
Total Investments in Securities — 103.1% (Cost: $337,086,929)				303,853,341
Other Assets, Less Liabilities — (3.1)%				(9,181,561	)
Net Assets — 100.0%			$	294,671,780

^(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.

72 2 0 2 2   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) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,448,300	$	—	$	(2,284,550	)(a)	$	(1,662	)	$	(690	)	$	10,161,398		10,158,350	$	269,290	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		410,000		—		(300,000	)(a)		—			—			110,000		110,000		4			—
								$	(1,662	)	$	(690	)	$	10,271,398			$	269,294		$	—

^(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		15		03/18/22	$	705	$	(2,339	)
FTSE 100 Index		3		03/18/22		301		2,138
							$	(201	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,138
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,339

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(18,437	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(603	)

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Europe Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,391,775

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
Investments
Assets
Common Stocks	$	31,588,090	$	260,724,783		$	77,014	$	292,389,887
Preferred Stocks		70,818		1,116,670			—		1,187,488
Rights		—		—			4,568		4,568
Warrants		—		—			—		—
Money Market Funds		10,271,398		—			—		10,271,398
	$	41,930,306	$	261,841,453		$	81,582	$	303,853,341
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	2,138		$	—	$	2,138
Liabilities
Futures Contracts		—		(2,339	)		—		(2,339	)
	$	—	$	(201	)	$	—	$	(201	)

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

See notes to financial statements.

74 2 0 2 2   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)  January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.3%
Ampol Ltd.		19,723	$	417,792
APA Group		95,230		645,835
Aristocrat Leisure Ltd.		43,520		1,261,548
ASX Ltd.		13,137		779,136
Aurizon Holdings Ltd.		108,362		271,106
AusNet Services Ltd.		115,756		213,002
Australia & New Zealand Banking Group Ltd.		197,875		3,739,607
BHP Group Ltd.(a)		208,550		6,688,314
BHP Group Ltd.		147,770		4,664,329
BlueScope Steel Ltd.		38,602		505,950
Brambles Ltd.		93,610		643,105
Cochlear Ltd.		4,116		564,439
Coles Group Ltd.		89,485		1,028,066
Commonwealth Bank of Australia		127,258		8,486,802
Computershare Ltd.		39,412		546,313
Crown Resorts Ltd.(b)		29,556		254,657
CSL Ltd.		34,473		6,385,868
Dexus		77,174		561,820
Domino’s Pizza Enterprises Ltd.		4,119		303,831
Endeavour Group Ltd./Australia		91,137		407,074
Evolution Mining Ltd.		110,032		276,448
Fortescue Metals Group Ltd.		127,256		1,786,942
Glencore PLC		729,881		3,802,398
Goodman Group		119,870		1,979,261
GPT Group (The)		139,585		494,641
IDP Education Ltd.		14,789		309,125
Insurance Australia Group Ltd.		158,469		478,002
James Hardie Industries PLC		32,034		1,078,111
Lendlease Corp. Ltd.		42,692		302,112
Macquarie Group Ltd.		24,647		3,221,646
Magellan Financial Group Ltd.		8,210		109,242
Medibank Pvt Ltd.		202,786		444,359
Mirvac Group		317,733		588,811
National Australia Bank Ltd.		237,288		4,578,577
Newcrest Mining Ltd.		56,649		878,703
Northern Star Resources Ltd.		79,638		474,636
Orica Ltd.		28,735		284,693
Origin Energy Ltd.		129,721		519,079
Qantas Airways Ltd.(b)		54,182		185,446
QBE Insurance Group Ltd.		97,714		775,814
Ramsay Health Care Ltd.		13,136		586,076
REA Group Ltd.		3,288		340,626
Reece Ltd.		21,341		329,471
Rio Tinto Ltd.		26,270		2,088,614
Rio Tinto PLC		80,462		5,671,390
Santos Ltd.		231,529		1,179,347
Scentre Group		422,012		876,158
SEEK Ltd.		22,988		476,385
Sonic Healthcare Ltd.		31,198		840,172
South32 Ltd.		355,509		978,111
Stockland		184,719		532,439
Suncorp Group Ltd.		90,309		709,277
Sydney Airport(b)		93,600		575,277
Tabcorp Holdings Ltd.		148,606		522,139
Telstra Corp. Ltd.		312,802		869,565
Transurban Group		229,874		2,030,759
Treasury Wine Estates Ltd.		50,919		382,719
Vicinity Centres		242,205		280,790

Security	Shares		Value
Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		15,600	$	302,857
Wesfarmers Ltd.		82,101		3,063,394
Westpac Banking Corp.		262,721		3,789,207
WiseTech Global Ltd.		10,678		347,776
Woodside Petroleum Ltd.		69,785		1,246,988
Woolworths Group Ltd.		83,755		2,043,158
				90,999,335
Austria — 0.1%
Erste Group Bank AG		26,278		1,228,249
OMV AG		11,493		703,422
Raiffeisen Bank International AG		9,852		276,913
Verbund AG		4,926		521,713
voestalpine AG		9,030		300,203
				3,030,500
Belgium — 0.2%
Ageas SA/NV		9,857		474,462
Anheuser-Busch InBev SA/NV		53,378		3,365,008
Elia Group SA/NV		2,464		332,504
Etablissements Franz Colruyt NV		4,926		200,093
Groupe Bruxelles Lambert SA		8,226		882,674
KBC Group NV		18,077		1,572,145
Proximus SADP		10,691		218,316
Sofina SA		832		331,259
Solvay SA		5,747		692,451
UCB SA		9,046		900,124
Umicore SA		14,780		559,506
				9,528,542
Canada — 3.7%
Agnico Eagle Mines Ltd.		17,240		823,381
Air Canada(b)		9,853		177,194
Algonquin Power & Utilities Corp.		53,366		761,982
Alimentation Couche-Tard Inc.		59,113		2,384,238
AltaGas Ltd.		16,414		337,151
Ballard Power Systems Inc.(a)(b)		16,424		171,327
Bank of Montreal		45,977		5,204,084
Bank of Nova Scotia (The)		88,674		6,387,123
Barrick Gold Corp.		131,355		2,514,154
Bausch Health Cos Inc.(b)		24,630		605,505
BCE Inc.		4,941		258,099
BlackBerry Ltd.(a)(b)		35,303		290,500
Brookfield Asset Management Inc., Class A		101,798		5,605,837
Brookfield Renewable Corp., Class A		9,030		308,944
CAE Inc.(b)		20,525		518,312
Cameco Corp.		29,571		574,833
Canadian Apartment Properties REIT		5,748		252,819
Canadian Imperial Bank of Commerce		32,840		4,123,763
Canadian National Railway Co.		50,863		6,199,272
Canadian Natural Resources Ltd.		82,101		4,176,258
Canadian Pacific Railway Ltd.		66,502		4,757,654
Canadian Tire Corp. Ltd., Class A, NVS		3,303		476,891
Canadian Utilities Ltd., Class A, NVS		9,852		286,225
Canopy Growth Corp.(a)(b)		14,779		118,823
CCL Industries Inc., Class B, NVS		10,677		558,229
Cenovus Energy Inc.		84,575		1,230,218
CGI Inc.(b)		16,425		1,402,356
Constellation Software Inc.		1,638		2,821,190
Dollarama Inc.		22,169		1,143,897
Emera Inc.		18,062		855,819
Empire Co. Ltd., Class A, NVS		10,673		329,304

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Enbridge Inc.		146,133	$	6,178,018
Fairfax Financial Holdings Ltd.		1,642		792,872
First Quantum Minerals Ltd.		37,759		930,051
FirstService Corp.		3,273		521,893
Fortis Inc.		33,665		1,599,097
Franco-Nevada Corp.		13,957		1,845,379
George Weston Ltd.		5,750		627,042
GFL Environmental Inc.		13,142		431,743
Gildan Activewear Inc.		14,778		588,260
Great-West Lifeco Inc.		21,346		666,837
Hydro One Ltd.(c)		23,809		615,103
iA Financial Corp. Inc.		8,225		535,177
IGM Financial Inc.		15,000		527,003
Imperial Oil Ltd.		15,597		638,162
Intact Financial Corp.		13,133		1,779,410
Ivanhoe Mines Ltd., Class A(b)		43,527		372,898
Keyera Corp.		14,787		347,936
Kinross Gold Corp.		84,563		457,025
Kirkland Lake Gold Ltd.		20,514		772,694
Lightspeed Commerce Inc.(b)		7,378		239,481
Loblaw Companies Ltd.		12,322		950,650
Lundin Mining Corp.		47,632		396,824
Magna International Inc.		20,539		1,654,721
Manulife Financial Corp.		135,474		2,821,065
Metro Inc.		18,902		1,011,011
National Bank of Canada		24,633		1,970,795
Northland Power Inc.		13,957		404,167
Nutrien Ltd.		41,867		2,924,086
Nuvei Corp.(b)(c)		3,301		201,179
Onex Corp.		5,762		413,899
Open Text Corp.		18,885		903,877
Pan American Silver Corp.		13,975		302,444
Parkland Corp.		10,683		284,062
Pembina Pipeline Corp.		36,944		1,173,001
Power Corp. of Canada		42,685		1,372,072
Quebecor Inc., Class B		9,852		232,979
Restaurant Brands International Inc.		20,526		1,148,093
RioCan REIT		10,673		185,811
Ritchie Bros Auctioneers Inc.		8,213		500,604
Rogers Communications Inc., Class B, NVS		27,092		1,374,048
Royal Bank of Canada		101,000		11,515,502
Saputo Inc.		21,346		478,423
Shaw Communications Inc., Class B, NVS		33,660		1,003,326
Shopify Inc., Class A(b)		8,210		7,924,525
Sun Life Financial Inc.		41,051		2,324,872
Suncor Energy Inc.		105,916		3,026,290
TC Energy Corp.		70,611		3,646,231
Teck Resources Ltd., Class B		29,557		912,880
TELUS Corp.		32,018		753,380
TFI International Inc.		5,760		554,408
Thomson Reuters Corp.		13,128		1,409,312
TMX Group Ltd.		4,105		417,588
Toromont Industries Ltd.		5,760		486,166
Toronto-Dominion Bank (The)		128,911		10,324,847
Tourmaline Oil Corp.		22,173		790,529
Waste Connections Inc.		18,883		2,354,710
West Fraser Timber Co. Ltd.		6,557		606,928
Wheaton Precious Metals Corp.		31,202		1,257,997
WSP Global Inc.		8,225		1,096,753
				147,231,518

Security	Shares		Value
Denmark — 0.7%
Ambu A/S, Class B		11,486	$	243,376
AP Moller - Maersk A/S, Class A		226		757,157
AP Moller - Maersk A/S, Class B, NVS		417		1,497,924
Carlsberg A/S, Class B		6,576		1,064,856
Chr Hansen Holding A/S		7,390		592,644
Coloplast A/S, Class B		8,206		1,193,335
Danske Bank A/S		50,906		988,148
Demant A/S(b)		8,226		363,946
DSV A/S		14,778		3,002,604
Genmab A/S(b)		4,928		1,678,129
GN Store Nord A/S		9,026		546,199
Novo Nordisk A/S, Class B		119,870		11,923,259
Novozymes A/S, Class B		13,957		958,112
Orsted A/S(c)		13,142		1,400,214
Pandora A/S		7,405		805,218
Rockwool International A/S, Class B		822		314,834
Tryg A/S		28,740		681,018
Vestas Wind Systems A/S		70,624		1,911,113
				29,922,086
Finland — 0.4%
Elisa OYJ		11,497		675,354
Fortum OYJ		33,661		916,243
Kesko OYJ, Class B		19,716		622,694
Kone OYJ, Class B		23,800		1,541,387
Neste OYJ		30,373		1,369,808
Nokia OYJ(b)		377,652		2,252,174
Nordea Bank Abp		228,244		2,711,010
Orion OYJ, Class B		7,388		300,416
Sampo OYJ, Class A		36,953		1,834,082
Stora Enso OYJ, Class R		38,602		785,823
UPM-Kymmene OYJ		40,226		1,466,096
Wartsila OYJ Abp		31,191		385,097
				14,860,184
France — 3.4%
Accor SA(b)		13,958		512,975
Aeroports de Paris(b)		2,462		334,095
Air Liquide SA		33,651		5,756,314
Airbus SE(b)		42,704		5,453,011
Alstom SA		19,705		638,831
Amundi SA(c)		4,916		382,152
ArcelorMittal SA		50,072		1,487,340
Arkema SA		4,919		727,363
AXA SA		136,291		4,316,472
BioMerieux		3,287		385,443
BNP Paribas SA		79,653		5,686,379
Bollore SA		60,769		327,557
Bouygues SA		15,602		550,237
Bureau Veritas SA		18,883		540,287
Capgemini SE		11,510		2,587,636
Carrefour SA		41,050		781,247
Cie. de Saint-Gobain		34,472		2,332,633
Cie. Generale des Etablissements Michelin SCA		12,328		2,062,768
CNP Assurances		13,136		323,345
Covivio		4,107		342,968
Credit Agricole SA		82,934		1,247,696
Danone SA		45,157		2,815,587
Dassault Aviation SA		1,646		195,615
Dassault Systemes SE		49,258		2,382,037
Edenred		17,243		740,627

76 2 0 2 2   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) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Eiffage SA		5,748	$	603,961
Electricite de France SA		30,377		292,172
Engie SA		128,897		1,982,668
EssilorLuxottica SA		20,525		3,883,031
Eurazeo SE		3,290		261,418
Eurofins Scientific SE		9,048		908,445
Faurecia SE		8,220		364,377
Gecina SA		2,463		334,210
Getlink SE		33,661		530,998
Hermes International		2,460		3,693,491
Ipsen SA		2,463		239,652
Kering SA		4,939		3,688,271
Klepierre SA		15,598		414,879
La Francaise des Jeux SAEM(c)		6,566		271,856
Legrand SA		18,073		1,839,344
L’Oreal SA		18,062		7,715,122
LVMH Moet Hennessy Louis Vuitton SE		19,715		16,193,452
Orange SA		146,958		1,726,382
Orpea SA		168		7,376
Pernod Ricard SA		15,604		3,337,685
Publicis Groupe SA		15,609		1,057,679
Remy Cointreau SA		1,642		342,412
Renault SA(b)		13,957		554,685
Safran SA		23,003		2,784,955
Sanofi		82,914		8,669,654
Sartorius Stedim Biotech		1,648		722,666
Schneider Electric SE		39,406		6,675,192
SEB SA		1,653		250,876
Societe Generale SA		57,472		2,133,380
Sodexo SA		6,583		612,243
Teleperformance		4,115		1,549,664
Thales SA		7,404		683,000
TotalEnergies SE		181,443		10,318,196
Ubisoft Entertainment SA(b)		6,570		377,016
Unibail-Rodamco-Westfield(a)(b)		8,210		625,579
Valeo		18,062		505,530
Veolia Environnement SA		49,251		1,779,181
Vinci SA		37,768		4,139,619
Vivendi SE		51,725		677,875
Wendel SE		2,463		267,522
Worldline SA/France(b)(c)		15,607		756,474
				136,682,803
Germany — 2.5%
adidas AG		13,150		3,608,586
Allianz SE, Registered		29,558		7,589,091
Aroundtown SA		67,318		415,792
BASF SE		64,860		4,967,555
Bayer AG, Registered		69,775		4,239,100
Bayerische Motoren Werke AG		23,809		2,520,014
Bechtle AG		5,758		345,724
Beiersdorf AG		7,389		734,936
Brenntag SE		11,493		984,677
Carl Zeiss Meditec AG, Bearer		2,463		396,100
Commerzbank AG(b)		80,458		694,779
Continental AG(b)		7,408		718,206
Covestro AG(c)		13,131		787,768
Daimler AG, Registered		60,745		4,847,070
Daimler Truck Holding AG(b)		30,376		1,070,872
Delivery Hero SE(b)(c)		11,497		887,453
Deutsche Bank AG, Registered(b)		177,122		2,466,162

Security	Shares		Value
Germany (continued)
Deutsche Boerse AG		13,950	$	2,479,646
Deutsche Lufthansa AG, Registered(b)		35,316		274,611
Deutsche Post AG, Registered		68,979		4,151,197
Deutsche Telekom AG, Registered		232,348		4,386,492
E.ON SE		163,379		2,253,400
Evonik Industries AG		16,420		535,681
Fresenius Medical Care AG & Co. KGaA		13,974		950,139
Fresenius SE & Co. KGaA		30,376		1,253,932
GEA Group AG		9,023		426,293
Hannover Rueck SE		4,925		993,580
HeidelbergCement AG		10,674		742,788
HelloFresh SE(b)		13,130		874,205
Henkel AG & Co. KGaA		8,209		648,601
Infineon Technologies AG		95,252		3,955,601
KION Group AG		5,750		531,606
Knorr-Bremse AG		5,751		583,092
LANXESS AG		6,568		399,894
LEG Immobilien SE		4,940		655,334
Merck KGaA		9,037		1,981,799
MTU Aero Engines AG		4,097		871,797
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		9,859		3,121,211
Nemetschek SE		4,107		379,619
Puma SE		7,400		791,449
Rational AG		368		308,500
RWE AG		48,428		2,042,803
SAP SE		73,892		9,270,579
Scout24 SE(c)		7,396		441,870
Siemens AG, Registered		54,184		8,602,853
Siemens Healthineers AG(c)		19,710		1,266,609
Symrise AG		9,031		1,079,199
Telefonica Deutschland Holding AG		58,290		167,337
Uniper SE		6,571		297,336
United Internet AG, Registered		4,116		161,416
Volkswagen AG		2,464		713,520
Vonovia SE		54,176		3,085,636
Zalando SE(b)(c)		16,420		1,303,221
				99,256,731
Hong Kong — 0.9%
AIA Group Ltd.		880,400		9,191,209
BOC Hong Kong Holdings Ltd.		405,500		1,565,772
Budweiser Brewing Co. APAC Ltd.(c)		163,300		431,363
Chow Tai Fook Jewellery Group Ltd.		164,400		288,846
CK Asset Holdings Ltd.		144,336		963,502
CK Hutchison Holdings Ltd.		220,836		1,569,553
CK Infrastructure Holdings Ltd.		78,500		483,746
CLP Holdings Ltd.		138,000		1,381,035
ESR Cayman Ltd.(b)(c)		165,600		561,500
Futu Holdings Ltd., ADR(a)(b)		12,251		529,856
Galaxy Entertainment Group Ltd.(b)		190,000		1,100,340
Hang Lung Properties Ltd.		145,000		309,822
Hang Seng Bank Ltd.		81,300		1,609,561
Henderson Land Development Co. Ltd.		104,523		457,099
HK Electric Investments & HK Electric Investments Ltd., Class SS		405,000		403,076
HKT Trust & HKT Ltd., Class SS		416,740		568,681
Hong Kong & China Gas Co. Ltd.		823,618		1,269,408
Hong Kong Exchanges & Clearing Ltd.		4,100		234,010
Hongkong Land Holdings Ltd.		82,200		445,188
Jardine Matheson Holdings Ltd.		18,900		1,116,290

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Link REIT		164,700	$	1,414,033
Melco Resorts & Entertainment Ltd., ADR(b)		16,426		173,459
MTR Corp. Ltd.		147,000		795,685
New World Development Co. Ltd.		109,583		447,352
Power Assets Holdings Ltd.		131,500		808,016
Sands China Ltd.(b)		325,200		906,805
Sino Land Co. Ltd.		240,000		310,966
SITC International Holdings Co. Ltd.		148,000		564,114
Sun Hung Kai Properties Ltd.		94,000		1,146,848
Swire Pacific Ltd., Class A		36,000		218,091
Swire Properties Ltd.		162,400		432,913
Techtronic Industries Co. Ltd.		110,393		1,821,494
WH Group Ltd.(c)		820,000		548,588
Wharf Real Estate Investment Co. Ltd.		120,000		570,724
Xinyi Glass Holdings Ltd.		201,000		532,844
				35,171,789
Ireland — 0.7%
CRH PLC		53,367		2,678,510
Flutter Entertainment PLC, Class DI(b)		11,510		1,751,175
Horizon Therapeutics PLC(b)		16,414		1,531,919
Kerry Group PLC, Class A		11,509		1,450,106
Kingspan Group PLC		11,493		1,106,282
Linde PLC		36,946		11,773,951
Seagate Technology Holdings PLC		15,600		1,671,540
Smurfit Kappa Group PLC		18,897		995,978
STERIS PLC		7,390		1,658,316
Trane Technologies PLC		17,238		2,983,898
				27,601,675
Israel — 0.2%
Azrieli Group Ltd.		3,284		296,924
Bank Hapoalim BM		81,808		848,982
Bank Leumi Le-Israel BM		104,631		1,122,166
Check Point Software Technologies Ltd.(b)		7,394		894,748
CyberArk Software Ltd.(a)(b)		2,460		337,389
Elbit Systems Ltd.		1,648		274,529
Fiverr International Ltd.(a)(b)		2,454		209,351
ICL Group Ltd.		52,545		475,192
Inmode Ltd.(b)		3,298		159,062
Isracard Ltd.		—		2
Israel Discount Bank Ltd., Class A		88,668		594,594
Kornit Digital Ltd.(a)(b)		3,286		345,227
Mizrahi Tefahot Bank Ltd.		9,046		349,695
Nice Ltd.(b)		4,925		1,260,690
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		78,816		664,419
Wix.com Ltd.(b)		4,115		540,587
				8,373,557
Italy — 0.6%
Amplifon SpA		9,034		384,000
Assicurazioni Generali SpA		77,177		1,624,170
Atlantia SpA(b)		36,124		670,291
DiaSorin SpA		1,646		253,750
Enel SpA		593,583		4,568,570
Eni SpA		187,194		2,811,877
Ferrari NV		8,229		1,896,559
FinecoBank Banca Fineco SpA		2,305		38,752
Infrastrutture Wireless Italiane SpA(c)		18,052		194,644
Intesa Sanpaolo SpA		1,207,684		3,589,042
Mediobanca Banca di Credito Finanziario SpA		46,799		536,158
Moncler SpA		13,136		843,063

Security	Shares		Value
Italy (continued)
Nexi SpA(b)(c)		32,028	$	468,488
Poste Italiane SpA(c)		38,587		517,938
Prysmian SpA		16,417		553,606
Recordati Industria Chimica e Farmaceutica SpA		8,209		459,872
Snam SpA		134,641		754,485
Telecom Italia SpA		642,017		302,569
Tenaris SA		34,482		420,919
Terna - Rete Elettrica Nazionale		96,875		761,187
UniCredit SpA		147,774		2,348,633
				23,998,573
Malta — 0.0%
BGP Holdings PLC(d)		38,252		—
Netherlands — 1.7%
ABN AMRO Bank NV, CVA(c)		33,655		540,131
Adyen NV(b)(c)		1,639		3,335,197
Aegon NV		137,936		778,165
Akzo Nobel NV		13,143		1,360,401
Argenx SE(b)		3,285		879,039
ASM International NV		3,291		1,130,723
ASML Holding NV		29,559		20,020,148
CNH Industrial NV		71,427		1,088,697
Davide Campari-Milano NV		43,512		546,306
Euronext NV(c)		6,557		632,175
EXOR NV		7,404		620,832
Heineken Holding NV		8,221		720,751
Heineken NV		18,075		1,938,483
IMCD NV		4,105		706,142
ING Groep NV		271,754		4,018,998
InPost SA(b)		14,773		119,931
JDE Peet’s NV		5,744		171,999
Just Eat Takeaway.com NV(b)(c)		13,134		648,568
Koninklijke Ahold Delhaize NV		74,706		2,422,312
Koninklijke DSM NV		12,318		2,309,137
Koninklijke KPN NV		246,302		812,429
Koninklijke Philips NV		64,039		2,130,148
NN Group NV		18,876		1,056,341
NXP Semiconductors NV		18,887		3,880,145
Prosus NV		67,323		5,600,995
QIAGEN NV(b)		16,432		812,271
Randstad NV		9,030		587,435
Stellantis NV		148,597		2,869,240
STMicroelectronics NV		47,607		2,238,516
Universal Music Group NV		51,725		1,277,045
Wolters Kluwer NV		19,713		2,006,361
				67,259,061
New Zealand — 0.1%
Auckland International Airport Ltd.(b)		72,263		343,025
Fisher & Paykel Healthcare Corp. Ltd.		41,871		770,365
Mercury NZ Ltd.		50,089		184,153
Meridian Energy Ltd.		97,706		281,644
Ryman Healthcare Ltd.		27,092		177,150
Spark New Zealand Ltd.		128,897		368,405
Xero Ltd.(b)		9,041		732,370
				2,857,112
Norway — 0.2%
Adevinta ASA(b)		17,257		181,049
Aker BP ASA		9,033		312,986
DNB Bank ASA		64,040		1,524,164

78 2 0 2 2   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) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Equinor ASA		64,866	$	1,788,214
Gjensidige Forsikring ASA		14,793		361,341
Mowi ASA		31,654		776,913
Norsk Hydro ASA		96,850		744,322
Orkla ASA		59,115		564,927
Schibsted ASA, Class A		4,101		121,490
Schibsted ASA, Class B		8,210		214,158
Telenor ASA		54,186		895,507
Yara International ASA		12,330		633,119
				8,118,190
Portugal — 0.0%
EDP - Energias de Portugal SA		190,476		975,068
Galp Energia SGPS SA		37,768		416,441
Jeronimo Martins SGPS SA		20,525		493,237
				1,884,746
Singapore — 0.4%
Ascendas REIT		245,777		504,050
CapitaLand Integrated Commercial Trust		329,631		475,228
Capitaland Investment Ltd/Singapore(b)		164,200		421,316
City Developments Ltd.		1,800		9,455
DBS Group Holdings Ltd.		129,900		3,412,066
Genting Singapore Ltd.		411,300		224,752
Keppel Corp. Ltd.		83,400		351,632
Mapletree Commercial Trust		164,600		220,320
Mapletree Logistics Trust		245,343		308,769
Oversea-Chinese Banking Corp. Ltd.(a)		246,325		2,292,858
Sea Ltd., ADR(b)		9,855		1,481,305
Singapore Airlines Ltd.(a)(b)		83,000		309,599
Singapore Exchange Ltd.		2,000		13,843
Singapore Technologies Engineering Ltd.		83,700		232,640
Singapore Telecommunications Ltd.		575,500		1,043,511
United Overseas Bank Ltd.		82,300		1,839,294
UOL Group Ltd.		81,000		439,261
Venture Corp. Ltd.		1,000		13,102
Wilmar International Ltd.		164,300		522,668
				14,115,669
Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		14,783		373,220
Aena SME SA(b)(c)		4,928		796,279
Amadeus IT Group SA(b)		32,019		2,201,633
Banco Bilbao Vizcaya Argentaria SA		485,226		3,097,989
Banco Santander SA		1,232,321		4,321,259
CaixaBank SA		323,475		1,040,742
Cellnex Telecom SA(c)		36,957		1,675,837
EDP Renovaveis SA		20,543		431,844
Enagas SA		959		20,736
Endesa SA		22,182		496,623
Ferrovial SA		37,757		1,049,213
Grifols SA		22,183		391,182
Iberdrola SA		404,756		4,640,552
Iberdrola SA		320		3,657
Industria de Diseno Textil SA		73,891		2,241,069
Naturgy Energy Group SA		13,958		441,942
Red Electrica Corp. SA		1,551		31,265
Repsol SA		104,266		1,324,971
Siemens Gamesa Renewable Energy SA(a)(b)		17,256		373,383
Telefonica SA		361,246		1,683,973
				26,637,369

Security	Shares		Value
Sweden — 1.0%
Alfa Laval AB		24,630	$	832,031
Assa Abloy AB, Class B		67,336		1,843,800
Atlas Copco AB, Class A		49,267		2,915,918
Atlas Copco AB, Class B		28,735		1,469,588
Boliden AB		18,883		764,620
Electrolux AB, Class B		13,953		290,323
Embracer Group AB(a)(b)		36,952		370,752
Epiroc AB, Class A		49,275		1,051,485
Epiroc AB, Class B		28,735		520,070
EQT AB		22,173		868,883
Essity AB, Class B		43,515		1,226,704
Evolution AB(c)		12,317		1,532,446
Fastighets AB Balder, Class B(b)		7,389		489,513
Getinge AB, Class B		16,421		641,988
H & M Hennes & Mauritz AB, Class B		51,728		1,029,948
Hexagon AB, Class B		137,112		1,849,376
Husqvarna AB, Class B		23,005		319,861
Industrivarden AB, Class A		9,043		285,867
Industrivarden AB, Class C		10,674		331,541
Investment AB Latour, Class B		10,684		332,422
Investor AB		36,116		821,613
Investor AB, Class B		131,352		2,851,905
Kinnevik AB, Class B(b)		18,062		539,848
L E Lundbergforetagen AB, Class B		5,762		294,418
Lifco AB, Class B		16,436		385,264
Lundin Energy AB		15,617		635,110
Nibe Industrier AB, Class B		103,449		983,237
Sagax AB, Class B		11,498		335,629
Sandvik AB		79,637		2,097,202
Securitas AB, Class B		24,621		297,378
Sinch AB(b)(c)		32,020		329,195
Skandinaviska Enskilda Banken AB, Class A		114,119		1,475,198
Skanska AB, Class B		27,093		663,314
SKF AB, Class B		29,556		647,930
Svenska Cellulosa AB SCA, Class B		41,063		715,056
Svenska Handelsbanken AB, Class A		96,055		1,023,712
Swedbank AB, Class A		66,500		1,301,951
Swedish Match AB		123,982		959,284
Tele2 AB, Class B		32,020		465,893
Telefonaktiebolaget LM Ericsson, Class B		213,459		2,665,269
Telia Co. AB		191,292		753,957
Volvo AB, Class A		14,774		337,940
Volvo AB, Class B		97,705		2,204,852
				41,752,291
Switzerland — 3.1%
ABB Ltd., Registered		118,227		4,099,140
Adecco Group AG, Registered		12,316		586,651
Alcon Inc.		33,661		2,595,553
Bachem Holding AG, Class B, Registered		811		483,771
Baloise Holding AG, Registered		3,298		577,732
Barry Callebaut AG, Registered		257		589,976
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		76		882,007
Cie. Financiere Richemont SA, Class A, Registered		36,952		5,370,374
Clariant AG, Registered		13,141		278,525
Coca-Cola HBC AG, Class DI		13,958		462,298
Credit Suisse Group AG, Registered		228,351		2,170,570
EMS-Chemie Holding AG, Registered		817		826,380
Geberit AG, Registered		2,474		1,680,910
Givaudan SA, Registered		821		3,401,341

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Holcim Ltd.		38,588	$	2,091,519
Julius Baer Group Ltd.		16,420		1,073,042
Kuehne + Nagel International AG, Registered		4,107		1,159,763
Logitech International SA, Registered		13,131		1,103,392
Lonza Group AG, Registered		5,739		3,956,707
Nestle SA, Registered		202,779		26,186,532
Novartis AG, Registered		157,637		13,696,999
Partners Group Holding AG		1,642		2,289,273
Roche Holding AG, Bearer		1,653		680,699
Roche Holding AG, NVS		50,078		19,380,143
Schindler Holding AG, Participation Certificates, NVS		3,281		823,478
Schindler Holding AG, Registered		1,642		411,933
SGS SA, Registered		432		1,231,879
Siemens Energy AG(b)		27,907		627,708
Sika AG, Registered		10,662		3,730,357
Sonova Holding AG, Registered		4,110		1,464,146
Straumann Holding AG, Registered		825		1,367,094
Swatch Group AG (The), Bearer		2,455		716,178
Swatch Group AG (The), Registered		3,286		184,460
Swiss Life Holding AG, Registered		2,467		1,587,785
Swiss Prime Site AG, Registered		6,561		648,728
Swiss Re AG		20,543		2,238,321
Swisscom AG, Registered		1,656		946,528
Temenos AG, Registered		4,926		590,454
UBS Group AG, Registered		252,872		4,690,661
VAT Group AG(c)		1,656		675,329
Vifor Pharma AG		3,299		584,408
Zurich Insurance Group AG		10,687		5,111,680
				123,254,424
United Kingdom — 4.5%
3i Group PLC		72,252		1,345,607
Abrdn PLC		150,249		491,372
Admiral Group PLC		14,794		629,052
Amcor PLC		110,014		1,321,268
Anglo American PLC		93,609		4,126,798
Antofagasta PLC		25,466		463,261
Aptiv PLC(b)		19,705		2,691,309
Ashtead Group PLC		32,829		2,348,192
Associated British Foods PLC		26,272		693,473
AstraZeneca PLC		110,018		12,798,167
Auto Trader Group PLC(c)		55,836		505,965
AVEVA Group PLC		8,223		326,304
Aviva PLC		290,636		1,715,915
BAE Systems PLC		239,732		1,876,084
Barclays PLC		1,214,258		3,257,633
Barratt Developments PLC		70,621		587,357
Berkeley Group Holdings PLC		9,035		515,627
BP PLC		1,459,865		7,567,826
British American Tobacco PLC		156,403		6,677,622
British Land Co. PLC (The)		70,621		528,071
BT Group PLC		597,688		1,583,079
Bunzl PLC		25,451		953,317
Burberry Group PLC		30,376		770,607
Clarivate PLC(b)		24,620		405,245
Coca-Cola Europacific Partners PLC		13,954		797,471
Compass Group PLC		130,528		2,966,591
Croda International PLC		10,670		1,152,338
DCC PLC		7,390		621,377
Diageo PLC		165,026		8,327,436
Entain PLC(b)		39,411		853,222

Security	Shares		Value
United Kingdom (continued)
Evraz PLC		29,556	$	200,792
Experian PLC		64,027		2,674,272
Ferguson PLC		15,617		2,456,404
GlaxoSmithKline PLC		356,331		7,951,877
Halma PLC		27,919		946,277
Hargreaves Lansdown PLC		43,519		790,119
Hikma Pharmaceuticals PLC		14,784		415,329
HSBC Holdings PLC		1,465,488		10,430,374
Imperial Brands PLC		69,785		1,654,592
Informa PLC(b)		116,574		881,809
InterContinental Hotels Group PLC(b)		12,330		814,685
Intertek Group PLC		12,315		893,705
J Sainsbury PLC		114,939		451,658
JD Sports Fashion PLC		199,511		511,579
Johnson Matthey PLC		14,780		390,320
Kingfisher PLC		157,633		706,882
Land Securities Group PLC		55,830		599,639
Legal & General Group PLC		420,352		1,643,559
Lloyds Banking Group PLC		5,207,620		3,613,936
London Stock Exchange Group PLC		26,912		2,635,046
M&G PLC		194,586		569,498
Melrose Industries PLC		315,276		642,222
Mondi PLC		36,119		903,668
National Grid PLC		252,870		3,700,226
Natwest Group PLC		421,995		1,387,005
Next PLC		9,046		921,658
Ocado Group PLC(b)		32,840		669,134
Pearson PLC		52,544		438,713
Persimmon PLC		22,182		722,678
Phoenix Group Holdings PLC		40,235		360,200
Prudential PLC		188,004		3,168,943
Reckitt Benckiser Group PLC		50,914		4,125,159
RELX PLC		137,945		4,243,241
Rentokil Initial PLC		137,920		965,817
Rolls-Royce Holdings PLC(b)		600,150		940,723
Royalty Pharma PLC, Class A		24,632		985,526
Sage Group PLC (The)		78,818		770,208
Schroders PLC		9,030		414,033
Segro PLC		84,566		1,490,878
Sensata Technologies Holding PLC(a)(b)		12,315		706,388
Severn Trent PLC		17,240		669,330
Shell PLC		550,913		14,152,246
Smith & Nephew PLC		64,038		1,089,092
Smiths Group PLC		28,750		605,981
Spirax-Sarco Engineering PLC		5,744		1,035,389
SSE PLC		69,777		1,501,323
St. James’s Place PLC		38,583		796,447
Standard Chartered PLC		179,806		1,309,482
Taylor Wimpey PLC		294,738		604,672
Tesco PLC		544,325		2,186,375
Unilever PLC		183,074		9,388,373
United Utilities Group PLC		48,442		698,818
Vodafone Group PLC		1,936,752		3,400,674
Whitbread PLC(b)		14,770		607,750
WPP PLC		77,999		1,223,065
				176,955,375
United States — 72.3%
10X Genomics Inc., Class A(a)(b)		4,944		475,959
3M Co.		41,871		6,951,423
A O Smith Corp.		8,217		627,943

80 2 0 2 2   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) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Abbott Laboratories		126,441	$	16,116,170
AbbVie Inc.		126,431		17,307,140
ABIOMED Inc.(b)		3,284		971,637
Accenture PLC, Class A		45,158		15,966,966
Activision Blizzard Inc.		55,831		4,411,207
Adobe Inc.(b)		34,473		18,418,924
Advance Auto Parts Inc.		4,918		1,138,566
Advanced Micro Devices Inc.(b)		86,213		9,849,835
AES Corp. (The)		45,152		1,001,471
Affirm Holdings Inc.(a)(b)		6,562		420,427
Aflac Inc.		46,807		2,940,416
Agilent Technologies Inc.		21,335		2,972,392
AGNC Investment Corp.		36,125		537,901
Air Products and Chemicals Inc.		15,615		4,405,304
Airbnb Inc., Class A(b)		17,233		2,653,365
Akamai Technologies Inc.(a)(b)		11,490		1,316,180
Albemarle Corp.		8,214		1,813,158
Alexandria Real Estate Equities Inc.		10,662		2,077,384
Align Technology Inc.(b)		5,741		2,841,565
Alleghany Corp.(b)		827		549,128
Allegion PLC		5,757		706,557
Alliant Energy Corp.		16,413		982,482
Allstate Corp. (The)		21,365		2,578,115
Ally Financial Inc.		27,100		1,293,212
Alnylam Pharmaceuticals Inc.(b)		8,219		1,130,934
Alphabet Inc., Class A(b)		21,520		58,234,626
Alphabet Inc., Class C, NVS(b)		20,526		55,706,948
Altria Group Inc.		132,192		6,725,929
Amazon.com Inc.(b)		32,561		97,405,255
AMC Entertainment Holdings Inc., Class A(a)(b)		36,124		580,151
AMERCO		821		499,948
Ameren Corp.		18,062		1,602,822
American Electric Power Co. Inc.		36,124		3,265,610
American Express Co.		48,437		8,709,941
American Financial Group Inc./OH		4,124		537,275
American International Group Inc.		60,745		3,508,024
American Tower Corp.		32,032		8,056,048
American Water Works Co. Inc.		13,137		2,112,430
Ameriprise Financial Inc.		8,212		2,498,994
AmerisourceBergen Corp.		10,678		1,454,344
AMETEK Inc.		15,612		2,135,253
Amgen Inc.		40,246		9,141,476
Amphenol Corp., Class A		43,520		3,463,757
Analog Devices Inc.		38,584		6,326,618
Annaly Capital Management Inc.		107,543		849,590
ANSYS Inc.(b)		6,565		2,232,166
Anthem Inc.		17,248		7,606,196
Aon PLC, Class A		15,614		4,316,334
Apollo Global Management Inc.		27,083		1,895,810
Apple Inc.		1,179,780		206,201,948
Applied Materials Inc.		64,046		8,849,876
Aramark		18,064		619,415
Arch Capital Group Ltd.(b)		29,556		1,369,034
Archer-Daniels-Midland Co.		41,052		3,078,900
Arista Networks Inc.(b)		16,420		2,041,170
Arrow Electronics Inc.(b)		4,933		611,692
Arthur J Gallagher & Co.		13,966		2,205,790
Asana Inc., Class A(b)		4,927		258,569
Assurant Inc.		4,114		627,426
AT&T Inc.		513,140		13,085,070

Security	Shares		Value
United States (continued)
Atmos Energy Corp.		9,866	$	1,057,833
Autodesk Inc.(b)		15,614		3,900,221
Automatic Data Processing Inc.		30,367		6,260,764
AutoZone Inc.(b)		1,647		3,271,518
Avalara Inc.(b)		6,564		719,546
AvalonBay Communities Inc.		9,859		2,407,864
Avantor Inc.(b)		37,769		1,409,917
Avery Dennison Corp.		5,752		1,181,576
Baker Hughes Co.		55,014		1,509,584
Ball Corp.		22,989		2,232,232
Bank of America Corp.		540,216		24,925,566
Bank of New York Mellon Corp. (The)		59,119		3,503,392
Bath & Body Works Inc.		17,247		967,039
Baxter International Inc.		34,496		2,947,338
Becton Dickinson and Co.		20,528		5,216,986
Bentley Systems Inc., Class B(a)		12,321		494,935
Berkshire Hathaway Inc., Class B(b)		94,417		29,554,409
Best Buy Co. Inc.		16,416		1,629,780
Bill.com Holdings Inc.(b)		5,737		1,079,761
Biogen Inc.(b)		10,678		2,413,228
BioMarin Pharmaceutical Inc.(b)		13,135		1,164,155
Bio-Rad Laboratories Inc., Class A(b)		1,642		984,757
Bio-Techne Corp.		2,480		933,497
Black Knight Inc.(b)		10,691		797,549
BlackRock Inc.(e)		10,680		8,788,999
Blackstone Inc., NVS		49,263		6,501,238
Block Inc.		296		33,767
Block Inc.(b)		35,814		4,379,694
Boeing Co. (The)(b)		40,234		8,056,456
Booking Holdings Inc.(b)		2,937		7,213,654
Booz Allen Hamilton Holding Corp.		10,667		818,479
BorgWarner Inc.		18,882		827,976
Boston Properties Inc.		9,862		1,105,333
Boston Scientific Corp.(b)		100,978		4,331,956
Bristol-Myers Squibb Co.		159,284		10,335,939
Broadcom Inc.		29,546		17,310,410
Broadridge Financial Solutions Inc.		8,225		1,309,585
Brown & Brown Inc.		15,604		1,034,233
Brown-Forman Corp., Class B, NVS		22,171		1,494,991
Bunge Ltd.		10,672		1,055,034
Burlington Stores Inc.(b)		4,926		1,167,117
Cable One Inc.		15		23,171
Cadence Design Systems Inc.(b)		19,704		2,997,767
Caesars Entertainment Inc.(b)		14,793		1,126,339
Camden Property Trust		6,568		1,051,471
Campbell Soup Co.		13,151		580,222
Capital One Financial Corp.		32,023		4,698,735
Cardinal Health Inc.		21,346		1,100,813
Carlyle Group Inc. (The)		15,433		787,855
CarMax Inc.(b)		11,502		1,278,677
Carnival Corp.(b)		56,650		1,122,237
Carrier Global Corp.		59,936		2,857,748
Carvana Co., Class A(a)(b)		4,941		800,738
Catalent Inc.(b)		12,316		1,280,002
Caterpillar Inc.		39,404		7,942,270
Cboe Global Markets Inc.		9,259		1,097,469
CBRE Group Inc., Class A(b)		23,811		2,413,007
CDW Corp./DE		9,049		1,710,713
Celanese Corp.		8,207		1,277,912
Centene Corp.(b)		42,695		3,319,963

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
CenterPoint Energy Inc.		44,334	$	1,257,312
Ceridian HCM Holding Inc.(b)		9,855		747,206
Cerner Corp.		22,167		2,021,630
CF Industries Holdings Inc.		13,946		960,461
CH Robinson Worldwide Inc.		9,855		1,031,326
Charles River Laboratories International Inc.(b)		3,301		1,088,538
Charles Schwab Corp. (The)		104,272		9,144,654
Charter Communications Inc., Class A(b)		9,381		5,566,123
Cheniere Energy Inc.		18,062		2,021,138
Chevron Corp.		137,117		18,007,576
Chewy Inc., Class A(a)(b)		5,746		273,567
Chipotle Mexican Grill Inc.(b)		2,453		3,644,128
Chubb Ltd.		31,214		6,157,898
Church & Dwight Co. Inc.		18,066		1,854,475
Cigna Corp.		24,636		5,677,613
Cincinnati Financial Corp.		11,494		1,354,338
Cintas Corp.		6,568		2,571,569
Cisco Systems Inc.		301,309		16,773,872
Citigroup Inc.		146,128		9,515,855
Citizens Financial Group Inc.		28,752		1,479,865
Citrix Systems Inc.		8,227		838,660
Clorox Co. (The)		9,035		1,516,615
Cloudflare Inc., Class A(b)		16,439		1,584,720
CME Group Inc.		27,190		6,240,105
CMS Energy Corp.		20,540		1,322,365
Coca-Cola Co. (The)		290,652		17,732,679
Cognex Corp.		13,125		872,288
Cognizant Technology Solutions Corp., Class A		37,768		3,226,143
Coinbase Global Inc., Class A(b)		3,712		705,837
Colgate-Palmolive Co.		55,829		4,603,101
Comcast Corp., Class A		328,406		16,417,016
Conagra Brands Inc.		35,302		1,227,098
ConocoPhillips		96,062		8,513,014
Consolidated Edison Inc.		24,629		2,129,177
Constellation Brands Inc., Class A		12,315		2,927,891
Cooper Companies Inc. (The)		3,299		1,313,992
Copart Inc.(b)		15,599		2,016,171
Corning Inc.		59,116		2,485,237
Corteva Inc.		50,099		2,408,760
CoStar Group Inc.(b)		27,106		1,901,757
Costco Wholesale Corp.		32,011		16,169,716
Coterra Energy Inc.		55,825		1,222,568
Coupa Software Inc.(b)		4,941		663,428
Crowdstrike Holdings Inc., Class A(b)		13,951		2,520,109
Crown Castle International Corp.		30,384		5,545,384
Crown Holdings Inc.		8,217		940,025
CSX Corp.		159,293		5,451,006
Cummins Inc.		10,667		2,356,127
CVS Health Corp.		94,418		10,056,461
Danaher Corp.		45,981		13,140,910
Darden Restaurants Inc.		9,046		1,265,264
Datadog Inc., Class A(b)		13,963		2,040,134
DaVita Inc.(b)		4,124		446,918
Deere & Co.		21,082		7,935,265
Dell Technologies Inc., Class C(b)		20,537		1,166,707
Delta Air Lines Inc.(b)		10,678		423,810
DENTSPLY SIRONA Inc.		14,779		789,494
Devon Energy Corp.		43,528		2,201,211
Dexcom Inc.(b)		7,381		3,177,373
Diamondback Energy Inc.		12,316		1,553,787

Security	Shares		Value
United States (continued)
Digital Realty Trust Inc.		20,533	$	3,064,140
Discover Financial Services		21,362		2,472,651
Discovery Inc., Class A(a)(b)		10,673		297,883
Discovery Inc., Class C, NVS(a)(b)		22,157		605,994
DISH Network Corp., Class A(b)		17,244		541,462
DocuSign Inc.(b)		13,950		1,754,491
Dollar General Corp.		17,235		3,593,153
Dollar Tree Inc.(b)		16,427		2,155,551
Dominion Energy Inc.		56,645		4,568,986
Domino’s Pizza Inc.		2,467		1,121,622
DoorDash Inc., Class A(b)		7,404		840,280
Dover Corp.		9,867		1,676,502
Dow Inc.		53,365		3,187,491
DR Horton Inc.		23,818		2,125,042
DraftKings Inc., Class A(a)(b)		22,991		507,871
Dropbox Inc., Class A(b)		21,346		528,314
DTE Energy Co.		14,769		1,778,631
Duke Energy Corp.		54,191		5,693,306
Duke Realty Corp.		27,920		1,613,218
DuPont de Nemours Inc.		36,133		2,767,788
Dynatrace Inc.(b)		13,146		721,190
Eastman Chemical Co.		9,853		1,171,817
Eaton Corp. PLC		28,738		4,552,961
eBay Inc.		45,160		2,712,761
Ecolab Inc.		18,075		3,424,309
Edison International		26,265		1,649,179
Edwards Lifesciences Corp.(b)		45,151		4,930,489
Elanco Animal Health Inc.(b)		31,214		812,813
Electronic Arts Inc.		19,705		2,614,065
Eli Lilly & Co.		58,292		14,304,274
Emerson Electric Co.		42,708		3,927,001
Enphase Energy Inc.(b)		9,027		1,268,023
Entegris Inc.		9,855		1,181,023
Entergy Corp.		14,793		1,653,414
EOG Resources Inc.		40,236		4,485,509
EPAM Systems Inc.(b)		4,105		1,954,555
Equifax Inc.		9,030		2,165,033
Equinix Inc.		6,573		4,764,768
Equitable Holdings Inc.		24,624		828,351
Equity LifeStyle Properties Inc.		11,505		900,726
Equity Residential		23,825		2,113,992
Erie Indemnity Co., Class A, NVS		1,642		302,292
Essential Utilities Inc.		15,615		761,075
Essex Property Trust Inc.		4,116		1,368,570
Estee Lauder Companies Inc. (The), Class A		16,422		5,120,215
Etsy Inc.(b)		9,034		1,419,061
Everest Re Group Ltd.		3,273		927,568
Evergy Inc.		17,245		1,120,235
Eversource Energy		23,825		2,132,099
Exact Sciences Corp.(b)		11,494		877,682
Exelon Corp.		71,420		4,138,789
Expedia Group Inc.(b)		10,664		1,954,605
Expeditors International of Washington Inc.		12,330		1,411,538
Extra Space Storage Inc.		9,851		1,952,370
Exxon Mobil Corp.		301,316		22,887,963
F5 Inc.(b)		4,117		854,772
FactSet Research Systems Inc.		3,386		1,428,520
Fair Isaac Corp.(b)		2,457		1,216,190
Fastenal Co.		39,409		2,233,702
FedEx Corp.		18,076		4,444,165

82 2 0 2 2   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) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Fidelity National Financial Inc.		20,536	$	1,033,988
Fidelity National Information Services Inc.		43,509		5,217,599
Fifth Third Bancorp		48,451		2,162,368
First Citizens BancShares Inc./NC, Class A		823		641,183
First Republic Bank/CA		12,315		2,137,761
FirstEnergy Corp.		37,765		1,584,619
Fiserv Inc.(b)		41,872		4,425,870
FleetCor Technologies Inc.(b)		5,742		1,368,089
FMC Corp.		9,856		1,087,807
Ford Motor Co.		280,797		5,700,179
Fortinet Inc.(b)		9,850		2,927,814
Fortive Corp.		25,443		1,794,749
Fortune Brands Home & Security Inc.		9,044		851,673
Fox Corp., Class A, NVS		22,176		900,567
Fox Corp., Class B		12,317		457,946
Franklin Resources Inc.		22,987		734,894
Freeport-McMoRan Inc.		104,268		3,880,855
Garmin Ltd.		11,495		1,430,208
Gartner Inc.(b)		5,761		1,693,100
Generac Holdings Inc.(b)		4,920		1,389,310
General Dynamics Corp.		16,424		3,483,530
General Electric Co.		77,991		7,368,590
General Mills Inc.		44,336		3,044,996
General Motors Co.(b)		92,776		4,892,078
Genuine Parts Co.		10,674		1,422,097
Gilead Sciences Inc.		90,312		6,202,628
Global Payments Inc.		21,347		3,199,488
Globe Life Inc.		6,582		673,339
GoDaddy Inc., Class A(b)		13,136		994,527
Goldman Sachs Group Inc. (The)		24,948		8,848,557
Guidewire Software Inc.(b)		5,763		581,141
Halliburton Co.		64,038		1,968,528
Hartford Financial Services Group Inc. (The)		23,001		1,653,082
Hasbro Inc.		9,867		912,500
HCA Healthcare Inc.		18,079		4,339,864
Healthpeak Properties Inc.		36,124		1,277,706
HEICO Corp.		2,463		335,929
HEICO Corp., Class A		4,931		540,931
Henry Schein Inc.(b)		10,688		804,806
Hershey Co. (The)		9,859		1,942,913
Hess Corp.		20,525		1,894,252
Hewlett Packard Enterprise Co.		87,043		1,421,412
Hilton Worldwide Holdings Inc.(b)		19,693		2,857,651
Hologic Inc.(b)		18,079		1,269,869
Home Depot Inc. (The)		75,527		27,716,898
Honeywell International Inc.		49,259		10,072,480
Hormel Foods Corp.		21,358		1,013,864
Host Hotels & Resorts Inc.(b)		54,185		939,568
Howmet Aerospace Inc.		26,275		816,890
HP Inc.		83,748		3,076,064
HubSpot Inc.(b)		3,290		1,608,152
Humana Inc.		9,044		3,549,770
Huntington Bancshares Inc./OH		106,720		1,607,203
Huntington Ingalls Industries Inc.		3,284		614,765
IAC/InterActiveCorp.(b)		5,761		786,607
IDEX Corp.		4,934		1,062,981
IDEXX Laboratories Inc.(b)		6,559		3,327,381
IHS Markit Ltd.		26,276		3,068,774
Illinois Tool Works Inc.		22,179		5,188,112
Illumina Inc.(b)		10,673		3,722,956

Security	Shares		Value
United States (continued)
Incyte Corp.(b)		13,147	$	977,217
Ingersoll Rand Inc.		27,100		1,523,291
Insulet Corp.(b)		4,932		1,223,136
Intel Corp.		289,816		14,148,817
Intercontinental Exchange Inc.		41,039		5,198,000
International Business Machines Corp.		64,859		8,663,217
International Flavors & Fragrances Inc.		18,069		2,383,662
International Paper Co.		25,464		1,228,638
Interpublic Group of Companies Inc. (The)		27,108		963,418
Intuit Inc.		19,702		10,939,141
Intuitive Surgical Inc.(b)		25,453		7,233,234
Invesco Ltd.		38,460		871,504
Invitation Homes Inc.		41,890		1,758,542
IPG Photonics Corp.(b)		2,481		383,240
IQVIA Holdings Inc.(b)		13,148		3,219,945
Iron Mountain Inc.		20,529		942,692
Jack Henry & Associates Inc.		4,923		826,129
Jacobs Engineering Group Inc.		9,035		1,176,176
Jazz Pharmaceuticals PLC(b)		4,105		570,226
JB Hunt Transport Services Inc.		5,764		1,109,801
JM Smucker Co. (The)		7,391		1,039,027
Johnson & Johnson		188,002		32,390,865
Johnson Controls International PLC		51,727		3,759,001
JPMorgan Chase & Co.		213,449		31,718,521
Juniper Networks Inc.		20,524		714,646
Kellogg Co.		18,885		1,189,755
Keurig Dr Pepper Inc.		50,908		1,931,959
KeyCorp.		63,223		1,584,368
Keysight Technologies Inc.(b)		13,129		2,216,438
Kimberly-Clark Corp.		24,620		3,388,943
Kinder Morgan Inc.		146,154		2,537,233
KKR & Co. Inc.		37,764		2,687,286
KLA Corp.		10,681		4,157,793
Knight-Swift Transportation Holdings Inc.		9,854		557,539
Kraft Heinz Co. (The)		47,623		1,704,903
Kroger Co. (The)		52,548		2,290,567
L3Harris Technologies Inc.		14,773		3,091,841
Laboratory Corp. of America Holdings(b)		7,383		2,003,451
Lam Research Corp.		10,177		6,003,616
Las Vegas Sands Corp.(b)		25,451		1,114,754
Lear Corp.		4,109		687,518
Leidos Holdings Inc.		9,048		809,344
Lennar Corp., Class A		18,889		1,815,422
Lennox International Inc.		2,465		699,123
Liberty Broadband Corp., Class A(b)		1,652		241,770
Liberty Broadband Corp., Class C, NVS(b)		10,672		1,583,832
Liberty Global PLC, Class A(b)		13,959		378,568
Liberty Global PLC, Class C, NVS(b)		22,159		599,179
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		14,779		890,139
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		6,568		303,770
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		9,853		458,460
Lincoln National Corp.		12,310		861,454
Live Nation Entertainment Inc.(b)		10,673		1,168,800
LKQ Corp.		18,885		1,036,598
Lockheed Martin Corp.		17,817		6,933,129
Loews Corp.		13,950		832,257
Lowe’s Companies Inc.		49,256		11,690,912
Lucid Group Inc.(b)		28,752		845,021
Lululemon Athletica Inc.(b)		8,224		2,744,842

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Lumen Technologies Inc.		60,773	$	751,154
Lyft Inc., Class A(b)		18,876		727,104
LyondellBasell Industries NV, Class A		19,700		1,905,581
M&T Bank Corp.		9,034		1,530,179
Marathon Petroleum Corp.		44,345		3,181,754
Markel Corp.(b)		830		1,023,174
MarketAxess Holdings Inc.		3,541		1,219,804
Marriott International Inc./MD, Class A(b)		20,520		3,306,182
Marsh & McLennan Companies Inc.		36,122		5,549,784
Martin Marietta Materials Inc.		4,915		1,912,525
Marvell Technology Inc.		58,298		4,162,477
Masco Corp.		16,418		1,039,752
Masimo Corp.(b)		3,287		722,713
Mastercard Inc., Class A		63,216		24,425,398
Match Group Inc.(b)		18,879		2,127,663
McCormick & Co. Inc./MD, NVS		18,882		1,894,053
McDonald’s Corp.		53,362		13,844,771
McKesson Corp.		10,677		2,740,999
Medical Properties Trust Inc.		37,775		859,759
Medtronic PLC		96,058		9,941,042
MercadoLibre Inc.(a)(b)		3,286		3,719,949
Merck & Co. Inc.		180,614		14,716,429
Meta Platforms Inc, Class A(b)		169,948		53,237,910
MetLife Inc.		52,533		3,522,863
Mettler-Toledo International Inc.(b)		1,642		2,418,141
MGM Resorts International		27,106		1,157,968
Microchip Technology Inc.		40,234		3,117,330
Micron Technology Inc.		80,477		6,620,843
Microsoft Corp.		509,842		158,550,665
Mid-America Apartment Communities Inc.		8,225		1,699,943
Moderna Inc.(b)		24,636		4,171,614
Mohawk Industries Inc.(b)		4,105		648,056
Molina Healthcare Inc.(b)		4,109		1,193,582
Molson Coors Beverage Co., Class B		13,972		665,906
Mondelez International Inc., Class A		98,522		6,603,930
MongoDB Inc.(b)		4,105		1,662,977
Monolithic Power Systems Inc.		3,287		1,324,431
Monster Beverage Corp.(b)		27,914		2,420,702
Moody’s Corp.		12,637		4,334,491
Morgan Stanley		97,715		10,019,696
Mosaic Co. (The)		27,083		1,081,966
Motorola Solutions Inc.		12,313		2,855,877
MSCI Inc.		6,277		3,365,225
Nasdaq Inc.		9,464		1,696,043
NetApp Inc.		14,795		1,279,915
Netflix Inc.(b)		32,013		13,674,033
Neurocrine Biosciences Inc.(b)		6,571		519,240
Newell Brands Inc.		28,738		667,009
Newmont Corp.		56,651		3,465,342
News Corp., Class A, NVS		27,913		620,785
NextEra Energy Inc.		139,572		10,903,365
Nike Inc., Class B		91,129		13,493,471
NiSource Inc.		27,109		791,041
Nordson Corp.		4,097		952,716
Norfolk Southern Corp.		17,967		4,886,844
Northern Trust Corp.		16,472		1,921,294
Northrop Grumman Corp.		10,683		3,951,642
NortonLifeLock Inc.		37,784		982,762
Novavax Inc.(a)(b)		4,934		462,316
Novocure Ltd.(a)(b)		6,563		450,550

Security	Shares		Value
United States (continued)
NRG Energy Inc.		18,081	$	721,974
Nuance Communications Inc.(b)		21,353		1,179,753
Nucor Corp.		21,344		2,164,282
NVIDIA Corp.		178,162		43,624,747
NVR Inc.(b)		244		1,299,842
O’Reilly Automotive Inc.(b)		4,929		3,212,476
Oak Street Health Inc.(a)(b)		6,587		114,482
Occidental Petroleum Corp.		68,152		2,567,286
Okta Inc.(b)		9,035		1,787,936
Old Dominion Freight Line Inc.		6,584		1,987,907
Omnicom Group Inc.		16,421		1,237,487
ON Semiconductor Corp.(b)		32,016		1,888,944
ONEOK Inc.		32,843		1,992,913
Oracle Corp.		120,685		9,794,795
Otis Worldwide Corp.		30,366		2,594,167
Owens Corning		8,210		728,227
PACCAR Inc.		25,451		2,366,688
Packaging Corp. of America		6,557		987,681
Palantir Technologies Inc., Class A(b)		110,027		1,508,470
Palo Alto Networks Inc.(b)		7,380		3,818,412
Parker-Hannifin Corp.		9,036		2,801,250
Paychex Inc.		23,811		2,803,983
Paycom Software Inc.(b)		4,099		1,374,395
PayPal Holdings Inc.(b)		79,633		13,692,098
Peloton Interactive Inc., Class A(b)		17,257		471,634
Pentair PLC		12,317		784,593
PepsiCo Inc.		98,509		17,093,282
PerkinElmer Inc.		7,400		1,274,058
Pfizer Inc.		400,658		21,110,670
PG&E Corp.(b)		106,719		1,364,936
Philip Morris International Inc.		112,470		11,567,539
Phillips 66		32,037		2,716,417
Pinterest Inc., Class A(b)		39,412		1,165,019
Pioneer Natural Resources Co.		16,434		3,597,238
Plug Power Inc.(a)(b)		39,400		861,678
PNC Financial Services Group Inc. (The)		30,379		6,257,770
Pool Corp.		3,277		1,560,671
PPG Industries Inc.		17,248		2,694,138
PPL Corp.		52,554		1,559,803
Principal Financial Group Inc.		18,886		1,379,811
Procter & Gamble Co. (The)		173,235		27,795,556
Progressive Corp. (The)		41,048		4,460,276
Prologis Inc.		52,540		8,239,323
Prudential Financial Inc.		28,726		3,204,960
PTC Inc.(b)		8,212		954,727
Public Service Enterprise Group Inc.		36,956		2,458,683
Public Storage		11,494		4,120,944
PulteGroup Inc.		19,711		1,038,573
Qorvo Inc.(b)		8,213		1,127,481
QUALCOMM Inc.		80,464		14,142,353
Quest Diagnostics Inc.		9,030		1,219,231
Raymond James Financial Inc.		13,947		1,476,569
Raytheon Technologies Corp.		106,744		9,627,241
Realty Income Corp.		40,230		2,792,364
Regency Centers Corp.		11,509		825,771
Regeneron Pharmaceuticals Inc.(b)		7,391		4,498,089
Regions Financial Corp.		71,429		1,638,581
Republic Services Inc.		16,420		2,096,177
ResMed Inc.		10,675		2,440,305
RingCentral Inc., Class A(b)		4,945		872,743

84 2 0 2 2   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) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Rivian Automotive Inc., Class A(a)(b)		12,320	$	809,917
Robert Half International Inc.		8,210		929,865
Robinhood Markets Inc., Class A(a)(b)		13,138		185,903
Rockwell Automation Inc.		8,217		2,376,521
Roku Inc., Class A(b)		8,224		1,349,147
Rollins Inc.		18,064		557,274
Roper Technologies Inc.		7,389		3,230,175
Ross Stores Inc.		26,275		2,568,381
Royal Caribbean Cruises Ltd.(b)		16,430		1,278,418
RPM International Inc.		9,848		872,631
S&P Global Inc.		17,241		7,158,808
salesforce.com Inc.(b)		69,790		16,235,248
SBA Communications Corp.		8,205		2,670,235
Schlumberger NV		100,983		3,945,406
Seagen Inc.(a)(b)		9,859		1,326,134
Sealed Air Corp.		11,509		781,691
SEI Investments Co.		9,862		578,012
Sempra Energy		22,977		3,174,502
ServiceNow Inc.(b)		13,965		8,180,418
Sherwin-Williams Co. (The)		18,053		5,172,365
Signature Bank/New York NY		4,117		1,254,162
Simon Property Group Inc.		22,988		3,383,834
Sirius XM Holdings Inc.(a)		81,280		516,941
Skyworks Solutions Inc.		12,314		1,804,247
Snap Inc., Class A, NVS(b)		76,349		2,484,396
Snap-on Inc.		3,294		685,976
Snowflake Inc., Class A(b)		14,794		4,081,665
SoFi Technologies Inc.(a)(b)		36,950		461,136
SolarEdge Technologies Inc.(b)		3,303		786,841
Southern Co. (The)		76,352		5,305,700
Southwest Airlines Co.(b)		11,493		514,427
Splunk Inc.(b)		12,315		1,526,075
SS&C Technologies Holdings Inc.		16,432		1,312,424
Stanley Black & Decker Inc.		11,512		2,010,571
Starbucks Corp.		83,749		8,234,202
State Street Corp.		26,265		2,482,042
Steel Dynamics Inc.		13,133		729,144
Stryker Corp.		24,591		6,099,798
Sun Communities Inc.		7,408		1,399,816
Sunrun Inc.(b)		13,138		340,668
SVB Financial Group(b)		4,105		2,396,909
Synchrony Financial		37,780		1,609,050
Synopsys Inc.(b)		10,677		3,315,208
Sysco Corp.		36,123		2,823,012
T-Mobile U.S. Inc.(b)		45,159		4,884,849
T Rowe Price Group Inc.		16,421		2,535,895
Take-Two Interactive Software Inc.(b)		8,221		1,342,818
Target Corp.		35,301		7,781,399
TE Connectivity Ltd.		22,989		3,287,657
Teladoc Health Inc.(b)		9,858		756,207
Teledyne Technologies Inc.(b)		3,288		1,385,662
Teleflex Inc.		3,286		1,019,284
Teradyne Inc.(a)		11,490		1,349,271
Tesla Inc.(b)		59,936		56,143,250
Texas Instruments Inc.		66,490		11,934,290
Textron Inc.		17,247		1,173,831
Thermo Fisher Scientific Inc.		27,921		16,230,477
TJX Companies Inc. (The)		87,029		6,263,477
Tractor Supply Co.		8,220		1,794,508
Trade Desk Inc. (The), Class A(b)		30,382		2,112,764

Security	Shares		Value
United States (continued)
Tradeweb Markets Inc., Class A		8,205	$	695,538
TransDigm Group Inc.(b)		4,098		2,525,147
TransUnion		13,136		1,354,584
Travelers Companies Inc. (The)		18,060		3,001,211
Trimble Inc.(b)		18,883		1,362,597
Truist Financial Corp.		95,232		5,982,474
Twilio Inc., Class A(b)		11,499		2,370,174
Twitter Inc.(b)		57,480		2,156,075
Tyler Technologies Inc.(b)		3,277		1,552,643
Tyson Foods Inc., Class A		22,167		2,014,759
U.S. Bancorp.		99,360		5,781,758
Uber Technologies Inc.(b)		87,037		3,255,184
UDR Inc.		19,693		1,119,350
UGI Corp.		13,151		596,398
Ulta Beauty Inc.(b)		3,299		1,199,978
Union Pacific Corp.		46,801		11,445,185
United Parcel Service Inc., Class B		51,739		10,462,143
United Rentals Inc.(b)		4,926		1,576,911
UnitedHealth Group Inc.		67,325		31,815,775
Unity Software Inc.(a)(b)		4,109		432,061
Universal Health Services Inc., Class B		4,918		639,635
Upstart Holdings Inc.(b)		1,638		178,558
Vail Resorts Inc.		2,481		687,485
Valero Energy Corp.		30,376		2,520,297
Veeva Systems Inc., Class A(b)		9,863		2,332,994
Ventas Inc.		26,289		1,393,843
VeriSign Inc.(b)		6,576		1,428,176
Verisk Analytics Inc.		10,675		2,093,688
Verizon Communications Inc.		294,756		15,689,862
Vertex Pharmaceuticals Inc.(b)		18,889		4,590,971
VF Corp.		24,635		1,606,448
ViacomCBS Inc., Class B, NVS		41,056		1,373,323
Viatris Inc.		88,674		1,327,450
VICI Properties Inc.		45,977		1,315,862
Visa Inc., Class A		119,873		27,111,676
Vistra Corp.		30,377		662,522
VMware Inc., Class A		14,796		1,900,990
Vornado Realty Trust		12,330		505,653
Vulcan Materials Co.		9,852		1,874,934
W R Berkley Corp.		9,867		833,762
Walmart Inc.		110,016		15,381,337
Walgreens Boots Alliance Inc.		52,541		2,614,440
Walt Disney Co. (The)(b)		129,707		18,544,210
Waste Management Inc.		30,383		4,570,819
Waters Corp.(b)		4,915		1,573,390
Wayfair Inc., Class A(b)		4,944		770,868
WEC Energy Group Inc.		23,002		2,232,114
Wells Fargo & Co.		291,462		15,680,656
Welltower Inc.		30,377		2,631,560
West Pharmaceutical Services Inc.		5,742		2,257,869
Western Digital Corp.(b)		22,990		1,189,503
Western Union Co. (The)		28,732		543,322
Westinghouse Air Brake Technologies Corp.		11,501		1,022,439
Westrock Co.		18,881		871,547
Weyerhaeuser Co.		55,018		2,224,378
Whirlpool Corp.		4,106		863,040
Williams Companies Inc. (The)		87,842		2,629,989
Willis Towers Watson PLC		9,038		2,114,530
Workday Inc., Class A(b)		13,950		3,529,489
WP Carey Inc.		13,150		1,020,440

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
WW Grainger Inc.		3,284	$	1,625,941
Wynn Resorts Ltd.(b)		7,389		631,390
Xcel Energy Inc.		37,766		2,630,780
Xilinx Inc.		18,052		3,493,965
Xylem Inc./NY		12,319		1,293,741
Yum! Brands Inc.		21,342		2,671,378
Zebra Technologies Corp., Class A(b)		4,104		2,089,428
Zendesk Inc.(b)		8,221		809,851
Zillow Group Inc., Class A(b)		4,119		205,373
Zillow Group Inc., Class C, NVS(b)		10,680		539,126
Zimmer Biomet Holdings Inc.		14,789		1,819,343
Zoetis Inc.		33,669		6,726,730
Zoom Video Communications Inc., Class A(b)		15,601		2,406,922
ZoomInfo Technologies Inc.(b)		16,416		867,750
Zscaler Inc.(b)		5,744		1,476,840
				2,872,062,883
Total Common Stocks — 99.7% (Cost: $3,858,259,265)				3,961,554,413
Preferred Stocks
Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,120		356,570
Fuchs Petrolub SE, Preference Shares, NVS		4,925		212,835
Henkel AG & Co. KGaA, Preference Shares, NVS		13,141		1,074,782
Porsche Automobil Holding SE, Preference Shares, NVS		11,494		1,076,401
Sartorius AG, Preference Shares, NVS		1,654		892,957
Volkswagen AG, Preference Shares, NVS(a)		13,155		2,739,820
				6,353,365
Total Preferred Stocks — 0.2% (Cost: $6,332,525)				6,353,365

Security	Shares		Value
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(b)(d)		699	$	350
Total Rights — 0.0% (Cost: $375)				350
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		11,703,821		11,707,332
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		1,520,000		1,520,000
				13,227,332
Total Short-Term Investments — 0.3% (Cost: $13,226,783)				13,227,332
Total Investments in Securities — 100.2% (Cost: $3,877,818,948)				3,981,135,460
Other Assets, Less Liabilities — (0.2)%				(8,509,183	)
Net Assets — 100.0%			$	3,972,626,277

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

^(b)  Non-income producing security.

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

^(d)  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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,623,031	$	10,084,608	(a)	$	—		$	(126	)	$	(181	)	$	11,707,332		11,703,821	$	4,524	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		580,000		940,000	(a)		—			—			—			1,520,000		1,520,000		12			—
BlackRock Inc.		1,162,875		8,201,109			(838,103	)		188,104			75,014			8,788,999		10,680		4,551			—
									$	187,978		$	74,833		$	22,016,331			$	9,087		$	—

^(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.

86 2 0 2 2   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) January 31, 2022 iShares^® MSCI Kokusai 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		19		03/18/22	$	893	$	21,035
S&P 500 E-Mini Index		15		03/18/22		3,378		117,186
							$	138,221

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	138,221

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	88,959
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	128,081

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,971,926

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.

S C H E D U L E   O F   I N V E S T M E N T S 87

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Kokusai ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	3,061,699,037	$	899,855,376	$	—	$	3,961,554,413
Preferred Stocks		—		6,353,365		—		6,353,365
Rights		—		—		350		350
Money Market Funds		13,227,332		—		—		13,227,332
	$	3,074,926,369	$	906,208,741	$	350	$	3,981,135,460
Derivative financial instruments(a)
Assets
Futures Contracts	$	117,186	$	21,035	$	—	$	138,221

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

See notes to financial statements.

88 2 0 2 2   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)

January 31, 2022

	iShares MSCI ACWI ETF		iShares MSCI ACWI Low Carbon Target ETF				iShares MSCI All Country Asia ex Japan ETF			iShares MSCI Europe Financials ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	18,454,739,181		$	1,275,993,008			$	4,597,668,613		$	1,897,141,971
Affiliated(c)		230,906,886			10,928,116				79,898,135			1,010,000
Cash		2,997,219			6,007				8,898			9,093
Foreign currency, at value(d)		27,016,008			2,033,702				5,792,891			2,759,989
Cash pledged:
Futures contracts		1,811,000			170,000				754,000			—
Foreign currency collateral pledged:
Futures contracts(e)		—			—				—			571,605
Receivables:
Investments sold		8,187,267			(251,153	)			—			—
Securities lending income — Affiliated		89,223			4,735				92,000			—
Variation margin on futures contracts		688,338			72,360				557,447			74,654
Capital shares sold		20,496,829			—				286			82,660
Dividends		12,979,826			1,087,070				5,888,426			18,892
Interest		9			—				—			—
Tax reclaims		5,440,581			218,703				—			3,792,644
Total assets		18,765,352,367			1,290,262,548				4,690,660,696			1,905,461,508
LIABILITIES
Collateral on securities loaned, at value		184,465,823			7,152,397				63,517,599			—
Deferred foreign capital gain tax		5,312,262			242,262				6,232,053			—
Payables:
Investments purchased		31,275,168			(251,153	)			1,220,725			—
Investment advisory fees		4,755,629			220,853				2,655,027			734,766
Professional fees		88,166			—				—			—
Foreign taxes		2,024			13				3,412			—
IRS compliance fee for foreign withholding tax claims		221,753			—				—			—
Total liabilities		226,120,825			7,364,372				73,628,816			734,766
NET ASSETS	$	18,539,231,542		$	1,282,898,176			$	4,617,031,880		$	1,904,726,742
NET ASSETS CONSIST OF:
Paid-in capital	$	14,326,145,107		$	1,111,505,770			$	4,436,143,865		$	1,989,103,405
Accumulated earnings (loss)		4,213,086,435			171,392,406				180,888,015			(84,376,663	)
NET ASSETS	$	18,539,231,542		$	1,282,898,176			$	4,617,031,880		$	1,904,726,742
Shares outstanding		183,600,000			7,750,000				56,600,000			91,600,000
Net asset value	$	100.98		$	165.54			$	81.57		$	20.79
Shares authorized		Unlimited			Unlimited				Unlimited			Unlimited
Par value		None			None				None			None
(a) Securities loaned, at value	$	182,899,468		$	7,436,518			$	57,934,754		$	—
(b) Investments, at cost — Unaffiliated	$	13,779,823,539		$	1,065,043,242			$	3,876,253,778		$	1,872,864,695
(c)  Investments, at cost — Affiliated	$	218,537,790		$	10,538,318			$	79,869,837		$	1,010,000
(d) Foreign currency, at cost	$	27,267,739		$	2,037,018			$	5,822,553		$	2,784,690
(e) Foreign currency collateral pledged, at cost	$	—		$	—			$	—		$	585,701

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 89

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2022

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	293,581,943			$	3,959,119,129
Affiliated(c)		10,271,398				22,016,331
Cash		4,453				7,920
Foreign currency, at value(d)		410,734				2,267,094
Cash pledged:
Futures contracts		—				180,000
Foreign currency collateral pledged:
Futures contracts(e)		84,654				77,518
Receivables:
Investments sold		247,081				1,700,580
Securities lending income — Affiliated		38,445				1,771
Variation margin on futures contracts		11,277				72,860
Capital shares sold		—				57,555,465
Dividends		138,358				710,931
Tax reclaims		208,787				50,731
Total assets		304,997,130				4,043,760,330
LIABILITIES
Collateral on securities loaned, at value		10,164,140				11,710,484
Payables:
Investments purchased		—				57,554,699
Capital shares redeemed		47,371				1,701,346
Investment advisory fees		113,839				167,524
Total liabilities		10,325,350				71,134,053
NET ASSETS	$	294,671,780			$	3,972,626,277
NET ASSETS CONSIST OF:
Paid-in capital	$	302,106,724			$	3,819,484,338
Accumulated earnings (loss)		(7,434,944	)			153,141,939
NET ASSETS	$	294,671,780			$	3,972,626,277
Shares outstanding		4,550,000				41,050,000
Net asset value	$	64.76			$	96.78
Shares authorized		Unlimited				Unlimited
Par value		None				None
(a) Securities loaned, at value	$	9,079,546			$	11,580,848
(b) Investments, at cost — Unaffiliated	$	326,816,678			$	3,856,022,382
(c)  Investments, at cost — Affiliated	$	10,270,251			$	21,796,566
(d) Foreign currency, at cost	$	408,771			$	2,255,347
(e) Foreign currency collateral pledged, at cost	$	86,382			$	79,020

See notes to financial statements.

90 2 0 2 2   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 Operations (unaudited)

Six Months Ended January 31, 2022

	iShares MSCI ACWI ETF			iShares MSCI ACWI Low Carbon Target ETF				iShares MSCI All Country Asia ex Japan ETF (Consolidated)				iShares MSCI Europe Financials ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	144,696,232			$	9,287,304			$	41,144,190			$	22,934,338
Dividends — Affiliated		314,432				20,239				533				28
Securities lending income — Affiliated — net		500,949				10,071				1,007,255				—
Other income — Unaffiliated		3,781				—				—				—
Foreign taxes withheld		(7,832,023	)			(519,324	)			(5,307,881	)			(3,001,338	)
Foreign withholding tax claims		386,960				—				—				—
IRS Compliance fee for foreign withholding tax claims		(43,793	)			—				—				—
Other foreign taxes		(24,045	)			(3,321	)			(23,236	)			—
Total investment income		138,002,493				8,794,969				36,820,861				19,933,028
EXPENSES
Investment advisory fees		27,128,991				1,176,621				17,033,858				4,001,551
Commitment fees		21,224				2,654				21,225				—
Professional fees		39,074				—				—				239
Miscellaneous		217				217				217				217
Mauritius income taxes		—				—				293				—
Interest expense		1,176				201				3,473				—
Total expenses		27,190,682				1,179,693				17,059,066				4,002,007
Net investment income		110,811,811				7,615,276				19,761,795				15,931,021
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(28,498,638	)			(6,459,328	)			149,349,908				(21,991,565	)
Investments — Affiliated		16,806				(1,041	)			6,994				—
In-kind redemptions — Unaffiliated		339,489,984				—				146,419,519				15,759,327
In-kind redemptions — Affiliated		982,595				—				—				—
Futures contracts		782,052				124,583				(810,900	)			167,103
Foreign currency transactions		(1,270,989	)			(128,385	)			(909,574	)			(85,333	)
Net realized gain (loss)		311,501,810				(6,464,171	)			294,055,947				(6,150,468	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(418,028,544	)			(11,251,371	)			(568,856,102	)			109,542,547
Investments — Affiliated		(2,709,581	)			(166,892	)			(24,730	)			—
Futures contracts		(513,657	)			(49,858	)			465,298				59,397
Foreign currency translations		(427,437	)			(14,363	)			(50,463	)			(238,710	)
Net change in unrealized appreciation (depreciation)		(421,679,219	)			(11,482,484	)			(568,465,997	)			109,363,234
Net realized and unrealized gain (loss)		(110,177,409	)			(17,946,655	)			(274,410,050	)			103,212,766
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	634,402			$	(10,331,379	)		$	(254,648,255	)		$	119,143,787
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(499,408	)		$	(64,085	)		$	(3,625,575	)		$	—
(b) Net of increase in deferred foreign capital gain tax of	$	(1,876,855	)		$	(50,473	)		$	(5,743,421	)		$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 91

Statements of Operations (unaudited)(continued)

Six Months Ended January 31, 2022

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,722,967			$	2,322,368
Dividends — Affiliated		4				4,563
Securities lending income — Affiliated — net		269,290				4,524
Foreign taxes withheld		(206,990	)			(78,170	)
Total investment income		2,785,271				2,253,285
EXPENSES
Investment advisory fees		815,618				403,278
Miscellaneous		217				217
Total expenses		815,835				403,495
Net investment income		1,969,436				1,849,790
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(3,244,072	)			(1,292,440	)
Investments — Affiliated		(1,662	)			968
In-kind redemptions — Unaffiliated		39,478,489				69,288,070
In-kind redemptions — Affiliated		—				187,010
Futures contracts		(18,437	)			88,959
Foreign currency transactions		(41,905	)			(57,743	)
Net realized gain		36,172,413				68,214,824
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(68,107,892	)			51,617,519
Investments — Affiliated		(690	)			74,833
Futures contracts		(603	)			128,081
Foreign currency translations		(18,656	)			4,100
Net change in unrealized appreciation (depreciation)		(68,127,841	)			51,824,533
Net realized and unrealized gain (loss)		(31,955,428	)			120,039,357
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,985,992	)		$	121,889,147

See notes to financial statements.

92 2 0 2 2   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 Changes in Net Assets

	iShares MSCI ACWI ETF						iShares MSCI ACWI Low Carbon Target ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	110,811,811		$	230,028,627		$	7,615,276		$	10,745,561
Net realized gain (loss)		311,501,810			421,574,302			(6,464,171	)		1,390,190
Net change in unrealized appreciation (depreciation)		(421,679,219	)		3,504,661,204			(11,482,484	)		169,003,176
Net increase (decrease) in net assets resulting from operations		634,402			4,156,264,133			(10,331,379	)		181,138,927
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(176,227,385	)		(230,246,413	)		(12,141,537	)		(10,128,091	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,749,000,066			1,006,790,709			444,151,989			258,113,034
NET ASSETS
Total increase in net assets		1,573,407,083			4,932,808,429			421,679,073			429,123,870
Beginning of period		16,965,824,459			12,033,016,030			861,219,103			432,095,233
End of period	$	18,539,231,542		$	16,965,824,459		$	1,282,898,176		$	861,219,103

^(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 93

Statements of Changes in Net Assets (continued)

	iShares MSCI All Country Asia ex Japan ETF (Consolidated)						iShares MSCI Europe Financials ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,761,795		$	65,034,504		$	15,931,021		$	29,867,865
Net realized gain (loss)		294,055,947			297,024,706			(6,150,468	)		63,031,388
Net change in unrealized appreciation (depreciation)		(568,465,997	)		388,629,683			109,363,234			216,656,671
Net increase (decrease) in net assets resulting from operations		(254,648,255	)		750,688,893			119,143,787			309,555,924
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(76,979,145	)		(63,771,745	)		(33,391,612	)		(36,493,715	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(625,843,773	)		844,305,907			272,962,670			554,026,456
NET ASSETS
Total increase (decrease) in net assets		(957,471,173	)		1,531,223,055			358,714,845			827,088,665
Beginning of period		5,574,503,053			4,043,279,998			1,546,011,897			718,923,232
End of period	$	4,617,031,880		$	5,574,503,053		$	1,904,726,742		$	1,546,011,897

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

See notes to financial statements.

94 2 0 2 2   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 Changes in Net Assets (continued)

	iShares MSCI Europe Small-Cap ETF							iShares MSCI Kokusai ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	1,969,436		$	3,892,020		$	1,849,790		$	2,755,637
Net realized gain			36,172,413			1,343,141			68,214,824			4,028,969
Net change in unrealized appreciation (depreciation)			(68,127,841	)		58,072,063			51,824,533			51,687,203
Net increase (decrease) in net assets resulting from operations			(29,985,992	)		63,307,224			121,889,147			58,471,809
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,278,028	)		(3,348,387	)		(1,851,694	)		(2,876,281	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(113,925,603	)		259,856,157			3,367,996,539			276,911,800
NET ASSETS
Total increase (decrease) in net assets			(149,189,623	)		319,814,994			3,488,033,992			332,507,328
Beginning of period			443,861,403			124,046,409			484,592,285			152,084,957
End of period		$	294,671,780		$	443,861,403		$	3,972,626,277		$	484,592,285

^(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 95

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI ACWI ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	101.96		$	77.73		$	73.94		$	73.31		$	67.16		$	58.43
Net investment income(a)			0.67	(b)		1.42			1.48			1.60			1.50			1.36	(b)
Net realized and unrealized gain (loss)(c)			(0.56	)		24.22			3.87			0.58			6.12			8.66
Net increase from investment operations			0.11			25.64			5.35			2.18			7.62			10.02
Distributions(d)
From net investment income			(1.09	)		(1.41	)		(1.56	)		(1.55	)		(1.47	)		(1.29	)
Total distributions			(1.09	)		(1.41	)		(1.56	)		(1.55	)		(1.47	)		(1.29	)
Net asset value, end of period		$	100.98		$	101.96		$	77.73		$	73.94		$	73.31		$	67.16
Total Return(e)
Based on net asset value			0.08	%(b)(f)		33.14	%		7.29	%		3.14	%		11.40	%		17.31	%(b)
Ratios to Average Net Assets(g)
Total expenses			0.32	%(h)		0.32	%		0.32	%		0.32	%		0.31	%		0.32	%
Total expenses after fees waived			0.32	%(h)		0.31	%		0.31	%		0.31	%		0.31	%		0.32	%
Total expenses excluding professional fees for foreign withholding tax claims			0.32	%(h)		0.32	%		N/A			0.32	%		N/A			0.32	%
Net investment income			1.29	%(b)(h)		1.55	%		2.01	%		2.25	%		2.10	%		2.21	%(b)
Supplemental Data
Net assets, end of period (000)		$	18,539,232		$	16,965,824		$	12,033,016		$	10,854,370		$	8,826,485		$	7,266,576
Portfolio turnover rate(i)			3	%(f)		6	%		16	%		11	%		4	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and year ended July 31, 2017:

• Net investment income per share by $0.00 and $0.01.

• Total return by 0.01% and 0.02%.

• Ratio of net investment income to average net assets by 0.00% and 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)  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.

96 2 0 2 2   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 ACWI Low Carbon Target ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17
Net asset value, beginning of period		$	167.23			$	127.09			$	120.26			$	118.67			$	110.08			$	95.80
Net investment income(a)			1.11				2.49				2.49				2.58				2.51				2.33
Net realized and unrealized gain (loss)(b)			(1.22	)			39.88				6.91				1.70				8.63				14.05
Net increase (decrease) from investment operations			(0.11	)			42.37				9.40				4.28				11.14				16.38
Distributions(c)
From net investment income			(1.58	)			(2.23	)			(2.57	)			(2.69	)			(2.55	)			(2.10	)
Total distributions			(1.58	)			(2.23	)			(2.57	)			(2.69	)			(2.55	)			(2.10	)
Net asset value, end of period		$	165.54			$	167.23			$	127.09			$	120.26			$	118.67			$	110.08
Total Return(d)
Based on net asset value			(0.09	)%(e)			33.48	%			7.88	%			3.82	%			10.17	%			17.28	%
Ratios to Average Net Assets(f)
Total expenses			0.20	%(g)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment income			1.29	%(g)			1.64	%			2.07	%			2.24	%			2.16	%			2.29	%
Supplemental Data
Net assets, end of period (000)		$	1,282,898			$	861,219			$	432,095			$	468,999			$	534,024			$	434,815
Portfolio turnover rate(h)			9	%(e)			12	%			15	%			14	%			18	%			12	%

^(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 97

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI All Country Asia ex Japan ETF (Consolidated)
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	87.65		$	75.15		$	68.54		$	72.59		$	70.99		$	57.05
Net investment income(a)			0.34			1.00			1.20			1.24			1.39			1.21
Net realized and unrealized gain (loss)(b)			(4.87	)		12.46			6.61			(3.95	)		1.85			13.65
Net increase (decrease) from investment operations			(4.53	)		13.46			7.81			(2.71	)		3.24			14.86
Distributions(c)
From net investment income			(1.55	)		(0.96	)		(1.20	)		(1.34	)		(1.64	)		(0.92	)
Total distributions			(1.55	)		(0.96	)		(1.20	)		(1.34	)		(1.64	)		(0.92	)
Net asset value, end of period		$	81.57		$	87.65		$	75.15		$	68.54		$	72.59		$	70.99
Total Return(d)
Based on net asset value			(5.19	)%(e)		17.88	%		11.52	%		(3.61	)%		4.52	%		26.41	%
Ratios to Average Net Assets(f)
Total expenses			0.69	%(g)		0.69	%		0.70	%		0.68	%		0.67	%		0.70	%
Net investment income			0.79	%(g)		1.12	%		1.75	%		1.82	%		1.84	%		1.97	%
Supplemental Data
Net assets, end of period (000)		$	4,617,032		$	5,574,503		$	4,043,280		$	4,030,348		$	4,326,387		$	4,159,795
Portfolio turnover rate(h)			15	%(e)		31	%		23	%		17	%		13	%		12	%

^(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.

98 2 0 2 2   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 Europe Financials ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20				Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	19.64		$	14.48			$	17.53		$	21.18		$	23.15		$	16.32
Net investment income(a)			0.20			0.48				0.31			0.68			0.86			0.87
Net realized and unrealized gain (loss)(b)			1.36			5.17				(3.01	)		(3.35	)		(1.85	)		6.61
Net increase (decrease) from investment operations			1.56			5.65				(2.70	)		(2.67	)		(0.99	)		7.48
Distributions(c)
From net investment income			(0.41	)		(0.49	)			(0.35	)		(0.98	)		(0.98	)		(0.65	)
Total distributions			(0.41	)		(0.49	)			(0.35	)		(0.98	)		(0.98	)		(0.65	)
Net asset value, end of period		$	20.79		$	19.64			$	14.48		$	17.53		$	21.18		$	23.15
Total Return(d)
Based on net asset value			8.15	%(e)		38.98	%			(15.62	)%		(12.53	)%		(4.18	)%		46.28	%
Ratios to Average Net Assets(f)
Total expenses			0.48	%(g)		0.48	%			0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.48	%		0.48	%			N/A			0.48	%		N/A			0.48	%
Net investment income			1.91	%(g)		2.68	%			1.90	%		3.62	%		3.72	%		4.30	%(h)
Supplemental Data
Net assets, end of period (000)		$	1,904,727		$	1,546,012			$	718,923		$	1,035,148		$	1,805,451		$	1,611,394
Portfolio turnover rate(i)			3	%(e)		4	%			5	%		5	%		3	%		9	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

^(h)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Ratio of net investment income to average net assets by 0.01%.

⁽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 99

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Small-Cap ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17
Net asset value, beginning of period		$	71.59			$	49.62			$	49.09			$	57.28			$	53.88			$	44.03
Net investment income(a)			0.34				1.25				0.81				1.51				1.52				1.22
Net realized and unrealized gain (loss)(b)			(6.12	)			21.87				0.68				(7.50	)			3.38				9.56
Net increase (decrease) from investment operations			(5.78	)			23.12				1.49				(5.99	)			4.90				10.78
Distributions(c)
From net investment income			(1.05	)			(1.15	)			(0.96	)			(2.20	)			(1.50	)			(0.93	)
Total distributions			(1.05	)			(1.15	)			(0.96	)			(2.20	)			(1.50	)			(0.93	)
Net asset value, end of period		$	64.76			$	71.59			$	49.62			$	49.09			$	57.28			$	53.88
Total Return(d)
Based on net asset value			(8.12	)%(e)			46.76	%			2.98	%			(10.32	)%			9.15	%			24.74	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%(g)			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				N/A				N/A				0.40	%			N/A				N/A
Net investment income			0.97	%(g)			1.98	%			1.67	%			2.95	%			2.65	%			2.56	%
Supplemental Data
Net assets, end of period (000)		$	294,672			$	443,861			$	124,046			$	139,918			$	266,371			$	161,646
Portfolio turnover rate(h)			8	%(e)			14	%			20	%			17	%			15	%			16	%

^(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.

100 2 0 2 2   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 Kokusai ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17
Net asset value, beginning of period		$	96.92			$	72.42			$	68.33			$	66.90			$	61.10			$	53.85
Net investment income(a)			0.56				1.31				1.32				1.42				1.40				1.36	(b)
Net realized and unrealized gain(c)			0.25				24.61				4.06				1.51				6.10				7.49
Net increase from investment operations			0.81				25.92				5.38				2.93				7.50				8.85
Distributions(d)
From net investment income			(0.95	)			(1.42	)			(1.29	)			(1.50	)			(1.70	)			(1.60	)
Total distributions			(0.95	)			(1.42	)			(1.29	)			(1.50	)			(1.70	)			(1.60	)
Net asset value, end of period		$	96.78			$	96.92			$	72.42			$	68.33			$	66.90			$	61.10
Total Return(e)
Based on net asset value			0.81	%(f)			36.01	%			7.94	%			4.59	%			12.38	%			16.62	%(b)
Ratios to Average Net Assets(g)
Total expenses			0.25	%(h)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.25	%			N/A				N/A				N/A				0.25	%
Net investment income			1.15	%(h)			1.53	%			1.93	%			2.17	%			2.16	%			2.40	%(b)
Supplemental Data
Net assets, end of period (000)		$	3,972,626			$	484,592			$	152,085			$	143,483			$	147,181			$	329,938
Portfolio turnover rate(i)			2	%(f)			3	%			4	%			4	%			6	%			7	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.02.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.03%.

^(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 101

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 ACWI		Diversified
MSCI ACWI Low Carbon Target		Diversified
MSCI All Country Asia ex Japan		Diversified
MSCI Europe Financials		Diversified
MSCI Europe Small-Cap		Diversified
MSCI Kokusai		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI All Country Asia ex Japan ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $4, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective August 27, 2021, MSCI All Country Asia ex Japan no longer invests in the Subsidiary. MSCI All Country Asia ex Japan transferred all of the assets of MSCI All Country Asia ex Japan’s wholly owned Mauritius Subsidiary to MSCI All Country Asia ex Japan through on-exchange transactions in India. MSCI All Country Asia ex Japan recognized a net realized gain of $297,578,994 as a result of this transaction. After the transfer, MSCI All Country Asia ex Japan 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 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 January 31, 2022, 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.

102 2 0 2 2   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

Notes to Financial Statements (unaudited) (continued)

The iShares MSCI All Country Asia ex Japan ETF has conducted investment activities in India through its Subsidiary and 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, the Subsidiary must have commercial 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. The Fund 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 the 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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.

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 103

Notes to Financial Statements (unaudited) (continued)

When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.

104 2 0 2 2   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

Notes to Financial Statements (unaudited) (continued)

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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI ACWI
Barclays Bank PLC	$	14,759,070	$	13,979,206		$	—	$	(779,864	)(b)
Barclays Capital, Inc.		1,469,785		1,469,785			—		—
BNP Paribas SA		48,101,339		47,896,234			—		(205,105	)(b)
BofA Securities, Inc.		29,867,749		29,867,749			—		—
Citigroup Global Markets, Inc.		698,348		693,191			—		(5,157	)(b)
Credit Suisse AG		558,310		558,310			—		—
Goldman Sachs & Co. LLC		12,022,194		11,697,667			—		(324,527	)(b)
HSBC Bank PLC		122,417		122,417			—		—
J.P. Morgan Securities LLC		16,080,164		15,324,365			—		(755,799	)(b)
Jefferies LLC		364,231		362,190			—		(2,041	)(b)
Macquarie Bank Ltd.		312,126		312,126			—		—
Morgan Stanley		38,696,614		38,696,614			—		—
National Financial Services LLC		735,585		651,618			—		(83,967	)(b)
Nomura Securities International, Inc.		141,022		141,022			—		—
Scotia Capital (USA), Inc.		2,136,247		2,037,398			—		(98,849	)(b)
SG Americas Securities LLC		2,528,877		2,349,099			—		(179,778	)(b)
State Street Bank & Trust Co.		1,207,394		1,205,612			—		(1,782	)(b)
Toronto Dominion Bank		8,331,129		7,318,949			—		(1,012,180	)(b)
UBS AG		885,676		835,578			—		(50,098	)(b)
UBS Securities LLC		2,941,885		2,764,592			—		(177,293	)(b)
Virtu Americas LLC		883,246		861,672			—		(21,574	)(b)
Wells Fargo Securities LLC		56,060		51,775			—		(4,285	)(b)
	$	182,899,468	$	179,197,169		$	—	$	(3,702,299	)
MSCI ACWI Low Carbon Target
Barclays Bank PLC	$	300,189	$	283,427		$	—	$	(16,762	)(b)
BNP Paribas SA		1,616,576		1,549,579			—		(66,997	)(b)
BofA Securities, Inc.		1,890,836		1,890,836			—		—
Citigroup Global Markets, Inc.		695,030		605,398			—		(89,632	)(b)
Goldman Sachs & Co. LLC		654,034		617,678			—		(36,356	)(b)
HSBC Bank PLC		411,394		411,394			—		—
J.P. Morgan Securities LLC		218,532		204,341			—		(14,191	)(b)
Jefferies LLC		124,861		124,861			—		—
Scotia Capital (USA), Inc.		10,958		10,399			—		(559	)(b)
State Street Bank & Trust Co.		481,416		471,056			—		(10,360	)(b)
Toronto Dominion Bank		167,676		155,604			—		(12,072	)(b)
UBS AG		412,817		402,184			—		(10,633	)(b)
UBS Securities LLC		452,199		403,715			—		(48,484	)(b)
	$	7,436,518	$	7,130,472		$	—	$	(306,046	)
MSCI All Country Asia ex Japan
Barclays Capital, Inc.	$	1,186,902	$	1,186,902		$	—	$	—
BNP Paribas SA		2,352,430		2,177,861			—		(174,569	)(b)
BofA Securities, Inc.		10,362,104		10,362,104			—		—
Citigroup Global Markets, Inc.		2,449,244		2,449,244			—		—
Credit Suisse Securities (USA) LLC		212,269		212,269			—		—
Goldman Sachs & Co. LLC		771,389		771,389			—		—
HSBC Bank PLC		1,258,565		1,258,565			—		—
J.P. Morgan Securities LLC		7,020,098		6,819,757			—		(200,341	)(b)
Jefferies LLC		4,899,521		4,899,521			—		—
Macquarie Bank Ltd.		447,322		447,322			—		—
Morgan Stanley		24,251,976		24,251,976			—		—
National Financial Services LLC		1,364,904		1,240,238			—		(124,666	)(b)
Nomura Securities International, Inc.		97,275		97,275			—		—
SG Americas Securities LLC		542		542			—		—
State Street Bank & Trust Co.		232,902		208,634			—		(24,268	)(b)
UBS AG		309,304		282,526			—		(26,778	)(b)
UBS Securities LLC		718,007		644,661			—		(73,346	)(b)
	$	57,934,754	$	57,310,786		$	—	$	(623,968	)

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 105

Notes to Financial Statements (unaudited) (continued)

	Market Value of		Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		Securities on Loan		Received	(a)		Received		Net Amount
MSCI Europe Small-Cap
Barclays Capital, Inc.	$	1,183,910	$	1,183,910		$	—	$	—
BNP Paribas SA		592,544		592,544			—		—
BofA Securities, Inc.		787,816		787,816			—		—
Citigroup Global Markets, Inc.		240,425		240,425			—		—
Credit Suisse AG		30,420		30,420			—		—
Credit Suisse Securities (USA) LLC		304,500		304,500			—		—
Goldman Sachs & Co. LLC		2,072,622		2,072,622			—		—
HSBC Bank PLC		124,937		124,937			—		—
J.P. Morgan Securities LLC		357,333		357,333			—		—
Jefferies LLC		331,784		331,784			—		—
Macquarie Bank Ltd.		397,183		397,183			—		—
Morgan Stanley		2,150,402		2,150,402			—		—
UBS AG		505,670		505,670			—		—
	$	9,079,546	$	9,079,546		$	—	$	—
MSCI Kokusai
Barclays Bank PLC	$	91,466	$	87,643		$	—	$	(3,823	)(b)
Barclays Capital, Inc.		38,635		38,567			—		(68	)(b)
BNP Paribas SA		3,808,073		3,602,960			—		(205,113	)(b)
BofA Securities, Inc.		6,370,912		6,370,912			—		—
Citigroup Global Markets, Inc.		74,297		74,128			—		(169	)(b)
Credit Suisse AG		250,503		250,503			—		—
Goldman Sachs & Co. LLC		320,372		285,262			—		(35,110	)(b)
ING Financial Markets LLC		20,574		18,899			—		(1,675	)(b)
J.P. Morgan Securities LLC		185,118		182,337			—		(2,781	)(b)
Jefferies LLC		46,384		42,606			—		(3,778	)(b)
Morgan Stanley		231,084		231,084			—		—
National Financial Services LLC		466		449			—		(17	)(b)
Scotia Capital (USA), Inc.		12,715		12,018			—		(697	)(b)
SG Americas Securities LLC		23,971		22,219			—		(1,752	)(b)
UBS AG		62,144		60,142			—		(2,002	)(b)
UBS Securities LLC		21,740		19,855			—		(1,885	)(b)
Wells Fargo Securities LLC		22,394		20,252			—		(2,142	)(b)
	$	11,580,848	$	11,319,836		$	—	$	(261,012	)

^(a)  Collateral received 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 statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. 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

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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 the iShares MSCI ACWI 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 Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

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 Fee
MSCI ACWI Low Carbon Target		0.20	%
MSCI Europe Financials		0.48
MSCI Europe Small-Cap		0.40
MSCI Kokusai		0.25

For its investment advisory services to the iShares MSCI All Country Asia ex Japan 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 Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

The 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. The 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.

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

For each of the iShares MSCI ACWI and iShares MSCI All Country Asia ex Japan ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for the Funds through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For six months ended January 31, 2022, there were no fees waived by BFA pursuant to this arrangement.

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

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Notes to Financial Statements (unaudited) (continued)

securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, the iShares MSCI Kokusai ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF and iShares MSCI Europe Small-Cap ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, 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 January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI ACWI	$	137,808
MSCI ACWI Low Carbon Target		3,382
MSCI All Country Asia ex Japan		239,015
MSCI Europe Small-Cap		61,630
MSCI Kokusai		1,320

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 January 31, 2022, 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 ACWI	$	47,256,050	$	46,868,976	$	(7,214,299	)
MSCI ACWI Low Carbon Target		37,944,193		34,965,816		(1,648,804	)
MSCI All Country Asia ex Japan		15,011,110		23,390,086		(6,418,652	)
MSCI Europe Financials		3,869,930		8,042,749		(3,021,057	)
MSCI Europe Small-Cap		4,318,347		8,181,210		(118,257	)
MSCI Kokusai		538,142		670,162		(86,793	)

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.

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Notes to Financial Statements (unaudited) (continued)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI ACWI	$	664,949,050	$	546,680,327
MSCI ACWI Low Carbon Target		146,350,025		98,754,752
MSCI All Country Asia ex Japan		735,222,628		924,831,653
MSCI Europe Financials		49,565,663		65,456,007
MSCI Europe Small-Cap		36,097,947		29,519,546
MSCI Kokusai		63,898,764		15,707,544

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI ACWI	$	2,243,260,738	$	660,985,943
MSCI ACWI Low Carbon Target		392,212,835		—
MSCI All Country Asia ex Japan		68,769,556		556,168,809
MSCI Europe Financials		359,217,184		87,886,238
MSCI Europe Small-Cap		28,603,145		147,348,526
MSCI Kokusai		3,642,819,331		326,136,819

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI ACWI	$	679,000,774
MSCI ACWI Low Carbon Target		28,962,796
MSCI All Country Asia ex Japan		940,995,812
MSCI Europe Financials		76,949,634
MSCI Europe Small-Cap		5,565,387
MSCI Kokusai		18,539,843

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 January 31, 2022, 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 ACWI	$	14,094,815,330	$	5,293,379,721	$	(702,786,393	)	$	4,590,593,328
MSCI ACWI Low Carbon Target		1,079,828,864		246,375,335		(39,303,806	)		207,071,529
MSCI All Country Asia ex Japan		3,795,432,997		1,183,925,125		(301,784,806	)		882,140,319
MSCI Europe Financials		1,901,148,529		95,053,441		(98,050,065	)		(2,996,624	)
MSCI Europe Small-Cap		341,642,580		12,258,345		(50,047,785	)		(37,789,440	)
MSCI Kokusai		3,878,422,896		127,252,368		(24,401,583	)		102,850,785

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Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares MSCI ACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares MSCI ACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI ACWI	$	6,400,000	$	208,696		1.10	%
MSCI ACWI Low Carbon Target		1,090,000		35,543		1.10
MSCI All Country Asia ex Japan		15,500,000		618,576		1.09

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: The iShares MSCI All Country Asia ex Japan ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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. 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 could 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 or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves 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

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Notes to Financial Statements (unaudited) (continued)

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.

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI ACWI
Shares sold		24,000,000		$	2,459,323,347			22,600,000		$	2,027,841,125
Shares redeemed		(6,800,000	)		(710,323,281	)		(11,000,000	)		(1,021,050,416	)
Net increase		17,200,000		$	1,749,000,066			11,600,000		$	1,006,790,709
MSCI ACWI Low Carbon Target
Shares sold		2,600,000		$	444,151,989			1,750,000		$	258,113,034
MSCI All Country Asia ex Japan
Shares sold		7,200,000		$	600,532,511			17,800,000		$	1,575,533,337
Shares redeemed		(14,200,000	)		(1,226,376,284	)		(8,000,000	)		(731,227,430	)
Net increase (decrease)		(7,000,000	)	$	(625,843,773	)		9,800,000		$	844,305,907
MSCI Europe Financials
Shares sold		17,550,000		$	364,576,694			50,250,000		$	936,699,560
Shares redeemed		(4,650,000	)		(91,614,024	)		(21,200,000	)		(382,673,104	)
Net increase		12,900,000		$	272,962,670			29,050,000		$	554,026,456
MSCI Europe Small-Cap
Shares sold		500,000		$	35,879,749			3,700,000		$	259,856,157
Shares redeemed		(2,150,000	)		(149,805,352	)		—			—
Net increase (decrease)		(1,650,000	)	$	(113,925,603	)		3,700,000		$	259,856,157
MSCI Kokusai
Shares sold		39,500,000		$	3,704,420,090			3,050,000		$	289,662,474
Shares redeemed		(3,450,000	)		(336,423,551	)		(150,000	)		(12,750,674	)
Net increase		36,050,000		$	3,367,996,539			2,900,000		$	276,911,800

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

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Notes to Financial Statements (unaudited) (continued)

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 ACWI ETF is expected to seek 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’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:

In February 2022, iShares MSCI Kokusai ETF redeemed $3,755,883,360 of capital shares.

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 113

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 ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF and iShares MSCI Kokusai 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 ACWI(a)	$	0.968975	$	—	$	0.119334	$	1.088309		89	%		—	%		11	%		100	%
MSCI ACWI Low Carbon Target(a)		1.447036		—		0.129787		1.576823		92			—			8			100
MSCI All Country Asia ex Japan(a)		0.428368		—		1.117398		1.545766		28			—			72			100
MSCI Europe Small-Cap(a)		1.018744		—		0.026410		1.045154		97			—			3			100
MSCI Kokusai(a)		0.935292		—		0.014294		0.949586		98			—			2			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 115

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
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
SDR	Swedish Depositary Receipt

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 117

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.

©2022 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-105-0122

        

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca

· iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX

· iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca

· iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ

· iShares MSCI EAFE ETF | EFA | NYSE Arca

· iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation droveinvestors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		83
Statements of Operations		85
Statements of Changes in Net Assets		87
Financial Highlights		90
Notes to Financial Statements		96
Statement Regarding Liquidity Risk Management Program		108
Supplemental Information		109
General Information		110
Glossary of Terms Used in this Report		111

3

Fund Summary as of January31,  2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 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 ACWI ex U.S. ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since  Inception			1 Year			5 Years			Since Inception
Fund NAV		0.73	%		9.79	%		9.13	%		7.23	%		9.79	%		54.77	%		58.46	%
Fund Market		0.76			9.56			9.12			7.24			9.56			54.73			58.57
Index		0.21			8.96			9.14			7.21			8.96			54.85			58.20

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$      1,000.00	$      1,007.30	$        0.15			$      1,000.00	$      1,025.10	$        0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE
Investment Type	Percent of Net Assets
Investment Companies		100.1	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		0.8
Other assets less liabilities		(0.9	)

^(a)  Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		20.4	%
Information Technology		12.6
Consumer Discretionary		12.2
Industrials		12.1
Health Care		8.9
Consumer Staples		8.4
Materials		8.2
Communication Services		6.3
Energy		5.4
Utilities		3.1
Real Estate		2.4

^(a)  Excludes money market funds.

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Fund Summary as of January31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE^® 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 EAFE ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.03	%		16.40	%		9.33	%		8.42	%		16.40	%		56.18	%		90.96	%
Fund Market		2.09			16.32			9.31			8.42			16.32			56.05			90.94
Index		1.55			15.57			9.33			8.41			15.57			56.21			90.84

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$      1,000.00	$      1,020.30	$    0.15			$      1,000.00	$      1,025.10	$        0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		100.2	%
Short-term Investments		0.3
Forward foreign currency exchange contracts, net cumulative appreciation		1.1
Other assets less liabilities		(1.6	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		18.1	%
Industrials		15.5
Consumer Discretionary		12.6
Health Care		12.3
Consumer Staples		10.3
Information Technology		8.7
Materials		7.7
Communication Services		4.6
Energy		3.9
Utilities		3.4
Real Estate		2.9

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of January31, 2022 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 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 EAFE Small-Cap ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.72	)%		11.43	%		10.02	%		9.16	%		11.43	%		61.18	%		78.26	%
Fund Market		(2.69	)		11.12			10.03			9.17			11.12			61.29			78.32
Index		(3.36	)		10.40			10.16			9.19			10.40			62.19			78.38

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$        972.80	$        0.15			$      1,000.00	$      1,025.10	$        0.15		0.03	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies		100.1	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative appreciation		1.1
Other assets less liabilities		(1.3	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials		23.4	%
Consumer Discretionary		12.6
Real Estate		12.3
Financials		11.0
Information Technology		10.0
Materials		9.5
Health Care		6.1
Consumer Staples		5.6
Communication Services		4.5
Utilities		3.1
Energy		1.9

^(a)  Excludes money market funds.

6 2 0 2 2   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 January31, 2022 iShares^® MSCI ACWI ex U.S. ETF

Investment Objective

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.34	)%		4.50	%		8.14	%		6.16	%		4.50	%		47.86	%		81.75	%
Fund Market		(2.62	)		4.64			8.11			6.13			4.64			47.68			81.35
Index		(3.27	)		3.63			8.04			6.18			3.63			47.18			82.16

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$      1,000.00	$        976.60	$        1.59			$      1,000.00	$      1,023.60	$        1.63		0.32	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	20.4	%
Information Technology	12.6
Consumer Discretionary	12.2
Industrials	12.1
Health Care	8.9
Consumer Staples	8.4
Materials	8.2
Communication Services	6.3
Energy	5.4
Utilities	3.1
Real Estate	2.4

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	14.2	%
China	9.6
United Kingdom	9.0
Canada	7.6
France	7.3
Switzerland	6.4
Germany	5.6
Australia	4.8
Taiwan	4.7
India	3.7

F U N D   S U M M A R Y 7

Fund Summary as of January31, 2022 iShares^® MSCI EAFE ETF

Investment Objective

The iShares 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, as represented by the MSCI EAFE 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.61	)%		8.17	%		8.06	%		6.99	%		8.17	%		47.33	%		96.54	%
Fund Market		(2.74	)		8.25			8.04			6.97			8.25			47.18			96.14
Index		(3.43	)		7.03			7.85			6.94			7.03			45.92			95.60

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio
	$      1,000.00	$        973.90	$        1.64			$      1,000.00	$      1,023.50	$        1.68		0.33	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	18.1	%
Industrials	15.5
Consumer Discretionary	12.6
Health Care	12.3
Consumer Staples	10.3
Information Technology	8.7
Materials	7.7
Communication Services	4.6
Energy	3.9
Utilities	3.4
Real Estate	2.9

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	22.5	%
United Kingdom	14.3
France	11.6
Switzerland	10.3
Germany	8.9
Australia	7.7
Netherlands	5.3
Sweden	3.5
Hong Kong	2.9
Denmark	2.5

8 2 0 2 2   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 January31, 2022 iShares^® MSCI EAFE Small-Cap ETF

Investment Objective

The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.27	)%		3.32	%		8.65	%		9.08	%		3.32	%		51.39	%		138.59	%
Fund Market		(7.15	)		3.83			8.68			9.03			3.83			51.65			137.47
Index		(7.98	)		2.42			8.61			9.09			2.42			51.12			138.68

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio
	$      1,000.00	$        927.30	$        1.89			$      1,000.00	$      1,023.20	$        1.99		0.39	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	23.4	%
Consumer Discretionary	12.6
Real Estate	12.3
Financials	11.0
Information Technology	10.0
Materials	9.5
Health Care	6.1
Consumer Staples	5.6
Communication Services	4.5
Utilities	3.1
Energy	1.9

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.3	%
United Kingdom	17.2
Australia	9.3
Sweden	6.8
Germany	5.3
Switzerland	4.9
France	3.5
Israel	3.2
Italy	2.9
Netherlands	2.7

F U N D   S U M M A R Y 9

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

10 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI ACWI ex U.S. ETF(a)		2,263,984	$	122,662,653
Total Investment Companies — 100.1% (Cost: $112,882,129)				122,662,653
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		60,000		60,000
Total Short-Term Investments — 0.0% (Cost: $60,000)				60,000
Total Investments in Securities — 100.1% (Cost: $112,942,129)				122,722,653
Other Assets, Less Liabilities — (0.1)%				(166,834	)
Net Assets — 100.0%			$	122,555,819

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	70,000	$	—	$	(10,000)	(a)	$	—	$	—		$	60,000		60,000	$	2	$	—
iShares MSCI ACWI ex U.S. ETF		120,314,149		18,477,151		(10,449,636	)		1,219,806		(6,898,817	)		122,662,653		2,263,984		2,153,505		—
								$	1,219,806	$	(6,898,817)		$	122,722,653			$	2,153,507	$	—

^(a)  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)
AUD	7,684,000	USD		5,413,787	MS	02/04/22	$	19,221
BRL	505,000	USD		92,688	MS	02/04/22		2,362
BRL	326,000	USD		58,059	SSB	02/04/22		3,300
CAD	11,933,000	USD		9,382,765	SSB	02/04/22		4,776
CHF	7,639,000	USD		8,205,133	MS	02/04/22		38,958
CLP	23,000	USD		29	MS	02/04/22		—
CLP	18,785,000	USD		21,969	SSB	02/04/22		1,485
DKK	14,217,000	USD		2,142,050	CITI	02/04/22		4,647
EUR	23,807,000	USD		26,687,647	SSB	02/04/22		59,396
GBP	8,630,000	USD		11,578,439	SSB	02/04/22		27,897
HKD	80,544,000	USD		10,329,463	CITI	02/04/22		597
ILS	1,085,000	USD		341,448	JPM	02/04/22		1,333

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) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
ILS	61,000	USD		19,219	SSB	02/04/22	$	53
INR	20,741,000	USD		277,357	MS	02/04/22		496
JPY	2,070,262,000	USD		17,967,375	BOA	02/04/22		22,661
JPY	19,237,000	USD		167,090	DB	02/04/22		75
MXN	15,286,000	USD		740,052	JPM	02/04/22		749
MXN	870,000	USD		42,087	SSB	02/04/22		76
NOK	4,625,000	USD		518,709	JPM	02/04/22		1,288
NOK	273,000	USD		30,546	SSB	02/04/22		148
NZD	245,000	USD		160,900	JPM	02/04/22		306
RUB	91,515,000	USD		1,179,217	MS	02/04/22		4,030
SEK	28,785,000	USD		3,083,925	BOA	02/04/22		3,073
SGD	1,098,000	USD		812,040	CITI	02/04/22		721
TRY	68,000	USD		5,036	BBP	02/04/22		63
TRY	1,178,000	USD		87,667	CITI	02/04/22		650
USD	5,823,504	AUD		8,009,000	BNP	02/04/22		160,703
USD	86,524	AUD		119,000	DB	02/04/22		2,384
USD	41,165	CAD		52,000	BOA	02/04/22		257
USD	9,993,667	CAD		12,624,000	JPM	02/04/22		62,526
USD	8,619,819	CHF		7,848,000	BNP	02/04/22		150,173
USD	278,978	CHF		254,000	DB	02/04/22		4,858
USD	2,272,972	DKK		14,857,000	BNP	02/04/22		29,639
USD	13,326	DKK		87,000	BOA	02/04/22		190
USD	344,778	EUR		303,000	BOA	02/04/22		4,360
USD	46,704	EUR		41,000	MS	02/04/22		640
USD	28,214,848	EUR		24,796,000	SSB	02/04/22		356,668
USD	12,242,150	GBP		9,039,000	CITI	02/04/22		85,757
USD	195,027	GBP		144,000	SSB	02/04/22		1,364
USD	11,274,705	HKD		87,897,000	BNP	02/04/22		1,595
USD	14,781	ILS		46,000	BBP	02/04/22		248
USD	354,738	ILS		1,104,000	BNP	02/04/22		5,955
USD	4,705,352	INR		351,071,000	MS	02/04/22		2,301
USD	739,884	MXN		15,222,000	BNP	02/04/22		2,185
USD	41,660	MXN		857,000	BOA	02/04/22		127
USD	3,737	MXN		77,000	SSB	02/04/22		5
USD	557,382	NOK		4,918,000	BNP	02/04/22		4,442
USD	193,677	NZD		283,000	BNP	02/04/22		7,467
USD	684	NZD		1,000	UBS	02/04/22		26
USD	1,282,439	RUB		96,961,000	MS	02/04/22		28,778
USD	3,354,050	SEK		30,361,000	BNP	02/04/22		98,037
USD	879,554	SGD		1,186,000	HSBC	02/04/22		1,654
USD	648,435	THB		21,532,000	BNP	02/04/22		1,741
ZAR	18,443,000	USD		1,191,868	MS	02/04/22		7,748
KRW	6,488,980,000	USD		5,379,537	MS	02/07/22		3,084
MYR	2,192,000	USD		523,787	MS	02/07/22		490
USD	5,793,235	KRW		6,893,145,000	MS	02/07/22		75,358
USD	526,927	MYR		2,192,000	MS	02/07/22		2,650
CNH	10,000	USD		1,569	DB	02/09/22		—
CNH	12,332,000	USD		1,933,112	MS	02/09/22		2,178
TWD	161,313,000	USD		5,795,517	MS	02/09/22		5,156
USD	6,191,616	TWD		171,045,000	MS	02/09/22		40,988

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Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	678,000	USD		477,743	BNP	03/04/22	$	1,689
CAD	343,000	USD		269,685	SSB	03/04/22		143
CHF	467,000	USD		501,996	BOA	03/04/22		2,364
CNH	817,000	USD		127,883	UBS	03/04/22		118
DKK	1,603,000	USD		241,669	DB	03/04/22		517
EUR	821,000	USD		920,902	CITI	03/04/22		2,014
HKD	857,000	USD		109,901	JPM	03/04/22		12
ILS	37,000	USD		11,650	CITI	03/04/22		46
INR	2,872,000	USD		38,369	MS	03/04/22		12
JPY	149,003,000	USD		1,293,451	BOA	03/04/22		1,636
MXN	846,000	USD		40,773	UBS	03/04/22		37
NZD	22,000	USD		14,442	BOA	03/04/22		27
SEK	2,433,000	USD		260,726	DB	03/04/22		260
TRY	20,000	USD		1,473	SSB	03/04/22		5
TWD	1,622,000	USD		58,410	MS	03/04/22		35
USD	1,514,171	BRL		8,099,000	MS	03/04/22		296
USD	101,570	CAD		129,000	JPM	03/04/22		89
USD	214,885	CLP		172,367,000	MS	03/04/22		478
USD	359,175	JPY		41,290,000	JPM	03/04/22		296
USD	143,669	KRW		173,317,000	MS	03/04/22		34
USD	3,138	MXN		65,000	JPM	03/04/22		3
USD	11,551	RUB		901,000	MS	03/04/22		2
USD	645	SEK		6,000	CITI	03/04/22		1
USD	609,224	THB		20,275,000	CITI	03/04/22		368
USD	841	THB		28,000	JPM	03/04/22		—
USD	4,241	THB		141,000	UBS	03/04/22		7
USD	5,380	ZAR		83,000	SSB	03/04/22		2
								1,360,584
AUD	1,000	USD		717	BNP	02/04/22		(10	)
AUD	434,000	USD		310,518	BOA	02/04/22		(3,656	)
AUD	9,000	USD		6,548	JPM	02/04/22		(184	)
BRL	8,099,000	USD		1,524,690	MS	02/04/22		(307	)
CAD	741,000	USD		586,886	BOA	02/04/22		(3,951	)
CAD	2,000	USD		1,588	BSCH	02/04/22		(14	)
CHF	45,000	USD		49,403	BBP	02/04/22		(839	)
CHF	1,000	USD		1,085	BOA	02/04/22		(6	)
CHF	417,000	USD		454,249	JPM	02/04/22		(4,218	)
CLP	176,566,000	USD		220,992	MS	02/04/22		(540	)
DKK	727,000	USD		110,454	BOA	02/04/22		(681	)
EUR	3,000	USD		3,385	BNP	02/04/22		(14	)
EUR	1,330,000	USD		1,503,634	UBS	02/04/22		(9,386	)
GBP	1,000	USD		1,352	BNP	02/04/22		(7	)
GBP	552,000	USD		745,771	JPM	02/04/22		(3,396	)
HKD	113,000	USD		14,495	CITI	02/04/22		(2	)
HKD	2,116,000	USD		271,430	DB	02/04/22		(46	)
HKD	11,000	USD		1,413	JPM	02/04/22		(2	)
HKD	5,113,000	USD		656,657	SSB	02/04/22		(896	)
ILS	4,000	USD		1,288	SSB	02/04/22		(25	)
INR	333,455,000	USD		4,468,289	MS	02/04/22		(1,227	)
JPY	130,081,000	USD		1,141,383	JPM	02/04/22		(11,013	)

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) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
NOK	19,000	USD		2,157	JPM	02/04/22	$	(21	)
NOK	1,000	USD		113	SSB	02/04/22		—
NZD	25,000	USD		17,113	BBP	02/04/22		(663	)
NZD	14,000	USD		9,361	BNP	02/04/22		(149	)
RUB	5,446,000	USD		72,085	MS	02/04/22		(1,670	)
SEK	4,000	USD		432	DB	02/04/22		(3	)
SEK	1,572,000	USD		169,872	JPM	02/04/22		(1,286	)
SGD	11,000	USD		8,158	BBP	02/04/22		(16	)
SGD	7,000	USD		5,194	BSCH	02/04/22		(12	)
SGD	70,000	USD		52,072	SSB	02/04/22		(257	)
THB	20,275,000	USD		609,549	CITI	02/04/22		(608	)
THB	47,000	USD		1,418	HSBC	02/04/22		(6	)
THB	3,000	USD		91	SSB	02/04/22		(1	)
THB	1,207,000	USD		36,608	UBS	02/04/22		(357	)
USD	6,386	BRL		36,000	CITI	02/04/22		(390	)
USD	1,583,972	BRL		8,894,000	SSB	02/04/22		(90,045	)
USD	1,733	CLP		1,483,000	CITI	02/04/22		(118	)
USD	226,760	CLP		193,891,000	SSB	02/04/22		(15,324	)
USD	41,804	INR		3,125,000	MS	02/04/22		(59	)
USD	19,278,701	JPY		2,219,580,000	BOA	02/04/22		(8,869	)
USD	91,216	TRY		1,246,000	MS	02/04/22		(2,200	)
USD	8,187	ZAR		131,000	BBP	02/04/22		(334	)
USD	1,172,952	ZAR		18,803,000	BNP	02/04/22		(50,080	)
USD	37,543	ZAR		602,000	CITI	02/04/22		(1,614	)
ZAR	3,000	USD		197	CITI	02/04/22		(2	)
ZAR	1,090,000	USD		71,382	DB	02/04/22		(484	)
KRW	404,165,000	USD		338,124	MS	02/07/22		(2,868	)
CNH	710,000	USD		112,020	DB	02/09/22		(598	)
CNH	2,000	USD		316	JPM	02/09/22		(2	)
TWD	9,732,000	USD		351,643	MS	02/09/22		(1,689	)
USD	2,035,225	CNH		12,971,000	BNP	02/09/22		(344	)
USD	13,018	CNH		83,000	CITI	02/09/22		(8	)
BRL	56,000	USD		10,475	MS	03/04/22		(7	)
CHF	18,000	USD		19,463	JPM	03/04/22		(23	)
CNH	115,000	USD		18,021	HSBC	03/04/22		(3	)
DKK	144,000	USD		21,769	BOA	03/04/22		(13	)
EUR	171,000	USD		192,336	UBS	03/04/22		(109	)
GBP	326,000	USD		438,492	BBP	03/04/22		(140	)
KRW	599,364,000	USD		496,848	MS	03/04/22		(131	)
MYR	26,000	USD		6,221	MS	03/04/22		(2	)
NOK	38,000	USD		4,271	UBS	03/04/22		(1	)
NZD	6,000	USD		3,948	BOA	03/04/22		(1	)
RUB	7,030,000	USD		90,152	MS	03/04/22		(38	)
SGD	3,000	USD		2,220	HSBC	03/04/22		—
USD	451,081	AUD		638,000	BOA	03/04/22		(66	)
USD	5,414,309	AUD		7,684,000	MS	03/04/22		(19,251	)
USD	150,991	BRL		808,000	MS	03/04/22		(41	)
USD	9,382,529	CAD		11,933,000	SSB	03/04/22		(4,835	)
USD	8,211,031	CHF		7,639,000	MS	03/04/22		(39,099	)
USD	53	CLP		43,000	MS	03/04/22		—

14 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,929,966	CNH		12,332,000	MS	03/04/22	$	(2,105	)
USD	2,143,301	DKK		14,217,000	CITI	03/04/22		(4,647	)
USD	26,702,526	EUR		23,807,000	SSB	03/04/22		(59,811	)
USD	419,842	GBP		313,000	DB	03/04/22		(1,030	)
USD	11,576,170	GBP		8,630,000	SSB	03/04/22		(28,072	)
USD	232,503	HKD		1,813,000	BOA	03/04/22		(20	)
USD	10,329,306	HKD		80,544,000	CITI	03/04/22		(704	)
USD	341,623	ILS		1,085,000	JPM	03/04/22		(1,336	)
USD	947	ILS		3,000	UBS	03/04/22		(1	)
USD	4,467,968	INR		334,570,000	MS	03/04/22		(3,129	)
USD	17,971,102	JPY		2,070,262,000	BOA	03/04/22		(22,964	)
USD	5,374,591	KRW		6,488,980,000	MS	03/04/22		(3,091	)
USD	736,641	MXN		15,286,000	JPM	03/04/22		(741	)
USD	496,748	MYR		2,081,000	MS	03/04/22		(1,004	)
USD	15,356	NOK		137,000	DB	03/04/22		(39	)
USD	518,445	NOK		4,625,000	JPM	03/04/22		(1,289	)
USD	160,830	NZD		245,000	JPM	03/04/22		(305	)
USD	1,114,967	RUB		87,106,000	MS	03/04/22		(1,609	)
USD	3,084,608	SEK		28,785,000	BOA	03/04/22		(3,140	)
USD	50,280	SGD		68,000	BOA	03/04/22		(48	)
USD	811,923	SGD		1,098,000	CITI	03/04/22		(730	)
USD	84,471	TRY		1,152,000	CITI	03/04/22		(675	)
USD	5,137	TRY		70,000	MS	03/04/22		(36	)
USD	5,825,996	TWD		162,003,000	MS	03/04/22		(11,369	)
USD	1,187,100	ZAR		18,443,000	MS	03/04/22		(7,819	)
USD	11,070	ZAR		172,000	UBS	03/04/22		(74	)
								(440,045	)
	Net unrealized appreciation						$	920,539

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:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,360,584
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	440,045

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) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	3,319,483
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	880,945

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$128,241,077
Average amounts sold — in USD	$248,981,363

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	$	1,360,584	$	440,045
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,360,584		440,045
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,360,584		440,045

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.		$	34,695		$	(34,695	)	$	—	$	—		$	—
Barclays Bank PLC			311			(311	)		—		—			—
BNP Paribas SA			463,626			(50,604	)		—		—			413,022
Citibank N.A.			94,801			(9,498	)		—		—			85,303
Deutsche Bank Securities Inc.			8,094			(2,200	)		—		—			5,894
HSBC Bank PLC			1,654			(9	)		—		—			1,645
JPMorgan Chase Bank N.A.			66,602			(23,816	)		—		—			42,786
Morgan Stanley & Co. International PLC			235,295			(99,291	)		—		—			136,004
State Street Bank and Trust Co.			455,318			(199,266	)		—		—			256,052
UBS AG			188			(188	)		—		—			—
		$	1,360,584		$	(419,878	)	$	—	$	—		$	940,706

16 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

	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)
Banco Santander Central Hispano		$	26		$	—		$	—	$	—		$	26
Bank of America N.A.			43,415			(34,695	)		—		—			8,720
Barclays Bank PLC			1,992			(311	)		—		—			1,681
BNP Paribas SA			50,604			(50,604	)		—		—			—
Citibank N.A.			9,498			(9,498	)		—		—			—
Deutsche Bank Securities Inc.			2,200			(2,200	)		—		—			—
HSBC Bank PLC			9			(9	)		—		—			—
JPMorgan Chase Bank N.A.			23,816			(23,816	)		—		—			—
Morgan Stanley & Co. International PLC			99,291			(99,291	)		—		—			—
State Street Bank and Trust Co.			199,266			(199,266	)		—		—			—
UBS AG			9,928			(188	)		—		—			9,740
		$	440,045		$	(419,878	)	$	—	$	—		$	20,167

^(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
Investments
Assets
Investment Companies	$	122,662,653	$	—		$	—	$	122,662,653
Money Market Funds		60,000		—			—		60,000
	$	122,722,653	$	—		$	—	$	122,722,653
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,360,584		$	—	$	1,360,584
Liabilities
Forward Foreign Currency Exchange Contracts		—		(440,045	)		—		(440,045	)
	$	—	$	920,539		$	—	$	920,539

^(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 17

Schedule of Investments (unaudited)  January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.2%
iShares MSCI EAFE ETF(a)		44,309,678	$	3,359,559,786
Total Investment Companies — 100.2% (Cost: $3,100,386,438)				3,359,559,786
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		9,400,000		9,400,000
Total Short-Term Investments — 0.3% (Cost: $9,400,000)				9,400,000
Total Investments in Securities — 100.5% (Cost: $3,109,786,438)				3,368,959,786
Other Assets, Less Liabilities — (0.5)%				(16,021,117	)
Net Assets — 100.0%			$	3,352,938,669

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	9,400,000	(a)	$	—		$	—	$	—		$	9,400,000		9,400,000	$	109	$	—
iShares MSCI EAFE ETF		2,837,556,835		897,868,035			(224,536,234	)		19,511,683		(170,840,533	)		3,359,559,786		44,309,678		62,933,861		—
									$	19,511,683	$	(170,840,533	)	$	3,368,959,786			$	62,933,970	$	—

^(a)  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)
AUD	330,557,000	USD		232,893,934	CITI	02/04/22	$	827,926
CHF	328,041,000	USD		352,337,261	MS	02/04/22		1,688,086
DKK	607,149,000	USD		91,475,299	UBS	02/04/22		201,202
EUR	1,005,790,000	USD		1,127,490,590	SSB	02/04/22		2,509,353
GBP	373,037,000	USD		500,485,091	SSB	02/04/22		1,205,884
HKD	709,070,000	USD		90,935,545	CITI	02/04/22		5,260
ILS	46,712,000	USD		14,700,218	JPM	02/04/22		57,374
JPY	89,240,997,000	USD		774,504,111	BOA	02/04/22		976,846
JPY	775,499,000	USD		6,735,819	CITI	02/04/22		3,064
NOK	199,872,000	USD		22,416,315	JPM	02/04/22		55,675
NZD	10,528,000	USD		6,914,106	JPM	02/04/22		13,155
SEK	1,234,392,000	USD		132,245,423	BNP	02/04/22		134,838

18 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SGD	47,714,000	USD	35,287,505	CITI	02/04/22	$	31,345
USD	228,526,381	AUD	314,290,000	BNP	02/04/22		6,306,178
USD	1,014,948	AUD	1,427,000	BSCH	02/04/22		5,981
USD	570,383	AUD	799,000	HSBC	02/04/22		5,447
USD	5,366,600	AUD	7,454,000	MS	02/04/22		96,214
USD	3,291,622	AUD	4,527,000	SSB	02/04/22		90,786
USD	4,132,489	AUD	5,761,000	UBS	02/04/22		59,148
USD	364,548,918	CHF	332,036,000	MS	02/04/22		6,212,123
USD	115,662	DKK	756,000	BNP	02/04/22		1,509
USD	274,186	DKK	1,790,000	BOA	02/04/22		3,905
USD	89,932,526	DKK	587,853,000	HSBC	02/04/22		1,169,626
USD	1,620,499	DKK	10,617,000	MS	02/04/22		17,384
USD	370,820	DKK	2,455,000	RBS	02/04/22		127
USD	843,399	DKK	5,550,000	SSB	02/04/22		5,376
USD	128,083	DKK	840,000	TNTC	02/04/22		1,247
USD	268,428	DKK	1,762,000	UBS	02/04/22		2,375
USD	12,128,692	EUR	10,659,000	BOA	02/04/22		153,359
USD	1,734,172	EUR	1,528,000	CBA	02/04/22		17,471
USD	2,375,554	EUR	2,074,000	CITI	02/04/22		45,425
USD	9,466,103	EUR	8,369,000	JPM	02/04/22		63,574
USD	8,073,138	EUR	7,115,000	MS	02/04/22		79,472
USD	64,717	EUR	57,000	RBS	02/04/22		678
USD	1,098,987,548	EUR	965,888,000	SSB	02/04/22		13,817,299
USD	4,964,144	EUR	4,416,000	TDB	02/04/22		2,790
USD	15,991,077	EUR	14,107,000	UBS	02/04/22		141,934
USD	480,434,316	GBP	354,729,000	CITI	02/04/22		3,365,452
USD	4,523,361	GBP	3,338,000	HSBC	02/04/22		34,143
USD	1,302,551	GBP	966,000	JPM	02/04/22		3,395
USD	12,462,162	GBP	9,236,000	MS	02/04/22		40,826
USD	28,510	GBP	21,000	RBS	02/04/22		268
USD	11,903,819	GBP	8,769,000	SSB	02/04/22		110,544
USD	1,587,344	GBP	1,169,000	UBS	02/04/22		15,176
USD	146,667	HKD	1,143,000	CITI	02/04/22		73
USD	91,434,666	HKD	712,821,000	HSBC	02/04/22		12,783
USD	244,838	HKD	1,906,000	JPM	02/04/22		387
USD	722,550	HKD	5,629,000	MS	02/04/22		611
USD	2,451,249	HKD	19,096,000	SSB	02/04/22		2,118
USD	567,114	ILS	1,765,000	CITI	02/04/22		9,503
USD	13,928,422	ILS	43,355,000	HSBC	02/04/22		231,398
USD	37,658	ILS	119,000	JPM	02/04/22		62
USD	272,328	ILS	851,000	SSB	02/04/22		3,474
USD	169,389	ILS	527,000	TNTC	02/04/22		2,896
USD	78,998	ILS	247,000	UBS	02/04/22		963
USD	1,613,688	JPY	184,747,000	HSBC	02/04/22		8,285
USD	1,926,636	JPY	219,591,000	JPM	02/04/22		18,447
USD	4,734,453	JPY	539,099,000	SSB	02/04/22		49,824
USD	10,106,918	JPY	1,152,782,000	UBS	02/04/22		89,544
USD	332,990	NOK	2,938,000	BNP	02/04/22		2,665
USD	86,070	NOK	750,000	CITI	02/04/22		1,746
USD	21,530,219	NOK	189,965,000	HSBC	02/04/22		172,092

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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	504,094		NOK	4,468,000	SSB	02/04/22	$	1,748
USD	29,200		NZD	43,000	BNP	02/04/22		907
USD	16,737		NZD	25,000	CBA	02/04/22		287
USD	7,591,476		NZD	11,092,000	HSBC	02/04/22		293,112
USD	677		NZD	1,000	RBS	02/04/22		19
USD	186,491		NZD	276,000	SSB	02/04/22		4,888
USD	40,789		NZD	61,000	TDB	02/04/22		652
USD	55,174		NZD	82,000	UBS	02/04/22		1,219
USD	9,368,411		SEK	84,823,000	BNP	02/04/22		271,713
USD	325,336		SEK	3,016,000	CITI	02/04/22		1,890
USD	122,888,311		SEK	1,112,390,000	HSBC	02/04/22		3,591,945
USD	1,889,511		SEK	17,404,000	MS	02/04/22		23,049
USD	278,874		SEK	2,493,000	RBS	02/04/22		11,517
USD	784,293		SEK	7,153,000	SSB	02/04/22		17,182
USD	946,683		SEK	8,732,000	TNTC	02/04/22		10,234
USD	1,319,564		SEK	12,018,000	UBS	02/04/22		30,714
USD	34,781,623		SGD	46,899,000	HSBC	02/04/22		66,052
USD	172,124		SGD	232,000	MS	02/04/22		393
USD	57,144		SGD	77,000	RBS	02/04/22		147
USD	405,952		SGD	546,000	SSB	02/04/22		1,792
AUD	23,848,000		USD	16,804,112	BNP	03/03/22		59,329
CHF	14,068,000		USD	15,121,186	MS	03/03/22		71,795
DKK	54,928,000		USD	8,280,753	CITI	03/03/22		17,723
EUR	18,877,000		USD	21,173,600	CITI	03/03/22		46,183
HKD	16,387,000		USD	2,101,468	JPM	03/03/22		214
ILS	850,000		USD	267,630	CITI	03/03/22		1,041
JPY	5,135,212,000		USD	44,576,969	BOA	03/03/22		56,074
NZD	761,000		USD	499,584	BOA	03/03/22		931
SEK	80,787,000		USD	8,657,302	CITI	03/03/22		8,550
USD	14,645,002		JPY	1,683,672,000	JPM	03/03/22		11,253
								44,788,664
AUD	1,281,000		USD	931,948	JPM	02/04/22		(26,211	)
AUD	2,892,000		USD	2,102,839	MS	02/04/22		(58,037	)
CHF	5,484,000		USD	6,019,592	MS	02/04/22		(101,201	)
DKK	5,324,000		USD	815,084	BNP	02/04/22		(11,186	)
EUR	9,942,000		USD	11,320,053	MS	02/04/22		(150,267	)
GBP	2,536,000		USD	3,432,637	JPM	02/04/22		(22,014	)
GBP	3,258,000		USD	4,408,192	MS	02/04/22		(26,564	)
HKD	33,349,000		USD	4,277,837	CITI	02/04/22		(707	)
HKD	6,189,000		USD	793,865	MS	02/04/22		(103	)
ILS	295,000		USD	95,012	SSB	02/04/22		(1,813	)
ILS	408,000		USD	131,466	TNTC	02/04/22		(2,568	)
JPY	638,301,000		USD	5,548,577	JPM	02/04/22		(1,908	)
JPY	780,265,000		USD	6,782,065	UBS	02/04/22		(1,766	)
NOK	1,745,000		USD	198,002	CITI	02/04/22		(1,809	)
NOK	1,284,000		USD	145,775	JPM	02/04/22		(1,412	)
NZD	962,000		USD	658,486	CITI	02/04/22		(25,505	)
NZD	92,000		USD	62,943	SSB	02/04/22		(2,408	)
NZD	13,000		USD	8,898	UBS	02/04/22		(345	)
SEK	4,608,000		USD	510,004	JPM	02/04/22		(15,827	)

20 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SEK	10,805,000	USD		1,195,173	MS	02/04/22	$	(36,409	)
SGD	416,000	USD		308,518	BNP	02/04/22		(587	)
SGD	412,000	USD		305,706	BSCH	02/04/22		(735	)
SGD	437,000	USD		324,089	CITI	02/04/22		(613	)
USD	330,119	AUD		472,000	HSBC	02/04/22		(3,610	)
USD	1,604,312	CHF		1,489,000	MS	02/04/22		(2,632	)
USD	127,299	DKK		850,000	SSB	02/04/22		(1,047	)
USD	1,693,284	EUR		1,519,000	UBS	02/04/22		(13,305	)
USD	807,537	GBP		603,000	CBA	02/04/22		(3,427	)
USD	884,687	HKD		6,898,000	CITI	02/04/22		(6	)
USD	5,001	HKD		39,000	RBS	02/04/22		(1	)
USD	137,951	HKD		1,076,000	SSB	02/04/22		(49	)
USD	86,303	ILS		274,000	BOA	02/04/22		(261	)
USD	22,217	ILS		71,000	SSB	02/04/22		(214	)
USD	64,716	ILS		206,000	TNTC	02/04/22		(365	)
USD	3,288,437	JPY		381,712,000	BNP	02/04/22		(28,540	)
USD	756,298,215	JPY		87,073,521,000	BOA	02/04/22		(347,942	)
USD	7,526,129	JPY		867,929,000	BSCH	02/04/22		(15,947	)
USD	4,016,157	JPY		464,045,000	CBA	02/04/22		(16,273	)
USD	2,403,742	JPY		277,001,000	MS	02/04/22		(3,324	)
USD	43,486	JPY		5,029,000	TDB	02/04/22		(215	)
USD	2,332,802	JPY		269,606,000	UBS	02/04/22		(10,004	)
USD	161,705	NOK		1,447,000	CITI	02/04/22		(984	)
USD	373,667	NOK		3,333,000	SSB	02/04/22		(1,069	)
USD	9,812	NZD		15,000	SSB	02/04/22		(58	)
USD	188,339	SEK		1,776,000	SSB	02/04/22		(2,125	)
USD	148,022	SGD		201,000	BNP	02/04/22		(762	)
USD	755,543	SGD		1,024,000	SSB	02/04/22		(2,442	)
CHF	1,242,000	USD		1,343,088	MS	03/03/22		(1,768	)
DKK	7,128,000	USD		1,077,560	HSBC	03/03/22		(668	)
EUR	8,543,000	USD		9,608,987	UBS	03/03/22		(5,734	)
GBP	14,822,000	USD		19,938,125	JPM	03/03/22		(7,772	)
NOK	1,978,000	USD		222,339	UBS	03/03/22		(57	)
NZD	272,000	USD		178,963	BOA	03/03/22		(67	)
SEK	1,412,000	USD		151,716	CITI	03/03/22		(254	)
SGD	220,000	USD		162,835	SSB	03/03/22		(8	)
USD	232,917,404	AUD		330,557,000	CITI	03/03/22		(826,655	)
USD	19,390,429	AUD		27,426,000	TNTC	03/03/22		(3,094	)
USD	352,570,152	CHF		328,041,000	MS	03/03/22		(1,703,433	)
USD	91,525,976	DKK		607,149,000	UBS	03/03/22		(201,588	)
USD	1,128,101,105	EUR		1,005,790,000	SSB	03/03/22		(2,515,311	)
USD	500,389,967	GBP		373,037,000	SSB	03/03/22		(1,212,985	)
USD	24,727,640	GBP		18,435,000	UBS	03/03/22		(60,921	)
USD	4,296,247	HKD		33,501,000	BOA	03/03/22		(357	)
USD	90,934,157	HKD		709,070,000	CITI	03/03/22		(6,203	)
USD	14,707,068	ILS		46,712,000	JPM	03/03/22		(57,813	)
USD	20,842	ILS		66,000	SSB	03/03/22		(19	)
USD	774,661,432	JPY		89,240,997,000	BOA	03/03/22		(982,736	)
USD	962,681	NOK		8,588,000	CITI	03/03/22		(2,412	)
USD	22,405,329	NOK		199,872,000	JPM	03/03/22		(55,662	)

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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized  Appreciation  (Depreciation)
USD	6,911,211	NZD		10,528,000	JPM	03/03/22	$	(13,128)
USD	132,275,111	SEK		1,234,392,000	BNP	03/03/22		(135,524)
USD	2,457,838	SGD		3,324,000	BOA	03/03/22		(2,333)
USD	35,282,547	SGD		47,714,000	CITI	03/03/22		(31,710)
								(8,772,809)
	Net unrealized appreciation						$	36,015,855

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:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	44,788,664
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	8,772,809

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	100,653,249
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	45,076,552

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,227,914,138
Average amounts sold — in USD	$	6,338,550,392

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	$	44,788,664	$	8,772,809
Total derivative assets and liabilities in the Statement of Assets and Liabilities		44,788,664		8,772,809
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		44,788,664		8,772,809

22 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

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	(b)			Assets	(c)(d)
Banco Santander Central Hispano		$	5,981		$	(5,981	)	$	—	$	—			$	—
Bank of America N.A.			1,191,115			(1,191,115	)		—		—				—
BNP Paribas SA			6,777,139			(176,599	)		—		—				6,600,540
Citibank N.A.			4,365,181			(896,858	)		—		—				3,468,323
Commonwealth Bank of Australia			17,758			(17,758	)		—		—				—
HSBC Bank PLC			5,584,883			(4,278	)		—		—				5,580,605
JPMorgan Chase Bank N.A.			223,536			(201,747	)		—		—				21,789
Morgan Stanley & Co. International PLC			8,229,953			(2,083,738	)		—		(6,146,215	)			—
Royal Bank of Scotland PLC			12,756			(1	)		—		—				12,755
State Street Bank and Trust Co.			17,820,268			(3,739,548	)		—		—				14,080,720
The Northern Trust Company			14,377			(6,027	)		—		—				8,350
Toronto Dominion Bank			3,442			(215	)		—		—				3,227
UBS AG			542,275			(293,720	)		—		—				248,555
		$	44,788,664		$	(8,617,585	)	$	—	$	(6,146,215	)		$	30,024,864
	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	(d)(e)
Banco Santander Central Hispano		$	16,682		$	(5,981	)	$	—	$	—			$	10,701
Bank of America N.A.			1,333,696			(1,191,115	)		—		—				142,581
BNP Paribas SA			176,599			(176,599	)		—		—				—
Citibank N.A.			896,858			(896,858	)		—		—				—
Commonwealth Bank of Australia			19,700			(17,758	)		—		—				1,942
HSBC Bank PLC			4,278			(4,278	)		—		—				—
JPMorgan Chase Bank N.A.			201,747			(201,747	)		—		—				—
Morgan Stanley & Co. International PLC			2,083,738			(2,083,738	)		—		—				—
Royal Bank of Scotland PLC			1			(1	)		—		—				—
State Street Bank and Trust Co.			3,739,548			(3,739,548	)		—		—				—
The Northern Trust Company			6,027			(6,027	)		—		—				—
Toronto Dominion Bank			215			(215	)		—		—				—
UBS AG			293,720			(293,720	)		—		—				—
		$	8,772,809		$	(8,617,585	)	$	—	$	—			$	155,224

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

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)  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.

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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Investment Companies	$	3,359,559,786	$	—		$	—	$	3,359,559,786
Money Market Funds		9,400,000		—			—		9,400,000
	$	3,368,959,786	$	—		$	—	$	3,368,959,786
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	44,788,664		$	—	$	44,788,664
Liabilities
Forward Foreign Currency Exchange Contracts		—		(8,772,809	)		—		(8,772,809	)
	$	—	$	36,015,855		$	—	$	36,015,855

^(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.

24 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.2%
iShares MSCI EAFE Small-Cap ETF(a)		1,586,389	$	108,889,741
Total Investment Companies — 100.2% (Cost: $104,657,906)				108,889,741
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		60,000		60,000
Total Short-Term Investments — 0.0% (Cost: $60,000)				60,000
Total Investments in Securities — 100.2% (Cost: $104,717,906)				108,949,741
Other Assets, Less Liabilities — (0.2)%			(265,799)
Net Assets — 100.0%			$	108,683,942

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	60,000	$	0	(a)	$	—		$	—	$	—		$	60,000		60,000	$	3	$	—
iShares MSCI EAFE Small-Cap ETF		98,122,469		27,807,723			(6,592,169	)		610,162		(11,058,444	)		108,889,741		1,586,389		2,281,731		—
									$	610,162	$	(11,058,444	)	$	108,949,741			$	2,281,734	$	—

^(a)  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)
AUD	15,407,000	USD	10,854,965	MS	02/04/22	$	38,626
CHF	5,331,000	USD	5,726,085	MS	02/04/22		27,187
DKK	13,209,000	USD	1,990,116	UBS	02/04/22		4,377
EUR	20,996,000	USD	23,536,516	SSB	02/04/22		52,383
GBP	15,220,000	USD	20,419,913	SSB	02/04/22		49,200
HKD	15,952,000	USD	2,045,784	CITI	02/04/22		118
ILS	9,585,000	USD	3,016,390	JPM	02/04/22		11,773
JPY	3,531,016,000	USD	30,644,956	BOA	02/04/22		38,651
NOK	25,016,000	USD	2,805,628	JPM	02/04/22		6,968
NZD	1,647,000	USD	1,081,643	JPM	02/04/22		2,058
SEK	76,625,000	USD	8,209,147	BNP	02/04/22		8,370
SGD	2,734,000	USD	2,021,965	CITI	02/04/22		1,796

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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	11,480,402		AUD	15,792,000	MS	02/04/22	$	314,596
USD	6,564,741		CHF	5,977,000	BOA	02/04/22		114,299
USD	17,548		CHF	16,000	JPM	02/04/22		281
USD	2,074,865		DKK	13,562,000	BOA	02/04/22		27,070
USD	6,250		DKK	41,000	SSB	02/04/22		59
USD	311,780		EUR	274,000	BOA	02/04/22		3,942
USD	76,024		EUR	67,000	JPM	02/04/22		750
USD	11,391		EUR	10,000	MS	02/04/22		156
USD	24,103,691		EUR	21,183,000	SSB	02/04/22		304,698
USD	20,264,084		GBP	14,962,000	CITI	02/04/22		141,950
USD	858,722		GBP	634,000	SSB	02/04/22		6,066
USD	2,067,227		HKD	16,116,000	BOA	02/04/22		292
USD	4,233		HKD	33,000	CITI	02/04/22		1
USD	19,754		HKD	154,000	DB	02/04/22		3
USD	6,678		HKD	52,000	SSB	02/04/22		9
USD	70,048		ILS	218,000	BBP	02/04/22		1,177
USD	3,064,615		ILS	9,538,000	BOA	02/04/22		51,301
USD	26,284		ILS	82,000	SSB	02/04/22		378
USD	94,148		JPY	10,700,000	JPM	02/04/22		1,168
USD	2,964,424		NOK	26,156,000	BOA	02/04/22		23,655
USD	21,458		NOK	189,000	JPM	02/04/22		208
USD	1,142,365		NZD	1,669,000	BBP	02/04/22		44,189
USD	3,356		NZD	5,000	JPM	02/04/22		67
USD	9,582		NZD	14,000	UBS	02/04/22		371
USD	9,117,915		SEK	82,534,000	BOA	02/04/22		266,697
USD	37,979		SEK	347,000	JPM	02/04/22		765
USD	6,691		SGD	9,000	BBP	02/04/22		29
USD	2,109,119		SGD	2,844,000	BOA	02/04/22		3,934
AUD	1,593,000		USD	1,122,470	MS	03/03/22		3,975
CHF	297,000		USD	319,248	BOA	03/03/22		1,502
DKK	802,000		USD	120,907	DB	03/03/22		258
EUR	455,000		USD	510,356	CITI	03/03/22		1,113
GBP	988,000		USD	1,325,294	DB	03/03/22		3,217
HKD	88,000		USD	11,285	JPM	03/03/22		1
JPY	224,649,000		USD	1,950,099	BOA	03/03/22		2,453
NOK	1,438,000		USD	161,196	DB	03/03/22		402
NZD	78,000		USD	51,206	BOA	03/03/22		95
SEK	10,297,000		USD	1,103,446	DB	03/03/22		1,092
SGD	60,000		USD	44,371	BOA	03/03/22		37
USD	540,683		JPY	62,160,000	JPM	03/03/22		415
USD	14,183		SEK	132,000	CITI	03/03/22		24
								1,564,202
AUD	385,000		USD	277,772	MS	02/04/22		(5,556	)
CHF	5,000		USD	5,489	BBP	02/04/22		(93	)
CHF	132,000		USD	144,521	BOA	02/04/22		(2,065	)
CHF	525,000		USD	576,669	DB	02/04/22		(10,084	)
DKK	59,000		USD	9,027	BNP	02/04/22		(119	)
DKK	335,000		USD	51,395	BOA	02/04/22		(812	)
EUR	538,000		USD	614,251	JPM	02/04/22		(9,811	)
GBP	376,000		USD	514,237	JPM	02/04/22		(8,561	)

26 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
HKD	403,000	USD	51,765	SSB	02/04/22	$	(79	)
ILS	253,000	USD	81,418	BBP	02/04/22		(1,489	)
JPY	113,957,000	USD	996,133	JPM	02/04/22		(5,876	)
NOK	780,000	USD	88,406	BNP	02/04/22		(709	)
NOK	625,000	USD	71,257	CITI	02/04/22		(987	)
NZD	41,000	USD	27,905	JPM	02/04/22		(927	)
SEK	4,446,000	USD	491,192	BNP	02/04/22		(14,388	)
SEK	1,810,000	USD	200,555	JPM	02/04/22		(6,445	)
SGD	48,000	USD	35,599	BBP	02/04/22		(68	)
SGD	2,000	USD	1,484	BSCH	02/04/22		(4	)
SGD	69,000	USD	51,156	JPM	02/04/22		(81	)
USD	31,487,129	JPY	3,625,151,000	BOA	02/04/22		(14,486	)
USD	79,229	JPY	9,122,000	DB	02/04/22		(38	)
USD	8,539	NOK	76,000	SSB	02/04/22		(6	)
CHF	14,000	USD	15,137	JPM	03/03/22		(18	)
DKK	85,000	USD	12,849	BOA	03/03/22		(8	)
EUR	102,000	USD	114,727	UBS	03/03/22		(68	)
GBP	81,000	USD	108,959	JPM	03/03/22		(42	)
NOK	184,000	USD	20,683	UBS	03/03/22		(5	)
NZD	7,000	USD	4,606	BOA	03/03/22		(2	)
SGD	12,000	USD	8,882	SSB	03/03/22		—
USD	11,087,060	AUD	15,734,000	MS	03/03/22		(38,795	)
USD	5,730,052	CHF	5,331,000	MS	03/03/22		(27,254	)
USD	1,991,219	DKK	13,209,000	UBS	03/03/22		(4,386	)
USD	23,549,261	EUR	20,996,000	SSB	03/03/22		(52,507	)
USD	20,416,032	GBP	15,220,000	SSB	03/03/22		(49,490	)
USD	6,156	HKD	48,000	BOA	03/03/22		—
USD	2,045,752	HKD	15,952,000	CITI	03/03/22		(140	)
USD	31,799	ILS	101,000	CITI	03/03/22		(126	)
USD	3,017,795	ILS	9,585,000	JPM	03/03/22		(11,863	)
USD	7,895	ILS	25,000	SSB	03/03/22		(7	)
USD	30,651,181	JPY	3,531,016,000	BOA	03/03/22		(38,884	)
USD	2,804,253	NOK	25,016,000	JPM	03/03/22		(6,967	)
USD	1,081,190	NZD	1,647,000	JPM	03/03/22		(2,054	)
USD	8,210,990	SEK	76,625,000	BNP	03/03/22		(8,413	)
USD	2,021,681	SGD	2,734,000	CITI	03/03/22		(1,817	)
							(325,530	)
	Net unrealized appreciation					$	1,238,672

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:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	1,564,202

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) (continued) January 31, 2022 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Foreign Currency Exchange Contracts
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	325,530

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	3,411,820
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	1,439,245

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	110,499,989
Average amounts sold — in USD	$	214,449,884

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	$	1,564,202	$	325,530
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,564,202		325,530
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,564,202		325,530

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	(b)			Assets	(c)(d)
Bank of America N.A.		$	533,928		$	(56,257	)	$	—	$	—			$	477,671
Barclays Bank PLC			45,395			(1,650	)		—		—				43,745
BNP Paribas SA			8,370			(8,370	)		—		—				—
Citibank N.A.			145,002			(3,070	)		—		—				141,932
Deutsche Bank Securities Inc.			4,972			(4,972	)		—		—				—
JPMorgan Chase Bank N.A.			24,454			(24,454	)		—		—				—
Morgan Stanley & Co. International PLC			384,540			(71,605	)		—		(312,935	)			—
State Street Bank and Trust Co.			412,793			(102,089	)		—		—				310,704
UBS AG			4,748			(4,459	)		—		—				289
		$	1,564,202		$	(276,926	)	$	—	$	(312,935	)		$	974,341

28 2 0 2 2   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) January 31, 2022 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

	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	(d)(e)
Banco Santander Central Hispano		$	4		$	—		$	—	$	—		$	4
Bank of America N.A.			56,257			(56,257	)		—		—			—
Barclays Bank PLC			1,650			(1,650	)		—		—			—
BNP Paribas SA			23,629			(8,370	)		—		—			15,259
Citibank N.A.			3,070			(3,070	)		—		—			—
Deutsche Bank Securities Inc.			10,122			(4,972	)		—		—			5,150
JPMorgan Chase Bank N.A.			52,645			(24,454	)		—		—			28,191
Morgan Stanley & Co. International PLC			71,605			(71,605	)		—		—			—
State Street Bank and Trust Co.			102,089			(102,089	)		—		—			—
UBS AG			4,459			(4,459	)		—		—			—
		$	325,530		$	(276,926	)	$	—	$	—		$	48,604

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

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)  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
Investments
Assets
Investment Companies	$	108,889,741	$	—		$	—	$	108,889,741
Money Market Funds		60,000		—			—		60,000
	$	108,949,741	$	—		$	—	$	108,949,741
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,564,202		$	—	$	1,564,202
Liabilities
Forward Foreign Currency Exchange Contracts		—		(325,530	)		—		(325,530	)
	$	—	$	1,238,672		$	—	$	1,238,672

^(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 29

Schedule of Investments (unaudited) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.8%
Ampol Ltd.		51,700	$	1,095,161
APA Group		224,408		1,521,901
Aristocrat Leisure Ltd.		112,529		3,261,964
ASX Ltd.		37,644		2,232,610
Aurizon Holdings Ltd.		322,955		807,987
AusNet Services Ltd.		321,294		591,213
Australia & New Zealand Banking Group Ltd.		522,608		9,876,683
BHP Group Ltd.(a)		535,557		17,175,609
BHP Group Ltd.		396,638		12,519,795
BlueScope Steel Ltd.		95,169		1,247,365
Brambles Ltd.		261,096		1,793,742
Cochlear Ltd.		12,735		1,746,388
Coles Group Ltd.		247,227		2,840,317
Commonwealth Bank of Australia		325,684		21,719,780
Computershare Ltd.		102,237		1,417,168
Crown Resorts Ltd.(b)		82,599		711,681
CSL Ltd.		87,439		16,197,426
Dexus		201,564		1,467,368
Domino’s Pizza Enterprises Ltd.		10,231		754,672
Endeavour Group Ltd./Australia		241,975		1,080,809
Evolution Mining Ltd.		303,196		761,759
Fortescue Metals Group Ltd.		308,980		4,338,729
Glencore PLC		1,849,705		9,636,248
Goodman Group		308,003		5,085,661
GPT Group (The)		303,894		1,076,895
IDP Education Ltd.		36,285		758,442
Insurance Australia Group Ltd.		478,366		1,442,931
James Hardie Industries PLC		83,570		2,812,567
Lendlease Corp. Ltd.		129,588		917,035
Macquarie Group Ltd.		64,655		8,451,152
Magellan Financial Group Ltd.		19,834		263,910
Medibank Pvt Ltd.		554,009		1,213,984
Mirvac Group		799,321		1,481,273
National Australia Bank Ltd.		605,805		11,689,276
Newcrest Mining Ltd.		152,761		2,369,531
Northern Star Resources Ltd.		200,437		1,194,589
Orica Ltd.		86,698		858,964
Origin Energy Ltd.		318,825		1,275,778
Qantas Airways Ltd.(b)		196,091		671,150
QBE Insurance Group Ltd.		286,799		2,277,081
Ramsay Health Care Ltd.		32,785		1,462,736
REA Group Ltd.		7,954		824,008
Reece Ltd.		52,006		802,889
Rio Tinto Ltd.		65,556		5,212,074
Rio Tinto PLC		207,460		14,622,884
Santos Ltd.		582,811		2,968,683
Scentre Group		985,928		2,046,930
SEEK Ltd.		63,183		1,309,354
Sonic Healthcare Ltd.		84,147		2,266,104
South32 Ltd.		891,587		2,453,020
Stockland		495,171		1,427,294
Suncorp Group Ltd.		231,803		1,820,556
Sydney Airport(b)		200,339		1,231,307
Tabcorp Holdings Ltd.		425,695		1,495,714
Telstra Corp. Ltd.		746,101		2,074,101
Transurban Group		559,238		4,940,434
Treasury Wine Estates Ltd.		146,723		1,102,804
Vicinity Centres		575,891		667,635

Security	Shares		Value
Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		37,580	$	729,575
Wesfarmers Ltd.		209,426		7,814,210
Westpac Banking Corp.		666,300		9,609,998
WiseTech Global Ltd.		29,086		947,312
Woodside Petroleum Ltd.		175,001		3,127,094
Woolworths Group Ltd.		233,673		5,700,327
				235,293,637
Austria — 0.1%
Erste Group Bank AG		53,255		2,489,170
OMV AG		29,921		1,831,296
Raiffeisen Bank International AG		34,915		981,364
Verbund AG		10,529		1,115,128
voestalpine AG		22,408		744,957
				7,161,915
Belgium — 0.5%
Ageas SA/NV		32,249		1,552,291
Anheuser-Busch InBev SA/NV		136,909		8,630,894
Elia Group SA/NV		6,010		811,018
Etablissements Franz Colruyt NV		7,999		324,917
Groupe Bruxelles Lambert SA		20,760		2,227,608
KBC Group NV		46,146		4,013,287
Proximus SADP		23,952		489,114
Sofina SA		2,167		862,786
Solvay SA		13,988		1,685,403
UCB SA		22,808		2,269,515
Umicore SA		38,359		1,452,105
				24,318,938
Brazil — 1.0%
Ambev SA		886,578		2,499,402
Americanas SA(b)		71,276		425,635
Atacadao SA		77,155		242,213
B3 SA - Brasil, Bolsa, Balcao		1,178,043		3,243,440
Banco Bradesco SA		142,199		503,445
Banco BTG Pactual SA		170,448		775,829
Banco do Brasil SA		154,322		949,164
Banco Inter SA		69,720		341,110
Banco Santander Brasil SA		50,574		313,058
BB Seguridade Participacoes SA		130,732		569,695
BRF SA(b)		106,468		447,719
CCR SA		259,700		635,788
Cia. de Saneamento Basico do Estado de Sao Paulo		70,514		496,112
Cia. Siderurgica Nacional SA		137,204		659,910
Cosan SA		166,639		745,939
Energisa SA		22,565		185,489
Engie Brasil Energia SA		59,365		455,011
Equatorial Energia SA		154,292		667,133
Hapvida Participacoes e Investimentos SA(c)		226,368		539,692
Hypera SA		90,095		527,835
JBS SA		176,932		1,169,195
Klabin SA		140,614		658,834
Localiza Rent a Car SA		121,634		1,342,301
Lojas Renner SA		184,885		979,071
Magazine Luiza SA		578,488		762,588
Natura & Co. Holding SA(b)		176,454		754,318
Notre Dame Intermedica Participacoes SA		98,389		1,319,240
Petroleo Brasileiro SA		726,288		4,824,048
Raia Drogasil SA		226,299		987,003
Rede D’Or Sao Luiz SA(c)		75,557		630,626
Rumo SA(b)		244,517		719,262

30 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Suzano SA		146,387	$	1,632,005
Telefonica Brasil SA		93,714		876,765
TIM SA		222,687		556,497
TOTVS SA		73,994		405,078
Ultrapar Participacoes SA		141,143		401,625
Vale SA		742,450		11,307,119
Via S/A(b)		263,027		233,797
Vibra Energia SA		164,401		708,985
WEG SA		261,957		1,586,512
				47,078,488
Canada — 7.6%
Agnico Eagle Mines Ltd.		43,628		2,083,669
Air Canada(b)		32,503		584,525
Algonquin Power & Utilities Corp.		118,045		1,685,495
Alimentation Couche-Tard Inc.		151,215		6,099,039
AltaGas Ltd.		53,607		1,101,112
Ballard Power Systems Inc.(a)(b)		43,350		452,205
Bank of Montreal		119,690		13,547,573
Bank of Nova Scotia (The)		224,039		16,137,364
Barrick Gold Corp.		313,812		6,006,408
Bausch Health Cos Inc.(b)		60,192		1,479,762
BCE Inc.		13,635		712,240
BlackBerry Ltd.(b)		104,241		857,775
Brookfield Asset Management Inc., Class A		258,997		14,262,510
Brookfield Renewable Corp., Class A		25,554		874,282
CAE Inc.(b)		52,647		1,329,480
Cameco Corp.		79,043		1,536,524
Canadian Apartment Properties REIT		16,316		717,640
Canadian Imperial Bank of Commerce		84,291		10,584,533
Canadian National Railway Co.		129,612		15,797,339
Canadian Natural Resources Ltd.		219,191		11,149,660
Canadian Pacific Railway Ltd.		170,824		12,221,008
Canadian Tire Corp. Ltd., Class A, NVS		11,465		1,655,329
Canadian Utilities Ltd., Class A, NVS		25,728		747,461
Canopy Growth Corp.(a)(b)		43,910		353,035
CCL Industries Inc., Class B, NVS		28,518		1,491,017
Cenovus Energy Inc.		248,185		3,610,070
CGI Inc.(b)		40,865		3,489,028
Constellation Software Inc.		3,781		6,512,160
Dollarama Inc.		56,551		2,917,972
Emera Inc.		36,536		1,731,159
Empire Co. Ltd., Class A, NVS		30,948		954,868
Enbridge Inc.		374,786		15,844,707
Fairfax Financial Holdings Ltd.		5,081		2,453,462
First Quantum Minerals Ltd.		113,300		2,790,719
FirstService Corp.		6,953		1,108,684
Fortis Inc.		87,164		4,140,316
Franco-Nevada Corp.		36,231		4,790,421
George Weston Ltd.		15,107		1,647,431
GFL Environmental Inc.		34,031		1,117,991
Gildan Activewear Inc.		38,750		1,542,501
Great-West Lifeco Inc.		52,747		1,647,786
Hydro One Ltd.(c)		52,007		1,343,594
iA Financial Corp. Inc.		15,696		1,021,293
IGM Financial Inc.		12,983		456,139
Imperial Oil Ltd.		45,620		1,866,575
Intact Financial Corp.		26,972		3,654,476
Ivanhoe Mines Ltd., Class A(b)		111,881		958,490
Keyera Corp.		35,766		841,569
Kinross Gold Corp.		240,757		1,301,184

Security	Shares		Value
Canada (continued)
Kirkland Lake Gold Ltd.		51,868	$	1,953,695
Lightspeed Commerce Inc.(b)		18,325		594,807
Loblaw Companies Ltd.		32,307		2,492,505
Lundin Mining Corp.		134,448		1,120,092
Magna International Inc.		52,840		4,257,046
Manulife Financial Corp.		327,824		6,826,497
Metro Inc.		47,977		2,566,146
National Bank of Canada		62,436		4,995,273
Northland Power Inc.		36,139		1,046,514
Nutrien Ltd.		107,606		7,515,447
Nuvei Corp.(b)(c)		10,396		633,582
Onex Corp.		14,117		1,014,061
Open Text Corp.		50,247		2,404,931
Pan American Silver Corp.		41,678		901,988
Parkland Corp.		29,278		778,505
Pembina Pipeline Corp.		101,738		3,230,261
Power Corp. of Canada		103,514		3,327,367
Quebecor Inc., Class B		21,312		503,984
Restaurant Brands International Inc.		50,293		2,813,069
RioCan REIT		30,862		537,290
Ritchie Bros Auctioneers Inc.		21,552		1,313,652
Rogers Communications Inc., Class B, NVS		65,563		3,325,215
Royal Bank of Canada		261,762		29,844,760
Saputo Inc.		49,144		1,101,453
Shaw Communications Inc., Class B, NVS		85,442		2,546,826
Shopify Inc., Class A(b)		20,871		20,145,281
Sun Life Financial Inc.		111,418		6,310,020
Suncor Energy Inc.		274,669		7,847,994
TC Energy Corp.		178,112		9,197,397
Teck Resources Ltd., Class B		90,574		2,797,416
TELUS Corp.		90,179		2,121,901
TFI International Inc.		14,070		1,354,258
Thomson Reuters Corp.		32,707		3,511,149
TMX Group Ltd.		9,978		1,015,030
Toromont Industries Ltd.		13,677		1,154,392
Toronto-Dominion Bank (The)		336,417		26,944,589
Tourmaline Oil Corp.		54,118		1,929,456
West Fraser Timber Co. Ltd.		14,352		1,328,448
Wheaton Precious Metals Corp.		86,896		3,503,458
WSP Global Inc.		16,349		2,180,038
				370,195,373
Chile — 0.1%
Banco de Chile		4,638,223		463,808
Banco de Credito e Inversiones SA		16,804		608,635
Banco Santander Chile		12,323,589		612,297
Cencosud SA		273,010		502,872
Cia. Cervecerias Unidas SA		23,202		192,292
Empresas CMPC SA		214,974		394,577
Empresas COPEC SA		81,904		687,371
Enel Americas SA		6,065,619		715,171
Enel Chile SA		8,026,650		314,460
Falabella SA		155,834		554,656
				5,046,139
China — 9.5%
Yankuang Energy Group Co. Ltd., Class H(a)		358,000		758,476
360 DigiTech Inc.		17,889		354,023
3SBio Inc.(b)(c)		271,000		214,576
51job Inc., ADR(b)		5,203		262,231
AAC Technologies Holdings Inc.(a)		113,000		343,110

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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Agile Group Holdings Ltd.		146,000	$	77,394
Agora Inc., ADR(b)		8,072		92,263
Agricultural Bank of China Ltd., Class A		1,731,800		807,277
Agricultural Bank of China Ltd., Class H		4,309,000		1,639,465
Aier Eye Hospital Group Co. Ltd., Class A		82,194		420,843
Air China Ltd., Class H(a)(b)		280,000		211,089
Akeso Inc.(b)(c)		53,000		143,964
Alibaba Group Holding Ltd.(b)		2,789,564		43,722,403
Alibaba Health Information Technology Ltd.(a)(b)		732,000		551,744
Alibaba Pictures Group Ltd.(a)(b)		2,830,000		320,479
A-Living Smart City Services Co. Ltd., Class A(c)		83,250		162,075
Aluminum Corp. of China Ltd., Class H(b)		920,000		484,165
Anhui Conch Cement Co. Ltd., Class A		106,598		658,488
Anhui Conch Cement Co. Ltd., Class H		207,000		1,094,932
Anhui Gujing Distillery Co. Ltd., Class B		44,900		662,497
ANTA Sports Products Ltd.(a)		190,800		2,864,914
Autohome Inc., ADR		13,126		437,358
AviChina Industry & Technology Co. Ltd., Class H		439,000		247,750
Baidu Inc., ADR(b)		51,732		8,263,670
Bank of Beijing Co. Ltd., Class A		1,119,998		792,058
Bank of China Ltd., Class A		1,268,900		616,584
Bank of China Ltd., Class H		13,927,000		5,428,641
Bank of Communications Co. Ltd., Class A		1,108,400		827,739
Bank of Communications Co. Ltd., Class H		1,600,800		1,073,724
Bank of Ningbo Co. Ltd., Class A		142,277		879,745
Bank of Shanghai Co. Ltd., Class A		532,599		589,834
Baoshan Iron & Steel Co. Ltd., Class A		447,496		498,579
BeiGene Ltd., ADR(a)(b)		8,055		1,953,982
Beijing Capital International Airport Co. Ltd., Class H(b)		386,000		257,704
Beijing Enterprises Holdings Ltd.		90,000		306,807
Beijing Enterprises Water Group Ltd.		810,000		315,932
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		1,663,700		1,325,900
Bilibili Inc., ADR(a)(b)		31,267		1,103,412
BOC Aviation Ltd.(c)		32,300		271,552
BOE Technology Group Co. Ltd., Class A		817,000		626,472
Bosideng International Holdings Ltd.		632,000		308,059
BYD Co. Ltd., Class A		28,700		1,070,149
BYD Co. Ltd., Class H		134,000		3,963,325
BYD Electronic International Co. Ltd.		123,500		373,523
CanSino Biologics Inc., Class H(b)(c)		15,800		264,675
CGN Power Co. Ltd., Class H(c)		3,019,000		834,147
Changchun High & New Technology Industry Group Inc., Class A		11,700		325,269
China Bohai Bank Co. Ltd., Class H(c)		566,500		141,679
China Cinda Asset Management Co. Ltd., Class H		1,574,000		287,866
China CITIC Bank Corp. Ltd., Class H		1,623,000		774,324
China Coal Energy Co. Ltd., Class H		390,000		218,268
China Communications Services Corp. Ltd., Class H		534,000		284,248
China Conch Venture Holdings Ltd.		293,500		1,395,205
China Construction Bank Corp., Class H		18,003,050		13,814,610
China Education Group Holdings Ltd.		140,000		122,536
China Everbright Bank Co. Ltd., Class A		1,107,500		584,063
China Everbright Bank Co. Ltd., Class H		566,000		212,645
China Everbright Environment Group Ltd.		949,037		704,989
China Evergrande Group(a)(b)(d)		288,000		61,545
China Feihe Ltd.(c)		610,000		845,925
China Galaxy Securities Co. Ltd., Class H		807,500		478,827
China Gas Holdings Ltd.		551,800		937,498
China Hongqiao Group Ltd.		472,000		533,326

Security	Shares		Value
China (continued)
China Huishan Dairy Holdings Co. Ltd.(b)(e)		930,700	$	1
China International Capital Corp. Ltd., Class H(c)		300,000		817,205
China Jinmao Holdings Group Ltd.		990,000		359,637
China Lesso Group Holdings Ltd.		228,000		396,379
China Life Insurance Co. Ltd., Class A		78,400		341,996
China Life Insurance Co. Ltd., Class H		1,202,000		2,112,993
China Literature Ltd.(b)(c)		65,800		398,509
China Longyuan Power Group Corp. Ltd., Class H		627,000		1,279,261
China Medical System Holdings Ltd.		269,000		450,448
China Meidong Auto Holdings Ltd.		116,000		544,624
China Mengniu Dairy Co. Ltd.		541,000		3,197,647
China Merchants Bank Co. Ltd., Class A		289,300		2,249,150
China Merchants Bank Co. Ltd., Class H		702,593		5,872,357
China Merchants Port Holdings Co. Ltd.		240,000		443,560
China Merchants Securities Co. Ltd., Class A		197,660		522,751
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		315,977		674,640
China Minsheng Banking Corp. Ltd., Class A		991,395		606,050
China Minsheng Banking Corp. Ltd., Class H		932,240		371,555
China Molybdenum Co. Ltd., Class H		882,000		453,236
China National Building Material Co. Ltd., Class H		732,000		950,760
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		82,600		491,040
China Oilfield Services Ltd., Class H		356,000		350,112
China Overseas Land & Investment Ltd.		697,500		2,058,655
China Overseas Property Holdings Ltd.		240,000		278,721
China Pacific Insurance Group Co. Ltd., Class A		158,597		660,056
China Pacific Insurance Group Co. Ltd., Class H		461,200		1,403,984
China Petroleum & Chemical Corp., Class A		1,093,398		726,757
China Petroleum & Chemical Corp., Class H		4,087,000		2,139,912
China Power International Development Ltd.		1,077,000		533,021
China Railway Group Ltd., Class A		1,030,696		1,011,491
China Railway Group Ltd., Class H		713,000		440,123
China Renewable Energy Investment Ltd.(b)(e)		7,401		—
China Resources Beer Holdings Co. Ltd.		260,000		1,941,129
China Resources Cement Holdings Ltd.		380,000		327,457
China Resources Gas Group Ltd.		168,000		840,318
China Resources Land Ltd.		532,000		2,571,485
China Resources Mixc Lifestyle Services Ltd.(c)		103,400		607,754
China Resources Power Holdings Co. Ltd.		356,000		866,960
China Shenhua Energy Co. Ltd., Class H		629,000		1,547,118
China Southern Airlines Co. Ltd., Class H(a)(b)		194,000		124,208
China State Construction Engineering Corp. Ltd., Class A		1,235,198		1,011,685
China State Construction International Holdings Ltd.		356,000		421,422
China Suntien Green Energy Corp. Ltd., Class H		454,000		276,649
China Taiping Insurance Holdings Co. Ltd.		311,800		441,121
China Tourism Group Duty Free Corp. Ltd., Class A		25,898		848,669
China Tower Corp. Ltd., Class H(c)		8,708,000		1,051,916
China Traditional Chinese Medicine Holdings Co. Ltd.		420,000		244,935
China Vanke Co. Ltd., Class A		218,300		699,365
China Vanke Co. Ltd., Class H		262,200		677,852
China Yangtze Power Co. Ltd., Class A		329,249		1,135,496
China Yuhua Education Corp. Ltd.(c)		272,000		59,184
Chinasoft International Ltd.		508,000		508,341
Chindata Group Holdings Ltd., ADR(a)(b)		19,286		98,744
Chongqing Zhifei Biological Products Co. Ltd., Class A		26,200		439,942
CIFI Ever Sunshine Services Group Ltd.		146,000		263,475
CIFI Holdings Group Co. Ltd.		637,200		415,971
CITIC Ltd.		1,067,000		1,198,353

32 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
CITIC Securities Co. Ltd., Class A		320,300	$	1,253,120
CITIC Securities Co. Ltd., Class H		413,000		1,105,939
Contemporary Amperex Technology Co. Ltd., Class A		27,600		2,663,170
COSCO SHIPPING Holdings Co. Ltd., Class A(b)		241,930		627,565
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		555,749		1,011,035
COSCO SHIPPING Ports Ltd.		276,000		219,862
Country Garden Holdings Co. Ltd.		1,462,828		1,201,502
Country Garden Services Holdings Co. Ltd.		296,000		1,748,534
CRRC Corp. Ltd., Class H		794,000		363,626
CSC Financial Co. Ltd., Class A		129,300		542,819
CSPC Pharmaceutical Group Ltd.		1,554,960		1,889,882
Dada Nexus Ltd., ADR(b)		15,242		166,443
Dali Foods Group Co. Ltd.(c)		296,500		171,369
Daqo New Energy Corp., ADR(b)		12,631		506,756
Dongfeng Motor Group Co. Ltd., Class H		448,000		395,067
Dongyue Group Ltd.		325,000		397,772
East Money Information Co. Ltd., Class A		229,444		1,145,812
ENN Energy Holdings Ltd.		148,700		2,367,344
Eve Energy Co. Ltd., Class A		34,700		522,305
Far East Horizon Ltd.		274,000		234,394
Flat Glass Group Co. Ltd., Class H(a)		117,000		469,713
Focus Media Information Technology Co. Ltd., Class A		538,250		650,131
Foshan Haitian Flavouring & Food Co. Ltd., Class A		49,000		749,898
Fosun International Ltd.		481,500		546,331
Fuyao Glass Industry Group Co. Ltd., Class H(c)		146,400		792,786
Ganfeng Lithium Co. Ltd., Class A		23,600		507,627
Ganfeng Lithium Co. Ltd., Class H(c)		38,600		613,367
GDS Holdings Ltd., ADR(b)		22,893		1,004,545
Geely Automobile Holdings Ltd.		1,060,000		2,294,642
Genscript Biotech Corp.(b)		230,000		732,646
GF Securities Co. Ltd., Class H		285,400		494,692
GoerTek Inc., Class A		70,800		533,413
GOME Retail Holdings Ltd.(a)(b)		1,893,320		129,686
Great Wall Motor Co. Ltd., Class H		601,500		1,631,922
Greentown China Holdings Ltd.		149,000		246,007
Greentown Service Group Co. Ltd.		260,000		285,441
Guangdong Investment Ltd.		494,000		705,646
Guangzhou Automobile Group Co. Ltd., Class H		508,028		499,028
Guangzhou R&F Properties Co. Ltd., Class H(a)		288,000		128,191
Guotai Junan Securities Co. Ltd., Class A		419,100		1,169,000
Haidilao International Holding Ltd.(c)		168,000		364,119
Haier Smart Home Co. Ltd., Class A		257,600		1,134,949
Haier Smart Home Co. Ltd., Class H		351,200		1,407,975
Haitian International Holdings Ltd.		113,000		293,988
Haitong Securities Co. Ltd., Class A		420,792		762,681
Haitong Securities Co. Ltd., Class H		503,600		453,197
Hangzhou Tigermed Consulting Co. Ltd., Class A		30,900		508,241
Hansoh Pharmaceutical Group Co. Ltd.(c)		192,000		395,791
Hello Group Inc., ADR		30,476		296,531
Henan Shuanghui Investment & Development Co. Ltd., Class A		81,200		382,004
Hengan International Group Co. Ltd.		106,000		518,161
Hengli Petrochemical Co. Ltd., Class A		136,300		515,816
HengTen Networks Group Ltd.(a)(b)		508,000		156,822
Hopson Development Holdings Ltd.		135,670		282,691
Hua Hong Semiconductor Ltd.(b)(c)		117,000		569,554
Huaneng Power International Inc., Class H		878,000		462,183
Huatai Securities Co. Ltd., Class A		327,700		886,788
Huatai Securities Co. Ltd., Class H(c)		276,000		490,621
Huaxia Bank Co. Ltd., Class A		806,200		715,428

Security	Shares		Value
China (continued)
Huazhu Group Ltd., ADR(a)(b)		33,560	$	1,326,291
Hygeia Healthcare Holdings Co. Ltd.(c)		72,600		329,141
I-Mab, ADR(b)		8,940		225,735
Industrial & Commercial Bank of China Ltd., Class A		1,223,110		897,873
Industrial & Commercial Bank of China Ltd., Class H		10,213,285		6,187,669
Industrial Bank Co. Ltd., Class A		350,742		1,160,391
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		121,199		730,428
Innovent Biologics Inc.(b)(c)		209,000		885,074
iQIYI Inc., ADR(b)		54,163		220,985
JD Health International Inc.(b)(c)		60,100		485,438
JD.com Inc., Class A(b)		377,598		14,311,489
Jiangsu Expressway Co. Ltd., Class H		218,000		227,778
Jiangsu Hengli Hydraulic Co. Ltd., Class A		32,800		399,420
Jiangsu Hengrui Medicine Co. Ltd., Class A		111,556		719,517
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		26,300		652,586
Jiangxi Copper Co. Ltd., Class H		226,000		370,586
Jinxin Fertility Group Ltd.(b)(c)		321,500		322,043
Jiumaojiu International Holdings Ltd.(a)(c)		134,000		289,385
JOYY Inc., ADR		11,644		588,721
Kanzhun Ltd.(b)		12,518		379,170
KE Holdings Inc., ADR(b)		66,399		1,446,834
Kingboard Holdings Ltd.		126,000		608,293
Kingboard Laminates Holdings Ltd.		218,000		373,882
Kingdee International Software Group Co. Ltd.(b)		447,000		1,024,230
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		10,362		87,559
Kingsoft Corp. Ltd.		170,800		767,553
Kuaishou Technology(b)(c)		86,200		985,331
Kunlun Energy Co. Ltd.		702,000		728,007
Kweichow Moutai Co. Ltd., Class A		13,800		4,121,470
KWG Group Holdings Ltd.		191,500		104,709
Lee & Man Paper Manufacturing Ltd.		241,000		165,052
Legend Biotech Corp., ADR(a)(b)		11,707		499,186
Lenovo Group Ltd.(a)		1,364,000		1,478,177
Lens Technology Co. Ltd., Class A		122,925		332,662
Li Auto Inc., ADR(a)(b)		102,171		2,665,641
Li Ning Co. Ltd.		396,000		3,864,168
Logan Group Co. Ltd.		182,000		113,209
Longfor Group Holdings Ltd.(c)		319,500		1,916,625
LONGi Green Energy Technology Co. Ltd., Class A		81,840		916,524
Luxshare Precision Industry Co. Ltd., Class A		125,188		937,908
Luzhou Laojiao Co. Ltd., Class A		20,000		687,037
Mango Excellent Media Co. Ltd., Class A		49,900		278,314
Meituan, Class B(b)(c)		758,100		22,617,415
Microport Scientific Corp.(a)		134,900		388,818
Ming Yuan Cloud Group Holdings Ltd.		162,000		334,028
Minth Group Ltd.		136,000		628,927
MMG Ltd.(b)		440,000		142,861
Muyuan Foods Co. Ltd., Class A		77,458		673,631
NARI Technology Co. Ltd., Class A		141,520		790,936
NAURA Technology Group Co. Ltd., Class A		13,900		631,870
NetEase Inc.		355,485		7,422,344
New China Life Insurance Co. Ltd., Class A		50,200		297,807
New China Life Insurance Co. Ltd., Class H		161,300		460,065
New Hope Liuhe Co. Ltd., Class A(b)		139,807		355,734
New Oriental Education & Technology Group Inc., ADR(b)		292,926		418,884
Nine Dragons Paper Holdings Ltd.		299,000		298,662
NIO Inc., ADR(a)(b)		252,414		6,186,667
Noah Holdings Ltd., ADR(a)(b)		5,848		183,569
Nongfu Spring Co. Ltd., Class H(c)		303,200		1,835,755

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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		2,094,000	$	662,646
PetroChina Co. Ltd., Class A		207,100		164,600
PetroChina Co. Ltd., Class H		4,136,000		2,051,008
Pharmaron Beijing Co. Ltd., Class H(c)		50,500		642,456
PICC Property & Casualty Co. Ltd., Class H		1,274,285		1,187,318
Pinduoduo Inc., ADR(b)		81,708		4,889,407
Ping An Bank Co. Ltd., Class A		300,700		753,679
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		94,100		300,248
Ping An Insurance Group Co. of China Ltd., Class A		156,406		1,235,718
Ping An Insurance Group Co. of China Ltd., Class H		1,159,500		9,201,583
Poly Developments and Holdings Group Co. Ltd., Class A		263,300		648,782
Postal Savings Bank of China Co. Ltd., Class H(c)		1,517,000		1,263,888
Powerlong Real Estate Holdings Ltd.		175,000		97,681
RLX Technology Inc., ADR(b)		116,511		390,312
Rongsheng Petrochemical Co. Ltd., Class A		201,650		577,233
SAIC Motor Corp. Ltd., Class A		153,600		456,302
Sany Heavy Equipment International Holdings Co. Ltd.		264,000		276,845
Sany Heavy Industry Co. Ltd., Class A		160,927		513,394
Seazen Group Ltd.		344,000		232,717
SF Holding Co. Ltd., Class A		79,100		793,543
Shandong Gold Mining Co. Ltd., Class A		187,700		557,365
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		416,000		512,675
Shanghai Baosight Software Co. Ltd., Class B		275,471		1,275,569
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		110,000		441,091
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		321,712		295,910
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		134,100		261,826
Shanghai Pudong Development Bank Co. Ltd., Class A		577,000		765,287
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		18,480		804,594
Shenwan Hongyuan Group Co. Ltd., Class A		871,106		642,884
Shenzhen Inovance Technology Co. Ltd., Class A		54,200		518,437
Shenzhen International Holdings Ltd.		226,500		229,835
Shenzhen Kangtai Biological Products Co. Ltd., Class A		20,300		257,905
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		17,600		892,976
Shenzhou International Group Holdings Ltd.		151,900		2,818,496
Shimao Group Holdings Ltd.(a)		232,000		170,983
Shimao Services Holdings Ltd.(c)		108,000		86,326
Silergy Corp.		15,000		2,027,467
Sinopharm Group Co. Ltd., Class H		259,600		580,672
Sinotruk Hong Kong Ltd.		117,000		174,033
Smoore International Holdings Ltd.(c)		325,000		1,398,417
Sun Art Retail Group Ltd.(a)		453,000		165,427
Sunac China Holdings Ltd.		549,000		676,544
Sunac Services Holdings Ltd.(b)(c)		193,000		219,566
Sungrow Power Supply Co. Ltd., Class A		25,900		469,747
Suning.com Co. Ltd., Class A(b)		701,194		430,292
Sunny Optical Technology Group Co. Ltd.		130,800		3,376,937
TAL Education Group, ADR(b)		77,248		220,929
Tencent Holdings Ltd.		1,060,900		66,478,407
Tencent Music Entertainment Group, ADR(b)		121,420		750,376
Tingyi Cayman Islands Holding Corp.		324,000		671,259
Tongcheng Travel Holdings Ltd.(b)		245,600		505,387
Tongwei Co. Ltd., Class A		82,600		492,704

Security	Shares		Value
China (continued)
Topsports International Holdings Ltd.(c)		278,000	$	251,189
TravelSky Technology Ltd., Class H		142,000		265,531
Trip.com Group Ltd., ADR(b)		95,138		2,531,622
Tsingtao Brewery Co. Ltd., Class H		90,000		809,996
Uni-President China Holdings Ltd.		192,000		181,465
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		44,500		172,331
Vinda International Holdings Ltd.(a)		58,000		156,085
Vipshop Holdings Ltd., ADR(b)		87,041		810,352
Vnet Group Inc., ADR(a)(b)		18,022		178,778
Wanhua Chemical Group Co. Ltd., Class A		52,631		759,061
Want Want China Holdings Ltd.(a)		1,035,000		1,015,456
Weibo Corp., ADR(b)		11,638		403,257
Weichai Power Co. Ltd., Class H		413,000		749,443
Weimob Inc.(a)(b)(c)		459,000		346,731
Wens Foodstuffs Group Co. Ltd., Class A(b)		249,760		794,585
Wharf Holdings Ltd. (The)		255,000		871,478
Will Semiconductor Co. Ltd. Shanghai, Class A		18,500		750,844
Wingtech Technology Co. Ltd., Class A		35,500		604,740
Wuliangye Yibin Co. Ltd., Class A		49,800		1,566,191
WuXi AppTec Co. Ltd., Class A		40,014		664,874
WuXi AppTec Co. Ltd., Class H(c)		56,136		805,173
Wuxi Biologics Cayman Inc., New(b)(c)		645,500		6,469,694
Xiaomi Corp., Class B(b)(c)		2,706,800		5,742,120
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		194,600		339,261
Xinyi Solar Holdings Ltd.		896,000		1,437,422
XPeng Inc., ADR(b)		73,584		2,582,063
Yadea Group Holdings Ltd.(c)		250,000		355,998
Yihai International Holding Ltd.(a)		88,000		375,670
Yonyou Network Technology Co. Ltd., Class A		74,500		413,539
Yum China Holdings Inc.		79,631		3,835,825
Yunnan Baiyao Group Co. Ltd., Class A		36,099		513,759
Yunnan Energy New Material Co. Ltd., Class A		17,400		699,100
Zai Lab Ltd., ADR(b)		14,723		731,291
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		9,900		560,661
Zhejiang Expressway Co. Ltd., Class H		168,000		143,931
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		110,700		381,227
Zhongsheng Group Holdings Ltd.		105,000		806,622
Zhuzhou CRRC Times Electric Co. Ltd.		111,200		587,324
Zijin Mining Group Co. Ltd., Class A		453,300		715,125
Zijin Mining Group Co. Ltd., Class H		824,000		1,069,725
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		328,600		215,219
ZTE Corp., Class A		43,200		206,783
ZTE Corp., Class H		130,800		353,453
ZTO Express Cayman Inc., ADR		83,335		2,503,383
				463,991,424
Colombia — 0.0%
Bancolombia SA		35,968		359,882
Ecopetrol SA		1,093,813		804,889
Grupo de Inversiones Suramericana SA		8,304		57,319
Interconexion Electrica SA ESP		75,843		453,392
				1,675,482
Czech Republic — 0.1%
CEZ AS		38,997		1,446,921
Komercni Banka AS		14,624		648,477

34 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Czech Republic (continued)
Moneta Money Bank AS(c)		79,967	$	345,016
				2,440,414
Denmark — 1.6%
Ambu A/S, Class B(a)		32,797		694,934
AP Moller - Maersk A/S, Class A		588		1,969,949
AP Moller - Maersk A/S, Class B, NVS		834		2,995,847
Carlsberg A/S, Class B		19,034		3,082,187
Chr Hansen Holding A/S		20,531		1,646,492
Coloplast A/S, Class B		22,819		3,318,391
Danske Bank A/S		119,564		2,320,885
Demant A/S(b)		19,927		881,637
DSV A/S		37,616		7,642,843
Genmab A/S(b)		12,105		4,122,110
GN Store Nord A/S		25,117		1,519,929
Novo Nordisk A/S, Class B		310,137		30,848,784
Novozymes A/S, Class B		39,959		2,743,082
Orsted A/S(c)		34,884		3,716,716
Pandora A/S		19,614		2,132,821
Rockwool International A/S, Class B		1,527		584,856
Tryg A/S		60,513		1,433,905
Vestas Wind Systems A/S		190,078		5,143,585
				76,798,953
Egypt — 0.0%
Commercial International Bank Egypt SAE(b)		307,664		1,008,447
Eastern Co. SAE		149,094		98,605
				1,107,052
Finland — 0.8%
Elisa OYJ		21,517		1,263,947
Fortum OYJ		86,018		2,341,387
Kesko OYJ, Class B		57,194		1,806,368
Kone OYJ, Class B		63,030		4,082,085
Neste OYJ		79,032		3,564,305
Nokia OYJ(b)		1,018,841		6,075,984
Nordea Bank Abp		601,656		7,146,279
Orion OYJ, Class B		23,186		942,806
Sampo OYJ, Class A		90,341		4,483,879
Stora Enso OYJ, Class R		99,055		2,016,467
UPM-Kymmene OYJ		100,047		3,646,362
Wartsila OYJ Abp		88,093		1,087,632
				38,457,501
France — 7.2%
Accor SA(b)		33,774		1,241,240
Aeroports de Paris(b)		5,766		782,451
Air Liquide SA		87,725		15,006,172
Airbus SE(b)		108,860		13,900,684
Alstom SA		51,172		1,658,982
Amundi SA(c)		11,630		904,073
ArcelorMittal SA		122,253		3,631,407
Arkema SA		11,383		1,683,183
AXA SA		351,402		11,129,251
BioMerieux		6,114		716,945
BNP Paribas SA		199,605		14,249,678
Bollore SA		138,667		747,444
Bouygues SA		37,553		1,324,384
Bureau Veritas SA		56,508		1,616,826
Capgemini SE		30,129		6,773,492
Carrefour SA		115,453		2,197,254
Cie. de Saint-Gobain		93,689		6,339,697
Cie. Generale des Etablissements Michelin SCA		31,364		5,247,944

Security	Shares		Value
France (continued)
CNP Assurances		34,892	$	858,872
Covivio		11,175		933,203
Credit Agricole SA		203,811		3,066,223
Danone SA		117,315		7,314,715
Dassault Aviation SA		4,490		533,603
Dassault Systemes SE		125,270		6,057,853
Edenred		49,776		2,137,996
Eiffage SA		15,250		1,602,366
Electricite de France SA		94,038		904,477
Engie SA		338,909		5,213,031
EssilorLuxottica SA		53,262		10,076,394
Eurazeo SE		6,301		500,667
Eurofins Scientific SE		25,955		2,605,956
Faurecia SE		18,816		834,077
Gecina SA		9,658		1,310,516
Getlink SE		87,532		1,380,805
Hermes International		5,865		8,805,822
Ipsen SA		7,906		769,260
Kering SA		13,874		10,360,615
Klepierre SA		30,246		804,491
La Francaise des Jeux SAEM(c)		17,920		741,953
Legrand SA		49,610		5,048,960
L’Oreal SA		46,507		19,865,308
LVMH Moet Hennessy Louis Vuitton SE		51,175		42,033,979
Orange SA		318,895		3,746,204
Orpea SA		9,323		409,319
Pernod Ricard SA		38,788		8,296,727
Publicis Groupe SA		42,282		2,865,065
Remy Cointreau SA		4,438		925,471
Renault SA(b)		35,486		1,410,299
Safran SA		63,563		7,695,523
Sanofi		208,881		21,841,017
Sartorius Stedim Biotech		5,323		2,334,195
Schneider Electric SE		100,271		16,985,437
SEB SA		3,672		557,299
Societe Generale SA		134,372		4,987,933
Sodexo SA		17,093		1,589,711
Teleperformance		11,044		4,159,051
Thales SA		20,498		1,890,888
TotalEnergies SE		461,758		26,258,987
Ubisoft Entertainment SA(b)		17,065		979,266
Unibail-Rodamco-Westfield(a)(b)		24,244		1,847,325
Valeo		45,574		1,275,553
Veolia Environnement SA		124,275		4,489,406
Vinci SA		98,150		10,757,881
Vivendi SE		134,947		1,768,530
Wendel SE		5,744		623,892
Worldline SA/France(b)(c)		44,803		2,171,609
				352,778,837
Germany — 5.2%
adidas AG		34,811		9,552,737
Allianz SE, Registered		73,659		18,912,134
Aroundtown SA		167,953		1,037,367
BASF SE		162,729		12,463,233
Bayer AG, Registered		178,983		10,873,907
Bayerische Motoren Werke AG		61,389		6,497,590
Bechtle AG		15,632		938,583
Beiersdorf AG		19,255		1,915,170
Brenntag SE		29,125		2,495,321
Carl Zeiss Meditec AG, Bearer		7,456		1,199,076

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) (continued) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Commerzbank AG(b)		195,483	$	1,688,055
Continental AG(b)		20,851		2,021,507
Covestro AG(c)		33,944		2,036,402
Daimler AG, Registered		158,700		12,663,264
Daimler Truck Holding AG(b)		76,474		2,696,005
Delivery Hero SE(b)(c)		29,556		2,281,426
Deutsche Bank AG, Registered(b)		382,350		5,323,659
Deutsche Boerse AG		35,825		6,367,979
Deutsche Lufthansa AG, Registered(b)		118,843		924,101
Deutsche Post AG, Registered		181,715		10,935,715
Deutsche Telekom AG, Registered		609,531		11,507,321
E.ON SE		422,820		5,831,732
Evonik Industries AG		27,117		884,656
Fresenius Medical Care AG & Co. KGaA		35,210		2,394,047
Fresenius SE & Co. KGaA		72,254		2,982,671
GEA Group AG		31,615		1,493,655
Hannover Rueck SE		9,027		1,821,126
HeidelbergCement AG		23,726		1,651,058
HelloFresh SE(b)		30,871		2,055,413
Henkel AG & Co. KGaA		20,576		1,625,730
Infineon Technologies AG		242,146		10,055,777
KION Group AG		14,301		1,322,174
Knorr-Bremse AG		10,239		1,038,128
LANXESS AG		17,294		1,052,949
LEG Immobilien SE		12,884		1,709,175
Merck KGaA		24,365		5,343,202
MTU Aero Engines AG		10,141		2,157,895
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		25,834		8,178,654
Nemetschek SE		11,968		1,106,228
Puma SE		18,543		1,983,220
Rational AG		958		803,107
RWE AG		119,104		5,024,076
SAP SE		188,292		23,623,341
Scout24 SE(c)		16,567		989,786
Siemens AG, Registered		141,649		22,489,768
Siemens Healthineers AG(c)		51,050		3,280,588
Symrise AG		23,841		2,848,985
Telefonica Deutschland Holding AG		154,191		442,647
Uniper SE		17,300		782,821
United Internet AG, Registered(f)		20,877		818,726
Volkswagen AG		5,818		1,684,765
Vonovia SE		138,083		7,864,625
Zalando SE(b)(c)		38,877		3,085,586
				252,756,863
Greece — 0.1%
Alpha Services and Holdings SA(b)		275,441		416,838
Eurobank Ergasias Services and Holdings SA, Class A(b)		312,040		352,918
Hellenic Telecommunications Organization SA		30,914		600,886
JUMBO SA		23,107		343,700
OPAP SA		39,345		584,390
Public Power Corp. SA(b)		35,447		345,048
				2,643,780
Hong Kong — 1.9%
AIA Group Ltd.		2,302,800		24,040,795
BOC Hong Kong Holdings Ltd.		653,500		2,523,384
Budweiser Brewing Co. APAC Ltd.(c)		338,100		893,103
China Youzan Ltd.(b)		2,492,000		96,719

Security	Shares		Value
Hong Kong (continued)
Chow Tai Fook Jewellery Group Ltd.		423,800	$	744,605
CK Asset Holdings Ltd.		351,560		2,346,806
CK Hutchison Holdings Ltd.		479,560		3,408,388
CK Infrastructure Holdings Ltd.		167,000		1,029,115
CLP Holdings Ltd.		291,500		2,917,187
ESR Cayman Ltd.(b)(c)		393,000		1,332,545
Futu Holdings Ltd., ADR(a)(b)		11,356		491,147
Galaxy Entertainment Group Ltd.(b)		346,000		2,003,777
Hang Lung Properties Ltd.		361,000		771,351
Hang Seng Bank Ltd.		144,800		2,866,722
Henderson Land Development Co. Ltd.		204,617		894,830
HK Electric Investments & HK Electric Investments Ltd., Class SS		750,000		746,436
HKT Trust & HKT Ltd., Class SS		804,000		1,097,134
Hong Kong & China Gas Co. Ltd.		2,142,748		3,302,528
Hong Kong Exchanges & Clearing Ltd.		218,300		12,459,624
Hongkong Land Holdings Ltd.		193,100		1,045,813
Huabao International Holdings Ltd.(a)		173,000		106,741
Hutchmed China Ltd., ADR(a)(b)		22,613		615,978
Jardine Matheson Holdings Ltd.		35,700		2,108,547
Link REIT		397,400		3,411,881
Melco Resorts & Entertainment Ltd., ADR(b)		43,986		464,492
MTR Corp. Ltd.		280,000		1,515,591
New World Development Co. Ltd.		271,750		1,109,368
Power Assets Holdings Ltd.		256,000		1,573,020
Sands China Ltd.(b)		412,000		1,148,842
Sino Biopharmaceutical Ltd.		2,085,000		1,437,927
Sino Land Co. Ltd.		594,000		769,642
SITC International Holdings Co. Ltd.(a)		293,000		1,116,792
Sun Hung Kai Properties Ltd.		230,000		2,806,116
Swire Pacific Ltd., Class A		94,500		572,488
Swire Properties Ltd.		208,800		556,603
Techtronic Industries Co. Ltd.		259,000		4,273,524
WH Group Ltd.(c)		1,971,500		1,318,953
Wharf Real Estate Investment Co. Ltd.		269,000		1,279,373
Xinyi Glass Holdings Ltd.		380,000		1,007,367
Yuexiu Property Co. Ltd.		253,200		257,275
				92,462,529
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		99,550		868,123
OTP Bank Nyrt(b)		41,347		2,399,248
Richter Gedeon Nyrt		16,628		438,261
				3,705,632
India — 3.7%
ACC Ltd.		19,553		602,936
Adani Enterprises Ltd.		52,473		1,216,105
Adani Green Energy Ltd.(b)		79,631		2,021,568
Adani Ports & Special Economic Zone Ltd.		112,749		1,091,291
Adani Total Gas Ltd.		50,018		1,220,748
Adani Transmission Ltd.(b)		49,313		1,317,432
Ambuja Cements Ltd.		146,693		722,164
Apollo Hospitals Enterprise Ltd.		20,741		1,246,221
Asian Paints Ltd.		75,178		3,185,745
Aurobindo Pharma Ltd.		62,785		536,059
Avenue Supermarts Ltd.(b)(c)		30,706		1,702,589
Axis Bank Ltd.(b)		353,302		3,699,991
Bajaj Auto Ltd.		15,758		755,842
Bajaj Finance Ltd.		51,276		4,856,396
Bajaj Finserv Ltd.		7,946		1,684,777

36 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Bandhan Bank Ltd.(c)		125,976	$	536,551
Bharat Electronics Ltd.		158,737		449,366
Bharat Petroleum Corp. Ltd.		163,173		873,770
Bharti Airtel Ltd.(b)		468,512		4,601,679
Biocon Ltd.(b)		96,516		476,705
Britannia Industries Ltd.		23,313		1,108,498
Cholamandalam Investment and Finance Co. Ltd.		58,579		497,798
Cipla Ltd.		92,343		1,172,279
Coal India Ltd.		282,506		607,957
Colgate-Palmolive India Ltd.		25,703		492,113
Dabur India Ltd.		116,164		838,377
Divi’s Laboratories Ltd.		27,243		1,479,345
DLF Ltd.		75,413		399,356
Dr. Reddy’s Laboratories Ltd.		23,673		1,368,535
Eicher Motors Ltd.		26,878		959,850
GAIL India Ltd.		366,954		715,550
Godrej Consumer Products Ltd.(b)		80,762		966,260
Godrej Properties Ltd.(b)		19,962		461,790
Grasim Industries Ltd.		62,088		1,445,775
Havells India Ltd.		46,029		735,742
HCL Technologies Ltd.		202,628		3,007,155
HDFC Asset Management Co. Ltd.(c)		11,880		353,185
HDFC Life Insurance Co. Ltd.(c)		175,170		1,468,454
Hero MotoCorp Ltd.		24,989		918,137
Hindalco Industries Ltd.		315,170		2,089,339
Hindustan Unilever Ltd.		153,862		4,704,678
Housing Development Finance Corp. Ltd.		315,493		10,764,854
ICICI Bank Ltd.		879,276		9,446,189
ICICI Lombard General Insurance Co. Ltd.(c)		39,035		721,556
ICICI Prudential Life Insurance Co. Ltd.(c)		82,337		620,909
Indian Railway Catering & Tourism Corp.		40,269		472,807
Indraprastha Gas Ltd.		75,549		399,784
Indus Towers Ltd.		145,836		496,569
Info Edge India Ltd.		16,565		1,096,441
Infosys Ltd.		627,163		14,755,703
InterGlobe Aviation Ltd.(b)(c)		25,351		634,980
ITC Ltd.		578,875		1,719,215
JSW Steel Ltd.		162,949		1,388,240
Jubilant Foodworks Ltd.		17,404		794,058
Kotak Mahindra Bank Ltd.		104,301		2,614,299
Larsen & Toubro Infotech Ltd.(c)		10,255		867,920
Larsen & Toubro Ltd.		129,916		3,348,040
Lupin Ltd.		50,140		612,762
Mahindra & Mahindra Ltd.		166,607		1,992,760
Marico Ltd.		114,817		745,005
Maruti Suzuki India Ltd.		27,609		3,198,610
Mindtree Ltd.		9,609		520,467
Motherson Sumi Systems Ltd.		270,282		655,500
Motherson Sumi Wiring India Ltd., NVS		274,047		170,659
Mphasis Ltd.		9,758		409,782
MRF Ltd.		472		458,383
Nestle India Ltd.		6,510		1,623,346
NTPC Ltd.		882,118		1,691,636
Oil & Natural Gas Corp. Ltd.		516,934		1,208,744
Page Industries Ltd.		1,176		671,722
Petronet LNG Ltd.		181,537		521,879
Pidilite Industries Ltd.		34,281		1,132,051
Piramal Enterprises Ltd.		25,844		834,226
Power Grid Corp. of India Ltd.		548,735		1,590,397
Reliance Industries Ltd.		525,908		16,948,525

Security	Shares		Value
India (continued)
SBI Cards & Payment Services Ltd.(b)		22,540	$	267,216
SBI Life Insurance Co. Ltd.(c)		87,391		1,452,520
Shree Cement Ltd.		2,187		715,074
Shriram Transport Finance Co. Ltd.		42,276		701,978
Siemens Ltd.		13,436		421,200
SRF Ltd.		19,851		642,092
State Bank of India		347,216		2,528,634
Sun Pharmaceutical Industries Ltd.		171,568		1,927,490
Tata Consultancy Services Ltd.		151,051		7,606,297
Tata Consumer Products Ltd.		134,618		1,318,071
Tata Motors Ltd.(b)		315,667		2,177,786
Tata Power Co. Ltd. (The)		251,562		837,428
Tata Steel Ltd.		133,686		1,971,269
Tech Mahindra Ltd.		119,395		2,383,328
Titan Co. Ltd.		70,829		2,258,463
Trent Ltd.		20,571		286,345
UltraTech Cement Ltd.		20,024		1,946,104
United Spirits Ltd.(b)		75,699		884,157
UPL Ltd.		104,707		1,097,022
Vedanta Ltd.		168,797		736,308
Wipro Ltd.		233,999		1,806,676
Yes Bank Ltd.(b)		1,473,793		264,172
Zomato Ltd.(b)		235,662		287,221
				178,232,977
Indonesia — 0.4%
Adaro Energy Tbk PT		3,047,100		477,120
Aneka Tambang Tbk		1,686,100		210,355
Astra International Tbk PT		3,687,300		1,411,229
Bank Central Asia Tbk PT		9,670,500		5,143,710
Bank Mandiri Persero Tbk PT		3,591,584		1,882,020
Bank Negara Indonesia Persero Tbk PT		1,226,600		629,546
Bank Rakyat Indonesia Persero Tbk PT		12,999,316		3,700,066
Barito Pacific Tbk PT		6,139,500		381,466
Charoen Pokphand Indonesia Tbk PT		1,589,900		698,607
Gudang Garam Tbk PT		95,100		202,962
Indah Kiat Pulp & Paper Tbk PT		619,200		329,294
Indocement Tunggal Prakarsa Tbk PT		337,000		258,167
Indofood CBP Sukses Makmur Tbk PT		324,000		196,976
Indofood Sukses Makmur Tbk PT		591,300		260,762
Kalbe Farma Tbk PT		4,971,000		566,850
Merdeka Copper Gold Tbk PT(b)		2,037,300		520,821
Sarana Menara Nusantara Tbk PT		3,412,000		243,865
Semen Indonesia Persero Tbk PT		689,300		324,641
Telkom Indonesia Persero Tbk PT		9,545,700		2,795,702
Tower Bersama Infrastructure Tbk PT		1,389,200		279,771
Unilever Indonesia Tbk PT		1,497,800		421,258
United Tractors Tbk PT		350,545		566,775
				21,501,963
Ireland — 0.4%
CRH PLC		152,171		7,637,521
Flutter Entertainment PLC, Class DI(b)		30,903		4,701,698
Kerry Group PLC, Class A		29,340		3,696,769
Kingspan Group PLC		31,026		2,986,471
Smurfit Kappa Group PLC		42,874		2,259,701
				21,282,160
Israel — 0.4%
Azrieli Group Ltd.		5,845		528,477
Bank Hapoalim BM		191,035		1,982,511
Bank Leumi Le-Israel BM		253,387		2,717,573

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) (continued) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Check Point Software Technologies Ltd.(b)		20,889	$	2,527,778
CyberArk Software Ltd.(a)(b)		8,113		1,112,698
Elbit Systems Ltd.		6,142		1,023,152
Fiverr International Ltd.(a)(b)		5,366		457,773
ICL Group Ltd.		154,635		1,398,444
Inmode Ltd.(b)		9,594		462,719
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		142,275		954,074
Kornit Digital Ltd.(a)(b)		8,241		865,800
Mizrahi Tefahot Bank Ltd.		22,648		875,514
Nice Ltd.(b)		12,269		3,140,590
Teva Pharmaceutical Industries Ltd., ADR(b)		209,240		1,763,893
Wix.com Ltd.(a)(b)		10,576		1,389,369
				21,200,368
Italy — 1.3%
Amplifon SpA		23,870		1,014,620
Assicurazioni Generali SpA		185,126		3,895,930
Atlantia SpA(b)		92,067		1,708,328
DiaSorin SpA		4,755		733,037
Enel SpA		1,488,750		11,458,310
Eni SpA		465,240		6,988,459
Ferrari NV		23,229		5,353,648
FinecoBank Banca Fineco SpA		95,363		1,603,268
Infrastrutture Wireless Italiane SpA(c)		72,875		785,768
Intesa Sanpaolo SpA		2,983,225		8,865,663
Mediobanca Banca di Credito Finanziario SpA		128,731		1,474,821
Moncler SpA		38,609		2,477,908
Nexi SpA(b)(c)		84,906		1,241,959
Poste Italiane SpA(c)		70,677		948,669
Prysmian SpA		48,641		1,640,248
Recordati Industria Chimica e Farmaceutica SpA		15,658		877,169
Snam SpA		392,832		2,201,305
Telecom Italia SpA		1,670,276		787,167
Tenaris SA		97,584		1,191,199
Terna - Rete Elettrica Nazionale		268,685		2,111,169
UniCredit SpA		394,182		6,264,898
				63,623,543
Japan — 14.1%
Advantest Corp.		36,100		3,072,563
Aeon Co. Ltd.		119,800		2,729,900
AGC Inc.		32,500		1,491,600
Aisin Corp.		26,300		955,031
Ajinomoto Co. Inc.		82,300		2,296,292
ANA Holdings Inc.(b)		27,900		589,185
Asahi Group Holdings Ltd.		80,100		3,269,738
Asahi Intecc Co. Ltd.		46,200		788,217
Asahi Kasei Corp.		242,900		2,399,347
Astellas Pharma Inc.		343,100		5,537,827
Azbil Corp.		24,500		962,304
Bandai Namco Holdings Inc.		35,600		2,502,258
Benefit One Inc.		20,000		608,266
Bridgestone Corp.		103,000		4,510,496
Brother Industries Ltd.		45,100		830,564
Canon Inc.		189,600		4,484,178
Capcom Co. Ltd.		34,600		835,270
Central Japan Railway Co.		25,700		3,372,113
Chiba Bank Ltd. (The)		85,300		551,436
Chubu Electric Power Co. Inc.		108,300		1,084,722
Chugai Pharmaceutical Co. Ltd.		122,400		3,975,523

Security	Shares		Value
Japan (continued)
Concordia Financial Group Ltd.		218,800	$	899,127
Cosmos Pharmaceutical Corp.		4,700		586,958
CyberAgent Inc.		72,200		841,867
Dai Nippon Printing Co. Ltd.		37,300		895,391
Daifuku Co. Ltd.		18,100		1,256,588
Dai-ichi Life Holdings Inc.		196,600		4,425,358
Daiichi Sankyo Co. Ltd.		321,600		7,226,347
Daikin Industries Ltd.		45,500		9,552,454
Daito Trust Construction Co. Ltd.		11,700		1,341,599
Daiwa House Industry Co. Ltd.		102,700		2,997,111
Daiwa House REIT Investment Corp.		364		1,084,344
Daiwa Securities Group Inc.		283,800		1,710,093
Denso Corp.		78,600		5,866,207
Dentsu Group Inc.		35,900		1,243,281
Disco Corp.		5,500		1,512,245
East Japan Railway Co.		55,200		3,152,079
Eisai Co. Ltd.		45,000		2,253,826
ENEOS Holdings Inc.		559,400		2,227,880
FANUC Corp.		34,800		6,881,641
Fast Retailing Co. Ltd.		10,400		6,120,034
Fuji Electric Co. Ltd.		22,900		1,223,919
FUJIFILM Holdings Corp.		65,600		4,397,561
Fujitsu Ltd.		35,100		4,640,161
GLP J-REIT		774		1,245,840
GMO Payment Gateway Inc.		9,300		816,092
Hakuhodo DY Holdings Inc.		43,300		663,258
Hamamatsu Photonics KK		25,200		1,289,264
Hankyu Hanshin Holdings Inc.		37,900		1,103,703
Hikari Tsushin Inc.		3,700		444,240
Hino Motors Ltd.		54,000		469,390
Hirose Electric Co. Ltd.		5,900		879,441
Hitachi Construction Machinery Co. Ltd.		20,100		511,089
Hitachi Ltd.		184,400		9,584,375
Hitachi Metals Ltd.(b)		38,000		685,242
Honda Motor Co. Ltd.		298,700		8,797,543
Hoshizaki Corp.		11,000		812,838
Hoya Corp.		67,200		8,713,713
Hulic Co. Ltd.		114,500		1,106,718
Ibiden Co. Ltd.		21,700		1,212,604
Idemitsu Kosan Co. Ltd.		37,972		972,905
Iida Group Holdings Co. Ltd.		25,700		534,679
Inpex Corp.		189,000		1,910,694
Isuzu Motors Ltd.		98,000		1,200,500
Ito En Ltd.		14,700		791,802
ITOCHU Corp.		233,800		7,511,167
Itochu Techno-Solutions Corp.		16,400		447,394
Japan Airlines Co. Ltd.(b)		26,200		495,903
Japan Exchange Group Inc.		95,700		1,968,630
Japan Metropolitan Fund Invest		1,398		1,178,112
Japan Post Bank Co. Ltd.		72,200		710,286
Japan Post Holdings Co. Ltd.		447,500		3,819,650
Japan Post Insurance Co. Ltd.		37,800		662,772
Japan Real Estate Investment Corp.		222		1,220,766
Japan Tobacco Inc.		216,400		4,320,399
JFE Holdings Inc.		85,900		1,103,544
JSR Corp.		36,300		1,203,279
Kajima Corp.		74,500		899,781
Kakaku.com Inc.		27,100		561,283
Kansai Electric Power Co. Inc. (The)		128,200		1,210,096
Kansai Paint Co. Ltd.		35,300		732,750

38 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kao Corp.		85,400	$	4,267,571
KDDI Corp.		297,200		9,495,155
Keio Corp.		18,700		841,137
Keisei Electric Railway Co. Ltd.		20,400		575,711
Keyence Corp.		35,300		18,106,161
Kikkoman Corp.		25,900		1,957,727
Kintetsu Group Holdings Co. Ltd.(b)		30,600		889,099
Kirin Holdings Co. Ltd.		148,300		2,376,974
Kobayashi Pharmaceutical Co. Ltd.		11,000		856,602
Kobe Bussan Co. Ltd.		29,300		912,091
Koei Tecmo Holdings Co. Ltd.		13,800		499,238
Koito Manufacturing Co. Ltd.		18,600		933,915
Komatsu Ltd.		160,100		4,023,143
Konami Holdings Corp.		17,100		921,858
Kose Corp.		6,400		585,149
Kubota Corp.		196,200		4,207,612
Kurita Water Industries Ltd.		25,400		1,032,853
Kyocera Corp.		57,600		3,552,267
Kyowa Kirin Co. Ltd.		51,500		1,283,626
Lasertec Corp.		14,300		3,208,024
Lawson Inc.		8,600		376,930
Lion Corp.		37,000		483,440
Lixil Corp.		48,400		1,107,883
M3 Inc.		80,000		3,075,727
Makita Corp.		40,000		1,496,937
Marubeni Corp.		306,300		3,151,808
Mazda Motor Corp.(b)		100,800		776,538
McDonald’s Holdings Co. Japan Ltd.		12,900		563,348
Medipal Holdings Corp.		32,700		588,438
MEIJI Holdings Co. Ltd.		21,790		1,359,295
Mercari Inc.(b)		19,300		728,879
MinebeaMitsumi Inc.		64,900		1,588,141
Misumi Group Inc.		52,600		1,706,443
Mitsubishi Chemical Holdings Corp.		229,900		1,803,378
Mitsubishi Corp.		240,000		8,148,581
Mitsubishi Electric Corp.		333,800		4,180,310
Mitsubishi Estate Co. Ltd.		212,900		3,066,276
Mitsubishi Gas Chemical Co. Inc.		25,500		488,460
Mitsubishi HC Capital Inc.		112,300		579,994
Mitsubishi Heavy Industries Ltd.		60,100		1,632,279
Mitsubishi UFJ Financial Group Inc.		2,343,400		14,204,003
Mitsui & Co. Ltd.		295,800		7,375,882
Mitsui Chemicals Inc.		30,900		826,409
Mitsui Fudosan Co. Ltd.		168,700		3,616,478
Miura Co. Ltd.		18,000		531,452
Mizuho Financial Group Inc.		436,460		5,912,287
MonotaRO Co. Ltd.		52,200		857,687
MS&AD Insurance Group Holdings Inc.		78,700		2,699,372
Murata Manufacturing Co. Ltd.		105,400		7,924,316
NEC Corp.		43,800		1,708,782
Nexon Co. Ltd.		89,900		1,694,760
NGK Insulators Ltd.		55,500		937,824
Nidec Corp.		81,100		7,187,876
Nihon M&A Center Holdings Inc.		55,600		875,322
Nintendo Co. Ltd.		20,300		9,947,840
Nippon Building Fund Inc.		257		1,488,322
Nippon Express Holdings Co., NVS		12,400		734,870
Nippon Paint Holdings Co. Ltd.		135,400		1,082,850
Nippon Prologis REIT Inc.		339		1,057,760
Nippon Sanso Holdings Corp.		36,000		714,916

Security	Shares		Value
Japan (continued)
Nippon Shinyaku Co. Ltd.		12,300	$	804,061
Nippon Steel Corp.		156,486		2,557,694
Nippon Telegraph & Telephone Corp.		241,000		6,896,874
Nippon Yusen KK		28,800		2,257,727
Nissan Chemical Corp.		21,700		1,177,405
Nissan Motor Co. Ltd.(b)		435,500		2,304,922
Nisshin Seifun Group Inc.		39,325		552,209
Nissin Foods Holdings Co. Ltd.		12,900		915,031
Nitori Holdings Co. Ltd.		14,300		2,048,655
Nitto Denko Corp.		26,400		2,055,494
Nomura Holdings Inc.		585,800		2,587,798
Nomura Real Estate Holdings Inc.		20,200		473,020
Nomura Real Estate Master Fund Inc.		740		1,026,700
Nomura Research Institute Ltd.		59,900		2,096,852
NTT Data Corp.		112,600		2,158,625
Obayashi Corp.		107,700		872,601
Obic Co. Ltd.		12,400		2,048,749
Odakyu Electric Railway Co. Ltd.		52,600		929,482
Oji Holdings Corp.		126,700		674,434
Olympus Corp.		211,300		4,728,270
Omron Corp.		33,100		2,419,924
Ono Pharmaceutical Co. Ltd.		65,100		1,578,786
Open House Group Co. Ltd.		18,000		931,917
Oracle Corp. Japan		7,200		538,492
Oriental Land Co. Ltd./Japan		35,700		6,214,776
ORIX Corp.		241,300		4,977,325
Orix JREIT Inc.		603		865,338
Osaka Gas Co. Ltd.		64,600		1,098,612
Otsuka Corp.		18,400		746,613
Otsuka Holdings Co. Ltd.		71,000		2,422,329
Pan Pacific International Holdings Corp.		68,500		921,930
Panasonic Corp.		416,600		4,586,560
Persol Holdings Co. Ltd.		39,800		1,027,469
Pola Orbis Holdings Inc.		20,500		305,540
Rakuten Group Inc.(b)		155,000		1,344,683
Recruit Holdings Co. Ltd.		253,200		12,515,316
Renesas Electronics Corp.(b)		228,300		2,620,156
Resona Holdings Inc.		387,100		1,663,538
Ricoh Co. Ltd.		115,600		976,174
Rinnai Corp.		7,200		642,996
Rohm Co. Ltd.		15,800		1,330,946
Ryohin Keikaku Co. Ltd.		47,300		679,198
Santen Pharmaceutical Co. Ltd.		66,000		749,375
SBI Holdings Inc.		41,300		1,065,367
SCSK Corp.		26,900		455,187
Secom Co. Ltd.		37,500		2,640,527
Seiko Epson Corp.		55,100		858,265
Sekisui Chemical Co. Ltd.		62,500		1,092,749
Sekisui House Ltd.		110,100		2,230,644
Seven & i Holdings Co. Ltd.		137,200		6,977,805
SG Holdings Co. Ltd.		57,100		1,212,134
Sharp Corp./Japan		34,000		377,948
Shimadzu Corp.		45,100		1,627,286
Shimano Inc.		13,200		2,959,996
Shimizu Corp.		118,700		790,355
Shin-Etsu Chemical Co. Ltd.		64,500		10,791,449
Shionogi & Co. Ltd.		47,900		2,729,948
Shiseido Co. Ltd.		73,200		3,692,500
Shizuoka Bank Ltd. (The)		73,800		579,881
SMC Corp.		10,400		5,800,720

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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Softbank Corp.		535,000	$	6,706,686
SoftBank Group Corp.		223,000		9,878,797
Sohgo Security Services Co. Ltd.		17,900		649,189
Sompo Holdings Inc.		58,600		2,742,095
Sony Group Corp.		232,700		26,031,792
Square Enix Holdings Co. Ltd.		15,700		769,895
Stanley Electric Co. Ltd.		27,700		647,470
Subaru Corp.		109,200		1,987,587
SUMCO Corp.		61,700		1,137,506
Sumitomo Chemical Co. Ltd.		258,400		1,303,124
Sumitomo Corp.		212,100		3,278,092
Sumitomo Dainippon Pharma Co. Ltd.		33,600		365,710
Sumitomo Electric Industries Ltd.		142,200		1,885,358
Sumitomo Metal Mining Co. Ltd.		45,400		2,097,012
Sumitomo Mitsui Financial Group Inc.		248,300		8,944,002
Sumitomo Mitsui Trust Holdings Inc.		61,600		2,130,201
Sumitomo Realty & Development Co. Ltd.		55,900		1,729,556
Suntory Beverage & Food Ltd.		26,400		1,013,725
Suzuki Motor Corp.		67,000		2,852,466
Sysmex Corp.		29,900		2,846,207
T&D Holdings Inc.		103,900		1,535,466
Taisei Corp.		31,600		1,035,881
Taisho Pharmaceutical Holdings Co. Ltd.		4,900		240,650
Takeda Pharmaceutical Co. Ltd.		292,813		8,486,653
TDK Corp.		68,100		2,459,423
Terumo Corp.		117,800		4,300,151
TIS Inc.		37,600		988,905
Tobu Railway Co. Ltd.		34,300		803,416
Toho Co. Ltd./Tokyo		23,200		898,714
Tokio Marine Holdings Inc.		113,200		6,755,057
Tokyo Century Corp.		7,600		375,055
Tokyo Electric Power Co. Holdings Inc.(b)		273,300		728,140
Tokyo Electron Ltd.		27,500		13,451,157
Tokyo Gas Co. Ltd.		63,900		1,290,252
Tokyu Corp.		91,800		1,219,823
Toppan Inc.		56,800		1,080,452
Toray Industries Inc.		261,600		1,653,263
Toshiba Corp.		74,900		3,101,611
Tosoh Corp.		47,300		740,079
TOTO Ltd.		23,800		1,024,363
Toyo Suisan Kaisha Ltd.		17,500		717,023
Toyota Industries Corp.		26,600		2,075,028
Toyota Motor Corp.		1,967,200		38,878,110
Toyota Tsusho Corp.		38,600		1,565,365
Trend Micro Inc/Japan(b)		22,200		1,177,768
Tsuruha Holdings Inc.		7,000		563,810
Unicharm Corp.		71,700		2,770,739
USS Co. Ltd.		48,200		786,657
Welcia Holdings Co. Ltd.		19,400		523,952
West Japan Railway Co.		36,700		1,537,868
Yakult Honsha Co. Ltd.		22,900		1,161,064
Yamaha Corp.		24,400		1,111,546
Yamaha Motor Co. Ltd.		50,800		1,209,726
Yamato Holdings Co. Ltd.		51,900		1,105,171
Yaskawa Electric Corp.		42,800		1,792,051
Yokogawa Electric Corp.		52,900		866,792
Z Holdings Corp.		501,800		2,548,474
ZOZO Inc.		26,400		703,492
				688,249,623

Security	Shares		Value
Kuwait — 0.2%
Agility Public Warehousing Co. KSC		274,962	$	915,236
Boubyan Bank KSCP(b)		264,915		705,417
Kuwait Finance House KSCP		921,400		2,758,820
Mabanee Co. KPSC		106,911		291,286
Mobile Telecommunications Co. KSCP		493,447		975,174
National Bank of Kuwait SAKP		1,276,580		4,376,026
				10,021,959
Malaysia — 0.4%
Axiata Group Bhd		605,500		538,158
CIMB Group Holdings Bhd		920,200		1,146,284
Dialog Group Bhd		834,900		512,260
DiGi.Com Bhd		781,000		710,054
Genting Bhd		433,300		453,832
Genting Malaysia Bhd		574,400		376,082
Hartalega Holdings Bhd		328,000		460,791
Hong Leong Bank Bhd		151,200		700,819
Hong Leong Financial Group Bhd		102,200		446,017
IHH Healthcare Bhd		586,300		903,509
Inari Amertron Bhd		597,200		477,173
IOI Corp. Bhd		670,800		609,812
Kuala Lumpur Kepong Bhd		86,000		443,818
Malayan Banking Bhd		566,800		1,120,654
Malaysia Airports Holdings Bhd(b)		211,200		287,622
Maxis Bhd		623,300		630,159
MISC Bhd		168,200		280,738
Petronas Chemicals Group Bhd		515,900		1,095,771
Petronas Dagangan Bhd		61,800		286,446
Petronas Gas Bhd		187,000		759,815
PPB Group Bhd		218,800		830,138
Press Metal Aluminium Holdings Bhd		509,000		749,120
Public Bank Bhd		2,820,100		2,840,697
RHB Bank Bhd		400,595		533,192
Sime Darby Bhd		511,200		262,716
Sime Darby Plantation Bhd		589,600		497,262
Telekom Malaysia Bhd		131,500		158,975
Tenaga Nasional Bhd		425,800		934,062
Top Glove Corp. Bhd(a)		796,500		405,339
				19,451,315
Mexico — 0.6%
America Movil SAB de CV, Series L, NVS		6,595,600		6,206,157
Arca Continental SAB de CV		39,400		233,042
Cemex SAB de CV, NVS(b)		3,063,508		1,871,253
Coca-Cola Femsa SAB de CV		40,100		210,473
Fibra Uno Administracion SA de CV		648,400		666,380
Fomento Economico Mexicano SAB de CV		378,300		2,846,236
Gruma SAB de CV, Class B		22,860		298,993
Grupo Aeroportuario del Pacifico SAB de CV, Class B		54,900		754,808
Grupo Aeroportuario del Sureste SAB de CV, Class B		43,545		881,687
Grupo Bimbo SAB de CV, Series A		279,200		874,226
Grupo Carso SAB de CV, Series A1		70,900		198,285
Grupo Financiero Banorte SAB de CV, Class O		502,200		3,182,937
Grupo Financiero Inbursa SAB de CV, Class O(b)		596,700		860,569
Grupo Mexico SAB de CV, Series B		624,129		2,680,414
Grupo Televisa SAB, CPO		473,800		965,608
Industrias Penoles SAB de CV		31,140		333,606
Kimberly-Clark de Mexico SAB de CV, Class A		416,300		601,403
Megacable Holdings SAB de CV, CPO		24,500		78,911
Orbia Advance Corp. SAB de CV		147,900		345,372
Promotora y Operadora de Infraestructura SAB de CV		17,130		124,962

40 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Telesites SAB de CV		41,500	$	43,818
Wal-Mart de Mexico SAB de CV		1,025,300		3,486,259
				27,745,399
Netherlands — 3.3%
ABN AMRO Bank NV, CVA(c)		82,460		1,323,406
Adyen NV(b)(c)		3,680		7,488,423
Aegon NV		329,051		1,856,339
Akzo Nobel NV		36,243		3,751,428
Argenx SE(b)		8,704		2,329,119
ASM International NV		9,092		3,123,833
ASML Holding NV		76,015		51,484,540
CNH Industrial NV		199,142		3,035,341
Davide Campari-Milano NV		96,349		1,209,690
Euronext NV(c)		10,599		1,021,874
EXOR NV		20,681		1,734,121
Heineken Holding NV		22,750		1,994,537
Heineken NV		48,023		5,150,305
IMCD NV		8,042		1,383,384
ING Groep NV		719,463		10,640,211
InPost SA(b)		28,215		229,057
Just Eat Takeaway.com NV(b)(c)		31,226		1,541,966
Koninklijke Ahold Delhaize NV		192,859		6,253,376
Koninklijke DSM NV		32,206		6,037,350
Koninklijke KPN NV		658,077		2,170,671
Koninklijke Philips NV		169,993		5,654,526
NN Group NV		48,998		2,742,032
Prosus NV		170,500		14,184,894
QIAGEN NV(b)		43,561		2,153,318
Randstad NV		16,887		1,098,561
Stellantis NV		375,211		7,244,900
STMicroelectronics NV		125,268		5,890,193
Universal Music Group NV		134,076		3,310,220
Wolters Kluwer NV		49,294		5,017,073
				161,054,688
New Zealand — 0.2%
Auckland International Airport Ltd.(b)		232,532		1,103,805
Fisher & Paykel Healthcare Corp. Ltd.		86,420		1,590,000
Mercury NZ Ltd.		102,188		375,697
Meridian Energy Ltd.		183,046		527,642
Ryman Healthcare Ltd.		102,404		669,602
Spark New Zealand Ltd.		418,649		1,196,554
Xero Ltd.(b)		24,370		1,974,103
				7,437,403
Norway — 0.4%
Adevinta ASA(b)		49,142		515,566
DNB Bank ASA		177,938		4,234,959
Equinor ASA		183,222		5,051,031
Gjensidige Forsikring ASA		47,933		1,170,835
Mowi ASA		77,549		1,903,355
Norsk Hydro ASA		243,948		1,874,816
Orkla ASA		142,305		1,359,923
Schibsted ASA, Class A		15,068		446,383
Schibsted ASA, Class B		19,748		515,127
Telenor ASA		119,229		1,970,442
Yara International ASA		34,159		1,753,990
				20,796,427
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR(b)		32,820		265,842
Credicorp Ltd.		12,602		1,804,858

Security	Shares		Value
Peru (continued)
Southern Copper Corp.		14,244	$	910,049
				2,980,749
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		288,830		356,965
AC Energy Corp.		1,650,000		309,994
Ayala Corp.		36,090		617,149
Ayala Land Inc.		1,653,120		1,167,262
Bank of the Philippine Islands		312,706		601,670
BDO Unibank Inc.		384,230		1,021,210
Globe Telecom Inc.		3,265		199,153
GT Capital Holdings Inc.		13,910		155,989
International Container Terminal Services Inc.		230,730		907,619
JG Summit Holdings Inc.		775,400		948,772
Jollibee Foods Corp.		119,150		560,981
Metro Pacific Investments Corp.		1,820,000		138,000
Metropolitan Bank & Trust Co.		655,908		759,788
Monde Nissin Corp.(b)(c)		162,000		52,056
PLDT Inc.		17,490		629,262
SM Investments Corp.		36,055		671,235
SM Prime Holdings Inc.		2,095,900		1,449,408
Universal Robina Corp.		111,110		276,821
				10,823,334
Poland — 0.2%
Allegro.eu SA(a)(b)(c)		60,568		561,366
Bank Polska Kasa Opieki SA		32,357		1,078,178
CD Projekt SA		14,045		623,532
Cyfrowy Polsat SA		81,474		629,386
Dino Polska SA(b)(c)		7,148		550,015
KGHM Polska Miedz SA		28,346		977,800
LPP SA		188		735,350
mBank SA(b)		1,735		198,702
Orange Polska SA(b)		74,090		143,432
PGE Polska Grupa Energetyczna SA(b)		134,195		252,800
Polski Koncern Naftowy ORLEN SA		56,872		993,978
Polskie Gornictwo Naftowe i Gazownictwo SA		370,949		484,420
Powszechna Kasa Oszczednosci Bank Polski SA(b)		156,060		1,826,887
Powszechny Zaklad Ubezpieczen SA		101,081		899,992
Santander Bank Polska SA		8,515		730,528
				10,686,366
Portugal — 0.1%
Banco Espirito Santo SA, Registered(e)		4		—
EDP - Energias de Portugal SA		538,131		2,754,752
Galp Energia SGPS SA		96,643		1,065,613
Jeronimo Martins SGPS SA		51,695		1,242,285
				5,062,650
Qatar — 0.3%
Barwa Real Estate Co.		298,500		274,241
Commercial Bank PSQC (The)		492,892		963,193
Industries Qatar QSC		301,741		1,387,950
Masraf Al Rayan QSC		1,063,353		1,425,813
Mesaieed Petrochemical Holding Co.		804,544		535,432
Ooredoo QPSC		226,923		450,888
Qatar Electricity & Water Co. QSC		130,055		635,089
Qatar Fuel QSC		91,366		474,453
Qatar International Islamic Bank QSC		91,702		250,631
Qatar Islamic Bank SAQ		191,091		1,023,650
Qatar National Bank QPSC		828,528		4,945,557
				12,366,897

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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia — 0.9%
Alrosa PJSC		504,040	$	741,495
Gazprom PJSC		2,268,174		9,800,155
Inter RAO UES PJSC		5,597,000		280,937
LUKOIL PJSC		71,534		6,350,857
Magnit PJSC, GDR(f)		54,129		712,950
MMC Norilsk Nickel PJSC		12,337		3,460,145
Mobile TeleSystems PJSC		105,139		803,262
Moscow Exchange MICEX-RTS PJSC		287,200		541,220
Novatek PJSC, GDR(f)		17,328		3,659,770
Novolipetsk Steel PJSC		223,890		618,527
Ozon Holdings PLC, ADR(b)		8,955		175,818
PhosAgro PJSC, GDR(f)		31,181		625,502
Polymetal International PLC		52,614		755,754
Polyus PJSC		5,198		820,430
Rosneft Oil Co. PJSC		165,180		1,231,880
Sberbank of Russia PJSC		1,882,550		6,487,683
Severstal PAO		30,098		586,508
Surgutneftegas PJSC		1,708,350		805,304
Tatneft PJSC		224,904		1,447,886
TCS Group Holding PLC, GDR(f)		22,469		1,617,865
United Co. RUSAL International PJSC(b)		612,730		577,339
VK Co. Ltd.(b)		23,858		189,189
VTB Bank PJSC		493,800,000		279,029
X5 Retail Group NV, GDR		16,185		364,288
Yandex NV, Class A(b)		59,216		2,842,259
				45,776,052
Saudi Arabia — 1.1%
Abdullah Al Othaim Markets Co.		7,762		219,295
Advanced Petrochemical Co.		27,387		549,462
Al Rajhi Bank		238,087		9,455,048
Alinma Bank		187,686		1,504,798
Almarai Co. JSC		22,336		293,169
Arab National Bank		118,435		876,475
Bank AlBilad(b)		90,194		1,340,668
Bank Al-Jazira		94,634		587,620
Banque Saudi Fransi		129,725		1,819,407
Bupa Arabia for Cooperative Insurance Co.		7,992		317,363
Co for Cooperative Insurance (The)		10,753		223,994
Dar Al Arkan Real Estate Development Co.(b)		55,226		152,166
Emaar Economic City(b)		44,738		154,457
Etihad Etisalat Co.		72,595		631,747
Jarir Marketing Co.		21,797		1,172,955
Mouwasat Medical Services Co.		4,743		250,736
National Industrialization Co.(b)		52,344		319,440
Rabigh Refining & Petrochemical Co.(b)		41,664		271,908
Riyad Bank		251,398		2,278,188
SABIC Agri-Nutrients Co.		44,881		2,034,796
Sahara International Petrochemical Co.		94,312		1,090,952
Saudi Arabian Mining Co.(b)		93,317		2,299,769
Saudi Arabian Oil Co.(c)		355,210		3,545,361
Saudi Basic Industries Corp.		160,945		5,387,397
Saudi British Bank (The)		139,956		1,503,136
Saudi Cement Co.		16,407		245,727
Saudi Electricity Co.		200,336		1,408,702
Saudi Industrial Investment Group		50,480		461,620
Saudi Kayan Petrochemical Co.(b)		117,509		619,869
Saudi National Bank (The)		397,933		7,827,356
Saudi Telecom Co.		104,768		3,296,110
Savola Group (The)		35,892		327,193

Security	Shares		Value
Saudi Arabia (continued)
Yanbu National Petrochemical Co.		44,224	$	804,138
				53,271,022
Singapore — 0.8%
Ascendas REIT		609,977		1,250,966
CapitaLand Integrated Commercial Trust		998,321		1,439,275
Capitaland Investment Ltd/Singapore(b)		427,700		1,097,423
City Developments Ltd.		62,800		329,887
DBS Group Holdings Ltd.		329,800		8,662,813
Genting Singapore Ltd.(a)		1,182,500		646,168
Keppel Corp. Ltd.		282,100		1,189,393
Mapletree Commercial Trust		379,300		507,699
Mapletree Logistics Trust(a)		538,197		677,333
Oversea-Chinese Banking Corp. Ltd.		617,875		5,751,342
Sea Ltd., ADR(b)		25,380		3,814,868
Singapore Airlines Ltd.(b)		263,150		981,577
Singapore Exchange Ltd.		121,400		840,303
Singapore Technologies Engineering Ltd.		203,400		565,341
Singapore Telecommunications Ltd.		1,537,900		2,788,558
United Overseas Bank Ltd.		219,900		4,914,470
UOL Group Ltd.		70,400		381,777
Venture Corp. Ltd.		58,000		759,901
Wilmar International Ltd.		383,000		1,218,393
				37,817,487
South Africa — 1.0%
Absa Group Ltd.		110,504		1,221,368
Anglo American Platinum Ltd.		10,794		1,307,846
AngloGold Ashanti Ltd.		80,458		1,508,337
Aspen Pharmacare Holdings Ltd.		81,643		1,099,126
Bid Corp. Ltd.		71,037		1,531,386
Bidvest Group Ltd. (The)		68,133		835,361
Capitec Bank Holdings Ltd.		12,167		1,597,558
Clicks Group Ltd.		53,523		1,027,697
Discovery Ltd.(b)		49,390		499,119
Exxaro Resources Ltd.		60,553		654,225
FirstRand Ltd.		940,061		3,789,480
Gold Fields Ltd.		174,104		1,865,693
Growthpoint Properties Ltd.		826,109		784,186
Harmony Gold Mining Co. Ltd.		113,971		416,274
Impala Platinum Holdings Ltd.		154,046		2,374,905
Kumba Iron Ore Ltd.		11,721		418,173
Mr. Price Group Ltd.		57,811		766,739
MTN Group Ltd.(b)		324,566		4,081,717
MultiChoice Group		73,902		606,111
Naspers Ltd., Class N		39,616		6,403,851
Nedbank Group Ltd.		72,997		904,840
NEPI Rockcastle PLC		90,521		615,566
Northam Platinum Holdings Ltd.(b)		73,863		975,357
Old Mutual Ltd.		933,168		840,898
Rand Merchant Investment Holdings Ltd.		261,288		825,174
Reinet Investments SCA		33,989		673,345
Remgro Ltd.		97,234		839,173
Sanlam Ltd.		278,865		1,145,733
Sasol Ltd.(b)		109,176		2,457,813
Shoprite Holdings Ltd.		91,223		1,246,437
Sibanye Stillwater Ltd.		486,720		1,814,187
SPAR Group Ltd. (The)		22,459		245,605
Standard Bank Group Ltd.		214,082		2,089,480
Tiger Brands Ltd.		35,328		421,247
Vodacom Group Ltd.		106,084		1,013,423

42 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Woolworths Holdings Ltd.		229,677	$	793,535
				49,690,965
South Korea — 3.3%
Alteogen Inc.(b)		5,992		243,334
Amorepacific Corp.		6,481		845,260
AMOREPACIFIC Group		7,651		263,277
BGF retail Co. Ltd.		2,023		274,040
Celltrion Healthcare Co. Ltd.		15,171		801,551
Celltrion Inc.		18,735		2,381,109
Celltrion Pharm Inc.(a)(b)		3,077		213,847
Cheil Worldwide Inc.		6,115		112,590
CJ CheilJedang Corp.		2,050		594,612
CJ Corp.		3,698		247,177
CJ ENM Co. Ltd.		2,229		231,097
CJ Logistics Corp.(b)		888		86,233
Coway Co. Ltd.		11,007		634,134
DB Insurance Co. Ltd.		11,809		591,513
Doosan Bobcat Inc.(b)		6,609		207,253
Doosan Heavy Industries & Construction Co. Ltd.(b)		56,977		856,824
Douzone Bizon Co. Ltd.		5,074		224,905
Ecopro BM Co. Ltd.		2,100		596,678
E-MART Inc.(b)		3,838		427,175
F&F Co. Ltd./New(b)		473		326,360
Green Cross Corp.		931		137,841
GS Engineering & Construction Corp.		4,699		156,376
GS Holdings Corp.		8,060		260,232
Hana Financial Group Inc.		52,453		1,976,344
Hankook Tire & Technology Co. Ltd.		17,497		494,066
Hanmi Pharm Co. Ltd.		1,557		321,361
Hanon Systems		25,390		227,831
Hanwha Solutions Corp.(b)		19,120		521,815
HLB Inc.(a)(b)		17,931		480,868
HMM Co. Ltd.(b)		49,007		912,414
Hotel Shilla Co. Ltd.(a)		7,004		424,808
HYBE Co. Ltd.(b)		2,790		564,851
Hyundai Engineering & Construction Co. Ltd.		15,736		563,541
Hyundai Glovis Co. Ltd.		3,823		523,028
Hyundai Heavy Industries Holdings Co. Ltd.		11,638		469,244
Hyundai Mobis Co. Ltd.		12,854		2,523,271
Hyundai Motor Co.		25,659		4,135,690
Hyundai Steel Co.		18,435		608,873
Iljin Materials Co. Ltd.		4,839		391,088
Industrial Bank of Korea(b)		56,411		489,778
Kakao Corp.(b)		54,262		3,919,435
Kakao Games Corp.(b)		5,605		314,983
Kangwon Land Inc.(b)		22,692		477,119
KB Financial Group Inc.		74,729		3,703,545
Kia Corp.		48,985		3,415,514
Korea Aerospace Industries Ltd.		17,564		528,063
Korea Electric Power Corp.(b)		44,647		767,669
Korea Investment Holdings Co. Ltd.		8,036		492,762
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		8,121		548,999
Korea Zinc Co. Ltd.		1,629		692,941
Korean Air Lines Co. Ltd.(b)		28,623		691,174
Krafton Inc.(b)		3,574		828,089
KT&G Corp.(b)		18,127		1,170,929
Kumho Petrochemical Co. Ltd.		2,760		342,636
L&F Co. Ltd.(b)		4,593		678,822
LG Chem Ltd.		8,662		4,643,354
LG Corp.		17,979		1,111,848

Security	Shares		Value
South Korea (continued)
LG Display Co. Ltd.		46,640	$	784,371
LG Electronics Inc.		20,428		2,219,349
LG Household & Health Care Ltd.		1,675		1,362,525
LG Innotek Co. Ltd.		2,572		773,270
LG Uplus Corp.		22,753		247,931
Lotte Chemical Corp.		2,993		492,177
Lotte Shopping Co. Ltd.		1,736		116,682
Meritz Securities Co. Ltd.(a)		48,342		246,372
Mirae Asset Securities Co. Ltd.		81,101		580,943
NAVER Corp.		23,380		6,175,607
NCSoft Corp.		3,222		1,451,719
Netmarble Corp.(c)		4,701		435,264
NH Investment & Securities Co. Ltd.		3,839		36,810
Orion Corp./Republic of Korea		5,744		470,010
Pan Ocean Co. Ltd.		30,721		128,227
Pearl Abyss Corp.(b)		6,922		552,225
POSCO		13,109		2,932,397
POSCO Chemical Co. Ltd.		5,310		499,180
S-1 Corp.		2,714		152,011
Samsung Biologics Co. Ltd.(b)(c)		3,069		1,899,954
Samsung C&T Corp.		14,498		1,311,599
Samsung Electro-Mechanics Co. Ltd.		10,773		1,638,982
Samsung Electronics Co. Ltd.		878,844		54,663,287
Samsung Engineering Co. Ltd.(a)(b)		23,065		422,057
Samsung Fire & Marine Insurance Co. Ltd.		6,177		1,032,494
Samsung Heavy Industries Co. Ltd.(b)		123,265		535,782
Samsung Life Insurance Co. Ltd.		13,933		705,691
Samsung SDI Co. Ltd.		10,586		5,253,660
Samsung SDS Co. Ltd.		6,982		828,797
Samsung Securities Co. Ltd.		12,008		405,453
Seegene Inc.		7,053		318,277
Shin Poong Pharmaceutical Co. Ltd.		5,958		120,576
Shinhan Financial Group Co. Ltd.		77,366		2,477,968
SK Biopharmaceuticals Co. Ltd.(b)		3,954		252,407
SK Bioscience Co. Ltd.(b)		4,019		550,091
SK Chemicals Co. Ltd.		1,729		183,029
SK Hynix Inc.		102,531		10,612,753
SK IE Technology Co. Ltd.(b)(c)		2,965		291,089
SK Inc.		6,017		1,113,863
SK Innovation Co. Ltd.(b)		9,711		1,782,240
SK Square Co. Ltd.(b)		4,866		222,007
SK Telecom Co. Ltd.		7,574		360,485
SKC Co. Ltd.		3,680		443,035
S-Oil Corp.		9,838		746,836
Woori Financial Group Inc.		82,163		1,010,799
Yuhan Corp.		13,389		634,781
				160,145,233
Spain — 1.5%
ACS Actividades de Construccion y Servicios SA		48,083		1,213,932
Aena SME SA(b)(c)		12,627		2,040,304
Amadeus IT Group SA(b)		83,652		5,751,928
Banco Bilbao Vizcaya Argentaria SA		1,227,887		7,839,604
Banco Santander SA		3,120,910		10,943,789
CaixaBank SA		814,690		2,621,167
Cellnex Telecom SA(c)		92,566		4,197,460
EDP Renovaveis SA		44,698		939,617
Enagas SA		22,741		491,707
Endesa SA		60,871		1,362,815
Ferrovial SA		100,207		2,784,608
Grifols SA(a)		55,212		973,626

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) (continued) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Iberdrola SA		1,064,192	$	12,201,025
Iberdrola SA		17,945		204,830
Industria de Diseno Textil SA		205,155		6,222,227
Naturgy Energy Group SA(a)		36,525		1,156,465
Red Electrica Corp. SA		64,486		1,299,923
Repsol SA		267,658		3,401,292
Siemens Gamesa Renewable Energy SA(a)(b)		49,014		1,060,559
Telefonica SA		956,762		4,460,012
				71,166,890
Sweden — 2.2%
Alfa Laval AB		59,247		2,001,435
Assa Abloy AB, Class B		188,427		5,159,525
Atlas Copco AB, Class A		123,100		7,285,801
Atlas Copco AB, Class B		75,609		3,866,854
Boliden AB		49,457		2,002,639
Electrolux AB, Class B		44,100		917,597
Embracer Group AB(a)(b)		102,168		1,025,085
Epiroc AB, Class A		134,919		2,879,054
Epiroc AB, Class B		69,735		1,262,123
EQT AB		54,372		2,130,650
Essity AB, Class B		114,749		3,234,818
Evolution AB(c)		32,064		3,989,311
Fastighets AB Balder, Class B(b)		19,281		1,277,344
Getinge AB, Class B		36,151		1,413,344
H & M Hennes & Mauritz AB, Class B		134,443		2,676,874
Hexagon AB, Class B		371,817		5,015,093
Husqvarna AB, Class B		90,223		1,254,457
Industrivarden AB, Class A		25,169		795,640
Industrivarden AB, Class C		26,210		814,098
Investment AB Latour, Class B		29,934		931,365
Investor AB		52,490		1,194,110
Investor AB, Class B		349,596		7,590,403
Kinnevik AB, Class B(b)		46,302		1,383,903
L E Lundbergforetagen AB, Class B		12,269		626,904
Lifco AB, Class B		35,036		821,252
Lundin Energy AB		38,898		1,581,899
Nibe Industrier AB, Class B		271,351		2,579,071
Sagax AB, Class B		27,783		810,991
Sandvik AB		211,125		5,559,875
Securitas AB, Class B		52,992		640,050
Sinch AB(a)(b)(c)		98,962		1,017,421
Skandinaviska Enskilda Banken AB, Class A		300,292		3,881,827
Skanska AB, Class B		66,682		1,632,566
SKF AB, Class B		55,716		1,221,413
Svenska Cellulosa AB SCA, Class B		116,322		2,025,589
Svenska Handelsbanken AB, Class A		250,517		2,669,899
Swedbank AB, Class A		164,767		3,225,842
Swedish Match AB		304,273		2,354,246
Tele2 AB, Class B		101,660		1,479,159
Telefonaktiebolaget LM Ericsson, Class B		537,251		6,708,166
Telia Co. AB		464,449		1,830,577
Volvo AB, Class B		279,482		6,306,908
				107,075,178
Switzerland — 6.4%
ABB Ltd., Registered		304,445		10,555,649
Adecco Group AG, Registered		29,433		1,401,988
Alcon Inc.		95,866		7,392,094
Bachem Holding AG, Class B, Registered		1,076		641,846
Baloise Holding AG, Registered		7,963		1,394,930

Security	Shares		Value
Switzerland (continued)
Barry Callebaut AG, Registered		552	$	1,267,187
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		168		1,949,699
Chocoladefabriken Lindt & Spruengli AG, Registered		15		1,727,189
Cie. Financiere Richemont SA, Class A, Registered		96,760		14,062,498
Clariant AG, Registered		28,429		602,555
Coca-Cola HBC AG, Class DI		36,941		1,223,509
Credit Suisse Group AG, Registered		438,686		4,169,890
EMS-Chemie Holding AG, Registered		1,137		1,150,054
Geberit AG, Registered		6,632		4,505,980
Givaudan SA, Registered		1,689		6,997,399
Holcim Ltd.		90,450		4,902,505
Julius Baer Group Ltd.		44,526		2,909,760
Kuehne + Nagel International AG, Registered		10,417		2,941,625
Logitech International SA, Registered		33,274		2,795,998
Lonza Group AG, Registered		14,121		9,735,609
Nestle SA, Registered		517,638		66,846,884
Novartis AG, Registered		399,412		34,704,705
Partners Group Holding AG		4,123		5,748,277
Roche Holding AG, Bearer		3,680		1,515,410
Roche Holding AG, NVS		129,620		50,162,830
Schindler Holding AG, Participation Certificates, NVS		7,773		1,950,898
Schindler Holding AG, Registered		3,939		988,188
SGS SA, Registered		1,067		3,042,627
Siemens Energy AG(b)		73,367		1,650,233
Sika AG, Registered		26,271		9,191,542
Sonova Holding AG, Registered		10,922		3,890,853
Straumann Holding AG, Registered		1,986		3,290,968
Swatch Group AG (The), Bearer		5,694		1,661,066
Swatch Group AG (The), Registered		8,875		498,199
Swiss Life Holding AG, Registered		6,094		3,922,158
Swiss Prime Site AG, Registered		15,056		1,488,684
Swiss Re AG		53,734		5,854,741
Swisscom AG, Registered		4,777		2,730,413
Temenos AG, Registered		13,100		1,570,229
UBS Group AG, Registered		658,064		12,206,789
VAT Group AG(c)		4,216		1,719,316
Vifor Pharma AG		9,439		1,672,091
Zurich Insurance Group AG		27,347		13,080,295
				311,715,360
Taiwan — 4.7%
Accton Technology Corp.		107,000		1,033,262
Acer Inc.		605,792		628,254
Advantech Co. Ltd.		63,793		884,190
Airtac International Group		26,928		945,416
ASE Technology Holding Co. Ltd.		592,762		2,158,893
Asia Cement Corp.		362,440		580,694
ASMedia Technology Inc.		7,000		403,623
Asustek Computer Inc.		104,000		1,359,643
AU Optronics Corp.		1,594,000		1,185,023
Catcher Technology Co. Ltd.		114,000		642,370
Cathay Financial Holding Co. Ltd.		1,435,281		3,329,201
Chailease Holding Co. Ltd.		210,074		1,926,869
Chang Hwa Commercial Bank Ltd.		1,084,808		694,357
Cheng Shin Rubber Industry Co. Ltd.		314,000		394,744
China Development Financial Holding Corp.		2,996,358		1,998,780
China Steel Corp.		2,163,288		2,647,449
Chunghwa Telecom Co. Ltd.		592,000		2,516,012
Compal Electronics Inc.		741,000		677,635
CTBC Financial Holding Co. Ltd.		3,052,036		3,068,240

44 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Delta Electronics Inc.		348,000	$	3,433,174
E.Sun Financial Holding Co. Ltd.		2,283,143		2,400,931
Eclat Textile Co. Ltd.		35,000		776,456
eMemory Technology Inc.		14,000		817,320
Evergreen Marine Corp. Taiwan Ltd.		466,000		1,977,112
Far Eastern New Century Corp.		535,000		560,452
Far EasTone Telecommunications Co. Ltd.		268,000		628,153
Feng TAY Enterprise Co. Ltd.		73,600		603,606
First Financial Holding Co. Ltd.		2,015,817		1,835,641
Formosa Chemicals & Fibre Corp.		640,340		1,835,580
Formosa Petrochemical Corp.		309,000		1,078,401
Formosa Plastics Corp.		654,960		2,511,425
Foxconn Technology Co. Ltd.		172,000		378,891
Fubon Financial Holding Co. Ltd.		1,274,330		3,516,532
Giant Manufacturing Co. Ltd.		55,000		637,027
Globalwafers Co. Ltd.		41,000		1,170,100
Hiwin Technologies Corp.		49,458		478,866
Hon Hai Precision Industry Co. Ltd.		2,345,377		8,769,193
Hotai Motor Co. Ltd.		46,000		1,007,399
Hua Nan Financial Holdings Co. Ltd.		1,588,243		1,258,455
Innolux Corp.		1,617,688		1,016,089
Inventec Corp.		477,000		437,531
Largan Precision Co. Ltd.		16,000		1,185,672
Lite-On Technology Corp.		385,000		889,198
MediaTek Inc.		270,000		10,724,181
Mega Financial Holding Co. Ltd.		2,006,195		2,685,047
Micro-Star International Co. Ltd.		130,000		727,140
momo.com Inc.		10,000		408,629
Nan Ya Plastics Corp.		945,840		2,986,720
Nan Ya Printed Circuit Board Corp.		56,000		983,378
Nanya Technology Corp.		271,000		719,915
Nien Made Enterprise Co. Ltd.		35,000		493,674
Novatek Microelectronics Corp.		100,000		1,758,625
Oneness Biotech Co. Ltd.(b)		49,000		421,047
Parade Technologies Ltd.		18,000		1,328,926
Pegatron Corp.		463,000		1,163,839
Pou Chen Corp.		391,000		454,577
President Chain Store Corp.		66,000		630,374
Quanta Computer Inc.		513,000		1,736,345
Realtek Semiconductor Corp.		72,000		1,396,810
Ruentex Development Co. Ltd.		273,000		635,683
Shanghai Commercial & Savings Bank Ltd. (The)		531,000		895,849
Shin Kong Financial Holding Co. Ltd.		2,325,983		937,625
SinoPac Financial Holdings Co. Ltd.		2,115,600		1,265,793
Synnex Technology International Corp.		242,750		597,816
Taishin Financial Holding Co. Ltd.		2,038,723		1,457,960
Taiwan Cement Corp.		771,738		1,312,516
Taiwan Cooperative Financial Holding Co. Ltd.		1,912,167		1,834,649
Taiwan High Speed Rail Corp.		627,000		645,878
Taiwan Mobile Co. Ltd.		234,000		841,091
Taiwan Semiconductor Manufacturing Co. Ltd.		4,524,000		104,603,867
Unimicron Technology Corp.		224,000		1,679,270
Uni-President Enterprises Corp.		853,972		2,093,060
United Microelectronics Corp.		2,179,000		4,552,583
Vanguard International Semiconductor Corp.		201,000		969,605
Voltronic Power Technology Corp.		13,000		669,959
Wan Hai Lines Ltd.		132,900		728,530
Win Semiconductors Corp.		73,000		904,345
Winbond Electronics Corp.		757,000		844,894
Wistron Corp.		480,000		545,599

Security	Shares		Value
Taiwan (continued)
Wiwynn Corp.		18,000	$	659,855
WPG Holdings Ltd.		283,000		557,920
Yageo Corp.		58,000		988,480
Yang Ming Marine Transport Corp.(b)		330,000		1,222,291
Yuanta Financial Holding Co. Ltd.		2,041,829		1,877,317
Zhen Ding Technology Holding Ltd.		121,000		417,103
				228,636,624
Thailand — 0.5%
Advanced Info Service PCL, NVDR		232,000		1,541,069
Airports of Thailand PCL, NVDR(b)		876,500		1,688,275
Asset World Corp. PCL, NVDR(b)		1,561,100		231,573
B Grimm Power PCL, NVDR(a)		164,200		176,059
Bangkok Commercial Asset Management PCL, NVDR		400,000		246,471
Bangkok Dusit Medical Services PCL, NVDR		1,837,600		1,240,979
Bangkok Expressway & Metro PCL, NVDR		2,776,100		686,695
Berli Jucker PCL, NVDR		336,800		323,640
BTS Group Holdings PCL, NVDR		3,136,800		870,367
Central Pattana PCL, NVDR		528,400		868,450
Charoen Pokphand Foods PCL, NVDR(a)		1,139,700		868,625
CP ALL PCL, NVDR		1,123,100		2,129,074
Delta Electronics Thailand PCL, NVDR		66,400		703,345
Global Power Synergy PCL, NVDR		185,800		440,018
Indorama Ventures PCL, NVDR		477,388		687,795
Intouch Holdings PCL, NVDR		264,900		613,596
Krungthai Card PCL, NVDR(a)		195,600		355,428
Land & Houses PCL, NVDR		1,431,400		422,840
Minor International PCL, NVDR(b)		744,520		688,196
Osotspa PCL, NVDR		210,300		204,567
PTT Exploration & Production PCL, NVDR		270,899		1,063,229
PTT Global Chemical PCL, NVDR(a)		444,401		762,122
PTT PCL, NVDR		2,131,800		2,516,847
Siam Cement PCL (The), NVDR		140,100		1,627,397
Siam Commercial Bank PCL (The), NVDR		247,800		941,965
Srisawad Corp. PCL, NVDR(a)		168,800		307,410
Thai Oil PCL, NVDR		536,900		855,662
True Corp. PCL, NVDR		3,191,034		464,575
				23,526,269
Turkey — 0.1%
Akbank TAS		445,571		268,448
Aselsan Elektronik Sanayi Ve Ticaret AS		101,468		164,540
BIM Birlesik Magazalar AS		86,949		459,215
Eregli Demir ve Celik Fabrikalari TAS		330,393		676,648
Ford Otomotiv Sanayi AS		12,155		226,305
KOC Holding AS		218,514		532,495
Turkcell Iletisim Hizmetleri AS		216,428		305,228
Turkiye Garanti Bankasi AS		457,135		409,755
Turkiye Is Bankasi AS, Class C		211,927		133,704
Turkiye Petrol Rafinerileri AS(b)		23,322		299,749
				3,476,087
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		597,004		1,461,585
Abu Dhabi Islamic Bank PJSC		250,949		476,354
Abu Dhabi National Oil Co. for Distribution PJSC		521,196		586,036
Aldar Properties PJSC		878,131		991,042
Emaar Properties PJSC		859,488		1,145,250
Emirates NBD Bank PJSC		477,684		1,742,189
Emirates Telecommunications Group Co. PJSC		596,148		5,368,483
First Abu Dhabi Bank PJSC		711,890		3,876,288
				15,647,227

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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 9.0%
3i Group PLC		184,233	$	3,431,119
Abrdn PLC		438,268		1,433,305
Admiral Group PLC		32,407		1,377,969
Anglo American PLC		227,208		10,016,574
Antofagasta PLC		65,051		1,183,365
Ashtead Group PLC		85,219		6,095,543
Associated British Foods PLC		66,527		1,756,040
AstraZeneca PLC		284,519		33,097,508
Auto Trader Group PLC(c)		186,972		1,694,272
AVEVA Group PLC		21,932		870,302
Aviva PLC		709,467		4,188,692
BAE Systems PLC		591,718		4,630,639
Barclays PLC		3,163,348		8,486,686
Barratt Developments PLC		195,207		1,623,544
Berkeley Group Holdings PLC		20,889		1,192,135
BP PLC		3,716,259		19,264,796
British American Tobacco PLC		402,158		17,170,126
British Land Co. PLC (The)		179,437		1,341,746
BT Group PLC		1,604,168		4,248,913
Bunzl PLC		64,858		2,429,384
Burberry Group PLC		77,292		1,960,816
Coca-Cola Europacific Partners PLC		39,204		2,240,509
Compass Group PLC		323,390		7,349,886
Croda International PLC		25,803		2,786,671
DCC PLC		20,072		1,687,724
Diageo PLC		434,470		21,923,946
Entain PLC(b)		109,352		2,367,399
Evraz PLC		133,520		907,084
Experian PLC		170,509		7,121,800
Ferguson PLC		42,325		6,657,317
GlaxoSmithKline PLC		931,730		20,792,473
Halma PLC		72,406		2,454,105
Hargreaves Lansdown PLC		58,569		1,063,362
Hikma Pharmaceuticals PLC		28,065		788,434
HSBC Holdings PLC		3,735,111		26,584,049
Imperial Brands PLC		176,763		4,191,024
Informa PLC(b)		269,239		2,036,623
InterContinental Hotels Group PLC(b)		33,465		2,211,146
Intertek Group PLC		29,830		2,164,776
J Sainsbury PLC		337,366		1,325,695
JD Sports Fashion PLC		428,009		1,097,486
Johnson Matthey PLC		36,750		970,519
Kingfisher PLC		396,651		1,778,724
Land Securities Group PLC		108,331		1,163,522
Legal & General Group PLC		1,043,716		4,080,885
Lloyds Banking Group PLC		12,987,533		9,012,969
London Stock Exchange Group PLC		59,114		5,788,054
M&G PLC		484,255		1,417,277
Melrose Industries PLC		818,295		1,666,880
Mondi PLC		90,463		2,263,310
National Grid PLC		647,610		9,476,423
Natwest Group PLC		903,524		2,969,686
Next PLC		24,899		2,536,851
NMC Health PLC(b)(e)		14,180		—
Ocado Group PLC(b)		87,202		1,776,791
Pearson PLC		137,724		1,149,919
Persimmon PLC		61,201		1,993,897
Phoenix Group Holdings PLC		43,253		387,219
Prudential PLC		483,310		8,146,539
Reckitt Benckiser Group PLC		131,118		10,623,456

Security	Shares		Value
United Kingdom (continued)
RELX PLC		355,000	$	10,919,937
Rentokil Initial PLC		354,458		2,482,175
Rolls-Royce Holdings PLC(b)		1,533,242		2,403,327
Sage Group PLC (The)		212,903		2,080,483
Schroders PLC		29,035		1,331,278
Segro PLC		207,652		3,660,853
Severn Trent PLC		37,483		1,455,250
Shell PLC		1,432,859		36,808,304
Smith & Nephew PLC		173,369		2,948,481
Smiths Group PLC		59,862		1,261,746
Spirax-Sarco Engineering PLC		12,692		2,287,805
SSE PLC		194,817		4,191,686
St. James’s Place PLC		87,248		1,801,011
Standard Chartered PLC		484,674		3,529,759
Taylor Wimpey PLC		653,499		1,340,690
Tesco PLC		1,393,551		5,597,436
Unilever PLC		479,323		24,580,569
United Utilities Group PLC		133,552		1,926,604
Vodafone Group PLC		4,906,849		8,615,762
Whitbread PLC(b)		37,152		1,528,714
WPP PLC		237,302		3,721,018
				436,920,792
Total Common Stocks — 98.7% (Cost: $4,262,532,602)				4,805,295,964
Preferred Stocks
Brazil — 0.4%
Alpargatas SA, Preference Shares, NVS		25,083		137,363
Banco Bradesco SA, Preference Shares, NVS		951,168		4,084,034
Braskem SA, Class A, Preference Shares, NVS		30,750		284,736
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		123,106		799,363
Cia. Energetica de Minas Gerais, Preference Shares, NVS		252,000		623,107
Gerdau SA, Preference Shares, NVS		219,919		1,153,000
Itau Unibanco Holding SA, Preference Shares, NVS		853,788		4,072,701
Itausa SA, Preference Shares, NVS		828,457		1,589,797
Petroleo Brasileiro SA, Preference Shares, NVS		847,488		5,163,036
				17,907,137
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		26,942		1,442,849
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		111,142		992,112
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,064		871,001
Fuchs Petrolub SE, Preference Shares, NVS		11,411		493,128
Henkel AG & Co. KGaA, Preference Shares, NVS		32,726		2,676,609
Porsche Automobil Holding SE, Preference Shares, NVS		29,787		2,789,521
Sartorius AG, Preference Shares, NVS		4,883		2,636,221
Volkswagen AG, Preference Shares, NVS		34,293		7,142,278
				16,608,758
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		1,247,500		602,100

46 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		4,603	$	364,414
Series 2, Preference Shares, NVS		7,115		578,587
LG Chem Ltd., Preference Shares, NVS		1,255		318,583
LG Household & Health Care Ltd., Preference Shares, NVS		309		141,650
Samsung Electronics Co. Ltd., Preference Shares, NVS		150,524		8,466,563
				9,869,797
Total Preferred Stocks — 1.0% (Cost: $37,067,601)				47,422,753
Rights
China — 0.0%
Citic Securities Co. Ltd. (Expires 02/23/22)(b)		62,325		24,620
South Korea — 0.0%
Doosan Heavy Industries & Construction Co. Ltd. (Expires 02/11/22)(b)		7,335		10,344
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(b)(e)		48,748		24,398
Total Rights — 0.0% (Cost: $26,130)				59,362
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(g)(h)(i)		51,605,771		51,621,253

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)		3,700,000	$	3,700,000
				55,321,253
Total Short-Term Investments — 1.1% (Cost: $55,311,746)				55,321,253
Total Investments in Securities — 100.8% (Cost: $4,354,938,079)				4,908,099,332
Other Assets, Less Liabilities — (0.8)%				(38,140,928	)
Net Assets — 100.0%			$	4,869,958,404

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

^(b)  Non-income producing security.

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

^(d)  Issuer filed for bankruptcy and/or is in default.

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

^(f)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(g)  Affiliate of the Fund.

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

⁽ⁱ⁾  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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,141,919	$	31,485,200	(a)	$	—		$	(1,146	)	$	(4,720	)	$	51,621,253		51,605,771	$	225,292	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,700,000		—			(1,000,000	)(a)		—			—			3,700,000		3,700,000		164			—
									$	(1,146	)	$	(4,720	)	$	55,321,253			$	225,456		$	—

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI ACWI ex U.S. 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 EAFE Index		92		03/18/22	$	10,283	$	(174,900	)
MSCI Emerging Markets Index		80		03/18/22		4,899		27,797
							$	(147,103	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	27,797
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	174,900

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

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(741,019	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	257,649

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	16,657,808

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.

48 2 0 2 2   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) January 31, 2022 iShares^® MSCI ACWI ex U.S. ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	600,293,971		$	4,205,001,992	$	1	$	4,805,295,964
Preferred Stocks		18,899,249			28,523,504		—		47,422,753
Rights		—			34,964		24,398		59,362
Money Market Funds		55,321,253			—		—		55,321,253
	$	674,514,473		$	4,233,560,460	$	24,399	$	4,908,099,332
Derivative financial instruments(a)
Assets
Futures Contracts	$	27,797		$	—	$	—	$	27,797
Liabilities
Futures Contracts		(174,900	)		—		—		(174,900	)
	$	(147,103	)	$	—	$	—	$	(147,103	)

^(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) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.7%
Ampol Ltd.		785,963	$	16,649,057
APA Group		3,891,504		26,391,581
Aristocrat Leisure Ltd.		1,991,097		57,717,457
ASX Ltd.		640,145		37,966,052
Aurizon Holdings Ltd.		6,104,002		15,271,328
AusNet Services Ltd.		6,310,845		11,612,576
Australia & New Zealand Banking Group Ltd.		9,402,450		177,695,360
BHP Group Ltd.(a)		9,743,883		312,491,716
BHP Group Ltd.		6,975,603		220,183,448
BlueScope Steel Ltd.		1,661,879		21,781,990
Brambles Ltd.		4,755,241		32,668,729
Cochlear Ltd.		216,935		29,748,931
Coles Group Ltd.		4,399,542		50,545,016
Commonwealth Bank of Australia		5,859,361		390,759,237
Computershare Ltd.		1,798,702		24,932,887
Crown Resorts Ltd.(b)		1,236,892		10,657,184
CSL Ltd.		1,579,383		292,568,989
Dexus		3,547,409		25,824,825
Domino’s Pizza Enterprises Ltd.		199,783		14,736,639
Endeavour Group Ltd./Australia		4,423,759		19,759,221
Evolution Mining Ltd.		6,044,681		15,186,844
Fortescue Metals Group Ltd.		5,592,944		78,536,690
Glencore PLC		32,980,356		171,814,903
Goodman Group		5,491,490		90,673,975
GPT Group (The)		6,343,662		22,479,745
IDP Education Ltd.		688,502		14,391,319
Insurance Australia Group Ltd.		8,131,497		24,527,635
James Hardie Industries PLC		1,468,317		49,416,541
Lendlease Corp. Ltd.		2,271,080		16,071,396
Macquarie Group Ltd.		1,157,215		151,261,305
Magellan Financial Group Ltd.		460,781		6,131,113
Medibank Pvt Ltd.		9,083,201		19,903,757
Mirvac Group		13,052,056		24,187,601
National Australia Bank Ltd.		10,876,063		209,858,461
Newcrest Mining Ltd.		2,695,569		41,811,945
Northern Star Resources Ltd.		3,663,745		21,835,638
Orica Ltd.		1,344,052		13,316,249
Origin Energy Ltd.		5,832,753		23,339,759
Qantas Airways Ltd.(b)		3,048,053		10,432,403
QBE Insurance Group Ltd.		4,872,815		38,688,393
Ramsay Health Care Ltd.		603,915		26,944,277
REA Group Ltd.		174,299		18,056,807
Reece Ltd.		958,758		14,801,684
Rio Tinto Ltd.		1,226,027		97,476,096
Rio Tinto PLC		3,709,260		261,448,365
Santos Ltd.		10,615,421		54,072,104
Scentre Group		17,121,230		35,546,169
SEEK Ltd.		1,112,404		23,052,571
Sonic Healthcare Ltd.		1,501,915		40,447,023
South32 Ltd.		15,439,236		42,477,917
Stockland		7,874,545		22,697,805
Suncorp Group Ltd.		4,243,303		33,326,448
Sydney Airport(b)		4,377,403		26,904,040
Tabcorp Holdings Ltd.		7,354,136		25,839,350
Telstra Corp. Ltd.		13,764,182		38,263,326
Transurban Group		10,072,390		88,981,760
Treasury Wine Estates Ltd.		2,380,786		17,894,542
Vicinity Centres		12,762,094		14,795,201

Security	Shares		Value
Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		714,120	$	13,863,858
Wesfarmers Ltd.		3,744,768		139,726,698
Westpac Banking Corp.		12,116,368		174,753,525
WiseTech Global Ltd.		482,266		15,707,090
Woodside Petroleum Ltd.		3,183,509		56,886,135
Woolworths Group Ltd.		4,186,715		102,132,662
				4,219,923,348
Austria — 0.2%
Erste Group Bank AG		1,136,078		53,100,946
OMV AG		487,304		29,825,137
Raiffeisen Bank International AG		488,206		13,722,125
Verbund AG		224,585		23,785,825
voestalpine AG		382,777		12,725,471
				133,159,504
Belgium — 0.8%
Ageas SA/NV		567,056		27,294,985
Anheuser-Busch InBev SA/NV		2,516,545		158,645,763
Elia Group SA/NV		101,893		13,749,922
Etablissements Franz Colruyt NV		181,654		7,378,730
Groupe Bruxelles Lambert SA		372,585		39,979,449
KBC Group NV		825,738		71,813,894
Proximus SADP		504,989		10,312,167
Sofina SA		50,833		20,239,051
Solvay SA		244,440		29,452,375
UCB SA		417,949		41,588,109
Umicore SA		650,317		24,618,173
				445,072,618
Denmark — 2.5%
Ambu A/S, Class B(a)		552,570		11,708,383
AP Moller - Maersk A/S, Class A		10,358		34,701,930
AP Moller - Maersk A/S, Class B, NVS		19,129		68,714,107
Carlsberg A/S, Class B		331,735		53,718,048
Chr Hansen Holding A/S		347,899		27,899,909
Coloplast A/S, Class B		392,486		57,076,201
Danske Bank A/S		2,280,329		44,264,000
Demant A/S(b)		356,393		15,768,015
DSV A/S		673,757		136,894,384
Genmab A/S(b)		216,946		73,876,511
GN Store Nord A/S		411,902		24,925,823
Novo Nordisk A/S, Class B		5,561,585		553,201,111
Novozymes A/S, Class B		677,548		46,511,917
Orsted A/S(c)		624,920		66,582,097
Pandora A/S		330,699		35,960,120
Rockwool International A/S, Class B		27,590		10,567,247
Tryg A/S		1,187,543		28,139,792
Vestas Wind Systems A/S		3,335,319		90,255,040
				1,380,764,635
Finland — 1.2%
Elisa OYJ		469,116		27,556,722
Fortum OYJ		1,468,552		39,973,591
Kesko OYJ, Class B		903,260		28,527,823
Kone OYJ, Class B		1,122,566		72,702,040
Neste OYJ		1,397,566		63,029,554
Nokia OYJ(b)		17,807,289		106,195,972
Nordea Bank Abp		10,700,718		127,099,724
Orion OYJ, Class B		350,029		14,233,128
Sampo OYJ, Class A		1,647,192		81,754,785
Stora Enso OYJ, Class R		1,918,719		39,059,451
UPM-Kymmene OYJ		1,763,113		64,259,281

50 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Wartsila OYJ Abp		1,561,289	$	19,276,309
			683,668,380
France — 11.5%
Accor SA(b)		561,335		20,629,813
Aeroports de Paris(b)		97,917		13,287,414
Air Liquide SA		1,564,663		267,650,061
Airbus SE(b)		1,947,011		248,620,103
Alstom SA		1,049,166		34,013,671
Amundi SA(c)		200,933		15,619,790
ArcelorMittal SA		2,217,257		65,861,464
Arkema SA		202,473		29,939,298
AXA SA		6,392,544		202,458,231
BioMerieux		136,633		16,021,979
BNP Paribas SA		3,714,972		265,209,560
Bollore SA		2,916,364		15,719,802
Bouygues SA		754,345		26,603,528
Bureau Veritas SA		969,789		27,747,928
Capgemini SE		529,578		119,057,799
Carrefour SA		2,084,611		39,673,463
Cie. de Saint-Gobain		1,670,951		113,069,019
Cie. Generale des Etablissements Michelin SCA		559,590		93,632,729
CNP Assurances		566,148		13,935,827
Covivio		171,567		14,327,231
Credit Agricole SA		4,086,303		61,476,160
Danone SA		2,157,535		134,524,607
Dassault Aviation SA		83,135		9,879,966
Dassault Systemes SE		2,195,689		106,179,945
Edenred		823,303		35,362,801
Eiffage SA		275,669		28,965,420
Electricite de France SA		1,562,265		15,026,188
Engie SA		6,032,316		92,787,892
EssilorLuxottica SA		948,332		179,410,590
Eurazeo SE		130,648		10,381,072
Eurofins Scientific SE		440,469		44,224,344
Faurecia SE		386,977		17,153,938
Gecina SA		152,163		20,647,336
Getlink SE		1,451,405		22,895,715
Hermes International		104,600		157,048,425
Ipsen SA		124,396		12,103,826
Kering SA		247,740		185,003,510
Klepierre SA		670,350		17,830,138
La Francaise des Jeux SAEM(c)		314,976		13,041,144
Legrand SA		883,308		89,896,932
L’Oreal SA		828,828		354,031,082
LVMH Moet Hennessy Louis Vuitton SE		916,892		753,114,194
Orange SA		6,589,086		77,404,977
Orpea SA		170,533		7,487,115
Pernod Ricard SA		691,926		148,002,513
Publicis Groupe SA		753,413		51,051,922
Remy Cointreau SA		74,991		15,638,121
Renault SA(b)		636,662		25,302,485
Safran SA		1,128,843		136,668,137
Sanofi		3,755,500		392,682,626
Sartorius Stedim Biotech		91,444		40,099,210
Schneider Electric SE		1,785,396		302,437,714
SEB SA		91,257		13,850,074
Societe Generale SA		2,677,533		99,390,913
Sodexo SA		291,841		27,142,276
Teleperformance		193,994		73,056,045
Thales SA		352,917		32,555,686

Security	Shares		Value
France (continued)
TotalEnergies SE		8,284,594	$	471,123,500
Ubisoft Entertainment SA(b)		307,378		17,638,728
Unibail-Rodamco-Westfield(b)		412,722		31,448,266
Valeo		760,635		21,289,112
Veolia Environnement SA		2,164,932		78,207,676
Vinci SA		1,776,467		194,712,385
Vivendi SE		2,558,714		33,532,887
Wendel SE		88,495		9,612,002
Worldline SA/France(b)(c)		787,465		38,168,570
				6,342,566,875
Germany — 8.3%
adidas AG		628,824		172,560,114
Allianz SE, Registered		1,361,693		349,618,106
Aroundtown SA		3,295,103		20,352,314
BASF SE		3,033,487		232,331,396
Bayer AG, Registered		3,244,681		197,126,880
Bayerische Motoren Werke AG		1,093,525		115,741,857
Bechtle AG		270,121		16,218,712
Beiersdorf AG		333,447		33,165,810
Brenntag SE		510,697		43,754,608
Carl Zeiss Meditec AG, Bearer		133,367		21,448,115
Commerzbank AG(b)		3,304,869		28,538,542
Continental AG(b)		362,862		35,179,510
Covestro AG(c)		638,842		38,326,036
Daimler AG, Registered		2,826,707		225,553,486
Daimler Truck Holding AG(b)		1,358,499		47,892,349
Delivery Hero SE(b)(c)		534,530		41,260,348
Deutsche Bank AG, Registered(b)		6,825,993		95,041,865
Deutsche Boerse AG		627,519		111,543,003
Deutsche Lufthansa AG, Registered(b)		1,971,464		15,329,742
Deutsche Post AG, Registered		3,273,821		197,020,469
Deutsche Telekom AG, Registered		11,008,068		207,821,043
E.ON SE		7,415,028		102,271,548
Evonik Industries AG		694,636		22,661,586
Fresenius Medical Care AG & Co. KGaA		676,505		45,997,857
Fresenius SE & Co. KGaA		1,383,745		57,121,483
GEA Group AG		508,032		24,002,042
Hannover Rueck SE		199,385		40,224,355
HeidelbergCement AG		492,173		34,249,611
HelloFresh SE(b)		545,059		36,290,417
Henkel AG & Co. KGaA		342,742		27,080,378
Infineon Technologies AG		4,313,105		179,113,516
KION Group AG		239,052		22,101,141
Knorr-Bremse AG		240,216		24,355,413
LANXESS AG		273,998		16,682,423
LEG Immobilien SE		240,238		31,869,663
Merck KGaA		426,852		93,607,906
MTU Aero Engines AG		176,565		37,571,119
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		462,709		146,486,682
Nemetschek SE		190,470		17,605,549
Puma SE		348,320		37,253,696
Rational AG		16,875		14,146,585
RWE AG		2,121,704		89,498,281
SAP SE		3,448,805		432,691,225
Scout24 SE(c)		288,574		17,240,689
Siemens AG, Registered		2,526,588		401,149,163
Siemens Healthineers AG(c)		931,711		59,873,851
Symrise AG		425,169		50,807,429
Telefonica Deutschland Holding AG		3,433,717		9,857,414

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Uniper SE		301,751	$	13,654,170
United Internet AG, Registered		319,665		12,536,186
Volkswagen AG		107,059		31,001,938
Vonovia SE		2,436,647		138,781,125
Zalando SE(b)(c)		734,480		58,294,136
				4,571,902,882
Hong Kong — 2.9%
AIA Group Ltd.		39,952,000		417,091,296
BOC Hong Kong Holdings Ltd.		12,222,000		47,193,264
Budweiser Brewing Co. APAC Ltd.(c)		5,678,300		14,999,424
Chow Tai Fook Jewellery Group Ltd.		6,596,400		11,589,701
CK Asset Holdings Ltd.		6,619,684		44,189,084
CK Hutchison Holdings Ltd.		8,890,684		63,188,975
CK Infrastructure Holdings Ltd.		2,185,792		13,469,654
CLP Holdings Ltd.		5,426,500		54,305,716
ESR Cayman Ltd.(b)(c)		6,592,000		22,351,489
Futu Holdings Ltd., ADR(a)(b)		167,917		7,262,410
Galaxy Entertainment Group Ltd.(b)		7,195,000		41,668,133
Hang Lung Properties Ltd.		6,677,000		14,266,783
Hang Seng Bank Ltd.		2,527,300		50,034,991
Henderson Land Development Co. Ltd.		4,790,764		20,950,939
HK Electric Investments & HK Electric Investments Ltd., Class SS		8,743,000		8,701,455
HKT Trust & HKT Ltd., Class SS		12,493,440		17,048,487
Hong Kong & China Gas Co. Ltd.		36,996,513		57,021,183
Hong Kong Exchanges & Clearing Ltd.		3,969,300		226,550,548
Hongkong Land Holdings Ltd.(a)		3,848,900		20,845,308
Jardine Matheson Holdings Ltd.		715,200		42,241,818
Link REIT		6,912,158		59,344,391
Melco Resorts & Entertainment Ltd., ADR(b)		710,095		7,498,603
MTR Corp. Ltd.		5,124,000		27,735,318
New World Development Co. Ltd.		5,032,033		20,542,315
Power Assets Holdings Ltd.		4,591,500		28,212,965
Sands China Ltd.(b)		8,046,400		22,436,998
Sino Land Co. Ltd.		10,978,000		14,224,126
SITC International Holdings Co. Ltd.(a)		4,449,000		16,957,712
Sun Hung Kai Properties Ltd.		4,310,000		52,584,182
Swire Pacific Ltd., Class A		1,642,000		9,947,365
Swire Properties Ltd.		3,858,855		10,286,634
Techtronic Industries Co. Ltd.		4,543,033		74,960,456
WH Group Ltd.(c)		27,663,000		18,506,815
Wharf Real Estate Investment Co. Ltd.		5,507,912		26,195,806
Xinyi Glass Holdings Ltd.		6,039,000		16,009,175
				1,600,413,519
Ireland — 0.7%
CRH PLC		2,572,801		129,129,877
Flutter Entertainment PLC, Class DI(b)		550,270		83,720,141
Kerry Group PLC, Class A		525,727		66,240,321
Kingspan Group PLC		509,005		48,995,314
Smurfit Kappa Group PLC		811,711		42,781,735
				370,867,388
Israel — 0.7%
Azrieli Group Ltd.		139,973		12,655,691
Bank Hapoalim BM		3,746,685		38,882,107
Bank Leumi Le-Israel BM		4,791,915		51,393,248
Check Point Software Technologies Ltd.(b)		350,903		42,462,772
CyberArk Software Ltd.(a)(b)		131,135		17,985,165
Elbit Systems Ltd.		87,475		14,571,840
Fiverr International Ltd.(a)(b)		96,429		8,226,358

Security	Shares		Value
Israel (continued)
ICL Group Ltd.		2,329,450	$	21,066,420
Inmode Ltd.(a)(b)		163,748		7,897,566
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		3,839,682		25,748,315
Kornit Digital Ltd.(a)(b)		152,882		16,061,783
Mizrahi Tefahot Bank Ltd.		463,594		17,921,364
Nice Ltd.(b)		208,238		53,304,269
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		3,647,180		30,745,727
Wix.com Ltd.(a)(b)		185,536		24,373,864
				383,296,492
Italy — 2.1%
Amplifon SpA		410,669		17,455,932
Assicurazioni Generali SpA		3,655,291		76,924,670
Atlantia SpA(b)		1,639,317		30,417,979
DiaSorin SpA		83,037		12,801,094
Enel SpA		26,862,238		206,747,837
Eni SpA		8,335,814		125,213,850
Ferrari NV		416,310		95,948,048
FinecoBank Banca Fineco SpA		2,011,560		33,818,879
Infrastrutture Wireless Italiane SpA(c)		1,108,420		11,951,433
Intesa Sanpaolo SpA		54,547,536		162,106,466
Mediobanca Banca di Credito Finanziario SpA		2,057,004		23,566,301
Moncler SpA		678,502		43,545,954
Nexi SpA(b)(c)		1,543,753		22,581,186
Poste Italiane SpA(c)		1,730,721		23,230,777
Prysmian SpA		840,169		28,331,777
Recordati Industria Chimica e Farmaceutica SpA		344,932		19,323,262
Snam SpA		6,662,731		37,335,808
Telecom Italia SpA		32,863,581		15,487,934
Tenaris SA		1,557,450		19,011,654
Terna - Rete Elettrica Nazionale		4,641,179		36,467,654
UniCredit SpA		7,039,349		111,879,294
				1,154,147,789
Japan — 22.5%
Advantest Corp.		659,500		56,131,722
Aeon Co. Ltd.		2,161,600		49,256,698
AGC Inc.		637,600		29,262,898
Aisin Corp.		485,900		17,644,472
Ajinomoto Co. Inc.		1,543,200		43,057,575
ANA Holdings Inc.(b)		526,300		11,114,267
Asahi Group Holdings Ltd.		1,507,700		61,545,373
Asahi Intecc Co. Ltd.		715,000		12,198,602
Asahi Kasei Corp.		4,148,500		40,978,556
Astellas Pharma Inc.		6,148,950		99,247,517
Azbil Corp.		407,100		15,989,951
Bandai Namco Holdings Inc.		659,000		46,319,886
Benefit One Inc.		263,800		8,023,035
Bridgestone Corp.		1,886,300		82,603,380
Brother Industries Ltd.		778,400		14,335,063
Canon Inc.		3,305,000		78,165,651
Capcom Co. Ltd.		580,700		14,018,529
Central Japan Railway Co.		476,500		62,521,853
Chiba Bank Ltd. (The)		1,748,300		11,302,182
Chubu Electric Power Co. Inc.		2,134,500		21,378,939
Chugai Pharmaceutical Co. Ltd.		2,216,400		71,988,147
Concordia Financial Group Ltd.		3,590,600		14,755,045
Cosmos Pharmaceutical Corp.		66,600		8,317,322
CyberAgent Inc.		1,334,300		15,558,214
Dai Nippon Printing Co. Ltd.		732,400		17,581,352

52 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daifuku Co. Ltd.		335,500	$	23,292,005
Dai-ichi Life Holdings Inc.		3,321,452		74,764,062
Daiichi Sankyo Co. Ltd.		5,787,485		130,044,695
Daikin Industries Ltd.		822,900		172,762,955
Daito Trust Construction Co. Ltd.		216,800		24,859,708
Daiwa House Industry Co. Ltd.		1,871,500		54,616,289
Daiwa House REIT Investment Corp.		7,241		21,570,694
Daiwa Securities Group Inc.		4,764,100		28,707,023
Denso Corp.		1,431,300		106,823,188
Dentsu Group Inc.		713,500		24,709,769
Disco Corp.		95,200		26,175,590
East Japan Railway Co.		999,100		57,051,490
Eisai Co. Ltd.		784,500		39,291,697
ENEOS Holdings Inc.		10,147,650		40,414,282
FANUC Corp.		633,500		125,273,559
Fast Retailing Co. Ltd.		192,700		113,397,162
Fuji Electric Co. Ltd.		418,500		22,367,259
FUJIFILM Holdings Corp.		1,190,100		79,779,537
Fujitsu Ltd.		649,500		85,862,808
GLP J-REIT		14,078		22,660,118
GMO Payment Gateway Inc.		138,900		12,188,724
Hakuhodo DY Holdings Inc.		770,920		11,808,747
Hamamatsu Photonics KK		462,700		23,672,329
Hankyu Hanshin Holdings Inc.		754,800		21,980,863
Hikari Tsushin Inc.		69,700		8,368,514
Hino Motors Ltd.		947,500		8,236,057
Hirose Electric Co. Ltd.		107,048		15,956,333
Hitachi Construction Machinery Co. Ltd.		354,700		9,019,065
Hitachi Ltd.		3,197,800		166,208,865
Hitachi Metals Ltd.(b)		707,300		12,754,517
Honda Motor Co. Ltd.		5,384,400		158,585,503
Hoshizaki Corp.		179,200		13,241,876
Hoya Corp.		1,221,000		158,325,049
Hulic Co. Ltd.		1,251,200		12,093,668
Ibiden Co. Ltd.		348,400		19,468,719
Idemitsu Kosan Co. Ltd.		687,683		17,619,565
Iida Group Holdings Co. Ltd.		485,580		10,102,307
Inpex Corp.		3,376,143		34,131,090
Isuzu Motors Ltd.		1,923,400		23,561,648
Ito En Ltd.		176,500		9,507,011
ITOCHU Corp.		3,925,800		126,122,070
Itochu Techno-Solutions Corp.		316,600		8,636,885
Japan Airlines Co. Ltd.(b)		479,500		9,075,774
Japan Exchange Group Inc.		1,685,400		34,670,100
Japan Metropolitan Fund Invest		23,051		19,425,368
Japan Post Bank Co. Ltd.		1,334,600		13,129,469
Japan Post Holdings Co. Ltd.		8,090,700		69,058,411
Japan Post Insurance Co. Ltd.		659,100		11,556,437
Japan Real Estate Investment Corp.		4,112		22,611,663
Japan Tobacco Inc.		3,964,500		79,150,753
JFE Holdings Inc.		1,621,175		20,826,985
JSR Corp.		674,200		22,348,507
Kajima Corp.		1,482,100		17,900,214
Kakaku.com Inc.		443,100		9,177,292
Kansai Electric Power Co. Inc. (The)		2,322,100		21,918,590
Kansai Paint Co. Ltd.		584,500		12,132,929
Kao Corp.		1,567,400		78,325,414
KDDI Corp.		5,327,100		170,193,940
Keio Corp.		339,200		15,257,421
Keisei Electric Railway Co. Ltd.		426,100		12,025,024

Security	Shares		Value
Japan (continued)
Keyence Corp.		642,592	$	329,599,835
Kikkoman Corp.		479,800		36,267,083
Kintetsu Group Holdings Co. Ltd.(b)		566,000		16,445,426
Kirin Holdings Co. Ltd.		2,719,800		43,593,347
Kobayashi Pharmaceutical Co. Ltd.		175,900		13,697,847
Kobe Bussan Co. Ltd.		451,200		14,045,584
Koei Tecmo Holdings Co. Ltd.		195,700		7,079,768
Koito Manufacturing Co. Ltd.		344,700		17,307,556
Komatsu Ltd.		2,892,200		72,677,918
Konami Holdings Corp.		307,600		16,582,655
Kose Corp.		109,900		10,048,105
Kubota Corp.		3,393,300		72,771,105
Kurita Water Industries Ltd.		325,800		13,248,169
Kyocera Corp.		1,060,500		65,402,413
Kyowa Kirin Co. Ltd.		890,800		22,202,999
Lasertec Corp.		249,300		55,927,304
Lawson Inc.		165,400		7,249,330
Lion Corp.		739,900		9,667,486
Lixil Corp.		878,380		20,106,244
M3 Inc.		1,455,700		55,966,699
Makita Corp.		738,800		27,648,428
Marubeni Corp.		5,170,400		53,203,097
Mazda Motor Corp.(b)		1,875,400		14,447,615
McDonald’s Holdings Co. Japan Ltd.		263,100		11,489,688
Medipal Holdings Corp.		609,300		10,964,383
MEIJI Holdings Co. Ltd.		402,904		25,133,793
Mercari Inc.(b)		340,000		12,840,356
MinebeaMitsumi Inc.		1,197,300		29,298,628
Misumi Group Inc.		940,600		30,514,828
Mitsubishi Chemical Holdings Corp.		4,235,600		33,224,824
Mitsubishi Corp.		4,170,900		141,612,148
Mitsubishi Electric Corp.		6,030,100		75,517,345
Mitsubishi Estate Co. Ltd.		3,908,600		56,293,310
Mitsubishi Gas Chemical Co. Inc.		524,900		10,054,623
Mitsubishi HC Capital Inc.		2,177,200		11,244,545
Mitsubishi Heavy Industries Ltd.		1,057,200		28,712,908
Mitsubishi UFJ Financial Group Inc.		40,371,880		244,705,256
Mitsui & Co. Ltd.		5,153,000		128,491,960
Mitsui Chemicals Inc.		607,500		16,247,363
Mitsui Fudosan Co. Ltd.		3,030,500		64,965,836
Miura Co. Ltd.		291,800		8,615,432
Mizuho Financial Group Inc.		7,967,116		107,922,558
MonotaRO Co. Ltd.		826,600		13,581,695
MS&AD Insurance Group Holdings Inc.		1,471,288		50,464,470
Murata Manufacturing Co. Ltd.		1,897,200		142,637,697
NEC Corp.		812,200		31,686,595
Nexon Co. Ltd.		1,627,300		30,677,237
NGK Insulators Ltd.		850,200		14,366,448
Nidec Corp.		1,477,000		130,906,208
Nihon M&A Center Holdings Inc.		999,000		15,727,466
Nintendo Co. Ltd.		369,600		181,119,296
Nippon Building Fund Inc.		4,905		28,405,533
Nippon Express Holdings Co., NVS		253,300		15,011,505
Nippon Paint Holdings Co. Ltd.		2,736,800		21,887,325
Nippon Prologis REIT Inc.		6,812		21,255,054
Nippon Sanso Holdings Corp.		499,100		9,911,517
Nippon Shinyaku Co. Ltd.		162,000		10,590,071
Nippon Steel Corp.		2,826,935		46,204,997
Nippon Telegraph & Telephone Corp.		4,251,500		121,668,293
Nippon Yusen KK		533,800		41,846,352

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nissan Chemical Corp.		400,900	$	21,752,146
Nissan Motor Co. Ltd.(b)		7,676,100		40,626,430
Nisshin Seifun Group Inc.		657,297		9,229,883
Nissin Foods Holdings Co. Ltd.		209,200		14,839,105
Nitori Holdings Co. Ltd.		264,700		37,921,605
Nitto Denko Corp.		470,200		36,609,594
Nomura Holdings Inc.		10,144,800		44,815,120
Nomura Real Estate Holdings Inc.		394,400		9,235,599
Nomura Real Estate Master Fund Inc.		13,996		19,418,508
Nomura Research Institute Ltd.		1,110,471		38,873,011
NTT Data Corp.		2,086,955		40,008,459
Obayashi Corp.		2,141,700		17,352,366
Obic Co. Ltd.		230,500		38,083,595
Odakyu Electric Railway Co. Ltd.		972,300		17,181,274
Oji Holdings Corp.		2,676,100		14,245,083
Olympus Corp.		3,644,500		81,553,151
Omron Corp.		612,400		44,772,242
Ono Pharmaceutical Co. Ltd.		1,219,800		29,582,226
Open House Group Co. Ltd.		270,300		13,994,294
Oracle Corp. Japan		126,900		9,490,920
Oriental Land Co. Ltd./Japan		660,600		114,999,469
ORIX Corp.		4,034,400		83,218,063
Orix JREIT Inc.		8,648		12,410,352
Osaka Gas Co. Ltd.		1,236,900		21,035,197
Otsuka Corp.		376,000		15,256,869
Otsuka Holdings Co. Ltd.		1,290,800		44,038,623
Pan Pacific International Holdings Corp.		1,359,700		18,299,967
Panasonic Corp.		7,295,668		80,321,697
Persol Holdings Co. Ltd.		585,500		15,115,147
Pola Orbis Holdings Inc.		305,500		4,553,285
Rakuten Group Inc.(b)		2,874,500		24,937,365
Recruit Holdings Co. Ltd.		4,481,000		221,489,455
Renesas Electronics Corp.(b)		4,152,100		47,652,865
Resona Holdings Inc.		6,796,700		29,208,385
Ricoh Co. Ltd.		2,211,200		18,672,285
Rinnai Corp.		119,200		10,645,156
Rohm Co. Ltd.		288,800		24,327,677
Ryohin Keikaku Co. Ltd.		833,500		11,968,534
Santen Pharmaceutical Co. Ltd.		1,188,400		13,493,297
SBI Holdings Inc.		810,680		20,912,141
SCSK Corp.		514,300		8,702,701
Secom Co. Ltd.		694,000		48,867,345
Seiko Epson Corp.		922,600		14,370,879
Sekisui Chemical Co. Ltd.		1,244,100		21,751,828
Sekisui House Ltd.		2,037,700		41,284,130
Seven & i Holdings Co. Ltd.		2,488,480		126,560,694
SG Holdings Co. Ltd.		1,056,100		22,419,175
Sharp Corp./Japan		713,400		7,930,234
Shimadzu Corp.		781,200		28,187,047
Shimano Inc.		244,900		54,916,890
Shimizu Corp.		1,820,500		12,121,668
Shin-Etsu Chemical Co. Ltd.		1,169,700		195,701,670
Shionogi & Co. Ltd.		875,400		49,891,372
Shiseido Co. Ltd.		1,321,500		66,661,728
Shizuoka Bank Ltd. (The)		1,481,200		11,638,483
SMC Corp.		189,100		105,472,698
Softbank Corp.		9,486,400		118,920,197
SoftBank Group Corp.		3,983,300		176,458,354
Sohgo Security Services Co. Ltd.		237,700		8,620,794
Sompo Holdings Inc.		1,048,950		49,083,978

Security	Shares		Value
Japan (continued)
Sony Group Corp.		4,164,900	$	465,920,970
Square Enix Holdings Co. Ltd.		282,900		13,872,828
Stanley Electric Co. Ltd.		428,900		10,025,261
Subaru Corp.		2,034,900		37,037,919
SUMCO Corp.		1,097,200		20,228,069
Sumitomo Chemical Co. Ltd.		4,933,600		24,880,391
Sumitomo Corp.		3,721,700		57,520,387
Sumitomo Dainippon Pharma Co. Ltd.		590,100		6,422,787
Sumitomo Electric Industries Ltd.		2,494,900		33,078,613
Sumitomo Metal Mining Co. Ltd.		817,700		37,769,315
Sumitomo Mitsui Financial Group Inc.		4,312,200		155,329,549
Sumitomo Mitsui Trust Holdings Inc.		1,116,960		38,625,804
Sumitomo Realty & Development Co. Ltd.		1,020,600		31,577,546
Suntory Beverage & Food Ltd.		458,600		17,609,640
Suzuki Motor Corp.		1,217,400		51,829,730
Sysmex Corp.		553,000		52,640,558
T&D Holdings Inc.		1,781,200		26,323,112
Taisei Corp.		629,500		20,635,672
Taisho Pharmaceutical Holdings Co. Ltd.		127,600		6,266,712
Takeda Pharmaceutical Co. Ltd.		5,225,710		151,457,715
TDK Corp.		1,285,000		46,407,620
Terumo Corp.		2,133,100		77,866,318
TIS Inc.		738,300		19,417,779
Tobu Railway Co. Ltd.		622,800		14,587,968
Toho Co. Ltd./Tokyo		369,000		14,294,200
Tokio Marine Holdings Inc.		2,073,300		123,721,385
Tokyo Century Corp.		122,600		6,050,229
Tokyo Electric Power Co. Holdings Inc.(b)		5,035,200		13,415,032
Tokyo Electron Ltd.		493,300		241,289,293
Tokyo Gas Co. Ltd.		1,241,600		25,070,060
Tokyu Corp.		1,648,700		21,907,647
Toppan Inc.		865,000		16,454,062
Toray Industries Inc.		4,573,800		28,905,558
Toshiba Corp.		1,353,800		56,060,898
Tosoh Corp.		857,700		13,419,996
TOTO Ltd.		467,000		20,099,890
Toyo Suisan Kaisha Ltd.		292,200		11,972,243
Toyota Industries Corp.		485,000		37,834,152
Toyota Motor Corp.		35,024,620		692,197,546
Toyota Tsusho Corp.		700,600		28,411,781
Trend Micro Inc/Japan(b)		443,000		23,502,299
Tsuruha Holdings Inc.		130,400		10,502,982
Unicharm Corp.		1,333,600		51,534,974
USS Co. Ltd.		728,180		11,884,400
Welcia Holdings Co. Ltd.		311,100		8,402,135
West Japan Railway Co.		712,100		29,839,660
Yakult Honsha Co. Ltd.		423,100		21,451,790
Yamaha Corp.		442,200		20,144,487
Yamaha Motor Co. Ltd.		985,900		23,477,736
Yamato Holdings Co. Ltd.		961,200		20,468,018
Yaskawa Electric Corp.		791,900		33,157,139
Yokogawa Electric Corp.		753,100		12,339,910
Z Holdings Corp.		8,858,222		44,987,947
ZOZO Inc.		411,100		10,954,751
				12,341,864,139
Malta — 0.0%
BGP Holdings PLC(d)		33,026,812		371
Netherlands — 5.3%
ABN AMRO Bank NV, CVA(c)		1,401,186		22,487,718

54 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Adyen NV(b)(c)		65,379	$	133,039,559
Aegon NV		5,894,746		33,255,171
Akzo Nobel NV		619,263		64,098,459
Argenx SE(b)		151,546		40,552,472
ASM International NV		154,484		53,077,669
ASML Holding NV		1,365,117		924,586,203
CNH Industrial NV		3,375,882		51,455,505
Davide Campari-Milano NV		1,724,696		21,654,072
Euronext NV(c)		283,628		27,345,225
EXOR NV		358,815		30,086,969
Heineken Holding NV		379,990		33,314,474
Heineken NV		856,071		91,810,738
IMCD NV		188,041		32,346,787
ING Groep NV		12,893,952		190,689,964
InPost SA(b)		665,965		5,406,482
JDE Peet’s NV		331,105		9,914,649
Just Eat Takeaway.com NV(b)(c)		594,672		29,365,407
Koninklijke Ahold Delhaize NV		3,453,747		111,986,366
Koninklijke DSM NV		577,271		108,215,457
Koninklijke KPN NV		11,119,736		36,678,520
Koninklijke Philips NV		3,029,921		100,785,126
NN Group NV		891,157		49,871,041
Prosus NV		3,081,908		256,401,990
QIAGEN NV(b)		753,567		37,250,507
Randstad NV		395,879		25,753,380
Stellantis NV		6,722,780		129,809,279
STMicroelectronics NV		2,255,500		106,055,256
Universal Music Group NV		2,396,216		59,160,489
Wolters Kluwer NV		883,534		89,924,838
				2,906,379,772
New Zealand — 0.3%
Auckland International Airport Ltd.(b)		4,128,499		19,597,549
Fisher & Paykel Healthcare Corp. Ltd.		1,906,831		35,082,879
Mercury NZ Ltd.		2,246,558		8,259,524
Meridian Energy Ltd.		4,225,158		12,179,300
Ryman Healthcare Ltd.		1,401,727		9,165,644
Spark New Zealand Ltd.		6,158,117		17,600,707
Xero Ltd.(b)		441,754		35,784,482
				137,670,085
Norway — 0.7%
Adevinta ASA(b)		847,157		8,887,820
Aker BP ASA		415,702		14,403,747
DNB Bank ASA		3,072,262		73,120,427
Equinor ASA		3,227,779		88,982,823
Gjensidige Forsikring ASA		659,636		16,112,588
Mowi ASA		1,449,698		35,581,254
Norsk Hydro ASA		4,435,556		34,088,620
Orkla ASA		2,487,360		23,770,206
Schibsted ASA, Class A		243,314		7,208,078
Schibsted ASA, Class B		321,081		8,375,398
Telenor ASA		2,314,272		38,246,897
Yara International ASA		546,085		28,040,275
				376,818,133
Portugal — 0.2%
EDP - Energias de Portugal SA		9,167,811		46,931,037
Galp Energia SGPS SA		1,660,883		18,313,361
Jeronimo Martins SGPS SA		934,160		22,448,842
				87,693,240

Security	Shares		Value
Singapore — 1.3%
Ascendas REIT(a)		11,070,200	$	22,703,223
CapitaLand Integrated Commercial Trust(a)		16,094,925		23,203,986
Capitaland Investment Ltd/Singapore(b)		8,738,900		22,422,887
City Developments Ltd.		1,358,700		7,137,219
DBS Group Holdings Ltd.		5,982,300		157,136,283
Genting Singapore Ltd.		19,916,000		10,882,942
Keppel Corp. Ltd.		4,829,000		20,360,078
Mapletree Commercial Trust(a)		7,153,700		9,575,336
Mapletree Logistics Trust(a)		10,286,728		12,946,071
Oversea-Chinese Banking Corp. Ltd.		11,183,198		104,096,141
Sea Ltd., ADR(b)		455,129		68,410,440
Singapore Airlines Ltd.(b)		4,419,200		16,484,079
Singapore Exchange Ltd.		2,636,400		18,248,552
Singapore Technologies Engineering Ltd.		5,149,300		14,312,260
Singapore Telecommunications Ltd.		27,234,085		49,381,517
United Overseas Bank Ltd.		3,897,700		87,108,366
UOL Group Ltd.		1,531,500		8,305,283
Venture Corp. Ltd.		919,300		12,044,427
Wilmar International Ltd.		6,335,900		20,155,652
				684,914,742
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		812,777		20,519,855
Aena SME SA(b)(c)		247,759		40,033,544
Amadeus IT Group SA(b)		1,487,877		102,306,723
Banco Bilbao Vizcaya Argentaria SA		22,022,228		140,603,779
Banco Santander SA		57,271,454		200,828,193
CaixaBank SA		14,624,080		47,051,219
Cellnex Telecom SA(c)		1,682,727		76,304,243
EDP Renovaveis SA		950,428		19,979,384
Enagas SA		820,886		17,749,245
Endesa SA		1,047,800		23,458,751
Ferrovial SA		1,604,833		44,595,994
Grifols SA		983,817		17,348,944
Iberdrola SA		18,923,611		216,960,338
Iberdrola SA		314,693		3,591,984
Industria de Diseno Textil SA		3,602,709		109,267,987
Naturgy Energy Group SA		639,592		20,250,949
Red Electrica Corp. SA		1,427,664		28,779,163
Repsol SA		4,793,666		60,916,004
Siemens Gamesa Renewable Energy SA(b)		786,287		17,013,574
Telefonica SA		17,403,819		81,129,093
				1,288,688,966
Sweden — 3.5%
Alfa Laval AB		1,037,849		35,059,786
Assa Abloy AB, Class B		3,310,319		90,643,452
Atlas Copco AB, Class A		2,217,833		131,264,747
Atlas Copco AB, Class B		1,288,858		65,915,778
Boliden AB		904,508		36,625,818
Electrolux AB, Class B		743,891		15,478,278
Embracer Group AB(b)		1,846,845		18,530,003
Epiroc AB, Class A		2,177,717		46,470,578
Epiroc AB, Class B		1,286,201		23,278,755
EQT AB		978,113		38,328,861
Essity AB, Class B		2,010,834		56,686,174
Evolution AB(c)		568,414		70,720,432
Fastighets AB Balder, Class B(b)		347,057		22,992,122
Getinge AB, Class B		754,811		29,509,768
H & M Hennes & Mauritz AB, Class B		2,408,780		47,960,845
Hexagon AB, Class B		6,506,657		87,762,236

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Husqvarna AB, Class B		1,380,038	$	19,187,999
Industrivarden AB, Class A		440,492		13,924,795
Industrivarden AB, Class C		526,697		16,359,515
Investment AB Latour, Class B		488,300		15,192,948
Investor AB		1,647,754		37,485,212
Investor AB, Class B		6,017,362		130,648,519
Kinnevik AB, Class B(b)		801,911		23,968,008
L E Lundbergforetagen AB, Class B		250,662		12,807,964
Lifco AB, Class B		768,839		18,021,774
Lundin Energy AB		662,599		26,946,497
Nibe Industrier AB, Class B		4,706,576		44,733,920
Sagax AB, Class B		531,177		15,505,153
Sandvik AB		3,728,608		98,191,100
Securitas AB, Class B		1,032,742		12,473,706
Sinch AB(b)(c)		1,722,687		17,710,823
Skandinaviska Enskilda Banken AB, Class A		5,377,977		69,520,249
Skanska AB, Class B		1,122,018		27,470,211
SKF AB, Class B		1,260,641		27,635,931
Svenska Cellulosa AB SCA, Class B		2,003,953		34,896,105
Svenska Handelsbanken AB, Class A		4,819,504		51,364,134
Swedbank AB, Class A		2,992,224		58,582,382
Swedish Match AB		5,219,428		40,384,184
Tele2 AB, Class B		1,658,829		24,136,053
Telefonaktiebolaget LM Ericsson, Class B		9,639,929		120,365,054
Telia Co. AB		8,785,431		34,626,853
Volvo AB, Class A		660,443		15,106,945
Volvo AB, Class B		4,721,641		106,550,527
				1,931,024,194
Switzerland — 10.2%
ABB Ltd., Registered		5,424,795		188,087,287
Adecco Group AG, Registered		511,112		24,345,906
Alcon Inc.		1,650,374		127,258,048
Bachem Holding AG, Class B, Registered		20,443		12,194,480
Baloise Holding AG, Registered		153,503		26,890,107
Barry Callebaut AG, Registered		11,767		27,012,652
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		3,501		40,630,341
Chocoladefabriken Lindt & Spruengli AG, Registered		358		41,222,252
Cie. Financiere Richemont SA, Class A, Registered		1,724,025		250,559,099
Clariant AG, Registered		711,617		15,082,781
Coca-Cola HBC AG, Class DI		664,963		22,023,984
Credit Suisse Group AG, Registered		8,754,704		83,217,049
EMS-Chemie Holding AG, Registered		23,240		23,506,827
Geberit AG, Registered		118,483		80,500,917
Givaudan SA, Registered		30,496		126,342,626
Holcim Ltd.		1,729,110		93,719,964
Julius Baer Group Ltd.		731,086		47,776,234
Kuehne + Nagel International AG, Registered		179,254		50,618,989
Logitech International SA, Registered		572,276		48,088,080
Lonza Group AG, Registered		245,950		169,568,228
Nestle SA, Registered		9,297,185		1,200,622,528
Novartis AG, Registered		7,236,211		628,750,684
Partners Group Holding AG		74,955		104,502,084
Roche Holding AG, Bearer		105,775		43,557,756
Roche Holding AG, NVS		2,320,375		897,983,154
Schindler Holding AG, Participation Certificates, NVS .		134,291		33,704,884
Schindler Holding AG, Registered		66,316		16,636,882
SGS SA, Registered		19,812		56,495,340
Siemens Energy AG(b)		1,322,070		29,737,128
Sika AG, Registered		468,265		163,833,786

Security	Shares		Value
Switzerland (continued)
Sonova Holding AG, Registered		180,818	$	64,414,599
Straumann Holding AG, Registered		34,191		56,657,342
Swatch Group AG (The), Bearer		95,436		27,840,794
Swatch Group AG (The), Registered		173,306		9,728,542
Swiss Life Holding AG, Registered		104,157		67,036,455
Swiss Prime Site AG, Registered		251,613		24,878,597
Swiss Re AG		996,177		108,541,303
Swisscom AG, Registered		85,603		48,928,529
Temenos AG, Registered		221,543		26,555,202
UBS Group AG, Registered		11,616,698		215,484,476
VAT Group AG(c)		89,291		36,413,524
Vifor Pharma AG		160,786		28,482,761
Zurich Insurance Group AG		496,929		237,685,235
				5,627,117,436
United Kingdom — 14.3%
3i Group PLC		3,215,439		59,883,695
Abrdn PLC		7,223,212		23,622,686
Admiral Group PLC		636,849		27,079,280
Anglo American PLC		4,267,942		188,154,268
Antofagasta PLC		1,305,564		23,749,952
Ashtead Group PLC		1,477,796		105,703,762
Associated British Foods PLC		1,178,432		31,105,776
AstraZeneca PLC		5,116,312		595,170,009
Auto Trader Group PLC(c)		3,162,168		28,654,414
AVEVA Group PLC		397,354		15,767,729
Aviva PLC		12,906,957		76,202,653
BAE Systems PLC		10,621,742		83,123,134
Barclays PLC		55,905,881		149,985,280
Barratt Developments PLC		3,361,899		27,961,035
Berkeley Group Holdings PLC		370,670		21,154,133
BP PLC		66,453,608		344,490,302
British American Tobacco PLC		7,199,619		307,387,557
British Land Co. PLC (The)		2,903,704		21,712,540
BT Group PLC		29,484,080		78,093,615
Bunzl PLC		1,115,322		41,776,578
Burberry Group PLC		1,335,347		33,876,337
Coca-Cola Europacific Partners PLC		678,316		38,765,759
Compass Group PLC		5,892,176		133,915,162
Croda International PLC		460,272		49,708,433
DCC PLC		325,281		27,350,770
Diageo PLC		7,708,421		388,977,384
Entain PLC(b)		1,931,660		41,819,178
Evraz PLC		1,683,858		11,439,484
Experian PLC		3,044,968		127,181,870
Ferguson PLC		734,224		115,486,398
GlaxoSmithKline PLC		16,618,395		370,855,861
Halma PLC		1,254,998		42,536,486
Hargreaves Lansdown PLC		1,178,740		21,400,874
Hikma Pharmaceuticals PLC		572,588		16,085,798
HSBC Holdings PLC		67,462,182		480,151,182
Imperial Brands PLC		3,126,073		74,118,726
Informa PLC(b)		4,970,434		37,598,193
InterContinental Hotels Group PLC(b)		605,792		40,026,726
Intertek Group PLC		533,228		38,696,595
J Sainsbury PLC		5,767,605		22,664,070
JD Sports Fashion PLC		8,508,376		21,816,893
Johnson Matthey PLC		638,308		16,856,873
Kingfisher PLC		6,964,128		31,229,621
Land Securities Group PLC		2,332,355		25,050,515
Legal & General Group PLC		19,722,843		77,115,481

56 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Lloyds Banking Group PLC		234,422,960	$	162,682,693
London Stock Exchange Group PLC		1,086,441		106,377,147
M&G PLC		8,608,965		25,195,999
Melrose Industries PLC		14,421,064		29,375,933
Mondi PLC		1,605,350		40,164,540
National Grid PLC		11,945,608		174,799,083
Natwest Group PLC		19,029,372		62,545,378
Next PLC		438,491		44,675,951
NMC Health PLC(b)(d)		473,933		6
Ocado Group PLC(b)		1,613,307		32,872,056
Pearson PLC		2,495,366		20,834,918
Persimmon PLC		1,052,659		34,295,092
Phoenix Group Holdings PLC		2,316,254		20,736,057
Prudential PLC		8,638,666		145,610,951
Reckitt Benckiser Group PLC		2,358,863		191,120,042
RELX PLC		6,386,786		196,459,994
Rentokil Initial PLC		6,146,637		43,043,265
Rolls-Royce Holdings PLC(b)		27,601,756		43,265,210
Sage Group PLC (The)		3,475,796		33,965,392
Schroders PLC		412,152		18,897,499
Segro PLC		3,964,107		69,886,217
Severn Trent PLC		825,250		32,039,732
Shell PLC		25,431,973		653,314,671
Smith & Nephew PLC		2,905,591		49,415,301
Smiths Group PLC		1,307,321		27,555,165
Spirax-Sarco Engineering PLC		243,849		43,955,172
SSE PLC		3,446,001		74,144,223
St. James’s Place PLC		1,783,294		36,811,524
Standard Chartered PLC		8,695,018		63,323,633
Taylor Wimpey PLC		12,072,719		24,767,868
Tesco PLC		25,535,742		102,568,684
Unilever PLC		8,571,015		439,537,488
United Utilities Group PLC		2,248,991		32,443,656
Vodafone Group PLC		91,337,003		160,375,395
Whitbread PLC(b)		666,198		27,412,425
WPP PLC		3,939,839		61,778,710
				7,861,750,137
Total Common Stocks — 99.2% (Cost: $46,087,974,759)				54,529,704,645
Preferred Stocks
Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		190,270		16,467,137
Fuchs Petrolub SE, Preference Shares, NVS		229,224		9,905,951

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		588,751	$	48,153,041
Porsche Automobil Holding SE, Preference
Shares, NVS		505,034		47,295,891
Sartorius AG, Preference Shares, NVS		86,479		46,688,057
Volkswagen AG, Preference Shares, NVS(a)		612,937		127,657,730
				296,167,807
Total Preferred Stocks — 0.6% (Cost: $264,585,032)				296,167,807
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(b)(d)		808,917		404,861
Total Rights — 0.0% (Cost: $433,599)				404,861
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		402,906,599		403,027,471
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		43,970,000		43,970,000
				446,997,471
Total Short-Term Investments — 0.8% (Cost: $446,965,359)				446,997,471
Total Investments in Securities — 100.6% (Cost: $46,799,958,749)				55,273,274,784
Other Assets, Less Liabilities — (0.6)%				(305,241,624	)
Net Assets — 100.0%			$	54,968,033,160

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	97,946,692	$	305,093,147	(a)	$	—	$	21,182	$	(33,550	)	$	403,027,471		402,906,599	$	1,630,098	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		32,940,000		11,030,000	(a)		—		—		—			43,970,000		43,970,000		1,620			—
								$	21,182	$	(33,550	)	$	446,997,471			$	1,631,718		$	—

^(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		207		03/10/22	$	34,496	$	(1,124,881	)
SPI 200 Index		118		03/17/22		14,383		(773,531	)
Euro STOXX 50 Index		1,072		03/18/22		50,387		(269,978	)
FTSE 100 Index		271		03/18/22		27,162		794,452
							$	(1,373,938	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	794,452
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,168,390

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,544,161
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	815,158

58 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	248,634,196

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
Investments
Assets
Common Stocks	$	610,332,132	$	53,919,372,136		$	377	$	54,529,704,645
Preferred Stocks		—		296,167,807			—		296,167,807
Rights		—		—			404,861		404,861
Money Market Funds		446,997,471		—			—		446,997,471
	$	1,057,329,603	$	54,215,539,943		$	405,238	$	55,273,274,784
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	794,452		$	—	$	794,452
Liabilities
Futures Contracts		—		(2,168,390	)		—		(2,168,390	)
	$	—	$	(1,373,938	)	$	—	$	(1,373,938	)

^(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 59

Schedule of Investments (unaudited) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.3%
29Metals Ltd.(a)		1,262,815	$	2,364,948
Abacus Property Group		2,306,174		5,635,933
Accent Group Ltd.		1,663,427		2,393,227
Adbri Ltd.		1,692,612		3,528,209
AET&D Holdings No. 1 Pty Ltd.(b)		169,200		1
AGL Energy Ltd.		3,159,168		15,955,321
Alkane Resources Ltd.(a)		1,922,986		1,124,082
Allkem Ltd.(a)		2,736,762		17,820,847
ALS Ltd.		2,305,285		19,352,592
Altium Ltd.		565,339		14,452,354
Alumina Ltd.		11,741,963		15,866,607
AMP Ltd.(a)		15,630,897		9,743,191
Ansell Ltd.		615,534		11,702,491
Appen Ltd.		559,528		3,862,763
ARB Corp. Ltd.		353,492		11,647,195
Arena REIT		1,662,197		5,540,444
Atlas Arteria Ltd.		4,590,637		21,309,302
AUB Group Ltd.		358,119		5,914,012
Aussie Broadband Ltd.(a)		454,860		1,367,307
Austal Ltd.		1,613,194		2,301,083
Australian Agricultural Co. Ltd.(a)		3,093,675		3,175,092
Australian Ethical Investment Ltd.		396,478		2,614,894
Australian Pharmaceutical Industries Ltd.		2,178,713		2,341,498
Australian Strategic Materials Ltd.(a)		433,328		2,586,067
Aventus Group(c)		1,567,511		3,590,651
AVZ Minerals Ltd.(a)(c)		11,533,355		5,781,914
Bank of Queensland Ltd.		3,055,634		16,621,871
Bapcor Ltd.		1,609,176		8,062,975
Beach Energy Ltd.		8,196,363		8,658,070
Bega Cheese Ltd.		1,450,681		5,253,040
Bellevue Gold Ltd.(a)		4,270,067		2,359,132
Bendigo & Adelaide Bank Ltd.		2,586,817		15,799,892
Betmakers Technology Group Ltd.(a)		3,017,939		1,346,786
Blackmores Ltd.		70,237		4,079,073
Boral Ltd.(a)		1,841,791		7,676,565
BrainChip Holdings Ltd.(a)(c)		6,344,534		6,482,982
Bravura Solutions Ltd.		1,221,117		1,873,223
Breville Group Ltd.		469,581		9,563,637
Brickworks Ltd.		366,569		5,891,342
BWP Trust		2,376,573		6,703,067
BWX Ltd.		763,340		1,835,850
Capricorn Metals Ltd.(a)		1,320,033		2,963,639
carsales.com Ltd.		1,281,788		20,274,372
Centuria Capital Group		2,824,083		6,001,440
Centuria Industrial REIT		2,738,316		7,404,226
Centuria Office REIT(c)		2,137,415		3,273,973
Cettire Ltd.(a)(c)		637,720		1,327,316
Chalice Mining Ltd.(a)		1,521,641		8,432,893
Challenger Ltd.		2,759,019		11,270,236
Champion Iron Ltd.(a)(c)		1,569,369		7,250,507
Charter Hall Group		2,227,625		26,682,171
Charter Hall Long Wale REIT		2,897,878		9,912,949
Charter Hall Retail REIT		2,531,075		7,222,254
Charter Hall Social Infrastructure REIT		1,497,771		4,066,556
CIMIC Group Ltd.		381,875		4,461,130
City Chic Collective Ltd.(a)		993,325		3,492,948
Cleanaway Waste Management Ltd.		9,875,253		20,159,368
Clinuvel Pharmaceuticals Ltd.		192,612		3,148,408

Security	Shares		Value
Australia (continued)
Codan Ltd./Australia		490,515	$	3,158,943
Collins Foods Ltd.		536,362		4,473,998
Coronado Global Resources Inc.(a)(d)		3,561,503		3,459,870
Corporate Travel Management Ltd.(a)		526,287		7,847,826
Costa Group Holdings Ltd.		2,143,864		4,240,524
Credit Corp. Group Ltd.		321,085		7,747,256
Cromwell Property Group		6,731,181		4,015,606
CSR Ltd.		2,313,264		9,215,040
Data#3 Ltd.		690,364		2,705,934
De Grey Mining Ltd.(a)		5,074,241		4,111,133
Deterra Royalties Ltd.		1,973,149		6,019,464
Dexus Industria REIT(c)		968,627		2,142,693
Dicker Data Ltd.(c)		260,532		2,360,057
Domain Holdings Australia Ltd.		1,119,903		3,763,634
Downer EDI Ltd.		3,364,260		13,013,722
Dubber Corp. Ltd.(a)(c)		1,279,684		1,624,190
Eagers Automotive Ltd.		739,241		6,733,575
Elders Ltd.		744,206		5,754,786
Emeco Holdings Ltd.(c)		1,734,272		1,102,006
EML Payments Ltd.(a)(c)		1,423,035		3,030,154
EVENT Hospitality and Entertainment Ltd.(a)		455,083		4,347,978
Flight Centre Travel Group Ltd.(a)		766,193		9,088,773
G8 Education Ltd.(a)		3,991,028		3,144,536
GDI Property Group(c)		4,505,346		3,290,923
Genworth Mortgage Insurance Australia Ltd.		1,963,273		3,393,939
Gold Road Resources Ltd.		4,201,123		3,999,727
GrainCorp Ltd., Class A		1,095,676		5,660,018
Growthpoint Properties Australia Ltd.		1,415,620		3,955,702
GUD Holdings Ltd.		571,986		5,003,985
GWA Group Ltd.		1,080,321		1,937,357
Hansen Technologies Ltd.		761,831		2,643,299
Harvey Norman Holdings Ltd.		2,685,988		9,361,598
Healius Ltd.		2,463,220		7,797,453
Home Consortium Ltd.		475,598		2,206,275
HomeCo Daily Needs REIT		2,267,088		2,188,020
HUB24 Ltd.(c)		263,792		5,140,297
IGO Ltd.		3,267,788		27,648,785
Iluka Resources Ltd.		2,027,122		15,073,534
Imdex Ltd.		1,894,501		3,963,386
Imugene Ltd.(a)(c)		22,771,671		5,087,310
Incitec Pivot Ltd.		9,304,021		21,785,117
Ingenia Communities Group		1,729,581		6,763,867
Inghams Group Ltd.		1,595,157		3,713,639
Insignia Financial Ltd.		2,976,542		7,464,864
Integral Diagnostics Ltd.		809,551		2,371,961
InvoCare Ltd.		704,253		5,592,256
ionner Ltd.(a)(c)		6,824,660		3,217,204
IPH Ltd.		1,026,719		5,957,544
IRESS Ltd.		914,791		7,400,506
Irongate Group		2,613,992		3,421,429
JB Hi-Fi Ltd.		551,770		18,053,561
Johns Lyng Group Ltd.		861,602		4,714,592
Jumbo Interactive Ltd.		253,392		3,222,866
Karoon Energy Ltd.(a)		2,649,519		3,630,309
Kelsian Group Ltd.		677,916		3,383,836
Kogan.com Ltd.(c)		423,206		1,868,862
Lifestyle Communities Ltd.		448,917		5,380,788
Link Administration Holdings Ltd.		2,152,368		8,250,171
Liontown Resources Ltd.(a)		7,664,972		7,763,136
Lovisa Holdings Ltd.		253,437		3,196,348

60 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Lynas Rare Earths Ltd.(a)		4,309,315	$	27,834,304
MA Financial Group Ltd.		249,368		1,502,722
Maas Group Holdings Ltd.		382,811		1,204,466
Mayne Pharma Group Ltd.(a)		6,701,556		1,188,910
McMillan Shakespeare Ltd.		318,152		2,537,002
Megaport Ltd.(a)		679,187		6,533,623
Mesoblast Ltd.(a)(c)		2,746,900		2,207,201
Metcash Ltd.		4,601,109		12,912,981
Mineral Resources Ltd.		767,224		30,490,203
Monadelphous Group Ltd.		431,104		2,746,170
Nanosonics Ltd.(a)(c)		1,240,102		4,507,524
National Storage REIT		5,384,002		9,438,501
Nearmap Ltd.(a)		2,324,779		2,229,630
Netwealth Group Ltd.		523,440		5,669,134
New Hope Corp. Ltd.		2,155,903		3,472,941
NEXTDC Ltd.(a)		2,189,707		16,801,547
nib holdings Ltd.		2,192,765		9,674,683
Nick Scali Ltd.		330,608		3,190,352
Nickel Mines Ltd.		4,806,658		4,936,914
Nine Entertainment Co. Holdings Ltd.		6,865,370		12,812,406
Novonix Ltd.(a)(c)		1,268,214		6,839,348
NRW Holdings Ltd.		2,135,418		2,413,157
Nufarm Ltd./Australia		1,525,953		4,846,175
Nuix Ltd.(a)		936,600		991,051
Objective Corp. Ltd.		109,613		1,247,560
Omni Bridgeway Ltd.(a)		1,257,055		2,907,235
oOh!media Ltd.(a)		2,811,626		3,224,317
Orora Ltd.		4,200,814		10,343,045
OZ Minerals Ltd.		1,595,059		27,669,682
Pact Group Holdings Ltd.		1,014,154		1,676,175
Paladin Energy Ltd.(a)(c)		10,952,398		5,711,145
Pendal Group Ltd.		1,659,440		5,699,213
Pepper Money Ltd./Australia(a)		840,292		1,204,506
Perenti Global Ltd.		2,901,379		1,589,260
Perpetual Ltd.		268,103		6,266,065
Perseus Mining Ltd.		5,849,414		6,114,090
PEXA Group Ltd.(a)		466,037		6,119,438
Pilbara Minerals Ltd.(a)		11,233,024		25,987,367
Pinnacle Investment Management Group Ltd.		458,284		3,699,117
Platinum Asset Management Ltd.		1,729,138		3,039,853
PointsBet Holdings Ltd.(a)		914,934		3,206,411
PolyNovo Ltd.(a)(c)		2,836,492		2,649,068
PPK Group Ltd.(a)		148,990		758,354
Premier Investments Ltd.		416,951		8,554,918
Pro Medicus Ltd.		228,309		7,372,993
Qube Holdings Ltd.		8,715,113		17,985,128
Ramelius Resources Ltd.		3,930,797		3,767,504
Redbubble Ltd.(a)(c)		945,917		1,204,330
Regis Resources Ltd.		3,685,762		4,483,237
Reliance Worldwide Corp. Ltd.		3,796,993		14,022,326
Rural Funds Group(c)		1,651,373		3,342,288
Sandfire Resources Ltd.		1,856,117		8,919,355
Sayona Mining Ltd.(a)		24,555,849		2,132,306
Select Harvests Ltd.		575,365		2,208,750
Seven Group Holdings Ltd.		703,028		10,871,636
SG Fleet Group Ltd.		619,486		1,042,759
Shopping Centres Australasia Property Group		5,178,167		10,345,442
Sigma Healthcare Ltd.		5,576,512		1,774,293
Silver Lake Resources Ltd.(a)		4,316,537		4,545,657
Sims Ltd.		820,398		8,352,670

Security	Shares		Value
Australia (continued)
SmartGroup Corp. Ltd.		601,529	$	3,057,380
Southern Cross Media Group Ltd.		1,335,683		1,786,702
St. Barbara Ltd.		3,563,512		3,122,351
Star Entertainment Grp Ltd. (The)(a)		4,107,561		10,033,628
Steadfast Group Ltd.		4,593,812		15,117,056
Super Retail Group Ltd.		751,786		6,217,742
Tassal Group Ltd.		1,175,102		2,934,203
Technology One Ltd.		1,298,665		9,715,320
Telix Pharmaceuticals Ltd.(a)		884,974		4,276,359
Temple & Webster Group Ltd.(a)(c)		381,935		2,319,758
Tyro Payments Ltd.(a)		1,607,146		2,579,083
United Malt Grp Ltd.		1,377,299		4,067,940
Uniti Group Ltd.(a)		2,628,008		7,849,808
Viva Energy Group Ltd.(d)		4,092,654		6,239,035
Vulcan Energy Resources Ltd.(a)(c)		414,242		2,758,018
Waypoint REIT		3,505,685		6,733,813
Webjet Ltd.(a)(c)		1,837,797		6,433,708
West African Resources Ltd.(a)		4,559,707		3,615,215
Western Areas Ltd.(a)(c)		1,563,226		3,847,269
Westgold Resources Ltd.		1,921,159		2,489,734
Whitehaven Coal Ltd.(a)		4,448,428		8,517,292
Worley Ltd.		1,479,235		12,188,376
Zip Co. Ltd.(a)(c)		2,190,316		5,042,277
				1,328,090,583
Austria — 1.1%
Agrana Beteiligungs AG		12,995		251,691
ams-OSRAM AG(a)(c)		1,317,122		22,145,236
ANDRITZ AG		328,601		17,482,742
AT&S Austria Technologie & Systemtechnik AG		120,613		5,617,695
BAWAG Group AG(a)(d)		342,740		20,569,597
CA Immobilien Anlagen AG		209,537		7,615,333
DO & CO AG(a)		33,560		3,459,365
EVN AG		195,967		5,768,652
FACC AG(a)(c)		109,182		949,450
IMMOFINANZ AG(a)(c)		387,479		10,051,759
Lenzing AG(a)		63,572		7,803,304
Oesterreichische Post AG(c)		164,694		6,912,843
Palfinger AG		46,360		1,584,270
Porr AG(a)		31,442		443,664
S IMMO AG		236,669		6,065,326
S&T AG(c)		235,052		4,316,901
Schoeller-Bleckmann Oilfield Equipment AG(a)		56,609		2,386,844
Semperit AG Holding		30,693		931,016
Telekom Austria AG(a)		785,344		6,793,671
UNIQA Insurance Group AG		610,276		5,656,787
Vienna Insurance Group AG Wiener Versicherung Gruppe		162,776		4,767,700
Wienerberger AG		551,107		19,953,947
Zumtobel Group AG		194,788		1,763,807
				163,291,600
Belgium — 1.9%
Ackermans & van Haaren NV		111,603		21,542,151
Aedifica SA		174,609		21,000,728
AGFA-Gevaert NV(a)		765,250		3,246,962
Akka Technologies(a)		60,553		3,308,333
Barco NV		335,912		6,937,070
Befimmo SA		107,863		4,044,060
Bekaert SA		176,450		8,214,941
bpost SA(a)		487,802		3,600,954

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Belgium (continued)
Cie. d’Entreprises CFE		36,649	$	4,964,560
Cofinimmo SA		138,112		20,374,376
D’ieteren Group		106,610		18,575,119
Econocom Group SA/NV		647,954		2,591,206
Euronav NV		900,029		7,414,633
Fagron		297,520		5,114,331
Galapagos NV(a)(c)		222,587		14,998,990
Gimv NV		99,553		6,068,620
Immobel SA		19,259		1,717,284
Intervest Offices & Warehouses NV		125,903		3,861,469
Ion Beam Applications		117,594		2,009,112
KBC Ancora		167,571		8,074,693
Kinepolis Group NV(a)(c)		66,423		4,022,644
Melexis NV		96,831		10,153,005
Mithra Pharmaceuticals SA(a)(c)		92,510		2,098,572
Montea NV		49,041		6,783,611
Ontex Group NV(a)		313,762		2,297,690
Orange Belgium SA		65,773		1,432,041
Recticel SA		192,100		3,659,369
Retail Estates NV		38,268		3,082,103
Shurgard Self Storage SA		127,733		7,362,935
Telenet Group Holding NV		214,470		8,233,189
Tessenderlo Group SA(a)		123,567		4,813,323
Van de Velde NV		4,613		170,999
VGP NV		34,359		9,736,144
Warehouses De Pauw CVA		668,747		28,770,393
X-Fab Silicon Foundries SE(a)(d)		278,974		2,721,442
Xior Student Housing NV		103,726		5,669,234
				268,666,286
Denmark — 1.7%
ALK-Abello A/S(a)		31,745		13,404,954
Alm Brand A/S(c)		3,960,590		7,508,852
Amagerbanken A/S(b)		130,550		—
Bavarian Nordic A/S(a)(c)		309,214		9,101,197
Better Collective A/S(a)(c)		145,670		3,065,247
cBrain A/S		44,752		1,401,339
Chemometec A/S		75,610		7,839,216
D/S Norden A/S		125,878		2,865,195
Dfds A/S(a)		167,678		8,185,424
Drilling Co. of 1972 A/S (The)(a)(c)		96,711		3,772,334
FLSmidth & Co. A/S		252,166		8,500,549
H Lundbeck A/S		339,533		8,639,063
ISS A/S(a)		764,500		14,403,372
Jyske Bank A/S, Registered(a)		259,545		15,287,783
Matas A/S		183,387		3,066,256
Netcompany Group A/S(d)		191,181		14,044,968
Nilfisk Holding A/S(a)		113,241		3,983,867
NKT A/S(a)		196,017		8,252,233
NNIT A/S(d)		50,107		733,864
NTG Nordic Transport Group A/S, Class A(a)		32,449		2,160,284
Per Aarsleff Holding A/S		85,146		3,836,534
Ringkjoebing Landbobank A/S		131,367		17,293,093
Royal Unibrew A/S		233,934		26,894,305
Scandinavian Tobacco Group A/S, Class A(d)		307,127		6,620,787
Schouw & Co. A/S		63,147		5,340,469
SimCorp A/S		194,206		18,107,795
Solar A/S, Class B		26,240		2,813,570
Spar Nord Bank A/S		391,100		5,624,180
Sydbank A/S		283,354		10,001,691
Topdanmark A/S		217,814		12,457,498

Security	Shares		Value
Denmark (continued)
Zealand Pharma A/S(a)(c)		167,564	$	3,264,394
				248,470,313
Finland — 1.8%
Admicom OYJ		15,087		1,284,772
Aktia Bank OYJ		166,653		2,162,023
Anora Group OYJ		161,422		1,831,631
BasWare OYJ(a)		58,970		1,722,497
Cargotec OYJ, Class B		186,245		9,298,661
Caverion OYJ		477,987		3,306,376
Citycon OYJ		288,674		2,310,505
Finnair OYJ(a)(c)		3,056,694		2,261,881
F-Secure OYJ		656,271		3,229,321
Harvia OYJ		67,622		3,574,136
Huhtamaki OYJ		467,623		18,435,430
Kamux Corp.(c)		160,241		2,051,178
Kemira OYJ		509,472		7,488,780
Kojamo OYJ		593,331		13,602,645
Konecranes OYJ		284,419		11,440,637
Marimekko OYJ		29,138		2,399,873
Metsa Board OYJ, Class B		861,939		9,292,197
Metso Outotec OYJ		2,977,567		31,933,237
Musti Group OYJ		149,172		4,458,231
Neles OYJ		468,263		6,581,295
Nokian Renkaat OYJ		635,485		21,485,721
Oriola OYJ, Class B		758,192		1,864,217
Outokumpu OYJ(a)		1,743,972		11,299,032
Puuilo OYJ(a)		217,081		1,962,878
QT Group OYJ(a)		84,672		9,829,181
Remedy Entertainment OYJ(c)		37,789		1,496,748
Revenio Group OYJ		113,478		5,924,546
Rovio Entertainment OYJ(c)(d)		166,745		1,314,118
Sanoma OYJ		353,816		5,344,038
Spinnova OYJ(a)		73,484		902,313
Talenom OYJ		135,564		1,540,154
TietoEVRY OYJ		417,999		12,438,198
TietoEVRY OYJ, New		12,844		383,858
Tokmanni Group Corp.		228,356		4,778,183
Uponor OYJ		266,363		5,910,342
Valmet OYJ		648,566		24,771,539
YIT OYJ		669,144		3,324,119
				253,234,491
France — 3.5%
AB Science SA(a)(c)		143,327		1,452,333
ABC arbitrage		68,026		542,609
Air France-KLM(a)(c)		1,391,037		6,294,804
AKWEL		36,551		903,391
Albioma SA		123,781		4,836,028
ALD SA(d)		482,624		7,232,336
Altarea SCA(c)		18,913		3,370,866
Alten SA		139,669		22,780,876
Aperam SA		227,815		12,837,273
Aramis Group SAS, NVS(a)(c)(d)		98,967		1,384,051
Atos SE		475,958		17,061,644
Aubay		33,991		2,021,245
Believe SA, NVS(a)		91,622		1,540,877
Beneteau SA(a)		190,817		3,181,579
Boiron SA		34,035		1,547,439
Bonduelle SCA		67,854		1,596,078
Carmila SA		245,454		4,082,328

62 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Casino Guichard Perrachon SA(a)(c)		182,995	$	4,047,663
Cellectis SA(a)(c)		159,165		1,006,394
CGG SA(a)		3,269,713		2,721,784
Chargeurs SA		76,019		1,914,746
Cie. des Alpes(a)		44,367		741,051
Cie. Plastic Omnium SA		281,909		6,557,003
Coface SA(a)		500,124		6,616,609
Derichebourg SA(a)		455,362		5,726,540
Elior Group SA(a)(c)(d)		590,225		3,560,309
Elis SA(a)		911,463		16,650,301
Eramet SA(a)		44,854		4,649,091
Esker SA		25,296		6,840,677
Europcar Mobility Group(a)(d)		14,552,829		8,266,247
Eutelsat Communications SA		828,165		10,269,078
Fnac Darty SA		83,094		4,931,815
Gaztransport Et Technigaz SA		106,470		9,767,750
Groupe Guillin		9,742		258,841
Guerbet		38,855		1,453,600
ICADE		146,105		10,549,724
ID Logistics Group(a)		14,314		5,197,315
Imerys SA		159,434		7,326,853
Interparfums SA		89,034		6,765,031
IPSOS		193,029		8,820,098
JCDecaux SA(a)		304,277		8,329,314
Kaufman & Broad SA		67,662		2,685,677
Korian SA		351,550		7,707,039
Lagardere SA(a)		170,618		4,644,842
LISI		93,715		2,942,692
LNA Sante SA		10,926		505,588
Maisons du Monde SA(d)		154,834		3,535,235
Manitou BF SA		66,861		2,486,307
McPhy Energy SA(a)(c)		103,207		1,931,622
Mercialys SA		354,417		3,928,888
Mersen SA		80,665		3,364,227
Metropole Television SA		134,138		2,616,950
Neoen SA(a)(c)(d)		179,920		6,398,029
Nexans SA		114,569		10,352,942
Nexity SA		185,554		7,769,468
Peugeot Invest(c)		25,166		3,383,313
Pharmagest Interactive(c)		18,009		1,627,156
Quadient SA		164,387		3,359,318
Rexel SA(a)		1,172,952		26,144,641
Rubis SCA		447,467		14,485,757
SCOR SE		757,627		25,844,614
SES SA, Class A		1,836,495		14,130,047
SES-Imagotag SA(a)		22,593		1,730,255
SMCP SA(a)(d)		165,692		1,362,900
Societe BIC SA		118,685		6,757,805
SOITEC(a)		104,113		19,007,704
Solutions 30 SE(a)(c)		416,143		3,283,529
Sopra Steria Group SACA		73,131		12,857,375
SPIE SA		611,439		14,182,048
Technicolor SA(a)		945,052		2,963,483
Television Francaise 1		227,851		2,177,922
Trigano SA		41,110		7,788,816
Vallourec SA(a)(c)		656,348		5,838,519
Valneva SE(a)(c)		335,626		5,801,442
Verallia SA(d)		352,571		11,058,345
Vicat SA		91,950		3,810,433
Vilmorin & Cie SA		26,104		1,472,193

Security	Shares		Value
France (continued)
Virbac SA		20,120	$	8,094,142
Voltalia SA(a)(c)		114,287		2,111,287
				495,776,141
Germany — 5.1%
1&1 AG		215,115		5,725,688
Aareal Bank AG		284,751		9,172,540
ABOUT YOU Holding SE, NVS(a)(c)		183,554		3,567,499
Adesso SE		14,138		2,919,170
ADLER Group SA(c)(d)		365,835		4,326,844
ADVA Optical Networking SE(a)		225,445		3,779,799
AIXTRON SE		540,730		11,243,366
alstria office REIT-AG		767,869		16,787,416
Amadeus Fire AG		27,752		5,173,028
Atoss Software AG		19,431		3,895,905
AURELIUS Equity Opportunities SE & Co. KGaA		144,897		4,624,516
Aurubis AG		151,387		15,781,063
Basler AG		7,587		1,019,267
BayWa AG		68,050		2,859,260
Bertrandt AG		35,916		2,101,919
Bike24 Holding AG, NVS(a)(c)		94,989		1,517,493
Bilfinger SE		141,769		4,936,602
Borussia Dortmund GmbH & Co. KGaA(a)		391,169		1,896,527
CANCOM SE		184,585		11,203,764
Ceconomy AG(a)(c)		784,066		3,489,227
Cewe Stiftung & Co. KGaA		21,258		2,612,327
CompuGroup Medical SE & Co. KgaA		129,022		8,551,895
Corestate Capital Holding SA(a)(c)		102,579		1,366,101
CropEnergies AG		129,539		1,784,188
CTS Eventim AG & Co. KGaA(a)		277,567		19,731,487
Datagroup SE(a)		23,411		2,276,603
Dermapharm Holding SE		91,084		7,365,816
Deutsche Beteiligungs AG		43,905		1,822,005
Deutsche EuroShop AG		242,638		4,549,556
Deutsche Pfandbriefbank AG(d)		639,861		7,895,839
Deutz AG(a)		590,258		4,044,225
DIC Asset AG		202,756		3,487,831
Draegerwerk AG & Co. KGaA		13,057		721,079
Duerr AG		251,791		11,143,096
Eckert & Ziegler Strahlen- und Medizintechnik AG		70,768		6,169,043
Elmos Semiconductor SE		40,358		2,509,858
ElringKlinger AG(a)		143,144		1,703,058
Encavis AG		470,789		7,416,547
Energiekontor AG, NVS		30,374		2,148,535
Evotec SE(a)		631,924		25,570,611
Fielmann AG		120,713		7,698,697
flatexDEGIRO AG(a)(c)		162,913		3,152,495
Fraport AG Frankfurt Airport Services Worldwide(a)(c)		178,865		12,217,678
Freenet AG		608,210		16,564,922
Gerresheimer AG		152,044		13,644,513
GFT Technologies SE		81,770		4,052,758
Global Fashion Group SA(a)(c)		367,172		1,677,692
Grand City Properties SA		496,131		10,949,487
GRENKE AG(c)		135,686		4,285,831
Hamborner REIT AG		311,975		3,431,841
Hamburger Hafen und Logistik AG		121,714		2,614,696
Heidelberger Druckmaschinen AG(a)		1,269,286		3,982,474
Hensoldt AG		204,412		2,785,154
HOCHTIEF AG		103,212		8,028,475
Home24 SE(a)(c)		128,403		1,443,851
Hornbach Baumarkt AG(c)		38,932		2,079,750

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Hornbach Holding AG & Co. KGaA		46,357	$	7,101,839
Hugo Boss AG		290,298		18,389,948
Hypoport SE(a)		17,145		7,576,535
Indus Holding AG		84,267		3,233,415
Instone Real Estate Group SE(d)		223,067		3,969,380
Jenoptik AG		250,564		9,170,244
JOST Werke AG(d)		55,994		2,802,484
K+S AG, Registered(a)		917,151		17,509,823
Kloeckner & Co. SE(a)		355,333		4,013,214
Koenig & Bauer AG(a)		72,883		2,272,589
Krones AG		69,898		6,941,544
KWS Saat SE & Co. KGaA		61,196		4,755,286
LPKF Laser & Electronics AG(c)		120,231		2,392,684
MBB SE		6,854		1,010,396
Media and Games Invest SE(a)(c)		431,422		1,790,851
Medios AG(a)		60,050		2,212,793
METRO AG		604,955		6,175,232
Mister Spex SE, NVS(a)		74,751		863,304
MLP SE		314,408		2,932,447
MorphoSys AG(a)(c)		167,451		5,362,349
Nagarro SE(a)		41,800		7,267,160
New Work SE		14,376		3,170,838
Nordex SE(a)(c)		502,897		8,070,084
Norma Group SE		155,655		5,652,999
Northern Data AG(a)(c)		23,804		1,547,392
OHB SE(c)		14,662		602,657
PATRIZIA AG		234,146		5,090,175
Pfeiffer Vacuum Technology AG		20,193		3,976,477
PNE AG		175,564		1,667,892
ProSiebenSat.1 Media SE		789,976		12,355,962
PVA TePla AG, NVS(a)		95,724		3,349,898
Rheinmetall AG		210,738		22,032,614
SAF-Holland SE(a)		214,168		2,700,653
Salzgitter AG(a)		172,411		5,898,595
Secunet Security Networks AG		6,106		2,174,129
SGL Carbon SE(a)		310,697		2,168,765
Siltronic AG(c)		78,953		10,310,020
Sirius Real Estate Ltd		4,822,265		8,428,824
Sixt SE(a)		66,306		10,779,170
SMA Solar Technology AG		52,776		1,879,773
Software AG		250,632		9,650,711
Stabilus SA		120,196		8,094,180
Steico SE		26,525		2,948,503
Stratec SE		37,654		5,096,886
Stroeer SE & Co. KGaA		136,700		10,235,563
Suedzucker AG		342,551		4,795,985
Synlab AG, NVS(a)		212,376		4,884,009
TAG Immobilien AG		701,942		18,537,111
Takkt AG		167,153		2,829,891
TeamViewer AG(a)(d)		775,941		11,724,497
thyssenkrupp AG(a)		1,934,561		19,909,894
TUI AG(a)(c)		5,455,875		18,804,663
Varta AG(c)		87,587		9,543,486
VERBIO Vereinigte BioEnergie AG		108,197		6,896,572
Vitesco Technologies Group AG(a)		106,020		5,248,580
Vossloh AG		58,581		2,824,164
Wacker Chemie AG		75,520		11,021,397
Wacker Neuson SE		151,962		3,817,545
Westwing Group AG(a)(c)		56,124		1,347,485
Wuestenrot & Wuerttembergische AG		59,643		1,258,971

Security	Shares		Value
Germany (continued)
Zeal Network SE(a)(c)		69,964	$	2,982,911
				729,554,345
Hong Kong — 1.9%
Apollo Future Mobility Group Ltd.(a)(c)		17,656,000		1,044,535
ASM Pacific Technology Ltd.		1,471,600		14,723,292
Atlas Corp.		409,915		5,927,371
Bank of East Asia Ltd. (The)		6,171,600		10,533,121
BOCOM International Holdings Co. Ltd.		527,000		86,515
Brightoil Petroleum Holdings Ltd.(a)(b)		12,938,512		17
Cafe de Coral Holdings Ltd.		1,814,000		3,080,031
Champion REIT		10,461,000		5,259,312
Chinese Estates Holdings Ltd.		152,500		51,985
Chow Sang Sang Holdings International Ltd.		1,794,000		2,376,819
CITIC Telecom International Holdings Ltd.		8,188,000		2,981,260
Citychamp Watch & Jewellery Group Ltd.(a)		5,546,000		1,002,925
CK Life Sciences International Holdings Inc.		14,480,000		1,339,909
CMBC Capital Holdings Ltd, NVS(a)(c)		1,841,749		684,125
C-Mer Eye Care Holdings Ltd.(c)		2,226,000		1,530,086
Comba Telecom Systems Holdings Ltd.(a)(c)		9,272,000		2,147,705
Cowell e Holdings Inc.(a)(c)		1,569,000		1,787,524
Crystal International Group Ltd.(d)		2,155,500		635,837
Dah Sing Banking Group Ltd.		2,500,800		2,370,994
Dah Sing Financial Holdings Ltd.		719,200		2,331,887
EC Healthcare		1,404,000		1,614,542
Far East Consortium International Ltd.		5,053,000		1,827,545
First Pacific Co. Ltd.		10,850,000		4,174,656
Fortune REIT		6,887,000		7,102,513
Fosun Tourism Group(a)(c)(d)		1,194,400		1,604,625
Guotai Junan International Holdings Ltd.		14,262,000		1,932,233
Haitong International Securities Group Ltd.(c)		11,199,000		2,563,717
Hang Lung Group Ltd.		3,814,000		8,488,166
Health and Happiness H&H International Holdings Ltd.		1,076,000		1,805,052
HKBN Ltd.		3,600,500		4,521,764
Hong Kong Technology Venture Co. Ltd.(c)		2,684,000		2,487,204
Hongkong & Shanghai Hotels Ltd. (The)(a)		824,000		795,242
Hutchison Telecommunications Hong Kong Holdings Ltd.		16,994,000		2,775,536
Hysan Development Co. Ltd.		2,937,000		9,002,674
IGG Inc.		3,924,000		2,455,264
Johnson Electric Holdings Ltd.		1,678,250		2,854,524
K Wah International Holdings Ltd.		4,841,000		1,895,331
Kerry Logistics Network Ltd.		2,088,888		5,222,616
Kerry Properties Ltd.		2,701,500		7,631,371
Lifestyle International Holdings Ltd.(a)		1,606,000		876,017
LK Technology Holdings Ltd.(c)		2,630,000		4,024,766
Luk Fook Holdings International Ltd.		1,750,000		4,612,579
Man Wah Holdings Ltd.		8,471,200		13,096,346
MECOM Power and Construction Ltd.(c)		3,360,000		1,516,573
Melco International Development Ltd.(a)		3,220,000		3,759,734
MGM China Holdings Ltd.(a)(c)		4,348,800		2,897,419
Nissin Foods Co. Ltd.(c)		1,586,000		1,164,308
NWS Holdings Ltd.		7,408,000		7,383,623
Pacific Basin Shipping Ltd.(c)		22,970,000		9,804,875
Pacific Textiles Holdings Ltd.		4,269,000		2,169,158
PAX Global Technology Ltd.		3,416,000		2,474,270
PCCW Ltd.		19,808,000		10,431,229
Perfect Medical Health Management Ltd.		1,872,000		1,173,492
Prosperity REIT		11,188,000		4,349,325
Realord Group Holdings Ltd.(a)(c)		2,020,000		2,367,921

64 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Sa Sa International Holdings Ltd.(a)(c)		5,154,000	$	989,172
Shangri-La Asia Ltd.(a)		5,206,000		4,072,089
Shun Tak Holdings Ltd.(a)		7,012,000		1,858,829
SJM Holdings Ltd.(a)		9,513,000		6,122,336
SmarTone Telecommunications Holdings Ltd.		2,607,500		1,454,474
Stella International Holdings Ltd.		2,130,000		2,363,009
Sun Hung Kai & Co. Ltd.		1,806,000		969,005
SUNeVision Holdings Ltd.		3,135,000		2,755,228
Sunlight REIT		4,677,000		2,543,331
Texhong Textile Group Ltd.		1,326,500		1,711,492
United Laboratories International Holdings Ltd. (The)		4,848,000		2,757,218
Value Partners Group Ltd.		4,919,000		2,425,967
Vesync Co. Ltd.		1,086,000		946,977
Vitasoy International Holdings Ltd.(c)		3,530,000		6,892,760
Viva China Holdings Ltd.		18,344,000		3,071,663
Vobile Group Ltd.(a)(c)		5,633,000		3,859,737
VSTECS Holdings Ltd.		4,602,000		4,558,821
VTech Holdings Ltd.		785,800		6,203,114
Wynn Macau Ltd.(a)(c)		7,463,200		6,744,188
Xinyi Electric Storage Holdings Ltd.(a)		1		1
Yue Yuen Industrial Holdings Ltd.(a)(c)		3,812,500		6,437,542
Zensun Enterprises Ltd.		2,675,000		1,512,976
				273,001,389
Ireland — 0.8%
AIB Group PLC(a)		3,900,000		10,301,036
Bank of Ireland Group PLC(a)		4,656,337		31,383,120
C&C Group PLC(a)(c)		1,910,710		5,689,344
Cairn Homes PLC(a)		3,568,884		4,995,792
Dalata Hotel Group PLC(a)		961,838		4,581,647
Glanbia PLC		959,451		13,178,174
Glenveagh Properties PLC(a)(d)		3,384,889		4,646,343
Grafton Group PLC		1,084,469		17,046,358
Greencore Group PLC(a)		2,471,253		4,104,630
Hibernia REIT PLC		3,193,914		4,562,003
Irish Residential Properties REIT PLC		2,207,055		4,150,711
Origin Enterprises PLC		666,837		2,547,138
Uniphar PLC(a)		1,091,568		4,807,184
				111,993,480
Israel — 3.2%
AFI Properties Ltd.(c)		54,791		3,506,524
Airport City Ltd.(a)		366,182		8,926,340
Alony Hetz Properties & Investments Ltd.(c)		707,230		13,211,652
Altshuler Shaham Provident Funds & Pension Ltd.		297,572		1,549,721
Amot Investments Ltd.		986,795		8,372,645
Arad Investment & Industrial Development Ltd.		15,891		2,294,778
Ashtrom Group Ltd.(c)		189,143		5,298,766
AudioCodes Ltd.		122,387		3,620,947
Azorim-Investment Development & Construction Co. Ltd.(a)		395,815		2,439,550
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		9,884,207		17,015,003
Big Shopping Centers Ltd.		50,323		8,086,462
Blue Square Real Estate Ltd.		15,911		1,441,108
Caesarstone Ltd.		127,609		1,573,419
Camtek Ltd./Israel(a)(c)		136,348		4,895,532
Cellcom Israel Ltd.(a)(c)		407,896		2,404,759
Cellebrite DI Ltd., NVS(a)(c)		178,914		1,073,484
Clal Insurance Enterprises Holdings Ltd.(a)		285,234		6,699,505
Cognyte Software Ltd.(a)		318,053		3,450,875
Compugen Ltd.(a)(c)		407,943		1,448,198

Security	Shares		Value
Israel (continued)
Danel Adir Yeoshua Ltd.		24,164	$	5,764,092
Delek Automotive Systems Ltd.(c)		250,341		3,838,328
Delek Group Ltd.(a)		43,787		4,944,956
Delta-Galil Industries Ltd.		21,497		1,344,667
Doral Group Renewable Energy Resources Ltd.(a)(c)		291,917		1,191,136
Elco Ltd.		29,307		2,450,335
Electra Consumer Products 1970 Ltd.		52,788		3,323,720
Electra Ltd./Israel(c)		9,729		7,093,090
Electra Real Estate Ltd.		108,780		2,382,096
Electreon Wireless Ltd.(a)		21,785		980,681
Energix-Renewable Energies Ltd.		1,049,712		4,188,807
Enlight Renewable Energy Ltd.(a)(c)		4,395,143		9,918,769
Equital Ltd.(a)(c)		138,868		6,110,159
Fattal Holdings 1998 Ltd.(a)(c)		29,890		3,599,247
FIBI Holdings Ltd.		83,618		3,818,304
First International Bank Of Israel Ltd. (The)		260,290		10,836,879
Formula Systems 1985 Ltd.		41,649		4,686,844
Fox Wizel Ltd.		36,064		7,007,170
Gav-Yam Lands Corp. Ltd.		665,978		8,470,886
Gazit-Globe Ltd.		309,142		3,227,187
Gilat Satellite Networks Ltd.(a)(c)		139,226		1,076,524
Harel Insurance Investments & Financial Services Ltd.		561,418		6,523,975
Hilan Ltd.		66,387		4,278,821
IDI Insurance Co. Ltd.(c)		42,662		1,558,533
Isracard Ltd.		867,686		4,808,886
Israel Canada T.R Ltd.		528,387		3,286,776
Israel Corp. Ltd. (The)(a)		18,556		7,573,089
Isras Investment Co. Ltd.		7,806		2,027,721
Ituran Location and Control Ltd.		129,392		3,113,172
M Yochananof & Sons Ltd.		24,451		1,850,044
Magic Software Enterprises Ltd.		127,163		2,426,033
Malam - Team Ltd.		36,107		1,216,444
Matrix IT Ltd.		190,494		5,325,205
Maytronics Ltd.		206,859		4,433,024
Mega Or Holdings Ltd.		114,756		5,223,435
Mehadrin Ltd.(a)		—		1
Melisron Ltd.(a)		102,311		9,013,423
Menora Mivtachim Holdings Ltd.		223,200		5,486,285
Migdal Insurance & Financial Holdings Ltd.(c)		1,523,965		2,699,010
Mivne Real Estate KD Ltd.(c)		2,891,433		12,363,393
Nano Dimension Ltd., ADR(a)(c)		1,233,630		4,527,422
Nano-X Imaging Ltd.(a)(c)		163,073		1,850,879
Naphtha Israel Petroleum Corp. Ltd.(a)(c)		452,650		3,621,196
Nayax Ltd.(a)(c)		390,721		1,008,028
NEOGAMES SA(a)		49,507		1,171,831
Nova Ltd.(a)		135,513		15,859,436
Oil Refineries Ltd.(a)		8,549,959		2,826,054
One Software Technologies Ltd.		180,450		3,155,664
OPC Energy Ltd.(a)(c)		427,780		5,025,308
Partner Communications Co. Ltd.(a)(c)		651,516		5,804,637
Paz Oil Co. Ltd.(a)		48,395		6,883,853
Perion Network Ltd.(a)(c)		188,817		3,736,093
Phoenix Holdings Ltd. (The)		700,764		8,366,487
Plus500 Ltd.		438,593		8,708,729
Prashkovsky Investments and Construction Ltd.		32,800		1,489,476
Property & Building Corp. Ltd.(a)(c)		13,422		1,785,537
Radware Ltd.(a)		202,692		6,816,532
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(c)		40,533		3,252,949

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
REIT 1 Ltd.(c)		816,389	$	5,930,266
Retailors Ltd., NVS(a)(c)		57,878		1,808,730
Riskified Ltd.(a)		92,436		644,279
Sapiens International Corp. NV(c)		137,310		4,403,518
Shapir Engineering and Industry Ltd.(c)		559,329		5,396,570
Shikun & Binui Ltd.(a)		1,131,008		7,309,353
Shufersal Ltd.		1,267,992		11,926,361
Sisram Medical Ltd.(c)(d)		668,400		675,147
Strauss Group Ltd.(c)		246,303		8,171,075
Summit Real Estate Holdings Ltd.(a)(c)		169,529		4,201,656
Taboola.com Ltd.(a)(c)		272,670		1,649,654
Tadiran Group Ltd.		15,221		2,273,952
Taro Pharmaceutical Industries Ltd.(a)(c)		44,982		2,106,057
Tera Light Ltd.(a)		7,815		18,855
Tower Semiconductor Ltd.(a)		494,197		17,043,251
Tremor International Ltd.(a)(c)		500,967		3,529,162
UroGen Pharma Ltd.(a)(c)		93,513		721,920
YH Dimri Construction & Development Ltd.(c)		37,434		3,908,786
ZIM Integrated Shipping Services Ltd.		194,242		12,959,826
				457,338,944
Italy — 2.9%
A2A SpA		7,516,393		14,278,018
ACEA SpA		205,908		4,161,498
Anima Holding SpA(d)		1,248,677		6,315,638
Arnoldo Mondadori Editore SpA(a)		417,551		961,608
Ascopiave SpA		373,804		1,526,931
Autogrill SpA(a)		922,586		6,928,056
Azimut Holding SpA		515,629		13,869,919
Banca Generali SpA		282,034		11,359,075
Banca IFIS SpA		113,858		2,285,060
Banca Mediolanum SpA		1,050,468		10,211,499
Banca Monte dei Paschi di Siena SpA(a)(c)		1,450,222		1,499,212
Banca Popolare di Sondrio SCPA		2,168,123		9,119,621
Banco BPM SpA		6,532,486		20,365,410
BFF Bank SpA(d)		812,918		6,215,526
Biesse SpA(a)		69,171		1,794,641
Bio On SpA(a)(b)(c)		19,879		—
BPER Banca		5,078,645		10,691,688
Brembo SpA		719,313		9,563,326
Brunello Cucinelli SpA(a)		162,272		9,423,646
Buzzi Unicem SpA		461,688		9,640,536
Carel Industries SpA(d)		160,628		3,867,253
CIR SpA-Compagnie Industriali(a)(c)		6,254,546		2,972,282
Credito Emiliano SpA		438,463		3,024,435
Danieli & C Officine Meccaniche SpA		36,368		989,219
Datalogic SpA		77,130		1,204,954
De’ Longhi SpA		327,517		11,286,737
Digital Bros. SpA		23,861		758,522
Digital Value SpA(a)		16,675		1,727,362
doValue SpA(a)(d)		250,012		2,167,840
El.En. SpA		216,733		3,498,368
Enav SpA(a)(d)		1,274,416		5,855,394
ERG SpA		289,278		8,435,341
Esprinet SpA		146,684		2,010,977
Falck Renewables SpA		563,115		5,529,594
Fila SpA		82,451		846,786
Fincantieri SpA(a)(c)		2,127,104		1,361,828
Gruppo MutuiOnline SpA		105,501		5,021,629
GVS SpA(d)		338,332		3,788,404
Hera SpA		3,941,998		16,388,365

Security	Shares		Value
Italy (continued)
Illimity Bank SpA(a)		264,238	$	3,866,365
Immobiliare Grande Distribuzione SIIQ SpA(a)		137,942		642,166
Interpump Group SpA		340,747		21,042,350
Iren SpA		3,088,213		9,290,594
Italgas SpA		2,347,356		15,573,359
Italmobiliare SpA		67,792		2,425,282
Juventus Football Club SpA(a)(c)		4,893,095		2,091,627
La Doria SpA		58,155		1,075,402
Leonardo SpA(a)		1,949,829		14,083,186
Maire Tecnimont SpA(c)		737,611		3,522,722
MARR SpA		173,210		3,688,414
OVS SpA(a)(d)		1,042,688		2,897,051
Pharmanutra SpA		18,507		1,372,252
Piaggio & C SpA		833,901		2,669,430
Pirelli & C SpA(d)		1,701,940		12,033,129
RAI Way SpA(d)		478,222		2,717,315
Reply SpA		98,532		16,558,367
Saipem SpA(a)(c)		2,567,505		3,927,282
Salcef SpA		62,415		1,690,837
Salvatore Ferragamo SpA(a)		253,185		5,425,444
Sanlorenzo SpA/Ameglia		62,976		2,730,538
Saras SpA(a)(c)		2,835,912		1,778,658
Seco SpA, NVS(a)(c)		153,951		1,215,019
Sesa SpA		37,920		6,858,462
Societa Cattolica Di Assicurazione SPA(a)		222,008		1,416,678
SOL SpA		173,366		3,708,379
Tamburi Investment Partners SpA		475,706		4,843,389
Technogym SpA(d)		629,513		5,372,560
Tinexta SpA		97,442		3,461,480
Tod’s SpA(a)		48,530		2,615,610
Unipol Gruppo SpA		1,875,413		10,550,578
Webuild SpA(c)		1,885,089		3,948,711
Wiit SpA, NVS		49,303		1,741,611
Zignago Vetro SpA		57,431		994,555
				408,775,000
Japan — 27.2%
77 Bank Ltd. (The)		246,100		3,257,004
ABC-Mart Inc.		160,100		7,310,033
Activia Properties Inc.		3,125		10,577,651
Adastria Co. Ltd.		108,380		1,623,853
ADEKA Corp.		374,000		8,114,659
Advan Group Co. Ltd.		85,800		718,234
Advance Residence Investment Corp.		6,281		18,475,135
Aeon Delight Co. Ltd.		102,000		2,760,656
AEON Financial Service Co. Ltd.		523,100		5,490,130
Aeon Hokkaido Corp.		104,300		972,001
Aeon Mall Co. Ltd.		490,500		7,090,890
AEON REIT Investment Corp.		7,240		9,208,564
Ai Holdings Corp.		202,200		3,133,693
Aica Kogyo Co. Ltd.		257,100		7,083,326
Aichi Corp.		124,700		883,616
Aichi Steel Corp.		26,800		602,968
Aida Engineering Ltd.		364,600		3,335,639
Aiful Corp.		1,518,800		4,561,800
Ain Holdings Inc.		118,900		6,111,555
Air Water Inc.		875,300		13,341,715
Airtrip Corp.(c)		62,200		1,548,080
Alfresa Holdings Corp.		895,000		12,761,682
Alpen Co. Ltd.		64,900		1,128,778
Alpha Systems Inc.		25,500		804,891

66 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Alps Alpine Co. Ltd.		1,013,800	$	11,056,978
Altech Corp.		41,400		650,516
Amada Co. Ltd.		1,624,000		15,722,756
Amano Corp.		268,100		5,377,928
AnGes Inc.(a)(c)		695,900		1,864,882
Anicom Holdings Inc.		362,600		2,302,446
Anritsu Corp.(c)		668,000		9,224,347
AOKI Holdings Inc.		112,600		574,833
Aozora Bank Ltd.		557,700		12,538,719
Arata Corp.		38,900		1,358,858
Arcland Sakamoto Co. Ltd.		134,000		1,830,147
Arcland Service Holdings Co. Ltd.		75,500		1,432,990
Arcs Co. Ltd.		203,100		3,817,728
Argo Graphics Inc.		76,800		2,097,021
Ariake Japan Co. Ltd.		91,100		4,831,041
ARTERIA Networks Corp.		120,100		1,423,014
As One Corp.		142,600		7,065,421
Asahi Holdings Inc.		356,000		6,897,606
Asics Corp.		729,400		14,161,758
ASKUL Corp.		177,000		2,160,231
Atom Corp.		541,600		3,615,373
Autobacs Seven Co. Ltd.		331,700		4,022,327
Avex Inc.		168,000		1,883,164
Awa Bank Ltd. (The)		195,700		3,853,089
Axial Retailing Inc.		43,000		1,223,812
Bank of Kyoto Ltd. (The)		269,700		12,574,135
BASE Inc.(a)		386,700		1,558,033
BayCurrent Consulting Inc.		63,300		24,023,521
Belc Co. Ltd.		41,000		1,925,141
Bell System24 Holdings Inc.		162,400		2,005,610
Belluna Co. Ltd.		232,900		1,473,744
Benesse Holdings Inc.		317,000		6,182,201
BeNext-Yumeshin Group Co.		268,331		3,660,427
Bengo4.com Inc.(a)(c)		38,000		1,597,942
Bic Camera Inc.		463,500		4,048,560
BML Inc.		106,300		3,230,833
Broadleaf Co. Ltd.		451,100		1,376,895
Bunka Shutter Co. Ltd.		371,800		3,400,461
Bushiroad Inc.(a)		64,700		783,974
C.I. Takiron Corp.		177,700		852,660
Calbee Inc.		417,900		9,619,116
Canon Electronics Inc.		40,700		575,592
Canon Marketing Japan Inc.		218,800		4,468,781
Casio Computer Co. Ltd.		928,200		11,608,908
Cawachi Ltd.		59,100		1,188,610
CellSource Co. Ltd.(a)(c)		26,700		898,521
Central Glass Co. Ltd.		145,500		2,699,499
Change Inc.(a)(c)		161,400		2,041,144
Chiyoda Corp.(a)		760,400		2,244,668
Chofu Seisakusho Co. Ltd.		37,300		639,412
Chudenko Corp.		82,800		1,529,392
Chugoku Bank Ltd. (The)		695,800		5,674,122
Chugoku Electric Power Co. Inc. (The)		1,388,500		10,913,093
Chugoku Marine Paints Ltd.		151,500		1,215,567
Citizen Watch Co. Ltd.		1,288,200		5,514,041
CKD Corp.		240,600		4,441,577
Coca-Cola Bottlers Japan Holdings Inc.		588,900		6,908,008
COLOPL Inc.		296,000		1,629,905
Colowide Co. Ltd.(c)		345,400		4,990,689
Comforia Residential REIT Inc.		2,957		7,914,112

Security	Shares		Value
Japan (continued)
COMSYS Holdings Corp.		538,500	$	12,813,178
Comture Corp.		109,500		2,671,727
CONEXIO Corp.		38,500		464,719
Cosmo Energy Holdings Co. Ltd.		265,200		5,331,529
CRE Logistics REIT Inc.		2,614		4,542,025
Create Restaurants Holdings Inc.		571,700		3,664,435
Create SD Holdings Co. Ltd.		122,500		3,306,173
Credit Saison Co. Ltd.		716,600		7,998,904
Curves Holdings Co. Ltd.		246,600		1,505,064
CYBERDYNE Inc.(a)(c)		526,700		1,637,070
Cybozu Inc.		115,600		1,434,012
Daicel Corp.		1,224,200		9,030,176
Dai-Dan Co. Ltd.		26,300		517,436
Daido Steel Co. Ltd.		122,400		4,729,946
Daihen Corp.		93,000		3,323,570
Daiho Corp.		59,700		1,904,404
Daiichi Jitsugyo Co. Ltd.		32,800		1,196,308
Daiichikosho Co. Ltd.		173,000		4,902,146
Daiken Corp.		43,200		796,723
Daiki Aluminium Industry Co. Ltd.		125,000		1,715,056
Daikokutenbussan Co. Ltd.		24,800		973,932
Daio Paper Corp.		402,100		6,542,107
Daiseki Co. Ltd.		207,760		8,322,975
Daishi Hokuetsu Financial Group Inc.		167,300		3,879,256
Daiwa Industries Ltd.		129,600		1,276,138
Daiwa Office Investment Corp.		1,597		10,006,327
Daiwa Securities Living Investments Corp.		8,684		8,497,662
Daiwabo Holdings Co. Ltd.		415,800		5,944,928
DCM Holdings Co. Ltd.		567,700		5,388,045
Demae-Can Co. Ltd.(a)(c)		236,500		1,539,483
DeNA Co. Ltd.		404,400		6,288,476
Denka Co. Ltd.		380,000		13,382,931
Descente Ltd.(a)		155,500		4,845,375
Dexerials Corp.		265,900		7,311,631
DIC Corp.		366,200		9,394,969
Digital Arts Inc.		58,900		3,470,251
Digital Garage Inc.		159,000		5,625,062
Dip Corp.		175,000		5,540,401
Direct Marketing MiX Inc.		87,600		1,079,310
DMG Mori Co. Ltd.		545,100		8,649,537
Doshisha Co. Ltd.		96,100		1,272,601
Doutor Nichires Holdings Co. Ltd.		96,500		1,344,181
Dowa Holdings Co. Ltd.		235,600		10,214,152
DTS Corp.		183,500		3,915,727
Duskin Co. Ltd.		228,300		5,486,423
DyDo Group Holdings Inc.		37,400		1,545,205
Eagle Industry Co. Ltd.		49,700		476,518
Earth Corp.		73,200		3,730,633
Ebara Corp.		457,600		22,427,723
EDION Corp.		376,300		3,511,560
eGuarantee Inc.		167,400		2,754,338
Eiken Chemical Co. Ltd.		144,100		2,160,054
Eizo Corp.		69,300		2,383,546
Elan Corp.		172,300		1,515,541
Elecom Co. Ltd.		217,100		2,627,627
Electric Power Development Co. Ltd.		702,300		9,215,827
EM Systems Co. Ltd.		182,900		1,033,817
en Japan Inc.		144,300		3,477,936
eRex Co. Ltd.		126,000		1,665,224
ES-Con Japan Ltd.		142,600		950,652

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
ESPEC Corp.		74,400	$	1,321,693
Euglena Co. Ltd.(a)(c)		490,600		3,113,609
Exedy Corp.		137,700		2,021,308
EXEO Group Inc.		487,200		9,901,832
Ezaki Glico Co. Ltd.		227,000		7,359,859
Fancl Corp.		376,100		9,578,687
FCC Co. Ltd.		168,200		2,162,926
Ferrotec Holdings Corp.		198,600		4,955,998
Financial Products Group Co. Ltd.		317,200		1,825,961
Food & Life Companies Ltd.		528,200		15,825,966
FP Corp.		224,100		7,198,097
Freee KK(a)		157,500		6,226,274
Frontier Real Estate Investment Corp.		2,314		9,764,593
Fuji Co. Ltd./Ehime		46,400		766,185
Fuji Corp./Aichi		328,200		7,575,850
Fuji Kyuko Co. Ltd.		105,600		3,790,081
Fuji Media Holdings Inc.		225,100		2,271,072
Fuji Oil Holdings Inc.		226,100		4,574,831
Fuji Seal International Inc.		211,400		3,975,385
Fuji Soft Inc.		112,500		4,713,176
Fujicco Co. Ltd.		36,900		621,431
Fujikura Ltd.(a)		1,125,300		6,084,690
Fujimi Inc.		91,900		5,564,103
Fujimori Kogyo Co. Ltd.		68,200		2,424,209
Fujio Food Group Inc.(a)		82,000		928,630
Fujitec Co. Ltd.		305,200		7,259,024
Fujitsu General Ltd.		291,500		5,915,405
Fujiya Co. Ltd.		28,700		568,189
Fukui Computer Holdings Inc.		38,400		1,001,320
Fukuoka Financial Group Inc.		808,000		15,868,429
Fukuoka REIT Corp.		3,039		4,273,201
Fukushima Galilei Co. Ltd.		36,100		1,325,663
Fukuyama Transporting Co. Ltd.		130,100		4,094,813
Fullcast Holdings Co. Ltd.		94,600		1,779,971
Funai Soken Holdings Inc.		186,060		3,856,022
Furukawa Co. Ltd.		193,400		2,164,910
Furukawa Electric Co. Ltd.		324,400		6,672,717
Fuso Chemical Co. Ltd.		80,500		3,149,477
Future Corp.		201,400		2,583,917
Fuyo General Lease Co. Ltd.		84,100		5,578,241
G-7 Holdings Inc.		97,500		1,177,657
Gakken Holdings Co. Ltd.		119,600		1,093,704
Genky DrugStores Co. Ltd.		33,900		1,063,793
Geo Holdings Corp.		143,600		1,418,459
giftee Inc.(a)(c)		63,300		672,487
Giken Ltd.		81,100		2,767,913
Global One Real Estate Investment Corp.		5,088		5,012,639
GLOBERIDE Inc.		74,600		1,795,588
Glory Ltd.		237,100		4,458,592
GMO Financial Gate Inc.		6,000		787,997
GMO Financial Holdings Inc.		174,600		1,307,180
GMO GlobalSign Holdings KK(c)		23,400		684,268
GMO internet Inc.		317,600		6,795,245
GNI Group Ltd.(a)(c)		212,497		1,939,649
Goldcrest Co. Ltd.		74,100		1,161,723
Goldwin Inc.		114,600		5,948,433
Gree Inc.(c)		540,500		4,106,247
GS Yuasa Corp.		319,500		6,835,333
G-Tekt Corp.		43,400		521,917
GungHo Online Entertainment Inc.(a)		229,230		4,813,679

Security	Shares		Value
Japan (continued)
Gunma Bank Ltd. (The)		1,638,600	$	5,383,890
Gunze Ltd.		80,700		2,805,526
H.U. Group Holdings Inc.		251,700		6,392,651
H2O Retailing Corp.		421,000		2,912,573
Hachijuni Bank Ltd. (The)		1,713,500		6,327,237
Halows Co. Ltd.		28,500		684,829
Hamakyorex Co. Ltd.		38,200		949,133
Hankyu Hanshin REIT Inc.		2,924		3,787,115
Hanwa Co. Ltd.		171,700		4,715,284
Harmonic Drive Systems Inc.		232,500		9,196,001
Haseko Corp.		1,220,700		15,499,910
Hazama Ando Corp.		870,400		6,660,373
HEALIOS K.K.(a)(c)		105,100		955,366
Heiwa Corp.		266,700		4,265,066
Heiwa Real Estate Co. Ltd.		159,200		5,438,304
Heiwa Real Estate REIT Inc.		4,263		5,244,078
Heiwado Co. Ltd.		119,800		2,018,423
Hennge KK(a)(c)		62,200		691,752
Hiday Hidaka Corp.		120,800		1,746,667
Hioki E.E. Corp.		43,200		2,509,777
Hirata Corp.		38,000		1,915,601
Hirogin Holdings Inc.		1,329,000		7,747,070
HIS Co. Ltd.(a)(c)		196,100		3,248,345
Hisamitsu Pharmaceutical Co. Inc.		244,100		7,437,202
Hitachi Transport System Ltd.		152,500		6,991,819
Hitachi Zosen Corp.		779,200		5,187,763
Hogy Medical Co. Ltd.		114,900		3,090,168
Hokkaido Electric Power Co. Inc.		812,800		3,545,772
Hokkoku Financial Holdings Inc.		100,600		2,588,326
Hokuetsu Corp.		591,200		3,921,523
Hokuhoku Financial Group Inc.		568,300		4,478,269
Hokuriku Electric Power Co.		815,600		4,024,778
Hokuto Corp.		82,800		1,403,722
Horiba Ltd.		164,900		8,875,934
Hoshino Resorts REIT Inc.		936		5,288,942
Hosiden Corp.		258,600		2,580,616
Hosokawa Micron Corp.		42,000		1,067,383
House Foods Group Inc.		294,500		7,567,877
Hulic Reit Inc.		5,816		8,349,002
Hyakugo Bank Ltd. (The)		1,548,600		4,780,236
Ichibanya Co. Ltd.		70,300		2,818,727
Ichigo Inc.		1,186,100		2,916,532
Ichigo Office REIT Investment Corp.		6,008		4,289,887
Ichikoh Industries Ltd.		126,100		555,003
Idec Corp./Japan		131,200		2,794,906
IDOM Inc.		280,200		1,615,777
IHI Corp.		625,700		12,634,879
Iino Kaiun Kaisha Ltd.		639,200		3,000,057
Inaba Denki Sangyo Co. Ltd.		214,400		4,968,540
Inabata & Co. Ltd.		201,700		3,039,272
Inageya Co. Ltd.		99,000		1,207,742
Industrial & Infrastructure Fund Investment Corp.		8,947		14,966,089
Infocom Corp.		114,800		1,829,392
Infomart Corp.		930,200		5,406,303
Information Services International-Dentsu Ltd.		109,800		3,423,119
INFRONEER Holdings Inc.		1,067,428		9,836,177
Insource Co. Ltd.		107,900		1,725,211
Internet Initiative Japan Inc.		245,800		8,140,429
Invincible Investment Corp.		29,095		9,165,231
IR Japan Holdings Ltd.		44,000		1,959,471

68 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Iriso Electronics Co. Ltd.		99,200	$	4,027,904
Isetan Mitsukoshi Holdings Ltd.		1,602,300		12,595,468
Itochu Advance Logistics Investment Corp.		2,656		3,622,932
Itochu Enex Co. Ltd.		160,600		1,402,973
Itochu-Shokuhin Co. Ltd.		23,200		982,937
Itoham Yonekyu Holdings Inc.		710,300		4,167,397
Iwatani Corp.		222,300		10,480,039
Iyo Bank Ltd. (The)		1,091,300		5,664,564
Izumi Co. Ltd.		159,700		4,417,566
J Front Retailing Co. Ltd.		1,157,200		10,381,572
JAC Recruitment Co. Ltd.		70,100		1,218,780
Jaccs Co. Ltd.		115,300		3,119,845
JAFCO Group Co. Ltd.		399,300		6,375,931
Japan Airport Terminal Co. Ltd.(a)		288,300		12,491,568
Japan Aviation Electronics Industry Ltd.		225,800		3,608,753
Japan Display Inc.(a)		2,747,700		883,428
Japan Elevator Service Holdings Co. Ltd.		276,900		3,989,066
Japan Excellent Inc.		5,884		6,766,924
Japan Hotel REIT Investment Corp.		21,302		10,384,960
Japan Lifeline Co. Ltd.		288,400		2,524,745
Japan Logistics Fund Inc.		3,862		10,704,811
Japan Material Co. Ltd.		302,900		4,427,159
Japan Medical Dynamic Marketing Inc.		81,700		1,067,706
Japan Petroleum Exploration Co. Ltd.		160,200		3,828,779
Japan Prime Realty Investment Corp.		3,884		12,688,029
Japan Pulp & Paper Co. Ltd.		45,100		1,570,739
Japan Securities Finance Co. Ltd.		436,900		3,550,862
Japan Steel Works Ltd. (The)		288,900		9,604,328
Japan Wool Textile Co. Ltd. (The)		134,700		1,030,935
JCR Pharmaceuticals Co. Ltd.		314,000		5,530,556
JCU Corp.		92,100		3,998,193
JDC Corp.		168,700		780,112
Jeol Ltd.		177,900		9,699,527
JGC Holdings Corp.		1,061,800		10,433,528
JIG-SAW Inc.(a)(c)		23,000		1,016,342
JINS Holdings Inc.		67,300		4,160,499
JM Holdings Co. Ltd.		57,100		808,144
JMDC Inc.(a)		121,700		5,648,148
J-Oil Mills Inc.		34,100		504,218
Joshin Denki Co. Ltd.		57,700		1,051,539
Joyful Honda Co. Ltd.		263,500		3,508,280
JSP Corp.		15,900		223,177
JTEKT Corp.		980,200		8,526,469
JTOWER Inc.(a)		43,200		1,979,487
Juroku Financial Group Inc.		189,500		3,767,935
Justsystems Corp.		159,200		6,890,525
Kadokawa Corp.		436,934		9,072,559
Kaga Electronics Co. Ltd.		67,000		1,735,882
Kagome Co. Ltd.		365,900		9,521,219
Kaken Pharmaceutical Co. Ltd.		138,500		4,952,532
Kameda Seika Co. Ltd.		59,800		2,172,287
Kamigumi Co. Ltd.		490,100		9,470,440
Kanamoto Co. Ltd.		140,200		2,726,120
Kandenko Co. Ltd.		475,400		3,537,254
Kaneka Corp.		223,200		7,270,723
Kanematsu Corp.		369,500		4,019,563
Kanematsu Electronics Ltd.		30,900		1,019,379
Kanto Denka Kogyo Co. Ltd.		152,000		1,455,511
Kappa Create Co. Ltd.(a)(c)		122,000		1,431,938
Katakura Industries Co. Ltd.(c)		47,600		945,554

Security	Shares		Value
Japan (continued)
Katitas Co. Ltd.		241,600	$	7,369,050
Kato Sangyo Co. Ltd.		66,200		1,895,290
Kawasaki Heavy Industries Ltd.		680,600		13,189,038
Kawasaki Kisen Kaisha Ltd.(a)		225,400		14,048,924
KeePer Technical Laboratory Co. Ltd.		72,300		1,192,872
Keihan Holdings Co. Ltd.		457,700		10,613,602
Keihanshin Building Co. Ltd.		133,200		1,541,780
Keikyu Corp.		1,045,400		10,699,465
Keiyo Bank Ltd. (The)		891,800		3,718,578
Keiyo Co. Ltd.		118,000		885,080
Kenedix Office Investment Corp.		2,034		12,350,057
Kenedix Residential Next Investment Corp.		4,523		7,884,893
Kenedix Retail REIT Corp.		2,779		6,504,811
Kewpie Corp.		511,000		10,541,734
KFC Holdings Japan Ltd.		78,000		1,953,587
KH Neochem Co. Ltd.		160,100		4,106,823
Kinden Corp.		627,400		8,968,129
Kintetsu Department Store Co. Ltd.(a)		29,700		686,607
Kintetsu World Express Inc.		172,900		4,301,497
Kisoji Co. Ltd.(c)		80,400		1,534,998
Kissei Pharmaceutical Co. Ltd.		95,700		1,932,352
Ki-Star Real Estate Co. Ltd.		41,600		2,545,554
Kitanotatsujin Corp.		331,000		641,714
Kitz Corp.		291,300		1,693,516
Kiyo Bank Ltd. (The)		366,400		4,581,970
Koa Corp.		150,300		1,912,987
Kobe Steel Ltd.		1,613,500		7,701,901
Kohnan Shoji Co. Ltd.		116,500		3,454,760
Kokuyo Co. Ltd.		407,400		5,939,353
KOMEDA Holdings Co. Ltd.		229,700		4,251,823
Komeri Co. Ltd.		143,300		3,341,110
Konica Minolta Inc.		2,152,600		9,074,092
Konishi Co. Ltd.		265,300		3,782,913
Konoike Transport Co. Ltd.		38,500		394,429
Koshidaka Holdings Co. Ltd.		188,900		1,025,651
Kotobuki Spirits Co. Ltd.		90,000		3,659,948
K’s Holdings Corp.		797,940		7,852,273
Kumagai Gumi Co. Ltd.		175,800		4,481,094
Kumiai Chemical Industry Co. Ltd.		381,400		2,636,212
Kura Sushi Inc.(c)		100,600		3,026,412
Kuraray Co. Ltd.		1,444,900		12,980,748
Kureha Corp.		75,500		5,636,515
Kusuri no Aoki Holdings Co. Ltd.		76,400		4,557,498
KYB Corp.		85,000		2,212,811
Kyoei Steel Ltd.		85,500		1,161,993
Kyokuto Kaihatsu Kogyo Co. Ltd.		90,300		1,150,295
KYORIN Holdings Inc.		197,800		3,142,096
Kyoritsu Maintenance Co. Ltd.		139,000		4,972,451
Kyudenko Corp.		205,100		5,245,957
Kyushu Electric Power Co. Inc.		1,917,300		14,206,771
Kyushu Financial Group Inc.		1,690,500		6,531,834
Kyushu Railway Co.		640,500		13,380,372
LaSalle Logiport REIT		8,570		13,709,254
Leopalace21 Corp.(a)		862,000		1,265,065
Life Corp.		73,500		1,975,025
Lifenet Insurance Co.(a)		234,400		1,323,087
Link And Motivation Inc.		153,300		606,823
Lintec Corp.		205,000		4,761,721
LITALICO Inc.		88,500		2,208,646
M&A Capital Partners Co. Ltd.(a)		71,900		3,096,267

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mabuchi Motor Co. Ltd.		228,100	$	7,181,646
Macnica Fuji Electronics Holdings Inc.		225,150		4,981,440
Maeda Kosen Co. Ltd.		105,200		3,141,449
Makino Milling Machine Co. Ltd.		113,500		3,920,883
Makuake Inc.(a)(c)		25,400		499,123
Mandom Corp.		180,200		2,160,745
Mani Inc.		360,700		5,211,924
Maruha Nichiro Corp.		192,900		4,121,482
Marui Group Co. Ltd.		901,200		17,387,579
Maruichi Steel Tube Ltd.		270,100		6,016,711
Maruwa Co. Ltd./Aichi		41,000		5,394,441
Maruwa Unyu Kikan Co. Ltd.		186,900		2,133,213
Maruzen Showa Unyu Co. Ltd.		29,400		816,095
Matsuda Sangyo Co. Ltd.		52,700		1,081,004
Matsui Securities Co. Ltd.		572,900		4,006,587
MatsukiyoCocokara & Co.		514,540		17,611,682
Matsuya Co. Ltd.(a)		182,400		1,132,945
Matsuyafoods Holdings Co. Ltd.		38,400		1,191,925
Max Co. Ltd.		111,600		1,779,582
Maxell Ltd.		242,300		2,598,842
Maxvalu Tokai Co. Ltd.		43,100		1,030,038
MCJ Co. Ltd.		333,000		2,858,852
Mebuki Financial Group Inc.		4,720,500		10,530,356
Media Do Co. Ltd.		38,100		846,523
Medical Data Vision Co. Ltd.		126,400		1,118,936
Medley Inc.(a)		100,200		1,736,774
MedPeer Inc.(a)		65,500		1,655,869
Megachips Corp.		79,200		2,887,209
Megmilk Snow Brand Co. Ltd.		218,800		3,897,418
Meidensha Corp.		168,000		3,560,574
Meiko Electronics Co. Ltd.		97,400		3,363,471
Meitec Corp.		119,000		6,971,569
Melco Holdings Inc.		21,000		666,189
Menicon Co. Ltd.		273,400		6,066,954
METAWATER Co. Ltd.		116,400		2,064,559
Micronics Japan Co. Ltd.		155,100		2,139,714
Midac Holdings Co. Ltd.		38,300		898,464
Mie Kotsu Group Holdings Inc.		71,800		291,575
Milbon Co. Ltd.		119,600		5,646,825
Mimasu Semiconductor Industry Co. Ltd.		79,500		1,708,309
Mirai Corp.		7,963		3,347,055
Mirait Holdings Corp.		441,600		7,331,377
Miroku Jyoho Service Co. Ltd.		73,300		767,080
Mitani Sekisan Co. Ltd.		58,700		3,304,523
Mitsubishi Estate Logistics REIT Investment Corp.		1,784		7,009,277
Mitsubishi Logisnext Co. Ltd.		121,400		1,054,526
Mitsubishi Logistics Corp.		248,900		6,008,096
Mitsubishi Materials Corp.		535,600		9,554,309
Mitsubishi Motors Corp.(a)		3,230,100		9,222,606
Mitsubishi Pencil Co. Ltd.		91,800		957,959
Mitsubishi Research Institute Inc.		33,700		1,096,036
Mitsubishi Shokuhin Co. Ltd.		46,500		1,141,199
Mitsuboshi Belting Ltd.		43,500		802,118
Mitsui DM Sugar Holdings Co. Ltd.		25,200		433,602
Mitsui Fudosan Logistics Park Inc.		2,458		12,089,225
Mitsui High-Tec Inc.		94,500		6,993,976
Mitsui Mining & Smelting Co. Ltd.		272,300		7,700,080
Mitsui OSK Lines Ltd.		518,900		40,184,886
Mitsui-Soko Holdings Co. Ltd.		65,400		1,362,319
Mitsuuroko Group Holdings Co. Ltd.		118,300		1,066,308

Security	Shares		Value
Japan (continued)
Mixi Inc.		203,700	$	3,770,946
Mizuho Leasing Co. Ltd.		131,400		3,670,048
Mizuno Corp.		179,800		3,461,679
Mochida Pharmaceutical Co. Ltd.		93,100		2,895,823
Modec Inc.		87,500		877,420
Monex Group Inc.		756,370		3,834,694
Money Forward Inc.(a)(c)		203,100		9,242,309
Monogatari Corp. (The)		46,900		2,548,743
Mori Hills REIT Investment Corp.		7,298		8,941,762
Mori Trust Hotel Reit Inc.		1,197		1,230,839
Mori Trust Sogo REIT Inc.		4,855		5,881,496
Morinaga & Co. Ltd./Japan		183,600		5,851,485
Morinaga Milk Industry Co. Ltd.		180,600		8,755,863
Morita Holdings Corp.		82,100		909,891
MOS Food Services Inc.		157,000		4,134,576
Musashi Seimitsu Industry Co. Ltd.		214,900		3,237,201
Musashino Bank Ltd. (The)		185,500		2,982,656
Nabtesco Corp.		520,600		16,273,417
Nachi-Fujikoshi Corp.		75,700		2,828,294
Nafco Co. Ltd.		71,800		1,048,557
Nagaileben Co. Ltd.		50,500		922,600
Nagase & Co. Ltd.		510,300		8,150,865
Nagawa Co. Ltd.(c)		35,100		2,968,168
Nagoya Railroad Co. Ltd.(a)		895,200		14,136,126
Nakanishi Inc.		349,100		6,190,062
Nankai Electric Railway Co. Ltd.		488,300		9,694,596
Nanto Bank Ltd. (The)		162,300		2,744,812
NEC Networks & System Integration Corp.		320,800		4,629,229
NET One Systems Co. Ltd.		412,200		9,784,311
Nextage Co. Ltd.		208,800		5,243,408
NGK Spark Plug Co. Ltd.		731,500		12,435,439
NH Foods Ltd.		393,600		15,178,854
NHK Spring Co. Ltd.		932,400		7,307,746
Nichias Corp.		277,400		6,297,218
Nichicon Corp.		233,600		2,447,594
Nichiden Corp.		23,000		440,290
Nichiha Corp.		121,300		2,998,716
Nichi-Iko Pharmaceutical Co. Ltd.		240,500		1,535,549
Nichirei Corp.		538,100		12,382,425
Nifco Inc./Japan		385,900		11,233,952
Nihon Chouzai Co. Ltd.		31,800		368,903
Nihon Kohden Corp.		383,900		10,182,181
Nihon Parkerizing Co. Ltd.		554,700		5,028,224
Nihon Unisys Ltd.		342,300		9,005,164
Nikkiso Co. Ltd.		240,300		1,773,058
Nikkon Holdings Co. Ltd.		310,800		5,854,860
Nikon Corp.		1,447,800		15,110,638
Nippn Corp., New		192,700		2,826,818
Nippon Accommodations Fund Inc.		2,156		11,653,041
Nippon Carbon Co. Ltd.		43,400		1,510,441
Nippon Ceramic Co. Ltd.		89,200		1,907,738
Nippon Densetsu Kogyo Co. Ltd.		118,900		1,544,550
Nippon Electric Glass Co. Ltd.		385,200		9,622,419
Nippon Gas Co. Ltd.		515,400		7,212,596
Nippon Kanzai Co. Ltd.		89,200		2,191,472
Nippon Kayaku Co. Ltd.		662,200		6,583,929
Nippon Koei Co. Ltd.		38,400		997,142
Nippon Light Metal Holdings Co. Ltd.		274,690		4,209,273
Nippon Paper Industries Co. Ltd.		475,600		4,819,141
Nippon Parking Development Co. Ltd.		1,907,700		2,250,185

70 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
NIPPON REIT Investment Corp.		2,155	$	7,261,395
Nippon Road Co. Ltd. (The)		14,200		1,034,533
Nippon Seiki Co. Ltd.		217,700		1,944,611
Nippon Sheet Glass Co. Ltd.(a)		436,000		1,916,735
Nippon Shokubai Co. Ltd.		124,700		5,872,404
Nippon Signal Company Ltd.		186,800		1,455,378
Nippon Soda Co. Ltd.		95,200		2,724,188
Nippon Steel Trading Corp.		78,900		3,561,303
Nippon Suisan Kaisha Ltd.		1,367,300		6,406,324
Nippon Television Holdings Inc.		236,200		2,466,729
Nipro Corp.		666,300		6,181,049
Nishimatsu Construction Co. Ltd.		162,800		5,407,224
Nishimatsuya Chain Co. Ltd.		194,700		2,483,101
Nishi-Nippon Financial Holdings Inc.		575,400		4,075,576
Nishi-Nippon Railroad Co. Ltd.		289,100		6,466,189
Nishio Rent All Co. Ltd.		113,700		2,785,532
Nissan Shatai Co. Ltd.		392,400		2,358,492
Nissei ASB Machine Co. Ltd.		33,800		911,680
Nissha Co. Ltd.		192,100		2,445,695
Nisshin Oillio Group Ltd. (The)		162,200		4,247,044
Nisshinbo Holdings Inc.		686,700		5,720,450
Nissin Electric Co. Ltd.		260,800		3,289,941
Nitta Corp.		60,700		1,487,426
Nittetsu Mining Co. Ltd.		19,100		1,068,589
Nitto Boseki Co. Ltd.		113,300		2,703,825
Nitto Kogyo Corp.		162,300		2,183,378
Nittoku Co. Ltd.(c)		66,600		1,761,880
Noevir Holdings Co. Ltd.		83,200		3,768,340
NOF Corp.		326,200		14,936,744
Nohmi Bosai Ltd.		86,900		1,598,738
Nojima Corp.		154,400		3,113,708
NOK Corp.		409,400		4,377,272
Nomura Co. Ltd.		407,200		3,260,786
Noritake Co. Ltd./Nagoya Japan		21,300		852,369
Noritsu Koki Co. Ltd.		91,100		1,636,617
Noritz Corp.		118,100		1,736,773
North Pacific Bank Ltd.		1,520,600		3,322,756
NS Solutions Corp.		157,700		4,484,720
NS United Kaiun Kaisha Ltd.		48,200		1,282,447
NSD Co. Ltd.		335,380		5,728,245
NSK Ltd.		1,843,800		12,576,617
NTN Corp.(a)		1,934,000		3,900,641
NTT UD REIT Investment Corp.		5,978		8,039,841
Obara Group Inc.		66,400		1,924,409
OBIC Business Consultants Co. Ltd.		145,400		5,483,377
Ogaki Kyoritsu Bank Ltd. (The)		199,300		3,518,007
Ohsho Food Service Corp.		39,100		2,017,996
Oiles Corp.		41,300		578,288
Oisix ra daichi Inc.(a)		120,500		2,511,369
Okamoto Industries Inc.		33,100		1,169,048
Okamura Corp.		254,600		2,691,659
Okasan Securities Group Inc.		820,600		2,738,648
Oki Electric Industry Co. Ltd.		397,900		3,043,705
Okinawa Cellular Telephone Co.		60,900		2,653,231
Okinawa Electric Power Co. Inc. (The)		233,877		2,856,732
Okinawa Financial Group Inc., NVS		53,900		1,041,686
OKUMA Corp.		111,100		4,846,554
Okumura Corp.		149,300		4,262,407
One REIT Inc.		988		2,563,241
Onward Holdings Co. Ltd.		443,300		1,111,055

Security	Shares		Value
Japan (continued)
Open Door Inc.(a)		54,800	$	734,435
Optex Group Co. Ltd.		167,000		2,226,255
Optim Corp.(a)(c)		79,600		674,843
Optorun Co. Ltd.		130,100		2,660,902
Organo Corp.		30,200		2,208,483
Orient Corp.		2,496,700		2,668,403
Oro Co. Ltd.		31,900		662,067
Osaka Organic Chemical Industry Ltd.		69,500		1,913,292
Osaka Soda Co. Ltd.		57,200		1,518,269
OSG Corp.		403,800		7,109,006
Outsourcing Inc.		551,000		6,382,840
Pacific Industrial Co. Ltd.		126,500		1,207,523
Pack Corp. (The)		37,000		866,253
PAL GROUP Holdings Co. Ltd.		80,000		1,166,088
Paltac Corp.		133,700		5,124,344
Paramount Bed Holdings Co. Ltd.		175,600		2,922,115
Park24 Co. Ltd.(a)		524,300		7,931,202
Pasona Group Inc.		107,600		2,379,422
Penta-Ocean Construction Co. Ltd.		1,317,200		7,314,714
PeptiDream Inc.(a)		469,800		8,434,207
Pharma Foods International Co. Ltd.(c)		104,100		1,478,414
Pigeon Corp.		557,000		10,856,861
Pilot Corp.		137,800		4,908,069
Piolax Inc.		63,800		968,773
PKSHA Technology Inc.(a)		73,300		1,265,966
Plaid Inc.(a)(c)		73,700		796,704
Plenus Co. Ltd.		112,800		1,926,851
Plus Alpha Consulting Co. Ltd., NVS		57,500		1,116,114
Premier Anti-Aging Co. Ltd.(a)(c)		14,700		923,315
Pressance Corp.		105,200		1,922,377
Prestige International Inc.		460,900		2,929,536
Prima Meat Packers Ltd.		130,600		2,868,351
Proto Corp.		264,400		3,069,482
Qol Holdings Co. Ltd.		164,800		1,919,788
Raito Kogyo Co. Ltd.		254,100		4,147,912
Raiznext Corp.		233,300		2,345,080
Raksul Inc.(a)		109,500		3,574,076
Rakus Co. Ltd.		348,700		7,024,406
Relia Inc.		212,600		1,796,933
Relo Group Inc.		552,500		9,970,722
Rengo Co. Ltd.		857,800		6,401,038
RENOVA Inc.(a)		169,300		2,406,809
Resorttrust Inc.		385,900		6,178,123
Restar Holdings Corp.		77,800		1,323,732
Retail Partners Co. Ltd.		92,100		950,670
Ricoh Leasing Co. Ltd.		79,900		2,593,396
Riken Keiki Co. Ltd.		37,200		1,779,782
Riken Vitamin Co. Ltd.		68,400		1,011,642
Ringer Hut Co. Ltd.(a)		181,900		3,485,688
Riso Kagaku Corp.		102,000		1,829,453
Riso Kyoiku Co. Ltd.		547,400		1,947,986
Rohto Pharmaceutical Co. Ltd.		452,500		12,496,367
Roland Corp.		61,800		2,357,404
Rorze Corp.		50,500		4,771,921
Round One Corp.		270,500		3,300,274
Royal Holdings Co. Ltd.(a)		128,900		2,010,882
RS Technologies Co. Ltd.		33,300		1,689,398
Ryosan Co. Ltd.		123,600		2,449,091
Ryoyo Electro Corp.(c)		64,600		1,222,657
S Foods Inc.		98,200		3,016,441

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Saibu Gas Holdings Co. Ltd.		98,000	$	1,867,031
Saizeriya Co. Ltd.		141,900		3,281,327
Sakai Moving Service Co. Ltd.		31,200		1,193,579
Sakata INX Corp.		110,600		931,396
Sakata Seed Corp.		160,000		4,699,571
SAMTY Co. Ltd.		137,300		2,493,743
Samty Residential Investment Corp.		1,311		1,333,522
San-A Co. Ltd.		77,200		2,737,958
San-Ai Oil Co. Ltd.		248,400		2,024,401
SanBio Co. Ltd.(a)(c)		143,800		1,363,505
Sangetsu Corp.		259,600		3,595,143
San-in Godo Bank Ltd. (The)		723,700		4,075,991
Sanken Electric Co. Ltd.		109,300		4,765,202
Sanki Engineering Co. Ltd.		270,700		3,343,984
Sankyo Co. Ltd.		216,100		5,564,086
Sankyu Inc.		264,900		9,583,480
Sanrio Co. Ltd.		233,800		4,534,578
Sansan Inc.(a)		308,100		3,415,463
Sanwa Holdings Corp.		883,700		9,569,645
Sanyo Chemical Industries Ltd.		60,200		2,743,216
Sanyo Denki Co. Ltd.		36,000		1,678,549
Sanyo Special Steel Co. Ltd.		117,700		2,206,571
Sapporo Holdings Ltd.		292,900		5,681,476
Sato Holdings Corp.		119,500		2,107,496
Sawai Group Holdings Co. Ltd.		186,500		7,059,341
SB Technology Corp.		41,900		871,344
SBS Holdings Inc.		89,500		2,760,649
SCREEN Holdings Co. Ltd.		182,500		18,314,955
Sega Sammy Holdings Inc.		833,800		14,000,049
Seibu Holdings Inc.(a)		1,070,800		10,505,206
Seikagaku Corp.		288,800		2,364,112
Seiko Holdings Corp.		124,900		2,335,501
Seino Holdings Co. Ltd.		590,600		5,859,612
Seiren Co. Ltd.		205,800		3,890,999
Sekisui House Reit Inc.		19,687		13,409,144
Sekisui Jushi Corp.		77,000		1,360,357
Senko Group Holdings Co. Ltd.		515,600		4,140,237
Septeni Holdings Co. Ltd.		326,100		1,194,307
Seria Co. Ltd.		217,600		5,475,954
Seven Bank Ltd.		2,737,000		5,784,426
Shibaura Machine Co. Ltd.		100,300		2,888,154
Shibuya Corp.		90,200		1,999,862
SHIFT Inc.(a)		55,000		9,138,307
Shiga Bank Ltd. (The)		211,700		4,124,655
Shikoku Chemicals Corp.		77,000		958,413
Shikoku Electric Power Co. Inc.		767,400		5,334,537
Shima Seiki Manufacturing Ltd.		125,700		1,901,464
Shimamura Co. Ltd.		106,200		9,716,885
Shin Nippon Air Technologies Co. Ltd.		37,500		668,324
Shin-Etsu Polymer Co. Ltd.		178,900		1,714,324
Shinko Electric Industries Co. Ltd.		323,400		14,882,313
Shinmaywa Industries Ltd.		237,000		1,820,644
Shinnihon Corp.		14,900		97,418
Shinsei Bank Ltd.		309,700		5,742,251
Ship Healthcare Holdings Inc.		370,600		8,318,061
Shizuoka Gas Co. Ltd.		164,700		1,437,813
SHO-BOND Holdings Co. Ltd.		197,500		8,648,577
Shochiku Co. Ltd.(a)		42,900		4,441,354
Shoei Co. Ltd.		109,800		4,227,800
Shoei Foods Corp.		38,300		1,324,297

Security	Shares		Value
Japan (continued)
Showa Denko KK		826,800	$	17,175,754
Showa Sangyo Co. Ltd.		42,700		1,000,135
Siix Corp.		129,500		1,476,242
Sinko Industries Ltd.		66,500		1,057,904
SKY Perfect JSAT Holdings Inc.		732,400		2,756,528
Skylark Holdings Co. Ltd.		1,092,700		14,277,231
SMS Co. Ltd.		331,500		9,113,803
Snow Peak Inc.		130,900		2,672,035
Sodick Co. Ltd.		224,100		1,562,993
Sojitz Corp.		1,137,120		17,820,683
Solasto Corp.		246,000		2,262,574
Sosei Group Corp.(a)		349,900		4,667,464
SOSiLA Logistics REIT Inc.		2,958		4,140,287
Sotetsu Holdings Inc.(a)		351,400		6,470,551
SPARX Group Co. Ltd.		811,200		1,844,737
S-Pool Inc.		311,400		2,839,041
SRE Holdings Corp.(a)		31,600		1,225,453
Star Asia Investment Corp.		7,240		3,810,145
Star Micronics Co. Ltd.		205,100		2,601,039
Starts Corp. Inc.		137,700		2,998,074
Starts Proceed Investment Corp.		1,075		2,015,046
Strike Co. Ltd.		37,100		1,444,457
Sugi Holdings Co. Ltd.		169,200		9,926,068
Sumitomo Bakelite Co. Ltd.		173,100		8,341,721
Sumitomo Densetsu Co. Ltd.		76,400		1,392,623
Sumitomo Forestry Co. Ltd.		674,900		11,882,017
Sumitomo Heavy Industries Ltd.		526,100		13,816,675
Sumitomo Mitsui Construction Co. Ltd.		762,480		2,881,127
Sumitomo Osaka Cement Co. Ltd.		164,400		5,041,398
Sumitomo Riko Co. Ltd.		49,700		254,226
Sumitomo Rubber Industries Ltd.		815,000		8,480,725
Sumitomo Warehouse Co. Ltd. (The)		384,600		6,906,700
Sun Corp.		61,900		1,029,358
Sun Frontier Fudousan Co. Ltd.		122,200		1,109,177
Sundrug Co. Ltd.		340,700		8,579,466
Suruga Bank Ltd.		778,400		3,357,533
Suzuken Co. Ltd.		322,500		9,571,938
Systena Corp.		1,283,800		3,952,680
T. Hasegawa Co. Ltd.		104,900		2,301,898
Tadano Ltd.		492,800		4,310,359
Taihei Dengyo Kaisha Ltd.		51,000		1,207,112
Taiheiyo Cement Corp.		525,900		10,463,410
Taikisha Ltd.		108,500		2,713,251
Taiyo Holdings Co. Ltd.		169,000		4,985,934
Taiyo Yuden Co. Ltd.		562,400		27,316,438
Takamatsu Construction Group Co. Ltd.		25,800		447,049
Takara Bio Inc.		226,800		4,549,590
Takara Holdings Inc.		666,500		6,464,786
Takara Leben Real Estate Investment Corp.		2,684		2,713,968
Takara Standard Co. Ltd.		82,300		979,820
Takasago International Corp.(c)		25,100		615,447
Takasago Thermal Engineering Co. Ltd.		218,900		3,659,729
Takashimaya Co. Ltd.		689,600		6,548,758
Takeuchi Manufacturing Co. Ltd.		167,100		4,176,596
Taki Chemical Co. Ltd.		20,900		959,275
Takuma Co. Ltd.		295,700		3,781,561
Tama Home Co. Ltd.		71,800		1,462,971
Tamron Co. Ltd.		73,500		1,602,186
Tamura Corp.(c)		347,800		1,976,621
TBS Holdings Inc.		172,400		2,578,312

72 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
TechMatrix Corp.		178,300	$	2,538,547
TechnoPro Holdings Inc.		518,500		13,264,340
Teijin Ltd.		844,600		10,647,646
Teikoku Sen-I Co. Ltd.		83,400		1,453,962
Tenma Corp.		24,600		537,076
T-Gaia Corp.		94,300		1,368,128
THK Co. Ltd.		579,700		14,484,784
TKC Corp.		105,700		2,777,587
TKP Corp.(a)		72,000		770,378
Toa Corp./Tokyo		83,600		1,768,426
Toagosei Co. Ltd.		542,400		5,348,991
TOC Co. Ltd.		537,300		3,345,101
Tocalo Co. Ltd.		247,400		3,006,426
Toda Corp.		1,105,000		7,138,514
Toei Co. Ltd.		25,200		3,741,142
Toenec Corp.		6,700		185,722
Toho Bank Ltd. (The)		955,700		1,777,779
Toho Gas Co. Ltd.		353,100		9,650,489
Toho Holdings Co. Ltd.		248,700		3,888,685
Toho Titanium Co. Ltd.		203,800		1,585,695
Tohoku Electric Power Co. Inc.		2,158,300		15,202,809
Tokai Carbon Co. Ltd.		911,000		9,448,597
Tokai Corp./Gifu		47,200		741,615
TOKAI Holdings Corp.		426,200		3,265,655
Tokai Rika Co. Ltd.		244,100		3,180,005
Tokai Tokyo Financial Holdings Inc.		999,000		3,516,548
Token Corp.		32,300		2,616,367
Tokushu Tokai Paper Co. Ltd.		16,400		591,089
Tokuyama Corp.		285,000		4,536,432
Tokyo Ohka Kogyo Co. Ltd.		150,800		8,932,900
Tokyo Seimitsu Co. Ltd.		178,600		7,575,565
Tokyo Steel Manufacturing Co. Ltd.		414,100		3,964,630
Tokyo Tatemono Co. Ltd.		901,600		13,439,650
Tokyotokeiba Co. Ltd.		76,900		2,819,031
Tokyu Construction Co. Ltd.		450,840		2,767,625
Tokyu Fudosan Holdings Corp.		2,899,500		15,883,983
Tokyu REIT Inc.		4,087		6,603,632
TOMONY Holdings Inc.		1,182,100		3,352,115
Tomy Co. Ltd.		385,100		3,759,587
Topcon Corp.		490,500		6,657,392
Topre Corp.		191,600		2,000,706
Toridoll Holdings Corp.		209,700		4,222,255
Torii Pharmaceutical Co. Ltd.		42,000		1,044,418
Tosei Corp.		135,500		1,240,585
Toshiba TEC Corp.		118,800		4,476,292
Tosho Co. Ltd.		75,600		955,252
Totetsu Kogyo Co. Ltd.		145,500		3,104,954
Towa Pharmaceutical Co. Ltd.		109,100		2,675,958
Toyo Construction Co. Ltd.		564,900		2,815,945
Toyo Gosei Co. Ltd.		25,600		2,733,701
Toyo Ink SC Holdings Co. Ltd.		182,400		3,026,963
Toyo Seikan Group Holdings Ltd.		682,800		8,317,065
Toyo Tanso Co. Ltd.		66,300		1,704,748
Toyo Tire Corp.		511,900		7,237,861
Toyobo Co. Ltd.		368,900		4,151,622
Toyoda Gosei Co. Ltd.		310,500		6,525,813
Toyota Boshoku Corp.		310,200		5,498,427
TPR Co. Ltd.		193,300		2,449,308
Trancom Co. Ltd.		19,400		1,377,519
Transcosmos Inc.		114,700		2,923,272

Security	Shares		Value
Japan (continued)
TRE Holdings Corp.		201,100	$	2,537,971
Tri Chemical Laboratories Inc.		122,400		3,311,955
Trusco Nakayama Corp.		220,600		4,694,788
TS Tech Co. Ltd.		421,000		5,547,295
Tsubaki Nakashima Co. Ltd.		204,500		2,534,026
Tsubakimoto Chain Co.		130,400		3,651,849
Tsugami Corp.		199,700		2,317,984
Tsukishima Kikai Co. Ltd.		81,100		772,700
Tsumura & Co.		276,400		7,839,428
TV Asahi Holdings Corp.		89,600		1,165,333
UACJ Corp.(a)		147,694		3,399,869
Ube Industries Ltd.		476,200		8,561,872
Uchida Yoko Co. Ltd.		33,200		1,314,552
Ulvac Inc.		211,100		10,741,096
Union Tool Co.		14,300		463,456
United Arrows Ltd.		101,500		1,639,460
United Super Markets Holdings Inc.		314,300		2,865,712
United Urban Investment Corp.		14,156		16,726,087
Universal Entertainment Corp.(a)		117,600		2,418,025
Usen-Next Holdings Co. Ltd.		73,200		1,539,954
Ushio Inc.		467,400		7,263,590
UT Group Co. Ltd.		126,900		3,636,288
Uzabase Inc.(a)		101,100		955,886
Valor Holdings Co. Ltd.		176,700		3,396,559
ValueCommerce Co. Ltd.		77,200		2,380,250
Vector Inc.		138,200		1,173,884
Vision Inc./Tokyo Japan(a)(c)		138,800		1,210,088
Visional Inc.(a)		61,300		4,502,591
VT Holdings Co. Ltd.		487,400		1,892,350
Wacoal Holdings Corp.		201,100		3,689,255
Wacom Co. Ltd.		724,400		5,261,865
Wakita & Co. Ltd.		82,700		729,701
WDB Holdings Co. Ltd.		19,100		450,004
WealthNavi Inc.(a)(c)		113,600		1,627,936
Weathernews Inc.		25,600		1,745,308
West Holdings Corp.(c)		109,530		3,291,002
World Holdings Co. Ltd.		36,000		727,203
Xebio Holdings Co. Ltd.		193,700		1,518,250
YAMABIKO Corp.		246,100		2,244,428
Yamada Holdings Co. Ltd.		3,241,400		10,939,282
Yamaguchi Financial Group Inc.		949,800		5,893,492
YA-MAN Ltd.(c)		142,500		1,129,989
Yamato Kogyo Co. Ltd.		194,000		5,969,130
Yamazaki Baking Co. Ltd.		580,400		8,298,470
Yamazen Corp.		178,300		1,551,172
Yaoko Co. Ltd.		87,000		5,029,881
Yellow Hat Ltd.		133,000		1,844,045
Yodogawa Steel Works Ltd.		203,400		4,333,374
Yokogawa Bridge Holdings Corp.		172,100		3,214,846
Yokohama Rubber Co. Ltd. (The)		564,600		8,231,072
Yokorei Co. Ltd.		491,000		3,648,656
Yokowo Co. Ltd.		80,100		1,840,032
Yonex Co. Ltd.		258,100		1,610,451
Yoshinoya Holdings Co. Ltd.		314,000		6,488,552
Yuasa Trading Co. Ltd.		44,700		1,131,218
Yukiguni Maitake Co. Ltd.		93,300		947,166
Yurtec Corp.		91,900		547,903
Zenkoku Hosho Co. Ltd.		248,400		11,117,919
Zenrin Co. Ltd.		168,600		1,415,913
Zensho Holdings Co. Ltd.		439,500		10,581,581

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Zeon Corp.		631,900	$	7,332,598
ZERIA Pharmaceutical Co. Ltd.		186,700		3,122,116
Zojirushi Corp.		168,200		2,114,147
Zuken Inc.		80,200		2,074,599
				3,893,804,167
Netherlands — 2.7%
Aalberts NV		478,072		29,224,599
Accell Group NV(a)(c)		121,214		7,888,699
AerCap Holdings NV(a)(c)		640,423		40,346,649
Alfen Beheer BV(a)(c)(d)		99,933		7,452,182
AMG Advanced Metallurgical Group NV		149,378		5,140,894
Arcadis NV		348,346		15,248,870
ASR Nederland NV		652,995		30,361,397
B&S Group Sarl(d)		156,862		1,267,704
Basic-Fit NV(a)(c)(d)		238,039		11,356,205
BE Semiconductor Industries NV		319,791		26,813,949
Boskalis Westminster		375,568		10,632,294
Brunel International NV		130,029		1,597,785
Cementir Holding NV		160,585		1,415,832
CM.Com NV(a)(c)		58,146		1,584,213
Corbion NV		284,199		11,866,291
COSMO Pharmaceuticals NV(a)		41,051		2,545,038
Eurocommercial Properties NV		203,304		4,916,382
Fastned BV(a)(c)		21,387		1,125,999
Flow Traders(d)		156,878		6,084,552
ForFarmers NV(c)		159,647		726,211
Fugro NV(a)		479,086		3,830,979
Intertrust NV(a)(d)		436,305		9,484,598
Iveco Group NV, NVS(a)		988,684		10,518,683
Koninklijke BAM Groep NV(a)		1,292,545		4,315,755
Koninklijke Vopak NV		331,061		11,358,994
Meltwater Holding BV(a)(c)		705,036		1,844,353
MFE-MediaForEurope NV(a)		1,402,945		1,163,191
MFE-MediaForEurope NV		1,402,825		1,790,052
NSI NV		105,188		4,361,826
OCI NV(a)		457,134		12,510,794
Pharming Group NV(a)(c)		3,106,627		2,854,394
PostNL NV		2,306,344		9,879,731
Rhi Magnesita NV		136,336		6,288,443
SBM Offshore NV		711,083		11,253,815
Shop Apotheke Europe NV(a)(d)		65,131		8,467,803
SIF Holding NV		45,173		542,827
Signify NV(d)		615,684		32,612,112
Sligro Food Group NV(a)		116,759		2,978,584
SNS REAAL NV(a)(b)(c)		287,474		3
Technip Energies NV(a)		501,432		7,672,661
TKH Group NV		194,820		11,241,893
TomTom NV(a)(c)		323,543		3,091,918
Van Lanschot Kempen NV		141,319		3,559,984
Vastned Retail NV		63,974		1,790,773
Wereldhave NV		165,096		2,536,587
				383,546,498
New Zealand — 0.9%
a2 Milk Co. Ltd. (The)(a)(c)		3,553,170		13,102,331
Air New Zealand Ltd.(a)(c)		2,661,500		2,521,824
Argosy Property Ltd.		3,954,306		3,890,538
Chorus Ltd.		2,210,281		10,121,267
Contact Energy Ltd.		3,680,426		19,078,361
Fletcher Building Ltd.		3,680,143		15,651,925

Security	Shares		Value
New Zealand (continued)
Genesis Energy Ltd.		2,153,323	$	3,783,087
Goodman Property Trust		5,188,528		8,486,464
Infratil Ltd.		3,453,414		17,234,675
Kiwi Property Group Ltd.		10,031,996		7,515,074
Oceania Healthcare Ltd.		2,892,245		2,255,018
Precinct Properties New Zealand Ltd.		5,102,870		5,421,646
Pushpay Holdings Ltd.(a)		4,561,533		3,272,955
SKYCITY Entertainment Group Ltd.		3,741,953		6,721,819
Summerset Group Holdings Ltd.		1,042,438		8,402,333
Synlait Milk Ltd.(a)(c)		456,193		948,962
Z Energy Ltd.		2,507,015		5,856,136
				134,264,415
Norway — 2.4%
Aker ASA, Class A		123,923		10,600,862
Aker Carbon Capture ASA(a)		1,313,387		2,932,177
Aker Horizons Holding AS(a)(c)		531,408		1,193,839
Aker Solutions ASA(a)		1,161,706		3,038,710
Atea ASA(a)		389,046		6,588,759
Atlantic Sapphire ASA(a)(c)		284,405		1,180,650
Austevoll Seafood ASA		432,293		5,725,286
Bakkafrost P/F		241,259		16,632,036
Bonheur ASA		90,295		3,161,281
Borregaard ASA		462,755		10,884,083
BW Energy Ltd.(a)		363,041		941,459
BW LPG Ltd.(d)		365,057		1,969,257
BW Offshore Ltd.		414,057		1,266,596
Crayon Group Holding ASA(a)(d)		249,355		4,819,984
DNO ASA		1,961,463		2,879,970
Elkem ASA(d)		1,369,217		4,994,115
Elopak ASA, NVS(a)		579,013		1,469,908
Entra ASA(d)		299,809		6,590,135
Europris ASA(d)		735,086		5,490,464
Fjordkraft Holding ASA(d)		475,372		2,026,936
Flex LNG Ltd.		143,792		2,841,015
Frontline Ltd./Bermuda(a)		463,336		3,050,125
Golden Ocean Group Ltd.		621,614		5,663,427
Grieg Seafood ASA(a)		251,426		2,599,420
Hafnia Ltd.(a)(c)		481,795		880,817
Hexagon Composites ASA(a)		540,091		1,665,264
Hexagon Purus ASA(a)(c)		269,668		527,818
Kahoot! ASA(a)(c)		1,250,127		5,019,215
Kongsberg Gruppen ASA		429,034		13,002,340
Leroy Seafood Group ASA		1,425,144		11,879,380
LINK Mobility Group Holding ASA(a)		827,503		1,270,336
MPC Container Ships AS, NVS(a)		1,273,196		4,322,793
NEL ASA(a)(c)		7,004,543		9,510,423
Nordic Semiconductor ASA(a)		832,014		24,652,504
Norway Royal Salmon ASA		59,740		1,296,359
Norwegian Air Shuttle ASA(a)(c)		2,877,137		3,920,801
Nykode Therapeutics AS(a)		629,367		3,991,039
Pexip Holding ASA(a)(c)		361,795		1,392,085
Protector Forsikring ASA		351,517		4,682,238
Quantafuel ASA(a)(c)		616,089		1,441,945
REC Silicon ASA(a)(c)		1,456,811		2,558,042
Salmar ASA		283,349		19,319,652
Sbanken ASA(d)		266,215		2,813,606
Scatec ASA(d)		573,884		8,476,279
Selvaag Bolig ASA		328,017		1,930,583
SpareBank 1 Nord Norge		389,013		4,898,747
Sparebank 1 Oestlandet		115,723		1,921,543

74 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
SpareBank 1 SMN		707,994	$	11,725,066
SpareBank 1 SR-Bank ASA		845,261		12,630,246
Stolt-Nielsen Ltd.		214,967		3,892,545
Storebrand ASA		2,240,300		23,884,678
TGS ASA		540,563		5,820,458
Tomra Systems ASA		569,856		28,489,996
Veidekke ASA		514,966		7,697,268
Volue ASA(a)(c)		235,690		1,404,494
Wallenius Wilhelmsen ASA(a)		513,761		2,775,026
XXL ASA(d)		637,494		993,441
				339,227,521
Portugal — 0.2%
Altri SGPS SA		380,435		2,433,207
Banco Comercial Portugues SA, Class R(a)		39,727,202		6,751,011
Corticeira Amorim SGPS SA		123,384		1,418,980
CTT-Correios de Portugal SA		562,343		2,747,168
Navigator Co. SA (The)		1,109,626		4,186,100
NOS SGPS SA		1,002,005		3,944,463
REN - Redes Energeticas Nacionais SGPS SA		1,924,751		5,487,870
Semapa-Sociedade de Investimento e Gestao		77,927		1,044,598
Sonae SGPS SA		4,499,200		5,169,585
				33,182,982
Singapore — 2.0%
AEM Holdings Ltd.		1,250,200		4,203,119
AIMS APAC REIT(c)		2,449,600		2,525,125
ARA LOGOS Logistics Trust		5,974,182		3,654,897
Ascendas India Trust(c)		3,984,300		3,845,198
Ascott Residence Trust		8,799,796		6,667,555
Best World International Ltd.(a)(b)(c)		1,890,600		721,407
CapitaLand China Trust		4,882,034		4,279,216
CDL Hospitality Trusts		4,326,700		3,640,881
China Aviation Oil Singapore Corp. Ltd.		568,100		393,185
ComfortDelGro Corp. Ltd.		10,055,800		10,153,652
COSCO Shipping International Singapore Co. Ltd.(a)(c)		6,381,900		1,186,940
Cromwell European Real Estate Investment Trust		1,314,360		3,425,754
Eagle Hospitality Trust(a)(b)(c)		2,020,200		20
ESR-REIT		12,300,200		3,869,562
Far East Hospitality Trust(c)		4,260,900		1,755,918
First Resources Ltd.		2,755,700		3,380,208
Frasers Centrepoint Trust		5,021,538		8,430,251
Frasers Hospitality Trust(c)		1,751,200		576,841
Frasers Logistics & Commercial Trust		13,328,036		13,559,248
Frencken Group Ltd.		1,428,500		1,749,571
Golden Agri-Resources Ltd.		31,527,500		5,760,808
Haw Par Corp. Ltd.		582,700		5,021,131
Hutchison Port Holdings Trust, Class U		25,097,000		5,928,087
iFAST Corp. Ltd.(c)		673,000		3,125,137
Japfa Ltd.(c)		2,116,720		967,377
Kenon Holdings Ltd./Singapore(c)		116,345		6,540,777
Keppel DC REIT(c)		6,671,500		10,590,295
Keppel Infrastructure Trust		16,144,900		6,692,434
Keppel Pacific Oak US REIT		3,966,500		2,935,210
Keppel REIT		8,428,900		7,025,065
Lendlease Global Commercial REIT		4,211,400		2,565,436
Manulife US Real Estate Investment Trust		6,576,231		4,251,244
Mapletree Industrial Trust		9,621,793		17,923,557
Mapletree North Asia Commercial Trust		10,801,700		8,664,212
Maxeon Solar Technologies Ltd.(a)(c)		58,104		640,887

Security	Shares		Value
Singapore (continued)
Nanofilm Technologies International Ltd.(c)		1,312,700	$	2,771,410
NetLink NBN Trust		14,725,900		10,573,391
Olam International Ltd.		3,595,100		4,492,104
OUE Commercial Real Estate Investment Trust		10,262,179		3,114,470
OUE Ltd.		1,352,600		1,324,555
Parkway Life REIT		1,883,800		6,699,713
Prime U.S. REIT		2,477,194		1,919,825
Raffles Medical Group Ltd.(c)		4,683,900		4,437,908
Razer Inc.(a)(c)(d)		9,194,000		2,708,198
Riverstone Holdings Ltd./Singapore(c)		2,698,100		1,408,017
Sasseur Real Estate Investment Trust		2,526,300		1,489,753
SATS Ltd.(a)(c)		3,265,900		9,498,546
Sembcorp Industries Ltd.(c)		4,687,900		7,961,411
Sembcorp Marine Ltd.(a)		67,360,333		4,109,033
Sheng Siong Group Ltd.(c)		3,369,600		3,723,681
SIA Engineering Co. Ltd.(a)(c)		917,000		1,459,902
Silverlake Axis Ltd.(c)		5,102,840		892,800
Singapore Post Ltd.		7,432,100		3,507,085
Singapore Press Holdings Ltd.		7,677,049		13,242,553
SPH REIT(c)		4,470,300		3,185,000
Starhill Global REIT(c)		7,154,000		3,294,076
StarHub Ltd.		2,898,900		2,771,912
Suntec REIT		9,596,900		10,838,548
Yangzijiang Shipbuilding Holdings Ltd.(c)		11,378,800		10,917,407
Yanlord Land Group Ltd.		2,799,500		2,393,369
				285,384,872
Spain — 2.0%
Acciona SA		118,484		20,638,131
Acerinox SA		766,988		9,773,901
Almirall SA		343,835		4,425,569
Applus Services SA		696,212		6,116,488
Atresmedia Corp. de Medios de Comunicacion SA		475,782		1,850,226
Audax Renovables SA(c)		516,559		725,484
Banco de Sabadell SA(a)		26,832,699		20,869,224
Bankinter SA		3,189,040		18,701,199
Befesa SA(d)		192,156		13,565,663
Cia. de Distribucion Integral Logista Holdings SA		308,948		6,250,641
Cie. Automotive SA		231,341		6,719,786
Construcciones y Auxiliar de Ferrocarriles SA		98,389		3,893,831
Corp Financiera Alba SA		74,846		4,404,486
Distribuidora Internacional de Alimentacion SA(a)		57,095,750		1,004,114
Ebro Foods SA		334,999		6,202,326
eDreams ODIGEO SA(a)		277,682		2,439,700
Ence Energia y Celulosa SA(a)		660,250		1,771,390
Faes Farma SA		1,526,142		5,874,030
Fluidra SA		420,471		13,388,688
Gestamp Automocion SA(d)		825,629		3,719,566
Global Dominion Access SA(d)		444,776		2,197,010
Grenergy Renovables SA(a)(c)		53,616		1,511,896
Grupo Catalana Occidente SA		206,559		6,966,390
Indra Sistemas SA(a)		628,555		6,404,480
Inmobiliaria Colonial Socimi SA		1,402,847		12,387,759
Laboratorios Farmaceuticos Rovi SA		91,755		6,741,575
Lar Espana Real Estate Socimi SA		347,393		2,100,133
Let’s Gowex SA.(a)(b)(c)		51,450		1
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,132,100		5,622,431
Mapfre SA		5,106,357		11,089,942
Mediaset Espana Comunicacion SA(a)		756,211		3,540,945
Melia Hotels International SA(a)		585,413		4,436,374

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Merlin Properties Socimi SA		1,684,457	$	19,041,908
Metrovacesa SA(d)		172,765		1,281,013
Miquel y Costas & Miquel SA		142,487		2,004,165
Neinor Homes SA(d)		210,968		2,569,211
Pharma Mar SA(c)		70,209		4,418,844
Prosegur Cash SA(a)(d)		2,353,707		1,726,602
Prosegur Cia. de Seguridad SA		1,053,411		2,624,309
Sacyr SA		1,928,978		4,822,097
Solaria Energia y Medio Ambiente SA(a)		357,108		6,240,355
Soltec Power Holdings SA(a)(c)		171,265		1,008,216
Talgo SA(a)(c)(d)		461,708		2,457,509
Tecnicas Reunidas SA(a)(c)		155,487		1,394,171
Unicaja Banco SA(d)		6,339,882		6,498,893
Viscofan SA		187,833		11,384,586
Zardoya Otis SA		911,627		7,229,089
				290,034,347
Sweden — 6.7%
AAK AB		876,358		16,415,387
AcadeMedia AB(d)		404,274		2,346,973
AddTech AB, Class B		1,254,410		23,205,140
AFRY AB		448,640		10,062,224
Alimak Group AB(d)		208,046		2,380,764
Ambea AB(d)		341,594		1,895,760
Arjo AB, Class B		1,027,101		10,264,773
Atrium Ljungberg AB, Class B		216,656		4,679,430
Attendo AB(a)(d)		494,953		1,744,429
Avanza Bank Holding AB		592,546		18,747,272
Axfood AB		505,214		12,869,536
Bactiguard Holding AB(a)		87,833		1,325,772
Beijer Alma AB		219,454		5,576,749
Beijer Ref AB		1,188,191		20,738,677
Betsson AB, Class B		527,265		2,950,173
BHG Group AB(a)(c)		479,676		4,597,942
BICO Group AB, Class B(a)(c)		161,690		3,228,384
Bilia AB, Class A		349,399		5,243,789
BillerudKorsnas AB		898,804		14,290,964
BioArctic AB(a)(d)		170,440		1,974,050
BioGaia AB, Class B		82,518		4,486,370
Biotage AB		313,999		6,411,478
Bonava AB, Class B		366,784		3,174,293
Boozt AB(a)(c)(d)		236,168		4,438,938
Bravida Holding AB(d)		972,121		11,631,876
Bufab AB		106,717		4,024,624
Bure Equity AB		265,522		9,161,638
Calliditas Therapeutics AB, Class B(a)(c)		137,886		1,459,215
Camurus AB(a)		139,449		1,994,959
Castellum AB		1,255,474		29,571,119
Catena AB		137,119		7,783,380
Cellavision AB		73,480		2,398,126
Cibus Nordic Real Estate AB		171,670		4,728,204
Cint Group AB(a)		713,469		9,488,372
Clas Ohlson AB, Class B		192,588		2,334,066
Cloetta AB, Class B		1,087,440		2,877,954
Collector AB(a)		283,385		1,111,342
Coor Service Management Holding AB(d)		431,037		3,661,049
Corem Property Group AB, Class B		2,926,298		8,399,377
Creades AB, Class A		243,593		3,175,727
Desenio Group AB(a)		293,835		540,816
Dios Fastigheter AB		423,192		4,711,037
Dometic Group AB(d)		1,542,017		17,081,414

Security	Shares		Value
Sweden (continued)
Duni AB(a)		169,170	$	1,915,800
Dustin Group AB(d)		327,782		3,365,885
Electrolux Professional AB, Class B(a)		1,078,087		7,528,607
Elekta AB, Class B		1,775,855		18,174,468
Fabege AB		1,261,006		18,814,051
Fagerhult AB		381,955		2,381,252
Fingerprint Cards AB, Class B(a)(c)		1,365,024		2,732,061
Fortnox AB		2,326,340		11,962,599
GARO AB		144,815		2,704,665
Granges AB		512,024		6,350,212
Hansa Biopharma AB(a)		170,231		1,357,529
Hemnet Group AB(a)		206,600		3,726,264
Hexatronic Group AB(c)		140,280		5,688,133
Hexpol AB		1,268,502		15,135,414
HMS Networks AB		123,905		6,471,137
Holmen AB, Class B		449,340		21,824,301
Hufvudstaden AB, Class A		539,165		7,700,298
Humble Group AB(a)(c)		668,478		1,717,994
Implantica AG, SDR(a)		107,235		677,352
Indutrade AB		1,305,367		32,474,636
Instalco AB		993,005		7,218,459
Intrum AB(c)		321,691		9,684,682
Investment AB Oresund		205,634		3,157,917
INVISIO AB		195,129		2,508,922
Inwido AB		252,024		4,410,222
JM AB		271,539		10,284,887
Kambi Group PLC, Class B(a)		121,332		3,145,632
Karo Pharma AB(a)		263,288		1,691,300
K-Fast Holding AB(a)(c)		294,810		2,198,883
Kindred Group PLC		1,103,035		12,814,450
KNOW IT AB		100,996		3,688,965
LeoVegas AB(d)		356,824		1,302,110
Lime Technologies AB		48,039		1,508,439
Lindab International AB		376,237		10,922,644
Loomis AB		360,461		9,255,687
Mekonomen AB(a)		193,028		2,849,256
Millicom International Cellular SA, SDR(a)		492,586		13,149,011
MIPS AB		125,512		12,478,864
Modern Times Group MTG AB, Class B(a)		495,812		6,636,031
Munters Group AB(d)		614,753		4,318,220
Mycronic AB		356,572		7,295,642
NCC AB, Class B		389,355		6,436,725
New Wave Group AB, Class B		193,143		2,939,137
Nobia AB		612,998		3,349,563
Nolato AB, Class B		981,481		10,057,536
Nordic Entertainment Group AB, Class B(a)		352,007		13,628,491
Nordnet AB publ		546,908		8,523,589
Nyfosa AB		869,581		13,536,615
OX2 AB(a)		390,702		2,182,950
Pandox AB(a)		442,757		6,436,910
Paradox Interactive AB(c)		177,438		3,677,632
Peab AB, Class B		884,457		9,941,344
Platzer Fastigheter Holding AB, Class B		296,371		3,909,342
PowerCell Sweden AB(a)		224,592		3,586,168
Ratos AB, Class B		1,038,787		5,452,837
Re:NewCell AB(a)(c)		95,917		1,773,682
Resurs Holding AB(d)		624,688		2,563,925
Rvrc Holding AB		188,875		1,882,098
Saab AB, Class B		354,000		8,394,755
Samhallsbyggnadsbolaget i Norden AB		4,359,745		26,294,154

76 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Samhallsbyggnadsbolaget i Norden AB, Class D		702,307	$	2,294,139
SAS AB(a)(c)		17,598,014		2,973,493
Scandic Hotels Group AB(a)(c)(d)		753,254		3,178,038
Sdiptech AB, Class B(a)		115,478		4,786,428
Sectra AB(a)		650,058		10,707,614
Sedana Medical AB(a)		286,873		2,295,046
SkiStar AB		202,414		3,116,740
SSAB AB, Class A(a)		1,221,943		7,234,363
SSAB AB, Class B(a)		2,788,546		14,518,766
Stillfront Group AB(a)		1,485,580		7,230,825
Storytel AB(a)(c)		200,552		3,163,305
Subsea 7 SA		1,032,466		7,762,359
Surgical Science Sweden AB(a)		157,789		3,384,208
Svolder AB, NVS		401,896		3,085,903
Sweco AB, Class B		963,931		13,550,558
SwedenCare AB		309,779		3,533,432
Thule Group AB(d)		503,376		24,296,168
Tobii AB(a)(c)		441,752		1,539,787
Tobii Dynavox AB(a)		441,780		1,207,406
Trelleborg AB, Class B		1,166,572		29,372,980
Troax Group AB		166,982		5,849,791
Vestum AB, NVS(a)(c)		723,180		2,855,087
Vimian Group AB(a)(c)		609,308		4,388,070
Vitec Software Group AB		137,545		6,187,952
Vitrolife AB		311,131		12,794,453
VNV Global AB(a)		419,615		3,628,596
Volati AB		94,870		1,874,051
Wallenstam AB, Class B		778,429		12,251,392
Wihlborgs Fastigheter AB		658,628		13,617,030
Xvivo Perfusion AB(a)		99,713		2,807,010
			962,458,886
Switzerland — 4.9%
Allreal Holding AG, Registered		67,836		14,719,121
ALSO Holding AG, Registered(a)		30,776		8,660,997
APG SGA SA(a)		2,616		536,384
Arbonia AG		249,429		6,030,814
Aryzta AG(a)(c)		4,799,323		5,509,523
Ascom Holding AG, Registered(a)		154,978		2,029,516
Autoneum Holding AG(a)		14,184		2,576,584
Banque Cantonale Vaudoise, Registered		140,951		11,654,328
Basilea Pharmaceutica AG, Registered(a)(c)		60,626		2,944,650
Belimo Holding AG, Registered		47,530		26,247,034
Bell Food Group AG, Registered		4,668		1,417,021
BKW AG		100,308		11,966,339
Bobst Group SA, Registered(a)		41,156		3,495,057
Bossard Holding AG, Class A, Registered		27,338		8,571,119
Bucher Industries AG, Registered		32,355		14,897,381
Burckhardt Compression Holding AG		14,860		7,028,366
Burkhalter Holding AG		11,248		779,282
Bystronic AG, Registered		6,542		8,598,144
Cembra Money Bank AG		145,602		10,014,365
Coltene Holding AG, Registered		13,975		1,661,949
Comet Holding AG, Registered		33,760		10,769,995
Daetwyler Holding AG, Bearer		36,138		14,189,768
DKSH Holding AG		172,711		13,847,682
dormakaba Holding AG		14,225		8,145,196
Dufry AG, Registered(a)		350,180		18,147,041
EFG International AG(a)		446,901		3,422,961
Emmi AG, Registered		10,389		11,659,984
Flughafen Zurich AG, Registered(a)		95,609		17,689,241

Security	Shares		Value
Switzerland (continued)
Forbo Holding AG, Registered		5,161	$	9,936,032
Galenica AG(d)		240,464		16,982,512
Georg Fischer AG, Registered		19,756		28,889,540
Gurit Holding AG, Bearer		1,623		2,524,547
Helvetia Holding AG, Registered		176,780		22,227,711
Huber + Suhner AG, Registered		77,329		7,040,199
Idorsia Ltd.(a)(c)		528,405		12,308,424
Implenia AG, Registered(a)		63,488		1,548,822
Inficon Holding AG, Registered		8,253		10,080,724
Interroll Holding AG, Registered		3,059		12,947,554
Intershop Holding AG		7,183		4,743,966
Kardex Holding AG, Registered		31,172		8,652,537
Komax Holding AG, Registered(a)		17,639		5,440,727
Landis+Gyr Group AG(a)		105,216		6,939,776
LEM Holding SA, Registered		1,808		4,523,827
Leonteq AG		49,829		3,582,114
Liechtensteinische Landesbank AG		28,111		1,695,791
Medacta Group SA(a)(d)		36,522		4,666,492
Medartis Holding AG(a)(d)		8,347		1,147,135
Medmix AG(a)(d)		117,673		5,091,607
Metall Zug AG, Class B, Registered		975		2,004,398
Meyer Burger Technology AG(a)(c)		11,472,224		4,439,954
Mobilezone Holding AG, Registered		239,955		3,749,852
Mobimo Holding AG, Registered		32,605		10,669,522
Molecular Partners AG(a)		98,175		2,692,491
Montana Aerospace AG(a)(d)		78,876		2,948,103
OC Oerlikon Corp. AG, Registered		894,066		8,680,926
Orior AG		28,708		2,689,152
Peach Property Group AG		38,152		2,363,271
PolyPeptide Group AG(a)(d)		55,400		5,523,360
PSP Swiss Property AG, Registered		218,544		26,499,334
Relief Therapeutics Holding AG(a)(c)		9,904,124		716,102
Rieter Holding AG, Registered(a)		19,382		3,917,961
Schweiter Technologies AG, Bearer		4,894		6,491,762
Sensirion Holding AG(a)(d)		44,369		5,439,964
SFS Group AG		81,678		11,916,651
Siegfried Holding AG, Registered		18,963		15,352,876
SIG Combibloc Group AG(a)		1,542,606		35,840,736
Softwareone Holding AG(a)		455,698		8,953,368
St. Galler Kantonalbank AG, Class A, Registered		14,456		6,985,593
Stadler Rail AG(c)		242,196		11,525,283
Sulzer AG, Registered		94,274		9,023,476
Swiss Steel Holding AG, Registered(a)		4,396,040		1,506,504
Swissquote Group Holding SA, Registered		43,943		7,475,417
Tecan Group AG, Registered		57,351		27,884,760
Trifork Holding AG, NVS(a)		42,469		1,648,759
TX Group AG(a)		4,168		655,797
u-blox Holding AG(a)		35,139		2,505,670
Valiant Holding AG, Registered		75,440		7,619,256
Valora Holding AG, Registered(a)		18,297		3,556,471
Vetropack Holding AG, Registered		55,621		3,227,282
Vontobel Holding AG, Registered		137,983		11,436,243
VZ Holding AG		69,103		6,465,472
V-ZUG Holding AG(a)		10,254		1,265,032
Ypsomed Holding AG, Registered		16,866		3,152,568
Zehnder Group AG, Registered		52,784		4,831,421
Zur Rose Group AG(a)		43,348		10,611,393
				700,446,059
United Kingdom — 17.1%
888 Holdings PLC		1,791,114		6,182,594

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
AB Dynamics PLC		75,487	$	1,451,771
Abcam PLC(a)		1,032,370		18,535,592
Aclara Resources Inc.(a)		12,571		12,385
Advanced Medical Solutions Group PLC		1,126,831		4,490,857
AG Barr PLC		428,423		2,852,120
Airtel Africa PLC(d)		4,423,883		9,073,259
AJ Bell PLC		1,483,268		6,764,141
Alliance Pharma PLC		2,165,993		3,157,738
Alpha FX Group PLC		129,760		3,080,175
Alphawave IP Group PLC(a)(c)		1,270,912		2,760,437
AO World PLC(a)		1,519,546		2,055,898
Argo Blockchain PLC(a)(c)		2,206,255		2,327,180
Ascential PLC(a)		2,087,015		9,969,824
Ashmore Group PLC		2,224,373		8,526,482
ASOS PLC(a)		333,075		9,993,314
Assura PLC		12,889,378		11,658,131
Aston Martin Lagonda Global Holdings PLC(a)(d)		332,522		5,397,299
Atalaya Mining PLC		363,215		2,012,569
Auction Technology Group PLC(a)		397,131		5,725,566
Avacta Group PLC(a)(c)		1,210,316		1,386,846
Avast PLC(d)		3,210,962		26,480,558
Avon Protection PLC		158,977		2,426,722
B&M European Value Retail SA		4,316,596		33,054,832
Babcock International Group PLC(a)		1,209,215		4,953,207
Bakkavor Group PLC(d)		694,347		1,144,872
Balfour Beatty PLC		3,108,721		10,656,493
Bank of Georgia Group PLC		188,635		3,724,244
Beazley PLC(a)		2,919,569		19,383,602
Bellway PLC		593,143		22,823,617
Biffa PLC(d)		1,463,842		6,722,007
Big Yellow Group PLC		841,671		16,911,525
Blue Prism Group PLC(a)		398,044		6,761,207
BMO Commercial Property Trust Ltd.		3,744,212		5,770,785
Bodycote PLC		907,874		9,763,506
boohoo Group PLC(a)(c)		4,859,738		7,049,074
Breedon Group PLC		7,212,632		8,293,727
Brewin Dolphin Holdings PLC		1,453,757		6,454,812
Bridgepoint Group PLC(a)(d)		983,418		5,045,713
Britvic PLC		1,283,453		15,751,492
Burford Capital Ltd.		883,230		8,023,964
Bytes Technology Group PLC		1,002,611		6,284,056
Capita PLC(a)		7,892,420		3,395,795
Capital & Counties Properties PLC		3,465,291		8,060,116
Capricorn Energy PLC(a)		2,404,711		6,704,446
Carnival PLC(a)		736,363		13,512,773
Centamin PLC		5,514,091		6,645,186
Central Asia Metals PLC		843,684		2,518,968
Centrica PLC(a)		28,205,615		27,733,568
Ceres Power Holdings PLC(a)(c)		455,945		3,812,244
Chemring Group PLC		1,329,174		4,924,041
Cineworld Group PLC(a)(c)		4,702,321		2,526,422
Civitas Social Housing PLC		2,962,460		3,844,763
Clarkson PLC		138,153		6,148,902
Clinigen Group PLC		603,032		7,400,892
Clipper Logistics PLC		358,626		3,260,456
Close Brothers Group PLC		722,664		12,557,833
CLS Holdings PLC		876,182		2,654,691
CMC Markets PLC(d)		624,978		1,933,225
Coats Group PLC		6,811,120		6,026,561
Computacenter PLC		382,164		13,761,340

Security	Shares		Value
United Kingdom (continued)
ContourGlobal PLC(d)		940,139	$	2,361,885
ConvaTec Group PLC(d)		7,716,873		18,320,814
Countryside Properties PLC(a)(d)		2,369,547		9,882,284
Craneware PLC		134,012		3,424,421
Cranswick PLC		250,698		12,423,349
Crest Nicholson Holdings PLC		1,234,614		5,329,986
Currys PLC		5,298,274		7,641,500
Custodian REIT PLC		1,989,940		2,836,845
CVS Group PLC		318,837		8,456,009
Dechra Pharmaceuticals PLC		518,274		29,110,948
Deliveroo PLC(a)(d)		3,369,892		7,080,009
Derwent London PLC		485,815		22,447,865
Diploma PLC		595,800		22,362,193
Direct Line Insurance Group PLC		6,395,978		26,365,055
Diversified Energy Co. PLC		3,867,888		5,524,440
Domino’s Pizza Group PLC		1,975,241		10,355,313
dotdigital group PLC		1,259,935		2,506,021
Dr. Martens PLC		2,177,581		9,047,186
Drax Group PLC		1,911,604		15,573,959
DS Smith PLC		6,594,002		33,675,233
Dunelm Group PLC		583,664		10,518,362
easyJet PLC(a)(c)		1,452,152		12,268,494
Electrocomponents PLC		2,247,761		34,032,961
Elementis PLC(a)		2,777,967		5,320,187
EMIS Group PLC		291,863		5,149,946
Empiric Student Property PLC		2,890,081		3,389,349
Energean PLC(a)		542,784		6,887,455
Ergomed PLC(a)		171,942		2,627,367
Essentra PLC		1,460,039		6,803,868
Eurasia Mining PLC(a)		8,876,223		2,566,590
Euromoney Institutional Investor PLC		518,561		6,431,262
FD Technologies PLC(a)(c)		105,936		2,308,067
Ferrexpo PLC		1,386,620		4,553,915
Fevertree Drinks PLC		502,629		14,418,770
Finablr PLC(a)(b)(d)		1,080,679		15
Firstgroup PLC(a)		3,515,402		4,841,402
Forterra PLC(d)		1,102,807		3,930,386
Frasers Group PLC(a)		974,492		9,680,022
Frontier Developments PLC(a)(c)		103,422		1,925,036
Funding Circle Holdings PLC(a)(d)		926,740		1,190,285
Future PLC		548,871		23,410,080
Games Workshop Group PLC		157,870		16,926,460
Gamma Communications PLC		391,967		8,245,081
GB Group PLC		1,094,663		9,773,991
Genuit Group PLC		1,180,984		9,155,257
Genus PLC		315,142		16,267,362
Go-Ahead Group PLC (The)(a)(b)		208,268		1,868,264
Grainger PLC		3,229,061		13,150,236
Great Portland Estates PLC		1,110,258		11,503,324
Greatland Gold PLC(a)		18,708,803		3,472,281
Greggs PLC		489,040		17,736,137
Gym Group PLC (The)(a)(d)		763,990		2,527,625
Halfords Group PLC		966,531		4,250,631
Hammerson PLC(c)		15,154,185		7,988,806
Harbour Energy PLC(a)		1,998,285		9,750,838
Hays PLC		7,973,099		15,536,643
Helical PLC		655,987		3,793,617
Helios Towers PLC(a)(c)		3,505,223		7,240,969
Hill & Smith Holdings PLC		378,443		7,662,309
Hiscox Ltd.		1,658,166		21,795,533

78 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Hochschild Mining PLC		1,632,759	$	2,287,984
Home Reit PLC		2,683,730		4,204,889
HomeServe PLC		1,452,889		14,975,433
Hotel Chocolat Group PLC(a)		257,949		1,654,787
Howden Joinery Group PLC		2,847,361		31,413,317
Hunting PLC		713,397		2,072,406
Ibstock PLC(d)		1,963,858		5,262,440
Ideagen PLC		1,257,178		4,582,008
IG Design Group PLC		365,304		471,645
IG Group Holdings PLC		1,853,336		20,403,040
IMI PLC		1,278,252		28,559,688
Impax Asset Management Group PLC		411,814		6,092,155
Inchcape PLC		1,876,768		21,401,168
Indivior PLC(a)		3,464,049		10,545,971
IntegraFin Holdings PLC		1,349,838		9,009,191
Intermediate Capital Group PLC		1,391,727		35,942,161
Investec PLC		3,323,875		18,976,329
IP Group PLC		4,849,321		6,373,477
IQE PLC(a)(c)		3,655,534		1,575,746
ITM Power PLC(a)(c)		2,044,625		7,587,763
ITV PLC(a)		17,371,739		26,572,651
IWG PLC(a)		3,610,904		13,907,422
J D Wetherspoon PLC(a)		462,259		5,612,592
JET2 PLC(a)		764,988		13,624,089
John Wood Group PLC(a)		3,252,987		9,792,596
Johnson Service Group PLC(a)		2,091,339		4,252,713
JTC PLC(d)		626,808		6,631,839
Judges Scientific PLC		24,969		2,558,857
Jupiter Fund Management PLC		2,120,299		6,577,934
Just Group PLC(a)		4,914,711		5,719,143
Kainos Group PLC		384,045		7,895,258
Kape Technologies PLC(a)(c)		507,700		2,534,747
Keller Group PLC		353,176		4,052,491
Keywords Studios PLC		344,021		11,659,376
Kier Group PLC(a)		2,131,887		2,830,520
Lancashire Holdings Ltd.		1,170,817		8,668,511
Learning Technologies Group PLC		2,806,167		6,306,375
Liontrust Asset Management PLC		289,056		6,305,545
LondonMetric Property PLC		4,159,581		14,987,297
Luceco PLC(d)		384,141		1,553,008
LXI REIT PLC		3,506,396		6,956,637
LXI REIT PLC		420,767		28,294
Man Group PLC/Jersey		6,836,685		17,859,641
Marks & Spencer Group PLC(a)		9,401,386		27,822,539
Marshalls PLC		968,318		9,219,561
Marston’s PLC(a)		3,103,478		3,393,282
Mediclinic International PLC(a)		1,910,476		8,241,049
Meggitt PLC(a)		3,746,526		37,840,840
Micro Focus International PLC		1,610,526		9,908,160
Mitchells & Butlers PLC(a)		1,257,895		4,268,312
Mitie Group PLC		6,682,615		5,414,837
Moneysupermarket.com Group PLC		2,606,256		6,660,256
Moonpig Group PLC(a)(c)		813,723		3,457,418
Morgan Advanced Materials PLC		1,412,133		6,077,366
Morgan Sindall Group PLC		185,173		5,350,264
Naked Wines PLC(a)(c)		279,747		1,973,327
National Express Group PLC(a)		2,649,688		8,985,829
NCC Group PLC		1,457,923		3,751,014
Network International Holdings PLC(a)(d)		2,228,491		7,873,372
Ninety One PLC		1,608,885		5,612,868

Security	Shares		Value
United Kingdom (continued)
Numis Corp. PLC(c)		335,729	$	1,454,140
On the Beach Group PLC(a)(d)		777,909		3,043,088
OSB Group PLC		2,129,944		15,823,260
Oxford Biomedica PLC(a)		271,551		3,098,483
Pagegroup PLC		1,574,064		12,420,431
Pantheon Resources PLC(c)		2,491,339		2,695,498
Paragon Banking Group PLC		1,198,447		9,179,148
Penno Group PLC		1,336,410		19,581,873
Petrofac Ltd.(a)(c)		2,103,624		3,382,833
Petropavlovsk PLC(a)		11,347,833		2,317,946
Pets at Home Group PLC		2,398,311		13,772,830
Picton Property Income Ltd. (The)		2,671,076		3,707,283
Playtech PLC(a)		1,474,303		11,579,490
Polar Capital Holdings PLC		347,866		2,959,270
Premier Foods PLC		2,801,103		4,445,298
Primary Health Properties PLC		6,438,816		12,487,614
Provident Financial PLC(a)		1,207,125		5,084,682
PZ Cussons PLC		1,077,666		2,811,603
QinetiQ Group PLC		2,766,021		10,038,244
Quilter PLC(d)		8,203,550		15,233,315
Rank Group PLC(a)		1,369,403		2,891,484
Rathbones Group PLC		284,366		7,180,145
Reach PLC		1,416,832		4,973,346
Redde Northgate PLC		1,102,409		5,745,414
Redrow PLC		1,359,933		11,456,942
Regional REIT Ltd.(d)		1,630,600		1,961,564
Renalytix PLC(a)		223,490		1,442,744
Renewi PLC(a)		382,362		3,445,025
Renishaw PLC		174,150		10,753,719
Restaurant Group PLC (The)(a)		3,595,768		4,610,316
Restore PLC		619,551		3,874,537
Rightmove PLC		4,121,962		36,328,874
Rotork PLC		4,177,805		19,201,704
Royal Mail PLC		3,836,525		22,925,759
RWS Holdings PLC		1,397,189		9,470,557
S4 Capital PLC(a)		1,331,998		9,314,071
Sabre Insurance Group PLC(d)		1,089,858		3,327,251
Safestore Holdings PLC		1,010,552		17,326,291
Saga PLC(a)		502,293		1,949,744
Sanne Group PLC		773,418		9,517,551
Savills PLC		685,647		12,494,362
Secure Income REIT PLC		1,273,298		7,248,781
Senior PLC(a)		2,103,422		3,807,586
Serco Group PLC		5,835,365		10,555,618
Serica Energy PLC		768,373		2,670,707
Shaftesbury PLC		924,980		7,766,686
SIG PLC(a)		3,388,168		1,878,290
Smart Metering Systems PLC		599,183		5,947,106
Softcat PLC		573,859		12,672,671
SolGold PLC(a)(c)		4,264,509		1,531,839
Spectris PLC		539,655		24,626,423
Spire Healthcare Group PLC(a)(d)		1,393,849		4,485,858
Spirent Communications PLC		2,924,886		9,767,786
SSP Group PLC(a)		3,616,040		13,416,459
Stagecoach Group PLC(a)		2,064,677		2,528,261
SThree PLC		595,561		3,781,611
Strix Group PLC(c)		967,186		3,186,881
Synthomer PLC		1,628,009		8,037,447
Target Healthcare REIT PLC		2,963,565		4,583,328
Tate & Lyle PLC		2,246,413		21,487,497

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
TBC Bank Group PLC		201,251	$	3,816,339
Team17 Group PLC(a)		487,614		4,656,122
Telecom Plus PLC		317,650		6,416,654
TI Fluid Systems PLC(d)		1,101,866		3,547,734
TORM PLC, Class A(a)(c)		127,755		913,692
TP ICAP Group PLC		3,762,317		7,132,246
Trainline PLC(a)(d)		2,296,377		6,918,007
Travis Perkins PLC		1,082,270		21,959,362
Tritax Big Box REIT PLC		8,245,406		26,448,297
Trustpilot Group PLC(a)(d)		884,391		2,202,116
Tullow Oil PLC(a)		5,671,154		3,838,308
Tyman PLC		937,660		4,739,759
UK Commercial Property REIT Ltd.		3,791,154		4,192,602
Ultra Electronics Holdings PLC		340,667		13,365,460
UNITE Group PLC (The)		1,630,484		22,812,494
Urban Logistics REIT PLC(c)		2,243,880		5,296,227
Vesuvius PLC		1,033,861		6,407,171
Victoria PLC(a)(c)		301,930		3,857,622
Victorian Plumbing Group PLC(a)		543,616		748,655
Victrex PLC		416,685		11,606,447
Virgin Money UK PLC(a)		6,173,264		15,979,061
Vistry Group PLC		1,069,470		14,827,884
Vivo Energy PLC(d)		2,118,756		3,772,756
Volex PLC		562,968		2,279,683
Volution Group PLC		945,706		6,407,799
Warehouse REIT PLC		1,831,229		4,103,056
Watkin Jones PLC		958,116		3,427,595
Weir Group PLC (The)		1,245,555		29,327,926
WH Smith PLC(a)		627,745		14,083,756
Wickes Group PLC		1,205,851		3,327,828
Workspace Group PLC		647,842		7,402,628
Yellow Cake PLC(a)(d)		697,545		3,022,844
Yougov PLC(c)		505,282		7,882,821
Young & Co’s Brewery PLC, Series A		106,871		2,163,148
				2,448,243,004
United States — 0.0%
Arko Corp.(a)		—		2
Total Common Stocks — 99.3% (Cost: $13,528,643,927)				14,208,785,325
Preferred Stocks
Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS(c)		42,440		2,465,511
Einhell Germany AG, Preference Shares, NVS		8,028		1,857,926
Jungheinrich AG, Preference Shares, NVS		233,031		9,964,717
Schaeffler AG, Preference Shares, NVS		608,673		4,524,556
Sixt SE, Preference Shares, NVS		78,332		7,077,333
STO SE & Co. KGaA, Preference Shares, NVS		7,052		1,769,834
				27,659,877
Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		248,267		4,447,152
Total Preferred Stocks — 0.3% (Cost: $29,425,864)				32,107,029

Security	Shares		Value
Rights
Spain — 0.0%
Sacyr SA (Expires 02/02/22)(a)(b)		1,928,978	$	112,690
Total Rights — 0.0% (Cost: $117,994)				112,690
Warrants
Italy — 0.0%
Webuild SpA (Expires 08/02/30)(a)(c)		97,516		1
Singapore — 0.0%
Ezion Holdings Ltd. (Expires 04/16/23)(a)(b)(c)		3,963,747		29
Spain — 0.0%
Abengoa SA (Expires 03/31/25)(a)(c)		3,096,556		20,873
Total Warrants — 0.0% (Cost: $0)				20,903
Short-Term Investments
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		443,084,255		443,217,181
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		4,510,000		4,510,000
				447,727,181
Total Short-Term Investments — 3.1% (Cost: $447,781,701)				447,727,181
Total Investments in Securities — 102.7% (Cost: $14,005,969,486)				14,688,753,128
Other Assets, Less Liabilities — (2.7)%				(381,317,120	)
Net Assets — 100.0%			$	14,307,436,008

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

^(d)  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.

^(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.

80 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	459,960,734	$	—	$	(16,653,405	)(a)	$	(61,063	)	$	(29,085	)	$	443,217,181		443,084,255	$	8,472,556	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,290,000		—		(2,780,000	)(a)		—			—			4,510,000		4,510,000		203			—
								$	(61,063	)	$	(29,085	)	$	447,727,181			$	8,472,759		$	—

^(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		125		03/10/22	$	20,831	$	(588,151	)
Euro STOXX 50 Index		536		03/18/22		25,193		(91,853	)
FTSE 100 Index		166		03/18/22		16,638		423,128
							$	(256,876	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	423,128
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	680,004

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	940,525
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	283,273

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	76,130,867

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
Investments
Assets
Common Stocks	$	1,089,647,253	$	13,116,548,344		$	2,589,728	$	14,208,785,325
Preferred Stocks		1,857,926		30,249,103			—		32,107,029
Rights		—		—			112,690		112,690
Warrants		—		20,874			29		20,903
Money Market Funds		447,727,181		—			—		447,727,181
	$	1,539,232,360	$	13,146,818,321		$	2,702,447	$	14,688,753,128
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	423,128		$	—	$	423,128
Liabilities
Futures Contracts		—		(680,004	)		—		(680,004	)
	$	—	$	(256,876	)	$	—	$	(256,876	)

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

See notes to financial statements.

82 2 0 2 2   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)

January 31, 2022

	iShares Currency Hedged MSCI ACWI ex U.S. ETF		iShares Currency Hedged MSCI EAFE ETF		iShares Currency Hedged MSCI EAFE Small-Cap ETF		iShares MSCI ACWI ex U.S. ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—	$	—	$	—	$	4,852,778,079
Affiliated(c)		122,722,653		3,368,959,786		108,949,741		55,321,253
Cash		4,713		961		429,360		4,610
Foreign currency, at value(d)		—		—		—		9,094,387
Cash pledged:
Futures contracts		—		—		—		595,000
Receivables:
Investments sold		—		—		—		8,925,503
Securities lending income — Affiliated		—		—		—		19,291
Variation margin on futures contracts		—		—		—		302,623
Capital shares sold		—		86,492		—		—
Dividends		—		19		—		4,244,507
Interest		—		—		—		6
Tax reclaims		—		—		—		4,171,297
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,360,584		44,788,664		1,564,202		—
Total assets		124,087,950		3,413,835,922		110,943,303		4,935,456,556
LIABILITIES
Cash received:
Collateral — OTC derivatives		—		7,440,000		420,000		—
Collateral on securities loaned, at value		—		—		—		51,629,254
Deferred foreign capital gain tax		—		—		—		3,253,446
Payables:
Investments purchased		1,088,772		44,610,070		1,510,962		21,293
Capital shares redeemed		—		—		—		9,145,719
Investment advisory fees		3,314		74,374		2,869		1,338,221
Professional fees		—		—		—		109,050
Foreign taxes		—		—		—		1,169
Unrealized depreciation on:
Forward foreign currency exchange contracts		440,045		8,772,809		325,530		—
Total liabilities		1,532,131		60,897,253		2,259,361		65,498,152
NET ASSETS	$	122,555,819	$	3,352,938,669	$	108,683,942	$	4,869,958,404
NET ASSETS CONSIST OF:
Paid-in capital	$	110,548,960	$	3,025,756,115	$	100,971,694	$	4,796,255,214
Accumulated earnings		12,006,859		327,182,554		7,712,248		73,703,190
NET ASSETS	$	122,555,819	$	3,352,938,669	$	108,683,942	$	4,869,958,404
Shares outstanding		3,850,000		97,500,000		3,110,000		89,800,000
Net asset value	$	31.83	$	34.39	$	34.95	$	54.23
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	—	$	—	$	51,177,596
(b) Investments, at cost — Unaffiliated	$	—	$	—	$	—	$	4,299,626,333
(c) Investments, at cost — Affiliated	$	112,942,129	$	3,109,786,438	$	104,717,906	$	55,311,746
(d) Foreign currency, at cost	$	—	$	—	$	—	$	9,172,431

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 83

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2022

	iShares MSCI EAFE ETF		iShares MSCI EAFE Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	54,826,277,313	$	14,241,025,947
Affiliated(c)		446,997,471		447,727,181
Cash		8,249		3,631
Foreign currency, at value(d)		31,145,026		31,640,994
Foreign currency collateral pledged:
Futures contracts(e)		9,046,538		4,283,989
Receivables:
Investments sold		6,980,838		4,858,243
Securities lending income — Affiliated		131,902		1,452,388
Variation margin on futures contracts		2,583,871		1,253,105
Capital shares sold		—		36,325
Dividends		32,791,147		15,338,335
Tax reclaims		90,564,030		9,166,758
Foreign withholding tax claims		30,427,398		—
Total assets		55,476,953,783		14,756,786,896
LIABILITIES
Collateral on securities loaned, at value		402,723,827		443,181,594
Deferred foreign capital gain tax		—		346,641
Payables:
Investments purchased		20,190		593,235
Investment advisory fees		15,049,421		4,876,816
Professional fees		7,540,192		352,602
IRS compliance fee for foreign withholding tax claims		83,586,993		—
Total liabilities		508,920,623		449,350,888
NET ASSETS	$	54,968,033,160	$	14,307,436,008
NET ASSETS CONSIST OF:
Paid-in capital	$	54,889,158,684	$	14,143,976,506
Accumulated earnings		78,874,476		163,459,502
NET ASSETS	$	54,968,033,160	$	14,307,436,008
Shares outstanding		724,800,000		208,800,000
Net asset value	$	75.84	$	68.52
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	386,135,654	$	416,034,857
(b) Investments, at cost — Unaffiliated	$	46,352,993,390	$	13,558,187,785
(c)  Investments, at cost — Affiliated	$	446,965,359	$	447,781,701
(d) Foreign currency, at cost	$	30,452,357	$	31,817,901
(e) Foreign currency collateral pledged, at cost	$	10,002,196	$	4,361,880

See notes to financial statements.

84 2 0 2 2   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 Operations (unaudited)

Six Months Ended January 31, 2022

	iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF			iShares MSCI ACWI ex U.S. ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	—		$	—		$	47,983,296
Dividends — Affiliated		2,153,507			62,933,970			2,281,734			164
Non-cash dividends — Unaffiliated		—			—			—			2,341,972
Securities lending income — Affiliated — net		—			—			—			225,292
Other income — Unaffiliated		—			—			—			14,272
Foreign taxes withheld		—			—			—			(4,929,654	)
Foreign withholding tax claims		—			—			—			1,094,591
Other foreign taxes		—			—			—			(10,471	)
Total investment income		2,153,507			62,933,970			2,281,734			46,719,462
EXPENSES
Investment advisory fees		247,425			6,017,051			236,277			7,338,370
Commitment fees		—			15,251			—			21,224
Professional fees		—			—			—			110,886
Miscellaneous		217			217			217			217
Interest expense		—			—			—			64
Total expenses		247,642			6,032,519			236,494			7,470,761
Less:
Investment advisory fees waived		(228,109	)		(5,557,489	)		(220,010	)		—
Total expenses after fees waived		19,533			475,030			16,484			7,470,761
Net investment income		2,133,974			62,458,940			2,265,250			39,248,701
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		—			—			—			(31,918,756	)
Investments — Affiliated		(118,804	)		(3,086,115	)		(224,458	)		(1,146	)
In-kind redemptions — Unaffiliated		—			—			—			15,220,053
In-kind redemptions — Affiliated		1,338,610			22,597,798			834,620			—
Futures contracts		—			—			—			(741,019	)
Forward foreign currency exchange contracts		3,319,483			100,653,249			3,411,820			—
Foreign currency transactions		16,562			—			39			(434,009	)
Net realized gain (loss)		4,555,851			120,164,932			4,022,021			(17,874,877	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		—			—			—			(137,665,864	)
Investments — Affiliated		(6,898,817	)		(170,840,533	)		(11,058,444	)		(4,720	)
Futures contracts		—			—			—			257,649
Forward foreign currency exchange contracts		880,945			45,076,552			1,439,245			—
Foreign currency translations		—			—			—			(288,724	)
Net change in unrealized appreciation (depreciation)		(6,017,872	)		(125,763,981	)		(9,619,199	)		(137,701,659	)
Net realized and unrealized loss		(1,462,021	)		(5,599,049	)		(5,597,178	)		(155,576,536	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	671,953		$	56,859,891		$	(3,331,928	)	$	(116,327,835	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(236,793	)
(b) Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	—		$	(1,322,768	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 85

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022

	iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	579,463,335		$	139,727,611
Dividends — Affiliated		1,620			203
Non-cash dividends — Unaffiliated		37,152,898			—
Securities lending income — Affiliated — net		1,630,098			8,472,556
Other income — Unaffiliated		784,176			26,630
Foreign taxes withheld		(46,679,415	)		(9,500,008	)
Foreign withholding tax claims		3,100,315			3,584,482
IRS Compliance fee for foreign withholding tax claims		(1,242,352	)		—
Total investment income		574,210,675			142,311,474
EXPENSES
Investment advisory fees		90,944,372			29,060,460
Professional fees		4,961,492			361,111
Miscellaneous		217			218
Total expenses		95,906,081			29,421,789
Net investment income		478,304,594			112,889,685
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(374,446,374	)		139,671,237
Investments — Affiliated		21,182			(61,063	)
Futures contracts		7,544,161			940,525
Foreign currency transactions		(10,631,246	)		(2,865,524	)
Net realized gain (loss)		(377,512,277	)		137,685,175
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(a)		(1,581,012,937	)		(1,407,206,378	)
Investments — Affiliated		(33,550	)		(29,085	)
Futures contracts		815,158			283,273
Foreign currency translations		(5,765,297	)		(658,038	)
Net change in unrealized appreciation (depreciation)		(1,585,996,626	)		(1,407,610,228	)
Net realized and unrealized loss		(1,963,508,903	)		(1,269,925,053	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,485,204,309	)	$	(1,157,035,368	)
(a) Net of increase in deferred foreign capital gain tax of	$	—		$	(249,507	)

See notes to financial statements.

86 2 0 2 2   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 Changes in Net Assets

	iShares Currency Hedged MSCI ACWI ex U.S. ETF							iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,133,974		$	2,020,551		$	62,458,940		$	59,874,869
Net realized gain (loss)			4,555,851			(2,623,995	)		120,164,932			(43,119,761	)
Net change in unrealized appreciation (depreciation)			(6,017,872	)		21,289,948			(125,763,981	)		641,434,777
Net increase in net assets resulting from operations			671,953			20,686,504			56,859,891			658,189,885
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(2,136,223	)		(2,023,586	)		(55,701,736	)		(59,947,087	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			3,614,564			30,716,026			513,161,049			(19,982,523	)
NET ASSETS
Total increase in net assets			2,150,294			49,378,944			514,319,204			578,260,275
Beginning of period			120,405,525			71,026,581			2,838,619,465			2,260,359,190
End of period		$	122,555,819		$	120,405,525		$	3,352,938,669		$	2,838,619,465

^(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 87

Statements of Changes in Net Assets (continued)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF							iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,265,250		$	1,267,382		$	39,248,701		$	80,553,526
Net realized gain (loss)			4,022,021			(1,270,534	)		(17,874,877	)		19,372,336
Net change in unrealized appreciation (depreciation)			(9,619,199	)		20,392,298			(137,701,659	)		777,211,965
Net increase (decrease) in net assets resulting from operations			(3,331,928	)		20,389,146			(116,327,835	)		877,137,827
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(2,267,220	)		(1,269,822	)		(74,866,182	)		(80,474,155	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			16,105,205			34,871,646			770,771,769			498,176,395
NET ASSETS
Total increase in net assets			10,506,057			53,990,970			579,577,752			1,294,840,067
Beginning of period			98,177,885			44,186,915			4,290,380,652			2,995,540,585
End of period		$	108,683,942		$	98,177,885		$	4,869,958,404		$	4,290,380,652

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

See notes to financial statements.

88 2 0 2 2   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 Changes in Net Assets (continued)

	iShares MSCI EAFE ETF						iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	478,304,594		$	1,374,898,914		$	112,889,685		$	240,338,528
Net realized gain (loss)		(377,512,277	)		(78,063,540	)		137,685,175			710,032,940
Net change in unrealized appreciation (depreciation)		(1,585,996,626	)		12,458,094,047			(1,407,610,228	)		2,594,292,663
Net increase (decrease) in net assets resulting from operations		(1,485,204,309	)		13,754,929,421			(1,157,035,368	)		3,544,664,131
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,093,477,943	)		(1,290,595,029	)		(297,961,486	)		(215,301,526	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		276,724,630			(1,599,597,936	)		2,626,822,380			1,278,387,826
NET ASSETS
Total increase (decrease) in net assets		(2,301,957,622	)		10,864,736,456			1,171,825,526			4,607,750,431
Beginning of period		57,269,990,782			46,405,254,326			13,135,610,482			8,527,860,051
End of period	$	54,968,033,160		$	57,269,990,782		$	14,307,436,008		$	13,135,610,482

^(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 89

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17
Net asset value, beginning of period		$	32.11			$	25.83			$	26.66			$	26.88			$	25.28			$	21.88
Net investment income(a)			0.54				0.64				0.76				0.88				0.44				0.90
Net realized and unrealized gain (loss)(b)			(0.30	)			6.25				(0.82	)			(0.43	)			1.83				3.05
Net increase (decrease) from investment operations			0.24				6.89				(0.06	)			0.45				2.27				3.95
Distributions(c)
From net investment income			(0.52	)			(0.61	)			(0.77	)			(0.67	)			(0.67	)			(0.55	)
Total distributions			(0.52	)			(0.61	)			(0.77	)			(0.67	)			(0.67	)			(0.55	)
Net asset value, end of period		$	31.83			$	32.11			$	25.83			$	26.66			$	26.88			$	25.28
Total Return(d)
Based on net asset value			0.73	%(e)			26.76	%			(0.36	)%			1.75	%			9.05	%			18.18	%
Ratios to Average Net Assets(f)
Total expenses			0.38	%(g)			0.38	%			0.38	%			0.38	%			0.38	%			0.38	%
Total expenses after fees waived			0.03	%(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			3.28	%(g)			2.12	%			2.90	%			3.37	%			1.66	%			3.68	%
Supplemental Data
Net assets, end of period (000)		$	122,556			$	120,406			$	71,027			$	70,650			$	43,008			$	85,968
Portfolio turnover rate(h)			3	%(e)			10	%			9	%			7	%			10	%			6	%

^(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.

90 2 0 2 2   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 Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	34.28		$	26.72		$	29.40		$	29.96		$	28.09		$	24.30
Net investment income(a)			0.70			0.75			0.70			0.86			0.83			0.74
Net realized and unrealized gain (loss)(b)			0.01			7.55			(1.98	)		(0.20	)		1.93			3.83
Net increase (decrease) from investment operations			0.71			8.30			(1.28	)		0.66			2.76			4.57
Distributions(c)
From net investment income			(0.60	)		(0.74	)		(0.73	)		(0.91	)		(0.89	)		(0.70	)
From net realized gain			—			—			(0.67	)		(0.31	)		—			(0.08	)
Total distributions			(0.60	)		(0.74	)		(1.40	)		(1.22	)		(0.89	)		(0.78	)
Net asset value, end of period		$	34.39		$	34.28		$	26.72		$	29.40		$	29.96		$	28.09
Total Return(d)
Based on net asset value			2.03	%(e)		31.22	%		(4.74	)%		2.45	%		9.94	%		18.97	%
Ratios to Average Net Assets(f)
Total expenses			0.38	%(g)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Total expenses after fees waived			0.03	%(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			3.94	%(g)		2.42	%		2.47	%		3.01	%		2.82	%		2.77	%
Supplemental Data
Net assets, end of period (000)		$	3,352,939		$	2,838,619		$	2,260,359		$	2,891,083		$	3,458,983		$	4,278,604
Portfolio turnover rate(h)			3	%(e)		12	%		8	%		7	%		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.

F I N A N C I A L   H I G H L I G H T S 91

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17
Net asset value, beginning of period		$	36.63			$	26.78			$	28.62			$	31.37			$	28.48			$	23.85
Net investment income(a)			0.77				0.62				0.87				0.84				0.77				0.92
Net realized and unrealized gain (loss)(b)			(1.73	)			9.78				(1.51	)			(1.93	)			2.86				4.46
Net increase (decrease) from investment operations			(0.96	)			10.40				(0.64	)			(1.09	)			3.63				5.38
Distributions(c)
From net investment income			(0.72	)			(0.55	)			(0.88	)			(0.80	)			(0.74	)			(0.75	)
From net realized gain			—				—				(0.32	)			(0.86	)			—				—
Total distributions			(0.72	)			(0.55	)			(1.20	)			(1.66	)			(0.74	)			(0.75	)
Net asset value, end of period		$	34.95			$	36.63			$	26.78			$	28.62			$	31.37			$	28.48
Total Return(d)
Based on net asset value			(2.72	)%(e)			38.96	%			(2.62	)%			(3.05	)%			12.81	%			22.77	%
Ratios to Average Net Assets(f)
Total expenses			0.43	%(g)			0.43	%			0.43	%			0.43	%			0.43	%			0.43	%
Total expenses after fees waived			0.03	%(g)			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			4.12	%(g)			1.85	%			3.16	%			2.94	%			2.50	%			3.50	%
Supplemental Data
Net assets, end of period (000)		$	108,684			$	98,178			$	44,187			$	25,759			$	21,961			$	9,969
Portfolio turnover rate(h)			3	%(e)			11	%			9	%			10	%			10	%			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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	56.45		$	45.11		$	46.26		$	48.60		$	47.08		$	40.66
Net investment income(a)			0.48	(b)		1.14			1.12			1.32			1.33			1.12	(b)
Net realized and unrealized gain (loss)(c)			(1.80	)		11.31			(0.97	)		(2.49	)		1.45			6.36
Net increase (decrease) from investment operations			(1.32	)		12.45			0.15			(1.17	)		2.78			7.48
Distributions(d)
From net investment income			(0.90	)		(1.11	)		(1.30	)		(1.17	)		(1.26	)		(1.06	)
Total distributions			(0.90	)		(1.11	)		(1.30	)		(1.17	)		(1.26	)		(1.06	)
Net asset value, end of period		$	54.23		$	56.45		$	45.11		$	46.26		$	48.60		$	47.08
Total Return(e)
Based on net asset value			(2.34	)%(b)(f)		27.66	%		0.29	%		(2.27	)%		5.92	%		18.62	%
Ratios to Average Net Assets(g)
Total expenses			0.32	%(h)		0.32	%		0.32	%		0.32	%		0.31	%		0.32	%
Total expenses after fees waived			0.32	%(h)		0.31	%		0.30	%		0.30	%		0.31	%		0.32	%
Total expenses excluding professional fees for foreign withholding tax claims			0.32	%(h)		0.32	%		N/A			0.32	%		N/A			0.32	%
Net investment income			1.68	%(b)(h)		2.14	%		2.50	%		2.91	%		2.69	%		2.62	%(b)
Supplemental Data
Net assets, end of period (000)		$	4,869,958		$	4,290,381		$	2,995,541		$	3,867,472		$	3,158,687		$	2,655,487
Portfolio turnover rate(i)			3	%(f)		10	%		17	%		15	%		6	%		7	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and for the year ended July 31, 2017:

• Net investment income per share by $0.01 and $0.01.

• Total return by 0.02% and 0.00%.

• Ratio of net investment income to average net assets by 0.04% and 0.02%.

^(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 93

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	79.41		$	62.17		$	64.94		$	68.87		$	66.78		$	58.27
Net investment income(a)			0.66			1.90			1.48			1.95			1.93			1.72
Net realized and unrealized gain (loss)(b)			(2.71	)		17.14			(2.62	)		(3.87	)		2.26			8.45
Net increase (decrease) from investment operations			(2.05	)		19.04			(1.14	)		(1.92	)		4.19			10.17
Distributions(c)
From net investment income			(1.52	)		(1.80	)		(1.63	)		(2.01	)		(2.10	)		(1.66	)
Total distributions			(1.52	)		(1.80	)		(1.63	)		(2.01	)		(2.10	)		(1.66	)
Net asset value, end of period		$	75.84		$	79.41		$	62.17		$	64.94		$	68.87		$	66.78
Total Return(d)
Based on net asset value			(2.61	)%(e)		30.73	%		(1.80	)%		(2.64	)%		6.32	%		17.68	%
Ratios to Average Net Assets(f)
Total expenses			0.33	%(g)		0.37	%		0.32	%		0.32	%		0.31	%		0.32	%
Total expenses excluding professional fees for foreign withholding tax claims			0.31	%(g)		0.32	%		0.32	%		0.32	%		N/A			0.32	%
Net investment income			1.66	%(g)		2.60	%		2.34	%		3.03	%		2.77	%		2.82	%
Supplemental Data
Net assets, end of period (000)		$	54,968,033		$	57,269,991		$	46,405,254		$	60,080,634		$	72,770,477		$	78,691,555
Portfolio turnover rate(h)			2	%(e)		5	%		4	%		4	%		4	%		2	%

^(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 EAFE Small-Cap ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	75.41		$	55.23		$	57.03		$	63.44		$	59.60		$	51.00
Net investment income(a)			0.57	(b)		1.39			1.12			1.43			1.46			1.28	(b)
Net realized and unrealized gain (loss)(c)			(6.01	)		20.00			(1.12	)		(6.23	)		3.90			8.83
Net increase (decrease) from investment operations			(5.44	)		21.39			—			(4.80	)		5.36			10.11
Distributions(d)
From net investment income			(1.45	)		(1.21	)		(1.80	)		(1.61	)		(1.52	)		(1.51	)
Total distributions			(1.45	)		(1.21	)		(1.80	)		(1.61	)		(1.52	)		(1.51	)
Net asset value, end of period		$	68.52		$	75.41		$	55.23		$	57.03		$	63.44		$	59.60
Total Return(e)
Based on net asset value			(7.27	)%(b)(f)		38.84	%		(0.16	)%		(7.41	)%(g)		9.01	%		20.21	%(b)
Ratios to Average Net Assets(h)
Total expenses			0.39	%(i)		0.39	%		0.40	%		0.40	%		0.39	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims			0.39	%(i)		0.39	%		N/A			0.40	%		N/A			0.40	%
Net investment income			1.51	%(b)(i)		2.03	%		2.01	%		2.47	%		2.28	%		2.38	%(b)
Supplemental Data
Net assets, end of period (000)		$	14,307,436		$	13,135,610		$	8,527,860		$	9,455,843		$	11,178,397		$	8,737,472
Portfolio turnover rate(j)			7	%(f)		17	%		20	%		10	%		8	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and for the year ended July 31, 2017:

• Net investment income per share by $0.02 and $0.01.

• Total return by 0.02% and 0.02%.

• Ratio of net investment income to average net assets by 0.04% and 0.02%.

^(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 payment received from an affiliate, which had no impact on the Fund’s total return.

^(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 95

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 ACWI ex U.S.	Diversified
Currency Hedged MSCI EAFE	Diversified
Currency Hedged MSCI EAFE Small-Cap	Diversified
MSCI ACWI ex U.S.	Diversified
MSCI EAFE	Diversified
MSCI EAFE Small-Cap	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 included in this report and should be read in conjunction with the financial statements of the Funds.

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.

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 of the currency hedged funds 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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or 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 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 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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;

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 97

Notes to Financial Statements (unaudited) (continued)

• 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 Global 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 Global 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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.

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Notes to Financial Statements (unaudited) (continued)

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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI ACWI ex U.S.
Barclays Bank PLC	$	481,286	$	445,497		$	—	$	(35,789	)(b)
Barclays Capital, Inc.		456,069		456,069			—		—
BNP Paribas SA		17,848,985		17,848,985			—		—
BofA Securities, Inc.		5,909,763		5,909,763			—		—
Citigroup Global Markets, Inc.		8,165,155		7,227,520			—		(937,635	)(b)
Credit Suisse AG		815,150		815,150			—		—
Goldman Sachs & Co. LLC		2,823,308		2,775,123			—		(48,185	)(b)
J.P. Morgan Securities LLC		1,040,181		1,026,400			—		(13,781	)(b)
Jefferies LLC		127,411		127,411			—		—
Macquarie Bank Ltd.		21,606		21,606			—		—
Morgan Stanley		12,992,031		12,992,031			—		—
RBC Capital Markets LLC		31,308		29,425			—		(1,883	)(b)
Scotia Capital (USA), Inc.		5,725		5,437			—		(288	)(b)
SG Americas Securities LLC		301,193		301,193			—		—
State Street Bank & Trust Co.		116,927		103,224			—		(13,703	)(b)
UBS AG		41,498		37,355			—		(4,143	)(b)
	$	51,177,596	$	50,122,189		$	—	$	(1,055,407	)
MSCI EAFE
BNP Paribas SA	$	6,520,701	$	6,041,181		$	—	$	(479,520	)(b)
BofA Securities, Inc.		6,439,812		6,439,812			—		—
Credit Suisse AG		622,168		574,910			—		(47,258	)(b)
Goldman Sachs & Co. LLC		11,577,576		10,327,972			—		(1,249,604	)(b)
HSBC Bank PLC		12,863		12,863			—		—
J.P. Morgan Securities LLC		23,145,649		21,619,867			—		(1,525,782	)(b)
Morgan Stanley		334,409,167		334,409,167			—		—
State Street Bank & Trust Co.		3,394,230		3,394,230			—		—
Wells Fargo Bank N.A		13,488		13,488			—		—
	$	386,135,654	$	382,833,490		$	—	$	(3,302,164	)
MSCI EAFE Small-Cap
Barclays Bank PLC	$	1,614,755	$	1,542,032		$	—	$	(72,723	)(b)
Barclays Capital, Inc.		24,154,598		24,154,598			—		—
BNP Paribas SA		17,259,630		17,259,630			—		—
BofA Securities, Inc.		36,890,758		36,890,758			—		—
Citigroup Global Markets, Inc.		15,424,991		15,424,991			—		—
Credit Suisse AG		146,950		146,950			—		—
Credit Suisse Securities (USA) LLC		16,553,638		16,553,638			—		—
Deutsche Bank Securities, Inc.		2,095		2,095			—		—
Goldman Sachs & Co. LLC		69,815,393		69,815,393			—		—
HSBC Bank PLC		10,952,002		10,952,002			—		—
J.P. Morgan Securities LLC		42,751,280		42,751,280			—		—
Jefferies LLC		2,470,994		2,470,994			—		—
Macquarie Bank Ltd.		17,983,815		17,983,815			—		—
Morgan Stanley		128,054,616		128,054,616			—		—
National Financial Services LLC		524,690		524,690			—		—
Nomura Securities International, Inc.		2,422,310		2,422,310			—		—
Scotia Capital (USA), Inc.		2,197,722		2,197,722			—		—
SG Americas Securities LLC		2,102,409		2,102,409			—		—
State Street Bank & Trust Co.		5,307,140		5,307,140			—		—
UBS AG		18,809,843		18,809,843			—		—
UBS Securities LLC		11,719		11,719			—		—
Wells Fargo Securities LLC		583,509		550,921			—		(32,588	)(b)
	$	416,034,857	$	415,929,546		$	—	$	(105,311	)

^(a)  Collateral received 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 statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. 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.

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Notes to Financial Statements (unaudited) (continued)

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.

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.

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Notes to Financial Statements (unaudited) (continued)

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, 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 Fee
Currency Hedged MSCI ACWI ex U.S.		0.38	%
Currency Hedged MSCI EAFE		0.38
Currency Hedged MSCI EAFE Small-Cap		0.43

For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE 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 Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

For its investment advisory services to the iShares MSCI EAFE Small-Cap 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 Fee
First $12 billion		0.4000	%
Over $12 billion, up to and including $18 billion		0.3800
Over $18 billion, up to and including $24 billion		0.3610
Over $24 billion, up to and including $30 billion		0.3430
Over $30 billion		0.3259

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 EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 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 investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 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 investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 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 investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.

For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

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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 January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI ACWI ex U.S.	$	228,109
Currency Hedged MSCI EAFE		5,557,489
Currency Hedged MSCI EAFE Small-Cap		220,010

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 January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI ACWI ex U.S.	$	54,363
MSCI EAFE		377,160
MSCI EAFE Small-Cap		1,949,519

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 January 31, 2022, 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 ACWI ex U.S.	$	16,977,772	$	15,778,214	$	(8,089,723	)
MSCI EAFE		178,719,793		175,605,742		(85,378,094	)
MSCI EAFE Small-Cap		323,491,743		489,379,976		203,341,574

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.

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI ACWI ex U.S.	$	7,668,877	$	3,263,645
Currency Hedged MSCI EAFE		260,505,499		98,478,259
Currency Hedged MSCI EAFE Small-Cap		8,899,647		3,684,829
MSCI ACWI ex U.S.		348,806,654		136,690,007
MSCI EAFE		1,382,338,426		1,489,826,170
MSCI EAFE Small-Cap		1,192,092,177		970,487,067

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI ACWI ex U.S.	$	10,808,274	$	7,185,991
Currency Hedged MSCI EAFE		637,362,536		126,057,976
Currency Hedged MSCI EAFE Small-Cap		18,908,076		2,907,340
MSCI ACWI ex U.S.		581,058,235		45,059,770
MSCI EAFE Small-Cap		2,305,732,474		—

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI ACWI ex U.S.	$	2,730,331
Currency Hedged MSCI EAFE		87,806,992
Currency Hedged MSCI EAFE Small-Cap		1,576,716
MSCI ACWI ex U.S.		401,268,461
MSCI EAFE		6,603,572,655
MSCI EAFE Small-Cap		381,902,894

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 January 31, 2022, 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 ACWI ex U.S.	$	113,513,741	$	11,141,108	$	(1,011,657	)	$	10,129,451
Currency Hedged MSCI EAFE		3,126,794,503		303,962,012		(25,780,874	)		278,181,138
Currency Hedged MSCI EAFE Small-Cap		105,137,583		5,796,037		(745,207	)		5,050,830
MSCI ACWI ex U.S.		4,408,103,974		902,519,682		(402,671,427	)		499,848,255
MSCI EAFE		48,106,340,001		15,533,782,570		(8,368,221,725	)		7,165,560,845
MSCI EAFE Small-Cap		14,225,468,978		2,110,028,634		(1,647,001,360	)		463,027,274

9. LINE OF CREDIT

The iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two

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Notes to Financial Statements (unaudited) (continued)

tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 January 31, 2022, the iShares Currency Hedged MSCI EAFE ETF did not borrow under the Credit Agreement or Syndicated Credit Agreement.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI ACWI ex U.S.	$	347,000	$	11,315		1.10	%

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: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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.

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Notes to Financial Statements (unaudited) (continued)

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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. 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 could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 105

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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI ACWI ex U.S.
Shares sold		330,000		$	10,817,020			1,100,000		$	33,347,320
Shares redeemed		(230,000	)		(7,202,456	)		(100,000	)		(2,631,294	)
Net increase		100,000		$	3,614,564			1,000,000		$	30,716,026
Currency Hedged MSCI EAFE
Shares sold		18,250,000		$	638,835,516			14,950,000		$	474,171,183
Shares redeemed		(3,550,000	)		(125,674,467	)		(16,750,000	)		(494,153,706	)
Net increase (decrease)		14,700,000		$	513,161,049			(1,800,000	)	$	(19,982,523	)
Currency Hedged MSCI EAFE Small-Cap
Shares sold		510,000		$	19,001,392			1,030,000		$	34,871,646
Shares redeemed		(80,000	)		(2,896,187	)		—			—
Net increase		430,000		$	16,105,205			1,030,000		$	34,871,646
MSCI ACWI ex U.S.
Shares sold		14,800,000		$	825,003,137			13,000,000		$	680,182,994
Shares redeemed		(1,000,000	)		(54,231,368	)		(3,400,000	)		(182,006,599	)
Net increase		13,800,000		$	770,771,769			9,600,000		$	498,176,395
MSCI EAFE
Shares sold		3,600,000		$	276,724,630			4,200,000		$	317,216,783
Shares redeemed		—			—			(29,400,000	)		(1,916,814,719	)
Net increase (decrease)		3,600,000		$	276,724,630			(25,200,000	)	$	(1,599,597,936	)
MSCI EAFE Small-Cap
Shares sold		34,600,000		$	2,626,822,412			49,800,000		$	3,412,035,853
Shares redeemed		—			(32	)		(30,000,000	)		(2,133,648,027	)
Net increase		34,600,000		$	2,626,822,380			19,800,000		$	1,278,387,826

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 EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2022, is $22,887,206 or $0.03 per share.

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

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Notes to Financial Statements (unaudited) (continued)

The iShares MSCI EAFE ETF is expected to seek 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.

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 107

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 ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI EAFE ETF and iShares MSCI EAFE 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 ACWI ex U.S.(a)	$	0.455879	$	—	$	0.067705	$	0.523584		87	%		—	%		13	%		100	%
Currency Hedged MSCI EAFE(a)		0.483842		—		0.117364		0.601206		80			—			20			100
Currency Hedged MSCI EAFE Small-Cap(a)		0.567519		—		0.156807		0.724326		78			—			22			100
MSCI ACWI ex U.S.(a)		0.787891		—		0.115937		0.903828		87			—			13			100
MSCI EAFE(a)		1.253553		—		0.261825		1.515378		83			—			17			100
MSCI EAFE Small-Cap(a)		1.140946		—		0.312692		1.453638		78			—			22			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 109

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
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
SDR	Swedish Depositary Receipt

Counterparty Abbreviations
BBP	Barclays Bank PLC Wholesale
BNP	BNP Paribas SA

Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Counterparty Abbreviations (continued)
BOA	Bank of America N.A.
BSCH	Banco Santander Central Hispano
CBA	Commonwealth Bank of Australia
CITI	Citibank N.A.
DB	Deutsche Bank AG London
HSBC	HSBC Bank PLC
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
RBS	Royal Bank of Scotland PLC
SSB	State Street Bank and Trust Co.
TDB	Toronto Dominion Bank
TNTC	The Northern Trust Company
UBS	UBS AG

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 111

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.

©2022 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-103-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

· iShares MSCI EAFE Value ETF | EFV | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		6
Shareholder 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
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37

3

Fund Summary as of January 31, 2022 iShares^® MSCI EAFE Growth ETF

Investment Objective

The iShares MSCI EAFE Growth ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit growth characteristics, as represented by the MSCI EAFE Growth 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.55	)%		1.92	%		10.35	%		8.12	%		1.92	%		63.66	%		118.35	%
Fund Market		(7.86	)		1.95			10.32			8.08			1.95			63.39			117.42
Index		(8.35	)		0.94			10.36			8.28			0.94			63.72			121.65

Past performance is no guarantee 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” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	924.50	$	1.70		$	1,000.00	$	1,023.40	$	1.79		0.35	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	19.9	%
Consumer Discretionary	16.3
Health Care	16.2
Information Technology	15.9
Consumer Staples	12.9
Financials	8.4
Materials	5.1
Communication Services	3.4
Other (each representing less than 1%)	1.9

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	22.5	%
France	12.6
Switzerland	12.5
United Kingdom	11.2
Netherlands	8.4
Australia	6.5
Germany	6.0
Sweden	5.4
Denmark	4.4
Hong Kong	3.2

4 2 0 2 2   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 January 31, 2022 iShares^® MSCI EAFE Value ETF

Investment Objective

The iShares MSCI EAFE Value ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit value characteristics, as represented by the MSCI EAFE Value 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.32	%		13.93	%		5.12	%		5.31	%		13.93	%		28.34	%		67.71	%
Fund Market		2.04			14.07			5.10			5.30			14.07			28.21			67.68
Index		1.48			12.93			5.05			5.38			12.93			27.93			68.95

Past performance is no guarantee 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” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,023.20	$	1.73		$	1,000.00	$	1,023.50	$	1.73		0.34	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	27.0	%
Industrials	11.4
Materials	10.2
Consumer Discretionary	9.2
Health Care	8.8
Consumer Staples	7.9
Energy	6.9
Utilities	5.9
Communication Services	5.8
Real Estate	4.8
Information Technology	2.1

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	22.5	%
United Kingdom	17.2
Germany	11.6
France	10.6
Australia	8.8
Switzerland	8.2
Spain	3.1
Italy	2.8
Hong Kong	2.7
Netherlands	2.4

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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 2   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) January 31, 2022 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.5%
Ampol Ltd.		349,421	$	7,401,786
Aristocrat Leisure Ltd.		899,912		26,086,440
ASX Ltd.		198,066		11,747,001
BlueScope Steel Ltd.		377,390		4,946,392
Brambles Ltd.		2,148,589		14,760,907
Cochlear Ltd.		98,582		13,518,838
Coles Group Ltd.		1,292,206		14,845,767
Commonwealth Bank of Australia		927,719		61,869,335
Computershare Ltd.		529,400		7,338,331
Crown Resorts Ltd.(a)		362,363		3,122,156
CSL Ltd.		713,591		132,187,441
Domino’s Pizza Enterprises Ltd.		88,891		6,556,887
Endeavour Group Ltd./Australia		1,964,843		8,776,194
Goodman Group		2,478,778		40,928,902
IDP Education Ltd.		312,751		6,537,235
James Hardie Industries PLC		664,615		22,367,768
Macquarie Group Ltd.		344,659		45,050,894
Medibank Pvt Ltd.		2,063,399		4,521,467
Newcrest Mining Ltd.		1,218,734		18,904,223
Northern Star Resources Ltd.		1,630,050		9,714,972
Orica Ltd.		604,462		5,988,731
Qantas Airways Ltd.(a)		873,311		2,989,033
Ramsay Health Care Ltd.		96,000		4,283,137
REA Group Ltd.		78,776		8,160,936
Reece Ltd.		427,891		6,605,950
Santos Ltd.		4,811,261		24,507,272
SEEK Ltd.		503,377		10,431,583
Sonic Healthcare Ltd.		677,363		18,241,590
South32 Ltd.		4,521,279		12,439,379
Sydney Airport(a)		1,288,509		7,919,330
Transurban Group		2,960,288		26,151,850
Treasury Wine Estates Ltd.		1,061,370		7,977,504
Washington H Soul Pattinson & Co. Ltd.		316,029		6,135,357
Wesfarmers Ltd.		1,691,692		63,121,277
Westpac Banking Corp.		3,561,904		51,373,091
WiseTech Global Ltd.		217,858		7,095,494
Woolworths Group Ltd.		1,889,929		46,103,802
				770,708,252
Austria — 0.2%
Erste Group Bank AG		335,016		15,658,842
Verbund AG		99,676		10,556,698
voestalpine AG		60,850		2,022,966
				28,238,506
Belgium — 0.3%
Elia Group SA/NV		45,758		6,174,800
Sofina SA		22,598		8,997,346
UCB SA		94,744		9,427,523
Umicore SA		288,364		10,916,207
				35,515,876
Denmark — 4.4%
Ambu A/S, Class B		244,882		5,188,795
AP Moller - Maersk A/S, Class A		4,678		15,672,488
AP Moller - Maersk A/S, Class B, NVS		3,039		10,916,523
Chr Hansen Holding A/S		102,791		8,243,368
Coloplast A/S, Class B		177,171		25,764,607
Demant A/S(a)		158,384		7,007,436
DSV A/S		304,725		61,914,223
Genmab A/S(a)		98,093		33,403,559

Security	Shares		Value
Denmark (continued)
GN Store Nord A/S		185,484	$	11,224,372
Novo Nordisk A/S, Class B		2,516,428		250,304,682
Novozymes A/S, Class B		306,340		21,029,449
Orsted A/S(b)		99,229		10,572,353
Pandora A/S		149,069		16,209,723
Rockwool International A/S, Class B		12,739		4,879,165
Vestas Wind Systems A/S		1,508,308		40,815,406
				523,146,149
Finland — 0.8%
Elisa OYJ		74,498		4,376,147
Kesko OYJ, Class B		409,354		12,928,701
Kone OYJ, Class B		253,343		16,407,546
Neste OYJ		630,959		28,455,947
Nokia OYJ(a)		2,828,459		16,867,865
Stora Enso OYJ, Class R		566,820		11,538,781
Wartsila OYJ Abp		354,609		4,378,147
				94,953,134
France — 12.6%
Accor SA(a)		255,257		9,381,036
Aeroports de Paris(a)(c)		44,525		6,042,078
Air Liquide SA		353,351		60,443,953
Airbus SE(a)		883,809		112,856,417
BioMerieux		60,401		7,082,795
Bureau Veritas SA		437,738		12,524,707
Capgemini SE		239,167		53,768,655
Cie. de Saint-Gobain		491,153		33,235,079
Dassault Systemes SE		991,516		47,948,099
Edenred		374,120		16,069,334
Eiffage SA		62,460		6,562,871
EssilorLuxottica SA		214,025		40,490,410
Eurofins Scientific SE		199,387		20,019,024
Getlink SE		659,610		10,405,257
Hermes International		47,262		70,960,064
Kering SA		112,455		83,977,435
La Francaise des Jeux SAEM(b)		140,456		5,815,386
Legrand SA		398,717		40,578,637
L’Oreal SA		375,011		160,184,683
LVMH Moet Hennessy Louis Vuitton SE		414,877		340,770,513
Orpea SA		75,860		3,330,573
Pernod Ricard SA		203,053		43,432,902
Remy Cointreau SA		33,657		7,018,605
Safran SA		509,906		61,733,920
Sartorius Stedim Biotech		41,258		18,092,091
Schneider Electric SE		807,779		136,833,976
Sodexo SA		132,658		12,337,677
Teleperformance		87,533		32,963,982
Ubisoft Entertainment SA(a)		135,403		7,770,031
Vivendi SE		1,163,041		15,242,079
Wendel SE		39,264		4,264,712
Worldline SA/France(a)(b)		355,427		17,227,611
				1,499,364,592
Germany — 5.7%
adidas AG		284,094		77,960,277
Bechtle AG		118,447		7,111,842
Beiersdorf AG		150,173		14,936,734
Carl Zeiss Meditec AG, Bearer		58,953		9,480,837
Delivery Hero SE(a)(b)		241,806		18,664,995
Deutsche Boerse AG		283,821		50,449,862
Deutsche Lufthansa AG, Registered(a)		435,607		3,387,200

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) January 31, 2022 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Telekom AG, Registered		1,742,286	$	32,892,574
E.ON SE		2,179,442		30,059,887
HelloFresh SE(a)		247,515		16,479,725
Infineon Technologies AG		1,957,771		81,301,811
KION Group AG		107,273		9,917,740
Knorr-Bremse AG		108,191		10,969,446
LANXESS AG		124,545		7,582,947
Merck KGaA		192,690		42,256,584
MTU Aero Engines AG		79,588		16,935,464
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		135,734		42,971,335
Nemetschek SE		85,037		7,860,151
Puma SE		157,402		16,834,538
Rational AG		7,510		6,295,754
SAP SE		782,732		98,202,499
Scout24 SE(b)		85,215		5,091,121
Siemens Healthineers AG(b)		420,603		27,028,898
Symrise AG		192,100		22,955,830
Zalando SE(a)(b)		331,971		26,347,841
				683,975,892
Hong Kong — 3.2%
AIA Group Ltd.		18,144,400		189,424,092
Budweiser Brewing Co. APAC Ltd.(b)		2,801,200		7,399,466
Chow Tai Fook Jewellery Group Ltd.		3,342,600		5,872,860
ESR Cayman Ltd.(a)(b)		3,151,400		10,685,449
Futu Holdings Ltd., ADR(a)(c)		92,066		3,981,854
Galaxy Entertainment Group Ltd.(a)		3,251,000		18,827,394
Hong Kong Exchanges & Clearing Ltd.		1,819,700		103,860,639
SITC International Holdings Co. Ltd.(c)		866,000		3,300,827
Techtronic Industries Co. Ltd.		2,054,500		33,899,436
				377,252,017
Ireland — 0.6%
Flutter Entertainment PLC, Class DI(a)		161,505		24,571,976
Kerry Group PLC, Class A		237,357		29,906,404
Kingspan Group PLC		229,678		22,108,124
				76,586,504
Israel — 0.7%
Check Point Software Technologies Ltd.(a)		158,622		19,194,848
CyberArk Software Ltd.(a)(c)		20,292		2,783,048
Elbit Systems Ltd.		39,757		6,622,836
Fiverr International Ltd.(a)(c)		43,713		3,729,156
Inmode Ltd.(a)(c)		74,238		3,580,499
Israel Discount Bank Ltd., Class A		1,129,147		7,571,886
Kornit Digital Ltd.(a)(c)		69,300		7,280,658
Nice Ltd.(a)		94,133		24,095,942
Wix.com Ltd.(a)		40,886		5,371,194
				80,230,067
Italy — 1.3%
Amplifon SpA		184,034		7,822,565
Atlantia SpA(a)		737,950		13,692,865
DiaSorin SpA		37,479		5,777,812
Ferrari NV		187,899		43,305,571
FinecoBank Banca Fineco SpA		860,164		14,461,305
Infrastrutture Wireless Italiane SpA(b)		503,520		5,429,156
Moncler SpA		306,059		19,642,730
Nexi SpA(a)(b)		701,638		10,263,182
Prysmian SpA		379,254		12,789,022
Recordati Industria Chimica e Farmaceutica SpA		156,714		8,779,196

Security	Shares		Value
Italy (continued)
UniCredit SpA		1,112,184	$	17,676,402
				159,639,806
Japan — 22.5%
Advantest Corp.		299,200		25,465,673
Aeon Co. Ltd.		980,100		22,333,683
Ajinomoto Co. Inc.		343,900		9,595,321
ANA Holdings Inc.(a)		83,900		1,771,778
Asahi Intecc Co. Ltd.		323,000		5,510,697
Azbil Corp.		181,000		7,109,263
Bandai Namco Holdings Inc.		299,500		21,051,299
Benefit One Inc.		119,900		3,646,558
Capcom Co. Ltd.		255,200		6,160,717
Chugai Pharmaceutical Co. Ltd.		1,006,900		32,703,874
Cosmos Pharmaceutical Corp.		29,500		3,684,099
CyberAgent Inc.		593,300		6,918,001
Daifuku Co. Ltd.		151,800		10,538,678
Daiichi Sankyo Co. Ltd.		2,614,900		58,756,761
Daikin Industries Ltd.		373,500		78,414,101
Denso Corp.		646,500		48,250,675
Disco Corp.		43,200		11,877,999
Eisai Co. Ltd.		355,700		17,815,241
FANUC Corp.		285,900		56,536,244
Fast Retailing Co. Ltd.		87,000		51,196,435
FUJIFILM Holdings Corp.		189,000		12,669,803
Fujitsu Ltd.		293,300		38,773,767
GMO Payment Gateway Inc.		63,100		5,537,138
Hakuhodo DY Holdings Inc.		173,500		2,657,627
Hamamatsu Photonics KK		210,300		10,759,219
Hikari Tsushin Inc.		20,400		2,449,321
Hirose Electric Co. Ltd.		24,300		3,622,103
Hitachi Ltd.		508,000		26,403,810
Hitachi Metals Ltd.(a)		209,500		3,777,847
Hoshizaki Corp.		41,100		3,037,060
Hoya Corp.		551,300		71,486,159
Hulic Co. Ltd.		198,100		1,914,766
Ibiden Co. Ltd.		158,300		8,845,862
Isuzu Motors Ltd.		437,100		5,354,475
Ito En Ltd.		78,900		4,249,876
ITOCHU Corp.		891,100		28,627,892
Itochu Techno-Solutions Corp.		143,400		3,911,969
Japan Airlines Co. Ltd.(a)		77,500		1,466,887
Japan Exchange Group Inc.		794,100		16,335,307
JSR Corp.		303,600		10,063,790
Kakaku.com Inc.		199,600		4,134,027
Kansai Paint Co. Ltd.		260,400		5,405,329
Kao Corp.		462,900		23,131,832
Keio Corp.		77,111		3,468,499
Keisei Electric Railway Co. Ltd.		123,500		3,485,310
Keyence Corp.		290,148		148,823,410
Kikkoman Corp.		218,000		16,478,166
Kintetsu Group Holdings Co. Ltd.(a)		164,000		4,765,106
Kobayashi Pharmaceutical Co. Ltd.		79,000		6,151,961
Kobe Bussan Co. Ltd.		199,900		6,222,767
Koei Tecmo Holdings Co. Ltd.		87,050		3,149,176
Koito Manufacturing Co. Ltd.		156,700		7,867,984
Komatsu Ltd.		1,306,600		32,833,472
Konami Holdings Corp.		136,800		7,374,861
Kose Corp.		32,400		2,962,317
Kubota Corp.		528,100		11,325,383
Kurita Water Industries Ltd.		144,700		5,884,009

8 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kyowa Kirin Co. Ltd.		404,800	$	10,089,553
Lasertec Corp.		112,400		25,215,519
Lawson Inc.		75,200		3,295,947
Lion Corp.		168,600		2,202,917
M3 Inc.		661,400		25,428,574
Makita Corp.		335,900		12,570,529
McDonald’s Holdings Co. Japan Ltd.		118,300		5,166,211
Mercari Inc.(a)		150,900		5,698,852
MinebeaMitsumi Inc.		544,700		13,329,126
Misumi Group Inc.		425,400		13,800,774
Mitsubishi Chemical Holdings Corp.		671,800		5,269,722
Mitsui & Co. Ltd.		818,700		20,414,587
Miura Co. Ltd.		127,200		3,755,596
MonotaRO Co. Ltd.		365,500		6,005,455
Murata Manufacturing Co. Ltd.		861,200		64,747,831
NEC Corp.		384,200		14,988,906
Nexon Co. Ltd.		739,800		13,946,426
Nidec Corp.		667,800		59,186,977
Nihon M&A Center Holdings Inc.		454,000		7,147,417
Nintendo Co. Ltd.		166,900		81,787,907
Nippon Paint Holdings Co. Ltd.		1,237,500		9,896,801
Nippon Prologis REIT Inc.		1,084		3,382,337
Nippon Sanso Holdings Corp.		227,400		4,515,887
Nippon Shinyaku Co. Ltd.		74,500		4,870,125
Nissan Chemical Corp.		178,100		9,663,400
Nissin Foods Holdings Co. Ltd.		61,800		4,383,636
Nitori Holdings Co. Ltd.		119,700		17,148,531
Nomura Research Institute Ltd.		503,570		17,627,909
NTT Data Corp.		946,000		18,135,514
Obic Co. Ltd.		104,600		17,282,187
Odakyu Electric Railway Co. Ltd.		220,700		3,899,935
Olympus Corp.		1,653,800		37,007,162
Omron Corp.		278,200		20,339,056
Ono Pharmaceutical Co. Ltd.		546,400		13,251,130
Open House Group Co. Ltd.		122,900		6,362,925
Oracle Corp. Japan		56,200		4,203,228
Oriental Land Co. Ltd./Japan		298,500		51,963,884
Otsuka Corp.		168,800		6,849,360
Pan Pacific International Holdings Corp.		602,800		8,112,981
Persol Holdings Co. Ltd.		262,100		6,766,320
Pola Orbis Holdings Inc.		49,700		740,747
Rakuten Group Inc.(a)		827,600		7,179,740
Recruit Holdings Co. Ltd.		2,027,200		100,201,612
Renesas Electronics Corp.(a)		1,884,200		21,624,606
Ricoh Co. Ltd.		653,200		5,515,890
Rinnai Corp.		35,200		3,143,536
Rohm Co. Ltd.		83,600		7,042,222
SCSK Corp.		232,500		3,934,237
Secom Co. Ltd.		204,600		14,406,713
SG Holdings Co. Ltd.		471,800		10,015,497
Sharp Corp./Japan		322,700		3,587,169
Shimadzu Corp.		355,100		12,812,622
Shimano Inc.		110,500		24,778,752
Shin-Etsu Chemical Co. Ltd.		530,900		88,824,499
Shionogi & Co. Ltd.		139,000		7,921,979
Shiseido Co. Ltd.		597,000		30,115,060
SMC Corp.		85,300		47,577,055
Sohgo Security Services Co. Ltd.		105,800		3,837,106
Sony Group Corp.		1,884,500		210,816,122
Square Enix Holdings Co. Ltd.		125,600		6,159,163

Security	Shares		Value
Japan (continued)
SUMCO Corp.		495,900	$	9,142,453
Suzuki Motor Corp.		276,200		11,758,971
Sysmex Corp.		251,200		23,911,949
TDK Corp.		582,900		21,051,363
Terumo Corp.		968,300		35,346,658
TIS Inc.		334,100		8,787,051
Tobu Railway Co. Ltd.		278,800		6,530,388
Toho Co. Ltd./Tokyo		109,100		4,226,280
Tokio Marine Holdings Inc.		468,100		27,933,237
Tokyo Electron Ltd.		223,300		109,223,392
Tokyu Corp.		370,400		4,921,813
TOTO Ltd.		134,700		5,797,549
Toyo Suisan Kaisha Ltd.		64,200		2,630,452
Trend Micro Inc/Japan(a)		100,000		5,305,259
Tsuruha Holdings Inc.		57,100		4,599,082
Unicharm Corp.		605,000		23,379,318
Welcia Holdings Co. Ltd.		140,300		3,789,198
Yakult Honsha Co. Ltd.		192,300		9,749,892
Yamaha Corp.		201,000		9,156,585
Yamaha Motor Co. Ltd.		223,200		5,315,175
Yamato Holdings Co. Ltd.		426,200		9,075,603
Yaskawa Electric Corp.		359,800		15,064,956
Yokogawa Electric Corp.		171,600		2,811,750
Z Holdings Corp.		2,008,600		10,201,008
ZOZO Inc.		183,400		4,887,135
				2,679,287,362
Netherlands — 8.4%
Adyen NV(a)(b)		29,568		60,167,847
Akzo Nobel NV		279,156		28,894,782
Argenx SE(a)		24,039		6,432,640
ASM International NV		69,844		23,997,027
ASML Holding NV		617,705		418,368,184
CNH Industrial NV		1,525,984		23,259,189
Davide Campari-Milano NV		779,446		9,786,177
Euronext NV(b)		127,698		12,311,657
EXOR NV		161,504		13,542,260
Heineken Holding NV		171,683		15,051,788
Heineken NV		386,325		41,432,058
IMCD NV		84,948		14,612,743
InPost SA(a)		291,953		2,370,152
JDE Peet’s NV		150,494		4,506,411
Just Eat Takeaway.com NV(a)(b)		92,814		4,583,234
Koninklijke DSM NV		260,711		48,872,990
Koninklijke Philips NV		684,038		22,753,351
Prosus NV		1,398,946		116,386,517
QIAGEN NV(a)		340,524		16,832,865
STMicroelectronics NV		1,018,333		47,882,761
Universal Music Group NV		1,083,139		26,741,760
Wolters Kluwer NV		398,826		40,591,945
				999,378,338
New Zealand — 0.3%
Auckland International Airport Ltd.(a)		1,219,469		5,788,691
Fisher & Paykel Healthcare Corp. Ltd.		864,290		15,901,662
Meridian Energy Ltd.		671,876		1,936,727
Xero Ltd.(a)		199,278		16,142,604
				39,769,684
Norway — 0.3%
Adevinta ASA(a)		400,448		4,201,239
Aker BP ASA		188,889		6,544,855

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) January 31, 2022 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Mowi ASA		687,712	$	16,879,140
Schibsted ASA, Class A		108,720		3,220,786
Schibsted ASA, Class B		141,830		3,699,636
				34,545,656
Portugal — 0.1%
Jeronimo Martins SGPS SA		422,269		10,147,566
Singapore — 1.1%
DBS Group Holdings Ltd.		1,357,900		35,667,780
Genting Singapore Ltd.		8,933,000		4,881,368
Oversea-Chinese Banking Corp. Ltd.		1,777,200		16,542,644
Sea Ltd., ADR(a)		206,491		31,037,662
Singapore Airlines Ltd.(a)(c)		1,304,900		4,867,414
Singapore Exchange Ltd.		1,088,100		7,531,577
Singapore Technologies Engineering Ltd.		2,301,400		6,396,643
Singapore Telecommunications Ltd.		12,380,200		22,448,085
Venture Corp. Ltd.		413,600		5,418,878
				134,792,051
Spain — 1.5%
Aena SME SA(a)(b)		112,449		18,169,802
Amadeus IT Group SA(a)		672,092		46,213,182
Cellnex Telecom SA(b)		760,954		34,505,906
EDP Renovaveis SA		274,576		5,771,988
Ferrovial SA		720,351		20,017,515
Industria de Diseno Textil SA		1,629,349		49,417,171
Siemens Gamesa Renewable Energy SA(a)		349,349		7,559,167
				181,654,731
Sweden — 5.4%
Alfa Laval AB		468,991		15,843,080
Assa Abloy AB, Class B		1,494,202		40,914,373
Atlas Copco AB, Class A		1,006,687		59,581,814
Atlas Copco AB, Class B		584,959		29,916,428
Embracer Group AB(a)(c)		833,728		8,365,067
Epiroc AB, Class A		982,675		20,969,426
Epiroc AB, Class B		579,968		10,496,752
EQT AB		441,658		17,307,048
Evolution AB(b)		257,012		31,976,693
Fastighets AB Balder, Class B(a)		102,436		6,786,266
Getinge AB, Class B		342,856		13,404,152
H & M Hennes & Mauritz AB, Class B		1,089,074		21,684,384
Hexagon AB, Class B		2,942,415		39,687,495
Investment AB Latour, Class B		217,691		6,773,230
Investor AB		747,511		17,005,335
Investor AB, Class B		2,722,023		59,100,362
Kinnevik AB, Class B(a)		362,905		10,846,727
L E Lundbergforetagen AB, Class B		38,790		1,982,035
Lifco AB, Class B		349,282		8,187,255
Lundin Energy AB		294,926		11,994,015
Nibe Industrier AB, Class B		2,130,066		20,245,334
Sagax AB, Class B		241,303		7,043,678
Sandvik AB		1,686,662		44,417,433
Sinch AB(a)(b)(c)		778,251		8,001,143
Swedish Match AB		2,368,736		18,327,578
Telefonaktiebolaget LM Ericsson, Class B		4,360,911		54,450,742
Volvo AB, Class A		300,215		6,867,105
Volvo AB, Class B		2,131,802		48,107,136
				640,282,086
Switzerland — 12.5%
Alcon Inc.		745,455		57,481,000

Security	Shares		Value
Switzerland (continued)
Bachem Holding AG, Class B, Registered		9,300	$	5,547,555
Barry Callebaut AG, Registered		5,349		12,279,313
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,031		11,965,119
Chocoladefabriken Lindt & Spruengli AG, Registered		156		17,962,769
Cie. Financiere Richemont SA, Class A, Registered		778,900		113,200,495
Clariant AG, Registered		161,831		3,430,021
EMS-Chemie Holding AG, Registered		6,739		6,816,373
Geberit AG, Registered		53,474		36,331,845
Givaudan SA, Registered		13,779		57,085,357
Kuehne + Nagel International AG, Registered		81,138		22,912,312
Logitech International SA, Registered		258,347		21,708,775
Lonza Group AG, Registered		111,636		76,966,533
Nestle SA, Registered		2,734,403		353,116,115
Partners Group Holding AG		34,316		47,843,286
Roche Holding AG, Bearer		47,712		19,647,626
Roche Holding AG, NVS		1,049,936		406,324,340
Schindler Holding AG, Participation Certificates, NVS		60,697		15,233,972
Schindler Holding AG, Registered		29,812		7,479,020
SGS SA, Registered		5,811		16,570,484
Siemens Energy AG(a)		294,485		6,623,808
Sika AG, Registered		212,555		74,367,485
Sonova Holding AG, Registered		81,743		29,120,124
Straumann Holding AG, Registered		15,462		25,621,825
Temenos AG, Registered		100,706		12,071,102
VAT Group AG(b)		40,273		16,423,625
Vifor Pharma AG		72,732		12,884,257
				1,487,014,536
United Kingdom — 11.2%
Ashtead Group PLC		667,399		47,737,702
Associated British Foods PLC		534,091		14,097,814
AstraZeneca PLC		1,504,859		175,057,140
Auto Trader Group PLC(b)		1,437,365		13,024,878
AVEVA Group PLC		176,221		6,992,769
Barclays PLC		8,841,784		23,720,893
Bunzl PLC		176,986		6,629,359
Burberry Group PLC		603,035		15,298,358
Coca-Cola Europacific Partners PLC		305,839		17,478,699
Compass Group PLC		2,661,457		60,488,595
Croda International PLC		208,427		22,509,689
Diageo PLC		3,488,373		176,028,035
Entain PLC(a)		873,630		18,913,519
Experian PLC		1,375,683		57,459,368
Ferguson PLC		331,640		52,163,793
Halma PLC		566,759		19,209,541
Hikma Pharmaceuticals PLC		252,944		7,105,992
Informa PLC(a)		2,253,451		17,045,933
InterContinental Hotels Group PLC(a)		273,175		18,049,596
Intertek Group PLC		240,676		17,465,965
JD Sports Fashion PLC		3,854,450		9,883,452
London Stock Exchange Group PLC		500,272		48,983,339
Melrose Industries PLC		6,555,102		13,352,845
Next PLC		198,407		20,214,831
NMC Health PLC(a)(d)		50,450		1
Ocado Group PLC(a)		356,097		7,255,681
Reckitt Benckiser Group PLC		692,554		56,112,182
RELX PLC		2,899,118		89,177,985
Rentokil Initial PLC		2,774,878		19,431,733
Rolls-Royce Holdings PLC(a)		12,485,361		19,570,558
Sage Group PLC (The)		789,847		7,718,365

10 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Segro PLC		899,702	$	15,861,522
Spirax-Sarco Engineering PLC		110,113		19,848,496
Standard Chartered PLC		1,381,046		10,057,811
Unilever PLC		3,878,639		198,903,775
Whitbread PLC(a)		151,412		6,230,235
				1,329,080,449
Total Common Stocks — 99.6% (Cost: $10,120,843,769)				11,865,563,254
Preferred Stocks
Germany — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS(c)		66,002		2,852,287
Sartorius AG, Preference Shares, NVS		39,130		21,125,402
				23,977,689
Total Preferred Stocks — 0.2% (Cost: $15,012,134)				23,977,689
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		33,795,354		33,805,493

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		3,950,000	$	3,950,000
				37,755,493
Total Short-Term Investments — 0.3% (Cost: $37,751,507)				37,755,493
Total Investments in Securities — 100.1% (Cost: $10,173,607,410)				11,927,296,436
Other Assets, Less Liabilities — (0.1)%				(9,407,600	)
Net Assets — 100.0%			$	11,917,888,836

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,848,791	$	23,963,982	(a)	$	—	$	(5,550	)	$	(1,730	)	$	33,805,493		33,795,354	$	97,850	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,140,000		810,000	(a)		—		—			—			3,950,000		3,950,000		105			—
								$	(5,550	)	$	(1,730	)	$	37,755,493			$	97,955		$	—

^(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		54		03/10/22	$	8,999	$	(368,334	)
Euro STOXX 50 Index		265		03/18/22		12,455		(178,421	)

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) January 31, 2022 iShares^® MSCI EAFE Growth ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		34		03/18/22	$	3,408	$	80,652
							$	(466,103	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	80,652
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	546,755

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,834,347
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(208,325	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	40,095,358

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.

12 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Growth ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	116,100,023	$	11,749,463,230		$	1	$	11,865,563,254
Preferred Stocks		—		23,977,689			—		23,977,689
Money Market Funds		37,755,493		—			—		37,755,493
	$	153,855,516	$	11,773,440,919		$	1	$	11,927,296,436
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	80,652		$	—	$	80,652
Liabilities
Futures Contracts		—		(546,755	)		—		(546,755	)
	$	—	$	(466,103	)	$	—	$	(466,103	)

^(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) January 31, 2022 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.8%
APA Group		2,278,454	$	15,452,124
ASX Ltd.		128,469		7,619,306
Aurizon Holdings Ltd.		3,490,847		8,733,593
AusNet Services Ltd.		3,691,513		6,792,748
Australia & New Zealand Banking Group Ltd.		5,393,030		101,921,989
BHP Group Ltd.(a)		5,590,765		179,298,925
BHP Group Ltd.		4,002,224		126,329,362
BlueScope Steel Ltd.		476,809		6,249,461
Coles Group Ltd.		885,344		10,171,451
Commonwealth Bank of Australia		2,185,275		145,735,412
Computershare Ltd.		365,448		5,065,694
Crown Resorts Ltd.(b)		239,110		2,060,196
Dexus		2,038,675		14,841,374
Evolution Mining Ltd.		3,475,150		8,731,075
Fortescue Metals Group Ltd.		3,208,404		45,052,736
Glencore PLC		18,922,307		98,577,903
GPT Group (The)		3,630,977		12,866,927
Insurance Australia Group Ltd.		4,707,440		14,199,399
Lendlease Corp. Ltd.		1,305,726		9,240,026
Macquarie Group Ltd.		232,367		30,373,038
Magellan Financial Group Ltd.		265,050		3,526,733
Medibank Pvt Ltd.		2,600,816		5,699,093
Mirvac Group		7,473,097		13,848,875
National Australia Bank Ltd.		6,238,209		120,369,011
Origin Energy Ltd.		3,378,948		13,520,859
Qantas Airways Ltd.(b)		889,424		3,044,182
QBE Insurance Group Ltd.		2,795,454		22,194,896
Ramsay Health Care Ltd.		225,647		10,067,469
Rio Tinto Ltd.		703,279		55,914,667
Rio Tinto PLC		2,128,160		150,004,031
Scentre Group		9,836,209		20,421,404
South32 Ltd.		3,101,713		8,533,732
Stockland		4,525,183		13,043,512
Suncorp Group Ltd.		2,444,915		19,202,101
Sydney Airport(b)		889,290		5,465,682
Tabcorp Holdings Ltd.		4,212,333		14,800,372
Telstra Corp. Ltd.		7,888,358		21,929,005
Transurban Group		2,033,790		17,966,959
Vicinity Centres		7,338,493		8,507,576
Westpac Banking Corp.		2,432,836		35,088,623
Woodside Petroleum Ltd.		1,825,776		32,624,799
				1,445,086,320
Austria — 0.2%
Erste Group Bank AG		228,225		10,667,369
OMV AG		279,114		17,082,998
Raiffeisen Bank International AG		280,746		7,890,996
voestalpine AG		144,942		4,818,616
				40,459,979
Belgium — 1.3%
Ageas SA/NV		327,983		15,787,314
Anheuser-Busch InBev SA/NV		1,443,470		90,997,935
Etablissements Franz Colruyt NV		103,412		4,200,564
Groupe Bruxelles Lambert SA		214,033		22,966,360
KBC Group NV		473,674		41,195,118
Proximus SADP		288,667		5,894,747
Solvay SA		140,512		16,930,176
UCB SA		121,283		12,068,292
				210,040,506

Security	Shares		Value
Denmark — 0.8%
AP Moller - Maersk A/S, Class B, NVS		7,132	$	25,619,165
Carlsberg A/S, Class B		190,255		30,808,107
Chr Hansen Holding A/S		70,933		5,688,502
Danske Bank A/S		1,307,171		25,373,802
Orsted A/S(c)		233,954		24,926,628
Tryg A/S		686,850		16,275,466
				128,691,670
Finland — 1.6%
Elisa OYJ		175,290		10,296,852
Fortum OYJ		845,502		23,014,337
Kone OYJ, Class B		322,052		20,857,426
Nokia OYJ(b)		6,641,350		39,606,513
Nordea Bank Abp		6,137,947		72,904,582
Orion OYJ, Class B		203,900		8,291,127
Sampo OYJ, Class A		944,896		46,897,853
Stora Enso OYJ, Class R		390,966		7,958,913
UPM-Kymmene OYJ		1,011,426		36,862,928
Wartsila OYJ Abp		454,602		5,612,701
				272,303,232
France — 10.6%
Air Liquide SA		448,728		76,759,070
Alstom SA		601,267		19,492,910
Amundi SA(c)		116,889		9,086,520
ArcelorMittal SA		1,272,008		37,783,761
Arkema SA		117,132		17,320,086
AXA SA		3,667,968		116,168,197
BNP Paribas SA		2,130,776		152,114,785
Bollore SA		1,697,213		9,148,327
Bouygues SA		433,619		15,292,466
Carrefour SA		1,194,813		22,739,192
Cie. de Saint-Gobain		335,530		22,704,465
Cie. Generale des Etablissements Michelin SCA		320,997		53,710,440
CNP Assurances		325,270		8,006,575
Covivio		98,534		8,228,385
Credit Agricole SA		2,343,462		35,256,085
Danone SA		1,237,551		77,162,624
Dassault Aviation SA		48,111		5,717,628
Eiffage SA		78,914		8,291,745
Electricite de France SA		907,657		8,730,033
Engie SA		3,460,586		53,230,050
EssilorLuxottica SA		272,003		51,459,002
Eurazeo SE		76,073		6,044,634
Faurecia SE		222,445		9,860,555
Gecina SA		87,041		11,810,787
Ipsen SA		71,425		6,949,707
Klepierre SA		385,286		10,247,934
Orange SA		3,780,012		44,405,513
Pernod Ricard SA		138,936		29,718,318
Publicis Groupe SA		432,013		29,273,578
Renault SA(b)		364,502		14,486,189
Sanofi		2,154,762		225,306,245
SEB SA		53,106		8,059,897
Societe Generale SA		1,535,906		57,013,340
Thales SA		203,485		18,770,968
TotalEnergies SE		4,753,405		270,313,886
Unibail-Rodamco-Westfield(b)		238,038		18,137,832
Valeo		435,466		12,188,085
Veolia Environnement SA		1,241,898		44,863,283

14 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Vinci SA		1,019,331	$	111,725,335
				1,737,578,432
Germany — 10.7%
Allianz SE, Registered		781,280		200,595,607
Aroundtown SA		1,894,105		11,699,003
BASF SE		1,739,897		133,256,776
Bayer AG, Registered		1,861,091		113,068,453
Bayerische Motoren Werke AG		627,412		66,407,106
Brenntag SE		292,726		25,079,668
Commerzbank AG(b)		1,899,626		16,403,845
Continental AG(b)		208,521		20,216,134
Covestro AG(c)		366,104		21,963,670
Daimler AG, Registered		1,620,890		129,336,854
Daimler Truck Holding AG(b)		779,954		27,496,398
Deutsche Bank AG, Registered(b)		3,915,582		54,518,693
Deutsche Lufthansa AG, Registered(b)		567,507		4,412,830
Deutsche Post AG, Registered		1,878,493		113,048,811
Deutsche Telekom AG, Registered		4,104,321		77,485,374
E.ON SE		1,497,080		20,648,430
Evonik Industries AG		397,514		12,968,371
Fresenius Medical Care AG & Co. KGaA		388,597		26,422,021
Fresenius SE & Co. KGaA		793,590		32,759,676
GEA Group AG		290,793		13,738,555
Hannover Rueck SE		114,280		23,055,091
HeidelbergCement AG		283,605		19,735,664
Henkel AG & Co. KGaA		196,967		15,562,554
LEG Immobilien SE		138,812		18,414,621
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		92,904		29,412,004
RWE AG		1,217,064		51,338,516
SAP SE		989,060		124,088,658
Scout24 SE(c)		58,893		3,518,529
Siemens AG, Registered		1,449,658		230,163,799
Telefonica Deutschland Holding AG		1,975,867		5,672,261
Uniper SE		175,655		7,948,352
United Internet AG, Registered(d)		183,482		7,195,547
Volkswagen AG		61,503		17,809,920
Vonovia SE		1,397,674		79,605,610
				1,755,047,401
Hong Kong — 2.7%
BOC Hong Kong Holdings Ltd.		7,019,000		27,102,727
CK Asset Holdings Ltd.		3,786,500		25,276,428
CK Hutchison Holdings Ltd.		5,102,000		36,261,569
CK Infrastructure Holdings Ltd.		1,266,500		7,804,639
CLP Holdings Ltd.		3,125,500		31,278,451
Hang Lung Properties Ltd.		3,843,088		8,211,547
Hang Seng Bank Ltd.		1,448,200		28,671,180
Henderson Land Development Co. Ltd.		2,733,794		11,955,411
HK Electric Investments & HK Electric Investments Ltd., Class SS		5,290,000		5,264,863
HKT Trust & HKT Ltd., Class SS		7,176,000		9,792,334
Hong Kong & China Gas Co. Ltd.		21,292,650		32,817,473
Hongkong Land Holdings Ltd.		2,211,900		11,979,458
Jardine Matheson Holdings Ltd.		409,600		24,192,182
Link REIT		3,965,900		34,049,268
Melco Resorts & Entertainment Ltd., ADR(b)		409,632		4,325,714
MTR Corp. Ltd.		2,945,000		15,940,771
New World Development Co. Ltd.		2,905,250		11,860,129
Power Assets Holdings Ltd.		2,683,500		16,489,054

Security	Shares		Value
Hong Kong (continued)
Sands China Ltd.(b)		4,593,200	$	12,807,917
Sino Land Co. Ltd.		6,310,000		8,175,828
SITC International Holdings Co. Ltd.		1,667,000		6,353,901
Sun Hung Kai Properties Ltd.		2,466,500		30,092,549
Swire Pacific Ltd., Class A		936,000		5,670,361
Swire Properties Ltd.		2,215,000		5,904,574
WH Group Ltd.(c)		15,859,000		10,609,825
Wharf Real Estate Investment Co. Ltd.		3,165,419		15,054,834
Xinyi Glass Holdings Ltd.		3,431,000		9,095,459
				447,038,446
Ireland — 0.7%
CRH PLC		1,475,761		74,069,015
Flutter Entertainment PLC, Class DI(b)		112,545		17,123,018
Smurfit Kappa Group PLC		466,291		24,576,159
				115,768,192
Israel — 0.7%
Azrieli Group Ltd.		80,486		7,277,160
Bank Hapoalim BM		2,047,666		21,250,137
Bank Leumi Le-Israel BM		2,617,942		28,077,406
CyberArk Software Ltd.(a)(b)		49,011		6,721,859
ICL Group Ltd.		1,338,815		12,107,596
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		773,273		5,185,449
Mizrahi Tefahot Bank Ltd.		266,490		10,301,825
Teva Pharmaceutical Industries Ltd., ADR(b)		2,126,784		17,928,789
Wix.com Ltd.(b)		53,133		6,980,082
				115,830,306
Italy — 2.8%
Assicurazioni Generali SpA		2,096,913		44,129,001
Enel SpA		15,413,383		118,630,607
Eni SpA		4,781,438		71,822,891
Intesa Sanpaolo SpA		31,288,306		92,983,792
Mediobanca Banca di Credito Finanziario SpA		1,177,746		13,492,981
Poste Italiane SpA(c)		990,456		13,294,495
Snam SpA		3,885,610		21,773,712
Telecom Italia SpA		18,894,644		8,904,660
Tenaris SA		906,260		11,062,636
Terna - Rete Elettrica Nazionale		2,712,248		21,311,249
UniCredit SpA		2,624,886		41,718,402
				459,124,426
Japan — 22.4%
AGC Inc.		369,900		16,976,703
Aisin Corp.		277,200		10,065,955
Ajinomoto Co. Inc.		443,900		12,385,470
ANA Holdings Inc.(b)		197,400		4,168,642
Asahi Group Holdings Ltd.		865,100		35,313,990
Asahi Kasei Corp.		2,379,600		23,505,501
Astellas Pharma Inc.		3,526,500		56,919,697
Bridgestone Corp.		1,083,400		47,443,409
Brother Industries Ltd.		448,400		8,257,762
Canon Inc.		1,896,100		44,844,143
Central Japan Railway Co.		271,500		35,623,679
Chiba Bank Ltd. (The)		1,009,800		6,528,023
Chubu Electric Power Co. Inc.		1,237,400		12,393,675
Concordia Financial Group Ltd.		2,069,600		8,504,718
Dai Nippon Printing Co. Ltd.		419,600		10,072,550
Dai-ichi Life Holdings Inc.		1,904,800		42,876,003
Daito Trust Construction Co. Ltd.		125,800		14,425,052
Daiwa House Industry Co. Ltd.		1,071,100		31,258,086

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) January 31, 2022 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiwa House REIT Investment Corp.		4,151	$	12,365,689
Daiwa Securities Group Inc.		2,761,100		16,637,552
Dentsu Group Inc.		412,200		14,275,216
East Japan Railway Co.		572,100		32,668,559
ENEOS Holdings Inc.		5,822,050		23,187,041
Fuji Electric Co. Ltd.		240,400		12,848,481
FUJIFILM Holdings Corp.		445,300		29,851,128
GLP J-REIT		8,077		13,000,836
Hakuhodo DY Holdings Inc.		222,300		3,405,132
Hankyu Hanshin Holdings Inc.		431,900		12,577,550
Hikari Tsushin Inc.		13,300		1,596,861
Hino Motors Ltd.		548,900		4,771,263
Hirose Electric Co. Ltd.		29,190		4,350,995
Hitachi Construction Machinery Co. Ltd.		204,600		5,202,426
Hitachi Ltd.		1,192,800		61,996,977
Hitachi Metals Ltd.(b)		144,700		2,609,329
Honda Motor Co. Ltd.		3,090,800		91,032,626
Hoshizaki Corp.		53,600		3,960,740
Hulic Co. Ltd.		466,900		4,512,895
Idemitsu Kosan Co. Ltd.		395,183		10,125,236
Iida Group Holdings Co. Ltd.		276,100		5,744,155
Inpex Corp.		1,941,900		19,631,622
Isuzu Motors Ltd.		552,000		6,762,000
ITOCHU Corp.		1,125,600		36,161,547
Japan Airlines Co. Ltd.(b)		176,800		3,346,396
Japan Metropolitan Fund Invest		13,287		11,197,122
Japan Post Bank Co. Ltd.		768,800		7,563,267
Japan Post Holdings Co. Ltd.		4,643,000		39,630,465
Japan Post Insurance Co. Ltd.		377,800		6,624,218
Japan Real Estate Investment Corp.		2,363		12,994,008
Japan Tobacco Inc.		2,275,200		45,424,087
JFE Holdings Inc.		932,500		11,979,683
Kajima Corp.		852,600		10,297,364
Kansai Electric Power Co. Inc. (The)		1,354,300		12,783,406
Kao Corp.		317,100		15,845,980
KDDI Corp.		3,055,600		97,622,459
Keio Corp.		97,600		4,390,107
Keisei Electric Railway Co. Ltd.		87,000		2,455,238
Kintetsu Group Holdings Co. Ltd.(b)		111,900		3,251,313
Kirin Holdings Co. Ltd.		1,560,200		25,007,111
Kose Corp.		21,200		1,938,306
Kubota Corp.		1,265,600		27,141,458
Kyocera Corp.		609,600		37,594,824
Lion Corp.		216,300		2,826,162
Lixil Corp.		503,300		11,520,609
Marubeni Corp.		2,967,500		30,535,392
Mazda Motor Corp.(b)		1,080,800		8,326,214
Medipal Holdings Corp.		349,800		6,294,668
MEIJI Holdings Co. Ltd.		231,800		14,460,053
Mitsubishi Chemical Holdings Corp.		1,581,500		12,405,576
Mitsubishi Corp.		2,393,400		81,261,722
Mitsubishi Electric Corp.		3,460,200		43,333,463
Mitsubishi Estate Co. Ltd.		2,240,400		32,267,188
Mitsubishi Gas Chemical Co. Inc.		300,300		5,752,340
Mitsubishi HC Capital Inc.		1,258,300		6,498,719
Mitsubishi Heavy Industries Ltd.		608,700		16,531,921
Mitsubishi UFJ Financial Group Inc.		23,168,900		140,433,183
Mitsui & Co. Ltd.		1,921,000		47,900,845
Mitsui Chemicals Inc.		347,500		9,293,759
Mitsui Fudosan Co. Ltd.		1,738,700		37,273,090

Security	Shares		Value
Japan (continued)
Mizuho Financial Group Inc.		4,573,220	$	61,948,841
MS&AD Insurance Group Holdings Inc.		845,108		28,986,798
NGK Insulators Ltd.		487,600		8,239,332
Nippon Building Fund Inc.		2,835		16,417,877
Nippon Express Holdings Co., NVS		145,500		8,622,874
Nippon Prologis REIT Inc.		2,533		7,903,560
Nippon Steel Corp.		1,619,400		26,468,374
Nippon Telegraph & Telephone Corp.		2,436,500		69,727,107
Nippon Yusen KK		306,700		24,043,230
Nissan Motor Co. Ltd.(b)		4,403,700		23,306,967
Nisshin Seifun Group Inc.		375,930		5,278,877
Nissin Foods Holdings Co. Ltd.		44,500		3,156,502
Nitto Denko Corp.		268,100		20,874,164
Nomura Holdings Inc.		5,827,700		25,744,132
Nomura Real Estate Holdings Inc.		225,400		5,278,154
Nomura Real Estate Master Fund Inc.		8,050		11,168,833
Obayashi Corp.		1,233,800		9,996,428
Odakyu Electric Railway Co. Ltd.		275,300		4,864,759
Oji Holdings Corp.		1,542,300		8,209,780
ORIX Corp.		2,314,000		47,731,161
Orix JREIT Inc.		4,998		7,172,403
Osaka Gas Co. Ltd.		718,900		12,225,890
Otsuka Holdings Co. Ltd.		738,700		25,202,456
Panasonic Corp.		4,186,100		46,086,891
Pola Orbis Holdings Inc.		108,800		1,621,595
Rakuten Group Inc.(b)		578,800		5,021,307
Resona Holdings Inc.		3,911,600		16,809,852
Ricoh Co. Ltd.		451,800		3,815,186
Rinnai Corp.		22,900		2,045,084
Rohm Co. Ltd.		58,800		4,953,142
Ryohin Keikaku Co. Ltd.		478,300		6,868,086
Santen Pharmaceutical Co. Ltd.		684,400		7,770,795
SBI Holdings Inc.		464,300		11,976,991
Secom Co. Ltd.		140,200		9,872,049
Seiko Epson Corp.		531,400		8,277,352
Sekisui Chemical Co. Ltd.		714,800		12,497,554
Sekisui House Ltd.		1,168,800		23,680,076
Seven & i Holdings Co. Ltd.		1,428,100		72,631,216
Shimizu Corp.		1,052,800		7,009,993
Shionogi & Co. Ltd.		325,800		18,568,208
Shizuoka Bank Ltd. (The)		851,100		6,687,492
Softbank Corp.		5,446,500		68,276,570
SoftBank Group Corp.		2,287,100		101,317,476
Sompo Holdings Inc.		603,000		28,216,444
Stanley Electric Co. Ltd.		245,100		5,729,054
Subaru Corp.		1,173,000		21,350,179
Sumitomo Chemical Co. Ltd.		2,828,900		14,266,284
Sumitomo Corp.		2,134,700		32,992,657
Sumitomo Dainippon Pharma Co. Ltd.		338,200		3,681,048
Sumitomo Electric Industries Ltd.		1,437,100		19,053,780
Sumitomo Metal Mining Co. Ltd.		468,800		21,653,730
Sumitomo Mitsui Financial Group Inc.		2,474,400		89,130,244
Sumitomo Mitsui Trust Holdings Inc.		639,805		22,125,217
Sumitomo Realty & Development Co. Ltd.		585,000		18,100,004
Suntory Beverage & Food Ltd.		262,300		10,071,977
Suzuki Motor Corp.		350,200		14,909,456
T&D Holdings Inc.		1,020,200		15,076,824
Taisei Corp.		363,400		11,912,634
Taisho Pharmaceutical Holdings Co. Ltd.		72,900		3,580,277
Takeda Pharmaceutical Co. Ltd.		2,996,400		86,845,213

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Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Toho Co. Ltd./Tokyo		75,300	$	2,916,946
Tokio Marine Holdings Inc.		593,000		35,386,476
Tokyo Century Corp.		69,300		3,419,909
Tokyo Electric Power Co. Holdings Inc.(b)		2,943,200		7,841,421
Tokyo Gas Co. Ltd.		718,600		14,509,782
Tokyu Corp.		473,800		6,295,774
Toppan Inc.		496,000		9,434,930
Toray Industries Inc.		2,631,400		16,629,954
Toshiba Corp.		777,300		32,188,016
Tosoh Corp.		492,300		7,702,768
TOTO Ltd.		93,200		4,011,370
Toyo Suisan Kaisha Ltd.		82,900		3,396,643
Toyota Industries Corp.		275,900		21,522,562
Toyota Motor Corp.		20,094,480		397,130,640
Toyota Tsusho Corp.		404,600		16,407,946
Trend Micro Inc/Japan(b)		128,000		6,790,732
USS Co. Ltd.		413,500		6,748,605
West Japan Railway Co.		408,500		17,117,682
Yamaha Motor Co. Ltd.		283,400		6,748,748
Yokogawa Electric Corp.		220,000		3,604,807
Z Holdings Corp.		2,564,100		13,022,206
				3,684,718,983
Malta — 0.0%
BGP Holdings PLC(e)		2,256,851		26
Netherlands — 2.4%
ABN AMRO Bank NV, CVA(c)		801,928		12,870,190
Aegon NV		3,388,483		19,116,105
Argenx SE(b)		57,139		15,289,930
ING Groep NV		7,395,807		109,377,340
Just Eat Takeaway.com NV(b)(c)		222,262		10,975,486
Koninklijke Ahold Delhaize NV		1,981,108		64,236,635
Koninklijke KPN NV		6,371,929		21,017,848
Koninklijke Philips NV		869,128		28,910,052
NN Group NV		511,983		28,651,657
Randstad NV		230,959		15,024,730
Stellantis NV		3,857,588		74,485,662
				399,955,635
New Zealand — 0.2%
Auckland International Airport Ltd.(b)		842,367		3,998,627
Mercury NZ Ltd.		1,362,162		5,008,021
Meridian Energy Ltd.		1,600,389		4,613,228
Ryman Healthcare Ltd.		806,410		5,272,972
Spark New Zealand Ltd.		3,540,305		10,118,657
				29,011,505
Norway — 1.0%
DNB Bank ASA		1,762,408		41,945,650
Equinor ASA		1,851,606		51,044,737
Gjensidige Forsikring ASA		379,279		9,264,452
Norsk Hydro ASA		2,423,254		18,623,457
Orkla ASA		1,440,917		13,769,978
Telenor ASA		1,326,003		21,914,235
Yara International ASA		319,639		16,412,766
				172,975,275
Portugal — 0.2%
EDP - Energias de Portugal SA		5,282,554		27,041,977
Galp Energia SGPS SA		950,492		10,480,391
				37,522,368

Security	Shares		Value
Singapore — 1.3%
Ascendas REIT		6,490,900	$	13,311,805
CapitaLand Integrated Commercial Trust		9,220,804		13,293,595
Capitaland Investment Ltd/Singapore(b)		5,004,800		12,841,670
City Developments Ltd.		786,500		4,131,466
DBS Group Holdings Ltd.		1,713,800		45,016,158
Keppel Corp. Ltd.		2,761,800		11,644,329
Mapletree Commercial Trust		4,157,800		5,565,278
Mapletree Logistics Trust		5,934,000		7,468,068
Oversea-Chinese Banking Corp. Ltd.(a)		4,169,700		38,812,661
Singapore Airlines Ltd.(b)		903,500		3,370,150
United Overseas Bank Ltd.		2,235,700		49,964,895
UOL Group Ltd.		893,800		4,847,053
Wilmar International Ltd.		3,645,700		11,597,636
				221,864,764
Spain — 3.1%
ACS Actividades de Construccion y Servicios SA		469,246		11,846,865
Banco Bilbao Vizcaya Argentaria SA		12,975,897		82,846,302
Banco Santander SA		33,165,245		116,297,313
CaixaBank SA		8,442,511		27,162,764
EDP Renovaveis SA		191,524		4,026,114
Enagas SA		186,158		4,025,119
Endesa SA		659,939		14,775,095
Grifols SA		571,483		10,077,714
Iberdrola SA		11,082,430		127,060,726
Iberdrola SA		178,694		2,039,659
Naturgy Energy Group SA(a)		413,967		13,107,144
Red Electrica Corp. SA		342,244		6,899,030
Repsol SA		2,750,319		34,949,962
Telefonica SA		10,358,304		48,285,943
				503,399,750
Sweden — 1.8%
Boliden AB		521,144		21,102,440
Electrolux AB, Class B		427,659		8,898,380
Essity AB, Class B		1,153,103		32,506,412
Fastighets AB Balder, Class B(b)		70,733		4,685,979
Husqvarna AB, Class B		793,301		11,030,029
Industrivarden AB, Class A		256,872		8,120,215
Industrivarden AB, Class C		306,504		9,520,192
L E Lundbergforetagen AB, Class B		93,771		4,791,375
Securitas AB, Class B		593,942		7,173,774
Skandinaviska Enskilda Banken AB, Class A		3,083,525		39,860,235
Skanska AB, Class B		652,538		15,975,997
SKF AB, Class B		724,398		15,880,344
Svenska Cellulosa AB SCA, Class B		1,154,505		20,104,128
Svenska Handelsbanken AB, Class A		2,763,704		29,454,330
Swedbank AB, Class A		1,715,833		33,592,934
Tele2 AB, Class B		968,225		14,087,727
Telia Co. AB		5,037,795		19,855,939
				296,640,430
Switzerland — 8.2%
ABB Ltd., Registered		3,113,611		107,954,429
Adecco Group AG, Registered		297,980		14,193,744
Baloise Holding AG, Registered		89,143		15,615,752
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		707		8,204,985
Clariant AG, Registered		209,236		4,434,774
Coca-Cola HBC AG, Class DI		383,506		12,701,955
Credit Suisse Group AG, Registered		5,026,166		47,775,768
EMS-Chemie Holding AG, Registered		4,733		4,787,341

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) January 31, 2022 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Holcim Ltd.		992,603	$	53,800,347
Julius Baer Group Ltd.		419,685		27,426,279
Nestle SA, Registered		1,867,284		241,137,854
Novartis AG, Registered		4,152,220		360,784,279
SGS SA, Registered		3,977		11,340,701
Siemens Energy AG(b)		383,530		8,626,684
Swatch Group AG (The), Bearer		54,937		16,026,339
Swatch Group AG (The), Registered		100,395		5,635,679
Swiss Life Holding AG, Registered		59,782		38,476,275
Swiss Prime Site AG, Registered		146,116		14,447,430
Swiss Re AG		571,761		62,297,849
Swisscom AG, Registered		49,104		28,066,615
UBS Group AG, Registered		6,664,834		123,629,646
Zurich Insurance Group AG		285,076		136,354,199
				1,343,718,924
United Kingdom — 17.2%
3i Group PLC		1,843,769		34,337,986
Abrdn PLC		4,132,289		13,514,177
Admiral Group PLC		365,700		15,549,829
Anglo American PLC		2,448,713		107,952,686
Antofagasta PLC		746,983		13,588,618
AstraZeneca PLC		1,027,037		119,473,093
Aviva PLC		7,410,080		43,749,100
BAE Systems PLC		6,092,594		47,679,139
Barclays PLC		20,841,482		55,913,894
Barratt Developments PLC		1,942,140		16,152,848
Berkeley Group Holdings PLC		212,955		12,153,340
BP PLC		38,127,391		197,649,411
British American Tobacco PLC		4,130,726		176,361,245
British Land Co. PLC (The)		1,667,680		12,470,131
BT Group PLC		16,908,801		44,785,844
Bunzl PLC		418,089		15,660,345
DCC PLC		186,876		15,713,191
Evraz PLC		979,075		6,651,459
GlaxoSmithKline PLC		9,534,700		212,776,227
Hargreaves Lansdown PLC		673,837		12,233,996
HSBC Holdings PLC		38,706,081		275,484,278
Imperial Brands PLC		1,792,867		42,508,610
J Sainsbury PLC		3,328,988		13,081,412
Johnson Matthey PLC		366,586		9,681,053
Kingfisher PLC		4,023,453		18,042,591
Land Securities Group PLC		1,334,299		14,330,956
Legal & General Group PLC		11,309,967		44,221,492
Lloyds Banking Group PLC		134,449,044		93,303,713
M&G PLC		4,924,799		14,413,490
Mondi PLC		919,759		23,011,616
National Grid PLC		6,853,722		100,289,941
Natwest Group PLC		10,910,569		35,860,651
Ocado Group PLC(b)		462,215		9,417,896
Pearson PLC		1,433,129		11,965,830
Persimmon PLC		604,463		19,693,096
Phoenix Group Holdings PLC		1,230,580		11,016,658
Prudential PLC		4,956,369		83,543,177
Reckitt Benckiser Group PLC		473,534		38,366,721
Sage Group PLC (The)		1,007,651		9,846,740
Schroders PLC		235,462		10,796,121
Segro PLC		1,142,491		20,141,831
Severn Trent PLC		476,689		18,507,104
Shell PLC		14,596,318		374,960,633
Smith & Nephew PLC		1,665,420		28,323,749

Security	Shares		Value
United Kingdom (continued)
Smiths Group PLC		756,069	$	15,936,106
SSE PLC		1,981,038		42,624,052
St. James’s Place PLC		1,022,464		21,106,143
Standard Chartered PLC		3,241,530		23,607,249
Taylor Wimpey PLC		6,907,391		14,170,904
Tesco PLC		14,646,115		58,828,631
United Utilities Group PLC		1,298,884		18,737,534
Vodafone Group PLC		52,384,695		91,980,423
Whitbread PLC(b)		190,911		7,855,523
WPP PLC		2,258,940		35,421,346
				2,825,443,829
Total Common Stocks — 98.7% (Cost: $15,271,468,421)				16,242,220,399
Preferred Stocks
Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		109,386		9,466,937
Fuchs Petrolub SE, Preference Shares, NVS		66,894		2,890,835
Henkel AG & Co. KGaA, Preference Shares, NVS		337,605		27,612,195
Porsche Automobil Holding SE, Preference Shares, NVS		290,146		27,171,861
Volkswagen AG, Preference Shares, NVS		351,572		73,222,670
				140,364,498
Total Preferred Stocks — 0.8% (Cost: $138,501,719)				140,364,498
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/11/22)(b)(e)		461,478		230,968
Total Rights — 0.0% (Cost: $247,363)				230,968
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(f)(g)(h)		203,077,943		203,138,866
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		4,370,000		4,370,000
				207,508,866
Total Short-Term Investments — 1.3% (Cost: $207,501,664)				207,508,866
Total Investments in Securities — 100.8% (Cost: $15,617,719,167)				16,590,324,731
Other Assets, Less Liabilities — (0.8)%				(129,392,204	)
Net Assets — 100.0%			$	16,460,932,527

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

^(b)  Non-income producing security.

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

18 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Value ETF

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

^(f)  Affiliate of the Fund.

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

^(h)  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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,325,094	$	179,819,812	(a)	$	—	$	(4,120	)	$	(1,920	)	$	203,138,866		203,077,943	$	951,629	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,010,000		360,000	(a)		—		—			—			4,370,000		4,370,000		192			—
								$	(4,120	)	$	(1,920	)	$	207,508,866			$	951,821		$	—

^(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		103		03/10/22	$	17,165	$	(328,039	)
Euro STOXX 50 Index		497		03/18/22		23,360		(122,124	)
FTSE 100 Index		352		03/18/22		35,280		607,551
							$	157,388

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	607,551
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	450,163

^(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).

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) January 31, 2022 iShares^® MSCI EAFE Value ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,442,750
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	945,809

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	84,193,444

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
Investments
Assets
Common Stocks	$	203,258,614	$	16,038,961,759		$	26	$	16,242,220,399
Preferred Stocks		—		140,364,498			—		140,364,498
Rights		—		—			230,968		230,968
Money Market Funds		207,508,866		—			—		207,508,866
	$	410,767,480	$	16,179,326,257		$	230,994	$	16,590,324,731
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	607,551		$	—	$	607,551
Liabilities
Futures Contracts		—		(450,163	)		—		(450,163	)
	$	—	$	157,388		$	—	$	157,388

(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)

January 31, 2022

	iShares MSCI EAFE Growth ETF		iShares MSCI EAFE Value ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	11,889,540,943	$	16,382,815,865
Affiliated(c)		37,755,493		207,508,866
Cash		308		3,473
Foreign currency, at value(d)		10,300,051		30,783,416
Foreign currency collateral pledged:
Futures contracts(e)		1,713,601		5,273,126
Receivables:
Investments sold		2,132,616		11,437,605
Securities lending income — Affiliated		5,220		169,969
Variation margin on futures contracts		541,373		1,171,243
Capital shares sold		—		1,688,348
Dividends		2,990,811		14,777,338
Tax reclaims		11,675,907		15,436,150
Total assets		11,956,656,323		16,671,065,399
LIABILITIES
Collateral on securities loaned, at value		33,831,936		203,139,999
Payables:
Investments purchased		—		1,688,348
Capital shares redeemed		1,119,749		—
Investment advisory fees		3,815,802		4,542,341
Professional fees		—		762,184
Total liabilities		38,767,487		210,132,872
NET ASSETS	$	11,917,888,836	$	16,460,932,527
NET ASSETS CONSIST OF:
Paid-in capital	$	10,409,576,868	$	16,543,938,954
Accumulated earnings (loss)		1,508,311,968		(83,006,427	)
NET ASSETS	$	11,917,888,836	$	16,460,932,527
Shares outstanding		119,200,000		320,000,000
Net asset value	$	99.98	$	51.44
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	35,516,881	$	192,093,140
(b) Investments, at cost — Unaffiliated	$	10,135,855,903	$	15,410,217,503
(c)  Investments, at cost — Affiliated	$	37,751,507	$	207,501,664
(d) Foreign currency, at cost	$	10,355,823	$	30,972,991
(e) Foreign currency collateral pledged, at cost	$	1,773,313	$	5,366,279

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 January 31, 2022

	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	66,337,372		$	238,471,646
Dividends — Affiliated		105			192
Securities lending income — Affiliated — net		97,850			951,629
Other income — Unaffiliated		—			938,783
Foreign taxes withheld		(3,771,682	)		(21,788,258	)
Foreign withholding tax claims		—			6,909,540
Total investment income		62,663,645			225,483,532
EXPENSES
Investment advisory fees		22,385,149			25,873,278
Professional fees		—			817,679
Miscellaneous		217			217
Total expenses		22,385,366			26,691,174
Net investment income		40,278,279			198,792,358
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(16,749,120	)		(154,683,188	)
Investments — Affiliated		(5,550	)		(4,120	)
In-kind redemptions — Unaffiliated		218,797,846			—
Futures contracts		1,834,347			1,442,750
Foreign currency transactions		(1,590,368	)		(3,569,154	)
Net realized gain (loss)		202,287,155			(156,813,712	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,292,128,529	)		290,889,395
Investments — Affiliated		(1,730	)		(1,920	)
Futures contracts		(208,325	)		945,809
Foreign currency translations		(422,690	)		(814,938	)
Net change in unrealized appreciation (depreciation)		(1,292,761,274	)		291,018,346
Net realized and unrealized gain (loss)		(1,090,474,119	)		134,204,634
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,050,195,840	)	$	332,996,992

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	40,278,279		$	112,261,025		$	198,792,358		$	337,345,831
Net realized gain (loss)		202,287,155			524,736,372			(156,813,712	)		192,414,204
Net change in unrealized appreciation (depreciation)		(1,292,761,274	)		1,643,569,188			291,018,346			1,632,862,528
Net increase (decrease) in net assets resulting from operations		(1,050,195,840	)		2,280,566,585			332,996,992			2,162,622,563
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(97,398,000	)		(120,719,418	)		(354,953,820	)		(332,175,925	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		950,152,654			1,961,152,434			2,048,582,970			6,804,357,557
NET ASSETS
Total increase (decrease) in net assets		(197,441,186	)		4,120,999,601			2,026,626,142			8,634,804,195
Beginning of period		12,115,330,022			7,994,330,421			14,434,306,385			5,799,502,190
End of period	$	11,917,888,836		$	12,115,330,022		$	16,460,932,527		$	14,434,306,385

^(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 MSCI EAFE Growth ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	108.95		$	86.52		$	80.40		$	80.65		$	75.38		$	68.12
Net investment income(a)		0.34			1.15			1.06			1.42			1.41			1.24	(b)
Net realized and unrealized gain (loss)(c)		(8.50	)		22.53			6.06			(0.29	)		5.19			7.30
Net increase (decrease) from investment operations		(8.16	)		23.68			7.12			1.13			6.60			8.54
Distributions(d)
From net investment income		(0.81	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)		(1.28	)
Total distributions		(0.81	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)		(1.28	)
Net asset value, end of period	$	99.98		$	108.95		$	86.52		$	80.40		$	80.65		$	75.38
Total Return(e)
Based on net asset value		(7.55	)%(f)		27.42	%		8.91	%		1.52	%		8.79	%		12.66	%(b)
Ratios to Average Net Assets(g)
Total expenses		0.35	%(h)		0.36	%		0.39	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.36	%		N/A			0.40	%		N/A			0.40	%
Net investment income		0.63	%(h)		1.15	%		1.31	%		1.86	%		1.77	%		1.80	%(b)
Supplemental Data
Net assets, end of period (000)	$	11,917,889		$	12,115,330		$	7,994,330		$	3,955,693		$	3,516,376		$	3,045,417
Portfolio turnover rate(i)		12	%(f)		24	%		33	%		22	%		22	%		30	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 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)  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 EAFE Value ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	51.48		$	39.94		$	47.08		$	52.87		$	53.18		$	44.86
Net investment income(a)		0.67	(b)		1.67			1.48			2.03			2.05			1.81	(b)
Net realized and unrealized gain (loss)(c)		0.46			11.39			(7.18	)		(5.81	)		(0.15	)		8.17
Net increase (decrease) from investment operations		1.13			13.06			(5.70	)		(3.78	)		1.90			9.98
Distributions(d)
From net investment income		(1.17	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)		(1.66	)
Total distributions		(1.17	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)		(1.66	)
Net asset value, end of period	$	51.44		$	51.48		$	39.94		$	47.08		$	52.87		$	53.18
Total Return(e)
Based on net asset value		2.32	%(b)(f)		32.79	%		(12.48	)%		(7.05	)%		3.63	%		22.49	%(b)
Ratios to Average Net Assets(g)
Total expenses		0.34	%(h)		0.36	%		0.39	%		0.39	%		0.38	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		0.33	%(h)		0.36	%		N/A			0.39	%		N/A			0.40	%
Net investment income		2.57	%(b)(h)		3.42	%		3.36	%		4.17	%		3.75	%		3.70	%(b)
Supplemental Data
Net assets, end of period (000)	$	16,460,933		$	14,434,306		$	5,799,502		$	5,423,659		$	5,561,771		$	5,296,875
Portfolio turnover rate(i)		12	%(f)		25	%		27	%		21	%		22	%		28	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and for the year ended July 31, 2017:

• Net investment income per share by $0.02 and $0.01.

• Total return by 0.04% and 0.02%.

• Ratio of net investment income to average net assets by 0.08% and 0.02%.

^(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
MSCI EAFE Growth	Diversified
MSCI EAFE 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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

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 27

Notes to Financial Statements (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI EAFE Growth
Barclays Bank PLC	$	2,024,965	$	1,871,336		$	—	$	(153,629	)(b)
BNP Paribas SA		2,064,199		1,908,280			—		(155,919	)(b)
Goldman Sachs & Co. LLC		12,458,357		11,395,276			—		(1,063,081	)(b)
J.P. Morgan Securities LLC		2,410,411		2,318,087			—		(92,324	)(b)
Macquarie Bank Ltd.		970,200		970,200			—		—
Morgan Stanley		15,462,677		15,189,806			—		(272,871	)(b)
UBS AG		126,072		116,909			—		(9,163	)(b)
	$	35,516,881	$	33,769,894		$	—	$	(1,746,987	)
MSCI EAFE Value
J.P. Morgan Securities LLC	$	10,765,263	$	10,765,263		$	—	$	—
Morgan Stanley		181,327,877		181,327,877			—		—
	$	192,093,140	$	192,093,140		$	—	$	—

(a) Collateral received 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 statement of assets and liabilities.

(b) The market value of the loaned securities is determined as of January 31, 2022. 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

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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 the iShares MSCI EAFE Growth 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:

Average Daily Net Assets	Investment Advisory Fee
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940

For its investment advisory services to the iShares MSCI EAFE Value 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:

Average Daily Net Assets	Investment Advisory Fee
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3096
Over $10.5 billion, up to and including $12 billion		0.2941
Over $12 billion, up to and including $13.5 billion		0.2793
Over $13.5 billion		0.2653

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.

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Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI EAFE Growth	$	28,495
MSCI EAFE Value		214,262

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 January 31, 2022, 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 EAFE Growth	$	1,077,719,493	$	1,176,731,173	$	(13,424,596	)
MSCI EAFE Value		1,229,243,048		1,003,790,457		(73,520,549	)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	1,518,793,519	$	1,509,141,589
MSCI EAFE Value		1,898,108,076		1,835,891,062

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI EAFE Growth	$	1,423,019,842	$	544,040,364
MSCI EAFE Value		1,905,241,327		—

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI EAFE Growth	$	367,666,122
MSCI EAFE Value		584,160,553

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 January 31, 2022, 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 EAFE Growth	$	10,242,333,977	$	2,123,415,794	$	(438,919,438	)	$	1,684,496,356
MSCI EAFE Value		15,880,845,062		1,489,546,599		(779,909,542	)		709,637,057

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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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.

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Notes to Financial Statements (unaudited) (continued)

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 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. 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 could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Growth
Shares sold		13,600,000		$	1,494,839,627			31,200,000		$	3,178,620,940
Shares redeemed		(5,600,000	)		(544,686,973	)		(12,400,000	)		(1,217,468,506	)
Net increase		8,000,000		$	950,152,654			18,800,000		$	1,961,152,434
MSCI EAFE Value
Shares sold		39,600,000		$	2,048,582,970			160,400,000		$	7,988,182,543
Shares redeemed		—			—			(25,200,000	)		(1,183,824,986	)
Net increase		39,600,000		$	2,048,582,970			135,200,000		$	6,804,357,557

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

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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.

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. FOREIGN WITHHOLDING TAX CLAIMS

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

12. SUBSEQUENT EVENTS

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

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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 EAFE Growth ETF and iShares MSCI EAFE 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 EAFE Growth(a)	$	0.648857	$	—	$	0.157186	$	0.806043		80	%		—	%		20	%		100	%
MSCI EAFE Value(a)		1.119229		—		0.053862		1.173091		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.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
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 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.

^©2022 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-102-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares China Large-Cap ETF | FXI | NYSE Arca

· iShares MSCI China A ETF | CNYA | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		17
Statements of Operations		18
Statements of Changes in Net Assets		19
Financial Highlights		20
Notes to Financial Statements		22
Statement Regarding Liquidity Risk Management Program		30
Supplemental Information		31
General Information		32
Glossary of Terms Used in this Report		33

3

Fund Summary as of January 31, 2022 iShares^® China Large-Cap ETF

Investment Objective

The iShares China Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.44	)%		(22.26	)%		2.81	%		2.27	%		(22.26	)%		14.87	%		25.20	%
Fund Market		(5.34	)		(22.00	)		3.01			2.33			(22.00	)		15.98			25.95
Index		(7.79	)		(23.73	)		3.08			2.78			(23.73	)		16.39			31.50

Index performance beginning on February 10, 2012 reflects net returns where dividends are reinvested into the Index net of withholding tax. Performance before this date reflects dividends being reinvested at gross.

Past performance is no guarantee 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” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	945.60	$	3.63		$1,000.00	$	1,021.50	$	3.77		0.74	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	33.5	%
Financials	29.0
Communication Services	19.2
Information Technology	4.2
Health Care	3.8
Energy	3.0
Real Estate	2.8
Consumer Staples	1.8
Materials	1.6
Industrials	1.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Tencent Holdings Ltd.	9.6	%
Alibaba Group Holding Ltd.	9.2
Meituan, Class B	8.7
China Construction Bank Corp., Class H	7.0
JD.com Inc., Class A	5.0
Industrial & Commercial Bank of China Ltd., Class H	4.9
Ping An Insurance Group Co. of China Ltd., Class H	4.9
Baidu Inc.	4.4
Wuxi Biologics Cayman Inc.	3.3
China Merchants Bank Co. Ltd., Class H	3.0

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Fund Summary as of January 31, 2022 iShares^® MSCI China A ETF

Investment Objective

The iShares MSCI China A ETF (the “Fund”) seeks to track the investment results of an index composed of domestic Chinese equities that trade on the Shanghai or Shenzhen Stock Exchange, as represented by the MSCI China A Inclusion 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.90	)%		(8.38	)%		11.13	%		11.32	%		(8.38	)%		69.47	%		83.09	%
Fund Market		(3.11	)		(7.92	)		10.95			11.35			(7.92	)		68.11			83.31
Index		(3.70	)		(9.30	)		9.82			10.01			(9.30	)		59.75			71.07

The inception date of the Fund was 6/13/16. The first day of secondary market trading was 6/15/16.

Index performance through April 25, 2018 reflects the performance of the MSCI China A International Index. Index performance beginning on April 26, 2018 reflects the performance of the MSCI China A Inclusion Index.

Past performance is no guarantee 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” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	971.00	$	1.19		$	1,000.00	$	1,024.00	$	1.22		0.24	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	19.3	%
Consumer Staples	16.3
Industrials	16.2
Information Technology	14.1
Materials	11.3
Health Care	8.9
Consumer Discretionary	6.5
Utilities	2.4
Real Estate	1.9
Energy	1.8
Communication Services	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Kweichow Moutai Co. Ltd., Class A	5.7	%
Contemporary Amperex Technology Co. Ltd., Class A	3.5
China Merchants Bank Co. Ltd., Class A	2.5
Wuliangye Yibin Co. Ltd., Class A	1.9
Ping An Insurance Group Co. of China Ltd., Class A	1.3
China Yangtze Power Co. Ltd., Class A	1.2
Industrial Bank Co. Ltd., Class A	1.1
BYD Co. Ltd., Class A	1.0
China Tourism Group Duty Free Corp. Ltd., Class A	1.0
LONGi Green Energy Technology Co. Ltd., Class A	0.9

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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) January 31, 2022 iShares^® China Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 4.2%
BYD Co. Ltd., Class H		4,634,500	$	137,074,865
Geely Automobile Holdings Ltd.		29,621,000		64,122,261
Great Wall Motor Co. Ltd., Class H		17,367,500		47,119,545
				248,316,671
Banks — 20.8%
Agricultural Bank of China Ltd., Class H		172,293,000		65,553,122
Bank of China Ltd., Class H		426,061,000		166,075,404
Bank of Communications Co. Ltd., Class H		40,655,200		27,269,145
China CITIC Bank Corp. Ltd., Class H		52,093,000		24,853,266
China Construction Bank Corp., Class H		541,831,320		415,773,338
China Everbright Bank Co. Ltd., Class H		17,255,000		6,482,653
China Merchants Bank Co. Ltd., Class H		21,181,438		177,037,018
China Minsheng Banking Corp. Ltd., Class H		35,721,100		14,237,042
Industrial & Commercial Bank of China Ltd., Class H		480,574,995		291,154,034
Postal Savings Bank of China Co. Ltd., Class H(a)		52,515,000		43,752,864
				1,232,187,886
Beverages — 1.1%
China Resources Beer Holdings Co. Ltd.		8,804,000		65,729,611
Capital Markets — 1.0%
China International Capital Corp. Ltd., Class H(a)		8,237,200		22,438,278
CITIC Securities Co. Ltd., Class H		12,746,000		34,131,475
CSC Financial Co. Ltd., Class H(a)(b)		5,019,500		5,657,542
				62,227,295
Construction Materials — 0.6%
Anhui Conch Cement Co. Ltd., Class H		6,621,500		35,024,597
Diversified Telecommunication Services — 0.5%
China Tower Corp. Ltd., Class H(a)		261,394,000		31,576,072
Electronic Equipment, Instruments & Components — 1.6%
Sunny Optical Technology Group Co. Ltd.		3,644,300		94,086,929
Entertainment — 3.0%
NetEase Inc.		8,435,400		176,126,809
Household Durables — 0.8%
Haier Smart Home Co. Ltd., Class H		12,646,600		50,700,728
Industrial Conglomerates — 0.5%
CITIC Ltd.		27,478,000		30,860,680
Insurance — 7.1%
China Life Insurance Co. Ltd., Class H		41,598,000		73,125,038
China Pacific Insurance Group Co. Ltd., Class H		14,438,800		43,954,547
People’s Insurance Co. Group of China Ltd. (The), Class H		45,852,000		14,509,857
Ping An Insurance Group Co. of China Ltd., Class H		36,491,500		289,589,965
				421,179,407
Interactive Media & Services — 15.7%
Baidu Inc.(c)		13,197,900		261,435,628
Kuaishou Technology(a)(c)		8,729,000		99,779,045
Tencent Holdings Ltd.		9,102,200		570,364,556
				931,579,229
Internet & Direct Marketing Retail — 23.4%
Alibaba Group Holding Ltd.(c)		34,803,100		545,488,534
JD Health International Inc.(a)(b)(c)		4,099,250		33,110,314
JD.com Inc., Class A(c)		7,751,476		293,791,708

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Meituan, Class B(a)(c)		17,359,600	$	517,912,261
				1,390,302,817
Life Sciences Tools & Services — 3.8%
WuXi AppTec Co. Ltd., Class H(a)		1,850,652		26,544,386
Wuxi Biologics Cayman Inc., New(a)(c)		19,659,000		197,037,520
				223,581,906
Marine — 0.6%
COSCO SHIPPING Holdings Co. Ltd., Class H(b)(c)		18,159,100		33,035,567
Metals & Mining — 1.0%
Ganfeng Lithium Co. Ltd., Class H(a)		952,000		15,127,593
Zijin Mining Group Co. Ltd., Class H		32,060,000		41,620,611
				56,748,204
Oil, Gas & Consumable Fuels — 3.0%
China Petroleum & Chemical Corp., Class H		142,984,600		74,865,281
China Shenhua Energy Co. Ltd., Class H		18,928,000		46,556,206
PetroChina Co. Ltd., Class H		116,468,000		57,755,524
				179,177,011
Real Estate Management & Development — 2.8%
China Resources Land Ltd.		15,405,333		74,463,489
China Vanke Co. Ltd., Class H		10,613,000		27,437,233
Longfor Group Holdings Ltd.(a)		10,297,000		61,769,904
				163,670,626
Technology Hardware, Storage & Peripherals — 2.6%
Xiaomi Corp., Class B(a)(c)		73,985,600		156,950,719
Textiles, Apparel & Luxury Goods — 5.0%
ANTA Sports Products Ltd.		6,325,200		94,974,586
Li Ning Co. Ltd.		12,691,000		123,838,767
Shenzhou International Group Holdings Ltd.		4,230,000		78,487,406
				297,300,759
Tobacco — 0.7%
Smoore International Holdings Ltd.(a)		9,812,000		42,219,288
Total Common Stocks — 99.8% (Cost: $6,135,156,301)				5,922,582,811
Rights
Capital Markets — 0.0%
Citic Securities Co. Ltd., (Expires 03/18/22)(c)		1,886,700		745,286
Total Rights — 0.0% (Cost: $0)				745,286
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		6,431,927		6,433,857

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Schedule of Investments (unaudited)(continued) January 31, 2022 iShares^® China Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		10,040,000	$	10,040,000
				16,473,857
Total Short-Term Investments — 0.3% (Cost: $16,471,570)				16,473,857
Total Investments in Securities — 100.1% (Cost: $6,151,627,871)				5,939,801,954
Other Assets, Less Liabilities — (0.1)%				(3,712,264	)
Net Assets — 100.0%			$	5,936,089,690

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

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

^(c)  Non-income producing security.

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	48,946,269	$	—	$	(42,504,385	)(a)	$	5,241	$	(13,268	)	$	6,433,857		6,431,927	$	171,873	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		222,350,000		—		(212,310,000	)(a)		—		—			10,040,000		10,040,000		133			—
								$	5,241	$	(13,268	)	$	16,473,857			$	172,006		$	—

^(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 Free Index		256		03/18/22	$	7,894	$	(125,861	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	125,861

^(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) January 31, 2022 iShares^® China Large-Cap ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(5,762,639	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,827,240

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	24,312,283

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
Investments
Assets
Common Stocks	$	—	$	5,922,582,811		$	—	$	5,922,582,811
Rights		—		745,286			—		745,286
Money Market Funds		16,473,857		—			—		16,473,857
	$	16,473,857	$	5,923,328,097		$	—	$	5,939,801,954
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(125,861	)	$	—	$	(125,861	)

^(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 9

Schedule of Investments (unaudited) January 31, 2022 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
AECC Aero-Engine Control Co. Ltd., Class A		181,298	$	678,076
AECC Aviation Power Co. Ltd., Class A		362,898		2,744,097
AVIC Electromechanical Systems Co. Ltd., Class A		543,699		1,041,702
AVICOPTER PLC, Class A		90,699		794,011
Kuang-Chi Technologies Co. Ltd., Class A(a)		304,040		959,104
				6,216,990
Air Freight & Logistics — 1.1%
SF Holding Co. Ltd., Class A		679,915		6,821,010
Sinotrans Ltd., Class A		634,600		408,699
YTO Express Group Co. Ltd., Class A		453,000		1,151,484
Yunda Holding Co. Ltd., Class A		408,100		1,269,682
				9,650,875
Airlines — 0.5%
Air China Ltd., Class A(a)		906,800		1,445,903
China Eastern Airlines Corp. Ltd., Class A(a)		1,316,500		1,194,215
China Southern Airlines Co. Ltd., Class A(a)		1,497,724		1,734,828
				4,374,946
Auto Components — 1.4%
Autel Intelligent Technology Corp. Ltd., Class A		58,254		575,989
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		45,397		1,220,282
Fuyao Glass Industry Group Co. Ltd., Class A		271,800		2,051,988
Huayu Automotive Systems Co. Ltd., Class A		453,000		1,977,477
Huizhou Desay Sv Automotive Co. Ltd., Class A		59,900		1,316,339
Mianyang Fulin Precision Machining Co. Ltd., Class A(a)		90,600		346,113
Ningbo Joyson Electronic Corp., Class A		181,600		528,534
Ningbo Tuopu Group Co. Ltd., Class A		181,200		1,589,310
Sailun Group Co. Ltd., Class A		432,500		793,024
Shandong Linglong Tyre Co. Ltd., Class A		181,600		878,586
Shenzhen Kedali Industry Co., Class A		45,300		1,117,597
				12,395,239
Automobiles — 1.9%
BYD Co. Ltd., Class A		252,773		9,425,250
Chongqing Changan Automobile Co. Ltd., Class A		906,060		1,858,943
FAW Jiefang Group Co. Ltd., Class A		407,700		605,274
Great Wall Motor Co. Ltd., Class A		317,189		2,055,250
SAIC Motor Corp. Ltd., Class A		1,087,606		3,230,966
				17,175,683
Banks — 10.5%
Agricultural Bank of China Ltd., Class A		10,467,100		4,879,228
Bank of Beijing Co. Ltd., Class A		3,080,400		2,178,447
Bank of Changsha Co. Ltd., Class A		543,600		673,152
Bank of Chengdu Co. Ltd., Class A		498,777		1,107,463
Bank of China Ltd., Class A		4,938,900		2,399,910
Bank of Communications Co. Ltd., Class A		5,528,202		4,128,391
Bank of Hangzhou Co. Ltd., Class A		815,888		1,822,615
Bank of Jiangsu Co. Ltd., Class A		2,084,600		2,167,198
Bank of Nanjing Co. Ltd., Class A		1,404,780		2,180,993
Bank of Ningbo Co. Ltd., Class A		911,821		5,638,087
Bank of Shanghai Co. Ltd., Class A		2,038,969		2,258,084
China Construction Bank Corp., Class A		1,359,400		1,286,419
China Everbright Bank Co. Ltd., Class A		5,980,400		3,153,886
China Merchants Bank Co. Ltd., Class A		2,900,402		22,549,048
China Minsheng Banking Corp. Ltd., Class A		5,028,380		3,073,900
China Zheshang Bank Co. Ltd., Class A		2,343,100		1,263,532
Chongqing Rural Commercial Bank Co. Ltd., Class A		1,255,530		762,053
Huaxia Bank Co. Ltd., Class A		1,799,960		1,597,299

Security	Shares		Value
Banks (continued)
Industrial & Commercial Bank of China Ltd., Class A		8,836,300	$	6,486,637
Industrial Bank Co. Ltd., Class A		2,900,447		9,595,811
Ping An Bank Co. Ltd., Class A		2,719,256		6,815,584
Postal Savings Bank of China Co. Ltd., Class A		3,715,800		3,307,516
Qingdao Rural Commercial Bank Corp., Class A		757,200		446,901
Shanghai Pudong Development Bank Co. Ltd., Class A		4,168,020		5,528,128
				95,300,282
Beverages — 11.0%
Anhui Gujing Distillery Co. Ltd., Class A		54,299		1,795,475
Anhui Kouzi Distillery Co. Ltd., Class A		90,600		996,067
Anhui Yingjia Distillery Co. Ltd., Class A		90,600		980,181
Beijing Shunxin Agriculture Co. Ltd., Class A		135,900		585,190
Chongqing Brewery Co. Ltd., Class A(a)		63,895		1,337,737
Jiangsu King’s Luck Brewery JSC Ltd., Class A		181,200		1,463,353
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		199,600		4,952,703
JiuGui Liquor Co. Ltd., Class A		45,300		1,165,977
Kweichow Moutai Co. Ltd., Class A		174,003		51,967,258
Luzhou Laojiao Co. Ltd., Class A		202,400		6,952,817
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		97,220		671,446
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		181,201		7,889,249
Sichuan Swellfun Co. Ltd., Class A		65,400		1,025,362
Tsingtao Brewery Co. Ltd., Class A		96,200		1,405,870
Wuliangye Yibin Co. Ltd., Class A		543,614		17,096,458
				100,285,143
Biotechnology — 1.7%
Beijing Tiantan Biological Products Corp. Ltd., Class A		181,618		799,539
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		51,500		1,816,256
BGI Genomics Co. Ltd., Class A		50,900		671,035
Chongqing Zhifei Biological Products Co. Ltd., Class A		229,900		3,860,404
Daan Gene Co Ltd., Class A		206,544		577,331
Hualan Biological Engineering Inc., Class A		272,248		1,087,412
Imeik Technology Development Co. Ltd., Class A		28,600		2,001,028
Shanghai Junshi Biosciences Co. Ltd., Class A(a)		91,708		851,066
Shanghai RAAS Blood Products Co. Ltd., Class A		951,300		1,007,033
Shenzhen Kangtai Biological Products Co. Ltd., Class A		96,798		1,229,790
Walvax Biotechnology Co. Ltd., Class A		226,598		1,746,334
				15,647,228
Building Products — 0.4%
Beijing New Building Materials PLC, Class A		226,900		1,161,822
Guangdong Kinlong Hardware Products Co. Ltd., Class A		45,320		1,144,424
Zhejiang Weixing New Building Materials Co. Ltd., Class A		226,504		808,200
Zhuzhou Kibing Group Co. Ltd., Class A		380,300		956,983
				4,071,429
Capital Markets — 6.5%
BOC International China Co. Ltd., Class A		255,200		487,554
Caitong Securities Co. Ltd., Class A		498,747		767,748
Changjiang Securities Co. Ltd., Class A		770,500		852,317
China Galaxy Securities Co. Ltd., Class A		589,300		979,227
China Great Wall Securities Co. Ltd., Class A		362,800		653,701
China International Capital Corp. Ltd., Class A		181,200		1,247,467
China Merchants Securities Co. Ltd., Class A		1,042,307		2,756,585
CITIC Securities Co. Ltd., Class A		1,707,570		6,680,582
CSC Financial Co. Ltd., Class A		589,339		2,474,124
Dongxing Securities Co. Ltd., Class A		453,039		757,070
East Money Information Co. Ltd., Class A		1,450,480		7,243,497
Everbright Securities Co. Ltd., Class A		544,000		1,180,644

10 2 0 2 2   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) January 31, 2022 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
First Capital Securities Co. Ltd., Class A		589,300	$	605,045
Founder Securities Co. Ltd., Class A		1,133,300		1,313,151
GF Securities Co. Ltd., Class A		815,800		2,694,836
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		453,090		579,337
Guolian Securities Co. Ltd., Class A		259,700		598,755
Guosen Securities Co. Ltd., Class A		875,000		1,514,456
Guotai Junan Securities Co. Ltd., Class A		1,042,345		2,907,423
Guoyuan Securities Co. Ltd., Class A		589,344		667,020
Haitong Securities Co. Ltd., Class A		1,359,800		2,464,623
Hithink RoyalFlush Information Network Co. Ltd., Class A		90,600		1,810,468
Huatai Securities Co. Ltd., Class A		1,042,300		2,820,563
Huaxi Securities Co. Ltd., Class A		362,800		518,340
Industrial Securities Co. Ltd., Class A		951,760		1,297,639
Nanjing Securities Co. Ltd., Class A		498,762		707,830
Northeast Securities Co. Ltd., Class A		317,500		424,829
Orient Securities Co. Ltd., Class A		815,823		1,580,966
SDIC Capital Co. Ltd., Class A		885,110		1,049,896
Sealand Securities Co. Ltd., Class A		770,500		473,859
Shanxi Securities Co. Ltd., Class A		498,757		464,728
Shenwan Hongyuan Group Co. Ltd., Class A		3,127,300		2,307,976
Sinolink Securities Co. Ltd., Class A		453,088		741,669
SooChow Securities Co. Ltd., Class A		724,838		895,670
Southwest Securities Co. Ltd., Class A		919,600		693,156
Tianfeng Securities Co. Ltd., Class A		1,223,100		718,374
Western Securities Co. Ltd., Class A		634,620		763,691
Zheshang Securities Co. Ltd., Class A		544,027		1,059,884
Zhongtai Securities Co. Ltd., Class A		815,800		1,117,841
				58,872,541
Chemicals — 5.8%
Beijing Easpring Material, Class A		90,600		1,241,118
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		271,800		432,993
DO Fluoride New Materials, Class A		122,600		810,897
Guangzhou Tinci Materials Technology Co. Ltd., Class A		135,960		2,047,171
Hangzhou Oxygen Plant Group Co. Ltd., Class A		135,900		661,105
Hengli Petrochemical Co. Ltd., Class A		815,815		3,087,382
Hengyi Petrochemical Co. Ltd., Class A		543,676		869,567
Hoshine Silicon Industry Co. Ltd., Class A		45,300		753,699
Huafon Chemical Co. Ltd., Class A		634,200		948,575
Hubei Xingfa Chemicals Group Co. Ltd., Class A		166,700		788,349
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,178,600		917,438
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A(a)		519,500		713,246
Jiangsu Eastern Shenghong Co. Ltd., Class A		453,400		1,207,865
Jiangsu Yangnong Chemical Co. Ltd., Class A		45,300		841,260
Jiangsu Yoke Technology Co. Ltd., Class A		60,300		630,930
Kingfa Sci & Tech Co. Ltd., Class A		350,300		628,329
LB Group Co. Ltd., Class A		317,109		1,222,743
Luxi Chemical Group Co. Ltd., Class A		259,700		580,495
Ningxia Baofeng Energy Group Co. Ltd., Class A		876,200		2,222,215
Rongsheng Petrochemical Co. Ltd., Class A		1,494,951		4,279,371
Satellite Chemical Co. Ltd., Class A		241,760		1,609,354
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		317,160		1,527,967
Shanghai Putailai New Energy Technology Co. Ltd., Class A		94,460		2,135,417
Shenzhen Capchem Technology Co. Ltd., Class A		55,900		839,328
Shenzhen Senior Technology Co. Ltd., Class A		122,600		692,500
Sichuan Hebang Biotechnology Co. Ltd., Class A(a)		1,223,100		673,778
Sichuan New Energy Power Co. Ltd.(a)		165,500		534,045
Sichuan Yahua Industrial Group Co. Ltd., Class A		165,500		609,053

Security	Shares		Value
Chemicals (continued)
Sinoma Science & Technology Co. Ltd., Class A		226,500	$	1,057,034
Sinopec Shanghai Petrochemical Co. Ltd., Class A		861,131		528,586
Skshu Paint Co. Ltd., Class A		48,660		811,808
Tongkun Group Co. Ltd., Class A		362,497		1,191,637
Transfar Zhilian Co. Ltd., Class A		408,533		498,957
Wanhua Chemical Group Co. Ltd., Class A		453,000		6,533,312
Weihai Guangwei Composites Co. Ltd., Class A		68,495		779,054
Xinjiang Zhongtai Chemical Co. Ltd., Class A(b)		331,400		555,484
Yunnan Energy New Material Co. Ltd., Class A		118,115		4,745,645
Zhejiang Juhua Co. Ltd., Class A		362,800		742,887
Zhejiang Longsheng Group Co. Ltd., Class A		453,400		891,167
Zhejiang Yongtai Technology Co. Ltd., Class A(a)		135,900		687,856
Zibo Qixiang Tengda Chemical Co. Ltd., Class-A		387,200		566,932
				53,096,549
Commercial Services & Supplies — 0.3%
Beijing Originwater Technology Co. Ltd., Class A		498,300		519,145
Shanghai M&G Stationery Inc., Class A		135,900		1,176,190
Zhejiang Weiming Environment Protection Co. Ltd., Class A		170,891		826,764
				2,522,099
Communications Equipment — 1.1%
Addsino Co. Ltd., Class A		226,900		530,845
Beijing BDStar Navigation Co. Ltd., Class A(a)		78,500		429,127
China Zhenhua Group Science & Technology Co. Ltd., Class A		77,300		1,379,379
Fiberhome Telecommunication Technologies Co. Ltd., Class A		135,999		350,805
Guangzhou Haige Communications Group Inc. Co., Class A		317,100		464,346
Hengtong Optic-Electric Co. Ltd., Class A		343,100		762,991
Shenzhen Sunway Communication Co. Ltd., Class A		135,900		459,212
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		91,000		514,048
Yealink Network Technology Corp. Ltd., Class A		135,955		1,670,725
Zhongji Innolight Co. Ltd., Class A		91,088		516,856
ZTE Corp., Class A		543,600		2,602,014
				9,680,348
Construction & Engineering — 1.7%
China National Chemical Engineering Co. Ltd., Class A		861,110		1,396,527
China Railway Group Ltd., Class A		2,855,100		2,801,901
China State Construction Engineering Corp. Ltd., Class A		5,982,000		4,899,536
Metallurgical Corp. of China Ltd., Class A		2,492,700		1,449,850
Power Construction Corp. of China Ltd., Class A		2,130,300		2,915,516
Shanghai Construction Group Co. Ltd., Class A		1,269,600		657,569
Sichuan Road & Bridge Co. Ltd., Class A		685,900		1,162,678
				15,283,577
Construction Materials — 0.6%
Anhui Conch Cement Co. Ltd., Class A		544,000		3,360,454
BBMG Corp., Class A		1,268,400		547,942
China Jushi Co. Ltd., Class A		543,950		1,403,337
Huaxin Cement Co. Ltd., Class A		181,219		529,296
				5,841,029
Distributors — 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		725,214		605,067
Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		1,359,001		815,137

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) January 31, 2022 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment — 7.0%
Contemporary Amperex Technology Co. Ltd., Class A		325,400	$	31,398,394
Dongfang Electric Corp. Ltd., Class A		362,890		982,691
Eve Energy Co. Ltd., Class A		271,882		4,092,372
Fangda Carbon New Material Co. Ltd., Class A		544,028		832,297
Ginlong Technologies Co. Ltd., Class A		45,300		1,706,921
Gotion High-tech Co. Ltd., Class A(a)		232,100		1,481,564
Hongfa Technology Co. Ltd., Class A		103,600		1,042,277
Jiangsu Zhongtian Technology Co. Ltd., Class A		408,100		1,078,687
Ming Yang Smart Energy Group Ltd., Class A		278,800		1,134,644
NARI Technology Co. Ltd., Class A		770,512		4,306,288
Shanghai Electric Group Co. Ltd., Class A		1,812,850		1,223,042
Sieyuan Electric Co. Ltd., Class A		135,900		977,680
Sungrow Power Supply Co. Ltd., Class A		204,400		3,707,195
Sunwoda Electronic Co. Ltd., Class A		226,599		1,276,563
Suzhou Maxwell Technologies Co. Ltd., Class A		9,600		753,378
TBEA Co. Ltd., Class A		498,700		1,491,456
Titan Wind Energy Suzhou Co. Ltd., Class A		271,800		861,299
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		496,051		1,178,281
Youngy Co. Ltd., Class A(a)		45,300		669,521
Zhefu Holding Group Co. Ltd., Class A		774,500		728,109
Zhejiang Chint Electrics Co. Ltd., Class A		317,100		2,390,413
Zhejiang HangKe Technology Inc. Co., Class A		40,170		554,842
				63,867,914
Electronic Equipment, Instruments & Components — 5.1%
Avary Holding Shenzhen Co. Ltd., Class A		210,100		1,206,726
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		45,300		1,168,306
BOE Technology Group Co. Ltd., Class A		5,257,228		4,031,220
Chaozhou Three-Circle Group Co. Ltd., Class A		272,200		1,631,866
China Railway Signal & Communication Corp. Ltd., Class A		972,581		738,912
Foxconn Industrial Internet Co. Ltd., Class A		1,042,306		1,829,738
GoerTek Inc., Class A		498,304		3,754,266
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		93,767		1,124,973
Huagong Tech Co. Ltd., Class A		135,983		527,307
Lens Technology Co. Ltd., Class A		679,900		1,839,958
Leyard Optoelectronic Co. Ltd., Class A		362,800		524,575
Lingyi iTech Guangdong Co., Class A(a)		997,800		968,626
Luxshare Precision Industry Co. Ltd., Class A		997,068		7,470,026
Maxscend Microelectronics Co. Ltd., Class A		47,360		1,963,896
OFILM Group Co. Ltd., Class A(a)		453,800		572,630
Raytron Technology Co. Ltd., Class A		44,496		441,710
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		10,903		543,393
Shengyi Technology Co. Ltd., Class A		317,582		987,593
Shennan Circuits Co. Ltd., Class A		67,167		1,259,933
Shenzhen Kaifa Technology Co. Ltd., Class A		226,500		477,417
Shenzhen Sunlord Electronics Co. Ltd., Class A		108,700		578,122
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		242,700		951,057
Tianma Microelectronics Co. Ltd., Class A		407,700		767,340
Unisplendour Corp. Ltd., Class A		405,191		1,341,003
Universal Scientific Industrial Shanghai Co. Ltd., Class A		226,900		493,596
Westone Information Industry Inc., Class A		135,900		865,258
Wingtech Technology Co. Ltd., Class A		181,211		3,086,916
Wuhan Guide Infrared Co. Ltd., Class A		317,194		1,051,405
Wuhu Token Science Co. Ltd., Class A		362,400		590,436
WUS Printed Circuit Kunshan Co. Ltd., Class A		317,590		871,457

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Xiamen Faratronic Co. Ltd., Class A		17,800	$	553,703
Zhejiang Dahua Technology Co. Ltd., Class A		422,900		1,278,455
Zhuzhou Hongda Electronics Corp. Ltd., Class A		45,300		600,335
				46,092,154
Energy Equipment & Services — 0.2%
Offshore Oil Engineering Co. Ltd., Class A		679,568		479,540
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		135,985		900,743
				1,380,283
Entertainment — 0.7%
Beijing Enlight Media Co. Ltd., Class A		422,900		702,995
G-Bits Network Technology Xiamen Co. Ltd., Class A		5,500		305,349
Giant Network Group Co. Ltd., Class A		317,112		489,007
Kunlun Tech Co. Ltd., Class A		181,200		536,833
Mango Excellent Media Co. Ltd., Class A		271,880		1,516,395
Perfect World Co. Ltd., Class A		271,852		591,013
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		317,193		1,255,259
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		1,027,382		1,097,693
				6,494,544
Food & Staples Retailing — 0.3%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		90,672		529,817
Laobaixing Pharmacy Chain JSC, Class A		56,300		377,509
Yifeng Pharmacy Chain Co. Ltd., Class A		100,417		785,997
Yonghui Superstores Co. Ltd., Class A		1,314,900		804,671
				2,497,994
Food Products — 4.7%
Angel Yeast Co. Ltd., Class A		91,096		823,878
Beijing Dabeinong Technology Group Co. Ltd., Class A		589,300		853,448
Chacha Food Co. Ltd., Class A		90,600		781,975
Chongqing Fuling Zhacai Group Co. Ltd., Class A		135,900		677,187
Foshan Haitian Flavouring & Food Co. Ltd., Class A		498,365		7,626,998
Fu Jian Anjoy Foods Co. Ltd., Class A		45,300		949,703
Fujian Sunner Development Co. Ltd., Class A		181,200		603,398
Guangdong Haid Group Co. Ltd., Class A		226,599		2,580,465
Heilongjiang Agriculture Co. Ltd., Class A		226,900		473,840
Henan Shuanghui Investment & Development Co. Ltd., Class A		408,100		1,919,897
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		906,000		5,460,175
Jiangxi Zhengbang Technology Co. Ltd., Class A		453,000		634,615
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		123,462		624,999
Juewei Food Co. Ltd., Class A		90,600		753,228
Muyuan Foods Co. Ltd., Class A		725,219		6,307,032
New Hope Liuhe Co. Ltd., Class A(a)		647,600		1,647,798
Toly Bread Co. Ltd., Class A		135,918		556,884
Tongwei Co. Ltd., Class A		634,693		3,785,908
Wens Foodstuffs Group Co. Ltd., Class A(a)		906,846		2,885,036
Yihai Kerry Arawana Holdings Co. Ltd., Class A		226,500		2,049,859
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a)		181,200		530,044
				42,526,367
Gas Utilities — 0.1%
ENN Natural Gas Co. Ltd., Class A		318,300		870,960
Health Care Equipment & Supplies — 1.5%
Autobio Diagnostics Co. Ltd., Class A		90,640		689,445
Intco Medical Technology Co. Ltd., Class A		90,680		757,754
Jafron Biomedical Co. Ltd., Class A		111,950		832,171
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		136,300		641,073

12 2 0 2 2   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) January 31, 2022 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Lepu Medical Technology Beijing Co. Ltd., Class A		226,900	$	741,310
Ovctek China Inc., Class A		115,880		696,584
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		164,734		8,358,150
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		90,600		573,320
				13,289,807
Health Care Providers & Services — 1.0%
Aier Eye Hospital Group Co. Ltd., Class A		770,113		3,943,067
China National Medicines Corp. Ltd., Class A		118,200		518,691
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		56,297		686,698
Huadong Medicine Co. Ltd., Class A		226,925		1,310,212
Jointown Pharmaceutical Group Co. Ltd., Class A		242,500		508,191
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		543,960		615,252
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		272,209		808,165
Topchoice Medical Corp., Class A(a)		46,200		1,086,778
				9,477,054
Health Care Technology — 0.1%
Winning Health Technology Group Co. Ltd., Class A		317,588		578,538
Hotels, Restaurants & Leisure — 0.4%
Shanghai Jinjiang International Hotels Co. Ltd., Class A		135,900		1,208,093
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,178,656		1,442,061
Songcheng Performance Development Co. Ltd., Class A		362,472		876,133
				3,526,287
Household Durables — 1.5%
Beijing Roborock Technology Co. Ltd., Class A		6,689		930,654
Ecovacs Robotics Co. Ltd., Class A		63,500		1,345,413
Haier Smart Home Co. Ltd., Class A		861,500		3,795,645
Hang Zhou Great Star Industrial Co. Ltd., Class A(a)		156,300		624,363
Hangzhou Robam Appliances Co. Ltd., Class A		135,900		742,334
Jason Furniture Hangzhou Co. Ltd., Class A		90,600		1,048,633
Oppein Home Group Inc., Class A		66,683		1,447,266
Shenzhen MTC Co. Ltd., Class A(a)		680,300		461,779
TCL Technology Group Corp., Class A		1,949,538		1,735,761
Xiamen Intretech Inc., Class A		96,326		455,401
Zhejiang Supor Co. Ltd., Class A		90,698		741,414
				13,328,663
Household Products — 0.0%
C&S Paper Co. Ltd., Class A		181,600		426,135
Independent Power and Renewable Electricity Producers — 2.3%
CECEP Solar Energy Co. Ltd., Class A		431,300		598,432
CECEP Wind Power Corp., Class A		695,900		558,921
China National Nuclear Power Co. Ltd., Class A		2,039,347		2,279,418
China Yangtze Power Co. Ltd., Class A		3,203,088		11,046,640
GD Power Development Co. Ltd., Class A		2,496,700		1,038,263
Huadian Power International Corp. Ltd., Class A		973,400		641,209
Huaneng Power International Inc., Class A		1,042,300		1,207,629
SDIC Power Holdings Co. Ltd., Class A		1,042,300		1,645,451
Shenzhen Energy Group Co. Ltd., Class A		544,018		597,856
Sichuan Chuantou Energy Co. Ltd., Class A		544,000		947,698
				20,561,517
Industrial Conglomerates — 0.1%
China Baoan Group Co. Ltd., Class A		362,800		744,350
Insurance — 2.2%
China Life Insurance Co. Ltd., Class A		407,700		1,778,468
China Pacific Insurance Group Co. Ltd., Class A		951,700		3,960,824

Security	Shares		Value
Insurance (continued)
New China Life Insurance Co. Ltd., Class A		317,100	$	1,881,170
People’s Insurance Co. Group of China Ltd. (The), Class A		982,500		706,130
Ping An Insurance Group Co. of China Ltd., Class A		1,518,423		11,996,612
				20,323,204
IT Services — 0.2%
Beijing Sinnet Technology Co. Ltd., Class A		226,999		478,675
China TransInfo Technology Co. Ltd., Class A		226,500		484,071
DHC Software Co. Ltd., Class A		453,000		511,655
Lakala Payment Co. Ltd., Class A		117,600		482,255
				1,956,656
Life Sciences Tools & Services — 1.1%
Hangzhou Tigermed Consulting Co. Ltd., Class A		50,304		827,397
Joinn Laboratories China Co. Ltd., Class A		45,360		692,571
Pharmaron Beijing Co. Ltd., Class A		94,000		1,744,377
Shanghai Medicilon Inc., Class A		7,790		435,198
WuXi AppTec Co. Ltd., Class A		370,548		6,157,033
				9,856,576
Machinery — 2.9%
China CSSC Holdings Ltd., Class A		642,500		2,066,619
CRRC Corp. Ltd., Class A		3,328,800		3,054,519
Hefei Meiya Optoelectronic Technology Inc., Class A		90,687		480,882
Jiangsu Hengli Hydraulic Co. Ltd., Class A		181,224		2,206,843
Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A		13,600		364,217
North Industries Group Red Arrow Co. Ltd., Class A(a)		210,800		613,922
Riyue Heavy Industry Co. Ltd., Class A		138,582		611,423
Sany Heavy Industry Co. Ltd., Class A		1,178,650		3,760,167
Shenzhen Inovance Technology Co. Ltd., Class A		362,411		3,466,555
Weichai Power Co. Ltd., Class A		951,700		2,351,645
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		104,200		1,196,592
Wuxi Shangji Automation Co. Ltd., Class A		45,300		908,550
XCMG Construction Machinery Co. Ltd., Class A		1,132,500		1,013,355
Yantai Eddie Precision Machinery Co. Ltd., Class A		109,720		518,178
Zhejiang Dingli Machinery Co. Ltd., Class A		90,698		1,046,434
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		498,731		1,511,001
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		997,400		1,113,373
				26,284,275
Marine — 0.5%
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		1,767,550		4,585,012
Media — 0.3%
Focus Media Information Technology Co. Ltd., Class A		2,039,760		2,463,747
Metals & Mining — 4.6%
Aluminum Corp. of China Ltd., Class A(a)		1,857,700		1,572,902
Anhui Honglu Steel Construction Group Co. Ltd., Class A		90,600		706,303
Baoshan Iron & Steel Co. Ltd., Class A		3,126,970		3,483,921
Chengtun Mining Group Co. Ltd., Class A		407,700		565,489
Chifeng Jilong Gold Mining Co. Ltd., Class A(a)		271,800		611,482
China Minmetals Rare Earth Co. Ltd., Class A		135,900		661,056
China Molybdenum Co. Ltd., Class A		2,492,700		2,067,948
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		498,700		2,964,667
Ganfeng Lithium Co. Ltd., Class A		160,750		3,457,674
GEM Co. Ltd., Class A		680,396		954,139
Hesteel Co. Ltd., Class A		1,662,800		625,419
Hunan Valin Steel Co. Ltd., Class A		984,140		857,838
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		6,389,700		2,381,687
Jiangxi Copper Co. Ltd., Class A		272,200		887,393

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) January 31, 2022 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		1,223,100	$	716,033
Shandong Gold Mining Co. Ltd., Class A		498,728		1,480,946
Shandong Nanshan Aluminum Co. Ltd., Class A		1,676,500		1,150,887
Shanxi Meijin Energy Co. Ltd., Class A(a)		589,300		1,231,013
Shanxi Taigang Stainless Steel Co. Ltd., Class A		815,800		878,466
Shenghe Resources Holding Co. Ltd., Class A		245,400		639,182
Tianshan Aluminum Group Co. Ltd., Class A		651,800		859,544
Tibet Summit Resources Co. Ltd., Class-A		121,400		553,100
Tongling Nonferrous Metals Group Co. Ltd., Class A		1,494,900		806,744
Western Superconducting Technologies Co. Ltd., Class A		59,568		768,218
Xiamen Tungsten Co. Ltd., Class A		181,698		565,018
Yintai Gold Co. Ltd., Class A		407,720		533,640
YongXing Special Materials Technology Co. Ltd., Class A		45,300		869,309
Yunnan Aluminium Co. Ltd., Class A(a)		498,300		872,488
Yunnan Tin Co. Ltd., Class A(a)		226,500		721,987
Zhejiang Huayou Cobalt Co. Ltd., Class A		181,225		2,847,328
Zijin Mining Group Co. Ltd., Class A		2,899,200		4,573,772
				41,865,593
Oil, Gas & Consumable Fuels — 1.7%
China Petroleum & Chemical Corp., Class A		4,531,243		3,011,815
China Shenhua Energy Co. Ltd., Class A		906,499		3,231,948
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		498,349		403,068
Guanghui Energy Co. Ltd., Class A(a)		951,700		876,712
PetroChina Co. Ltd., Class A		3,035,900		2,412,884
Shaanxi Coal Industry Co. Ltd., Class A		1,359,801		2,700,753
Shanxi Coking Coal Energy Group Co. Ltd., Class A		569,360		703,246
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		408,100		779,117
Yankuang Energy Group Co. Ltd., Class A		362,400		1,326,018
				15,445,561
Paper & Forest Products — 0.2%
Chengxin Lithium Group Co Ltd., Class A(a)		135,900		972,753
Shandong Sun Paper Industry JSC Ltd., Class A		362,800		639,555
				1,612,308
Personal Products — 0.2%
By-Health Co. Ltd., Class A		226,900		893,833
Proya Cosmetics Co. Ltd., Class A		22,500		601,080
Shanghai Jahwa United Co. Ltd., Class A		90,600		577,829
				2,072,742
Pharmaceuticals — 3.5%
Apeloa Pharmaceutical Co. Ltd., Class A		181,600		807,512
Asymchem Laboratories Tianjin Co. Ltd., Class A		27,100		1,384,337
Betta Pharmaceuticals Co. Ltd., Class A		45,312		445,455
CanSino Biologics Inc., Class A(a)		10,138		407,452
Changchun High & New Technology Industry Group Inc., Class A		52,740		1,466,214
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		135,900		739,685
Dong-E-E-Jiao Co. Ltd., Class A		90,600		538,767
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		181,600		829,590
Humanwell Healthcare Group Co. Ltd., Class A		226,500		694,212
Jiangsu Hengrui Medicine Co. Ltd., Class A		906,442		5,846,398
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		272,200		500,316
Livzon Pharmaceutical Group Inc., Class A		90,600		499,965
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		181,216		1,028,995

Security	Shares		Value
Pharmaceuticals (continued)
PharmaBlock Sciences Nanjing Inc., Class A		45,300	$	619,868
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		178,627		555,366
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		271,863		1,835,997
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a)		152,500		562,692
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		226,960		741,614
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		181,600		504,892
Yunnan Baiyao Group Co. Ltd., Class A		181,200		2,578,827
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		90,699		5,136,505
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		226,504		746,168
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		111,200		759,175
Zhejiang NHU Co. Ltd., Class A		362,857		1,724,283
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		69,100		503,323
				31,457,608
Real Estate Management & Development — 1.9%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,099,000		2,346,467
China Vanke Co. Ltd., Class A		1,359,400		4,355,094
Gemdale Corp., Class A		634,618		1,292,325
Greenland Holdings Corp. Ltd., Class A		1,165,350		803,948
Jinke Properties Group Co. Ltd., Class A		712,300		504,440
Poly Developments and Holdings Group Co. Ltd., Class A		1,676,831		4,131,779
RiseSun Real Estate Development Co. Ltd., Class A		634,237		445,933
Seazen Holdings Co. Ltd., Class A		317,166		1,658,410
Shanghai Lingang Holdings Corp. Ltd., Class A		181,200		410,936
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		226,500		489,407
Youngor Group Co. Ltd., Class A		634,294		664,688
Zhejiang China Commodities City Group Co. Ltd., Class A		741,300		525,167
				17,628,594
Road & Rail — 0.5%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		5,798,894		4,621,478
Semiconductors & Semiconductor Equipment — 5.1%
Advanced Micro-Fabrication Equipment Inc., Class A(a)		90,764		1,718,742
Flat Glass Group Co. Ltd., Class A		181,600		1,408,957
GCL System Integration Technology Co. Ltd., Class A(a)		906,400		455,092
Gigadevice Semiconductor Beijing Inc., Class A		93,057		2,072,633
Hangzhou First Applied Material Co. Ltd., Class A		135,179		2,446,171
Hangzhou Silan Microelectronics Co. Ltd., Class A		181,200		1,471,378
Ingenic Semiconductor Co. Ltd., Class A		60,900		1,063,499
JA Solar Technology Co. Ltd., Class A		226,500		3,221,631
JCET Group Co. Ltd., Class A		272,200		1,167,889
LONGi Green Energy Technology Co. Ltd., Class A		770,133		8,624,697
Montage Technology Co. Ltd., Class A		101,197		1,142,203
National Silicon Industry Group Co. Ltd., Class A(a)		282,486		1,053,007
NAURA Technology Group Co. Ltd., Class A		71,900		3,268,447
SG Micro Corp., Class A		24,400		1,066,725
Shenzhen Goodix Technology Co. Ltd., Class A		62,100		870,276
Shenzhen SC New Energy Technology Corp., Class A		45,300		587,221
StarPower Semiconductor Ltd., Class A		17,000		864,365
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		453,099		3,087,024
Tianshui Huatian Technology Co. Ltd., Class A		498,300		903,668
TongFu Microelectronics Co. Ltd., Class A		272,200		751,609
Unigroup Guoxin Microelectronics Co. Ltd., Class A		90,600		3,089,088
Will Semiconductor Co. Ltd. Shanghai, Class A		114,700		4,655,231
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		181,201		1,657,241
				46,646,794

14 2 0 2 2   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) January 31, 2022 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software — 1.8%
360 Security Technology Inc., Class A(a)		997,400	$	1,648,095
Beijing E-Hualu Information Technology Co. Ltd., Class A		90,600		396,328
Beijing Kingsoft Office Software Inc., Class A		40,344		1,558,303
Beijing Shiji Information Technology Co. Ltd., Class A		136,380		680,978
Hundsun Technologies Inc., Class A		226,902		2,099,686
Iflytek Co. Ltd., Class A		317,150		2,193,307
NavInfo Co. Ltd., Class A(a)		305,000		768,323
Sangfor Technologies Inc., Class A		57,300		1,403,860
Shanghai Baosight Software Co. Ltd., Class A		181,232		1,548,799
Thunder Software Technology Co. Ltd., Class A		58,700		1,301,493
Topsec Technologies Group Inc., Class A		181,200		436,478
Yonyou Network Technology Co. Ltd., Class A		453,449		2,517,034
				16,552,684
Specialty Retail — 1.1%
China Tourism Group Duty Free Corp. Ltd., Class A		271,841		8,908,138
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		453,306		659,383
Suning.com Co. Ltd., Class A(a)		1,404,300		861,757
				10,429,278
Technology Hardware, Storage & Peripherals — 0.7%
China Greatwall Technology Group Co. Ltd., Class A		408,100		820,387
Dawning Information Industry Co. Ltd., Class A		173,500		833,082
GRG Banking Equipment Co. Ltd., Class A		362,400		647,523
Inspur Electronic Information Industry Co. Ltd., Class A		183,360		983,305
Ninestar Corp., Class A		181,210		1,398,829
Shenzhen Transsion Holding Co. Ltd., Class A		93,228		1,981,570
				6,664,696

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.1%
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		90,600	$	955,669
Zhejiang Semir Garment Co. Ltd., Class A		350,300		386,487
				1,342,156
Trading Companies & Distributors — 0.2%
Beijing United Information Technology Co. Ltd., Class A		48,400		872,694
COSCO SHIPPING Development Co. Ltd., Class A		1,404,300		657,473
Xiamen C & D Inc., Class A		453,000		669,673
				2,199,840
Transportation Infrastructure — 0.2%
Shanghai International Airport Co. Ltd., Class A(a)		135,922		1,084,317
Shanghai International Port Group Co. Ltd., Class A		1,314,500		1,177,050
				2,261,367
Wireless Telecommunication Services — 0.3%
China United Network Communications Ltd., Class A		4,161,000		2,431,219
Total Common Stocks — 99.7% (Cost: $ 748,402,241)				906,198,117
Total Investments in Securities — 99.7% (Cost: $ 748,402,241)				906,198,117
Other Assets, Less Liabilities — 0.3%				2,485,108
Net Assets — 100.0%			$	908,683,225

^(a)  Non-income producing security.

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

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 China A50 Index		76		02/25/22	$	1,135	$	(38,507	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	38,507

^(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).

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) January 31, 2022 iShares^® MSCI China A ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(59,023	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	29,203

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	982,131

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
Investments
Assets
Common Stocks	$	46,770,693	$	858,871,940		$	555,484	$	906,198,117
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(38,507	)	$	—	$	(38,507	)

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

See notes to financial statements.

16 2 0 2 2   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)

January 31, 2022

	iShares China Large-Cap ETF			iShares MSCI China A ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,923,328,097		$	906,198,117
Affiliated(c)		16,473,857			—
Cash		7,705			1,869,944
Foreign currency, at value(d)		5,310,325			65,071
Cash pledged:
Futures contracts		724,000			81,000
Receivables:
Investments sold		507,320			—
Securities lending income — Affiliated		5,972			—
Variation margin on futures contracts		476,408			21,212
Capital shares sold		14,989,317			10,029,617
Dividends		8,330			793
Total assets		5,961,831,331			918,265,754
LIABILITIES
Collateral on securities loaned, at value		6,289,955			—
Payables:
Investments purchased		16,158,685			9,398,701
Investment advisory fees		3,293,001			183,828
Total liabilities		25,741,641			9,582,529
NET ASSETS	$	5,936,089,690		$	908,683,225
NET ASSETS CONSIST OF:
Paid-in capital	$	8,980,280,144		$	791,033,463
Accumulated earnings (loss)		(3,044,190,454	)		117,649,762
NET ASSETS	$	5,936,089,690		$	908,683,225
Shares outstanding		157,350,000			22,650,000
Net asset value	$	37.73		$	40.12
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Securities loaned, at value	$	6,166,499		$	—
(b) Investments, at cost — Unaffiliated	$	6,135,156,301		$	748,402,241
(c)  Investments, at cost — Affiliated	$	16,471,570		$	—
(d) Foreign currency, at cost	$	5,316,795		$	65,080

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T  S 17

Statements of Operations (unaudited)

Six Months Ended January 31, 2022

	iShares China Large-Cap ETF			iShares MSCI China A ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	16,996,738		$	1,514,027
Dividends — Affiliated		133			—
Interest — Unaffiliated		4,001			314
Securities lending income — Affiliated — net		171,873			—
Foreign taxes withheld		(1,099,875	)		(153,091	)
Total investment income		16,072,870			1,361,250
EXPENSES
Investment advisory fees		18,716,433			2,262,945
Commitment fees		—			4,298
Miscellaneous		217			217
Total expenses		18,716,650			2,267,460
Less:
Investment advisory fees waived		—			(1,362,283	)
Total expenses after fees waived		18,716,650			905,177
Net investment income (loss)		(2,643,780	)		456,073
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(298,789,195	)		(12,885,114	)
Investments — Affiliated		5,241			—
Futures contracts		(5,762,639	)		(59,023	)
Foreign currency transactions		(52,883	)		52,678
Net realized loss		(304,599,476	)		(12,891,459	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		13,565,583			(25,999,777	)
Investments — Affiliated		(13,268	)		—
Futures contracts		4,827,240			29,203
Foreign currency translations		253			(3,687	)
Net change in unrealized appreciation (depreciation)		18,379,808			(25,974,261	)
Net realized and unrealized loss		(286,219,668	)		(38,865,720	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(288,863,448	)	$	(38,409,647	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares China Large-Cap ETF						iShares MSCI China A ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(2,643,780	)	$	77,403,606		$	456,073		$	7,615,518
Net realized loss		(304,599,476	)		(291,904,538	)		(12,891,459	)		(11,951,056	)
Net change in unrealized appreciation (depreciation)		18,379,808			46,397,705			(25,974,261	)		72,482,786
Net increase (decrease) in net assets resulting from operations		(288,863,448	)		(168,103,227	)		(38,409,647	)		68,147,248
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(57,067,283	)		(75,177,990	)		(7,204,626	)		(6,046,186	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,469,533,082			1,626,058,494			326,771,030			81,420,345
NET ASSETS
Total increase in net assets		1,123,602,351			1,382,777,277			281,156,757			143,521,407
Beginning of period		4,812,487,339			3,429,710,062			627,526,468			484,005,061
End of period	$	5,936,089,690		$	4,812,487,339		$	908,683,225		$	627,526,468

^(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 19

Financial Highlights

(For a share outstanding throughout each period)

	iShares China Large-Cap ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	40.36		$	41.57		$	41.63		$	43.14		$	42.57		$	35.11
Net investment income (loss)(a)			(0.02	)		0.88			0.89			1.07			1.27			0.86
Net realized and unrealized gain (loss)(b)			(2.18	)		(1.26	)		0.17			(1.73	)		0.80			7.47
Net increase (decrease) from investment operations			(2.20	)		(0.38	)		1.06			(0.66	)		2.07			8.33
Distributions(c)
From net investment income			(0.43	)		(0.83	)		(1.12	)		(0.85	)		(1.50	)		(0.87	)
Total distributions			(0.43	)		(0.83	)		(1.12	)		(0.85	)		(1.50	)		(0.87	)
Net asset value, end of period		$	37.73		$	40.36		$	41.57		$	41.63		$	43.14		$	42.57
Total Return(d)
Based on net asset value			(5.44	)%(e)		(1.13	)%		2.59	%		(1.44	)%		4.73	%		24.23	%
Ratios to Average Net Assets(f)
Total expenses			0.74	%(g)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income (loss)			(0.10	)%(g)		1.90	%		2.18	%		2.55	%		2.75	%		2.26	%
Supplemental Data
Net assets, end of period (000)		$	5,936,090		$	4,812,487		$	3,429,710		$	5,039,411		$	4,096,070		$	3,346,303
Portfolio turnover rate(h)			17	%(e)		62	%		18	%		14	%		18	%		15	%

^(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 China A ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19				Year Ended 07/31/18				Year Ended 07/31/17
Net asset value, beginning of period		$	41.70			$	36.39			$	28.68			$	27.06			$	29.19			$	25.68
Net investment income(a)			0.03				0.52				0.59				0.84				0.56				0.30
Net realized and unrealized gain (loss)(b)			(1.20	)			5.22				7.47				1.67				(2.38	)			3.66
Net increase (decrease) from investment operations			(1.17	)			5.74				8.06				2.51				(1.82	)			3.96
Distributions(c)
From net investment income			(0.41	)			(0.43	)			(0.35	)			(0.19	)			(0.31	)			(0.45	)
From net realized gain			—				—				—				(0.70	)			—				—
Total distributions			(0.41	)			(0.43	)			(0.35	)			(0.89	)			(0.31	)			(0.45	)
Net asset value, end of period		$	40.12			$	41.70			$	36.39			$	28.68			$	27.06			$	29.19
Total Return(d)
Based on net asset value			(2.90	)%(e)			15.79	%			28.40	%			9.97	%			(6.33	)%(f)			15.65	%
Ratios to Average Net Assets(g)
Total expenses			0.60	%(h)			0.60	%			0.63	%			0.65	%			0.65	%			0.65	%
Total expenses after fees waived			0.24	%(h)			0.24	%			0.24	%			0.24	%			0.55	%			0.65	%
Net investment income			0.12	%(h)			1.24	%			1.98	%			3.10	%			1.81	%			1.13	%
Supplemental Data
Net assets, end of period (000)		$	908,683			$	627,526			$	484,005			$	141,989			$	13,529			$	10,217
Portfolio turnover rate(i)			12	%(e)(j)			38	%(j)			31	%(j)			44	%(j)			154	%			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)  Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -6.54%. (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:			12	%			24	%			28	%			22	%			—				—

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T  S 21

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
China Large-Cap		Non-diversified
MSCI China A		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. 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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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

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Notes to Financial Statements (unaudited)(continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
China Large-Cap
BofA Securities, Inc.	$	5,467,689	$	5,467,689		$	—	$	—
Goldman Sachs & Co. LLC		698,810		698,810			—		—
	$	6,166,499	$	6,166,499		$	—	$	—

^(a)  Collateral received 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 statement 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).

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Notes to Financial Statements (unaudited)(continued)

For its investment advisory services to the iShares China Large-Cap 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:

Average Daily Net Assets	Investment Advisory Fee
First $6 billion		0.74%
Over $6 billion, up to and including $9 billion		0.67
Over $9 billion, up to and including $12 billion		0.60
Over $12 billion		0.54

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.60%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver in order to limit the Fund’s total annual operating expenses after fee waiver to 0.24%, and currently intends to keep such voluntary fee waiver for the Fund in place through December 31, 2022. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI China A	$	1,362,283

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 January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
China Large-Cap	$	47,783

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 January 31, 2022, 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)
China Large-Cap	$	37,591,703	$	38,140,969	$	(1,251,104)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
China Large-Cap	$	2,347,922,573	$	876,880,060
MSCI China A		396,096,675		86,218,468

There were no in-kind transactions for the six months ended January 31, 2022.

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
China Large-Cap	$	2,357,333,369
MSCI China A		13,836,433

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 January 31, 2022, 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)
China Large-Cap	$	6,338,539,811	$	444,014,973	$	(842,878,691	)	$	(398,863,718)
MSCI China A		761,139,202		187,904,357		(42,883,949	)		145,020,408

9. LINE OF CREDIT

The iShares MSCI China A ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Fund. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than

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Notes to Financial Statements (unaudited)(continued)

zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares MSCI China A 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 January 31, 2022, the Fund did not borrow under the Credit Agreement or 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.

Market Risk: The iShares MSCI China A ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial

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Notes to Financial Statements (unaudited)(continued)

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 or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves 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.

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.

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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
China Large-Cap
Shares sold		38,100,000		$	1,469,533,082			50,700,000		$	2,298,663,625
Shares redeemed		—			—			(13,950,000	)		(672,605,131	)
Net increase		38,100,000		$	1,469,533,082			36,750,000		$	1,626,058,494
MSCI China A
Shares sold		7,800,000		$	335,255,691			3,900,000		$	168,647,485
Shares redeemed		(200,000	)		(8,484,661	)		(2,150,000	)		(87,227,140	)
Net increase		7,600,000		$	326,771,030			1,750,000		$	81,420,345

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

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

12. SUBSEQUENT EVENTS

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

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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 China Large-Cap ETF and iShares MSCI China A 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 A(a)	$	0.390480	$	—	$	0.020040	$	0.410520		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.

S U P P L E M E N T A L   I N F O R M A  T I O N 31

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
JSC	Joint Stock Company

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 33

Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

^©2022 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-106-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core Aggressive Allocation ETF | AOA | NYSE Arca

· iShares Core Conservative Allocation ETF | AOK | NYSE Arca

· iShares Core Growth Allocation ETF | AOR | NYSE Arca

· iShares Core Moderate Allocation ETF | AOM | NYSE Arca

· iShares Morningstar Multi-Asset Income ETF | IYLD | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		20
Statements of Operations		22
Statements of Changes in Net Assets		24
Financial Highlights		27
Notes to Financial Statements		32
Statement Regarding Liquidity Risk Management Program		39
Supplemental Information		40
General Information		41

3

Fund Summary as of January 31, 2022 iShares^® Core Aggressive Allocation ETF

Investment Objective

The iShares Core Aggressive Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent an aggressive target risk allocation strategy, as represented by the S&P Target Risk Aggressive 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.39	)%		11.30	%		10.69	%		9.91	%		11.30	%		66.15	%		157.18	%
Fund Market		(0.21	)		11.31			10.71			9.91			11.31			66.32			157.30
Index		(0.33	)		11.46			10.85			10.04			11.46			67.41			160.36

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	996.10	$	0.70		$	1,000.00	$	1,024.50	$	0.71		0.14	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Equity	46.5	%
International Equity	33.3
Domestic Fixed Income	17.2
International Fixed Income	3.0

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares Core S&P 500 ETF	42.8	%
iShares Core MSCI International Developed Markets ETF	24.8
iShares Core Total USD Bond Market ETF	17.2
iShares Core MSCI Emerging Markets ETF	8.5
iShares Core International Aggregate Bond ETF	3.0

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Fund Summary as of January 31, 2022 iShares^® Core Conservative Allocation ETF

Investment Objective

The iShares Core Conservative Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a conservative target risk allocation strategy, as represented by the S&P Target Risk Conservative 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.09	)%		2.44	%		6.03	%		5.00	%		2.44	%		33.98	%		62.84	%
Fund Market		(2.09	)		2.44			6.07			5.01			2.44			34.24			63.00
Index		(2.02	)		2.62			6.25			5.13			2.62			35.40			64.87

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	979.10	$	0.65		$	1,000.00	$	1,024.60	$	0.66		0.13	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Fixed Income	59.7	%
Domestic Equity	17.3
International Equity	12.4
International Fixed Income	10.6

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares Core Total USD Bond Market ETF	59.7	%
iShares Core S&P 500 ETF	15.9
iShares Core International Aggregate Bond ETF	10.6
iShares Core MSCI International Developed Markets ETF	9.2
iShares Core MSCI Emerging Markets ETF	3.2

F U N D  S U M M A R Y 5

Fund Summary as of January 31, 2022 iShares^® Core Growth Allocation ETF

Investment Objective

The iShares Core Growth Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a growth allocation target risk strategy, as represented by the S&P Target Risk Growth 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.06	)%		7.78	%		8.87	%		8.07	%		7.78	%		52.98	%		117.20	%
Fund Market		(0.88	)		7.73			8.89			8.07			7.73			53.09			117.31
Index		(1.00	)		7.95			9.07			8.20			7.95			54.33			120.01

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	989.40	$	0.70		$	1,000.00	$	1,024.50	$	0.71		0.14	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Equity	34.7	%
Domestic Fixed Income	34.3
International Equity	24.9
International Fixed Income	6.1

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares Core Total USD Bond Market ETF	34.3	%
iShares Core S&P 500 ETF	32.0
iShares Core MSCI International Developed Markets ETF	18.5
iShares Core MSCI Emerging Markets ETF	6.4
iShares Core International Aggregate Bond ETF	6.1

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Fund Summary as of January 31, 2022 iShares^® Core Moderate Allocation ETF

Investment Objective

The iShares Core Moderate Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds intended to represent a moderate target risk allocation strategy, as represented by the S&P Target Risk Moderate 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.74	)%		4.24	%		6.99	%		6.09	%		4.24	%		40.18	%		80.68	%
Fund Market		(1.78	)		4.21			7.03			6.10			4.21			40.47			80.75
Index		(1.68	)		4.41			7.21			6.23			4.41			41.61			83.04

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	982.60	$	0.70		$	1,000.00	$	1,024.50	$	0.71		0.14	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Fixed Income	51.2	%
Domestic Equity	23.1
International Equity	16.6
International Fixed Income	9.1

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares Core Total USD Bond Market ETF	51.2	%
iShares Core S&P 500 ETF	21.3
iShares Core MSCI International Developed Markets ETF	12.3
iShares Core International Aggregate Bond ETF	9.1
iShares Core MSCI Emerging Markets ETF	4.2

F U N D  S U M M A R Y 7

Fund Summary as of January 31, 2022 iShares^® Morningstar Multi-Asset Income ETF

Investment Objective

The iShares Morningstar Multi-Asset Income ETF (the “Fund”) seeks to track the investment results of an index composed of underlying equity, fixed income and other income funds that collectively seek to deliver high current income while providing an opportunity for capital appreciation, as represented by the Morningstar^® Multi-Asset High Income Index^SM (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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.79	)%		2.84	%		3.84	%		4.49	%		2.84	%		20.75	%		54.04	%
Fund Market		(1.83	)		2.84			3.83			4.48			2.84			20.66			53.91
Index		(1.70	)		2.91			3.98			4.55			2.91			21.55			54.77

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
$	1,000.00	$	982.10	$	1.25		$	1,000.00	$	1,023.90	$	1.28		0.25	%

^(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Fixed Income	24.4	%
Domestic Equity	19.3
International Equity	16.5
Mortgage-Backed Securities	15.0
International Fixed Income	13.7
Non-Investment Grade Bonds	6.2
Domestic Real Estate	4.9

^(a)  Excludes money market funds.

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares MBS ETF	15.0	%
iShares 10-20 Year Treasury Bond ETF	14.8
iShares Preferred and Income Securities ETF	14.8
iShares Emerging Markets Dividend ETF	10.4
iShares J.P. Morgan EM Local Currency Bond ETF	9.8

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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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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 / S H A R E H O L D E R  E X P E N S E S 9

Schedule of Investments (unaudited) January 31, 2022 iShares^® Core Aggressive Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Domestic Equity — 46.4%
iShares Core S&P 500 ETF		1,473,405	$	665,640,177
iShares Core S&P Mid-Cap ETF		151,972		39,898,729
iShares Core S&P Small-Cap ETF		166,834		17,726,112
				723,265,018
Domestic Fixed Income — 17.1%
iShares Core Total USD Bond Market ETF		5,162,632		267,424,338
International Equity — 33.3%
iShares Core MSCI Emerging Markets ETF		2,234,923		133,156,712
iShares Core MSCI International Developed Markets ETF		5,933,046		385,707,320
				518,864,032
International Fixed Income — 3.0%
iShares Core International Aggregate Bond ETF		879,280		47,305,264
Total Investment Companies — 99.8% (Cost: $1,274,865,918)				1,556,858,652

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		2,893,000	$	2,893,000
Total Short-Term Investments — 0.2% (Cost: $2,893,000)				2,893,000
Total Investments in Securities — 100.0% (Cost: $1,277,758,918)				1,559,751,652
Other Assets, Less Liabilities — 0.0%				49,618
Net Assets — 100.0%			$	1,559,801,270

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	0	(b)	$	—		$	—	$	—		$	—		—	$	484	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,373,000		1,520,000	(b)		—			—		—			2,893,000		2,893,000		106			—
iShares Core International Aggregate Bond ETF		43,583,243		7,829,651			(2,344,100	)		92,622		(1,856,152	)		47,305,264		879,280		562,938			25,353
iShares Core MSCI Emerging Markets ETF		125,859,707		21,717,382			(6,521,766	)		1,480,313		(9,378,924	)		133,156,712		2,234,923		3,022,018			—
iShares Core MSCI International Developed Markets ETF		376,933,707		49,468,420			(22,359,217	)		2,968,798		(21,304,388	)		385,707,320		5,933,046		6,954,258			—
iShares Core S&P 500 ETF		614,119,744		84,364,896			(46,769,635	)		16,670,095		(2,744,923	)		665,640,177		1,473,405		4,616,407			—
iShares Core S&P Mid-Cap ETF		38,615,190		5,187,406			(2,686,646	)		923,820		(2,141,041	)		39,898,729		151,972		289,612			—
iShares Core S&P Small-Cap ETF		17,578,972		2,328,541			(1,463,718	)		399,772		(1,117,455	)		17,726,112		166,834		203,653			—
iShares Core Total USD Bond Market ETF		246,824,801		44,666,545			(13,213,094	)		325,231		(11,179,145	)		267,424,338		5,162,632		2,136,617			—
									$	22,860,651	$	(49,722,028	)	$	1,559,751,652			$	17,786,093		$	25,353

^(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 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® Core Aggressive Allocation 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
S&P 500 E-Mini Index		13		03/18/22	$	2,928	$	(97,417)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	97,417

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	174,265
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(137,533	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,724,796

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
Investments
Assets
Investment Companies	$	1,556,858,652		$	—	$	—	$	1,556,858,652
Money Market Funds		2,893,000			—		—		2,893,000
	$	1,559,751,652		$	—	$	—	$	1,559,751,652
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(97,417	)	$	—	$	—	$	(97,417	)

^(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 11

Schedule of Investments (unaudited) January 31, 2022 iShares^® Core Conservative Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Domestic Equity — 17.3%
iShares Core S&P 500 ETF		389,974	$	176,178,554
iShares Core S&P Mid-Cap ETF		40,262		10,570,385
iShares Core S&P Small-Cap ETF		44,117		4,687,431
				191,436,370
Domestic Fixed Income — 59.6%
iShares Core Total USD Bond Market ETF		12,753,871		660,650,518
International Equity — 12.4%
iShares Core MSCI Emerging Markets ETF		591,574		35,245,979
iShares Core MSCI International Developed Markets ETF		1,570,396		102,091,444
				137,337,423
International Fixed Income — 10.5%
iShares Core International Aggregate Bond ETF		2,172,222		116,865,544
Total Investment Companies — 99.8% (Cost: $1,076,726,405)				1,106,289,855

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		1,721,000	$	1,721,000
Total Short-Term Investments — 0.2% (Cost: $1,721,000)				1,721,000
Total Investments in Securities — 100.0% (Cost: $1,078,447,405)				1,108,010,855
Other Assets, Less Liabilities — (0.0)%				(99,603	)
Net Assets — 100.0%			$	1,107,911,252

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,661,000	$	60,000	(a)	$	—		$	—	$	—		$	1,721,000		1,721,000	$	57	$	—
iShares Core International Aggregate Bond ETF		98,849,025		33,526,002			(11,361,193	)		444,139		(4,592,429	)		116,865,544		2,172,222		1,268,732		57,140
iShares Core MSCI Emerging Markets ETF		30,584,348		9,961,896			(3,477,199	)		774,910		(2,597,976	)		35,245,979		591,574		733,265		—
iShares Core MSCI International Developed Markets ETF		91,596,469		28,219,082			(13,573,476	)		1,885,725		(6,036,356	)		102,091,444		1,570,396		1,688,069		—
iShares Core S&P 500 ETF		149,235,706		47,798,591			(24,945,226	)		7,136,244		(3,046,761	)		176,178,554		389,974		1,130,031		—
iShares Core S&P Mid-Cap ETF		9,385,099		2,944,321			(1,506,521	)		412,317		(664,831	)		10,570,385		40,262		70,884		—
iShares Core S&P Small-Cap ETF		4,276,875		1,306,740			(738,349	)		185,942		(343,777	)		4,687,431		44,117		49,759		—
iShares Core Total USD Bond Market ETF		559,809,278		190,041,337			(64,279,199	)		1,626,091		(26,546,989	)		660,650,518		12,753,871		4,768,861		—
									$	12,465,368	$	(43,829,119	)	$	1,108,010,855			$	9,709,658	$	57,140

^(a)  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.

12 2 0 2 2  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) January 31, 2022 iShares^® Core Conservative Allocation  ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Investment Companies	$	1,106,289,855	$	—	$	—	$	1,106,289,855
Money Market Funds		1,721,000		—		—		1,721,000
	$	1,108,010,855	$	—	$	—	$	1,108,010,855

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) January 31, 2022 iShares^® Core Growth Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Domestic Equity — 34.7%
iShares Core S&P 500 ETF		1,398,678	$	631,880,760
iShares Core S&P Mid-Cap ETF		144,260		37,874,020
iShares Core S&P Small-Cap ETF		158,384		16,828,300
				686,583,080
Domestic Fixed Income — 34.2%
iShares Core Total USD Bond Market ETF		13,065,272		676,781,090
International Equity — 24.9%
iShares Core MSCI Emerging Markets ETF		2,121,045		126,371,861
iShares Core MSCI International Developed Markets ETF		5,631,840		366,125,919
				492,497,780
International Fixed Income — 6.0%
iShares Core International Aggregate Bond ETF		2,225,258		119,718,880
Total Investment Companies — 99.8% (Cost: $1,775,632,280)				1,975,580,830

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		3,263,000	$	3,263,000
Total Short-Term Investments — 0.2% (Cost: $3,263,000)				3,263,000
Total Investments in Securities — 100.0% (Cost: $1,778,895,280)				1,978,843,830
Other Assets, Less Liabilities — (0.0)%				(209,694	)
Net Assets — 100.0%			$	1,978,634,136

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,523,000	$	1,740,000	(a)	$	—		$	—	$	—		$	3,263,000		3,263,000	$	139	$	—
iShares Core International Aggregate Bond ETF		110,030,490		29,280,758			(14,965,430	)		612,912		(5,239,850	)		119,718,880		2,225,258		1,507,562		67,895
iShares Core MSCI Emerging Markets ETF		119,154,769		30,768,564			(15,698,815	)		3,211,312		(11,063,969	)		126,371,861		2,121,045		3,024,184		—
iShares Core MSCI International
Developed Markets ETF		356,851,973		81,084,044			(53,670,255	)		7,141,929		(25,281,772	)		366,125,919		5,631,840		6,953,829		—
iShares Core S&P 500 ETF		581,403,308		137,201,325			(100,207,470	)		36,245,462		(22,761,865	)		631,880,760		1,398,678		4,555,927		—
iShares Core S&P Mid-Cap ETF		36,553,257		8,490,989			(5,959,286	)		1,872,083		(3,083,023	)		37,874,020		144,260		286,030		—
iShares Core S&P Small-Cap ETF		16,649,040		3,826,082			(2,932,902	)		813,914		(1,527,834	)		16,828,300		158,384		201,701		—
iShares Core Total USD Bond Market ETF		623,132,518		166,432,125			(84,615,081	)		2,031,435		(30,199,907	)		676,781,090		13,065,272		5,555,144		—
									$	51,929,047	$	(99,158,220	)	$	1,978,843,830			$	22,084,516	$	67,895

^(a)  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.

14 2 0 2 2  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) January 31, 2022 iShares^® Core Growth Allocation ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Investment Companies	$	1,975,580,830	$	—	$	—	$	1,975,580,830
Money Market Funds		3,263,000		—		—		3,263,000
	$	1,978,843,830	$	—	$	—	$	1,978,843,830

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 15

Schedule of Investments (unaudited) January 31, 2022 iShares^® Core Moderate Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Domestic Equity — 23.1%
iShares Core S&P 500 ETF		828,329	$	374,214,192
iShares Core S&P Mid-Cap ETF		85,432		22,429,317
iShares Core S&P Small-Cap ETF		93,802		9,966,463
				406,609,972
Domestic Fixed Income — 51.2%
iShares Core Total USD Bond Market ETF		17,410,116		901,844,009
International Equity — 16.5%
iShares Core MSCI Emerging Markets ETF		1,256,177		74,843,026
iShares Core MSCI International Developed Markets ETF		3,335,344		216,830,713
				291,673,739
International Fixed Income — 9.1%
iShares Core International Aggregate Bond ETF(b)		2,965,271		159,531,580
Total Investment Companies — 99.9% (Cost: $1,650,546,946)				1,759,659,300
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(a)(c)(d)		1,657,003		1,657,500

Security	Shares	Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)	2,726,000 $		2,726,000
			4,383,500
Total Short-Term Investments — 0.2% (Cost: $ 4,383,500)			4,383,500
Total Investments in Securities — 100.1% (Cost: $ 1,654,930,446)			1,764,042,800
Other Assets, Less Liabilities — (0.1)%			(1,822,150	)
Net Assets — 100.0%		$	1,762,220,650

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,658,491	(a)	$	—		$	(991	)	$	—		$	1,657,500		1,657,003	$	259	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,776,000		950,000	(a)		—			—			—			2,726,000		2,726,000		124			—
iShares Core International Aggregate Bond ETF		153,049,515		26,468,012			(13,949,054	)		609,730			(6,646,623	)		159,531,580		2,965,271		1,899,035			85,527
iShares Core MSCI Emerging Markets ETF		73,662,595		12,350,844			(6,564,283	)		1,416,550			(6,022,680	)		74,843,026		1,256,177		1,727,200			—
iShares Core MSCI International Developed Markets ETF		220,609,290		32,980,129			(26,390,246	)		3,153,509			(13,521,969	)		216,830,713		3,335,344		3,970,307			—
iShares Core S&P 500 ETF		359,429,377		55,005,947			(49,987,936	)		14,133,349			(4,366,545	)		374,214,192		828,329		2,708,494			—
iShares Core S&P Mid-Cap ETF		22,610,059		3,403,483			(2,989,191	)		826,575			(1,421,609	)		22,429,317		85,432		169,709			—
iShares Core S&P Small-Cap ETF		10,293,984		1,540,878			(1,498,348	)		351,058			(721,109	)		9,966,463		93,802		118,806			—
iShares Core Total USD Bond Market ETF		866,759,864		151,295,761			(78,598,494	)		2,026,946			(39,640,068	)		901,844,009		17,410,116		7,507,084			—
									$	22,516,726		$	(72,340,603	)	$	1,764,042,800			$	18,101,018		$	85,527

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

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

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Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® Core Moderate Allocation 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
Investments
Assets
Investment Companies	$	1,759,659,300	$	—	$	—	$	1,759,659,300
Money Market Funds		4,383,500		—		—		4,383,500
	$	1,764,042,800	$	—	$	—	$	1,764,042,800

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) January 31, 2022 iShares^® Morningstar Multi-Asset Income ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies(a)
Domestic Equity — 19.3%
iShares Core High Dividend ETF		94,940	$	9,810,150
iShares Preferred and Income Securities ETF		858,482		32,321,848
				42,131,998
Domestic Fixed Income — 24.3%
iShares 10-20 Year Treasury Bond ETF		225,176		32,328,518
iShares 20+ Year Treasury Bond ETF(b)		146,828		20,906,839
				53,235,357
Domestic Real Estate — 4.9%
iShares Mortgage Real Estate ETF		23,186		785,542
iShares U.S. Real Estate ETF		93,149		9,927,820
				10,713,362
International Equity — 16.5%
iShares Emerging Markets Dividend ETF		587,705		22,708,921
iShares International Select Dividend ETF		417,834		13,412,472
				36,121,393
International Fixed Income — 13.7%
iShares J.P. Morgan EM Local Currency Bond ETF		541,321		21,371,353
iShares J.P. Morgan USD Emerging Markets Bond ETF		80,830		8,517,865
				29,889,218
Mortgage-Backed Securities — 15.0%
iShares MBS ETF		308,707		32,701,333
Non-Investment Grade Bonds — 6.2%
iShares iBoxx $ High Yield Corporate Bond ETF(b)		160,706		13,611,798
Total Investment Companies — 99.9% (Cost: $227,041,282)				218,404,459

Security	Shares		Value
Short-Term Investments
Money Market Funds — 12.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(a)(c)(d)		27,339,975	$	27,348,177
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c)		130,000		130,000
				27,478,177
Total Short-Term Investments — 12.6% (Cost: $ 27,462,313)				27,478,177
Total Investments in Securities — 112.5% (Cost: $ 254,503,595)				245,882,636
Other Assets, Less Liabilities — (12.5)%				(27,396,987	)
Net Assets — 100.0%			$	218,485,649

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,891,231	$	13,465,201	(a)	$	—		$	(5,514	)	$	(2,741	)	$	27,348,177		27,339,975	$	169,010	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—			(10,000	)(a)		—			—			130,000		130,000		6			—
iShares 10-20 Year Treasury Bond ETF		25,390,759		11,936,245			(3,125,173	)		(60,073	)		(1,813,240	)		32,328,518		225,176		273,699			—
iShares 20+ Year Treasury Bond ETF		38,754,388		464,619			(17,214,124	)		(1,357,662	)		259,618			20,906,839		146,828		202,513			—
iShares 7-10 Year Treasury Bond ETF(c)		11,183,745		—			(11,131,622	)		225,532			(277,655	)		—		—		7,232			—
iShares Core High Dividend ETF		22,389,381		246,747			(13,363,092	)		708,709			(171,595	)		9,810,150		94,940		198,510			—
iShares Emerging Markets Dividend ETF		22,843,120		1,895,227			(2,284,671	)		381,708			(126,463	)		22,708,921		587,705		746,253			—
iShares iBoxx $ High Yield Corporate Bond ETF		13,749,068		7,670,641			(7,123,662	)		(169,745	)		(514,504	)		13,611,798		160,706		338,563			—
iShares International Developed Real Estate ETF(c)		—		1,741,992			(1,616,236	)		(125,756	)		—			—		—		16,639			—
iShares International Select Dividend ETF		1,122,377		13,384,730			(1,162,981	)		226,396			(158,050	)		13,412,472		417,834		351,477			—
iShares J.P. Morgan EM Local Currency Bond ETF		11,784,335		13,888,122			(2,020,595	)		(61,639	)		(2,218,870	)		21,371,353		541,321		851,667			—

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Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® Morningstar Multi-Asset Income ETF

Affiliates (continued)

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
iShares J.P. Morgan USD Emerging Markets Bond ETF	$	11,396,778	$	8,967,878	$	(11,740,096	)	$	65,117		$	(171,812	)	$	8,517,865		80,830	$	95,479	$	—
iShares MBS ETF		35,775,205		1,373,478		(3,558,540	)		(29,877	)		(858,933	)		32,701,333		308,707		56,673		—
iShares Mortgage Real Estate ETF		8,267,709		107,607		(7,397,147	)		(1,395,430	)		1,202,803			785,542		23,186		69,343		—
iShares Preferred and Income Securities ETF		36,571,471		822,629		(3,514,071	)		94,785			(1,652,966	)		32,321,848		858,482		759,645		—
iShares U.S. Real Estate ETF		3,856,007		7,981,571		(1,897,557	)		143,818			(156,019	)		9,927,820		93,149		115,443		—
								$	(1,359,631	)	$	(6,660,427	)	$	245,882,636			$	4,252,152	$	—

^(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.

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
Investments
Assets
Investment Companies	$	218,404,459	$	—	$	—	$	218,404,459
Money Market Funds		27,478,177		—		—		27,478,177
	$	245,882,636	$	—	$	—	$	245,882,636

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 19

Statements of Assets and Liabilities (unaudited)

January 31, 2022

	iShares Core Aggressive Allocation ETF		iShares Core Conservative Allocation ETF		iShares Core Growth Allocation ETF		iShares Core Moderate Allocation ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	1,559,751,652	$	1,108,010,855	$	1,978,843,830	$	1,764,042,800
Cash		56		3,475		3,139		8,842
Cash pledged:
Futures contracts		156,000		—		—		—
Receivables:
Securities lending income — Affiliated		—		—		—		112
Variation margin on futures contracts		52,688		—		—		—
Dividends		14		8		15		181
Total assets		1,559,960,410		1,108,014,338		1,978,846,984		1,764,051,935
LIABILITIES
Collateral on securities loaned, at value		—		2,148		—		1,657,500
Payables:
Capital shares redeemed		18,923		17,282		37,752		28,414
Investment advisory fees		140,217		83,656		175,096		145,371
Total liabilities		159,140		103,086		212,848		1,831,285
NET ASSETS	$	1,559,801,270	$	1,107,911,252	$	1,978,634,136	$	1,762,220,650
NET ASSETS CONSIST OF:
Paid-in capital	$	1,262,005,842	$	1,069,262,022	$	1,735,568,021	$	1,636,412,918
Accumulated earnings		297,795,428		38,649,230		243,066,115		125,807,732
NET ASSETS	$	1,559,801,270	$	1,107,911,252	$	1,978,634,136	$	1,762,220,650
Shares outstanding		22,300,000		28,500,000		35,900,000		39,950,000
Net asset value	$	69.95	$	38.87	$	55.12	$	44.11
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	—	$	—	$	1,614,000
(b) Investments, at cost — Affiliated	$	1,277,758,918	$	1,078,447,405	$	1,778,895,280	$	1,654,930,446

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2022

	iShares Morningstar Multi-Asset Income ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Affiliated(b)	$	245,882,636
Cash		237
Receivables:
Securities lending income — Affiliated		23,432
Dividends		2,347
Total assets		245,908,652
LIABILITIES
Collateral on securities loaned, at value		27,375,629
Payables:
Investment advisory fees		47,374
Total liabilities		27,423,003
NET ASSETS	$	218,485,649
NET ASSETS CONSIST OF:
Paid-in capital	$	255,849,745
Accumulated loss		(37,364,096	)
NET ASSETS	$	218,485,649
Shares outstanding		9,300,000
Net asset value	$	23.49
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	26,751,832
(b) Investments, at cost — Affiliated	$	254,503,595

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 January 31, 2022

	iShares Core Aggressive Allocation ETF			iShares Core Conservative Allocation ETF			iShares Core Growth Allocation ETF			iShares Core Moderate Allocation ETF
INVESTMENT INCOME
Dividends — Affiliated	$	17,785,609		$	9,709,658		$	22,084,516		$	18,100,759
Securities lending income — Affiliated — net		484			—			—			259
Total investment income		17,786,093			9,709,658			22,084,516			18,101,018
EXPENSES
Investment advisory fees		1,504,430			963,297			1,947,663			1,751,276
Miscellaneous		217			217			217			217
Total expenses		1,504,647			963,514			1,947,880			1,751,493
Less:
Investment advisory fees waived		(385,752	)		(289,134	)		(535,019	)		(509,365	)
Total expenses after fees waived		1,118,895			674,380			1,412,861			1,242,128
Net investment income		16,667,198			9,035,278			20,671,655			16,858,890
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		221,982			176,027			324,269			299,932
In-kind redemptions — Affiliated		22,638,669			12,289,341			51,604,778			22,216,794
Capital gain distributions from underlying funds — Affiliated		25,353			57,140			67,895			85,527
Futures contracts		174,265			—			—			—
Net realized gain		23,060,269			12,522,508			51,996,942			22,602,253
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(49,722,028	)		(43,829,119	)		(99,158,220	)		(72,340,603	)
Futures contracts		(137,533	)		—			—			—
Net change in unrealized appreciation (depreciation)		(49,859,561	)		(43,829,119	)		(99,158,220	)		(72,340,603	)
Net realized and unrealized loss		(26,799,292	)		(31,306,611	)		(47,161,278	)		(49,738,350	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,132,094	)	$	(22,271,333	)	$	(26,489,623	)	$	(32,879,460	)

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2022

	iShares Morningstar Multi-Asset Income ETF
INVESTMENT INCOME
Dividends — Affiliated	$	4,083,142
Securities lending income — Affiliated — net		169,010
Total investment income		4,252,152
EXPENSES
Investment advisory fees		294,789
Miscellaneous		217
Total expenses		295,006
Net investment income		3,957,146
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(2,266,406	)
In-kind redemptions — Affiliated		906,775
Net realized loss		(1,359,631	)
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(6,660,427	)
Net change in unrealized appreciation (depreciation)		(6,660,427	)
Net realized and unrealized loss		(8,020,058	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,062,912	)

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

Statements of Changes in Net Assets

	iShares Core Aggressive Allocation ETF						iShares Core Conservative Allocation ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	16,667,198		$	19,874,953		$	9,035,278		$	13,179,502
Net realized gain		23,060,269			22,007,730			12,522,508			32,643,402
Net change in unrealized appreciation (depreciation)		(49,859,561	)		242,147,462			(43,829,119	)		31,604,915
Net increase (decrease) in net assets resulting from operations		(10,132,094	)		284,030,145			(22,271,333	)		77,427,819
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(16,208,549	)		(20,581,128	)		(8,904,284	)		(14,457,143	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		121,435,651			185,091,938			193,831,054			183,867,378
NET ASSETS
Total increase in net assets		95,095,008			448,540,955			162,655,437			246,838,054
Beginning of period		1,464,706,262			1,016,165,307			945,255,815			698,417,761
End of period	$	1,559,801,270		$	1,464,706,262		$	1,107,911,252		$	945,255,815

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Core Growth Allocation ETF						iShares Core Moderate Allocation ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	20,671,655		$	25,949,482		$	16,858,890		$	23,134,026
Net realized gain		51,996,942			60,814,176			22,602,253			49,451,984
Net change in unrealized appreciation (depreciation)		(99,158,220	)		203,291,958			(72,340,603	)		105,739,072
Net increase (decrease) in net assets resulting from operations		(26,489,623	)		290,055,616			(32,879,460	)		178,325,082
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(20,189,760	)		(27,609,936	)		(16,584,844	)		(25,186,094	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		180,315,120			168,248,398			103,764,628			315,724,534
NET ASSETS
Total increase in net assets		133,635,737			430,694,078			54,300,324			468,863,522
Beginning of period		1,844,998,399			1,414,304,321			1,707,920,326			1,239,056,804
End of period	$	1,978,634,136		$	1,844,998,399		$	1,762,220,650		$	1,707,920,326

^(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

Statements of Changes in Net Assets (continued)

	iShares Morningstar Multi-Asset Income ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,957,146		$	8,175,908
Net realized loss		(1,359,631	)		(5,964,961	)
Net change in unrealized appreciation (depreciation)		(6,660,427	)		22,646,447
Net increase (decrease) in net assets resulting from operations		(4,062,912	)		24,857,394
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,916,474	)		(9,541,720	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(16,726,088	)		(51,574,819	)
NET ASSETS
Total decrease in net assets		(24,705,474	)		(36,259,145	)
Beginning of period		243,191,123			279,450,268
End of period	$	218,485,649		$	243,191,123

^(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 Core Aggressive Allocation ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	70.93		$	56.77		$	54.53		$	54.21		$	52.49		$	47.02
Net investment income(a)		0.77			1.05			1.24			1.29			1.06			1.09
Net realized and unrealized gain (loss)(b)		(1.03	)		14.19			2.24			0.28			3.51			5.40
Net increase (decrease) from investment operations		(0.26	)		15.24			3.48			1.57			4.57			6.49
Distributions(c)
From net investment income		(0.72	)		(1.08	)		(1.24	)		(1.25	)		(1.05	)		(1.02	)
From net realized gain		—			—			—			—			(1.80	)		—
Total distributions		(0.72	)		(1.08	)		(1.24	)		(1.25	)		(2.85	)		(1.02	)
Net asset value, end of period	$	69.95		$	70.93		$	56.77		$	54.53		$	54.21		$	52.49
Total Return(d)
Based on net asset value		(0.39	)%(e)		27.01	%		6.49	%		2.99	%		8.84	%		13.99	%
Ratios to Average Net Assets(f)
Total expenses		0.19	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.14	%(g)		0.20	%		0.19	%		0.19	%		0.18	%		0.16	%
Net investment income		2.13	%(g)		1.62	%		2.27	%		2.44	%		1.97	%		2.23	%
Supplemental Data
Net assets, end of period (000)	$	1,559,801		$	1,464,706		$	1,016,165		$	948,896		$	897,242		$	692,880
Portfolio turnover rate(h)		1	%(e)		6	%		4	%		4	%		40	%		1	%

^(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 27

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core Conservative Allocation ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	40.05		$	37.15		$	35.27		$	34.18		$	34.19		$	33.34
Net investment income(a)		0.36			0.61			0.88			0.98			0.70			0.74
Net realized and unrealized gain (loss)(b)		(1.19	)		2.96			1.89			1.08			0.33			0.84
Net increase (decrease) from investment operations		(0.83	)		3.57			2.77			2.06			1.03			1.58
Distributions(c)
From net investment income		(0.35	)		(0.67	)		(0.89	)		(0.97	)		(0.72	)		(0.73	)
From net realized gain		—			—			—			—			(0.32	)		—
Total distributions		(0.35	)		(0.67	)		(0.89	)		(0.97	)		(1.04	)		(0.73	)
Net asset value, end of period	$	38.87		$	40.05		$	37.15		$	35.27		$	34.18		$	34.19
Total Return(d)
Based on net asset value		(2.09	)%(e)		9.70	%		7.98	%		6.17	%		3.05	%		4.84	%
Ratios to Average Net Assets(f)
Total expenses		0.19	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.13	%(g)		0.19	%		0.19	%		0.19	%		0.18	%		0.14	%
Net investment income		1.80	%(g)		1.58	%		2.46	%		2.87	%		2.04	%		2.22	%
Supplemental Data
Net assets, end of period (000)	$	1,107,911		$	945,256		$	698,418		$	529,064		$	471,721		$	398,334
Portfolio turnover rate(h)		1	%(e)		5	%		5	%		3	%		41	%		2	%

^(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 Core Growth Allocation ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	56.25		$	47.70		$	45.57		$	44.84		$	44.08		$	40.81
Net investment income(a)		0.58			0.84			1.09			1.16			0.88			0.94
Net realized and unrealized gain (loss)(b)		(1.17	)		8.60			2.13			0.69			1.96			3.22
Net increase (decrease) from investment operations		(0.59	)		9.44			3.22			1.85			2.84			4.16
Distributions(c)
From net investment income		(0.54	)		(0.89	)		(1.09	)		(1.12	)		(0.90	)		(0.89	)
From net realized gain		—			—			—			—			(1.18	)		—
Total distributions		(0.54	)		(0.89	)		(1.09	)		(1.12	)		(2.08	)		(0.89	)
Net asset value, end of period	$	55.12		$	56.25		$	47.70		$	45.57		$	44.84		$	44.08
Total Return(d)
Based on net asset value		(1.06	)%(e)		19.92	%		7.20	%		4.24	%		6.53	%		10.33	%
Ratios to Average Net Assets(f)
Total expenses		0.19	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.14	%(g)		0.20	%		0.19	%		0.19	%		0.18	%		0.15	%
Net investment income		2.03	%(g)		1.59	%		2.37	%		2.63	%		1.96	%		2.26	%
Supplemental Data
Net assets, end of period (000)	$	1,978,634		$	1,844,998		$	1,414,304		$	1,310,259		$	1,118,727		$	1,029,196
Portfolio turnover rate(h)		1	%(e)		7	%		4	%		4	%		44	%		2	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T  S 29

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core Moderate Allocation ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	45.30		$	40.76		$	38.77		$	37.73		$	37.48		$	35.89
Net investment income(a)		0.42			0.68			0.96			1.05			0.77			0.81
Net realized and unrealized gain (loss)(b)		(1.20	)		4.59			1.99			0.99			0.80			1.54
Net increase (decrease) from investment operations		(0.78	)		5.27			2.95			2.04			1.57			2.35
Distributions(c)
From net investment income		(0.41	)		(0.73	)		(0.96	)		(1.00	)		(0.77	)		(0.76	)
From net realized gain		—			—			—			—			(0.55	)		—
Total distributions		(0.41	)		(0.73	)		(0.96	)		(1.00	)		(1.32	)		(0.76	)
Net asset value, end of period	$	44.11		$	45.30		$	40.76		$	38.77		$	37.73		$	37.48
Total Return(d)
Based on net asset value		(1.74	)%(e)		13.03	%		7.75	%		5.52	%		4.24	%		6.66	%
Ratios to Average Net Assets(f)
Total expenses		0.19	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.14	%(g)		0.19	%		0.19	%		0.19	%		0.18	%		0.15	%
Net investment income		1.85	%(g)		1.57	%		2.44	%		2.80	%		2.03	%		2.24	%
Supplemental Data
Net assets, end of period (000)	$	1,762,221		$	1,707,920		$	1,239,057		$	1,106,956		$	909,234		$	736,575
Portfolio turnover rate(h)		1	%(e)		7	%		6	%		4	%		40	%		2	%

^(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 Morningstar Multi-Asset Income ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	24.32		$	22.91		$	24.96		$	24.87		$	25.63		$	25.10
Net investment income(a)		0.41			0.74			1.23			1.25			1.17			1.12
Net realized and unrealized gain (loss)(b)		(0.84	)		1.54			(2.02	)		0.16			(0.71	)		0.58
Net increase (decrease) from investment operations		(0.43	)		2.28			(0.79	)		1.41			0.46			1.70
Distributions(c)
From net investment income		(0.40	)		(0.87	)		(1.21	)		(1.31	)		(1.22	)		(1.15	)
Return of capital		—			—			(0.05	)		(0.01	)		—			(0.02	)
Total distributions		(0.40	)		(0.87	)		(1.26	)		(1.32	)		(1.22	)		(1.17	)
Net asset value, end of period	$	23.49		$	24.32		$	22.91		$	24.96		$	24.87		$	25.63
Total Return(d)
Based on net asset value		(1.79	)%(e)		10.15	%		(3.10	)%		5.92	%		1.85	%		7.01	%
Ratios to Average Net Assets(f)
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.25	%(g)		0.24	%		0.22	%		0.23	%		0.24	%		0.24	%
Net investment income		3.36	%(g)		3.16	%		5.15	%		5.14	%		4.65	%		4.48	%
Supplemental Data
Net assets, end of period (000)	$	218,486		$	243,191		$	279,450		$	341,893		$	324,618		$	329,325
Portfolio turnover rate(h)		29	%(e)		94	%		66	%		50	%		64	%		51	%

^(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 31

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
Core Aggressive Allocation	Diversified
Core Conservative Allocation	Diversified
Core Growth Allocation	Diversified
Core Moderate Allocation	Diversified
Morningstar Multi-Asset Income	Diversified

Each Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in other iShares funds (each, an “underlying fund” and collectively, the “underlying funds”). 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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Notes to Financial Statements (unaudited) (continued)

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or 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.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.

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

Notes to Financial Statements (unaudited) (continued)

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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core Moderate Allocation
J.P. Morgan Securities LLC	$	1,614,000	$	1,614,000		$	—	$	—
Morningstar Multi-Asset Income
J.P. Morgan Securities LLC	$	78,178	$	78,178		$	—	$	—
Jefferies LLC		2,420,630		2,420,630			—		—
Morgan Stanley		13,195,159		13,195,159			—		—
Pershing LLC		11,057,865		11,057,865			—		—
	$	26,751,832	$	26,751,832		$	—	$	—

^(a)  Collateral received 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 statement 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 iShares Core Aggressive Allocation, iShares Core Conservative Allocation, iShares Core Growth Allocation and iShares Core Moderate Allocation ETFs, BFA is entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Prior to October 20, 2021, for its investment advisory services to each of the iShares Core Aggressive Allocation, iShares Core Conservative Allocation, iShares Core Growth Allocation and iShares Core Moderate Allocation ETFs, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

For its investment advisory services to the iShares Morningstar Multi-Asset Income ETF, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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Notes to Financial Statements (unaudited) (continued)

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

For each of the iShares Core Aggressive Allocation, iShares Core Conservative Allocation, iShares Core Growth Allocation and iShares Core Moderate Allocation ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through November 30, 2026, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For the iShares Morningstar Multi-Asset Income ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.60% of average daily net assets.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Core Aggressive Allocation	$	385,752
Core Conservative Allocation		289,134
Core Growth Allocation		535,019
Core Moderate Allocation		509,365

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 January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
Core Aggressive Allocation	$	166
Core Moderate Allocation		82
Morningstar Multi-Asset Income		46,080

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.

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)

7. PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core Aggressive Allocation	$	18,299,557	$	18,985,218
Core Conservative Allocation		11,853,619		11,390,151
Core Growth Allocation		29,434,886		30,449,318
Core Moderate Allocation		25,310,199		25,684,664
Morningstar Multi-Asset Income		66,900,088		66,848,049

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Core Aggressive Allocation	$	197,263,283	$	76,372,958
Core Conservative Allocation		301,944,352		108,491,012
Core Growth Allocation		427,649,002		247,599,922
Core Moderate Allocation		257,734,854		154,292,888
Morningstar Multi-Asset Income		3,581,400		20,301,518

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core Aggressive Allocation	$	7,394,539
Core Conservative Allocation		3,411,994
Core Growth Allocation		9,233,216
Core Moderate Allocation		6,019,067
Morningstar Multi-Asset Income		27,156,518

As of January 31, 2022, 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)
Core Aggressive Allocation	$	1,277,943,070	$	285,163,422	$	(3,452,257	)	$	281,711,165
Core Conservative Allocation		1,078,603,133		47,489,919		(18,082,197	)		29,407,722
Core Growth Allocation		1,779,023,336		212,540,365		(12,719,871	)		199,820,494
Core Moderate Allocation		1,655,092,300		126,397,936		(17,447,436	)		108,950,500
Morningstar Multi-Asset Income		254,771,255		2,174,429		(11,063,048	)		(8,888,619)

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.

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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: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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.

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
Core Aggressive Allocation
Shares sold		2,750,000		$	197,948,873			4,050,000		$	268,069,430
Shares redeemed		(1,100,000	)		(76,513,222	)		(1,300,000	)		(82,977,492)
Net increase		1,650,000		$	121,435,651			2,750,000		$	185,091,938

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

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
Core Conservative Allocation
Shares sold		7,650,000		$	302,484,852			10,250,000		$	393,898,126
Shares redeemed		(2,750,000	)		(108,653,798	)		(5,450,000	)		(210,030,748)
Net increase		4,900,000		$	193,831,054			4,800,000		$	183,867,378
Core Growth Allocation
Shares sold		7,550,000		$	428,706,983			8,000,000		$	423,696,814
Shares redeemed		(4,450,000	)		(248,391,863	)		(4,850,000	)		(255,448,416)
Net increase		3,100,000		$	180,315,120			3,150,000		$	168,248,398
Core Moderate Allocation
Shares sold		5,700,000		$	258,326,053			13,200,000		$	571,073,241
Shares redeemed		(3,450,000	)		(154,561,425	)		(5,900,000	)		(255,348,707)
Net increase		2,250,000		$	103,764,628			7,300,000		$	315,724,534
Morningstar Multi-Asset Income
Shares sold		150,000		$	3,593,393			200,000		$	4,737,279
Shares redeemed		(850,000	)		(20,319,481	)		(2,400,000	)		(56,312,098)
Net decrease		(700,000	)	$	(16,726,088	)		(2,200,000	)	$	(51,574,819)

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.

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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 Core Aggressive Allocation ETF, iShares Core Conservative Allocation ETF, iShares Core Growth Allocation ETF, iShares Core Moderate Allocation ETF and iShares Morningstar Multi-Asset Income 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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
Core Aggressive Allocation(a)	$	0.651831	$	—	$	0.067013	$	0.718844		91	%		—	%		9	%		100	%
Core Conservative Allocation(a)		0.328908		—		0.021105		0.350013		94			—			6			100
Core Growth Allocation(a)		0.500686		—		0.044248		0.544934		92			—			8			100
Core Moderate Allocation(a)		0.381692		—		0.027623		0.409315		93			—			7			100
Morningstar Multi-Asset Income(a)		0.374630		—		0.026650		0.401280		93			—			7			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 email 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 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 Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

^©2022 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-104-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares ESG MSCI USA Min Vol Factor ETF | ESMV | NASDAQ

·  iShares MSCI EAFE Min Vol Factor ETF | EFAV | Cboe BZX

·  iShares MSCI USA Min Vol Factor ETF | USMV | Cboe BZX

·  iShares MSCI USA Small-Cap Min Vol Factor ETF | SMMV | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		31
Notes to Financial Statements		35
Board Review and Approval of Investment Advisory Contract		44
Statement Regarding Liquidity Risk Management Program		46
Supplemental Information		47
General Information		48
Glossary of Terms Used in this Report		49

3

Fund Summary as of January31,  2022 iShares^® ESG MSCI USA Min Vol Factor ETF

Investment Objective

The iShares ESG MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large and mid capitalization equities that, in aggregate, have lower volatility characteristics, reduced carbon exposure and improved environmental, social and governance (ESG) quality characteristics relative to the parent index, as represented by the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		(3.07	)%
Fund Market		(3.11	)
Index		(3.04	)

The inception date of the Fund was 11/2/21. The first day of secondary market trading was 11/4/21.

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/02/21)	(a)	Ending Account Value (01/31/22	)	Expenses Paid During the Period	(b)		Beginning  Account Value (08/01/21)	Ending Account Value (01/31/22	)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$      1,000.00		$        969.30		$        0.44			$      1,000.00	$      1,024.30		$        0.92		0.18	%

^(a)  The beginning of the period (commencement of operations) is November 2, 2021.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (90 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	24.0	%
Health Care	18.3
Industrials	11.8
Consumer Staples	11.6
Communication Services	9.2
Consumer Discretionary	7.4
Utilities	6.9
Financials	5.8
Real Estate	2.6
Materials	2.3
Energy	0.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Verizon Communications Inc.	1.6	%
Cisco Systems Inc.	1.6
PepsiCo Inc.	1.6
Vertex Pharmaceuticals Inc.	1.5
Procter & Gamble Co. (The)	1.5
Kroger Co. (The)	1.5
Gilead Sciences Inc.	1.5
Accenture PLC, Class A	1.5
Consolidated Edison Inc.	1.5
Texas Instruments Inc.	1.5

4 2 0 2 2   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 January31, 2022 iShares^® MSCI EAFE Min Vol Factor ETF

Investment Objective

The iShares MSCI EAFE Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.79	)%		2.74	%		5.80	%		6.84	%		2.74	%		32.54	%		93.84	%
Fund Market		(4.86	)		2.97			5.80			6.77			2.97			32.57			92.51
Index		(5.37	)		1.99			5.65			6.81			1.99			31.65			93.24

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21	)	Ending Account Value (01/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         952.10	$        0.98			$      1,000.00		$      1,024.20		$        1.02		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Health Care	17.0	%
Consumer Staples	14.7
Financials	13.9
Industrials	13.1
Communication Services	10.2
Utilities	8.9
Consumer Discretionary	7.5
Materials	6.6
Information Technology	6.1
Real Estate	2.0

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.7	%
Switzerland	15.0
United Kingdom	9.7
Hong Kong	8.5
France	6.5
Denmark	4.7
Singapore	4.3
Germany	4.0
Netherlands	3.2
Australia	3.1

F U N D   S U M M A R Y 5

Fund Summary as of January31, 2022 iShares^® MSCI USA Min Vol Factor ETF

Investment Objective

The iShares MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market, as represented by the MSCI USA Minimum Volatility (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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.58	%		16.79	%		12.79	%		13.13	%		16.79	%		82.54	%		243.38	%
Fund Market		0.49			16.80			12.78			13.13			16.80			82.44			243.44
Index		0.66			17.00			12.98			13.31			17.00			84.06			248.96

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.    

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,005.80	$        0.76			$      1,000.00	$      1,024.40	$        0.77		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.    

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	23.9	%
Health Care	18.0
Consumer Staples	11.3
Communication Services	10.6
Industrials	8.6
Utilities	7.8
Consumer Discretionary	7.7
Financials	7.2
Real Estate	2.8
Materials	1.8
Energy	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Johnson & Johnson	1.6	%
Verizon Communications Inc.	1.6
PepsiCo Inc.	1.5
Kroger Co. (The)	1.5
Vertex Pharmaceuticals Inc.	1.5
Accenture PLC, Class A	1.5
Berkshire Hathaway Inc., Class B	1.5
Cisco Systems Inc.	1.4
Regeneron Pharmaceuticals Inc.	1.4
Waste Management Inc.	1.4

^(a) Excludes money market funds.

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Fund Summary as of January31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor ETF

Investment Objective

The iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity market, as represented by the MSCI USA Small Cap Minimum Volatility (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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.13	)%		6.77	%		8.66	%		8.90	%		6.77	%		51.51	%		58.49	%
Fund Market		(3.16	)		6.77			8.67			8.89			6.77			51.52			58.44
Index		(3.00	)		6.96			8.89			9.13			6.96			53.07			60.24

The inception date of the Fund was 9/7/16. The first day of secondary market trading was 9/9/16.    

Past performance is no guarantee 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” on page 8 for more information.    

Expense Example    

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$       968.70	$        0.99			$      1,000.00	$      1,024.20	$        1.02		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	17.3	%
Financials	12.4
Industrials	11.4
Information Technology	10.9
Consumer Discretionary	9.6
Consumer Staples	8.9
Real Estate	8.0
Utilities	8.0
Materials	7.2
Communication Services	6.1
Energy	0.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Service Corp. International	1.4	%
Royal Gold Inc.	1.4
Zynga Inc., Class A	1.3
AptarGroup Inc.	1.3
Landstar System Inc.	1.2
American Homes 4 Rent, Class A	1.2
United Therapeutics Corp.	1.2
BJ’s Wholesale Club Holdings Inc.	1.2
Flowers Foods Inc.	1.2
IDACORP Inc.	1.1

^(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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

8 2 0 2 2   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) January 31, 2022 iShares^® ESG MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
L3Harris Technologies Inc.		35	$	7,325
Air Freight & Logistics — 2.0%
CH Robinson Worldwide Inc.		310		32,442
Expeditors International of Washington Inc.		412		47,166
United Parcel Service Inc., Class B		78		15,772
				95,380
Beverages — 2.1%
Coca-Cola Co. (The)		430		26,234
PepsiCo Inc.		436		75,655
				101,889
Biotechnology — 6.3%
Amgen Inc.		248		56,331
BioMarin Pharmaceutical Inc.(a)		112		9,926
Gilead Sciences Inc.		1,057		72,595
Horizon Therapeutics PLC(a)		51		4,760
Incyte Corp.(a)		108		8,028
Regeneron Pharmaceuticals Inc.(a)		105		63,902
Seagen Inc.(a)		116		15,603
Vertex Pharmaceuticals Inc.(a)		305		74,130
				305,275
Building Products — 2.0%
Carrier Global Corp.		220		10,490
Johnson Controls International PLC		942		68,455
Lennox International Inc.		12		3,403
Trane Technologies PLC		88		15,233
				97,581
Capital Markets — 2.2%
Cboe Global Markets Inc.		252		29,870
CME Group Inc.		104		23,868
Intercontinental Exchange Inc.		269		34,072
MarketAxess Holdings Inc.		13		4,478
S&P Global Inc.		8		3,322
T Rowe Price Group Inc.		19		2,934
Tradeweb Markets Inc., Class A		81		6,866
				105,410
Chemicals — 0.3%
Ecolab Inc.		60		11,367
Linde PLC		13		4,143
				15,510
Commercial Services & Supplies — 1.5%
Republic Services Inc.		44		5,617
Rollins Inc.		71		2,190
Waste Connections Inc.		40		4,988
Waste Management Inc.		397		59,725
				72,520
Communications Equipment — 3.0%
Cisco Systems Inc.		1,412		78,606
Motorola Solutions Inc.		296		68,654
				147,260
Containers & Packaging — 0.7%
Amcor PLC		1,676		20,129
Ball Corp.		162		15,730
				35,859
Distributors — 0.4%
Pool Corp.		44		20,955

Security	Shares		Value
Diversified Financial Services — 0.4%
Berkshire Hathaway Inc., Class B(a)		62	$	19,407
Diversified Telecommunication Services — 2.1%
AT&T Inc.		960		24,480
Verizon Communications Inc.		1,478		78,674
				103,154
Electric Utilities — 3.3%
Eversource Energy		677		60,585
Exelon Corp.		530		30,713
NextEra Energy Inc.		868		67,808
				159,106
Electronic Equipment, Instruments & Components — 1.6%
Amphenol Corp., Class A		220		17,510
Keysight Technologies Inc.(a)		296		49,970
Zebra Technologies Corp., Class A(a)		24		12,219
				79,699
Entertainment — 3.7%
Activision Blizzard Inc.		620		48,986
Electronic Arts Inc.		295		39,135
Netflix Inc.(a)		54		23,065
Take-Two Interactive Software Inc.(a)		195		31,851
Walt Disney Co. (The)(a)		244		34,885
				177,922
Equity Real Estate Investment Trusts (REITs) — 2.6%
American Tower Corp.		127		31,941
Equinix Inc.		55		39,869
Prologis Inc.		120		18,818
SBA Communications Corp.		111		36,124
				126,752
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		20		10,102
Kroger Co. (The)		1,679		73,188
				83,290
Food Products — 3.2%
Campbell Soup Co.		284		12,530
General Mills Inc.		379		26,030
Hormel Foods Corp.		702		33,324
JM Smucker Co. (The)		60		8,435
Kellogg Co.		602		37,926
McCormick & Co. Inc./MD, NVS		330		33,102
Mondelez International Inc., Class A		68		4,558
				155,905
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories		20		2,549
Baxter International Inc.		92		7,860
Becton Dickinson and Co.		54		13,724
Cooper Companies Inc. (The)		52		20,712
Edwards Lifesciences Corp.(a)		64		6,989
Insulet Corp.(a)		44		10,912
ResMed Inc.		92		21,031
				83,777
Health Care Providers & Services — 0.9%
AmerisourceBergen Corp.		36		4,903
Anthem Inc.		12		5,292
Humana Inc.		10		3,925
Quest Diagnostics Inc.		130		17,553
UnitedHealth Group Inc.		28		13,232
				44,905

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) January 31, 2022 iShares^® ESG MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology — 0.8%
Cerner Corp.		422	$	38,486
Hotels, Restaurants & Leisure — 1.1%
Domino’s Pizza Inc.		66		30,007
Starbucks Corp.		204		20,057
Vail Resorts Inc.		7		1,940
				52,004
Household Durables — 0.1%
Garmin Ltd.		46		5,723
Household Products — 4.5%
Church & Dwight Co. Inc.		77		7,904
Clorox Co. (The)		235		39,447
Colgate-Palmolive Co.		824		67,939
Kimberly-Clark Corp.		222		30,558
Procter & Gamble Co. (The)		461		73,968
				219,816
Industrial Conglomerates — 1.9%
3M Co.		343		56,945
Honeywell International Inc.		164		33,535
Roper Technologies Inc.		8		3,497
				93,977
Insurance — 3.2%
Aon PLC, Class A		9		2,488
Arthur J Gallagher & Co.		172		27,165
Erie Indemnity Co., Class A, NVS		27		4,971
Marsh & McLennan Companies Inc.		452		69,445
Progressive Corp. (The)		224		24,340
Travelers Companies Inc. (The)		128		21,271
Willis Towers Watson PLC		28		6,551
				156,231
Interactive Media & Services — 1.8%
Alphabet Inc., Class A(a)		8		21,649
Alphabet Inc., Class C, NVS(a)		25		67,849
				89,498
Internet & Direct Marketing Retail — 1.2%
Amazon.com Inc.(a)		20		59,829
IT Services — 8.1%
Accenture PLC, Class A		205		72,484
Akamai Technologies Inc.(a)		180		20,619
Automatic Data Processing Inc.		181		37,317
Broadridge Financial Solutions Inc.		76		12,101
Cognizant Technology Solutions Corp., Class A		208		17,767
EPAM Systems Inc.(a)		15		7,142
Fiserv Inc.(a)		85		8,984
International Business Machines Corp.		236		31,523
Jack Henry & Associates Inc.		174		29,199
Mastercard Inc., Class A		106		40,956
Paychex Inc.		123		14,484
VeriSign Inc.(a)		99		21,501
Visa Inc., Class A		294		66,494
Western Union Co. (The)		736		13,918
				394,489
Life Sciences Tools & Services — 3.1%
Agilent Technologies Inc.		228		31,765
Danaher Corp.		44		12,575
Mettler-Toledo International Inc.(a)		9		13,254
Thermo Fisher Scientific Inc.		24		13,951

Security	Shares		Value
Life Sciences Tools & Services (continued)
Waters Corp.(a)		32	$	10,244
West Pharmaceutical Services Inc.		169		66,454
				148,243
Machinery — 1.2%
Otis Worldwide Corp.		112		9,568
Xylem Inc./NY		439		46,104
				55,672
Media — 0.7%
Charter Communications Inc., Class A(a)		8		4,747
Comcast Corp., Class A		112		5,599
Liberty Broadband Corp., Class C, NVS(a)		123		18,254
Sirius XM Holdings Inc.		536		3,409
				32,009
Metals & Mining — 1.2%
Newmont Corp.		956		58,479
Multi-Utilities — 2.6%
Consolidated Edison Inc.		835		72,186
Public Service Enterprise Group Inc.		511		33,997
Sempra Energy		156		21,553
				127,736
Multiline Retail — 2.1%
Dollar General Corp.		184		38,360
Target Corp.		283		62,382
				100,742
Oil, Gas & Consumable Fuels — 0.2%
Cheniere Energy Inc.		64		7,162
Pharmaceuticals — 5.5%
Bristol-Myers Squibb Co.		308		19,986
Eli Lilly & Co.		181		44,415
Johnson & Johnson		396		68,227
Merck & Co. Inc.		720		58,666
Pfizer Inc.		200		10,538
Zoetis Inc.		315		62,934
				264,766
Professional Services — 1.6%
Booz Allen Hamilton Holding Corp.		122		9,361
IHS Markit Ltd.		492		57,461
Verisk Analytics Inc.		66		12,944
				79,766
Road & Rail — 0.8%
AMERCO		12		7,307
Old Dominion Freight Line Inc.		106		32,005
				39,312
Semiconductors & Semiconductor Equipment — 1.6%
Intel Corp.		176		8,592
Texas Instruments Inc.		393		70,540
				79,132
Software — 9.1%
Adobe Inc.(a)		113		60,376
Autodesk Inc.(a)		40		9,992
Black Knight Inc.(a)		116		8,654
Cadence Design Systems Inc.(a)		228		34,688
Citrix Systems Inc.		300		30,582
Intuit Inc.		56		31,093
Microsoft Corp.		223		69,348
NortonLifeLock Inc.		316		8,219

10 2 0 2 2   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) January 31, 2022 iShares^® ESG MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Oracle Corp.		594	$	48,209
salesforce.com Inc.(a)		216		50,248
ServiceNow Inc.(a)		51		29,875
Tyler Technologies Inc.(a)		88		41,694
Zoom Video Communications Inc., Class A(a)		61		9,411
Zscaler Inc.(a)		36		9,256
				441,645
Specialty Retail — 1.8%
Best Buy Co. Inc.		44		4,368
Home Depot Inc. (The)		187		68,625
O’Reilly Automotive Inc.(a)		5		3,259
Tractor Supply Co.		50		10,916
				87,168
Technology Hardware, Storage & Peripherals — 0.5%
Apple Inc.		124		21,673
Textiles, Apparel & Luxury Goods — 0.7%
Nike Inc., Class B		219		32,427

Security	Shares		Value
Trading Companies & Distributors — 0.6%
Fastenal Co.		52	$	2,948
WW Grainger Inc.		57		28,221
				31,169
Water Utilities — 0.9%
American Water Works Co. Inc.		280		45,024
Wireless Telecommunication Services — 0.9%
T-Mobile U.S. Inc.(a)		381		41,213
Total Common Stocks — 99.7% (Cost: $5,045,963)				4,842,272
Total Investments in Securities — 99.7% (Cost: $5,045,963)				4,842,272
Other Assets, Less Liabilities — 0.3%				12,775
Net Assets — 100.0%			$	4,855,047

^(a) Non-income producing security.

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
Investments
Assets
Common Stocks	$	4,842,272	$	—	$	—	$	4,842,272

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)  January 31, 2022 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.1%
AusNet Services Ltd.		6,193,666	$	11,396,956
Brambles Ltd.		925,398		6,357,528
Cochlear Ltd.		32,492		4,455,723
Commonwealth Bank of Australia		382,233		25,491,018
CSL Ltd.		107,473		19,908,576
Medibank Pvt Ltd.		4,747,693		10,403,483
Sonic Healthcare Ltd.		559,360		15,063,733
Telstra Corp. Ltd.		7,691,692		21,382,289
Wesfarmers Ltd.		2,174,811		81,147,660
Woolworths Group Ltd.		1,708,891		41,687,477
				237,294,443
Belgium — 2.1%
Etablissements Franz Colruyt NV		507,016		20,594,835
Groupe Bruxelles Lambert SA		696,934		74,783,035
Proximus SADP		1,404,239		28,675,372
Sofina SA		31,373		12,491,094
UCB SA		240,818		23,962,649
				160,506,985
Denmark — 4.7%
Carlsberg A/S, Class B		73,688		11,932,342
Chr Hansen Holding A/S		371,795		29,816,259
Coloplast A/S, Class B(a)		680,297		98,930,326
DSV A/S		44,111		8,962,501
Genmab A/S(b)		85,929		29,261,359
Novo Nordisk A/S, Class B		1,058,165		105,253,818
Novozymes A/S, Class B		601,238		41,273,433
Orsted A/S(c)		61,395		6,541,330
Tryg A/S		1,228,629		29,113,358
				361,084,726
Finland — 2.0%
Elisa OYJ		1,091,148		64,096,007
Kone OYJ, Class B		910,415		58,962,260
Nokia OYJ(b)		1,942,333		11,583,343
Orion OYJ, Class B		479,851		19,512,042
				154,153,652
France — 6.4%
Air Liquide SA		294,164		50,319,470
Alstom SA		169,061		5,480,911
BioMerieux		193,728		22,717,103
Carrefour SA		855,687		16,285,084
Danone SA		466,576		29,091,511
Dassault Systemes SE		230,558		11,149,410
EssilorLuxottica SA		204,892		38,762,580
Eurofins Scientific SE		226,051		22,696,165
Hermes International		49,402		74,173,100
L’Oreal SA		112,993		48,264,578
Orange SA		4,024,520		47,277,859
Pernod Ricard SA		151,385		32,381,151
Sanofi		778,505		81,402,047
Sartorius Stedim Biotech		7,200		3,157,280
SEB SA		63,809		9,684,291
Ubisoft Entertainment SA(b)		77,535		4,449,306
				497,291,846
Germany — 3.9%
Beiersdorf AG		358,671		35,674,677
Deutsche Boerse AG		143,001		25,418,770
Deutsche Telekom AG, Registered		3,638,198		68,685,450

Security	Shares		Value
Germany (continued)
Knorr-Bremse AG		205,978	$	20,884,035
Merck KGaA		240,491		52,739,261
Siemens Healthineers AG(c)		416,667		26,775,961
Symrise AG		529,509		63,275,993
Telefonica Deutschland Holding AG		1,345,385		3,862,292
Uniper SE		143,762		6,505,201
				303,821,640
Hong Kong — 8.4%
BOC Hong Kong Holdings Ltd.		5,335,500		20,602,165
CK Infrastructure Holdings Ltd.		4,857,000		29,930,619
CLP Holdings Ltd.		8,947,500		89,542,134
Hang Seng Bank Ltd.		3,976,900		78,733,888
HK Electric Investments & HK Electric Investments Ltd., Class SS(a)		25,109,000		24,989,687
HKT Trust & HKT Ltd., Class SS		31,746,349		43,320,911
Hong Kong & China Gas Co. Ltd.		64,631,799		99,614,297
Hong Kong Exchanges & Clearing Ltd.		275,400		15,718,646
Jardine Matheson Holdings Ltd.		637,200		37,634,908
Link REIT		5,428,400		46,605,574
MTR Corp. Ltd.(a)		13,718,748		74,257,189
Power Assets Holdings Ltd.		13,034,500		80,091,887
Sun Hung Kai Properties Ltd.		672,000		8,198,740
				649,240,645
Ireland — 0.8%
Kerry Group PLC, Class A		506,392		63,804,157
Israel — 2.5%
Azrieli Group Ltd.		66,699		6,030,605
Bank Hapoalim BM		3,964,708		41,144,692
Bank Leumi Le-Israel BM		5,880,792		63,071,444
Check Point Software Technologies Ltd.(b)		286,231		34,636,813
Elbit Systems Ltd.		32,075		5,343,147
ICL Group Ltd.		1,836,025		16,604,123
Isracard Ltd.		1		5
Mizrahi Tefahot Bank Ltd.		577,562		22,327,077
				189,157,906
Italy — 2.6%
DiaSorin SpA		189,644		29,235,770
Enel SpA		1,303,168		10,029,960
Ferrari NV		182,774		42,124,399
FinecoBank Banca Fineco SpA		816,026		13,719,245
Infrastrutture Wireless Italiane SpA(c)		2,127,649		22,941,172
Recordati Industria Chimica e Farmaceutica SpA		555,121		31,098,154
Snam SpA		6,336,496		35,507,691
Terna - Rete Elettrica Nazionale		1,600,819		12,578,294
				197,234,685
Japan — 27.6%
Ajinomoto Co. Inc.		922,900		25,750,283
ANA Holdings Inc.(b)		664,300		14,028,515
Asahi Intecc Co. Ltd.		325,300		5,549,937
Astellas Pharma Inc.		253,200		4,086,791
Bandai Namco Holdings Inc.		122,600		8,617,326
Bridgestone Corp.		464,100		20,323,506
Canon Inc.		2,249,900		53,211,770
Central Japan Railway Co.		143,000		18,763,117
Chubu Electric Power Co. Inc.		3,339,000		33,443,091
Chugai Pharmaceutical Co. Ltd.		954,600		31,005,182
Cosmos Pharmaceutical Corp.		124,100		15,498,193
East Japan Railway Co.		718,600		41,034,131

12 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Fast Retailing Co. Ltd.		8,400	$	4,943,104
FUJIFILM Holdings Corp.		497,400		33,343,704
GMO Payment Gateway Inc.		28,300		2,483,376
Hamamatsu Photonics KK		414,000		21,180,774
Hankyu Hanshin Holdings Inc.		304,200		8,858,742
Hikari Tsushin Inc.		49,600		5,955,212
Hirose Electric Co. Ltd.		302,100		45,030,342
Hoya Corp.		162,100		21,019,239
ITOCHU Corp.		1,849,800		59,427,532
Itochu Techno-Solutions Corp.		293,100		7,995,802
Japan Airlines Co. Ltd.(b)		184,300		3,488,353
Japan Exchange Group Inc.		742,200		15,267,680
Japan Post Bank Co. Ltd.		3,771,100		37,099,162
Japan Post Holdings Co. Ltd.		4,587,000		39,152,475
Japan Tobacco Inc.		1,651,400		32,969,997
Kansai Paint Co. Ltd.		238,500		4,950,733
Kao Corp.		163,300		8,160,355
KDDI Corp.		1,233,900		39,421,506
Keio Corp.		390,600		17,569,424
Keisei Electric Railway Co. Ltd.		191,300		5,398,703
Keyence Corp.		120,400		61,755,858
Kintetsu Group Holdings Co. Ltd.(b)		936,400		27,207,592
Kirin Holdings Co. Ltd.		279,500		4,479,866
Kobayashi Pharmaceutical Co. Ltd.		128,100		9,975,521
Koei Tecmo Holdings Co. Ltd.		100,430		3,633,219
Kyowa Kirin Co. Ltd.		216,800		5,403,693
Lawson Inc.		467,400		20,485,712
Lion Corp.		1,237,400		16,167,790
McDonald’s Holdings Co. Japan Ltd.		743,000		32,447,124
MEIJI Holdings Co. Ltd.		346,000		21,584,031
Mitsubishi Corp.		932,100		31,647,051
Mitsubishi UFJ Financial Group Inc.		4,438,400		26,902,384
Mizuho Financial Group Inc.		5,187,920		70,275,567
MonotaRO Co. Ltd.		1,111,600		18,264,471
MS&AD Insurance Group Holdings Inc.		196,100		6,726,136
Murata Manufacturing Co. Ltd.		171,500		12,893,930
NEC Corp.		509,100		19,861,666
Nintendo Co. Ltd.		62,200		30,480,574
Nippon Express Holdings Co., NVS		69,700		4,130,682
Nippon Paint Holdings Co. Ltd.		936,700		7,491,178
Nippon Prologis REIT Inc.		19,239		60,030,238
Nippon Shinyaku Co. Ltd.		52,400		3,425,430
Nippon Telegraph & Telephone Corp.		2,354,300		67,374,730
Nissin Foods Holdings Co. Ltd.		122,100		8,660,874
Nitori Holdings Co. Ltd.		366,200		52,462,756
Nitto Denko Corp.		51,600		4,017,556
Nomura Research Institute Ltd.		254,000		8,891,493
Obic Co. Ltd.		189,100		31,243,418
Odakyu Electric Railway Co. Ltd.		706,000		12,475,553
Ono Pharmaceutical Co. Ltd.		836,500		20,286,549
Oracle Corp. Japan		68,000		5,085,757
Oriental Land Co. Ltd./Japan		421,100		73,306,504
Osaka Gas Co. Ltd.		1,788,200		30,410,817
Otsuka Corp.		343,400		13,934,066
Pan Pacific International Holdings Corp.		1,296,400		17,448,023
Rinnai Corp.		213,600		19,075,547
Santen Pharmaceutical Co. Ltd.		820,600		9,317,233
Secom Co. Ltd.		591,300		41,635,823
Sekisui House Ltd.		1,045,500		21,181,998
Seven & i Holdings Co. Ltd.		675,900		34,375,351

Security	Shares		Value
Japan (continued)
SG Holdings Co. Ltd.		2,225,500	$	47,243,513
Shimano Inc.		147,800		33,142,982
Shionogi & Co. Ltd.		289,300		16,487,976
Shizuoka Bank Ltd. (The)		2,543,700		19,987,043
Softbank Corp.		7,229,500		90,628,011
Sohgo Security Services Co. Ltd.		300,800		10,909,276
Sony Group Corp.(a)		41,100		4,597,794
Sumitomo Mitsui Financial Group Inc.		295,700		10,651,395
Suntory Beverage & Food Ltd.		963,800		37,008,659
Sysmex Corp.		167,900		15,982,549
Takeda Pharmaceutical Co. Ltd.		279,200		8,092,105
Tobu Railway Co. Ltd.		818,500		19,171,888
Toho Co. Ltd./Tokyo		225,200		8,723,723
Tokio Marine Holdings Inc.		239,400		14,285,873
Tokyo Gas Co. Ltd.		1,100,900		22,229,083
Tokyu Corp.		292,600		3,888,019
Toyo Suisan Kaisha Ltd.		96,900		3,970,261
Toyota Motor Corp.		327,600		6,474,415
Tsuruha Holdings Inc.		368,600		29,688,645
USS Co. Ltd.		846,100		13,808,936
Welcia Holdings Co. Ltd.		878,800		23,734,480
West Japan Railway Co.		379,700		15,910,854
Yakult Honsha Co. Ltd.		356,800		18,090,283
				2,126,189,581
Netherlands — 3.2%
Adyen NV(b)(c)		4,891		9,952,683
Davide Campari-Milano NV		461,177		5,790,215
Heineken NV		150,662		16,157,993
Koninklijke Ahold Delhaize NV		1,972,958		63,972,374
Koninklijke DSM NV		167,160		31,335,882
Koninklijke KPN NV		3,206,659		10,577,185
Prosus NV		135,933		11,309,063
QIAGEN NV(b)		1,242,289		61,409,132
Wolters Kluwer NV		366,738		37,326,074
				247,830,601
New Zealand — 0.6%
Auckland International Airport Ltd.(b)		2,265,295		10,753,116
Fisher & Paykel Healthcare Corp. Ltd.		760,688		13,995,538
Meridian Energy Ltd.		1,202,135		3,465,234
Spark New Zealand Ltd.		5,587,922		15,971,015
				44,184,903
Norway — 0.3%
Telenor ASA		1,354,409		22,383,688
Portugal — 0.6%
Jeronimo Martins SGPS SA		1,906,848		45,823,553
Singapore — 4.2%
DBS Group Holdings Ltd.		2,666,300		70,035,349
Oversea-Chinese Banking Corp. Ltd.(a)		5,546,699		51,630,129
Singapore Exchange Ltd.(a)		7,011,100		48,529,216
Singapore Technologies Engineering Ltd.		13,535,500		37,621,346
Singapore Telecommunications Ltd.		22,831,700		41,399,004
United Overseas Bank Ltd.		2,935,200		65,597,782
Venture Corp. Ltd.		839,300		10,996,288
				325,809,114
Spain — 1.2%
Aena SME SA(b)(c)		73,799		11,924,634
Cellnex Telecom SA(c)		128,501		5,826,953
Endesa SA		779,328		17,448,045

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) January 31, 2022 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Grifols SA		812,769	$	14,332,629
Iberdrola SA		1,517,189		17,394,663
Iberdrola SA		25,417		290,115
Red Electrica Corp. SA		1,370,745		27,631,778
				94,848,817
Sweden — 0.6%
Telefonaktiebolaget LM Ericsson, Class B		2,099,739		26,217,537
Telia Co. AB		5,200,819		20,498,482
				46,716,019
Switzerland — 14.9%
Alcon Inc.		67,122		5,175,684
Bachem Holding AG, Class B, Registered		5,089		3,035,646
Barry Callebaut AG, Registered		12,422		28,516,288
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		5,609		65,094,425
EMS-Chemie Holding AG, Registered		65,343		66,093,227
Geberit AG, Registered		41,884		28,457,250
Givaudan SA, Registered		24,624		102,015,373
Kuehne + Nagel International AG, Registered		193,931		54,763,583
Logitech International SA, Registered		350,402		29,444,113
Lonza Group AG, Registered		41,770		28,797,987
Nestle SA, Registered		913,485		117,965,886
Novartis AG, Registered		1,259,047		109,397,952
Partners Group Holding AG		21,824		30,426,969
Roche Holding AG, Bearer		135,537		55,813,638
Roche Holding AG, NVS		305,132		118,085,825
Schindler Holding AG, Participation Certificates, NVS		101,053		25,362,680
Schindler Holding AG, Registered		186,781		46,858,276
SGS SA, Registered		20,795		59,298,435
Sonova Holding AG, Registered		10,055		3,581,993
Swatch Group AG (The), Registered		86,429		4,851,696
Swiss Prime Site AG, Registered		373,273		36,907,905
Swisscom AG, Registered		215,003		122,890,325
Zurich Insurance Group AG		21,411		10,241,058
				1,153,076,214
United Kingdom — 9.7%
Admiral Group PLC		1,274,461		54,191,004
AstraZeneca PLC		538,925		62,692,033
Bunzl PLC		429,608		16,091,812
Croda International PLC		813,665		87,874,152
Diageo PLC		147,890		7,462,730
GlaxoSmithKline PLC		3,577,811		79,842,378
Halma PLC		203,122		6,884,550

Security	Shares		Value
United Kingdom (continued)
Hikma Pharmaceuticals PLC		676,569	$	19,006,951
HSBC Holdings PLC		8,288,577		58,992,609
J Sainsbury PLC		7,978,163		31,350,559
National Grid PLC		6,392,459		93,540,318
Ocado Group PLC(b)		373,673		7,613,802
Reckitt Benckiser Group PLC		526,481		42,656,598
RELX PLC		1,498,747		46,102,034
Rentokil Initial PLC		685,447		4,800,003
Sage Group PLC (The)		733,153		7,164,353
Severn Trent PLC		452,414		17,564,645
Spirax-Sarco Engineering PLC		30,935		5,576,210
Tesco PLC		2,119,677		8,514,046
Unilever PLC		1,458,545		74,796,883
United Utilities Group PLC		845,464		12,196,555
				744,914,225
Total Common Stocks — 99.4% (Cost: $7,266,316,233)				7,665,367,400
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		11,944,389		11,947,972
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,370,000		1,370,000
				13,317,972
Total Short-Term Investments — 0.2% (Cost: $13,317,785)				13,317,972
Total Investments in Securities — 99.6% (Cost: $7,279,634,018)				7,678,685,372
Other Assets, Less Liabilities — 0.4%				32,764,453
Net Assets — 100.0%			$	7,711,449,825

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

14 2 0 2 2   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) January 31, 2022 iShares^® MSCI EAFE Min Vol Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,716,984	$	—	$	(8,763,973	)(a)	$	4,547	$	(9,586	)	$	11,947,972		11,944,389	$	54,944	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,300,000		—		(930,000	)(a)		—		—			1,370,000		1,370,000		53			—
								$	4,547	$	(9,586	)	$	13,317,972			$	54,997		$	—

^(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		75		03/10/22	$	12,498	$	(241,037	)
SPI 200 Index		68		03/17/22		8,289		(402,797	)
Euro STOXX 50 Index		168		03/18/22		7,896		101,404
FTSE 100 Index		71		03/18/22		7,116		265,837
2-Year U.S. Treasury Note		42		03/31/22		9,097		(76,702	)
							$	(353,295	)

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:

	Equity Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	367,241	$	—	$	367,241
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	643,834	$	76,702	$	720,536

^(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).

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) January 31, 2022 iShares^® MSCI EAFE Min Vol Factor ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts		Interest Rate Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	1,864,598	$	(86,434	)	$	1,778,164
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	271,346	$	(76,702	)	$	194,644

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	72,127,114

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
Investments
Assets
Common Stocks	$	59,626,500		$	7,605,740,900		$	—	$	7,665,367,400
Money Market Funds		13,317,972			—			—		13,317,972
	$	72,944,472		$	7,605,740,900		$	—	$	7,678,685,372
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	367,241		$	—	$	367,241
Liabilities
Futures Contracts		(76,702	)		(643,834	)		—		(720,536	)
	$	(76,702	)	$	(276,593	)	$	—	$	(353,295	)

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

See notes to financial statements.

16 2 0 2 2   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)  January 31, 2022 iShares^® MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Lockheed Martin Corp.		110,055	$	42,825,702
Northrop Grumman Corp.		67,847		25,096,605
				67,922,307
Air Freight & Logistics — 1.8%
CH Robinson Worldwide Inc.		1,785,048		186,805,273
Expeditors International of Washington Inc.		2,302,412		263,580,126
United Parcel Service Inc., Class B		306,457		61,968,670
				512,354,069
Beverages — 1.5%
PepsiCo Inc.		2,511,982		435,879,117
Biotechnology — 6.4%
Amgen Inc.		548,019		124,477,036
BioMarin Pharmaceutical Inc.(a)		1,202,296		106,559,495
Gilead Sciences Inc.		5,684,427		390,406,446
Horizon Therapeutics PLC(a)		943,921		88,096,147
Incyte Corp.(a)		1,553,402		115,464,371
Neurocrine Biosciences Inc.(a)		545,957		43,141,522
Regeneron Pharmaceuticals Inc.(a)		659,355		401,276,859
Seagen Inc.(a)(b)		954,947		128,449,921
Vertex Pharmaceuticals Inc.(a)		1,716,280		417,141,854
				1,815,013,651
Capital Markets — 2.1%
Cboe Global Markets Inc.		1,099,211		130,289,480
CME Group Inc.		753,292		172,880,514
Intercontinental Exchange Inc.		1,487,637		188,424,102
MarketAxess Holdings Inc.		106,820		36,797,354
Tradeweb Markets Inc., Class A		846,785		71,781,964
				600,173,414
Chemicals — 0.4%
Air Products and Chemicals Inc.		302,821		85,431,861
Linde PLC		69,683		22,206,578
				107,638,439
Commercial Services & Supplies — 4.3%
Republic Services Inc.		3,020,225		385,561,924
Rollins Inc.		2,369,239		73,091,023
Waste Connections Inc.		2,894,342		360,924,447
Waste Management Inc.		2,648,655		398,463,658
				1,218,041,052
Communications Equipment — 2.8%
Arista Networks Inc.(a)		435,990		54,197,917
Cisco Systems Inc.		7,234,373		402,737,545
Juniper Networks Inc.		1,037,596		36,129,093
Motorola Solutions Inc.		1,304,723		302,617,452
				795,682,007
Containers & Packaging — 0.1%
Amcor PLC		1,369,479		16,447,443
Ball Corp.		276,829		26,880,096
				43,327,539
Diversified Financial Services — 1.5%
Berkshire Hathaway Inc., Class B(a)(b)		1,317,735		412,477,410
Diversified Telecommunication Services — 2.2%
AT&T Inc.		6,995,515		178,385,632
Verizon Communications Inc.		8,502,739		452,600,797
				630,986,429

Security	Shares		Value
Electric Utilities — 5.2%
Alliant Energy Corp.		512,492	$	30,677,771
American Electric Power Co. Inc.		1,305,218		117,991,707
Duke Energy Corp.		2,719,008		285,658,981
Evergy Inc.		296,888		19,285,844
Eversource Energy		773,672		69,235,907
NextEra Energy Inc.		4,899,239		382,728,551
Southern Co. (The)		4,220,919		293,311,661
Xcel Energy Inc.		3,846,657		267,958,127
				1,466,848,549
Electronic Equipment, Instruments & Components — 2.0%
Amphenol Corp., Class A		2,739,943		218,072,063
Keysight Technologies Inc.(a)		1,598,452		269,850,667
Zebra Technologies Corp., Class A(a)		135,833		69,155,297
				557,078,027
Entertainment — 3.6%
Activision Blizzard Inc.		3,264,732		257,946,475
Electronic Arts Inc.		1,730,770		229,603,948
Netflix Inc.(a)		393,471		168,067,203
Take-Two Interactive Software Inc.(a)		1,105,843		180,628,396
Walt Disney Co. (The)(a)		1,299,928		185,850,706
				1,022,096,728
Equity Real Estate Investment Trusts (REITs) — 2.8%
American Tower Corp.		309,100		77,738,650
Crown Castle International Corp.		945,536		172,569,776
Equinix Inc.		35,899		26,023,185
Extra Space Storage Inc.		237,550		47,080,035
Public Storage		1,002,755		359,517,750
SBA Communications Corp.		327,769		106,669,143
				789,598,539
Food & Staples Retailing — 3.0%
Costco Wholesale Corp.		86,374		43,630,099
Kroger Co. (The)		9,620,490		419,357,159
Walmart Inc.		2,722,240		380,596,374
				843,583,632
Food Products — 3.7%
Campbell Soup Co.		1,000,997		44,163,988
General Mills Inc.		1,649,744		113,304,418
Hershey Co. (The)		1,423,068		280,444,011
Hormel Foods Corp.		4,040,514		191,803,200
JM Smucker Co. (The)		550,675		77,413,891
Kellogg Co.		1,805,744		113,761,872
McCormick & Co. Inc./MD, NVS		874,843		87,755,501
Mondelez International Inc., Class A		2,230,965		149,541,584
				1,058,188,465
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		711,061		90,631,835
Baxter International Inc.		1,807,695		154,449,461
Becton Dickinson and Co.		820,978		208,643,349
Cooper Companies Inc. (The)		216,571		86,260,229
Masimo Corp.(a)		307,867		67,690,717
Medtronic PLC		1,368,638		141,640,347
				749,315,938
Health Care Providers & Services — 1.0%
Humana Inc.		63,955		25,102,337
Quest Diagnostics Inc.		137,532		18,569,571
UnitedHealth Group Inc.		526,936		249,014,146
				292,686,054
Health Care Technology — 0.2%

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) January 31, 2022 iShares^® MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Cerner Corp.		583,362	$	53,202,614
Veeva Systems Inc., Class A(a)		78,020		18,454,851
				71,657,465
Hotels, Restaurants & Leisure — 2.4%
Domino’s Pizza Inc.		309,329		140,636,430
McDonald’s Corp.		1,355,679		351,730,917
Starbucks Corp.		1,804,194		177,388,354
				669,755,701
Household Durables — 0.3%
Garmin Ltd.		633,590		78,831,268
Household Products — 3.0%
Church & Dwight Co. Inc.		1,153,919		118,449,786
Clorox Co. (The)		1,077,080		180,798,649
Colgate-Palmolive Co.		1,175,660		96,933,167
Kimberly-Clark Corp.		583,779		80,357,179
Procter & Gamble Co. (The)		2,323,245		372,764,660
				849,303,441
Industrial Conglomerates — 0.5%
3M Co.		509,353		84,562,785
Honeywell International Inc.		348,240		71,208,115
				155,770,900
Insurance — 3.7%
Aon PLC, Class A		390,667		107,995,985
Arthur J Gallagher & Co.		1,400,179		221,144,271
Brown & Brown Inc.		2,517,999		166,892,974
Erie Indemnity Co., Class A, NVS		344,313		63,388,023
Marsh & McLennan Companies Inc.		1,623,768		249,475,716
Progressive Corp. (The)(b)		1,304,787		141,778,155
Travelers Companies Inc. (The)		93,081		15,468,201
Willis Towers Watson PLC		302,160		70,693,354
				1,036,836,679
Interactive Media & Services — 1.4%
Alphabet Inc., Class C, NVS(a)		138,016		374,571,283
Meta Platforms Inc, Class A(a)		73,015		22,872,679
				397,443,962
Internet & Direct Marketing Retail — 0.7%
Amazon.com Inc.(a)		66,040		197,556,679
eBay Inc.		194,376		11,676,166
				209,232,845
IT Services — 10.4%
Accenture PLC, Class A		1,175,046		415,472,765
Akamai Technologies Inc.(a)(b)		1,461,528		167,418,032
Automatic Data Processing Inc.		853,393		175,944,035
Broadridge Financial Solutions Inc.		789,117		125,643,209
Cloudflare Inc., Class A(a)		82,237		7,927,647
Cognizant Technology Solutions Corp., Class A		1,584,156		135,318,606
EPAM Systems Inc.(a)		264,624		125,998,071
Fidelity National Information Services Inc.		780,621		93,612,070
Fiserv Inc.(a)(b)		1,126,056		119,024,119
International Business Machines Corp.		620,103		82,827,158
Jack Henry & Associates Inc.		1,003,337		168,369,982
Mastercard Inc., Class A		607,947		234,898,562
Paychex Inc.		3,163,033		372,478,766
VeriSign Inc.(a)		1,057,501		229,668,067
Visa Inc., Class A		1,747,478		395,227,099
Western Union Co. (The)		5,498,510		103,976,824
				2,953,805,012

Security	Shares		Value
Leisure Products — 0.1%
Peloton Interactive Inc., Class A(a)(b)		564,980	$	15,440,903
Life Sciences Tools & Services — 1.9%
Bio-Rad Laboratories Inc., Class A(a)		149,774		89,823,961
Danaher Corp.		1,187,044		339,245,305
Thermo Fisher Scientific Inc.		127,966		74,386,636
West Pharmaceutical Services Inc.		127,435		50,109,990
				553,565,892
Machinery — 0.1%
Otis Worldwide Corp.		212,643		18,166,092
Media — 2.2%
Charter Communications Inc., Class A(a)(b)		325,959		193,404,513
Comcast Corp., Class A		2,972,782		148,609,372
Fox Corp., Class B		501,143		18,632,497
Liberty Broadband Corp., Class C, NVS(a)(b)		1,691,891		251,093,543
				611,739,925
Metals & Mining — 1.2%
Newmont Corp.		5,727,724		350,364,877
Multi-Utilities — 2.6%
Ameren Corp.		605,700		53,749,818
CMS Energy Corp.		915,277		58,925,533
Consolidated Edison Inc.		3,069,164		265,329,228
Dominion Energy Inc.		1,279,618		103,213,988
WEC Energy Group Inc.		2,529,903		245,501,787
				726,720,354
Multiline Retail — 2.1%
Dollar General Corp.		1,071,015		223,285,207
Dollar Tree Inc.(a)		563,464		73,937,746
Target Corp.		1,326,795		292,465,422
				589,688,375
Oil, Gas & Consumable Fuels — 0.3%
Cheniere Energy Inc.		647,642		72,471,140
Coterra Energy Inc.		1,076,776		23,581,394
				96,052,534
Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		1,346,319		87,362,640
Eli Lilly & Co.		963,012		236,313,515
Johnson & Johnson		2,682,748		462,210,653
Merck & Co. Inc.		4,626,995		377,007,553
Pfizer Inc.		5,831,467		307,259,996
Zoetis Inc.		628,746		125,617,163
				1,595,771,520
Professional Services — 0.6%
Booz Allen Hamilton Holding Corp.		905,622		69,488,376
Verisk Analytics Inc.		486,667		95,449,999
				164,938,375
Road & Rail — 1.0%
AMERCO		132,654		80,779,653
Old Dominion Freight Line Inc.		701,201		211,713,618
				292,493,271
Semiconductors & Semiconductor Equipment — 1.3%
Broadcom Inc.		168,184		98,535,642
Intel Corp.		526,935		25,724,966
Texas Instruments Inc.		1,315,871		236,185,686
				360,446,294
Software — 7.1%
Adobe Inc.(a)		649,347		346,946,102

18 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Black Knight Inc.(a)		1,902,253	$	141,908,074
Citrix Systems Inc.		1,683,624		171,628,631
Fortinet Inc.(a)		131,188		38,994,321
Intuit Inc.		160,216		88,956,730
Microsoft Corp.		1,276,623		397,004,221
NortonLifeLock Inc.		1,919,850		49,935,299
Oracle Corp.		3,967,620		322,012,039
Palo Alto Networks Inc.(a)(b)		89,733		46,427,854
Tyler Technologies Inc.(a)(b)		553,504		262,250,195
VMware Inc., Class A		120,728		15,511,133
Zoom Video Communications Inc., Class A(a)		432,918		66,790,589
Zscaler Inc.(a)		277,230		71,278,605
				2,019,643,793
Specialty Retail — 2.0%
AutoZone Inc.(a)		101,898		202,405,092
Home Depot Inc. (The)		644,492		236,515,674
O’Reilly Automotive Inc.(a)		181,912		118,561,146
				557,481,912
Technology Hardware, Storage & Peripherals — 0.3%
Apple Inc.		496,833		86,836,472
Textiles, Apparel & Luxury Goods — 0.2%
Nike Inc., Class B		296,495		43,902,015
Water Utilities — 0.1%
American Water Works Co. Inc.		120,659		19,401,967
Wireless Telecommunication Services — 1.2%
T-Mobile U.S. Inc.(a)		3,209,220		347,141,327
Total Common Stocks — 99.7% (Cost: $24,038,392,565)				28,291,324,537

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		307,817,835	$	307,910,181
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		46,060,000		46,060,000
				353,970,181
Total Short-Term Investments — 1.3% (Cost: $353,879,216)				353,970,181
Total Investments in Securities — 101.0% (Cost: $24,392,271,781)				28,645,294,718
Other Assets, Less Liabilities — (1.0)%				(281,664,201	)
Net Assets — 100.0%			$	28,363,630,517

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	432,992,054	$	—	$	(125,030,019	)(a)	$	(35,749	)	$	(16,105	)	$	307,910,181		307,817,835	$	187,949	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,790,000		—		(4,730,000	)(a)		—			—			46,060,000		46,060,000		1,476			—
								$	(35,749	)	$	(16,105	)	$	353,970,181			$	189,425		$	—

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI USA Min Vol Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		100		03/18/22	$	4,150	$	(78,625	)
S&P 500 E-Mini Index		277		03/18/22		62,384		(1,602,687	)
							$	(1,681,312	)

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:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,681,312

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,371,745
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,609,061	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	58,750,539

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
Investments
Assets
Common Stocks	$	28,291,324,537		$	—	$	—	$	28,291,324,537
Money Market Funds		353,970,181			—		—		353,970,181
	$	28,645,294,718		$	—	$	—	$	28,645,294,718
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,681,312	)	$	—	$	—	$	(1,681,312	)

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

See notes to financial statements.

20 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Aerojet Rocketdyne Holdings Inc.		33,581	$	1,295,891
BWX Technologies Inc.		40,371		1,796,913
National Presto Industries Inc.		8,643		710,887
Parsons Corp.(a)		11,567		352,215
				4,155,906
Air Freight & Logistics — 0.7%
Air Transport Services Group Inc.(a)		29,585		794,357
Atlas Air Worldwide Holdings Inc.(a)(b)		6,854		550,582
Forward Air Corp.		15,867		1,686,662
Hub Group Inc., Class A(a)		33,543		2,539,876
				5,571,477
Auto Components — 1.0%
Dorman Products Inc.(a)		45,862		4,294,059
Gentex Corp.		99,797		3,133,626
Standard Motor Products Inc.		19,193		918,769
				8,346,454
Automobiles — 0.1%
Electric Last Mile Solutions Inc.(a)(b)		86,316		449,706
Banks — 3.8%
Bank First Corp.		11,330		792,987
Bank OZK		12,245		573,678
CBTX Inc.		27,604		812,386
Commerce Bancshares Inc.		52,560		3,621,910
Community Bank System Inc.		4,977		355,457
Eastern Bankshares Inc.		269,638		5,740,593
First Hawaiian Inc.		20,323		576,157
First Interstate BancSystem Inc., Class A		15,641		574,807
German American Bancorp. Inc.		41,128		1,628,669
HarborOne Bancorp Inc.		80,788		1,147,190
Nicolet Bankshares Inc.(a)(b)		16,360		1,522,952
Northwest Bancshares Inc.		179,979		2,539,504
Origin Bancorp Inc.		36,439		1,556,674
Park National Corp.		24,823		3,362,523
Renasant Corp.		14,065		517,311
UMB Financial Corp.		19,138		1,884,136
Westamerica Bancorp		43,327		2,516,432
				29,723,366
Biotechnology — 7.5%
2seventy bio Inc.(a)(b)		35,830		668,946
Akero Therapeutics Inc.(a)		24,720		433,094
Alkermes PLC(a)		257,924		6,577,062
Allakos Inc.(a)		19,397		131,124
Allogene Therapeutics Inc.(a)		23,350		267,358
AnaptysBio Inc.(a)		28,527		912,008
Annexon Inc.(a)		29,547		221,603
Arcutis Biotherapeutics Inc.(a)		40,023		604,748
Arena Pharmaceuticals Inc.(a)		60,126		5,530,390
Blueprint Medicines Corp.(a)		22,875		1,763,663
Celldex Therapeutics Inc.(a)		10,130		314,131
Coherus Biosciences Inc.(a)		22,931		283,427
Dyne Therapeutics Inc.(a)		35,615		264,263
Eagle Pharmaceuticals Inc./DE(a)		17,865		820,718
Enanta Pharmaceuticals Inc.(a)		29,053		1,726,329
Essa Pharma Inc.(a)		33,310		310,116
Exelixis Inc.(a)		154,856		2,802,894
Forma Therapeutics Holdings Inc.(a)		25,566		302,701
Geron Corp.(a)(b)		398,529		446,352

Security	Shares		Value
Biotechnology (continued)
Halozyme Therapeutics Inc.(a)(b)		99,963	$	3,459,719
Heron Therapeutics Inc.(a)		41,097		357,955
Humacyte Inc.(a)(b)		42,462		228,446
IGM Biosciences Inc.(a)		9,398		166,345
Ionis Pharmaceuticals Inc.(a)		96,949		3,082,978
Ironwood Pharmaceuticals Inc.(a)		247,124		2,755,433
MacroGenics Inc.(a)		30,547		377,255
Madrigal Pharmaceuticals Inc.(a)		15,912		916,213
MannKind Corp.(a)		91,933		342,910
Mirati Therapeutics Inc.(a)		9,624		1,148,143
Myovant Sciences Ltd.(a)		48,402		632,130
OPKO Health Inc.(a)		173,754		543,850
Point Biopharma Global Inc.(a)(b)		55,441		357,594
Prothena Corp. PLC(a)		15,304		521,560
PTC Therapeutics Inc.(a)		50,149		2,016,993
Repare Therapeutics Inc.(a)(b)		16,226		250,367
Rhythm Pharmaceuticals Inc.(a)		43,020		318,778
Sarepta Therapeutics Inc.(a)		11,384		814,753
Scholar Rock Holding Corp.(a)		35,723		636,227
Sorrento Therapeutics Inc.(a)(b)		74,762		257,929
Syndax Pharmaceuticals Inc.(a)		30,777		502,896
United Therapeutics Corp.(a)		46,690		9,425,310
Vanda Pharmaceuticals Inc.(a)		88,773		1,345,799
Vaxart Inc.(a)(b)		95,707		473,750
Viking Therapeutics Inc.(a)		74,544		276,558
Vir Biotechnology Inc.(a)		52,980		1,818,803
Xencor Inc.(a)		49,148		1,689,217
				59,098,838
Building Products — 0.9%
AAON Inc.		19,732		1,267,781
Carlisle Companies Inc.		13,191		2,947,397
CSW Industrials Inc.		23,862		2,648,682
				6,863,860
Capital Markets — 2.8%
Diamond Hill Investment Group Inc.		5,013		936,178
Freedom Holding Corp./NV(a)(b)		28,567		1,824,289
Houlihan Lokey Inc.		64,624		6,868,239
Interactive Brokers Group Inc., Class A		67,790		4,622,600
Morningstar Inc.		12,401		3,564,171
Virtu Financial Inc., Class A		140,712		4,352,222
				22,167,699
Chemicals — 2.5%
Ashland Global Holdings Inc.		16,359		1,571,118
Balchem Corp.		38,866		5,710,970
NewMarket Corp.		13,994		4,730,952
Sensient Technologies Corp.		67,571		5,725,966
Stepan Co.		19,093		2,103,285
				19,842,291
Commercial Services & Supplies — 1.0%
Brady Corp., Class A, NVS		37,160		1,929,347
Casella Waste Systems Inc., Class A(a)		30,451		2,313,667
Ennis Inc.		41,315		782,093
Healthcare Services Group Inc.		25,361		461,317
Stericycle Inc.(a)		17,964		1,055,205
UniFirst Corp./MA(b)		9,335		1,774,490
				8,316,119
Communications Equipment — 1.4%
Ciena Corp.(a)		52,650		3,491,222
Lumentum Holdings Inc.(a)		4,865		493,700

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) January 31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
NETGEAR Inc.(a)		35,924	$	994,017
NetScout Systems Inc.(a)		46,380		1,463,289
Viavi Solutions Inc.(a)		276,593		4,552,721
				10,994,949
Construction & Engineering — 0.1%
Argan Inc.		25,185		935,623
Consumer Finance — 0.1%
FirstCash Holdings Inc.		6,368		443,850
Containers & Packaging — 3.0%
AptarGroup Inc.		84,266		9,884,402
Berry Global Group Inc.(a)		26,195		1,766,067
Ranpak Holdings Corp.(a)		13,859		372,253
Silgan Holdings Inc.		141,813		6,350,386
Sonoco Products Co.		54,179		3,068,699
TriMas Corp.		68,152		2,368,963
				23,810,770
Diversified Consumer Services — 3.5%
American Public Education Inc.(a)		29,435		629,615
Carriage Services Inc.		27,234		1,370,415
Chegg Inc.(a)		19,163		507,244
frontdoor Inc.(a)		93,146		3,381,200
Graham Holdings Co., Class B		2,506		1,491,371
Grand Canyon Education Inc.(a)		36,330		3,040,094
H&R Block Inc.		72,986		1,668,460
Service Corp. International		176,399		10,887,346
Terminix Global Holdings Inc.(a)		113,958		4,916,148
				27,891,893
Diversified Financial Services — 0.2%
A-Mark Precious Metals Inc.		10,920		675,948
Cannae Holdings Inc.(a)		41,287		1,233,243
				1,909,191
Diversified Telecommunication Services — 1.4%
Anterix Inc.(a)		18,919		969,788
ATN International Inc.		17,291		686,107
Bandwidth Inc., Class A(a)(b)		13,739		860,199
Cogent Communications Holdings Inc.		68,897		4,382,538
EchoStar Corp., Class A(a)(b)		27,752		657,445
Frontier Communications Parent Inc.(a)		122,411		3,263,477
				10,819,554
Electric Utilities — 3.5%
ALLETE Inc.		46,296		2,955,074
Hawaiian Electric Industries Inc.		119,379		5,073,607
IDACORP Inc.		82,222		9,062,509
MGE Energy Inc.		34,176		2,646,248
Portland General Electric Co.		146,038		7,672,836
				27,410,274
Electrical Equipment — 0.2%
Vertiv Holdings Co.		63,447		1,323,504
Electronic Equipment, Instruments & Components — 0.8%
Badger Meter Inc.		11,880		1,201,900
National Instruments Corp.		18,904		779,223
OSI Systems Inc.(a)		27,148		2,251,655
Vontier Corp.		76,968		2,163,570
				6,396,348
Entertainment — 2.6%
IMAX Corp.(a)		80,202		1,383,485

Security	Shares		Value
Entertainment (continued)
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		56,429	$	1,523,583
Lions Gate Entertainment Corp., Class A(a)(b)		61,448		963,505
Madison Square Garden Entertainment Corp.(a)(b)		8,252		584,489
Madison Square Garden Sports Corp.(a)		23,535		3,908,457
World Wrestling Entertainment Inc., Class A		53,530		2,673,288
Zynga Inc., Class A(a)(b)		1,094,685		9,928,793
				20,965,600
Equity Real Estate Investment Trusts (REITs) — 7.8%
Agree Realty Corp.		24,502		1,601,941
American Homes 4 Rent, Class A		242,884		9,504,051
Americold Realty Trust		137,506		3,912,046
Broadstone Net Lease Inc.		253,593		5,860,534
CubeSmart		167,578		8,502,908
Easterly Government Properties Inc.		144,327		3,026,537
EastGroup Properties Inc.		2,591		517,967
Equity Commonwealth(a)		196,004		5,103,944
First Industrial Realty Trust Inc.		13,395		814,148
Gladstone Land Corp.		47,766		1,455,908
Healthcare Realty Trust Inc.		138,476		4,295,525
Healthcare Trust of America Inc., Class A		121,215		3,945,548
JBG SMITH Properties		45,877		1,257,030
Life Storage Inc.		48,844		6,591,498
Monmouth Real Estate Investment Corp.		26,250		550,987
PS Business Parks Inc.		10,123		1,690,136
Rexford Industrial Realty Inc.		16,143		1,181,183
Terreno Realty Corp.		28,018		2,094,906
				61,906,797
Food & Staples Retailing — 3.2%
BJ’s Wholesale Club Holdings Inc.(a)(b)		148,797		9,146,552
Casey’s General Stores Inc.		14,006		2,630,467
Grocery Outlet Holding Corp.(a)		83,269		2,113,367
Ingles Markets Inc., Class A		22,935		1,764,389
Rite Aid Corp.(a)(b)		48,148		510,850
SpartanNash Co.		57,589		1,414,962
Sprouts Farmers Market Inc.(a)		182,989		4,966,321
United Natural Foods Inc.(a)		23,115		896,400
Weis Markets Inc.		28,145		1,695,455
				25,138,763
Food Products — 4.7%
B&G Foods Inc.		48,391		1,504,960
Cal-Maine Foods Inc.		60,451		2,357,589
Flowers Foods Inc.		323,739		9,106,778
Hain Celestial Group Inc. (The)(a)(b)		148,850		5,437,490
Hostess Brands Inc.(a)		209,786		4,304,809
John B Sanfilippo & Son Inc.		14,305		1,131,526
Lancaster Colony Corp.		31,004		4,922,505
Post Holdings Inc.(a)		20,548		2,174,389
Sanderson Farms Inc.		11,023		2,028,232
Tootsie Roll Industries Inc.		25,831		876,962
TreeHouse Foods Inc.(a)		89,098		3,450,766
				37,296,006
Gas Utilities — 1.8%
Chesapeake Utilities Corp.		9,724		1,324,506
National Fuel Gas Co.		44,855		2,724,044
New Jersey Resources Corp.		16,358		657,755
Northwest Natural Holding Co.		51,164		2,422,104
ONE Gas Inc.		54,146		4,217,432
Spire Inc.		32,564		2,146,619

22 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities (continued)
Star Group LP		58,460	$	610,322
				14,102,782
Health Care Equipment & Supplies — 3.2%
Atrion Corp.		2,319		1,403,946
Globus Medical Inc., Class A(a)		49,877		3,328,292
Heska Corp.(a)		10,960		1,507,877
ICU Medical Inc.(a)		23,858		5,090,343
Integra LifeSciences Holdings Corp.(a)		22,225		1,438,846
Meridian Bioscience Inc.(a)		47,508		990,542
Mesa Laboratories Inc.		8,326		2,367,332
Natus Medical Inc.(a)		40,978		944,133
Neogen Corp.(a)		104,137		3,797,876
OraSure Technologies Inc.(a)		81,619		722,328
Ortho Clinical Diagnostics Holdings PLC(a)		78,359		1,360,312
Quidel Corp.(a)		17,209		1,778,722
Tandem Diabetes Care Inc.(a)		3,232		381,732
				25,112,281
Health Care Providers & Services — 3.1%
AMN Healthcare Services Inc.(a)		42,170		4,273,508
Chemed Corp.		3,679		1,725,120
CorVel Corp.(a)		15,718		2,768,254
Guardant Health Inc.(a)		4,355		302,890
LHC Group Inc.(a)		22,827		2,832,831
ModivCare Inc.(a)		20,132		2,333,903
National HealthCare Corp.		20,740		1,356,396
Owens & Minor Inc.(b)		18,541		780,390
Patterson Companies Inc.		16,006		459,212
Premier Inc., Class A		196,804		7,521,849
				24,354,353
Health Care Technology — 0.7%
Computer Programs & Systems Inc.(a)		22,189		628,393
Health Catalyst Inc.(a)(b)		13,081		390,468
HealthStream Inc.(a)		41,203		1,003,293
Omnicell Inc.(a)		3,900		585,546
Sema4 Holdings Corp.(a)		58,455		199,916
Vocera Communications Inc.(a)		35,134		2,775,937
				5,583,553
Hotels, Restaurants & Leisure — 0.6%
El Pollo Loco Holdings Inc.(a)		31,091		414,754
Papa John’s International Inc.		36,767		4,538,886
				4,953,640
Household Durables — 0.5%
Helen of Troy Ltd.(a)		18,040		3,776,313
Household Products — 1.0%
Reynolds Consumer Products Inc.		100,849		3,052,699
WD-40 Co.		21,965		4,881,941
				7,934,640
Insurance — 4.4%
AMERISAFE Inc.		31,206		1,638,939
Axis Capital Holdings Ltd.		82,898		4,723,528
Employers Holdings Inc.		47,251		1,847,514
Enstar Group Ltd.(a)		15,681		4,156,719
Hanover Insurance Group Inc. (The)		57,300		7,905,108
HCI Group Inc.		10,892		739,240
Mercury General Corp.		44,513		2,433,081
ProAssurance Corp.		58,737		1,407,339
Safety Insurance Group Inc.		24,366		2,006,053
Selective Insurance Group Inc.		33,648		2,654,827

Security	Shares		Value
Insurance (continued)
White Mountains Insurance Group Ltd.		4,976	$	5,179,817
				34,692,165
Interactive Media & Services — 0.6%
Angi Inc.(a)		56,074		481,115
fuboTV Inc.(a)(b)		36,036		387,027
TrueCar Inc.(a)		114,991		395,569
Ziff Davis Inc.(a)		34,974		3,674,368
				4,938,079
Internet & Direct Marketing Retail — 0.5%
Shutterstock Inc.		38,082		3,692,812
IT Services — 3.2%
Cass Information Systems Inc.		12,289		499,916
CSG Systems International Inc.		52,692		2,991,325
EVERTEC Inc.		65,189		2,844,848
ExlService Holdings Inc.(a)		4,792		577,532
International Money Express Inc.(a)		30,195		483,422
Kyndryl Holdings Inc.(a)(b)		285,724		4,823,021
Maximus Inc.		98,431		7,610,685
Payoneer Global Inc.(a)(b)		48,280		252,022
Switch Inc., Class A		164,986		4,228,591
Tucows Inc., Class A(a)		14,677		1,159,483
				25,470,845
Leisure Products — 1.4%
Acushnet Holdings Corp.		59,081		2,759,082
Clarus Corp.		17,392		391,842
Johnson Outdoors Inc., Class A		9,250		834,535
Mattel Inc.(a)		134,827		2,820,581
Smith & Wesson Brands Inc.		76,512		1,306,825
Sturm Ruger & Co. Inc.		28,079		1,887,751
Vinco Ventures Inc.(a)(b)		113,510		373,448
Vista Outdoor Inc.(a)		17,934		691,894
				11,065,958
Life Sciences Tools & Services — 0.3%
Repligen Corp.(a)		14,074		2,791,437
Machinery — 1.7%
ESCO Technologies Inc.		9,058		722,647
Graco Inc.		76,037		5,517,245
Helios Technologies Inc.		33,205		2,544,499
Toro Co. (The)		47,481		4,585,715
				13,370,106
Media — 0.9%
Advantage Solutions Inc.(a)(b)		99,258		722,598
Boston Omaha Corp., Class A(a)(b)		23,885		630,325
John Wiley & Sons Inc., Class A		37,810		1,918,858
New York Times Co. (The), Class A		95,235		3,812,257
				7,084,038
Metals & Mining — 1.7%
McEwen Mining Inc.(a)(b)		635,049		541,316
Royal Gold Inc.		105,128		10,675,749
Warrior Met Coal Inc.		82,167		2,152,775
				13,369,840
Multi-Utilities — 1.2%
Avista Corp.		111,162		4,942,263
NorthWestern Corp.		74,134		4,308,668
				9,250,931
Oil, Gas & Consumable Fuels — 0.2%
Arch Resources Inc.		15,959		1,510,360

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) January 31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 2.5%
Aerie Pharmaceuticals Inc.(a)		71,249	$	524,393
Amphastar Pharmaceuticals Inc.(a)		62,059		1,432,942
Corcept Therapeutics Inc.(a)		108,349		2,033,711
Nektar Therapeutics(a)		278,871		3,101,046
Organon & Co.		13,217		421,754
Pacira BioSciences Inc.(a)		23,120		1,451,242
Perrigo Co. PLC		79,661		3,032,694
Phibro Animal Health Corp., Class A		18,750		361,875
Prestige Consumer Healthcare Inc.(a)		59,299		3,347,429
SIGA Technologies Inc.(a)		73,215		476,630
Supernus Pharmaceuticals Inc.(a)		46,747		1,442,145
Theravance Biopharma Inc.(a)		77,539		706,380
Zogenix Inc.(a)		44,607		1,160,228
				19,492,469
Professional Services — 3.0%
CACI International Inc., Class A(a)		11,906		2,946,259
CBIZ Inc.(a)(b)		76,282		2,946,774
Dun & Bradstreet Holdings Inc.(a)(b)		128,725		2,582,224
Exponent Inc.		11,304		1,073,654
FTI Consulting Inc.(a)		54,966		8,014,592
Heidrick & Struggles International Inc.		12,359		540,953
Nielsen Holdings PLC		207,296		3,909,603
Skillsoft Corp.(a)		76,927		570,798
TrueBlue Inc.(a)		40,382		1,074,161
				23,659,018
Real Estate Management & Development — 0.1%
FRP Holdings Inc.(a)		9,570		540,514
Tejon Ranch Co.(a)		35,101		611,108
				1,151,622
Road & Rail — 2.3%
Heartland Express Inc.		82,077		1,227,872
Landstar System Inc.		61,241		9,798,560
Marten Transport Ltd.		32,797		547,382
Schneider National Inc., Class B		90,936		2,327,961
Werner Enterprises Inc.		97,769		4,359,520
				18,261,295
Semiconductors & Semiconductor Equipment — 0.0%
Rockley Photonics Holdings Ltd.(a)(b)		130,919		428,105
Software — 5.4%
Blackbaud Inc.(a)		29,734		2,026,075
Blackline Inc.(a)		15,965		1,466,704
Box Inc., Class A(a)		31,505		823,226
CDK Global Inc.		193,176		8,300,773
CommVault Systems Inc.(a)(b)		19,938		1,345,017
Consensus Cloud Solutions Inc.(a)		11,481		650,973
Dolby Laboratories Inc., Class A		81,352		7,146,773
Everbridge Inc.(a)		39,161		2,001,910
Five9 Inc.(a)		36,276		4,559,893
InterDigital Inc.		26,293		1,815,006
Mimecast Ltd.(a)		9,394		748,796
Progress Software Corp.		25,511		1,161,006
Qualys Inc.(a)		17,371		2,225,920
Rapid7 Inc.(a)		5,973		575,379
SPS Commerce Inc.(a)		30,710		3,803,433
Teradata Corp.(a)		26,351		1,062,999
Verint Systems Inc.(a)		61,690		3,166,548
				42,880,431

Security	Shares		Value
Specialty Retail — 1.5%
Arko Corp.(a)		78,527	$	645,492
Monro Inc.		29,731		1,478,523
Murphy USA Inc.		39,309		7,730,508
Sportsman’s Warehouse Holdings Inc.(a)		69,610		762,925
Winmark Corp.		4,669		1,005,796
				11,623,244
Textiles, Apparel & Luxury Goods — 0.5%
Columbia Sportswear Co.		40,451		3,756,684
Thrifts & Mortgage Finance — 1.2%
Capitol Federal Financial Inc.		147,955		1,646,739
Columbia Financial Inc.(a)		78,250		1,656,553
Hingham Institution For Savings (The)		2,395		928,853
Kearny Financial Corp./MD		112,239		1,452,373
Northfield Bancorp. Inc.		75,155		1,184,443
TFS Financial Corp.		89,959		1,563,487
Waterstone Financial Inc.		35,815		731,342
				9,163,790
Trading Companies & Distributors — 1.0%
McGrath RentCorp.		5,841		445,142
Watsco Inc.		25,794		7,288,353
				7,733,495
Water Utilities — 1.5%
American States Water Co.		60,626		5,591,536
California Water Service Group		84,220		5,229,220
SJW Group		18,065		1,243,956
				12,064,712
Wireless Telecommunication Services — 0.5%
Shenandoah Telecommunications Co.		76,366		1,738,854
Telephone and Data Systems Inc.		89,494		1,771,981
U.S. Cellular Corp.(a)		21,896		670,456
				4,181,291
Total Common Stocks — 99.8% (Cost: $741,296,241)				789,229,127
Short-Term Investments
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		20,365,561		20,371,671
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,230,000		1,230,000
				21,601,671
Total Short-Term Investments — 2.8% (Cost: $21,595,485)				21,601,671
Total Investments in Securities — 102.6% (Cost: $762,891,726)				810,830,798
Other Assets, Less Liabilities — (2.6)%				(20,243,247	)
Net Assets — 100.0%			$	790,587,551

^(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.

24 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	21,934,459	$	—	$	(1,557,521	)(a)	$	(3,255	)	$	(2,012	)	$	20,371,671		20,365,561	$	161,859	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,550,000		—		(320,000	)(a)		—			—			1,230,000		1,230,000		43			—
								$	(3,255	)	$	(2,012	)	$	21,601,671			$	161,902		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End    

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		9		03/18/22	$	374	$	(16,935	)
Russell 2000 E-Mini Index		1		03/18/22		101		(9,550	)
S&P Mid 400 E-Mini Index		3		03/18/22		789		(60,392	)
							$	(86,877	)

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:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	86,877

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	147,152
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(85,793	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,672,512

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 25

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI USA Small-Cap Min Vol Factor 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
Investments
Assets
Common Stocks	$	789,229,127		$	—	$	—	$	789,229,127
Money Market Funds		21,601,671			—		—		21,601,671
	$	810,830,798		$	—	$	—	$	810,830,798
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(86,877	)	$	—	$	—	$	(86,877	)

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

See notes to financial statements.

26 2 0 2 2   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)

January 31, 2022

	iShares ESG MSCI USA Min Vol Factor ETF			iShares MSCI EAFE Min Vol Factor ETF			iShares MSCI USA Min Vol Factor ETF		iShares MSCI USA Small-Cap Min Vol Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,842,272		$	7,665,367,400		$	28,291,324,537	$	789,229,127
Affiliated(c)		—			13,317,972			353,970,181		21,601,671
Cash		8,782			11,126			8,885		4,964
Foreign currency, at value(d)		—			11,777,738			—		—
Cash pledged:
Futures contracts		—			21,999			—		64,000
Foreign currency collateral pledged:
Futures contracts(e)		—			2,452,010			—		—
Receivables:
Investments sold		—			263,224			45,247		—
Securities lending income — Affiliated		—			1,659			35,040		72,096
Variation margin on futures contracts		—			860,419			4,726,922		25,123
Capital shares sold		—			—			37,532		—
Dividends		4,841			5,264,062			25,454,298		121,630
Tax reclaims		—			25,620,022			—		—
Total assets		4,855,895			7,724,957,631			28,675,602,642		811,118,611
LIABILITIES
Collateral on securities loaned, at value		—			11,899,475			307,906,507		20,391,458
Payables:
Capital shares redeemed		—			263,224			367,566		—
Investment advisory fees		848			1,345,107			3,698,052		139,602
Total liabilities		848			13,507,806			311,972,125		20,531,060
NET ASSETS	$	4,855,047		$	7,711,449,825		$	28,363,630,517	$	790,587,551
NET ASSETS CONSIST OF:
Paid-in capital	$	5,072,526		$	7,880,957,301		$	24,297,053,310	$	769,087,402
Accumulated earnings (loss)		(217,479	)		(169,507,476	)		4,066,577,207		21,500,149
NET ASSETS	$	4,855,047		$	7,711,449,825		$	28,363,630,517	$	790,587,551
Shares outstanding		200,000			105,700,000			372,700,000		21,650,000
Net asset value	$	24.28		$	72.96		$	76.10	$	36.52
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Securities loaned, at value	$	—		$	11,440,003		$	304,567,565	$	20,621,543
(b) Investments, at cost — Unaffiliated	$	5,045,963		$	7,266,316,233		$	24,038,392,565	$	741,296,241
(c)  Investments, at cost — Affiliated	$	—		$	13,317,785		$	353,879,216	$	21,595,485
(d) Foreign currency, at cost	$	—		$	11,716,364		$	—	$	—
(e) Foreign currency collateral pledged, at cost	$	—		$	2,587,646		$	—	$	—

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended January 31, 2022

	iShares ESG MSCI USA Min Vol Factor ETF(a)					iShares MSCI EAFE Min Vol Factor ETF			iShares MSCI USA Min Vol Factor ETF			iShares MSCI USA Small-Cap Min Vol Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated		$	20,060		$	79,735,278		$	221,600,390		$	6,014,565
Dividends — Affiliated			—			53			1,476			43
Securities lending income — Affiliated — net			—			54,944			187,949			161,859
Foreign taxes withheld			(1	)		(5,800,023	)		(189,701	)		—
Total investment income			20,059			73,990,252			221,600,114			6,176,467
EXPENSES
Investment advisory fees			2,317			13,149,928			21,762,881			862,850
Miscellaneous			—			217			217			217
Total expenses			2,317			13,150,145			21,763,098			863,067
Less:
Investment advisory fees waived			—			(4,796,090	)		—			—
Total expenses after fees waived			2,317			8,354,055			21,763,098			863,067
Net investment income			17,742			65,636,197			199,837,016			5,313,400
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated			(21,139	)		48,033,161			(248,491,481	)		(17,465,609	)
Investments — Affiliated			—			4,547			(35,749	)		(3,255	)
In-kind redemptions — Unaffiliated			1,865			86,671,589			1,565,540,366			50,179,165
Futures contracts			—			1,778,164			7,371,745			147,152
Foreign currency transactions			—			(2,236,947	)		(528	)		—
Net realized gain (loss)			(19,274	)		134,250,514			1,324,384,353			32,857,453
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated			(203,691	)		(588,933,606	)		(1,392,082,654	)		(65,568,114	)
Investments — Affiliated			—			(9,586	)		(16,105	)		(2,012	)
Futures contracts			—			194,644			(3,609,061	)		(85,793	)
Foreign currency translations			—			(941,050	)		—			—
Net change in unrealized appreciation (depreciation)			(203,691	)		(589,689,598	)		(1,395,707,820	)		(65,655,919	)
Net realized and unrealized loss			(222,965	)		(455,439,084	)		(71,323,467	)		(32,798,466	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(205,223	)	$	(389,802,887	)	$	128,513,549		$	(27,485,066	)

^(a) For the period from November 02, 2021 (commencement of operations) to January 31, 2022.

See notes to financial statements.

28 2 0 2 2   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 Changes in Net Assets

	iShares ESG MSCI USA Min Vol Factor ETF				iShares MSCI EAFE Min Vol Factor ETF
	Period From
			11/02/21	(a)		Six Months Ended
	to 01/31/22				01/31/22					Year Ended
	(unaudited)						(unaudited)			07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	17,742				$	65,636,197		$	246,522,047
Net realized gain (loss)			(19,274	)				134,250,514			594,245,233
Net change in unrealized appreciation (depreciation)			(203,691	)				(589,689,598	)		765,184,307
Net increase (decrease) in net assets resulting from operations			(205,223	)				(389,802,887	)		1,605,951,587
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(12,256	)				(67,469,517	)		(147,128,455	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			5,072,526					(462,623,468	)		(3,386,673,077	)
NET ASSETS
Total increase (decrease) in net assets			4,855,047					(919,895,872	)		(1,927,849,945	)
Beginning of period			—					8,631,345,697			10,559,195,642
End of period		$	4,855,047				$	7,711,449,825		$	8,631,345,697

^(a)  Commencement of operations.

^(b)  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 29

Statements of Changes in Net Assets (continued)

	iShares MSCI USA Min Vol Factor ETF							iShares MSCI USA Small-Cap Min Vol Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	199,837,016		$	494,532,373			$	5,313,400		$	10,123,303
Net realized gain			1,324,384,353			3,371,054,672				32,857,453			68,692,615
Net change in unrealized appreciation (depreciation)			(1,395,707,820	)		2,187,151,044				(65,655,919	)		144,296,851
Net increase (decrease) in net assets resulting from operations			128,513,549			6,052,738,089				(27,485,066	)		223,112,769
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(199,052,668	)		(512,658,921	)			(5,870,604	)		(11,362,801	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(36,817,505	)		(11,581,152,074	)			(49,043,078	)		(168,629,674	)
NET ASSETS
Total increase (decrease) in net assets			(107,356,624	)		(6,041,072,906	)			(82,398,748	)		43,120,294
Beginning of period			28,470,987,141			34,512,060,047				872,986,299			829,866,005
End of period		$	28,363,630,517		$	28,470,987,141			$	790,587,551		$	872,986,299

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

See notes to financial statements.    

30 2 0 2 2   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

(For a share outstanding throughout each period)

		iShares ESG MSCI USA Min Vol     Factor ETF
	Period From
				11/02/21	(a)
		to 01/31/22 (unaudited)
Net asset value, beginning of period			$	25.11
Net investment income(b)				0.09
Net realized and unrealized loss(c)				(0.86	)
Net decrease from investment operations				(0.77	)
Distributions(d)
From net investment income				(0.06	)
Total distributions				(0.06	)
Net asset value, end of period			$	24.28
Total Return(e)
Based on net asset value				(3.07	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.18	%(h)
Net investment income				1.38	%(h)
Supplemental Data
Net assets, end of period (000)			$	4,855
Portfolio turnover rate(i)				10	%(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 31

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Min Vol Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	77.27		$	66.79		$	71.90		$	72.92		$	70.34		$	67.93
Net investment income(a)			0.61			1.79			1.86			2.15			2.15			2.04
Net realized and unrealized gain (loss)(b)			(4.29	)		9.96			(4.26	)		(1.01	)		2.28			3.18
Net increase (decrease) from investment operations			(3.68	)		11.75			(2.40	)		1.14			4.43			5.22
Distributions(c)
From net investment income			(0.63	)		(1.27	)		(2.71	)		(2.16	)		(1.85	)		(2.81	)
Total distributions			(0.63	)		(1.27	)		(2.71	)		(2.16	)		(1.85	)		(2.81	)
Net asset value, end of period		$	72.96		$	77.27		$	66.79		$	71.90		$	72.92		$	70.34
Total Return(d)
Based on net asset value			(4.79	)%(e)		17.61	%		(3.51	)%		1.68	%		6.36	%		8.09	%
Ratios to Average Net Assets(f)
Total expenses			0.31	%(g)		0.32	%		0.32	%		0.32	%		0.31	%		0.32	%
Total expenses after fees waived			0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.32	%		N/A			0.32	%		N/A			0.32	%
Net investment income			1.57	%(g)		2.48	%		2.65	%		3.04	%		2.96	%		3.09	%
Supplemental Data
Net assets, end of period (000)		$	7,711,450		$	8,631,346		$	10,559,196		$	11,295,536		$	8,852,315		$	7,238,327
Portfolio turnover rate(h)			11	%(e)		25	%		23	%		22	%		23	%		28	%

^(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.

32 2 0 2 2   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 USA Min Vol Factor ETF
	Six Months Ended
		01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	76.19		$	63.37		$	62.75		$	54.90		$	49.89		$	46.91
Net investment income(a)			0.54			1.08			1.29			1.23			1.02			0.98
Net realized and unrealized gain (loss)(b)			(0.09	)		12.84			0.62			7.77			4.98			3.02
Net increase from investment operations			0.45			13.92			1.91			9.00			6.00			4.00
Distributions(c)
From net investment income			(0.54	)		(1.10	)		(1.29	)		(1.15	)		(0.99	)		(1.02	)
Total distributions			(0.54	)		(1.10	)		(1.29	)		(1.15	)		(0.99	)		(1.02	)
Net asset value, end of period		$	76.10		$	76.19		$	63.37		$	62.75		$	54.90		$	49.89
Total Return(d)
Based on net asset value			0.58	%(e)		22.23	%		3.18	%		16.61	%		12.16	%		8.70	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			1.38	%(g)		1.59	%		2.06	%		2.12	%		1.95	%		2.10	%
Supplemental Data
Net assets, end of period (000)		$	28,363,631		$	28,470,987		$	34,512,060		$	30,646,395		$	15,191,622		$	13,530,002
Portfolio turnover rate(h)			10	%(e)		23	%		22	%		21	%		22	%		23	%

^(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 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA Small-Cap Min Vol Factor ETF
	Six Months Ended																				Period From
	01/31/22				Year Ended				Year Ended				Year Ended				Year Ended						09/07/16	(a)
	(unaudited)				07/31/21				07/31/20				07/31/19				07/31/18				to 07/31/17
Net asset value, beginning of period		$	37.96			$	29.91			$	34.10			$	31.53			$	27.82			$	25.11
Net investment income(b)			0.24				0.40				0.54				0.60				0.52				0.49
Net realized and unrealized gain (loss)(c)			(1.42	)			8.09				(4.17	)			2.48				3.66				2.63
Net increase (decrease) from investment operations			(1.18	)			8.49				(3.63	)			3.08				4.18				3.12
Distributions(d)
From net investment income			(0.26	)			(0.44	)			(0.56	)			(0.51	)			(0.47	)			(0.41	)
Total distributions			(0.26	)			(0.44	)			(0.56	)			(0.51	)			(0.47	)			(0.41	)
Net asset value, end of period		$	36.52			$	37.96			$	29.91			$	34.10			$	31.53			$	27.82
Total Return(e)
Based on net asset value			(3.13	)%(f)			28.66	%			(10.73	)%			9.91	%			15.19	%			12.51	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.20	%(h)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(h)
Net investment income			1.23	%(h)			1.16	%			1.72	%			1.85	%			1.76	%			2.04	%(h)
Supplemental Data
Net assets, end of period (000)		$	790,588			$	872,986			$	829,866			$	211,435			$	39,418			$	8,347
Portfolio turnover rate(i)			22	%(f)			50	%			43	%			48	%			47	%			47	%(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.

34 2 0 2 2   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

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 MSCI USA Min Vol Factor(a)		Non-diversified
MSCI EAFE Min Vol Factor		Diversified
MSCI USA Min Vol Factor		Diversified
MSCI USA Small-Cap Min Vol Factor		Diversified

^(a) The Fund commenced operations on November 2, 2021.    

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: Certain 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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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)

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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.

36 2 0 2 2   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

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI EAFE Min Vol Factor
BofA Securities, Inc.	$	498,367	$	498,367		$	—	$	—
J.P. Morgan Securities LLC		72,400		72,400			—		—
Jefferies LLC		4,551,816		4,551,816			—		—
Morgan Stanley		6,317,420		6,317,420			—		—
	$	11,440,003	$	11,440,003		$	—	$	—
MSCI USA Min Vol Factor
BNP Paribas SA	$	8,176,078	$	7,987,408		$	—	$	(188,670	)(b)
BofA Securities, Inc.		68,706,399		68,706,399			—		—
Citigroup Global Markets, Inc.		5,842		5,837			—		(5	)(b)
Credit Suisse Securities (USA) LLC		41,767,675		41,767,675			—		—
J.P. Morgan Securities LLC		62,113,277		62,113,277			—		—
Morgan Stanley		122,519,627		122,519,627			—		—
Scotia Capital (USA), Inc.		18,075		18,075			—		—
SG Americas Securities LLC		29,667		29,667			—		—
State Street Bank & Trust Co.		69,222		68,679			—		(543	)(b)
UBS AG		7,936		7,682			—		(254	)(b)
UBS Securities LLC		652,935		652,658			—		(277	)(b)
Virtu Americas LLC		500,832		500,832			—		—
	$	304,567,565	$	304,377,816		$	—	$	(189,749	)

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

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI USA Small-Cap Min Vol Factor
Barclays Bank PLC	$	8,782,245	$	8,557,092		$	—	$	(225,153	)(b)
BNP Paribas SA		883,948		849,858			—		(34,090	)(b)
Citigroup Global Markets, Inc.		3,013,637		2,987,621			—		(26,016	)(b)
Credit Suisse Securities (USA) LLC		299,823		297,714			—		(2,109	)(b)
HSBC Bank PLC		1,824,884		1,809,043			—		(15,841	)(b)
ING Financial Markets LLC		57,474		57,094			—		(380	)(b)
Mizuho Securities USA LLC		96,237		96,237			—		—
Morgan Stanley		3,685,860		3,685,860			—		—
Nomura Securities International, Inc.		19,009		19,009			—		—
SG Americas Securities LLC		42,923		39,787			—		(3,136	)(b)
State Street Bank & Trust Co.		287,923		279,650			—		(8,273	)(b)
Toronto Dominion Bank		923,709		923,709			—		—
UBS AG		127,223		127,223			—		—
UBS Securities LLC		484,068		484,068			—		—
Wells Fargo Securities LLC		92,580		88,414			—		(4,166	)(b)
	$	20,621,543	$	20,302,379		$	—	$	(319,164	)

^(a) Collateral received 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 statement of assets and liabilities.

^(b) The market value of the loaned securities is determined as of January 31, 2022. 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).

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Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, 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 Fee
ESG MSCI USA Min Vol Factor		0.18	%
MSCI USA Min Vol Factor		0.15
MSCI USA Small-Cap Min Vol Factor		0.20

For its investment advisory services to the iShares MSCI EAFE Min Vol Factor 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 Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

Expense Waivers: The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expenses.

For the iShares MSCI EAFE Min Vol Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI EAFE Min Vol Factor	$	4,796,090

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 of iShares ESG MSCI USA Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF, and iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, the iShares MSCI EAFE Min Vol Factor ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. The Group 2 Fund retained 82% of securities lending income (which excludes collateral

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 39

Notes to Financial Statements (unaudited) (continued)

investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI EAFE Min Vol Factor	$	16,512
MSCI USA Min Vol Factor		80,672
MSCI USA Small-Cap Min Vol Factor		48,226

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 January 31, 2022, 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 EAFE Min Vol Factor	$	146,397,911	$	170,485,472	$	(17,199,478	)
MSCI USA Min Vol Factor		542,857,481		711,066,137		(33,659,705	)
MSCI USA Small-Cap Min Vol Factor		7,253,530		4,832,647		(284,131	)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG MSCI USA Min Vol Factor	$	521,167	$	513,011
MSCI EAFE Min Vol Factor		959,674,638		903,487,829
MSCI USA Min Vol Factor		2,792,858,026		2,782,884,889
MSCI USA Small-Cap Min Vol Factor		190,430,357		188,259,788

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG MSCI USA Min Vol Factor	$	6,261,416	$	1,204,334
MSCI EAFE Min Vol Factor		—		452,674,816
MSCI USA Min Vol Factor		4,436,820,905		4,477,246,870
MSCI USA Small-Cap Min Vol Factor		121,982,838		171,827,127

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.

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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI EAFE Min Vol Factor	$	659,801,109
MSCI USA Min Vol Factor		1,469,074,627
MSCI USA Small-Cap Min Vol Factor		56,695,282

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 January 31, 2022, 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 MSCI USA Min Vol Factor	$	5,045,963	$	109,944	$	(313,635	)	$	(203,691	)
MSCI EAFE Min Vol Factor		7,327,874,047		1,010,034,317		(659,576,287	)		350,458,030
MSCI USA Min Vol Factor		24,459,490,465		4,930,022,341		(745,899,400	)		4,184,122,941
MSCI USA Small-Cap Min Vol Factor		764,849,823		97,151,184		(51,257,086	)		45,894,098

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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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.

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Notes to Financial Statements (unaudited) (continued)

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. 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 could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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.

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Period Ended 01/31/22
iShares ETF	Shares			Amount
ESG MSCI USA Min Vol Factor
Shares sold		250,000		$	6,279,386
Shares redeemed		(50,000	)		(1,206,860	)
Net increase		200,000		$	5,072,526

	Six Months Ended 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Min Vol Factor
Shares sold		—		$	4,437			400,000		$	27,601,881
Shares redeemed		(6,000,000	)		(462,627,905	)		(46,800,000	)		(3,414,274,958	)
Net decrease		(6,000,000	)	$	(462,623,468	)		(46,400,000	)	$	(3,386,673,077	)
MSCI USA Min Vol Factor
Shares sold		57,800,000		$	4,454,150,279			25,300,000		$	1,741,186,816
Shares redeemed		(58,800,000	)		(4,490,967,784	)		(196,200,000	)		(13,322,338,890	)
Net decrease		(1,000,000	)	$	(36,817,505	)		(170,900,000	)	$	(11,581,152,074	)
MSCI USA Small-Cap Min Vol Factor
Shares sold		3,300,000		$	124,700,413			4,950,000		$	174,057,791
Shares redeemed		(4,650,000	)		(173,743,491	)		(9,700,000	)		(342,687,465	)
Net decrease		(1,350,000	)	$	(49,043,078	)		(4,750,000	)	$	(168,629,674	)

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. FOREIGN WITHHOLDING TAX CLAIMS

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

12. SUBSEQUENT EVENTS

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

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Board Review and Approval of Investment Advisory Contract  

iShares ESG MSCI USA Min Vol Factor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of 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 September 29 – October 1, 2021, 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 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 noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares

44 2022   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

Board Review and Approval of Investment Advisory Contract  (continued)

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.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 45

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 EAFE Min Vol Factor ETF, iShares MSCI USA Min Vol Factor ETF and iShares MSCI USA Small-Cap Min Vol Factor 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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.

46 2 0 2 2   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

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 USA Min Vol Factor(a)	$	0.044453	$	—	$	0.016827	$	0.061280		73	%		—	%		27	%		100	%
MSCI EAFE Min Vol Factor(a)		0.621177		—		0.012935		0.634112		98			—			2			100
MSCI USA Min Vol Factor(a)		0.463545		—		0.072693		0.536238		86			—			14			100
MSCI USA Small-Cap Min Vol Factor(a)		0.231694		—		0.028059		0.259753		89			—			11			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 47

General Information

Electronic Delivery

Shareholders can sign up for email 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’ Form 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.

48 2 0 2 2   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

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
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 49

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.

^©2022 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-107-0122

        

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Core MSCI EAFE ETF | IEFA | Cboe BZX

·  iShares Core MSCI Europe ETF | IEUR | NYSE Arca

·  iShares Core MSCI International Developed Markets ETF | IDEV | NYSE Arca

·  iShares Core MSCI Pacific ETF | IPAC | NYSE Arca

·  iShares Core MSCI Total International Stock ETF | IXUS | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		128
Statements of Operations		130
Statements of Changes in Net Assets		132
Financial Highlights		135
Notes to Financial Statements		140
Statement Regarding Liquidity Risk Management Program		151
Supplemental Information		152
General Information		153
Glossary of Terms Used in this Report		154

3

Fund Summary  as of January 31, 2022 iShares^® Core MSCI EAFE ETF

Investment Objective

The iShares Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.23	)%		7.65	%		8.38	%		7.17	%		7.65	%		49.50	%		90.32	%
Fund Market		(3.41	)		7.91			8.36			7.16			7.91			49.38			90.19
Index		(4.15	)		6.30			7.95			6.89			6.30			46.60			85.68

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         967.70	$        0.35			$       1,000.00	$        1,024.90	$        0.36		0.07	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	17.0	%
Industrials	16.7
Consumer Discretionary	12.6
Health Care	11.4
Consumer Staples	9.6
Information Technology	8.9
Materials	8.0
Communication Services	4.6
Real Estate	4.3
Energy	3.6
Utilities	3.3

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	23.2	%
United Kingdom	14.7
France	10.3
Switzerland	9.5
Germany	8.3
Australia	7.9
Netherlands	4.9
Sweden	4.0
Hong Kong	2.8
Denmark	2.4

^(a)  Excludes money market funds.

4 2 0 2 2   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 January 31, 2022 iShares^® Core MSCI Europe ETF

Investment Objective

The iShares Core MSCI Europe ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.30	)%		13.17	%		9.31	%		4.35	%		13.17	%		56.05	%		38.51	%
Fund Market		(2.29	)		13.76			9.21			4.35			13.76			55.32			38.53
Index		(3.41	)		11.71			8.88			4.00			11.71			53.00			34.98

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$         977.00	$        0.45			$         1,000.00	$        1,024.80	$         0.46		0.09	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	16.6	%
Industrials	16.1
Health Care	13.4
Consumer Staples	11.6
Consumer Discretionary	11.4
Information Technology	8.0
Materials	7.4
Energy	4.9
Utilities	4.1
Communication Services	4.0
Real Estate	2.5

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	23.1	%
France	16.1
Switzerland	14.8
Germany	13.0
Netherlands	7.7
Sweden	6.3
Denmark	3.8
Spain	3.6
Italy	3.5
Finland	2.1

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary  as of January 31, 2022 iShares^® Core MSCI International Developed Markets ETF

Investment Objective

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.54	)%		9.41	%		8.03	%		9.41	%		45.62	%
Fund Market		(2.75	)		9.57			8.03			9.57			45.65
Index		(3.40	)		8.04			7.52			8.04			42.27

The inception date of the Fund was 3/21/17. The first day of secondary market trading was 3/23/17.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$         974.60	$        0.25			$         1,000.00	$        1,025.00	$         0.26		0.05	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	19.0	%
Industrials	16.0
Consumer Discretionary	11.7
Health Care	10.3
Information Technology	8.9
Consumer Staples	8.9
Materials	8.5
Energy	4.9
Communication Services	4.4
Real Estate	4.0
Utilities	3.4

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	20.8	%
United Kingdom	13.2
Canada	10.6
France	9.3
Switzerland	8.5
Germany	7.5
Australia	7.1
Netherlands	4.5
Sweden	3.6
Hong Kong	2.5

^(a)  Excludes money market funds.

6 2 0 2 2   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 January 31, 2022 iShares^® Core MSCI Pacific ETF

Investment Objective

The iShares Core MSCI Pacific ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(5.17	)%		(1.51	)%		6.70	%		5.48	%		(1.51	)%		38.30	%		50.34	%
Fund Market		(5.42	)		(1.71	)		6.76			5.44			(1.71	)		38.66			49.94
Index		(5.73	)		(2.67	)		6.27			5.25			(2.67	)		35.53			47.83

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$         948.30	$        0.44			$       1,000.00	$        1,024.80	$         0.46		0.09	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Industrials	18.0	%
Financials	17.4
Consumer Discretionary	15.1
Information Technology	10.0
Materials	9.2
Health Care	7.8
Real Estate	7.2
Consumer Staples	6.0
Communication Services	6.0
Utilities	2.0
Energy	1.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	66.4	%
Australia	20.8
Hong Kong	7.9
Singapore	3.9
New Zealand	1.0

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary  as of January 31, 2022 iShares^® Core MSCI Total International Stock ETF

Investment Objective

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.78	)%		5.12	%		8.54	%		6.45	%		5.12	%		50.62	%		78.67	%
Fund Market		(3.03	)		5.55			8.47			6.44			5.55			50.17			78.61
Index		(3.73	)		3.95			8.16			6.21			3.95			48.02			75.01

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$         972.20	$        0.45			$        1,000.00	$         1,024.80	$        0.46		0.09	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	19.0	%
Industrials	13.2
Information Technology	12.6
Consumer Discretionary	12.2
Materials	8.6
Health Care	8.6
Consumer Staples	8.0
Communication Services	6.0
Energy	5.1
Real Estate	3.6
Utilities	3.1

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Japan	14.8	%
United Kingdom	9.4
China	8.5
Canada	7.5
France	6.6
Switzerland	6.0
Germany	5.3
Australia	5.1
Taiwan	4.8
India	3.9

^(a)  Excludes money market funds.

8 2 0 2 2   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

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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 / S H A R E H O L D E R   E X P E N S E S 9

Schedule of Investments  (unaudited) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.9%
29Metals Ltd.(a)		313,822	$	587,713
Abacus Property Group		3,255,463		7,955,849
Accent Group Ltd.		1,026,114		1,476,304
Adbri Ltd.		2,551,122		5,317,753
AGL Energy Ltd.		3,166,414		15,991,917
Alkane Resources Ltd.(a)		2,163,941		1,264,932
Allkem Ltd.(a)		3,058,809		19,917,906
ALS Ltd.		2,619,104		21,987,065
Altium Ltd.		653,739		16,712,216
Alumina Ltd.		13,056,797		17,643,308
AMP Ltd.(a)		17,215,797		10,731,105
Ampol Ltd.		1,223,543		25,918,315
Ansell Ltd.		688,011		13,080,419
APA Group		6,026,573		40,871,290
Appen Ltd.		637,431		4,400,575
ARB Corp. Ltd.		481,507		15,865,156
Arena REIT		1,831,653		6,105,275
Aristocrat Leisure Ltd.		3,124,100		90,560,684
ASX Ltd.		1,001,983		59,426,129
Atlas Arteria Ltd.		4,944,685		22,952,760
AUB Group Ltd.		347,275		5,734,933
Aurizon Holdings Ltd.		9,213,368		23,050,510
AusNet Services Ltd.		9,887,911		18,194,730
Aussie Broadband Ltd.(a)		255,967		769,436
Austal Ltd.		2,108,005		3,006,888
Australia & New Zealand Banking Group Ltd.		14,653,659		276,937,098
Australian Agricultural Co. Ltd.(a)		2,974,905		3,053,196
Australian Ethical Investment Ltd.		445,131		2,935,776
Australian Pharmaceutical Industries Ltd.		2,948,732		3,169,050
Australian Strategic Materials Ltd.(a)		269,811		1,610,210
Aventus Group(b)		689,300		1,578,959
AVZ Minerals Ltd.(a)(b)		9,258,719		4,641,591
Bank of Queensland Ltd.		3,428,008		18,647,491
Bapcor Ltd.		2,091,293		10,478,682
Beach Energy Ltd.		10,047,984		10,613,994
Bega Cheese Ltd.		1,776,095		6,431,392
Bellevue Gold Ltd.(a)		5,039,146		2,784,033
Bendigo & Adelaide Bank Ltd.		2,688,156		16,418,855
Betmakers Technology Group Ltd.(a)(b)		3,605,274		1,608,891
BHP Group Ltd.(b)		15,174,494		486,654,414
BHP Group Ltd.		10,919,791		344,680,916
Blackmores Ltd.		81,896		4,756,180
BlueScope Steel Ltd.		2,633,850		34,521,462
Boral Ltd.(a)		1,992,089		8,303,006
BrainChip Holdings Ltd.(a)(b)		7,674,915		7,842,395
Brambles Ltd.		7,417,293		50,957,152
Bravura Solutions Ltd.		1,928,583		2,958,493
Breville Group Ltd.		505,934		10,304,014
Brickworks Ltd.		355,875		5,719,473
BWP Trust		3,121,861		8,805,133
BWX Ltd.		229,891		552,893
Capricorn Metals Ltd.(a)		742,478		1,666,956
carsales.com Ltd.		1,450,214		22,938,410
Centuria Capital Group		2,811,333		5,974,345
Centuria Industrial REIT		2,536,373		6,858,185
Centuria Office REIT(b)		920,410		1,409,833
Cettire Ltd.(a)(b)		245,595		511,168
Chalice Mining Ltd.(a)		1,712,372		9,489,919

Security	Shares		Value
Australia (continued)
Challenger Ltd.		2,940,268	$	12,010,615
Champion Iron Ltd.(a)		1,601,352		7,398,269
Charter Hall Group		2,622,160		31,407,855
Charter Hall Long Wale REIT		3,248,809		11,113,400
Charter Hall Retail REIT		2,493,072		7,113,815
Charter Hall Social Infrastructure REIT		412,916		1,121,097
CIMIC Group Ltd.		403,869		4,718,068
City Chic Collective Ltd.(a)		1,106,906		3,892,347
Cleanaway Waste Management Ltd.		10,992,209		22,439,525
Clinuvel Pharmaceuticals Ltd.		209,565		3,425,520
Cochlear Ltd.		345,686		47,404,933
Codan Ltd./Australia		551,388		3,550,968
Coles Group Ltd.		6,902,321		79,298,692
Collins Foods Ltd.		297,437		2,481,034
Commonwealth Bank of Australia		9,155,737		610,593,682
Computershare Ltd.		2,855,233		39,578,097
Coronado Global Resources Inc.(a)(c)		3,548,307		3,447,050
Corporate Travel Management Ltd.(a)(b)		652,511		9,730,039
Costa Group Holdings Ltd.		2,176,253		4,304,589
Credit Corp. Group Ltd.		346,541		8,361,468
Cromwell Property Group		11,679,486		6,967,606
Crown Resorts Ltd.(a)		1,932,636		16,651,784
CSL Ltd.		2,470,299		457,604,572
CSR Ltd.		3,003,387		11,964,190
Data#3 Ltd.		307,321		1,204,568
De Grey Mining Ltd.(a)		5,723,809		4,637,411
Deterra Royalties Ltd.		2,198,029		6,705,503
Dexus		5,698,929		41,487,701
Dexus Industria REIT(b)		134,245		296,962
Dicker Data Ltd.(b)		136,668		1,238,022
Domain Holdings Australia Ltd.		2,081,291		6,994,551
Domino’s Pizza Enterprises Ltd.		316,836		23,370,846
Downer EDI Ltd.		3,893,345		15,060,343
Dubber Corp. Ltd.(a)(b)		882,129		1,119,608
Eagers Automotive Ltd.		680,603		6,199,455
Elders Ltd.		908,066		7,021,881
Emeco Holdings Ltd.		238,663		151,653
EML Payments Ltd.(a)		1,947,831		4,147,634
Endeavour Group Ltd./Australia		6,649,571		29,701,063
EVENT Hospitality and Entertainment Ltd.(a)		497,402		4,752,305
Evolution Mining Ltd.		9,478,745		23,814,693
Flight Centre Travel Group Ltd.(a)(b)		812,092		9,633,238
Fortescue Metals Group Ltd.		8,748,479		122,847,035
G8 Education Ltd.(a)		4,721,348		3,719,956
Genworth Mortgage Insurance Australia Ltd.		2,803,252		4,846,023
Glencore PLC		51,469,969		268,138,637
Gold Road Resources Ltd.		4,555,947		4,337,541
Goodman Group		8,604,381		142,073,176
GPT Group (The)		9,920,389		35,154,429
GrainCorp Ltd., Class A		1,272,639		6,574,169
Growthpoint Properties Australia Ltd.		505,025		1,411,204
GUD Holdings Ltd.		785,369		6,870,754
GWA Group Ltd.		1,589,312		2,850,138
Hansen Technologies Ltd.		552,283		1,916,237
Harvey Norman Holdings Ltd.		3,491,790		12,170,096
Healius Ltd.		3,330,239		10,542,048
Home Consortium Ltd.		729,252		3,382,963
HomeCo Daily Needs REIT(b)		279,444		269,698
HUB24 Ltd.		239,692		4,670,680
IDP Education Ltd.		1,075,328		22,476,897

10 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
IGO Ltd.		3,605,657	$	30,507,498
Iluka Resources Ltd.		2,182,290		16,227,352
Imdex Ltd.		696,741		1,457,615
Imugene Ltd.(a)		24,829,863		5,547,120
Incitec Pivot Ltd.		9,788,538		22,919,601
Ingenia Communities Group		1,717,078		6,714,971
Inghams Group Ltd.		1,651,210		3,844,135
Insignia Financial Ltd.		2,980,637		7,475,134
Insurance Australia Group Ltd.		12,505,494		37,721,245
Integral Diagnostics Ltd.		423,221		1,240,026
InvoCare Ltd.		772,677		6,135,589
ionner Ltd.(a)(b)		5,246,291		2,473,147
IPH Ltd.		1,441,978		8,367,087
IRESS Ltd.		1,159,776		9,382,393
Irongate Group		90,805		118,854
James Hardie Industries PLC		2,319,743		78,071,475
JB Hi-Fi Ltd.		638,352		20,886,468
Johns Lyng Group Ltd.		798,651		4,370,131
Jumbo Interactive Ltd.		156,320		1,988,217
Karoon Energy Ltd.(a)		1,323,428		1,813,330
Kelsian Group Ltd.		643,162		3,210,361
Kogan.com Ltd.(b)		431,034		1,903,431
Lendlease Corp. Ltd.		3,459,530		24,481,513
Lifestyle Communities Ltd.		239,049		2,865,278
Link Administration Holdings Ltd.		2,627,444		10,071,169
Liontown Resources Ltd.(a)(b)		8,465,552		8,573,969
Lovisa Holdings Ltd.		203,516		2,566,744
Lynas Rare Earths Ltd.(a)		4,792,836		30,957,415
MA Financial Group Ltd.		27,080		163,187
Maas Group Holdings Ltd.		84,410		265,585
Macquarie Group Ltd.		1,811,538		236,788,843
Magellan Financial Group Ltd.		686,764		9,138,024
Mayne Pharma Group Ltd.(a)		3,220,260		571,300
McMillan Shakespeare Ltd.		513,528		4,094,965
Medibank Pvt Ltd.		14,476,825		31,722,649
Megaport Ltd.(a)		795,811		7,655,520
Mesoblast Ltd.(a)(b)		2,899,017		2,329,430
Metcash Ltd.		5,422,280		15,217,592
Mineral Resources Ltd.		894,772		35,559,080
Mirvac Group		20,230,906		37,491,188
Monadelphous Group Ltd.		590,308		3,760,314
Nanosonics Ltd.(a)		1,412,540		5,134,302
National Australia Bank Ltd.		16,931,066		326,692,431
National Storage REIT		6,719,793		11,780,228
Nearmap Ltd.(a)(b)		2,367,742		2,270,834
Netwealth Group Ltd.		523,612		5,670,997
New Hope Corp. Ltd.(b)		2,642,366		4,256,583
Newcrest Mining Ltd.		4,194,906		65,068,702
NEXTDC Ltd.(a)		2,446,840		18,774,520
nib holdings Ltd.		2,424,380		10,696,590
Nick Scali Ltd.		366,403		3,535,772
Nickel Mines Ltd.		5,454,790		5,602,610
Nine Entertainment Co. Holdings Ltd.		8,707,163		16,249,627
Northern Star Resources Ltd.		5,901,971		35,175,293
Novonix Ltd.(a)(b)		1,233,784		6,653,670
NRW Holdings Ltd.		2,369,202		2,677,348
Nufarm Ltd./Australia		1,603,610		5,092,801
Nuix Ltd.(a)		988,173		1,045,622
Objective Corp. Ltd.		7,452		84,815
Omni Bridgeway Ltd.(a)		1,331,671		3,079,803

Security	Shares		Value
Australia (continued)
oOh!media Ltd.(a)		3,559,109	$	4,081,515
Orica Ltd.		2,025,726		20,069,961
Origin Energy Ltd.		9,113,327		36,466,975
Orora Ltd.		5,114,014		12,591,483
OZ Minerals Ltd.		1,852,425		32,134,241
Pact Group Holdings Ltd.		1,507,067		2,490,853
Paladin Energy Ltd.(a)(b)		12,513,400		6,525,132
Pendal Group Ltd.		1,737,992		5,968,993
Perenti Global Ltd.		2,740,275		1,501,014
Perpetual Ltd.		295,964		6,917,228
Perseus Mining Ltd.		6,787,190		7,094,299
PEXA Group Ltd.(a)		242,019		3,177,903
Pilbara Minerals Ltd.(a)		12,708,942		29,401,872
Pinnacle Investment Management Group Ltd.		436,488		3,523,187
Platinum Asset Management Ltd.		2,133,745		3,751,159
PointsBet Holdings Ltd.(a)		1,012,232		3,547,395
PolyNovo Ltd.(a)(b)		3,635,461		3,395,244
PPK Group Ltd.(a)		55,738		283,704
Premier Investments Ltd.		596,876		12,246,583
Pro Medicus Ltd.(b)		269,738		8,710,898
Qantas Airways Ltd.(a)		4,720,262		16,155,780
QBE Insurance Group Ltd.		7,513,975		59,658,250
Qube Holdings Ltd.		8,454,270		17,446,834
Ramelius Resources Ltd.		4,404,233		4,221,272
Ramsay Health Care Ltd.		955,473		42,629,392
REA Group Ltd.		277,197		28,716,704
Redbubble Ltd.(a)(b)		1,064,172		1,354,891
Reece Ltd.		1,500,480		23,165,002
Regis Resources Ltd.		4,278,678		5,204,441
Reliance Worldwide Corp. Ltd.		4,570,032		16,877,165
Rio Tinto Ltd.		1,896,150		150,754,673
Rio Tinto PLC		5,824,295		410,527,276
Rural Funds Group(b)		310,637		628,712
Sandfire Resources Ltd.		2,100,246		10,092,488
Santos Ltd.		16,351,896		83,292,168
Sayona Mining Ltd.(a)(b)		17,279,704		1,500,482
Scentre Group		26,627,193		55,281,934
SEEK Ltd.		1,785,248		36,996,052
Select Harvests Ltd.		311,787		1,196,909
Seven Group Holdings Ltd.		899,178		13,904,902
Shopping Centres Australasia Property Group		6,113,941		12,215,022
Silver Lake Resources Ltd.(a)		5,274,278		5,554,235
Sims Ltd.		1,005,518		10,237,421
SmartGroup Corp. Ltd.		428,455		2,177,700
Sonic Healthcare Ltd.		2,409,832		64,897,501
South32 Ltd.		25,033,979		68,875,900
Southern Cross Media Group Ltd.(b)		1,615,986		2,161,655
St. Barbara Ltd.		4,486,120		3,930,741
Star Entertainment Grp Ltd. (The)(a)		4,409,255		10,770,582
Steadfast Group Ltd.		5,093,422		16,761,144
Stockland		12,221,784		35,228,406
Suncorp Group Ltd.		6,403,855		50,295,192
Super Retail Group Ltd.		903,950		7,476,234
Sydney Airport(a)		6,834,564		42,006,043
Tabcorp Holdings Ltd.		11,473,616		40,313,475
Tassal Group Ltd.		291,064		726,780
Technology One Ltd.		1,524,730		11,406,513
Telix Pharmaceuticals Ltd.(a)		1,003,415		4,848,688
Telstra Corp. Ltd.		21,318,513		59,263,762
Temple & Webster Group Ltd.(a)(b)		467,886		2,841,799

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Transurban Group		15,664,009	$	138,379,381
Treasury Wine Estates Ltd.		3,739,543		28,107,276
Tyro Payments Ltd.(a)(b)		1,709,237		2,742,915
United Malt Grp Ltd.		1,537,969		4,542,490
Uniti Group Ltd.(a)		3,034,086		9,062,755
Vicinity Centres		19,584,739		22,704,750
Viva Energy Group Ltd.(c)		5,111,524		7,792,249
Vulcan Energy Resources Ltd.(a)(b)		387,632		2,580,849
Washington H Soul Pattinson & Co. Ltd.		1,189,102		23,085,113
Waypoint REIT		3,878,439		7,449,809
Webjet Ltd.(a)(b)		2,045,606		7,161,200
Wesfarmers Ltd.		5,842,260		217,989,392
West African Resources Ltd.(a)		5,191,413		4,116,070
Western Areas Ltd.(a)		1,549,077		3,812,446
Westgold Resources Ltd.		1,200,407		1,555,672
Westpac Banking Corp.		18,847,970		271,842,948
Whitehaven Coal Ltd.(a)		4,920,443		9,421,047
WiseTech Global Ltd.		769,405		25,059,021
Woodside Petroleum Ltd.		4,987,111		89,114,707
Woolworths Group Ltd.		6,546,940		159,709,083
Worley Ltd.		1,708,700		14,079,087
Zip Co. Ltd.(a)(b)		2,374,013		5,465,161
				8,031,143,739
Austria — 0.4%
ams-OSRAM AG(a)		1,400,124		23,540,778
ANDRITZ AG		347,192		18,471,849
AT&S Austria Technologie & Systemtechnik AG		142,643		6,643,769
BAWAG Group AG(a)(c)		360,019		21,606,599
CA Immobilien Anlagen AG		288,689		10,492,003
DO & CO AG(a)		37,599		3,875,705
Erste Group Bank AG		1,802,036		84,228,209
EVN AG		192,517		5,667,095
IMMOFINANZ AG(a)(b)		477,847		12,396,034
Lenzing AG(a)		82,395		10,113,781
Oesterreichische Post AG(b)		187,594		7,874,044
OMV AG		781,208		47,813,348
Palfinger AG		9,465		323,449
Raiffeisen Bank International AG		758,309		21,313,976
S IMMO AG		338,883		8,684,855
S&T AG(b)		338,149		6,210,352
Schoeller-Bleckmann Oilfield Equipment AG(a)		26,213		1,105,237
Semperit AG Holding		67,789		2,056,255
Telekom Austria AG(a)		873,344		7,554,921
UNIQA Insurance Group AG		779,860		7,228,700
Verbund AG		354,793		37,576,170
Vienna Insurance Group AG Wiener Versicherung Gruppe		241,330		7,068,543
voestalpine AG		582,489		19,364,923
Wienerberger AG		616,857		22,334,560
				393,545,155
Belgium — 1.0%
Ackermans & van Haaren NV		112,498		21,714,908
Aedifica SA		176,255		21,198,697
Ageas SA/NV		885,349		42,615,875
AGFA-Gevaert NV(a)		1,134,198		4,812,411
Akka Technologies(a)		20,211		1,104,235
Anheuser-Busch InBev SA/NV		3,921,424		247,210,879
Barco NV		405,643		8,377,116
Befimmo SA		131,785		4,940,957

Security	Shares		Value
Belgium (continued)
Bekaert SA		234,416	$	10,913,650
bpost SA(a)		506,560		3,739,426
Cie. d’Entreprises CFE		43,449		5,885,704
Cofinimmo SA		141,120		20,818,118
D’ieteren Group		132,530		23,091,273
Econocom Group SA/NV		261,402		1,045,362
Elia Group SA/NV		172,443		23,270,272
Etablissements Franz Colruyt NV		280,212		11,382,126
Euronav NV		1,006,763		8,293,930
Fagron		401,102		6,894,893
Galapagos NV(a)(b)		244,016		16,442,979
Gimv NV		153,445		9,353,806
Groupe Bruxelles Lambert SA		562,868		60,397,365
Intervest Offices & Warehouses NV		17,008		521,639
Ion Beam Applications		127,093		2,171,403
KBC Ancora		257,157		12,391,547
KBC Group NV		1,291,124		112,288,209
Kinepolis Group NV(a)(b)		94,621		5,730,344
Melexis NV		119,202		12,498,668
Mithra Pharmaceuticals SA(a)(b)		50,704		1,150,211
Montea NV		44,635		6,174,150
Ontex Group NV(a)		381,947		2,797,011
Orange Belgium SA		137,582		2,995,500
Proximus SADP		717,676		14,655,359
Recticel SA		93,776		1,786,366
Retail Estates NV		14,703		1,184,179
Shurgard Self Storage SA		28,561		1,646,347
Sofina SA		80,393		32,008,303
Solvay SA		368,311		44,377,491
Telenet Group Holding NV		222,910		8,557,188
Tessenderlo Group SA(a)		180,755		7,040,975
UCB SA		651,591		64,836,709
Umicore SA		1,017,957		38,535,424
VGP NV		40,885		11,585,385
Warehouses De Pauw CVA		716,695		30,833,180
X-Fab Silicon Foundries SE(a)(b)(c)		136,034		1,327,036
Xior Student Housing NV		110,790		6,055,323
				976,651,929
Denmark — 2.4%
ALK-Abello A/S(a)(b)		40,590		17,139,930
Alm Brand A/S		5,013,994		9,505,993
Ambu A/S, Class B(b)		875,890		18,559,198
AP Moller - Maersk A/S, Class A		16,152		54,113,301
AP Moller - Maersk A/S, Class B, NVS		29,818		107,110,526
Bavarian Nordic A/S(a)(b)		364,758		10,736,042
Better Collective A/S(a)(b)		158,674		3,338,882
Carlsberg A/S, Class B		520,649		84,309,006
cBrain A/S		32,264		1,010,297
Chemometec A/S		81,439		8,443,565
Chr Hansen Holding A/S		532,358		42,692,677
Coloplast A/S, Class B		613,647		89,237,933
D/S Norden A/S		189,376		4,310,516
Danske Bank A/S		3,578,614		69,465,314
Demant A/S(a)		548,342		24,260,479
Dfds A/S(a)(b)		205,031		10,008,861
Drilling Co. of 1972 A/S (The)(a)(b)		114,227		4,455,568
DSV A/S		1,052,533		213,854,338
FLSmidth & Co. A/S		271,262		9,144,277
Genmab A/S(a)		341,835		116,404,899
GN Store Nord A/S		652,234		39,469,264

12 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark (continued)
H Lundbeck A/S		362,939	$	9,234,604
ISS A/S(a)		815,137		15,357,385
Jyske Bank A/S, Registered(a)		298,448		17,579,257
Matas A/S		299,946		5,015,139
Netcompany Group A/S(c)		205,497		15,096,682
Nilfisk Holding A/S(a)		148,503		5,224,400
NKT A/S(a)		231,316		9,738,306
NNIT A/S(c)		79,353		1,162,199
Novo Nordisk A/S, Class B		8,714,134		866,779,633
Novozymes A/S, Class B		1,067,238		73,263,128
NTG Nordic Transport Group A/S, Class A(a)		19,194		1,277,836
Orsted A/S(c)		979,939		104,407,594
Pandora A/S		526,136		57,211,887
Per Aarsleff Holding A/S		131,456		5,923,184
Ringkjoebing Landbobank A/S		179,098		23,576,380
Rockwool International A/S, Class B		42,012		16,091,018
Royal Unibrew A/S		265,506		30,523,992
Scandinavian Tobacco Group A/S, Class A(c)		416,866		8,986,448
Schouw & Co. A/S		78,047		6,600,591
SimCorp A/S		226,738		21,141,083
Solar A/S, Class B		2,499		267,954
Spar Nord Bank A/S		556,375		8,000,903
Sydbank A/S		375,645		13,259,334
Topdanmark A/S		232,623		13,304,473
Tryg A/S		1,840,858		43,620,619
Vestas Wind Systems A/S		5,238,351		141,751,831
Zealand Pharma A/S(a)(b)		201,463		3,924,796
				2,455,891,522
Finland — 1.3%
Admicom OYJ		15,163		1,291,244
Aktia Bank OYJ		69,373		899,990
BasWare OYJ(a)		18,965		553,962
Cargotec OYJ, Class B		234,984		11,732,054
Caverion OYJ		537,964		3,721,254
Citycon OYJ		440,976		3,529,508
Elisa OYJ		742,224		43,599,580
Finnair OYJ(a)(b)		3,908,326		2,892,069
Fortum OYJ		2,355,694		64,121,357
Harvia OYJ		77,836		4,113,994
Huhtamaki OYJ		511,846		20,178,864
Kamux Corp.(b)		165,279		2,115,667
Kemira OYJ		629,175		9,248,306
Kesko OYJ, Class B		1,429,228		45,139,565
Kojamo OYJ		634,461		14,545,588
Kone OYJ, Class B		1,741,722		112,801,156
Konecranes OYJ		371,082		14,926,620
Marimekko OYJ		3,613		297,575
Metsa Board OYJ, Class B		1,118,045		12,053,166
Metso Outotec OYJ		3,286,007		35,241,135
Musti Group OYJ		63,579		1,900,155
Neles OYJ		542,951		7,631,012
Neste OYJ		2,194,265		98,960,295
Nokia OYJ(a)		27,864,464		166,173,181
Nokian Renkaat OYJ		661,223		22,355,922
Nordea Bank Abp		16,700,267		198,360,459
Oriola OYJ, Class B		754,922		1,856,177
Orion OYJ, Class B		552,598		22,470,132
Outokumpu OYJ(a)		2,006,373		12,999,103
Puuilo OYJ(a)		25,887		234,074
QT Group OYJ(a)		91,975		10,676,953

Security	Shares		Value
Finland (continued)
Remedy Entertainment OYJ(b)		40,455	$	1,602,343
Revenio Group OYJ		110,522		5,770,217
Rovio Entertainment OYJ(c)		29,002		228,565
Sampo OYJ, Class A		2,599,194		129,005,329
Sanoma OYJ		442,251		6,679,761
Spinnova OYJ(a)		7,282		89,416
Stora Enso OYJ, Class R		2,975,617		60,574,772
Talenom OYJ		146,189		1,660,866
TietoEVRY OYJ		454,438		13,522,496
Tokmanni Group Corp		140,734		2,944,756
UPM-Kymmene OYJ		2,732,540		99,591,493
Uponor OYJ		360,227		7,993,095
Valmet OYJ		688,119		26,282,240
Wartsila OYJ Abp		2,406,135		29,707,122
YIT OYJ		1,018,245		5,058,355
				1,337,330,943
France — 10.3%
AB Science SA(a)		152,156		1,541,797
ABC arbitrage		493,329		3,935,038
Accor SA(a)		876,976		32,230,042
Aeroports de Paris(a)		156,599		21,250,608
Air France-KLM(a)		1,620,979		7,335,352
Air Liquide SA		2,436,856		416,846,731
Airbus SE(a)		3,040,513		388,252,894
Albioma SA		217,243		8,487,516
ALD SA(c)		597,995		8,961,222
Alstom SA		1,651,286		53,534,235
Altarea SCA		17,967		3,202,260
Alten SA		165,797		27,042,514
Amundi SA(c)		309,157		24,032,725
Aperam SA		270,589		15,247,569
ArcelorMittal SA		3,496,948		103,873,442
Arkema SA		318,882		47,152,476
Atos SE		510,342		18,294,205
Aubay		1,673		99,483
AXA SA		9,944,447		314,950,534
Believe SA, NVS(a)		16,861		283,564
Beneteau SA(a)		57,498		958,690
BioMerieux		216,517		25,389,406
BNP Paribas SA		5,789,049		413,276,639
Boiron SA		46,365		2,108,036
Bollore SA		4,784,231		25,787,990
Bonduelle SCA		110,949		2,609,768
Bouygues SA		1,168,811		41,220,524
Bureau Veritas SA		1,475,378		42,214,010
Capgemini SE		830,244		186,652,435
Carmila SA		259,659		4,318,582
Carrefour SA		3,193,133		60,770,399
Casino Guichard Perrachon SA(a)		210,818		4,663,080
Cellectis SA(a)		245,012		1,549,201
CGG SA(a)		4,164,939		3,466,990
Chargeurs SA		70,012		1,763,444
Cie. de Saint-Gobain		2,613,126		176,823,613
Cie. Generale des Etablissements Michelin SCA		879,153		147,103,226
Cie. Plastic Omnium SA		367,339		8,544,044
CNP Assurances		895,291		22,037,737
Coface SA(a)		637,878		8,439,086
Covivio		258,782		21,610,389
Credit Agricole SA		6,392,902		96,177,661
Danone SA		3,364,054		209,752,353

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Dassault Aviation SA		136,154	$	16,180,873
Dassault Systemes SE		3,441,032		166,402,704
Derichebourg SA(a)		686,108		8,628,355
Edenred		1,287,179		55,287,367
Eiffage SA		433,654		45,565,406
Electricite de France SA		2,404,160		23,123,708
Elior Group SA(a)(c)		586,252		3,536,343
Elis SA(a)		1,024,020		18,706,455
Engie SA		9,404,452		144,657,422
Eramet SA(a)		44,904		4,654,273
Esker SA		7,976		2,156,912
EssilorLuxottica SA		1,482,366		280,442,037
Eurazeo SE		232,007		18,434,889
Eurofins Scientific SE		691,422		69,420,741
Eutelsat Communications SA		872,359		10,817,075
Faurecia SE		613,844		27,210,512
Fnac Darty SA		111,038		6,590,353
Gaztransport Et Technigaz SA		132,530		12,158,542
Gecina SA		238,211		32,323,381
Getlink SE		2,315,401		36,525,133
Guerbet		36,979		1,383,418
Hermes International		164,020		246,262,741
ICADE		153,557		11,087,807
ID Logistics Group(a)		1,946		706,579
Imerys SA		205,228		9,431,334
Interparfums SA		30,386		2,308,806
Ipsen SA		199,372		19,399,047
IPSOS		235,026		10,739,072
JCDecaux SA(a)		330,888		9,057,767
Kaufman & Broad SA		59,405		2,357,935
Kering SA		388,446		290,077,798
Klepierre SA		1,048,689		27,893,294
Korian SA		408,823		8,962,637
La Francaise des Jeux SAEM(c)		487,518		20,185,007
Lagardere SA(a)		189,419		5,156,674
Legrand SA		1,381,340		140,583,158
LISI		112,774		3,541,153
L’Oreal SA		1,300,802		555,633,182
LVMH Moet Hennessy Louis Vuitton SE		1,437,311		1,180,574,500
Maisons du Monde SA(c)		225,264		5,143,322
McPhy Energy SA(a)		111,899		2,094,301
Mercialys SA		370,055		4,102,243
Mersen SA		130,342		5,436,064
Metropole Television SA		215,398		4,202,282
Neoen SA(a)(c)		209,929		7,465,161
Nexans SA		161,606		14,603,405
Nexity SA		248,732		10,414,841
Orange SA		10,012,567		117,622,159
Orpea SA		273,689		12,016,096
Pernod Ricard SA		1,085,406		232,167,625
Peugeot Invest		35,058		4,713,191
Pharmagest Interactive		19,435		1,755,998
Publicis Groupe SA		1,156,265		78,349,525
Quadient SA		219,541		4,486,413
Remy Cointreau SA		120,017		25,027,542
Renault SA(a)		989,993		39,344,712
Rexel SA(a)		1,300,868		28,995,839
Rubis SCA		479,518		15,523,337
Safran SA		1,758,720		212,926,851
Sanofi		5,855,683		612,281,981

Security	Shares		Value
France (continued)
Sartorius Stedim Biotech		145,780	$	63,926,150
Schneider Electric SE		2,794,982		473,456,851
SCOR SE		816,966		27,868,821
SEB SA		143,033		21,708,117
SES SA, Class A		1,981,608		15,246,550
SES-Imagotag SA(a)		2,799		214,358
SMCP SA(a)(c)		93,718		770,878
Societe BIC SA		135,941		7,740,344
Societe Generale SA		4,189,600		155,519,341
Sodexo SA		456,285		42,436,167
SOITEC(a)		123,280		22,506,985
Solutions 30 SE(a)		472,346		3,726,992
Sopra Steria Group SACA		89,498		15,734,906
SPIE SA		659,673		15,300,813
Technicolor SA(a)		1,040,351		3,262,320
Teleperformance		308,613		116,220,322
Television Francaise 1		381,697		3,648,465
Thales SA		545,312		50,303,630
TotalEnergies SE		12,941,328		735,939,956
Trigano SA		60,194		11,404,524
Ubisoft Entertainment SA(a)		482,828		27,706,836
Unibail-Rodamco-Westfield(a)		645,811		49,208,998
Valeo		1,203,277		33,678,043
Vallourec SA(a)		655,861		5,834,187
Valneva SE(a)		380,257		6,572,909
Veolia Environnement SA		3,384,360		122,259,236
Verallia SA(c)		384,283		12,052,988
Vicat SA		97,368		4,034,957
Vinci SA		2,747,228		301,114,130
Virbac SA		28,048		11,283,523
Vivendi SE		3,994,074		52,343,807
Voltalia SA(a)		123,517		2,281,798
Wendel SE		135,771		14,746,948
Worldline SA/France(a)(c)		1,240,344		60,119,697
				10,460,803,335
Germany — 7.8%
1&1 AG		232,065		6,176,844
Aareal Bank AG(b)		320,466		10,323,009
ABOUT YOU Holding SE, NVS(a)		67,382		1,309,616
Adesso SE		14,634		3,021,583
adidas AG		983,733		269,953,243
ADLER Group SA(b)(c)		430,287		5,089,137
ADVA Optical Networking SE(a)(b)		405,919		6,805,617
AIXTRON SE		645,663		13,425,231
Allianz SE, Registered		2,117,740		543,735,076
alstria office REIT-AG		835,421		18,264,261
Amadeus Fire AG		17,367		3,237,244
Aroundtown SA		5,304,652		32,764,360
Atoss Software AG		3,710		743,853
AURELIUS Equity Opportunities SE & Co. KGaA		117,863		3,761,702
Aurubis AG		174,194		18,158,538
BASF SE		4,709,115		360,665,881
Basler AG		3,461		464,964
Bayer AG, Registered		5,059,350		307,375,018
Bayerische Motoren Werke AG		1,711,277		181,126,521
BayWa AG		82,590		3,470,188
Bechtle AG		423,031		25,399,794
Beiersdorf AG		517,745		51,496,736
Bertrandt AG		39,770		2,327,467
Bike24 Holding AG, NVS(a)(b)		4,951		79,095

14 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Bilfinger SE		182,365	$	6,350,214
Borussia Dortmund GmbH & Co. KGaA(a)		543,370		2,634,452
Brenntag SE		804,624		68,937,174
CANCOM SE		225,213		13,669,763
Carl Zeiss Meditec AG, Bearer		212,487		34,172,214
Ceconomy AG(a)		652,997		2,905,948
Cewe Stiftung & Co. KGaA		48,132		5,914,786
Commerzbank AG(a)		5,210,496		44,994,207
CompuGroup Medical SE & Co. KgaA		140,101		9,286,238
Continental AG(a)		569,535		55,216,480
Covestro AG(c)		990,499		59,422,987
CropEnergies AG(b)		42,367		583,536
CTS Eventim AG & Co. KGaA(a)		323,589		23,003,066
Daimler AG, Registered		4,415,180		352,303,666
Daimler Truck Holding AG(a)		2,207,881		77,836,354
Datagroup SE(a)		1,889		183,696
Delivery Hero SE(a)(c)		845,647		65,275,456
Dermapharm Holding SE		90,975		7,357,001
Deutsche Bank AG, Registered(a)		10,629,286		147,997,100
Deutsche Beteiligungs AG		139,043		5,770,119
Deutsche Boerse AG		979,056		174,029,545
Deutsche EuroShop AG(b)		312,606		5,861,483
Deutsche Lufthansa AG, Registered(a)		3,030,670		23,565,934
Deutsche Pfandbriefbank AG(c)		824,280		10,171,557
Deutsche Post AG, Registered		5,120,279		308,141,395
Deutsche Telekom AG, Registered		17,139,333		323,573,042
Deutz AG(a)		836,143		5,728,936
DIC Asset AG		353,232		6,076,336
Duerr AG		303,923		13,450,215
E.ON SE		11,606,892		160,087,704
Eckert & Ziegler Strahlen- und Medizintechnik AG		72,254		6,298,581
Elmos Semiconductor SE		3,320		206,470
ElringKlinger AG(a)		65,638		780,929
Encavis AG		536,474		8,451,312
Energiekontor AG, NVS		5,925		419,111
Evonik Industries AG		1,059,204		34,555,137
Evotec SE(a)		697,437		28,221,575
Fielmann AG		28,336		1,807,181
flatexDEGIRO AG(a)(b)		179,693		3,477,202
Fraport AG Frankfurt Airport Services Worldwide(a)(b)		191,004		13,046,853
Freenet AG		677,478		18,451,473
Fresenius Medical Care AG & Co. KGaA		1,048,675		71,302,950
Fresenius SE & Co. KGaA		2,147,288		88,640,808
GEA Group AG		797,585		37,682,013
Gerresheimer AG		168,807		15,148,834
GFT Technologies SE(b)		43,527		2,157,324
Global Fashion Group SA(a)(b)		387,916		1,772,476
Grand City Properties SA		559,049		12,338,072
GRENKE AG(b)		147,902		4,671,691
Hamborner REIT AG		558,513		6,143,850
Hamburger Hafen und Logistik AG		182,593		3,922,517
Hannover Rueck SE		306,941		61,922,932
HeidelbergCement AG		740,051		51,499,085
Heidelberger Druckmaschinen AG(a)(b)		769,394		2,414,027
HelloFresh SE(a)		866,265		57,676,541
Henkel AG & Co. KGaA		539,376		42,616,621
Hensoldt AG(b)		217,561		2,964,312
HOCHTIEF AG(b)		107,949		8,396,948
Home24 SE(a)(b)		135,771		1,526,701

Security	Shares		Value
Germany (continued)
Hornbach Baumarkt AG		10,207	$	545,259
Hornbach Holding AG & Co. KGaA		58,048		8,892,887
Hugo Boss AG		326,168		20,662,260
Hypoport SE(a)		22,543		9,961,961
Indus Holding AG		123,500		4,738,827
Infineon Technologies AG		6,722,500		279,170,253
Instone Real Estate Group SE(c)		242,593		4,316,837
Jenoptik AG		314,073		11,494,572
JOST Werke AG(c)		20,854		1,043,737
K+S AG, Registered(a)		997,316		19,040,296
KION Group AG		369,878		34,196,433
Kloeckner & Co. SE(a)		462,588		5,224,577
Knorr-Bremse AG		372,572		37,774,940
Koenig & Bauer AG(a)		100,425		3,131,386
Krones AG		89,507		8,888,906
KWS Saat SE & Co. KGaA		61,229		4,757,850
LANXESS AG		425,663		25,916,577
LEG Immobilien SE		382,350		50,722,058
LPKF Laser & Electronics AG(b)		91,376		1,818,449
MBB SE		694		102,307
Media and Games Invest SE(a)(b)		163,649		679,314
Medios AG(a)		65,086		2,398,365
Merck KGaA		671,512		147,261,421
METRO AG		727,296		7,424,059
Mister Spex SE, NVS(a)		6,458		74,584
MLP SE		564,152		5,261,780
MorphoSys AG(a)(b)		174,576		5,590,516
MTU Aero Engines AG		274,289		58,365,728
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		719,988		227,937,329
Nagarro SE(a)		42,614		7,408,678
Nemetschek SE		321,683		29,733,846
New Work SE		21,925		4,835,881
Nordex SE(a)(b)		546,602		8,771,426
Norma Group SE		196,301		7,129,160
Northern Data AG(a)(b)		26,485		1,721,672
PATRIZIA AG		314,034		6,826,886
Pfeiffer Vacuum Technology AG		40,117		7,899,982
PNE AG		11,433		108,616
ProSiebenSat.1 Media SE		849,986		13,294,574
Puma SE		552,352		59,075,429
PVA TePla AG, NVS(a)		56,373		1,972,795
Rational AG		26,304		22,051,068
Rheinmetall AG		229,941		24,040,284
RWE AG		3,312,265		139,718,841
SAF-Holland SE(a)		234,852		2,961,478
Salzgitter AG(a)		134,347		4,596,334
SAP SE		5,392,261		676,519,554
Scout24 SE(c)		471,395		28,163,225
Secunet Security Networks AG		6,934		2,468,950
SGL Carbon SE(a)		415,873		2,902,927
Siemens AG, Registered		3,948,959		626,980,575
Siemens Healthineers AG(c)		1,472,211		94,607,600
Siltronic AG(b)		100,188		13,082,978
Sirius Real Estate Ltd.		4,528,438		7,915,244
Sixt SE(a)		80,602		13,103,229
SMA Solar Technology AG		79,610		2,835,545
Software AG(b)		284,135		10,940,761
Stabilus SA		142,788		9,615,559
Steico SE		28,708		3,191,164

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Stratec SE(b)		39,521	$	5,349,605
Stroeer SE & Co. KGaA		175,474		13,138,809
Suedzucker AG		412,026		5,768,690
Symrise AG		669,304		79,981,408
Synlab AG, NVS(a)		29,464		677,583
TAG Immobilien AG		740,161		19,546,410
Takkt AG		198,313		3,357,429
TeamViewer AG(a)(c)		842,511		12,730,372
Telefonica Deutschland Holding AG		5,188,702		14,895,573
thyssenkrupp AG(a)		2,108,386		21,698,846
TUI AG(a)(b)		5,871,272		20,236,404
Uniper SE		496,840		22,481,907
United Internet AG, Registered		505,079		19,807,500
Varta AG(b)		101,949		11,108,371
VERBIO Vereinigte BioEnergie AG		113,815		7,254,668
Vitesco Technologies Group AG(a)		114,277		5,657,348
Volkswagen AG		172,333		49,903,857
Vonovia SE		3,829,072		218,087,773
Vossloh AG		68,101		3,283,119
Wacker Chemie AG		81,914		11,954,538
Wacker Neuson SE		219,818		5,522,203
Westwing Group AG(a)(b)		58,425		1,402,730
Zalando SE(a)(c)		1,147,992		91,113,715
Zeal Network SE(a)(b)		69,633		2,968,799
				7,941,984,494
Hong Kong — 2.7%
AIA Group Ltd.		62,620,800		653,749,266
Apollo Future Mobility Group Ltd.(a)(b)		10,884,000		643,901
ASM Pacific Technology Ltd.		1,597,500		15,982,916
Atlas Corp.		469,426		6,787,900
Bank of East Asia Ltd. (The)		7,016,200		11,974,607
BOC Hong Kong Holdings Ltd.		19,573,500		75,579,886
BOCOM International Holdings Co. Ltd.		469,000		76,993
Brightoil Petroleum Holdings Ltd.(a)(d)		6,240,000		8
Budweiser Brewing Co. APAC Ltd.(c)		9,179,500		24,247,964
Cafe de Coral Holdings Ltd.		1,642,000		2,787,988
Champion REIT		11,635,000		5,849,546
Chinese Estates Holdings Ltd.		567,500		193,453
Chow Sang Sang Holdings International Ltd.		1,001,000		1,326,196
Chow Tai Fook Jewellery Group Ltd.		10,522,000		18,486,876
CITIC Telecom International Holdings Ltd.		12,572,000		4,577,480
CK Asset Holdings Ltd.		10,427,016		69,604,574
CK Hutchison Holdings Ltd.		13,772,516		97,885,738
CK Infrastructure Holdings Ltd.		3,523,000		21,710,021
CK Life Sciences International Holdings Inc.(b)		14,534,000		1,344,906
CLP Holdings Ltd.		8,575,500		85,819,343
CMBC Capital Holdings Ltd, NVS(a)		341,750		126,944
C-Mer Eye Care Holdings Ltd.		2,556,000		1,756,918
Comba Telecom Systems Holdings Ltd.(a)(b)		9,764,000		2,261,668
Cowell e Holdings Inc.(a)		1,317,000		1,500,427
Dah Sing Banking Group Ltd.		3,121,200		2,959,192
Dah Sing Financial Holdings Ltd.(b)		812,800		2,635,369
EC Healthcare		1,316,000		1,513,345
ESR Cayman Ltd.(a)(c)		10,467,400		35,491,805
Far East Consortium International Ltd.		6,860,000		2,481,092
First Pacific Co. Ltd.		14,366,250		5,527,571
Fortune REIT		7,293,000		7,521,218
Fosun Tourism Group(a)(b)(c)		1,274,200		1,711,833
Futu Holdings Ltd., ADR(a)(b)		271,294		11,733,465
Galaxy Entertainment Group Ltd.(a)		11,434,000		66,217,295

Security	Shares		Value
Hong Kong (continued)
Guotai Junan International Holdings Ltd.		24,634,000	$	3,337,445
Haitong International Securities Group Ltd.(b)		18,514,000		4,238,294
Hang Lung Group Ltd.		5,316,000		11,830,910
Hang Lung Properties Ltd.		10,106,000		21,593,546
Hang Seng Bank Ltd.		4,083,900		80,852,253
Health and Happiness H&H International Holdings Ltd.		1,074,500		1,802,536
Henderson Land Development Co. Ltd.		7,525,570		32,910,775
HK Electric Investments & HK Electric Investments Ltd., Class SS		14,556,500		14,487,330
HKBN Ltd.		4,668,500		5,863,035
HKT Trust & HKT Ltd., Class SS		20,124,200		27,461,384
Hong Kong & China Gas Co. Ltd.		59,011,864		90,952,525
Hong Kong Exchanges & Clearing Ltd.		6,036,600		344,543,128
Hong Kong Technology Venture Co. Ltd.(b)		2,868,000		2,657,713
Hongkong Land Holdings Ltd.		6,164,500		33,386,396
Hsin Chong Group Holdings Ltd.(a)(d)		7,490,000		10
Hutchison Telecommunications Hong Kong Holdings Ltd.		12,788,000		2,088,593
Hysan Development Co. Ltd.		2,920,000		8,950,565
IGG Inc.		4,563,000		2,855,089
Jardine Matheson Holdings Ltd.		1,133,700		66,959,660
Johnson Electric Holdings Ltd.		2,067,250		3,516,172
K Wah International Holdings Ltd.		299,000		117,063
Kerry Logistics Network Ltd.		2,476,387		6,191,437
Kerry Properties Ltd.		3,046,000		8,604,537
Lifestyle International Holdings Ltd.(a)		3,250,000		1,772,762
Link REIT		10,991,600		94,368,475
LK Technology Holdings Ltd.(b)		2,530,000		3,871,733
Luk Fook Holdings International Ltd.		1,498,000		3,948,367
Man Wah Holdings Ltd.		9,217,200		14,249,650
MECOM Power and Construction Ltd.(b)		2,484,000		1,121,181
Melco International Development Ltd.(a)		4,910,000		5,733,010
Melco Resorts & Entertainment Ltd., ADR(a)		1,137,864		12,015,844
MGM China Holdings Ltd.(a)(b)		4,172,400		2,779,892
MTR Corp. Ltd.		8,073,000		43,697,740
New World Development Co. Ltd.		7,739,000		31,592,992
Nissin Foods Co. Ltd.		55,000		40,376
NWS Holdings Ltd.		8,129,166		8,102,416
Pacific Basin Shipping Ltd.(b)		27,386,000		11,689,869
Pacific Textiles Holdings Ltd.		5,191,000		2,637,644
PAX Global Technology Ltd.		2,257,000		1,634,786
PCCW Ltd.		23,494,000		12,372,340
Perfect Medical Health Management Ltd.(b)		1,589,000		996,089
Power Assets Holdings Ltd.		7,440,500		45,718,952
Prosperity REIT		8,679,000		3,373,953
Realord Group Holdings Ltd.(a)(b)		2,442,000		2,862,606
Sa Sa International Holdings Ltd.(a)(b)		9,226,000		1,770,684
Sands China Ltd.(a)		12,564,400		35,035,224
Shangri-La Asia Ltd.(a)		8,810,000		6,891,108
Shun Tak Holdings Ltd.(a)		10,430,000		2,764,915
Sino Land Co. Ltd.		16,314,000		21,137,948
SITC International Holdings Co. Ltd.(b)		7,310,000		27,862,638
SJM Holdings Ltd.(a)		11,012,000		7,087,056
SmarTone Telecommunications Holdings Ltd.		2,180,000		1,216,013
Sun Hung Kai Properties Ltd.		6,700,500		81,749,492
SUNeVision Holdings Ltd.		1,797,000		1,579,312
Sunlight REIT		2,582,000		1,404,080
Swire Pacific Ltd., Class A		2,734,500		16,565,816
Swire Properties Ltd.		6,020,400		16,048,711

16 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Techtronic Industries Co. Ltd.		7,193,000	$	118,685,152
Texhong Textile Group Ltd.		1,247,500		1,609,564
United Laboratories International Holdings Ltd. (The)		4,554,000		2,590,010
Value Partners Group Ltd.		8,284,000		4,085,527
Vesync Co. Ltd.		785,000		684,509
Vitasoy International Holdings Ltd.		3,788,000		7,396,536
Vobile Group Ltd.(a)(b)		6,790,000		4,652,514
VSTECS Holdings Ltd.		1,998,000		1,979,253
VTech Holdings Ltd.		905,000		7,144,080
WH Group Ltd.(c)		43,832,000		29,324,033
Wharf Real Estate Investment Co. Ltd.		8,781,000		41,762,718
Wynn Macau Ltd.(a)(b)		8,305,600		7,505,431
Xinyi Glass Holdings Ltd.		9,750,000		25,846,904
Yue Yuen Industrial Holdings Ltd.(a)		3,967,000		6,698,420
Zensun Enterprises Ltd.(b)		2,745,999		1,553,133
				2,804,479,558
Ireland — 0.7%
AIB Group PLC(a)		4,001,853		10,570,060
Bank of Ireland Group PLC(a)		4,806,511		32,395,273
C&C Group PLC(a)(b)		2,248,155		6,694,123
Cairn Homes PLC(a)		3,706,751		5,188,781
CRH PLC		4,057,153		203,630,078
Dalata Hotel Group PLC(a)		1,197,097		5,702,287
Flutter Entertainment PLC, Class DI(a)		859,756		130,806,502
Glanbia PLC		983,556		13,509,259
Glenveagh Properties PLC(a)(c)		1,850,500		2,540,130
Grafton Group PLC		1,276,166		20,059,570
Greencore Group PLC(a)		2,892,836		4,804,858
Hibernia REIT PLC		3,687,063		5,266,388
Irish Residential Properties REIT PLC		1,541,200		2,898,467
Kerry Group PLC, Class A		820,358		103,363,108
Kingspan Group PLC		785,985		75,656,589
Origin Enterprises PLC		685,558		2,618,647
Smurfit Kappa Group PLC		1,251,865		65,980,327
Uniphar PLC(a)		708,275		3,119,190
				694,803,637
Israel — 1.1%
AFI Properties Ltd.(b)		70,479		4,510,528
Airport City Ltd.(a)		493,484		12,029,554
Alony Hetz Properties & Investments Ltd.		948,633		17,721,263
Altshuler Shaham Provident Funds & Pension Ltd.		357,197		1,860,241
Amot Investments Ltd.		895,211		7,595,584
Arad Investment & Industrial Development Ltd.		16,259		2,347,920
Ashtrom Group Ltd.(b)		105,629		2,959,154
AudioCodes Ltd.(b)		127,537		3,773,315
Azorim-Investment Development & Construction Co. Ltd.(a)		40,495		249,585
Azrieli Group Ltd.		228,386		20,649,572
Bank Hapoalim BM		5,713,847		59,296,795
Bank Leumi Le-Israel BM		7,674,735		82,311,467
Bezeq The Israeli Telecommunication Corp. Ltd.(a) .		11,313,934		19,476,183
Big Shopping Centers Ltd.		27,560		4,428,649
Blue Square Real Estate Ltd.		1,354		122,636
Caesarstone Ltd.		206,122		2,541,484
Camtek Ltd./Israel(a)(b)		141,663		5,086,366
Cellcom Israel Ltd.(a)(b)		525,938		3,100,678
Cellebrite DI Ltd., NVS(a)		11,985		71,910
Check Point Software Technologies Ltd.(a)		555,170		67,181,122

Security	Shares		Value
Israel (continued)
Clal Insurance Enterprises Holdings Ltd.(a)		343,717	$	8,073,140
Cognyte Software Ltd.(a)(b)		333,473		3,618,182
Compugen Ltd.(a)(b)		456,810		1,621,675
CyberArk Software Ltd.(a)(b)		211,902		29,062,359
Danel Adir Yeoshua Ltd.		28,127		6,709,428
Delek Automotive Systems Ltd.(b)		273,399		4,191,862
Delek Group Ltd.(a)(b)		43,961		4,964,606
Delta-Galil Industries Ltd.		20,983		1,312,516
Doral Group Renewable Energy Resources Ltd.(a)(b)		342,733		1,398,485
Elbit Systems Ltd.		138,379		23,051,576
Elco Ltd.		11,675		976,137
Electra Consumer Products 1970 Ltd.		63,933		4,025,449
Electra Ltd./Israel(b)		9,391		6,846,666
Electra Real Estate Ltd.		30,671		671,643
Electreon Wireless Ltd.(a)		24,688		1,111,364
Energix-Renewable Energies Ltd.(b)		1,071,188		4,274,505
Enlight Renewable Energy Ltd.(a)		4,643,392		10,479,007
Equital Ltd.(a)		4,066		178,902
Fattal Holdings 1998 Ltd.(a)(b)		26,743		3,220,296
FIBI Holdings Ltd.		11,724		535,361
First International Bank Of Israel Ltd. (The)		458,272		19,079,634
Fiverr International Ltd.(a)(b)		153,804		13,121,019
Formula Systems 1985 Ltd.		38,776		4,363,539
Fox Wizel Ltd.		42,263		8,211,624
Gav-Yam Lands Corp. Ltd.		675,261		8,588,961
Gazit-Globe Ltd.		689,186		7,194,532
Gilat Satellite Networks Ltd.(a)		61,604		476,335
Harel Insurance Investments & Financial Services Ltd.		958,722		11,140,858
Hilan Ltd.		30,157		1,943,700
ICL Group Ltd.		3,738,670		33,810,725
Inmode Ltd.(a)(b)		270,434		13,043,032
Isracard Ltd.		479,415		2,657,013
Israel Canada T.R Ltd.		611,423		3,803,293
Israel Corp. Ltd. (The)(a)		27,725		11,315,148
Israel Discount Bank Ltd., Class A		6,663,510		44,684,470
Isras Investment Co. Ltd.		7,971		2,070,582
Ituran Location and Control Ltd.		168,942		4,064,745
Kornit Digital Ltd.(a)(b)		242,569		25,484,299
M Yochananof & Sons Ltd.		1,811		137,026
Magic Software Enterprises Ltd.		133,192		2,541,055
Malam - Team Ltd.		3,259		109,796
Matrix IT Ltd.		175,160		4,896,548
Maytronics Ltd.		155,467		3,331,685
Mega Or Holdings Ltd.(b)		95,482		4,346,126
Melisron Ltd.(a)		143,093		12,606,216
Menora Mivtachim Holdings Ltd.		21,650		532,160
Migdal Insurance & Financial Holdings Ltd.(b)		3,382,840		5,991,161
Mivne Real Estate KD Ltd.(b)		3,244,624		13,873,592
Mizrahi Tefahot Bank Ltd.		799,646		30,912,279
Nano Dimension Ltd., ADR(a)(b)		1,278,684		4,692,770
Nano-X Imaging Ltd.(a)(b)		181,610		2,061,273
Nayax Ltd.(a)		55,144		142,267
NEOGAMES SA(a)		43,757		1,035,728
Nice Ltd.(a)		334,026		85,503,183
Nova Ltd.(a)		131,210		15,355,845
Oil Refineries Ltd.(a)		13,152,477		4,347,344
One Software Technologies Ltd.		197,536		3,454,460
OPC Energy Ltd.(a)(b)		290,492		3,412,525

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Partner Communications Co. Ltd.(a)(b)		768,795	$	6,849,526
Paz Oil Co. Ltd.(a)		67,043		9,536,401
Perion Network Ltd.(a)(b)		135,002		2,671,264
Phoenix Holdings Ltd. (The)		686,686		8,198,409
Plus500 Ltd.		525,546		10,435,273
Prashkovsky Investments and Construction Ltd.		2,923		132,736
Property & Building Corp. Ltd.(a)		6,660		885,984
Radware Ltd.(a)		315,666		10,615,848
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		73,895		5,930,394
REIT 1 Ltd.(b)		860,930		6,253,812
Retailors Ltd., NVS(a)		14,038		438,698
Riskified Ltd.(a)(b)		55,526		387,016
Sapiens International Corp. NV(b)		131,944		4,231,430
Shapir Engineering and Industry Ltd.		685,261		6,611,598
Shikun & Binui Ltd.(a)		1,592,257		10,290,261
Shufersal Ltd.		1,449,001		13,628,878
Sisram Medical Ltd.(b)(c)		250,000		252,524
Strauss Group Ltd.		334,483		11,096,437
Summit Real Estate Holdings Ltd.(a)(b)		89,567		2,219,854
Taboola.com Ltd.(a)(b)		34,331		207,703
Tadiran Group Ltd.		17,304		2,585,144
Taro Pharmaceutical Industries Ltd.(a)		48,943		2,291,511
Teva Pharmaceutical Industries Ltd., ADR(a)		5,671,893		47,814,058
Tower Semiconductor Ltd.(a)		576,756		19,890,432
Tremor International Ltd.(a)		534,915		3,768,316
UroGen Pharma Ltd.(a)(b)		39,269		303,157
Wix.com Ltd.(a)(b)		292,528		38,429,403
YH Dimri Construction & Development Ltd.(b)		2,324		242,668
ZIM Integrated Shipping Services Ltd.		202,966		13,541,892
				1,087,714,340
Italy — 2.2%
A2A SpA		7,943,883		15,090,071
ACEA SpA		324,142		6,551,062
Amplifon SpA		642,012		27,289,418
Anima Holding SpA(c)		1,954,342		9,884,795
Assicurazioni Generali SpA		5,634,067		118,567,508
Atlantia SpA(a)		2,563,495		47,566,356
Autogrill SpA(a)		1,145,061		8,598,707
Azimut Holding SpA		609,730		16,401,144
Banca Generali SpA		393,071		15,831,152
Banca IFIS SpA		160,755		3,226,254
Banca Mediolanum SpA		1,177,615		11,447,483
Banca Monte dei Paschi di Siena SpA(a)(b)		843,784		872,288
Banca Popolare di Sondrio SCPA		2,725,718		11,464,992
Banco BPM SpA		7,286,563		22,716,290
BFF Bank SpA(c)		823,002		6,292,628
Biesse SpA(a)		30,147		782,164
BPER Banca		5,963,810		12,555,160
Brembo SpA		941,417		12,516,217
Brunello Cucinelli SpA(a)		192,373		11,171,706
Buzzi Unicem SpA		530,691		11,081,391
Carel Industries SpA(c)		102,076		2,457,565
CIR SpA-Compagnie Industriali(a)(b)		3,667,455		1,742,846
Credito Emiliano SpA		548,923		3,786,368
Danieli & C Officine Meccaniche SpA		99,204		2,698,375
De’ Longhi SpA		376,186		12,963,945
DiaSorin SpA		132,070		20,360,086
Digital Bros. SpA		10,997		349,586
Digital Value SpA(a)		2,773		287,255

Security	Shares		Value
Italy (continued)
doValue SpA(a)(c)		111,132	$	963,619
El.En. SpA		132,824		2,143,962
Enav SpA(a)(c)		1,432,185		6,580,275
Enel SpA		41,768,727		321,477,085
Eni SpA		13,120,666		197,088,024
ERG SpA		357,650		10,429,067
Esprinet SpA		157,994		2,166,032
Falck Renewables SpA		661,193		6,492,685
Ferrari NV		650,487		149,919,429
Fincantieri SpA(a)(b)		1,234,913		790,624
FinecoBank Banca Fineco SpA		2,986,539		50,210,484
Gruppo MutuiOnline SpA		70,771		3,368,553
GVS SpA(c)		358,368		4,012,753
Hera SpA		4,241,774		17,634,646
Illimity Bank SpA(a)		103,022		1,507,431
Infrastrutture Wireless Italiane SpA(c)		1,760,680		18,984,364
Interpump Group SpA		391,796		24,194,809
Intesa Sanpaolo SpA		84,603,501		251,427,939
Iren SpA		3,717,751		11,184,499
Italgas SpA		2,640,615		17,518,965
Juventus Football Club SpA(a)(b)		6,083,348		2,600,418
La Doria SpA		17,220		318,432
Leonardo SpA(a)		1,916,205		13,840,328
Maire Tecnimont SpA(b)		1,171,825		5,596,465
MARR SpA		244,195		5,200,002
Mediobanca Banca di Credito Finanziario SpA(b)		3,246,141		37,189,785
Moncler SpA		1,068,691		68,588,110
Nexi SpA(a)(b)(c)		2,336,344		34,174,780
OVS SpA(a)(c)		718,428		1,996,112
Pharmanutra SpA		2,650		196,491
Piaggio & C SpA		1,522,873		4,874,923
Pirelli & C SpA(c)		1,794,273		12,685,945
Poste Italiane SpA(c)		2,731,603		36,665,216
Prysmian SpA		1,306,751		44,065,632
RAI Way SpA(c)		211,601		1,202,342
Recordati Industria Chimica e Farmaceutica SpA		561,246		31,441,280
Reply SpA		139,310		23,411,136
Saipem SpA(a)(b)		3,134,333		4,794,308
Salcef SpA		29,666		803,659
Salvatore Ferragamo SpA(a)(b)		346,420		7,423,355
Sanlorenzo SpA/Ameglia		9,168		397,510
Saras SpA(a)		3,491,812		2,190,033
Seco SpA, NVS(a)(b)		48,865		385,654
Sesa SpA		23,229		4,201,351
Snam SpA		10,533,964		59,028,956
Societa Cattolica Di Assicurazione SPA(a)(b)		423,387		2,701,717
SOL SpA		4,885		104,492
Tamburi Investment Partners SpA		257,847		2,625,263
Technogym SpA(c)		668,134		5,702,170
Telecom Italia SpA		50,203,213		23,659,748
Tenaris SA		2,503,442		30,559,295
Terna - Rete Elettrica Nazionale		7,243,249		56,913,189
Tinexta SpA		65,289		2,319,293
Tod’s SpA(a)		61,861		3,334,108
UniCredit SpA		10,961,160		174,210,264
Unipol Gruppo SpA		2,343,264		13,182,585
Webuild SpA(b)		2,076,320		4,349,284
Wiit SpA, NVS		13,388		472,926
				2,236,054,614

18 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 23.1%
77 Bank Ltd. (The)		439,400	$	5,815,227
ABC-Mart Inc.		163,800		7,478,972
Activia Properties Inc.		2,980		10,086,848
Adastria Co. Ltd.		142,600		2,136,569
ADEKA Corp.		575,000		12,475,745
Advance Residence Investment Corp.		6,451		18,975,178
Advantest Corp.		1,036,700		88,236,173
Aeon Co. Ltd.		3,390,200		77,252,987
Aeon Delight Co. Ltd.		110,300		2,985,297
AEON Financial Service Co. Ltd.		658,000		6,905,957
Aeon Hokkaido Corp.		7,900		73,622
Aeon Mall Co. Ltd.		533,600		7,713,963
AEON REIT Investment Corp.		9,090		11,561,581
AGC Inc.		955,200		43,839,273
Ai Holdings Corp.		189,100		2,930,670
Aica Kogyo Co. Ltd.		244,300		6,730,675
Aichi Steel Corp.		40,700		915,702
Aida Engineering Ltd.		440,000		4,025,455
Aiful Corp.		2,101,500		6,311,971
Ain Holdings Inc.		121,900		6,265,757
Air Water Inc.		927,200		14,132,798
Airtrip Corp.		48,000		1,194,660
Aisin Corp.		750,000		27,234,727
Ajinomoto Co. Inc.		2,397,200		66,885,445
Alfresa Holdings Corp.		939,700		13,399,054
Alpen Co. Ltd.		36,900		641,786
Alps Alpine Co. Ltd.		1,044,576		11,392,635
Amada Co. Ltd.		1,764,100		17,079,134
Amano Corp.		422,500		8,475,100
ANA Holdings Inc.(a)		785,200		16,581,650
AnGes Inc.(a)(b)		816,600		2,188,336
Anicom Holdings Inc.		391,500		2,485,955
Anritsu Corp.(b)		720,900		9,954,838
AOKI Holdings Inc.		159,600		814,772
Aozora Bank Ltd.		618,700		13,910,177
Arata Corp.		8,400		293,430
Arcland Sakamoto Co. Ltd.		88,200		1,204,619
Arcs Co. Ltd.		202,300		3,802,690
Argo Graphics Inc.		3,500		95,567
Ariake Japan Co. Ltd.		84,800		4,496,952
ARTERIA Networks Corp.		22,100		261,853
As One Corp.		137,600		6,817,685
Asahi Group Holdings Ltd.		2,336,500		95,377,572
Asahi Holdings Inc.		444,800		8,618,132
Asahi Intecc Co. Ltd.		1,096,800		18,712,485
Asahi Kasei Corp.		6,484,200		64,050,417
Asics Corp.		810,500		15,736,365
ASKUL Corp.		221,200		2,699,679
Astellas Pharma Inc.		9,663,300		155,971,106
Atom Corp.(b)		767,200		5,121,333
Autobacs Seven Co. Ltd.		534,200		6,477,924
Avex Inc.		200,100		2,242,982
Awa Bank Ltd. (The)		170,700		3,360,870
Axial Retailing Inc.		19,600		557,830
Azbil Corp.		671,500		26,374,974
Bandai Namco Holdings Inc.		1,056,200		74,238,336
Bank of Kyoto Ltd. (The)		272,700		12,714,003
BASE Inc.(a)(b)		447,600		1,803,402
BayCurrent Consulting Inc.		68,200		25,883,161
Belc Co. Ltd.		40,500		1,901,664

Security	Shares		Value
Japan (continued)
Bell System24 Holdings Inc.		54,100	$	668,125
Belluna Co. Ltd.		113,200		716,306
Benefit One Inc.		447,000		13,594,756
Benesse Holdings Inc.		423,200		8,253,335
BeNext-Yumeshin Group Co.		256,600		3,500,399
Bengo4.com Inc.(a)(b)		38,300		1,610,557
Bic Camera Inc.		641,300		5,601,599
BML Inc.		129,100		3,923,806
Bridgestone Corp.		2,943,700		128,908,217
Broadleaf Co. Ltd.		747,600		2,281,904
Brother Industries Ltd.		1,233,800		22,721,738
Bunka Shutter Co. Ltd.		39,700		363,094
Bushiroad Inc.(a)		69,500		842,136
Calbee Inc.		469,900		10,816,039
Canon Electronics Inc.		95,000		1,343,519
Canon Inc.		5,159,200		122,018,828
Canon Marketing Japan Inc.		226,100		4,617,877
Capcom Co. Ltd.		947,600		22,875,767
Casio Computer Co. Ltd.		957,600		11,976,611
Cawachi Ltd.		91,700		1,844,256
CellSource Co. Ltd.(a)(b)		31,600		1,063,418
Central Glass Co. Ltd.		184,700		3,426,787
Central Japan Railway Co.		735,500		96,505,400
Change Inc.(a)(b)		172,200		2,177,727
Chiba Bank Ltd. (The)		3,220,700		20,820,762
Chiyoda Corp.(a)(b)		757,300		2,235,517
Chofu Seisakusho Co. Ltd.		31,300		536,557
Chubu Electric Power Co. Inc.		3,303,700		33,089,530
Chudenko Corp.		14,400		265,981
Chugai Pharmaceutical Co. Ltd.		3,455,400		112,230,574
Chugoku Bank Ltd. (The)		924,600		7,539,944
Chugoku Electric Power Co. Inc. (The)		1,460,300		11,477,414
Chugoku Marine Paints Ltd.		19,900		159,668
Citizen Watch Co. Ltd.		1,713,300		7,333,649
CKD Corp.		366,200		6,760,206
Coca-Cola Bottlers Japan Holdings Inc.		627,850		7,364,906
COLOPL Inc.(b)		431,200		2,374,374
Colowide Co. Ltd.(b)		417,400		6,031,018
Comforia Residential REIT Inc.		4,731		12,662,044
COMSYS Holdings Corp.		599,600		14,267,003
Comture Corp.		76,000		1,854,349
Concordia Financial Group Ltd.		5,729,000		23,542,487
Cosmo Energy Holdings Co. Ltd.		396,300		7,967,138
Cosmos Pharmaceutical Corp.		96,000		11,988,933
CRE Logistics REIT Inc.		2,389		4,151,070
Create Restaurants Holdings Inc.		620,400		3,976,588
Create SD Holdings Co. Ltd.		148,100		3,997,096
Credit Saison Co. Ltd.		763,900		8,526,881
Curves Holdings Co. Ltd.		104,400		637,180
CyberAgent Inc.		2,119,300		24,711,477
CYBERDYNE Inc.(a)(b)		581,400		1,807,087
Cybozu Inc.		104,300		1,293,836
Dai Nippon Printing Co. Ltd.		1,246,100		29,912,784
Daicel Corp.		1,331,900		9,824,613
Daido Steel Co. Ltd.		115,300		4,455,578
Daifuku Co. Ltd.		539,800		37,475,482
Daihen Corp.		106,900		3,820,318
Daiho Corp.		47,900		1,527,989
Dai-ichi Life Holdings Inc.		5,250,900		118,194,878
Daiichi Sankyo Co. Ltd.		9,074,300		203,899,376

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiichikosho Co. Ltd.		185,900	$	5,267,682
Daiki Aluminium Industry Co. Ltd.		76,500		1,049,614
Daikin Industries Ltd.		1,288,700		270,554,891
Daikokutenbussan Co. Ltd.		11,100		435,913
Daio Paper Corp.		476,500		7,752,584
Daiseki Co. Ltd.		241,820		9,687,437
Daishi Hokuetsu Financial Group Inc.		181,500		4,208,518
Daito Trust Construction Co. Ltd.		320,600		36,762,096
Daiwa House Industry Co. Ltd.		2,898,600		84,590,315
Daiwa House REIT Investment Corp.		11,310		33,692,108
Daiwa Office Investment Corp.		1,516		9,498,805
Daiwa Securities Group Inc.		7,893,000		47,560,826
Daiwa Securities Living Investments Corp.		11,823		11,569,306
Daiwabo Holdings Co. Ltd.		517,200		7,394,702
DCM Holdings Co. Ltd.		726,500		6,895,217
Demae-Can Co. Ltd.(a)(b)		267,400		1,740,625
DeNA Co. Ltd.		524,600		8,157,603
Denka Co. Ltd.		474,600		16,714,577
Denso Corp.		2,226,400		166,164,427
Dentsu Group Inc.		1,147,800		39,750,347
Descente Ltd.(a)		163,300		5,088,423
Dexerials Corp.		254,800		7,006,406
DIC Corp.		483,500		12,404,336
Digital Arts Inc.		54,000		3,181,555
Digital Garage Inc.		194,300		6,873,897
Dip Corp.		180,500		5,714,527
Direct Marketing MiX Inc.		19,400		239,025
Disco Corp.		146,600		40,308,208
DMG Mori Co. Ltd.		682,400		10,828,186
Doshisha Co. Ltd.		83,500		1,105,746
Doutor Nichires Holdings Co. Ltd.		188,900		2,631,252
Dowa Holdings Co. Ltd.		223,800		9,702,578
DTS Corp.		222,700		4,752,220
Duskin Co. Ltd.		229,100		5,505,649
DyDo Group Holdings Inc.		17,000		702,366
Earth Corp.		75,400		3,842,756
East Japan Railway Co.		1,541,500		88,024,094
Ebara Corp.		535,700		26,255,531
EDION Corp.		546,300		5,097,967
eGuarantee Inc.		118,700		1,953,046
Eiken Chemical Co. Ltd.		89,000		1,334,107
Eisai Co. Ltd.		1,229,900		61,599,564
Eizo Corp.		100,300		3,449,779
Elan Corp.		78,400		689,602
Elecom Co. Ltd.		183,700		2,223,377
Electric Power Development Co. Ltd.		722,500		9,480,898
en Japan Inc.		158,000		3,808,135
ENEOS Holdings Inc.		15,936,850		63,470,494
eRex Co. Ltd.		144,300		1,907,078
ES-Con Japan Ltd.		28,100		187,330
ESPEC Corp.		2,500		44,412
Euglena Co. Ltd.(a)(b)		634,500		4,026,875
Exedy Corp.		154,900		2,273,788
EXEO Group Inc.		552,200		11,222,889
Ezaki Glico Co. Ltd.		214,400		6,951,338
Fancl Corp.		461,900		11,763,880
FANUC Corp.		980,000		193,793,350
Fast Retailing Co. Ltd.		293,900		172,949,796
FCC Co. Ltd.		186,600		2,399,536
Ferrotec Holdings Corp.		211,200		5,270,427

Security	Shares		Value
Japan (continued)
Financial Products Group Co. Ltd.		149,300	$	859,445
Food & Life Companies Ltd.		578,700		17,339,051
FP Corp.		220,600		7,085,677
Freee KK(a)		171,700		6,787,627
Frontier Real Estate Investment Corp.		2,195		9,262,438
Fuji Co. Ltd./Ehime		91,800		1,515,858
Fuji Corp./Aichi		451,300		10,417,371
Fuji Electric Co. Ltd.		629,400		33,639,076
Fuji Kyuko Co. Ltd.		110,000		3,948,001
Fuji Media Holdings Inc.		208,600		2,104,601
Fuji Oil Holdings Inc.		245,000		4,957,248
Fuji Seal International Inc.		216,600		4,073,171
Fuji Soft Inc.		133,300		5,584,590
FUJIFILM Holdings Corp.		1,873,100		125,565,121
Fujikura Ltd.(a)		1,414,500		7,648,444
Fujimi Inc.		110,900		6,714,461
Fujimori Kogyo Co. Ltd.		9,500		337,683
Fujitec Co. Ltd.		434,300		10,329,600
Fujitsu General Ltd.		419,800		8,518,995
Fujitsu Ltd.		1,002,800		132,568,474
Fujiya Co. Ltd.		73,900		1,463,037
Fukuoka Financial Group Inc.		852,380		16,740,014
Fukuoka REIT Corp.		5,120		7,199,338
Fukushima Galilei Co. Ltd.		3,400		124,855
Fukuyama Transporting Co. Ltd.		133,700		4,208,120
Fullcast Holdings Co. Ltd.		44,900		844,828
Funai Soken Holdings Inc.		139,100		2,882,794
Furukawa Co. Ltd.		180,500		2,020,508
Furukawa Electric Co. Ltd.		393,900		8,102,291
Fuso Chemical Co. Ltd.		63,200		2,472,633
Future Corp.		173,000		2,219,551
Fuyo General Lease Co. Ltd.		83,600		5,545,077
G-7 Holdings Inc.		51,500		622,044
Gakken Holdings Co. Ltd.		39,000		356,643
Genky DrugStores Co. Ltd.		14,400		451,877
Geo Holdings Corp.		15,600		154,094
giftee Inc.(a)(b)		65,300		693,734
Giken Ltd.		68,400		2,334,466
Global One Real Estate Investment Corp.		6,646		6,547,563
GLOBERIDE Inc.		51,300		1,234,768
Glory Ltd.		232,500		4,372,090
GLP J-REIT		21,907		35,261,771
GMO Financial Gate Inc.		6,200		814,264
GMO Financial Holdings Inc.		76,800		574,980
GMO GlobalSign Holdings KK(b)		24,000		701,813
GMO internet Inc.		461,000		9,863,375
GMO Payment Gateway Inc.		209,000		18,340,124
GNI Group Ltd.(a)(b)		216,900		1,979,840
Goldcrest Co. Ltd.		79,000		1,238,544
Goldwin Inc.		110,200		5,720,047
Gree Inc.(b)		748,000		5,682,651
GS Yuasa Corp.		437,500		9,359,807
GungHo Online Entertainment Inc.(a)		238,230		5,002,673
Gunma Bank Ltd. (The)		2,393,600		7,864,566
Gunze Ltd.		78,800		2,739,472
H.U. Group Holdings Inc.		246,100		6,250,423
H2O Retailing Corp.		602,400		4,167,539
Hachijuni Bank Ltd. (The)		2,381,400		8,793,512
Hakuhodo DY Holdings Inc.		1,239,500		18,986,331
Hamamatsu Photonics KK		733,900		37,547,270

20 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hankyu Hanshin Holdings Inc.		1,177,000	$	34,275,935
Hankyu Hanshin REIT Inc.		4,542		5,882,721
Hanwa Co. Ltd.		173,400		4,761,970
Harmonic Drive Systems Inc.(b)		217,300		8,594,800
Haseko Corp.		1,363,800		17,316,931
Hazama Ando Corp.		1,195,500		9,148,066
HEALIOS K.K.(a)(b)		53,400		485,410
Heiwa Corp.		404,500		6,468,763
Heiwa Real Estate Co. Ltd.		175,400		5,991,699
Heiwa Real Estate REIT Inc.		5,743		7,064,683
Heiwado Co. Ltd.		181,400		3,056,276
Hennge KK(a)(b)		65,800		731,789
Hiday Hidaka Corp.		15,900		229,901
Hikari Tsushin Inc.		95,900		11,514,211
Hino Motors Ltd.		1,449,800		12,602,253
Hioki E.E. Corp.		31,600		1,835,855
Hirata Corp.		48,700		2,454,994
Hirogin Holdings Inc.		1,811,500		10,559,682
Hirose Electric Co. Ltd.		139,945		20,859,885
HIS Co. Ltd.(a)(b)		197,400		3,269,879
Hisamitsu Pharmaceutical Co. Inc.		251,600		7,665,711
Hitachi Construction Machinery Co. Ltd.		562,900		14,313,029
Hitachi Ltd.		4,993,100		259,521,385
Hitachi Metals Ltd.(a)		1,154,500		20,818,733
Hitachi Transport System Ltd.		153,800		7,051,422
Hitachi Zosen Corp.		1,042,600		6,941,429
Hogy Medical Co. Ltd.		127,600		3,431,727
Hokkaido Electric Power Co. Inc.		1,013,800		4,422,618
Hokkoku Financial Holdings Inc.		98,900		2,544,587
Hokuetsu Corp.		846,200		5,612,979
Hokuhoku Financial Group Inc.		785,300		6,188,254
Hokuriku Electric Power Co.		894,000		4,411,662
Hokuto Corp.		125,500		2,127,622
Honda Motor Co. Ltd.		8,359,400		246,207,498
Horiba Ltd.		159,800		8,601,420
Hoshino Resorts REIT Inc.		1,618		9,142,637
Hoshizaki Corp.		251,300		18,569,662
Hosiden Corp.		397,000		3,961,735
Hosokawa Micron Corp.		1,800		45,745
House Foods Group Inc.		406,700		10,451,122
Hoya Corp.		1,921,100		249,105,858
Hulic Co. Ltd.		1,973,100		19,071,305
Hulic Reit Inc.		7,584		10,887,007
Hyakugo Bank Ltd. (The)		1,321,800		4,080,147
Ibiden Co. Ltd.		567,000		31,684,167
Ichibanya Co. Ltd.		85,700		3,436,200
Ichigo Inc.		1,757,800		4,322,300
Ichigo Office REIT Investment Corp.		8,702		6,213,482
Idec Corp./Japan		151,300		3,223,089
Idemitsu Kosan Co. Ltd.		1,083,228		27,754,076
IDOM Inc.		252,500		1,456,045
IHI Corp.		687,700		13,886,857
Iida Group Holdings Co. Ltd.		743,700		15,472,395
Iino Kaiun Kaisha Ltd.		731,500		3,433,263
Inaba Denki Sangyo Co. Ltd.		226,200		5,241,995
Inabata & Co. Ltd.		137,000		2,064,355
Inageya Co. Ltd.		105,000		1,280,939
Industrial & Infrastructure Fund Investment Corp.		9,433		15,779,045
Infocom Corp.		103,000		1,641,353
Infomart Corp.		1,185,000		6,887,195

Security	Shares		Value
Japan (continued)
Information Services International-Dentsu Ltd.		86,900	$	2,709,190
INFRONEER Holdings Inc.		1,304,856		12,024,038
Inpex Corp.		5,380,600		54,395,132
Insource Co. Ltd.		82,200		1,314,295
Internet Initiative Japan Inc.		270,900		8,971,694
Invincible Investment Corp.		36,007		11,342,584
IR Japan Holdings Ltd.		45,300		2,017,365
Iriso Electronics Co. Ltd.		103,900		4,218,742
Isetan Mitsukoshi Holdings Ltd.		1,768,300		13,900,372
Isuzu Motors Ltd.		2,973,800		36,429,047
Ito En Ltd.		254,900		13,729,955
Itochu Advance Logistics Investment Corp.		1,778		2,425,291
ITOCHU Corp.		6,134,300		197,073,364
Itochu Enex Co. Ltd.		221,400		1,934,111
Itochu Techno-Solutions Corp.		552,400		15,069,536
Itoham Yonekyu Holdings Inc.		890,700		5,225,821
Iwatani Corp.		226,000		10,654,471
Iyo Bank Ltd. (The)		1,479,200		7,678,019
Izumi Co. Ltd.		154,100		4,262,661
J Front Retailing Co. Ltd.		1,262,500		11,326,248
JAC Recruitment Co. Ltd.		20,300		352,942
Jaccs Co. Ltd.		129,300		3,498,664
JAFCO Group Co. Ltd.		455,500		7,273,320
Japan Airlines Co. Ltd.(a)		717,500		13,580,538
Japan Airport Terminal Co. Ltd.(a)		291,000		12,608,555
Japan Aviation Electronics Industry Ltd.		228,800		3,656,699
Japan Display Inc.(a)		605,400		194,645
Japan Elevator Service Holdings Co. Ltd.		272,700		3,928,560
Japan Excellent Inc.		7,636		8,781,820
Japan Exchange Group Inc.		2,637,900		54,263,828
Japan Hotel REIT Investment Corp.		25,193		12,281,866
Japan Lifeline Co. Ltd.		428,100		3,747,723
Japan Logistics Fund Inc.		5,381		14,915,222
Japan Material Co. Ltd.		247,100		3,611,591
Japan Medical Dynamic Marketing Inc.		5,000		65,343
Japan Metropolitan Fund Invest		38,074		32,085,440
Japan Petroleum Exploration Co. Ltd.		183,600		4,388,039
Japan Post Bank Co. Ltd.		2,092,800		20,588,456
Japan Post Holdings Co. Ltd.		12,418,300		105,996,770
Japan Post Insurance Co. Ltd.		1,093,000		19,164,293
Japan Prime Realty Investment Corp.		4,708		15,379,825
Japan Real Estate Investment Corp.		6,466		35,556,180
Japan Securities Finance Co. Ltd.		836,400		6,797,760
Japan Steel Works Ltd. (The)		396,100		13,168,135
Japan Tobacco Inc.		6,143,400		122,652,223
Japan Wool Textile Co. Ltd. (The)		49,100		375,790
JCR Pharmaceuticals Co. Ltd.		307,700		5,419,593
JCU Corp.		74,700		3,242,834
Jeol Ltd.		189,800		10,348,344
JFE Holdings Inc.		2,525,900		32,449,847
JGC Holdings Corp.		1,134,600		11,148,880
JIG-SAW Inc.(a)(b)		17,600		777,723
JINS Holdings Inc.		68,800		4,253,229
JM Holdings Co. Ltd.		17,200		243,434
JMDC Inc.(a)		134,500		6,242,201
J-Oil Mills Inc.		71,200		1,052,795
Joshin Denki Co. Ltd.		24,300		442,849
Joyful Honda Co. Ltd.		256,200		3,411,086
JSP Corp.		58,100		815,509
JSR Corp.		1,013,500		33,595,687

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
JTEKT Corp.		1,120,700	$	9,748,637
JTOWER Inc.(a)(b)		49,100		2,249,833
Juroku Financial Group Inc.		128,600		2,557,026
Justsystems Corp.		156,400		6,769,335
Kadokawa Corp.		565,400		11,740,045
Kaga Electronics Co. Ltd.		15,500		401,585
Kagome Co. Ltd.		514,100		13,377,587
Kajima Corp.		2,250,000		27,174,605
Kakaku.com Inc.		722,500		14,964,101
Kaken Pharmaceutical Co. Ltd.		168,500		6,025,283
Kameda Seika Co. Ltd.		22,700		824,597
Kamigumi Co. Ltd.		613,600		11,856,891
Kanamoto Co. Ltd.		150,100		2,918,621
Kandenko Co. Ltd.		602,100		4,479,977
Kaneka Corp.		228,800		7,453,142
Kanematsu Corp.		536,000		5,830,814
Kanematsu Electronics Ltd.		7,500		247,422
Kansai Electric Power Co. Inc. (The)		3,619,400		34,163,966
Kansai Paint Co. Ltd.		875,400		18,171,370
Kanto Denka Kogyo Co. Ltd.		461,100		4,415,368
Kao Corp.		2,450,000		122,430,308
Kappa Create Co. Ltd.(a)		138,300		1,623,255
Katakura Industries Co. Ltd.		50,100		995,216
Katitas Co. Ltd.		225,800		6,887,134
Kato Sangyo Co. Ltd.		107,100		3,066,247
Kawasaki Heavy Industries Ltd.		713,000		13,816,903
Kawasaki Kisen Kaisha Ltd.(a)		248,700		15,501,186
KDDI Corp.		8,306,000		265,365,933
KeePer Technical Laboratory Co. Ltd.		57,200		943,738
Keihan Holdings Co. Ltd.		499,800		11,589,859
Keihanshin Building Co. Ltd.		88,000		1,018,593
Keikyu Corp.		1,133,400		11,600,128
Keio Corp.		552,400		24,847,286
Keisei Electric Railway Co. Ltd.		706,700		19,943,874
Keiyo Bank Ltd. (The)		583,400		2,432,629
Keiyo Co. Ltd.		19,200		144,013
Kenedix Office Investment Corp.		1,884		11,439,286
Kenedix Residential Next Investment Corp.		6,074		10,588,733
Kenedix Retail REIT Corp.		4,552		10,654,875
Kewpie Corp.		573,600		11,833,148
Keyence Corp.		1,000,800		513,332,744
KFC Holdings Japan Ltd.		64,900		1,625,484
KH Neochem Co. Ltd.		165,600		4,247,907
Kikkoman Corp.		753,600		56,963,054
Kinden Corp.		758,200		10,837,799
Kintetsu Group Holdings Co. Ltd.(a)		848,700		24,659,423
Kintetsu World Express Inc.		182,300		4,535,355
Kirin Holdings Co. Ltd.		4,187,000		67,109,840
Kisoji Co. Ltd.		129,000		2,462,870
Kissei Pharmaceutical Co. Ltd.		149,900		3,026,746
Ki-Star Real Estate Co. Ltd.		41,600		2,545,554
Kitanotatsujin Corp.		203,200		393,947
Kitz Corp.		484,200		2,814,968
Kiyo Bank Ltd. (The)		407,200		5,092,189
Koa Corp.		171,400		2,181,543
Kobayashi Pharmaceutical Co. Ltd.		254,200		19,795,296
Kobe Bussan Co. Ltd.		713,000		22,195,260
Kobe Steel Ltd.		1,756,900		8,386,409
Koei Tecmo Holdings Co. Ltd.		394,866		14,284,923
Kohnan Shoji Co. Ltd.		156,900		4,652,806

Security	Shares		Value
Japan (continued)
Koito Manufacturing Co. Ltd.		559,100	$	28,072,684
Kokuyo Co. Ltd.		567,300		8,270,483
Komatsu Ltd.		4,523,400		113,668,244
KOMEDA Holdings Co. Ltd.		217,700		4,029,699
Komeri Co. Ltd.		145,500		3,392,404
Konami Holdings Corp.		508,900		27,434,698
Konica Minolta Inc.		2,415,200		10,181,058
Konishi Co. Ltd.		96,500		1,375,994
Kose Corp.		163,100		14,912,155
Koshidaka Holdings Co. Ltd.		85,800		465,860
Kotobuki Spirits Co. Ltd.		108,700		4,420,403
K’s Holdings Corp.		939,200		9,242,367
Kubota Corp.		5,310,100		113,877,891
Kumagai Gumi Co. Ltd.		172,000		4,384,233
Kumiai Chemical Industry Co. Ltd.		580,727		4,013,948
Kura Sushi Inc.(b)		90,100		2,710,534
Kuraray Co. Ltd.		1,496,100		13,440,720
Kureha Corp.		91,000		6,793,681
Kurita Water Industries Ltd.		559,000		22,730,899
Kusuri no Aoki Holdings Co. Ltd.		78,500		4,682,770
KYB Corp.		100,100		2,605,911
Kyocera Corp.		1,631,200		100,598,223
Kyoei Steel Ltd.		98,600		1,340,029
Kyokuto Kaihatsu Kogyo Co. Ltd.		131,000		1,668,756
KYORIN Holdings Inc.		407,800		6,477,992
Kyoritsu Maintenance Co. Ltd.		149,500		5,348,068
Kyowa Kirin Co. Ltd.		1,407,400		35,079,143
Kyudenko Corp.		197,200		5,043,894
Kyushu Electric Power Co. Inc.		2,063,200		15,287,858
Kyushu Financial Group Inc.		2,083,000		8,048,394
Kyushu Railway Co.		670,300		14,002,910
LaSalle Logiport REIT		9,710		15,532,889
Lasertec Corp.		399,800		89,690,077
Lawson Inc.		233,300		10,225,324
Leopalace21 Corp.(a)		831,000		1,219,570
Life Corp.		71,400		1,918,596
Lifenet Insurance Co.(a)		234,200		1,321,959
Link And Motivation Inc.		105,500		417,612
Lintec Corp.		234,200		5,439,976
Lion Corp.		1,149,800		15,023,214
LITALICO Inc.		59,600		1,487,404
Lixil Corp.		1,328,400		30,407,267
M&A Capital Partners Co. Ltd.(a)		68,400		2,945,545
M3 Inc.		2,281,600		87,719,736
Mabuchi Motor Co. Ltd.		227,900		7,175,350
Macnica Fuji Electronics Holdings Inc.		236,000		5,221,496
Maeda Kosen Co. Ltd.		12,200		364,313
Makino Milling Machine Co. Ltd.		125,600		4,338,880
Makita Corp.		1,170,100		43,789,152
Makuake Inc.(a)(b)		27,000		530,564
Mandom Corp.		215,800		2,587,618
Mani Inc.		462,600		6,684,325
Marubeni Corp.		8,140,600		83,766,272
Maruha Nichiro Corp.		223,300		4,771,005
Marui Group Co. Ltd.		958,200		18,487,326
Maruichi Steel Tube Ltd.		263,600		5,871,917
Maruwa Co. Ltd./Aichi		50,500		6,644,372
Maruwa Unyu Kikan Co. Ltd.		174,800		1,995,107
Matsuda Sangyo Co. Ltd.		20,600		422,556
Matsui Securities Co. Ltd.		787,200		5,505,298

22 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
MatsukiyoCocokara & Co.		580,350	$	19,864,228
Matsuya Co. Ltd.(a)		184,900		1,148,473
Maxell Ltd.		413,900		4,439,376
Mazda Motor Corp.(a)		2,814,700		21,683,749
McDonald’s Holdings Co. Japan Ltd.		436,000		19,040,304
MCJ Co. Ltd.		231,700		1,989,177
Mebuki Financial Group Inc.		5,658,310		12,622,396
Media Do Co. Ltd.		28,900		642,113
Medical Data Vision Co. Ltd.		116,400		1,030,412
Medipal Holdings Corp.		863,500		15,538,724
Medley Inc.(a)		113,300		1,963,838
MedPeer Inc.(a)		70,000		1,769,631
Megachips Corp.		92,600		3,375,701
Megmilk Snow Brand Co. Ltd.		237,400		4,228,734
Meidensha Corp.		189,100		4,007,765
MEIJI Holdings Co. Ltd.		632,500		39,456,358
Meiko Electronics Co. Ltd.		83,200		2,873,109
Meitec Corp.		139,600		8,178,412
Melco Holdings Inc.		39,400		1,249,897
Menicon Co. Ltd.		292,400		6,488,579
Mercari Inc.(a)		555,000		20,959,993
METAWATER Co. Ltd.		45,500		807,023
Micronics Japan Co. Ltd.		185,400		2,557,724
Midac Holdings Co. Ltd.		22,000		516,089
Milbon Co. Ltd.		130,000		6,137,853
Mimasu Semiconductor Industry Co. Ltd.		22,400		481,335
MinebeaMitsumi Inc.		1,949,959		47,716,633
Mirai Corp.		4,895		2,057,495
Mirait Holdings Corp.		562,700		9,341,861
Misumi Group Inc.		1,468,300		47,634,405
Mitani Sekisan Co. Ltd.		13,900		782,502
Mitsubishi Chemical Holdings Corp.		6,677,200		52,377,182
Mitsubishi Corp.		6,484,900		220,178,048
Mitsubishi Electric Corp.		9,354,400		117,148,878
Mitsubishi Estate Co. Ltd.		6,008,100		86,531,197
Mitsubishi Estate Logistics REIT Investment Corp.		1,824		7,166,436
Mitsubishi Gas Chemical Co. Inc.		825,300		15,808,878
Mitsubishi HC Capital Inc.		3,821,870		19,738,742
Mitsubishi Heavy Industries Ltd.		1,580,600		42,928,132
Mitsubishi Logisnext Co. Ltd.		26,300		228,452
Mitsubishi Logistics Corp.		408,400		9,858,201
Mitsubishi Materials Corp.		541,100		9,652,420
Mitsubishi Motors Corp.(a)		3,555,500		10,151,690
Mitsubishi Pencil Co. Ltd.		172,600		1,801,131
Mitsubishi Research Institute Inc.		9,300		302,467
Mitsubishi Shokuhin Co. Ltd.		37,800		927,684
Mitsubishi UFJ Financial Group Inc.		62,835,400		380,862,934
Mitsui & Co. Ltd.		8,073,200		201,308,227
Mitsui Chemicals Inc.		897,000		23,989,933
Mitsui DM Sugar Holdings Co. Ltd.		110,800		1,906,471
Mitsui Fudosan Co. Ltd.		4,747,200		101,767,304
Mitsui Fudosan Logistics Park Inc.		2,508		12,335,141
Mitsui High-Tec Inc.		102,600		7,593,460
Mitsui Mining & Smelting Co. Ltd.		273,300		7,728,358
Mitsui OSK Lines Ltd.		570,800		44,204,149
Mitsui-Soko Holdings Co. Ltd.		114,900		2,393,433
Miura Co. Ltd.		497,800		14,697,608
Mixi Inc.		223,700		4,141,191
Mizuho Financial Group Inc.		12,316,370		166,837,556
Mizuho Leasing Co. Ltd.		140,800		3,932,594

Security	Shares		Value
Japan (continued)
Mochida Pharmaceutical Co. Ltd.		149,600	$	4,653,223
Modec Inc.		106,200		1,064,937
Monex Group Inc.		889,500		4,509,645
Money Forward Inc.(a)		222,900		10,143,332
Monogatari Corp. (The)		37,600		2,043,342
MonotaRO Co. Ltd.		1,344,600		22,092,846
Mori Hills REIT Investment Corp.		8,528		10,448,801
Mori Trust Hotel Reit Inc.		119		122,364
Mori Trust Sogo REIT Inc.		5,995		7,262,527
Morinaga & Co. Ltd./Japan		206,400		6,578,139
Morinaga Milk Industry Co. Ltd.		187,500		9,090,389
Morita Holdings Corp.		90,400		1,001,878
MOS Food Services Inc.		138,200		3,639,480
MS&AD Insurance Group Holdings Inc.		2,298,900		78,851,164
Murata Manufacturing Co. Ltd.		2,953,400		222,046,265
Musashi Seimitsu Industry Co. Ltd.		250,900		3,779,497
Musashino Bank Ltd. (The)		114,400		1,839,438
Nabtesco Corp.		581,800		18,186,466
Nachi-Fujikoshi Corp.		94,500		3,530,698
Nafco Co. Ltd.		59,700		871,850
Nagaileben Co. Ltd.		55,300		1,010,293
Nagase & Co. Ltd.		620,000		9,903,069
Nagawa Co. Ltd.(b)		14,400		1,217,710
Nagoya Railroad Co. Ltd.(a)		919,400		14,518,269
Nakanishi Inc.		430,000		7,624,540
Nankai Electric Railway Co. Ltd.		544,700		10,814,348
Nanto Bank Ltd. (The)		139,600		2,360,911
NEC Corp.		1,216,200		47,447,964
NEC Networks & System Integration Corp.		549,100		7,923,659
NET One Systems Co. Ltd.		486,800		11,555,076
Nexon Co. Ltd.		2,565,400		48,361,939
Nextage Co. Ltd.		204,900		5,145,471
NGK Insulators Ltd.		1,308,600		22,112,366
NGK Spark Plug Co. Ltd.		782,300		13,299,034
NH Foods Ltd.		440,200		16,975,944
NHK Spring Co. Ltd.		1,190,800		9,332,973
Nichias Corp.		414,800		9,416,316
Nichicon Corp.		426,200		4,465,601
Nichiha Corp.		127,000		3,139,629
Nichi-Iko Pharmaceutical Co. Ltd.		410,200		2,619,052
Nichirei Corp.		575,100		13,233,846
Nidec Corp.		2,303,400		204,149,871
Nifco Inc./Japan		485,000		14,118,857
Nihon Kohden Corp.		478,300		12,685,953
Nihon M&A Center Holdings Inc.		1,576,200		24,814,446
Nihon Parkerizing Co. Ltd.		586,500		5,316,484
Nihon Unisys Ltd.		423,200		11,133,466
Nikkiso Co. Ltd.		268,100		1,978,181
Nikkon Holdings Co. Ltd.		255,100		4,805,581
Nikon Corp.		1,517,700		15,840,182
Nintendo Co. Ltd.		581,100		284,763,049
Nippn Corp., New		275,800		4,045,856
Nippon Accommodations Fund Inc.		2,022		10,928,780
Nippon Building Fund Inc.		7,632		44,197,967
Nippon Carbon Co. Ltd.		8,900		309,745
Nippon Ceramic Co. Ltd.		27,700		592,425
Nippon Densetsu Kogyo Co. Ltd.		77,600		1,008,050
Nippon Electric Glass Co. Ltd.		470,000		11,740,750
Nippon Express Holdings Co., NVS		406,800		24,108,488
Nippon Gas Co. Ltd.		575,700		8,056,444

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Kanzai Co. Ltd.		21,200	$	520,843
Nippon Kayaku Co. Ltd.		845,600		8,407,385
Nippon Light Metal Holdings Co. Ltd.		398,560		6,107,423
Nippon Paint Holdings Co. Ltd.		4,298,200		34,374,489
Nippon Paper Industries Co. Ltd.		509,800		5,165,682
Nippon Parking Development Co. Ltd.		192,000		226,469
Nippon Prologis REIT Inc.		11,548		36,032,496
NIPPON REIT Investment Corp.		2,403		8,097,045
Nippon Road Co. Ltd. (The)		27,700		2,018,067
Nippon Sanso Holdings Corp.		747,300		14,840,466
Nippon Seiki Co. Ltd.		116,100		1,037,066
Nippon Sheet Glass Co. Ltd.(a)		630,100		2,770,034
Nippon Shinyaku Co. Ltd.		225,900		14,767,266
Nippon Shokubai Co. Ltd.		122,000		5,745,255
Nippon Signal Company Ltd.		272,300		2,121,518
Nippon Soda Co. Ltd.		116,700		3,339,420
Nippon Steel Corp.		4,388,008		71,720,042
Nippon Steel Trading Corp.		67,472		3,045,478
Nippon Suisan Kaisha Ltd.		1,833,200		8,589,244
Nippon Telegraph & Telephone Corp.		6,588,900		188,559,383
Nippon Television Holdings Inc.		205,700		2,148,206
Nippon Yusen KK		836,000		65,536,812
Nipro Corp.		764,900		7,095,730
Nishimatsu Construction Co. Ltd.		166,600		5,533,437
Nishimatsuya Chain Co. Ltd.		367,800		4,690,727
Nishi-Nippon Financial Holdings Inc.		857,300		6,072,282
Nishi-Nippon Railroad Co. Ltd.		417,600		9,340,300
Nishio Rent All Co. Ltd.		23,600		578,175
Nissan Chemical Corp.		645,000		34,996,593
Nissan Motor Co. Ltd.(a)		11,905,200		63,009,311
Nissan Shatai Co. Ltd.		241,100		1,449,114
Nissei ASB Machine Co. Ltd.		5,400		145,653
Nissha Co. Ltd.		228,500		2,909,117
Nisshin Oillio Group Ltd. (The)		135,400		3,545,313
Nisshin Seifun Group Inc.		1,100,200		15,449,206
Nisshinbo Holdings Inc.		838,300		6,983,330
Nissin Electric Co. Ltd.		419,300		5,289,387
Nissin Foods Holdings Co. Ltd.		303,200		21,506,772
Nitori Holdings Co. Ltd.		434,100		62,190,286
Nitta Corp.		108,500		2,658,744
Nittetsu Mining Co. Ltd.		4,900		274,141
Nitto Boseki Co. Ltd.		116,300		2,775,418
Nitto Denko Corp.		735,100		57,234,607
Nitto Kogyo Corp.		112,400		1,512,087
Nittoku Co. Ltd.		33,400		883,586
Noevir Holdings Co. Ltd.		90,300		4,089,917
NOF Corp.		440,700		20,179,715
Nohmi Bosai Ltd.		8,000		147,180
Nojima Corp.		130,300		2,627,695
NOK Corp.		543,700		5,813,197
Nomura Co. Ltd.		543,200		4,349,850
Nomura Holdings Inc.		15,636,000		69,072,748
Nomura Real Estate Holdings Inc.		620,800		14,537,170
Nomura Real Estate Master Fund Inc.		21,046		29,199,908
Nomura Research Institute Ltd.		1,730,840		60,589,572
Noritake Co. Ltd./Nagoya Japan		59,200		2,369,026
Noritsu Koki Co. Ltd.		47,500		853,341
Noritz Corp.		106,900		1,572,067
North Pacific Bank Ltd.		2,217,800		4,846,250
NS Solutions Corp.		171,500		4,877,169

Security	Shares		Value
Japan (continued)
NS United Kaiun Kaisha Ltd.		46,300	$	1,231,894
NSD Co. Ltd.		541,600		9,250,455
NSK Ltd.		1,867,100		12,735,547
NTN Corp.(a)		2,430,000		4,901,012
NTT Data Corp.		3,352,700		64,273,719
NTT UD REIT Investment Corp.		8,325		11,196,332
Obara Group Inc.		68,900		1,996,864
Obayashi Corp.		3,386,700		27,439,538
OBIC Business Consultants Co. Ltd.		144,500		5,449,436
Obic Co. Ltd.		382,100		63,131,200
Odakyu Electric Railway Co. Ltd.		1,482,700		26,200,427
Ogaki Kyoritsu Bank Ltd. (The)		189,900		3,352,080
Ohsho Food Service Corp.		71,600		3,695,359
Oiles Corp.		104,200		1,459,022
Oisix ra daichi Inc.(a)(b)		127,800		2,663,510
Oji Holdings Corp.		4,173,100		22,213,727
Okamoto Industries Inc.		50,300		1,776,529
Okamura Corp.		453,200		4,791,280
Okasan Securities Group Inc.		1,090,100		3,638,070
Oki Electric Industry Co. Ltd.		561,100		4,292,090
Okinawa Cellular Telephone Co.		57,500		2,505,103
Okinawa Electric Power Co. Inc. (The)		210,616		2,572,606
Okinawa Financial Group Inc., NVS		64,900		1,254,275
OKUMA Corp.		126,900		5,535,803
Okumura Corp.		186,200		5,315,875
Olympus Corp.		5,795,500		129,686,181
Omron Corp.		939,300		68,671,730
One REIT Inc.		463		1,201,195
Ono Pharmaceutical Co. Ltd.		1,937,700		46,992,523
Onward Holdings Co. Ltd.		732,200		1,835,133
Open Door Inc.(a)		46,600		624,538
Open House Group Co. Ltd.		425,200		22,013,961
Optex Group Co. Ltd.		82,200		1,095,798
Optim Corp.(a)(b)		56,400		478,155
Optorun Co. Ltd.		106,700		2,182,308
Oracle Corp. Japan		187,100		13,993,310
Organo Corp.		18,000		1,316,314
Orient Corp.		5,228,100		5,587,648
Oriental Land Co. Ltd./Japan		1,019,300		177,443,171
ORIX Corp.		6,282,500		129,589,897
Orix JREIT Inc.		14,136		20,285,931
Oro Co. Ltd.		3,200		66,414
Osaka Gas Co. Ltd.		1,921,900		32,684,570
Osaka Organic Chemical Industry Ltd.		71,100		1,957,339
OSG Corp.		500,600		8,813,196
Otsuka Corp.		610,200		24,759,951
Otsuka Holdings Co. Ltd.		2,008,800		68,534,851
Outsourcing Inc.		658,000		7,622,338
Pack Corp. (The)		57,100		1,336,840
PAL GROUP Holdings Co. Ltd.		130,200		1,897,808
Paltac Corp.		145,800		5,588,103
Pan Pacific International Holdings Corp.		2,146,500		28,889,372
Panasonic Corp.		11,455,800		126,122,693
Paramount Bed Holdings Co. Ltd.		199,800		3,324,821
Park24 Co. Ltd.(a)		594,100		8,987,082
Pasona Group Inc.		71,600		1,583,333
Penta-Ocean Construction Co. Ltd.		1,590,200		8,830,746
PeptiDream Inc.(a)		523,600		9,400,065
Persol Holdings Co. Ltd.		898,100		23,185,164
Pharma Foods International Co. Ltd.(b)		110,600		1,570,726

24 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Pigeon Corp.		589,500	$	11,490,340
Pilot Corp.		137,200		4,886,698
Piolax Inc.		129,800		1,970,952
PKSHA Technology Inc.(a)		74,900		1,293,600
Plaid Inc.(a)(b)		79,400		858,322
Plenus Co. Ltd.		113,700		1,942,225
Plus Alpha Consulting Co. Ltd., NVS		20,700		401,801
Pola Orbis Holdings Inc.		503,500		7,504,350
Premier Anti-Aging Co. Ltd.(a)(b)		18,500		1,161,995
Pressance Corp.		43,700		798,554
Prestige International Inc.		253,800		1,613,183
Prima Meat Packers Ltd.		164,800		3,619,481
Qol Holdings Co. Ltd.		7,900		92,029
Raito Kogyo Co. Ltd.		219,500		3,583,104
Raiznext Corp.		175,400		1,763,082
Raksul Inc.(a)		118,200		3,858,043
Rakus Co. Ltd.		422,100		8,503,016
Rakuten Group Inc.(a)		4,578,400		39,719,336
Recruit Holdings Co. Ltd.		7,013,400		346,662,384
Relia Inc.		241,300		2,039,510
Relo Group Inc.		606,600		10,947,041
Renesas Electronics Corp.(a)		6,504,700		74,653,209
Rengo Co. Ltd.		932,100		6,955,476
RENOVA Inc.(a)(b)		187,600		2,666,966
Resona Holdings Inc.		11,082,438		47,626,071
Resorttrust Inc.		532,900		8,531,541
Ricoh Co. Ltd.		3,544,900		29,934,598
Ricoh Leasing Co. Ltd.		65,300		2,119,509
Riken Keiki Co. Ltd.		6,900		330,121
Ringer Hut Co. Ltd.(a)		157,900		3,025,784
Rinnai Corp.		168,700		15,065,753
Riso Kagaku Corp.		62,600		1,122,782
Riso Kyoiku Co. Ltd.		202,400		720,264
Rohm Co. Ltd.		473,800		39,911,542
Rohto Pharmaceutical Co. Ltd.		557,900		15,407,123
Roland Corp.		58,500		2,231,523
Rorze Corp.		51,000		4,819,168
Round One Corp.		416,000		5,075,467
Royal Holdings Co. Ltd.(a)(b)		152,400		2,377,490
RS Technologies Co. Ltd.		21,300		1,080,606
Ryohin Keikaku Co. Ltd.		1,299,800		18,664,308
Ryosan Co. Ltd.		89,700		1,777,374
Ryoyo Electro Corp.		132,100		2,500,200
S Foods Inc.		34,300		1,053,604
Saibu Gas Holdings Co. Ltd.		99,400		1,893,703
Saizeriya Co. Ltd.		161,400		3,732,250
Sakai Moving Service Co. Ltd.		20,300		776,591
Sakata INX Corp.		24,800		208,848
Sakata Seed Corp.		190,900		5,607,176
SAMTY Co. Ltd.		99,000		1,798,110
Samty Residential Investment Corp.		261		265,484
San-A Co. Ltd.		98,700		3,500,473
San-Ai Oil Co. Ltd.		21,200		172,775
SanBio Co. Ltd.(a)(b)		145,500		1,379,624
Sangetsu Corp.		256,000		3,545,287
San-in Godo Bank Ltd. (The)		837,400		4,716,367
Sanken Electric Co. Ltd.		129,500		5,645,870
Sanki Engineering Co. Ltd.		15,700		193,944
Sankyo Co. Ltd.		212,200		5,463,669
Sankyu Inc.		222,500		8,049,545

Security	Shares		Value
Japan (continued)
Sanrio Co. Ltd.		266,000	$	5,159,100
Sansan Inc.(a)		321,200		3,560,684
Santen Pharmaceutical Co. Ltd.		1,956,300		22,212,165
Sanwa Holdings Corp.		1,130,100		12,237,927
Sanyo Chemical Industries Ltd.		13,700		624,287
Sanyo Denki Co. Ltd.		30,300		1,412,778
Sanyo Special Steel Co. Ltd.		112,700		2,112,834
Sapporo Holdings Ltd.		428,700		8,315,633
Sato Holdings Corp.		156,100		2,752,971
Sawai Group Holdings Co. Ltd.		189,100		7,157,755
SB Technology Corp.		3,900		81,104
SBI Holdings Inc.		1,269,100		32,737,453
SBS Holdings Inc.		39,700		1,224,556
SCREEN Holdings Co. Ltd.		186,400		18,706,343
SCSK Corp.		716,000		12,115,757
Secom Co. Ltd.		1,093,500		76,997,755
Sega Sammy Holdings Inc.		876,400		14,715,331
Seibu Holdings Inc.(a)		1,155,400		11,335,184
Seikagaku Corp.		165,900		1,358,054
Seiko Epson Corp.		1,414,500		22,032,959
Seiko Holdings Corp.		132,700		2,481,353
Seino Holdings Co. Ltd.		739,400		7,335,925
Seiren Co. Ltd.		218,500		4,131,114
Sekisui Chemical Co. Ltd.		1,915,300		33,487,081
Sekisui House Ltd.		3,306,600		66,992,249
Sekisui House Reit Inc.		21,568		14,690,325
Senko Group Holdings Co. Ltd.		692,400		5,559,930
Septeni Holdings Co. Ltd.		246,000		900,950
Seria Co. Ltd.		209,800		5,279,665
Seven & i Holdings Co. Ltd.		3,894,500		198,068,951
Seven Bank Ltd.		3,393,600		7,172,096
SG Holdings Co. Ltd.		1,635,900		34,727,325
Sharp Corp./Japan		1,131,599		12,578,981
Shibaura Machine Co. Ltd.		142,400		4,100,430
SHIFT Inc.(a)		62,200		10,334,594
Shiga Bank Ltd. (The)		223,800		4,360,405
Shikoku Chemicals Corp.		102,900		1,280,788
Shikoku Electric Power Co. Inc.		850,800		5,914,288
Shima Seiki Manufacturing Ltd.		154,900		2,343,172
Shimadzu Corp.		1,254,900		45,278,963
Shimamura Co. Ltd.		105,700		9,671,137
Shimano Inc.		406,600		91,176,837
Shimizu Corp.		2,791,100		18,584,339
Shin-Etsu Chemical Co. Ltd.		1,836,300		307,230,039
Shin-Etsu Polymer Co. Ltd.		5,900		56,537
Shinko Electric Industries Co. Ltd.		412,600		18,987,144
Shinmaywa Industries Ltd.		503,100		3,864,835
Shinsei Bank Ltd.		328,800		6,096,390
Shionogi & Co. Ltd.		1,371,600		78,171,128
Ship Healthcare Holdings Inc.		520,600		11,684,788
Shiseido Co. Ltd.		2,061,200		103,975,146
Shizuoka Bank Ltd. (The)		2,228,900		17,513,512
Shizuoka Gas Co. Ltd.		173,800		1,517,255
SHO-BOND Holdings Co. Ltd.		198,100		8,674,851
Shochiku Co. Ltd.(a)		47,600		4,927,936
Shoei Co. Ltd.		63,400		2,441,189
Shoei Foods Corp.		12,100		418,381
Showa Denko KK		884,000		18,364,013
Showa Sangyo Co. Ltd.		70,900		1,660,645
Siix Corp.		173,600		1,978,962

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
SKY Perfect JSAT Holdings Inc.		1,175,300	$	4,423,467
Skylark Holdings Co. Ltd.		1,163,200		15,198,385
SMC Corp.		290,900		162,252,818
SMS Co. Ltd.		442,900		12,176,481
Snow Peak Inc.		137,900		2,814,925
Sodick Co. Ltd.		46,300		322,921
Softbank Corp.		14,907,800		186,882,116
SoftBank Group Corp.		6,232,700		276,105,737
Sohgo Security Services Co. Ltd.		423,200		15,348,423
Sojitz Corp.		1,234,300		19,343,666
Solasto Corp.		142,900		1,314,316
Sompo Holdings Inc.		1,595,500		74,658,932
Sony Group Corp.(b)		6,514,800		728,800,676
Sosei Group Corp.(a)		458,000		6,109,456
SOSiLA Logistics REIT Inc.		2,698		3,776,367
Sotetsu Holdings Inc.(a)		444,400		8,183,019
SPARX Group Co. Ltd.		35,100		79,820
S-Pool Inc.		276,800		2,523,592
Square Enix Holdings Co. Ltd.		468,300		22,964,458
SRE Holdings Corp.(a)		30,800		1,194,429
Stanley Electric Co. Ltd.		698,500		16,326,987
Star Asia Investment Corp.		3,950		2,078,740
Star Micronics Co. Ltd.		214,700		2,722,784
Starts Corp. Inc.		141,000		3,069,923
Starts Proceed Investment Corp.		49		91,849
Strike Co. Ltd.		23,400		911,059
Subaru Corp.		3,220,800		58,622,896
Sugi Holdings Co. Ltd.		164,200		9,632,745
SUMCO Corp.		1,689,700		31,151,448
Sumitomo Bakelite Co. Ltd.		178,400		8,597,129
Sumitomo Chemical Co. Ltd.		7,713,900		38,901,582
Sumitomo Corp.		5,714,500		88,319,922
Sumitomo Dainippon Pharma Co. Ltd.		883,900		9,620,575
Sumitomo Electric Industries Ltd.		3,971,600		52,657,429
Sumitomo Forestry Co. Ltd.		735,300		12,945,395
Sumitomo Heavy Industries Ltd.		574,400		15,085,151
Sumitomo Metal Mining Co. Ltd.		1,277,600		59,011,956
Sumitomo Mitsui Construction Co. Ltd.		1,177,040		4,447,594
Sumitomo Mitsui Financial Group Inc.		6,616,500		238,332,629
Sumitomo Mitsui Trust Holdings Inc.		1,643,000		56,816,892
Sumitomo Osaka Cement Co. Ltd.		169,700		5,203,925
Sumitomo Realty & Development Co. Ltd.		1,583,900		49,006,148
Sumitomo Riko Co. Ltd.		107,800		551,419
Sumitomo Rubber Industries Ltd.		865,600		9,007,259
Sumitomo Warehouse Co. Ltd. (The)		458,500		8,233,806
Sun Corp.		61,600		1,024,370
Sundrug Co. Ltd.		389,300		9,803,305
Suntory Beverage & Food Ltd.		705,800		27,101,797
Suruga Bank Ltd.		597,700		2,578,106
Suzuken Co. Ltd.		322,200		9,563,034
Suzuki Motor Corp.		1,903,400		81,035,574
Sysmex Corp.		860,700		81,930,792
Systena Corp.		1,927,600		5,934,870
T&D Holdings Inc.		2,787,000		41,187,128
T. Hasegawa Co. Ltd.		97,000		2,128,543
Tadano Ltd.		620,800		5,429,933
Taiheiyo Cement Corp.		567,000		11,281,143
Taikisha Ltd.		121,800		3,045,843
Taisei Corp.		954,200		31,279,679
Taisho Pharmaceutical Holdings Co. Ltd.		160,100		7,862,858

Security	Shares		Value
Japan (continued)
Taiyo Holdings Co. Ltd.		203,200	$	5,994,922
Taiyo Yuden Co. Ltd.		621,300		30,177,281
Takara Bio Inc.		223,700		4,487,405
Takara Holdings Inc.		852,300		8,266,973
Takara Leben Real Estate Investment Corp.		2,161		2,185,129
Takasago Thermal Engineering Co. Ltd.		224,800		3,758,370
Takashimaya Co. Ltd.		813,700		7,727,268
Takeda Pharmaceutical Co. Ltd.		8,151,180		236,247,151
Takeuchi Manufacturing Co. Ltd.		241,300		6,031,195
Takuma Co. Ltd.		476,600		6,095,001
Tama Home Co. Ltd.		73,400		1,495,572
Tamron Co. Ltd.		96,000		2,092,651
Tamura Corp.		319,500		1,815,786
TBS Holdings Inc.		188,800		2,823,580
TDK Corp.		2,006,800		72,475,340
TechMatrix Corp.		172,800		2,460,240
TechnoPro Holdings Inc.		570,300		14,589,495
Teijin Ltd.		815,100		10,275,747
Terumo Corp.		3,342,400		122,010,399
T-Gaia Corp.		114,300		1,658,293
THK Co. Ltd.		633,200		15,821,572
TIS Inc.		1,228,900		32,320,884
TKC Corp.		79,800		2,096,986
TKP Corp.(a)(b)		28,600		306,011
Toa Corp./Tokyo		104,000		2,199,955
Toagosei Co. Ltd.		652,700		6,436,737
Tobu Railway Co. Ltd.		918,200		21,507,181
TOC Co. Ltd.		134,900		839,855
Tocalo Co. Ltd.		481,100		5,846,368
Toda Corp.		1,386,300		8,955,766
Toei Co. Ltd.		37,300		5,537,484
Toho Bank Ltd. (The)		827,600		1,539,489
Toho Co. Ltd./Tokyo		598,500		23,184,494
Toho Gas Co. Ltd.		403,500		11,027,959
Toho Holdings Co. Ltd.		409,500		6,402,961
Toho Titanium Co. Ltd.		178,200		1,386,511
Tohoku Electric Power Co. Inc.		2,208,700		15,557,820
Tokai Carbon Co. Ltd.		1,169,600		12,130,712
Tokai Corp./Gifu		66,200		1,040,147
TOKAI Holdings Corp.		683,400		5,236,388
Tokai Rika Co. Ltd.		252,200		3,285,528
Tokai Tokyo Financial Holdings Inc.		1,884,100		6,632,160
Token Corp.		50,010		4,050,913
Tokio Marine Holdings Inc.		3,230,200		192,757,834
Tokuyama Corp.		381,000		6,064,493
Tokyo Century Corp.		174,400		8,606,525
Tokyo Electric Power Co. Holdings Inc.(a)		7,904,500		21,059,565
Tokyo Electron Ltd.		770,400		376,828,038
Tokyo Gas Co. Ltd.		1,912,400		38,614,677
Tokyo Ohka Kogyo Co. Ltd.		170,800		10,117,635
Tokyo Seimitsu Co. Ltd.		182,500		7,740,988
Tokyo Steel Manufacturing Co. Ltd.		588,800		5,637,224
Tokyo Tatemono Co. Ltd.		1,093,800		16,304,669
Tokyotokeiba Co. Ltd.		84,100		3,082,971
Tokyu Construction Co. Ltd.		590,500		3,624,972
Tokyu Corp.		2,543,000		33,790,955
Tokyu Fudosan Holdings Corp.		3,226,600		17,675,895
Tokyu REIT Inc.		5,751		9,292,265
TOMONY Holdings Inc.		889,000		2,520,963
Tomy Co. Ltd.		575,500		5,618,391

26 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Topcon Corp.		618,900	$	8,400,122
Toppan Inc.		1,448,300		27,549,616
Topre Corp.		170,500		1,780,378
Toray Industries Inc.		7,122,500		45,012,863
Toridoll Holdings Corp.		271,700		5,470,608
Torii Pharmaceutical Co. Ltd.		56,200		1,397,531
Tosei Corp.		15,400		140,996
Toshiba Corp.		2,130,600		88,228,209
Toshiba TEC Corp.		167,000		6,292,430
Tosho Co. Ltd.		16,000		202,170
Tosoh Corp.		1,335,600		20,897,455
Totetsu Kogyo Co. Ltd.		113,900		2,430,614
TOTO Ltd.		716,500		30,838,483
Towa Pharmaceutical Co. Ltd.		45,400		1,113,552
Toyo Construction Co. Ltd.		86,100		429,196
Toyo Gosei Co. Ltd.		25,400		2,712,344
Toyo Ink SC Holdings Co. Ltd.		175,700		2,915,776
Toyo Seikan Group Holdings Ltd.		762,700		9,290,313
Toyo Suisan Kaisha Ltd.		492,100		20,162,700
Toyo Tanso Co. Ltd.		97,800		2,514,696
Toyo Tire Corp.		624,800		8,834,177
Toyobo Co. Ltd.		539,900		6,076,065
Toyoda Gosei Co. Ltd.		311,900		6,555,237
Toyota Boshoku Corp.		435,400		7,717,651
Toyota Industries Corp.		734,600		57,305,090
Toyota Motor Corp.		54,734,025		1,081,717,883
Toyota Tsusho Corp.		1,129,400		45,801,121
TPR Co. Ltd.		108,100		1,369,737
Trancom Co. Ltd.		2,100		149,113
Transcosmos Inc.		106,400		2,711,736
TRE Holdings Corp.		34,000		429,095
Trend Micro Inc/Japan(a)		697,700		37,014,794
Tri Chemical Laboratories Inc.		113,400		3,068,429
Trusco Nakayama Corp.		214,800		4,571,353
TS Tech Co. Ltd.		504,600		6,648,848
Tsubaki Nakashima Co. Ltd.		243,400		3,016,049
Tsubakimoto Chain Co.		118,000		3,304,587
Tsugami Corp.		179,900		2,088,159
Tsumura & Co.		440,600		12,496,570
Tsuruha Holdings Inc.		183,300		14,763,778
TV Asahi Holdings Corp.		100,400		1,305,798
UACJ Corp.(a)		133,200		3,066,222
Ube Industries Ltd.		559,900		10,066,762
Uchida Yoko Co. Ltd.		10,500		415,747
Ulvac Inc.		206,200		10,491,776
Unicharm Corp.		2,088,200		80,695,360
United Arrows Ltd.		117,900		1,904,358
United Super Markets Holdings Inc.		445,500		4,061,962
United Urban Investment Corp.		15,828		18,701,646
Universal Entertainment Corp.(a)		62,600		1,287,146
Usen-Next Holdings Co. Ltd.		63,600		1,337,993
Ushio Inc.		550,300		8,551,891
USS Co. Ltd.		1,178,700		19,237,197
UT Group Co. Ltd.		120,900		3,464,359
Uzabase Inc.(a)		78,300		740,315
Valor Holdings Co. Ltd.		196,000		3,767,548
ValueCommerce Co. Ltd.		61,100		1,883,851
Vector Inc.		76,600		650,648
Vision Inc./Tokyo Japan(a)(b)		101,900		888,386
Visional Inc.(a)		63,700		4,678,875

Security	Shares		Value
Japan (continued)
VT Holdings Co. Ltd.		559,000	$	2,170,340
Wacoal Holdings Corp.		231,000		4,237,782
Wacom Co. Ltd.		853,100		6,196,711
WealthNavi Inc.(a)(b)		123,900		1,775,540
Weathernews Inc.		13,300		906,742
Welcia Holdings Co. Ltd.		505,300		13,647,056
West Holdings Corp.(b)		121,830		3,660,575
West Japan Railway Co.		1,109,300		46,483,830
World Holdings Co. Ltd.		5,900		119,181
Xebio Holdings Co. Ltd.		161,800		1,268,213
Yakult Honsha Co. Ltd.		665,800		33,757,035
Yamada Holdings Co. Ltd.		3,407,500		11,499,847
Yamaguchi Financial Group Inc.		1,203,200		7,465,835
Yamaha Corp.		715,300		32,585,598
Yamaha Motor Co. Ltd.		1,496,900		35,646,437
YA-MAN Ltd.(b)		194,400		1,541,543
Yamato Holdings Co. Ltd.		1,483,700		31,594,255
Yamato Kogyo Co. Ltd.		189,200		5,821,440
Yamazaki Baking Co. Ltd.		629,500		9,000,495
Yamazen Corp.		441,800		3,843,567
Yaoko Co. Ltd.		87,500		5,058,788
Yaskawa Electric Corp.		1,260,600		52,781,778
Yellow Hat Ltd.		150,200		2,082,523
Yodogawa Steel Works Ltd.		60,500		1,288,934
Yokogawa Bridge Holdings Corp.		121,900		2,277,105
Yokogawa Electric Corp.		1,198,600		19,639,644
Yokohama Rubber Co. Ltd. (The)		664,800		9,691,847
Yokorei Co. Ltd.		268,900		1,998,215
Yokowo Co. Ltd.		21,000		482,405
Yonex Co. Ltd.		263,000		1,641,025
Yoshinoya Holdings Co. Ltd.		470,100		9,714,230
Yuasa Trading Co. Ltd.		61,900		1,566,496
Z Holdings Corp.		14,125,000		71,736,151
Zenkoku Hosho Co. Ltd.		241,000		10,786,709
Zenrin Co. Ltd.		155,900		1,309,257
Zensho Holdings Co. Ltd.		525,100		12,642,522
Zeon Corp.		790,500		9,173,000
ZERIA Pharmaceutical Co. Ltd.		12,400		207,361
Zojirushi Corp.		76,200		957,776
ZOZO Inc.		662,900		17,664,570
Zuken Inc.		13,700		354,389
				23,506,759,110
Netherlands — 4.9%
Aalberts NV		531,457		32,488,031
ABN AMRO Bank NV, CVA(c)		2,100,289		33,707,664
Accell Group NV(a)		90,952		5,919,225
Adyen NV(a)(c)		103,286		210,176,416
Aegon NV		9,277,129		52,336,863
AerCap Holdings NV(a)(b)		666,822		42,009,786
Akzo Nobel NV		962,910		99,668,554
Alfen Beheer BV(a)(b)(c)		108,338		8,078,958
AMG Advanced Metallurgical Group NV		206,294		7,099,677
Arcadis NV		430,957		18,865,173
Argenx SE(a)		241,170		64,535,123
ASM International NV		246,781		84,789,106
ASML Holding NV		2,139,861		1,449,316,034
ASR Nederland NV		740,596		34,434,459
Basic-Fit NV(a)(b)(c)		260,214		12,414,115
BE Semiconductor Industries NV		369,874		31,013,326
Boskalis Westminster		454,476		12,866,171

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) (continued) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Brunel International NV		221,910	$	2,726,810
CM.Com NV(a)(b)		59,098		1,610,150
CNH Industrial NV		5,239,559		79,861,842
Corbion NV		336,336		14,043,191
COSMO Pharmaceuticals NV(a)(b)		55,669		3,451,310
Davide Campari-Milano NV		2,808,158		35,257,260
Eurocommercial Properties NV		270,715		6,546,543
Euronext NV(c)		432,805		41,727,721
EXOR NV		559,719		46,932,955
Fastned BV(a)(b)		17,005		895,292
Flow Traders(c)		184,236		7,145,639
Fugro NV(a)(b)		521,267		4,168,276
Heineken Holding NV		615,372		53,950,879
Heineken NV		1,343,264		144,060,551
IMCD NV		303,258		52,166,400
ING Groep NV		20,198,855		298,722,915
InPost SA(a)		1,030,231		8,363,690
Intertrust NV(a)(c)		487,045		10,587,608
Iveco Group NV, NVS(a)		1,047,159		11,140,803
JDE Peet’s NV		412,537		12,353,059
Just Eat Takeaway.com NV(a)(c)		934,594		46,151,044
Koninklijke Ahold Delhaize NV		5,380,154		174,449,342
Koninklijke BAM Groep NV(a)		1,712,591		5,718,272
Koninklijke DSM NV		902,043		169,097,348
Koninklijke KPN NV		16,974,704		55,991,169
Koninklijke Philips NV		4,753,955		158,132,160
Koninklijke Vopak NV		361,943		12,418,583
Meltwater Holding BV(a)(b)		679,491		1,777,528
MFE-MediaForEurope NV(a)		1,139,189		944,509
MFE-MediaForEurope NV		1,209,904		1,543,879
NN Group NV		1,383,222		77,408,044
NSI NV		126,677		5,252,910
OCI NV(a)		525,150		14,372,249
Pharming Group NV(a)(b)		4,321,270		3,970,419
PostNL NV		2,698,252		11,558,555
Prosus NV		4,828,088		401,676,939
QIAGEN NV(a)		1,191,218		58,884,578
Randstad NV		617,599		40,177,079
Rhi Magnesita NV		151,017		6,965,599
SBM Offshore NV		803,489		12,716,261
Shop Apotheke Europe NV(a)(b)(c)		72,474		9,422,480
Signify NV(c)		659,472		34,931,514
Sligro Food Group NV(a)		137,550		3,508,973
SNS REAAL NV(a)(b)(d)		3,991		—
Stellantis NV		10,559,675		203,895,382
STMicroelectronics NV		3,563,456		167,556,302
Technip Energies NV(a)		570,655		8,731,876
TKH Group NV		239,006		13,791,601
TomTom NV(a)(b)		490,800		4,690,299
Universal Music Group NV		3,706,864		91,519,247
Van Lanschot Kempen NV		182,493		4,597,203
Vastned Retail NV		139,059		3,892,567
Wereldhave NV		233,965		3,594,711
Wolters Kluwer NV		1,382,459		140,704,717
				4,985,474,914
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)(a)(b)		3,838,111		14,153,052
Air New Zealand Ltd.(a)(b)		3,139,870		2,975,089
Argosy Property Ltd.		3,714,016		3,654,123
Auckland International Airport Ltd.(a)		6,414,981		30,451,237

Security	Shares		Value
New Zealand (continued)
Chorus Ltd.		2,203,505	$	10,090,239
Contact Energy Ltd.		3,768,752		19,536,220
Fisher & Paykel Healthcare Corp. Ltd.		2,981,139		54,848,562
Fletcher Building Ltd.		4,176,837		17,764,402
Genesis Energy Ltd.		2,752,850		4,836,372
Goodman Property Trust		4,935,112		8,071,971
Infratil Ltd.		3,774,356		18,836,375
Kiwi Property Group Ltd.		6,400,418		4,794,621
Mercury NZ Ltd.		3,995,722		14,690,368
Meridian Energy Ltd.		6,579,304		18,965,283
Oceania Healthcare Ltd.		1,051,496		819,828
Precinct Properties New Zealand Ltd.		5,319,944		5,652,280
Pushpay Holdings Ltd.(a)		5,011,782		3,596,014
Ryman Healthcare Ltd.		2,339,084		15,294,856
SKYCITY Entertainment Group Ltd.		3,536,594		6,352,925
Spark New Zealand Ltd.		9,320,974		26,640,567
Summerset Group Holdings Ltd.		1,488,803		12,000,156
Xero Ltd.(a)		706,755		57,251,007
Z Energy Ltd.		3,064,952		7,159,421
				358,434,968
Norway — 0.9%
Adevinta ASA(a)		1,397,457		14,661,209
Aker ASA, Class A		158,494		13,558,202
Aker BP ASA		651,606		22,577,635
Aker Carbon Capture ASA(a)		1,487,703		3,321,342
Aker Horizons Holding AS(a)(b)		411,419		924,276
Aker Solutions ASA(a)		1,409,385		3,686,572
Atea ASA(a)		573,652		9,715,187
Atlantic Sapphire ASA(a)(b)		378,982		1,573,267
Austevoll Seafood ASA		596,848		7,904,652
Bakkafrost P/F		255,963		17,645,708
Bonheur ASA		4,226		147,955
Borregaard ASA		655,333		15,413,552
BW Energy Ltd.(a)		210,674		546,332
BW LPG Ltd.(c)		595,107		3,210,234
Crayon Group Holding ASA(a)(b)(c)		203,691		3,937,308
DNB Bank ASA		4,811,230		114,508,200
DNO ASA		1,780,686		2,614,540
Elkem ASA(c)		1,889,716		6,892,595
Entra ASA(c)		591,950		13,011,719
Equinor ASA		5,088,887		140,289,509
Europris ASA(c)		923,487		6,897,658
Fjordkraft Holding ASA(c)		517,275		2,205,606
Flex LNG Ltd.		160,607		3,173,243
Frontline Ltd./Bermuda(a)		490,978		3,232,091
Gjensidige Forsikring ASA		1,035,590		25,295,823
Golden Ocean Group Ltd.		702,032		6,396,103
Grieg Seafood ASA(a)		359,426		3,716,001
Hexagon Composites ASA(a)		370,091		1,141,102
Hexagon Purus ASA(a)		34,570		67,663
Kahoot! ASA(a)(b)		1,410,654		5,663,725
Kongsberg Gruppen ASA		522,666		15,839,960
Leroy Seafood Group ASA		1,742,377		14,523,696
LINK Mobility Group Holding ASA(a)		844,251		1,296,046
Mowi ASA		2,235,996		54,880,079
MPC Container Ships AS, NVS(a)		1,165,486		3,957,093
NEL ASA(a)(b)		7,609,692		10,332,064
Nordic Semiconductor ASA(a)		910,245		26,970,482
Norsk Hydro ASA		6,827,141		52,468,691
Norway Royal Salmon ASA		16,112		349,631

28 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Norwegian Air Shuttle ASA(a)(b)		2,344,175	$	3,194,511
Nykode Therapeutics AS(a)		660,801		4,190,373
Orkla ASA		3,977,301		38,008,677
Pexip Holding ASA(a)(b)		412,494		1,587,161
Protector Forsikring ASA		540,924		7,205,156
Quantafuel ASA(a)(b)		642,331		1,503,364
REC Silicon ASA(a)(b)		1,416,534		2,487,319
Salmar ASA		298,197		20,332,036
Sbanken ASA(c)		202,817		2,143,557
Scatec ASA(c)		615,649		9,093,149
Schibsted ASA, Class A		386,306		11,444,158
Schibsted ASA, Class B		497,316		12,972,488
SpareBank 1 Nord Norge		21,207		267,055
Sparebank 1 Oestlandet		6,482		107,631
SpareBank 1 SMN		1,098,036		18,184,539
SpareBank 1 SR-Bank ASA		1,018,582		15,220,082
Stolt-Nielsen Ltd.		149,423		2,705,698
Storebrand ASA		2,434,956		25,959,978
Telenor ASA		3,493,297		57,732,095
TGS ASA		775,805		8,353,403
Tomra Systems ASA		616,036		30,798,769
Veidekke ASA		583,140		8,716,275
Volue ASA(a)		20,054		119,503
Wallenius Wilhelmsen ASA(a)		669,878		3,618,275
XXL ASA(c)		721,186		1,123,863
Yara International ASA		882,338		45,306,134
				966,922,000
Portugal — 0.2%
Altri SGPS SA(b)		681,214		4,356,946
Banco Comercial Portugues SA, Class R(a)		47,597,082		8,088,373
Corticeira Amorim SGPS SA		30,284		348,282
CTT-Correios de Portugal SA		912,821		4,459,330
EDP - Energias de Portugal SA		14,382,906		73,627,684
Galp Energia SGPS SA		2,526,676		27,859,836
Jeronimo Martins SGPS SA		1,449,678		34,837,280
Navigator Co. SA (The)		1,697,709		6,404,663
NOS SGPS SA		1,091,402		4,296,380
REN - Redes Energeticas Nacionais SGPS SA		3,030,579		8,640,818
Sonae SGPS SA		6,707,797		7,707,265
				180,626,857
Singapore — 1.4%
AEM Holdings Ltd.		1,578,200		5,305,841
AIMS APAC REIT(b)		546,000		562,834
ARA LOGOS Logistics Trust(b)		11,973,229		7,325,007
Ascendas India Trust(b)		3,542,300		3,418,630
Ascendas REIT(b)		18,346,803		37,626,381
Ascott Residence Trust		10,429,963		7,902,723
CapitaLand China Trust		5,995,780		5,255,440
CapitaLand Integrated Commercial Trust		25,957,457		37,422,758
Capitaland Investment Ltd/Singapore(a)		14,029,400		35,997,626
CDL Hospitality Trusts(b)		6,288,500		5,291,720
City Developments Ltd.		2,079,500		10,923,564
ComfortDelGro Corp. Ltd.		11,111,700		11,219,827
COSCO Shipping International Singapore Co. Ltd.(a)(b)		8,486,600		1,578,384
Cromwell European Real Estate Investment Trust(b)		828,840		2,160,293
DBS Group Holdings Ltd.		9,240,300		242,713,738
ESR-REIT		17,910,274		5,634,455

Security	Shares		Value
Singapore (continued)
First Resources Ltd.		2,896,300	$	3,552,672
Frasers Centrepoint Trust		5,864,388		9,845,244
Frasers Logistics & Commercial Trust		14,911,586		15,170,269
Frencken Group Ltd.		684,800		838,716
Genting Singapore Ltd.		31,123,900		17,007,410
Golden Agri-Resources Ltd.		39,007,300		7,127,541
Haw Par Corp. Ltd.(b)		628,200		5,413,205
Hutchison Port Holdings Trust, Class U		29,481,400		6,963,713
iFAST Corp. Ltd.(b)		785,100		3,645,683
Kenon Holdings Ltd./Singapore		149,740		8,418,204
Keppel Corp. Ltd.		7,580,600		31,961,402
Keppel DC REIT(b)		7,303,800		11,594,003
Keppel Infrastructure Trust		18,609,500		7,714,068
Keppel Pacific Oak US REIT		647,500		479,150
Keppel REIT(b)		14,706,380		12,257,029
Lendlease Global Commercial REIT		2,721,800		1,658,024
Manulife US Real Estate Investment Trust		6,853,900		4,430,745
Mapletree Commercial Trust		11,490,756		15,380,551
Mapletree Industrial Trust		9,667,620		18,008,924
Mapletree Logistics Trust		15,408,979		19,392,536
Mapletree North Asia Commercial Trust		15,278,600		12,255,203
Maxeon Solar Technologies Ltd.(a)		27,915		307,902
Nanofilm Technologies International Ltd.(b)		1,530,100		3,230,391
NetLink NBN Trust(b)		23,080,900		16,572,392
Olam International Ltd.		3,674,200		4,590,940
OUE Commercial Real Estate Investment Trust		11,345,540		3,443,259
Oversea-Chinese Banking Corp. Ltd.		17,346,000		161,461,118
Parkway Life REIT		2,675,300		9,514,673
Prime U.S. REIT(b)		2,712,400		2,102,110
Raffles Medical Group Ltd.(b)		6,976,300		6,609,914
Razer Inc.(a)(b)(c)		9,491,000		2,795,682
Riverstone Holdings Ltd./Singapore(b)		2,666,800		1,391,683
Sasseur Real Estate Investment Trust		250,700		147,837
SATS Ltd.(a)(b)		3,639,100		10,583,961
Sea Ltd., ADR(a)		707,942		106,410,762
Sembcorp Industries Ltd.(b)		5,594,400		9,500,910
Sembcorp Marine Ltd.(a)		73,358,720		4,474,939
Sheng Siong Group Ltd.(b)		4,301,300		4,753,284
SIA Engineering Co. Ltd.(a)		256,800		408,836
Singapore Airlines Ltd.(a)(b)		6,872,500		25,635,145
Singapore Exchange Ltd.		3,062,400		21,197,226
Singapore Post Ltd.(b)		9,595,900		4,528,147
Singapore Press Holdings Ltd.		8,275,300		14,274,508
Singapore Technologies Engineering Ltd.		8,260,100		22,958,596
Singapore Telecommunications Ltd.		43,000,500		77,969,572
SPH REIT		660,100		470,308
Starhill Global REIT		10,513,000		4,840,735
StarHub Ltd.		4,056,000		3,878,325
Suntec REIT		10,447,900		11,799,650
United Overseas Bank Ltd.		6,110,200		136,554,772
UOL Group Ltd.		2,353,600		12,763,509
Venture Corp. Ltd.		1,439,000		18,853,400
Wilmar International Ltd.		9,890,500		31,463,482
Yangzijiang Shipbuilding Holdings Ltd.(b)		13,949,000		13,383,389
Yanlord Land Group Ltd.		6,164,900		5,270,541
				1,387,595,411
Spain — 2.3%
Acciona SA		127,300		22,173,746
Acerinox SA		875,646		11,158,554
ACS Actividades de Construccion y Servicios SA		1,271,118		32,091,406

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Aena SME SA(a)(c)		382,721	$	61,841,056
Almirall SA		423,991		5,457,272
Amadeus IT Group SA(a)		2,331,820		160,336,414
Applus Services SA		874,849		7,685,882
Atresmedia Corp. de Medios de Comunicacion SA(b)		717,798		2,791,380
Audax Renovables SA(b)		209,312		293,969
Banco Bilbao Vizcaya Argentaria SA		34,515,377		220,367,914
Banco de Sabadell SA(a)		28,755,773		22,364,901
Banco Santander SA		89,249,939		312,964,011
Bankinter SA		3,454,794		20,259,636
Befesa SA(c)		198,353		14,003,154
CaixaBank SA		23,221,756		74,713,208
Cellnex Telecom SA(c)		2,661,846		120,702,969
Cia. de Distribucion Integral Logista Holdings SA		323,848		6,552,098
Cie. Automotive SA		344,253		9,999,553
Construcciones y Auxiliar de Ferrocarriles SA		152,718		6,043,949
Corp Financiera Alba SA		107,433		6,322,143
Distribuidora Internacional de Alimentacion SA(a)		10,968,126		192,891
Ebro Foods SA		414,318		7,670,875
EDP Renovaveis SA		1,498,316		31,496,790
eDreams ODIGEO SA(a)		57,151		502,126
Enagas SA		815,479		17,632,334
Ence Energia y Celulosa SA(a)		1,026,680		2,754,487
Endesa SA		1,617,098		36,204,523
Faes Farma SA		2,098,905		8,078,561
Ferrovial SA		2,515,426		69,900,060
Fluidra SA		440,277		14,019,353
Gestamp Automocion SA(c)		1,121,160		5,050,972
Global Dominion Access SA(c)		390,932		1,931,042
Grenergy Renovables SA(a)		62,581		1,764,697
Grifols SA		1,538,541		27,131,125
Grupo Catalana Occidente SA		255,810		8,627,424
Iberdrola SA		29,727,803		340,831,049
Iberdrola SA		487,430		5,563,646
Indra Sistemas SA(a)		889,550		9,063,813
Industria de Diseno Textil SA		5,666,318		171,856,000
Inmobiliaria Colonial Socimi SA		1,413,109		12,478,377
Laboratorios Farmaceuticos Rovi SA		102,049		7,497,913
Lar Espana Real Estate Socimi SA		677,799		4,097,573
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,391,713		6,088,462
Mapfre SA		5,469,224		11,878,013
Mediaset Espana Comunicacion SA(a)		914,649		4,282,828
Melia Hotels International SA(a)		698,510		5,293,446
Merlin Properties Socimi SA		1,820,385		20,578,503
Naturgy Energy Group SA(b)		1,001,279		31,702,788
Neinor Homes SA(c)		376,997		4,591,146
Pharma Mar SA		82,797		5,211,113
Prosegur Cash SA(a)(c)		194,711		142,834
Prosegur Cia. de Seguridad SA		1,712,432		4,266,094
Red Electrica Corp. SA		1,672,728		33,719,217
Repsol SA		7,543,165		95,855,546
Sacyr SA		2,891,506		7,228,244
Siemens Gamesa Renewable Energy SA(a)		1,230,669		26,629,052
Solaria Energia y Medio Ambiente SA(a)		415,552		7,261,646
Soltec Power Holdings SA(a)(b)		36,278		213,564
Tecnicas Reunidas SA(a)(b)		214,310		1,921,607
Telefonica SA		27,306,334		127,290,345
Unicaja Banco SA(c)		9,243,928		9,475,775

Security	Shares		Value
Spain (continued)
Viscofan SA		204,853	$	12,416,170
Zardoya Otis SA		1,046,839		8,301,304
				2,326,816,543
Sweden — 4.0%
AAK AB		977,620		18,312,163
AcadeMedia AB(c)		126,334		733,419
AddTech AB, Class B		1,256,217		23,238,567
AFRY AB		583,541		13,087,821
Alfa Laval AB		1,614,175		54,528,771
Ambea AB(b)(c)		126,149		700,095
Arjo AB, Class B		1,362,883		13,620,554
Assa Abloy AB, Class B		5,144,067		140,855,305
Atlas Copco AB, Class A		3,451,247		204,265,634
Atlas Copco AB, Class B		2,015,141		103,059,908
Atrium Ljungberg AB, Class B		272,422		5,883,889
Attendo AB(a)(b)(c)		704,328		2,482,358
Avanza Bank Holding AB		698,622		22,103,359
Axfood AB		575,611		14,662,790
Bactiguard Holding AB(a)(b)		90,870		1,371,613
Beijer Alma AB		234,221		5,952,007
Beijer Ref AB		1,287,242		22,467,513
Betsson AB, Class B		660,921		3,698,010
BHG Group AB(a)(b)		529,352		5,074,112
BICO Group AB, Class B(a)(b)		175,172		3,497,573
Bilia AB, Class A		504,378		7,569,718
BillerudKorsnas AB		988,563		15,718,130
BioArctic AB(a)(c)		83,506		967,173
BioGaia AB, Class B		102,777		5,587,819
Biotage AB		374,840		7,653,777
Boliden AB		1,427,501		57,803,128
Bonava AB, Class B		510,231		4,415,739
Boozt AB(a)(b)(c)		251,708		4,731,023
Bravida Holding AB(c)		1,371,520		16,410,869
Bufab AB		64,587		2,435,773
Bure Equity AB		282,588		9,750,487
Calliditas Therapeutics AB, Class B(a)(b)		142,398		1,506,964
Camurus AB(a)(b)		106,436		1,522,675
Castellum AB		1,384,492		32,609,977
Catena AB		147,880		8,394,214
Cellavision AB		16,773		547,411
Cibus Nordic Real Estate AB		120,092		3,307,622
Cint Group AB(a)		771,378		10,258,500
Clas Ohlson AB, Class B		118,566		1,436,958
Cloetta AB, Class B		1,475,030		3,903,727
Collector AB(a)		125,193		490,965
Coor Service Management Holding AB(c)		344,305		2,924,383
Corem Property Group AB, Class B		3,269,732		9,385,139
Creades AB, Class A		185,562		2,419,176
Desenio Group AB(a)		290,466		534,615
Dios Fastigheter AB		266,155		2,962,877
Dometic Group AB(c)		1,589,943		17,612,306
Duni AB(a)(b)		26,437		299,391
Dustin Group AB(b)(c)		193,610		1,988,117
Electrolux AB, Class B		1,175,154		24,451,647
Electrolux Professional AB, Class B(a)		1,547,771		10,808,553
Elekta AB, Class B		1,906,753		19,514,105
Embracer Group AB(a)(b)		2,891,326		29,009,624
Epiroc AB, Class A		3,391,758		72,377,152
Epiroc AB, Class B		2,022,529		36,605,442
EQT AB		1,542,627		60,450,210

30 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Essity AB, Class B		3,163,928	$	89,192,332
Evolution AB(c)		893,722		111,194,317
Fabege AB		1,356,767		20,242,793
Fagerhult AB		411,453		2,565,154
Fastighets AB Balder, Class B(a)		561,930		37,227,207
Fingerprint Cards AB, Class B(a)(b)		1,626,803		3,256,005
Fortnox AB		2,578,475		13,259,138
GARO AB		147,082		2,747,005
Getinge AB, Class B		1,203,381		47,046,869
Granges AB		651,670		8,082,126
H & M Hennes & Mauritz AB, Class B		3,771,286		75,089,491
Hansa Biopharma AB(a)(b)		182,603		1,456,191
Hemnet Group AB(a)(b)		109,142		1,968,499
Hexagon AB, Class B		10,176,469		137,260,912
Hexatronic Group AB(b)		156,220		6,334,474
Hexpol AB		1,535,848		18,325,312
HMS Networks AB		64,784		3,383,448
Holmen AB, Class B		519,389		25,226,559
Hufvudstaden AB, Class A		681,434		9,732,169
Humble Group AB(a)(b)		471,424		1,211,564
Husqvarna AB, Class B		2,163,655		30,083,382
Implantica AG, SDR(a)		16,347		103,256
Industrivarden AB, Class A		676,079		21,372,151
Industrivarden AB, Class C		827,683		25,708,314
Indutrade AB		1,509,734		37,558,834
Instalco AB		1,095,930		7,966,652
Intrum AB(b)		379,808		11,434,326
Investment AB Latour, Class B		748,248		23,280,960
Investor AB		2,544,690		57,889,857
Investor AB, Class B		9,559,282		207,550,424
INVISIO AB		203,780		2,620,155
Inwido AB		412,666		7,221,330
JM AB		372,204		14,097,703
Kambi Group PLC, Class B(a)		140,489		3,642,293
Karo Pharma AB(a)		14,796		95,046
K-Fast Holding AB(a)		30,801		229,734
Kindred Group PLC		1,274,409		14,805,378
Kinnevik AB, Class B(a)(b)		1,254,325		37,490,035
KNOW IT AB		106,531		3,891,136
L E Lundbergforetagen AB, Class B		393,178		20,090,040
LeoVegas AB(c)		288,525		1,052,876
Lifco AB, Class B		1,235,558		28,961,781
Lime Technologies AB		44,366		1,393,106
Lindab International AB		481,550		13,980,016
Loomis AB		425,502		10,925,768
Lundin Energy AB		1,086,487		44,185,123
Mekonomen AB(a)		276,133		4,075,956
Millicom International Cellular SA, SDR(a)		528,628		14,111,110
MIPS AB		147,499		14,664,892
Modern Times Group MTG AB, Class B(a)		550,684		7,370,447
Munters Group AB(c)		328,034		2,304,215
Mycronic AB		437,862		8,958,876
NCC AB, Class B		499,591		8,259,121
New Wave Group AB, Class B		215,291		3,276,172
Nibe Industrier AB, Class B		7,415,755		70,483,467
Nobia AB		940,744		5,140,442
Nolato AB, Class B		1,264,154		12,954,173
Nordic Entertainment Group AB, Class B(a)		401,116		15,529,821
Nordnet AB publ		589,270		9,183,803
Nyfosa AB		1,146,429		17,846,260

Security	Shares		Value
Sweden (continued)
OX2 AB(a)		48,104	$	268,769
Pandox AB(a)		510,949		7,428,302
Paradox Interactive AB(b)		173,226		3,590,333
Peab AB, Class B		1,068,841		12,013,830
Platzer Fastigheter Holding AB, Class B		321,497		4,240,771
PowerCell Sweden AB(a)(b)		244,972		3,911,585
Ratos AB, Class B		1,324,483		6,952,522
Re:NewCell AB(a)(b)		110,567		2,044,587
Resurs Holding AB(c)		420,414		1,725,517
Rvrc Holding AB		18,249		181,847
Saab AB, Class B		383,146		9,085,923
Sagax AB, Class B		837,494		24,446,602
Samhallsbyggnadsbolaget i Norden AB		5,026,430		30,315,013
Samhallsbyggnadsbolaget i Norden AB, Class D		258,487		844,367
Sandvik AB		5,749,733		151,416,456
SAS AB(a)(b)		18,468,045		3,120,500
Scandic Hotels Group AB(a)(b)(c)		727,829		3,070,768
Sdiptech AB, Class B(a)		123,404		5,114,952
Sectra AB(a)		456,449		7,518,529
Securitas AB, Class B		1,572,082		18,987,985
Sedana Medical AB(a)(b)		235,786		1,886,339
Sinch AB(a)(b)(c)		2,731,471		28,082,059
Skandinaviska Enskilda Banken AB, Class A		8,442,403		109,133,594
Skanska AB, Class B		1,748,397		42,805,761
SKF AB, Class B		1,938,989		42,506,761
SkiStar AB		124,287		1,913,753
SSAB AB, Class A(a)		1,287,657		7,623,414
SSAB AB, Class B(a)		3,043,089		15,844,063
Stillfront Group AB(a)(b)		1,613,588		7,853,884
Storytel AB(a)(b)		205,218		3,236,902
Subsea 7 SA		1,185,030		8,909,376
Surgical Science Sweden AB(a)		76,550		1,641,820
Svenska Cellulosa AB SCA, Class B		3,150,115		54,854,951
Svenska Handelsbanken AB, Class A		7,458,550		79,489,914
Svolder AB, NVS		448,249		3,441,818
Sweco AB, Class B		1,106,540		15,555,299
Swedbank AB, Class A		4,664,378		91,320,159
SwedenCare AB		260,646		2,973,006
Swedish Match AB		8,198,323		63,432,734
Tele2 AB, Class B		2,651,402		38,578,045
Telefonaktiebolaget LM Ericsson, Class B		15,015,224		187,481,490
Telia Co. AB		13,451,220		53,016,570
Thule Group AB(c)		596,848		28,807,728
Tobii AB(a)(b)		372,244		1,297,508
Tobii Dynavox AB(a)(b)		379,921		1,038,343
Trelleborg AB, Class B		1,183,542		29,800,266
Troax Group AB		90,253		3,161,785
Vestum AB, NVS(a)(b)		533,184		2,104,990
Vimian Group AB(a)(b)		156,637		1,128,057
Vitrolife AB		359,746		14,793,619
VNV Global AB(a)		237,305		2,052,081
Volati AB		39,477		779,824
Volvo AB, Class A		1,023,962		23,422,063
Volvo AB, Class B		7,333,416		165,488,935
Wallenstam AB, Class B		1,023,964		16,115,772
Wihlborgs Fastigheter AB		833,286		17,228,057
Xvivo Perfusion AB(a)(b)		50,131		1,411,232
				4,051,041,973
Switzerland — 9.4%
ABB Ltd., Registered		8,544,904		296,267,014

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Adecco Group AG, Registered		797,338	$	37,979,770
Alcon Inc.		2,590,509		199,750,552
Allreal Holding AG, Registered		69,036		14,979,498
ALSO Holding AG, Registered(a)		32,472		9,138,286
Arbonia AG		351,034		8,487,468
Aryzta AG(a)		5,594,185		6,422,008
Ascom Holding AG, Registered(a)		304,441		3,986,809
Autoneum Holding AG(a)		21,892		3,976,775
Bachem Holding AG, Class B, Registered		32,703		19,507,708
Baloise Holding AG, Registered		240,673		42,160,236
Banque Cantonale Vaudoise, Registered		161,794		13,377,701
Barry Callebaut AG, Registered		18,700		42,928,239
Basilea Pharmaceutica AG, Registered(a)(b)		89,673		4,355,485
Belimo Holding AG, Registered		48,566		26,819,134
BKW AG		130,813		15,605,462
Bobst Group SA, Registered(a)		14,141		1,200,885
Bossard Holding AG, Class A, Registered		39,536		12,395,484
Bucher Industries AG, Registered		42,494		19,565,733
Burckhardt Compression Holding AG		20,510		9,700,658
Bystronic AG, Registered		7,939		10,434,220
Cembra Money Bank AG		162,142		11,151,970
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		5,835		67,717,235
Chocoladefabriken Lindt & Spruengli AG, Registered		494		56,882,102
Cie. Financiere Richemont SA, Class A, Registered		2,701,864		392,672,154
Clariant AG, Registered		1,071,398		22,708,369
Coca-Cola HBC AG, Class DI		1,007,774		33,378,096
Coltene Holding AG, Registered		15,294		1,818,808
Comet Holding AG, Registered		42,793		13,651,671
Credit Suisse Group AG, Registered		13,742,291		130,626,108
Daetwyler Holding AG, Bearer		47,408		18,614,991
DKSH Holding AG		195,353		15,663,080
dormakaba Holding AG		17,679		10,122,947
Dufry AG, Registered(a)		369,668		19,156,949
EFG International AG(a)		628,592		4,814,592
Emmi AG, Registered		13,013		14,605,003
EMS-Chemie Holding AG, Registered		36,553		36,972,678
Flughafen Zurich AG, Registered(a)		99,916		18,486,107
Forbo Holding AG, Registered		6,645		12,793,050
Galenica AG(c)		284,880		20,119,344
Geberit AG, Registered		186,719		126,862,509
Georg Fischer AG, Registered		20,885		30,540,497
Givaudan SA, Registered		47,558		197,029,204
Gurit Holding AG, Bearer		344		535,086
Helvetia Holding AG, Registered		192,800		24,242,010
Holcim Ltd.		2,683,992		145,475,784
Huber + Suhner AG, Registered		111,408		10,142,825
Idorsia Ltd.(a)(b)		565,863		13,180,954
Implenia AG, Registered(a)		102,109		2,491,001
Inficon Holding AG, Registered		8,682		10,604,731
Interroll Holding AG, Registered		2,959		12,524,293
Intershop Holding AG		9,141		6,037,114
Julius Baer Group Ltd.		1,183,412		77,335,592
Kardex Holding AG, Registered		29,642		8,227,849
Komax Holding AG, Registered(a)		26,464		8,162,786
Kuehne + Nagel International AG, Registered		283,228		79,979,890
Landis+Gyr Group AG(a)		140,525		9,268,666
LEM Holding SA, Registered		1,260		3,152,667

Security	Shares		Value
Switzerland (continued)
Leonteq AG		22,272	$	1,601,093
Liechtensteinische Landesbank AG		12,194		735,601
Logitech International SA, Registered		902,207		75,812,024
Lonza Group AG, Registered		385,339		265,668,841
Medacta Group SA(a)(c)		27,390		3,499,677
Medartis Holding AG(a)(c)		1,364		187,456
Medmix AG(a)(c)		125,152		5,415,217
Meyer Burger Technology AG(a)(b)		11,666,197		4,515,025
Mobilezone Holding AG, Registered		464,151		7,253,434
Mobimo Holding AG, Registered		47,511		15,547,298
Molecular Partners AG(a)		35,685		978,676
Montana Aerospace AG(a)(c)		6,250		233,603
Nestle SA, Registered		14,507,623		1,873,489,557
Novartis AG, Registered		11,253,505		977,811,311
OC Oerlikon Corp. AG, Registered		1,181,383		11,470,628
Partners Group Holding AG		118,187		164,776,036
Peach Property Group AG		41,635		2,579,020
PolyPeptide Group AG(a)(c)		25,444		2,536,758
PSP Swiss Property AG, Registered		228,594		27,717,937
Relief Therapeutics Holding AG(a)(b)		10,923,476		789,805
Rieter Holding AG, Registered(a)		27,355		5,529,657
Roche Holding AG, Bearer		166,236		68,455,373
Roche Holding AG, NVS		3,620,285		1,401,047,220
Schindler Holding AG, Participation Certificates, NVS		207,454		52,067,622
Schindler Holding AG, Registered		109,996		27,595,006
Schweiter Technologies AG, Bearer		6,276		8,324,949
Sensirion Holding AG(a)(c)		31,749		3,892,660
SFS Group AG		104,367		15,226,929
SGS SA, Registered		30,508		86,995,752
Siegfried Holding AG, Registered		24,759		20,045,449
Siemens Energy AG(a)		2,038,054		45,841,652
SIG Combibloc Group AG(a)		1,652,226		38,387,635
Sika AG, Registered		735,493		257,329,937
Softwareone Holding AG(a)		477,884		9,389,269
Sonova Holding AG, Registered		287,737		102,503,421
St. Galler Kantonalbank AG, Class A, Registered		15,655		7,564,988
Stadler Rail AG(b)		261,092		12,424,479
Straumann Holding AG, Registered		55,044		91,212,504
Sulzer AG, Registered		125,281		11,991,325
Swatch Group AG (The), Bearer		147,264		42,960,170
Swatch Group AG (The), Registered		282,582		15,862,756
Swiss Life Holding AG, Registered		165,163		106,300,509
Swiss Prime Site AG, Registered		398,175		39,370,126
Swiss Re AG		1,540,729		167,874,518
Swiss Steel Holding AG, Registered(a)		603,789		206,916
Swisscom AG, Registered		130,962		74,854,596
Swissquote Group Holding SA, Registered		67,849		11,542,216
Tecan Group AG, Registered		69,819		33,946,854
Temenos AG, Registered		355,957		42,666,706
Trifork Holding AG, NVS(a)		4,942		191,862
TX Group AG(a)		2,792		439,296
u-blox Holding AG(a)		49,631		3,539,056
UBS Group AG, Registered		18,149,358		336,662,355
Valiant Holding AG, Registered		103,724		10,475,871
Valora Holding AG, Registered(a)		24,953		4,850,227
VAT Group AG(c)		146,791		59,862,445
Vetropack Holding AG, Registered		36,630		2,125,372
Vifor Pharma AG		248,724		44,060,715
Vontobel Holding AG, Registered		181,455		15,039,269

32 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
VZ Holding AG		77,337	$	7,235,869
Ypsomed Holding AG, Registered		25,910		4,843,059
Zehnder Group AG, Registered		87,364		7,996,595
Zur Rose Group AG(a)(b)		47,372		11,596,450
Zurich Insurance Group AG		770,075		368,333,217
				9,588,069,686
United Kingdom — 14.7%
3i Group PLC		4,990,172		92,935,969
888 Holdings PLC		2,071,945		7,151,971
AB Dynamics PLC		14,531		279,461
Abcam PLC(a)		1,105,819		19,854,325
Abrdn PLC		11,617,547		37,993,855
Aclara Resources Inc.(a)		12,149		11,970
Admiral Group PLC		1,011,970		43,029,697
Advanced Medical Solutions Group PLC		1,805,848		7,197,002
AG Barr PLC		586,247		3,902,794
Airtel Africa PLC(c)		4,343,526		8,908,449
AJ Bell PLC		1,433,359		6,536,541
Alliance Pharma PLC		441,643		643,859
Alpha FX Group PLC		132,241		3,139,068
Alphawave IP Group PLC(a)(b)		685,499		1,488,913
Anglo American PLC		6,688,544		294,867,667
Antofagasta PLC		2,020,417		36,754,082
AO World PLC(a)(b)		1,726,893		2,336,432
Argo Blockchain PLC(a)		2,149,306		2,267,110
Ascential PLC(a)		2,246,823		10,733,239
Ashmore Group PLC		2,239,604		8,584,866
Ashtead Group PLC		2,337,996		167,232,129
ASOS PLC(a)(b)		364,660		10,940,965
Associated British Foods PLC		1,846,717		48,745,761
Assura PLC		13,921,293		12,591,473
Aston Martin Lagonda Global Holdings PLC(a)(b)(c) .		360,243		5,847,249
AstraZeneca PLC		8,021,377		933,110,222
Atalaya Mining PLC		119,072		659,776
Auction Technology Group PLC(a)		369,345		5,324,966
Auto Trader Group PLC(c)		5,012,552		45,421,919
Avacta Group PLC(a)(b)		1,280,611		1,467,394
Avast PLC(c)		3,508,850		28,937,218
AVEVA Group PLC		648,816		25,746,198
Aviva PLC		20,317,481		119,954,375
Avon Protection PLC		167,897		2,562,882
B&M European Value Retail SA		4,563,730		34,947,290
Babcock International Group PLC(a)		1,397,366		5,723,914
BAE Systems PLC		16,674,784		130,492,749
Balfour Beatty PLC		3,653,717		12,524,704
Bank of Georgia Group PLC		219,795		4,339,440
Barclays PLC		87,378,949		234,421,779
Barratt Developments PLC		5,252,953		43,688,998
Beazley PLC(a)		3,082,222		20,463,488
Bellway PLC		640,269		24,636,984
Berkeley Group Holdings PLC		595,282		33,972,738
Biffa PLC(c)		1,237,523		5,682,743
Big Yellow Group PLC		878,213		17,645,756
Blue Prism Group PLC(a)		454,498		7,720,140
BMO Commercial Property Trust Ltd.		3,682,501		5,675,672
Bodycote PLC		1,046,570		11,255,077
boohoo Group PLC(a)(b)		5,334,725		7,738,045
BP PLC		104,544,497		541,950,489
Breedon Group PLC		7,698,197		8,852,072
Brewin Dolphin Holdings PLC		1,965,977		8,729,115

Security	Shares		Value
United Kingdom (continued)
Bridgepoint Group PLC(a)(c)		101,137	$	518,913
British American Tobacco PLC		11,268,389		481,103,592
British Land Co. PLC (The)		4,446,690		33,250,267
Britvic PLC		1,405,803		17,253,063
BT Group PLC		46,291,822		122,611,786
Bunzl PLC		1,752,277		65,634,980
Burberry Group PLC		2,108,359		53,486,832
Burford Capital Ltd.		1,094,201		9,940,593
Bytes Technology Group PLC		981,750		6,153,306
Capita PLC(a)		9,282,876		3,994,052
Capital & Counties Properties PLC		4,030,740		9,375,326
Capricorn Energy PLC(a)		3,104,769		8,656,240
Carnival PLC(a)(b)		825,476		15,148,058
Centamin PLC		7,220,596		8,701,743
Central Asia Metals PLC		146,934		438,697
Centrica PLC(a)		29,875,749		29,375,751
Ceres Power Holdings PLC(a)		519,107		4,340,354
Chemring Group PLC		1,444,928		5,352,862
Cineworld Group PLC(a)(b)		6,099,732		3,277,210
Civitas Social Housing PLC		3,128,687		4,060,498
Clarkson PLC		55,171		2,455,545
Clinigen Group PLC		784,459		9,627,509
Clipper Logistics PLC		357,181		3,247,318
Close Brothers Group PLC		738,454		12,832,218
CLS Holdings PLC		936,284		2,836,790
CMC Markets PLC(c)		522,129		1,615,085
Coats Group PLC		8,053,236		7,125,600
Coca-Cola Europacific Partners PLC		1,060,827		60,626,263
Compass Group PLC		9,215,622		209,449,194
Computacenter PLC		474,624		17,090,731
ContourGlobal PLC(c)		1,008,520		2,533,677
ConvaTec Group PLC(c)		8,210,187		19,492,003
Countryside Properties PLC(a)(c)		2,553,317		10,648,704
Craneware PLC		59,683		1,525,085
Cranswick PLC		291,084		14,424,679
Crest Nicholson Holdings PLC		1,784,903		7,705,653
Croda International PLC		726,312		78,440,207
Currys PLC		5,574,053		8,039,245
Custodian REIT PLC		2,073,210		2,955,555
CVS Group PLC		430,474		11,416,781
DCC PLC		515,674		43,359,683
Dechra Pharmaceuticals PLC		579,428		32,545,909
Deliveroo PLC(a)(c)		3,243,887		6,815,278
Derwent London PLC		493,090		22,784,018
Diageo PLC		12,082,099		609,679,111
Diploma PLC		676,780		25,401,619
Direct Line Insurance Group PLC		6,811,193		28,076,625
Diversified Energy Co. PLC		4,388,272		6,267,695
Domino’s Pizza Group PLC		2,494,969		13,080,016
dotdigital group PLC		1,369,594		2,724,134
Dr. Martens PLC		2,298,242		9,548,496
Drax Group PLC		2,349,829		19,144,206
DS Smith PLC		7,194,859		36,743,779
Dunelm Group PLC		632,734		11,402,665
easyJet PLC(a)		1,568,913		13,254,948
Electrocomponents PLC		2,386,119		36,127,815
Elementis PLC(a)		3,527,182		6,755,036
EMIS Group PLC		221,655		3,911,120
Empiric Student Property PLC		1,232,074		1,444,918
Energean PLC(a)		589,316		7,477,905

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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Entain PLC(a)		3,041,982	$	65,856,924
Ergomed PLC(a)		208,300		3,182,937
Essentra PLC		1,665,431		7,761,007
Eurasia Mining PLC(a)(b)		10,580,275		3,059,322
Euromoney Institutional Investor PLC		613,193		7,604,900
Evraz PLC		2,570,002		17,459,606
Experian PLC		4,782,380		199,749,892
FD Technologies PLC(a)(b)		74,724		1,628,040
Ferguson PLC		1,153,497		181,434,022
Ferrexpo PLC		1,658,396		5,446,478
Fevertree Drinks PLC		556,155		15,954,255
Firstgroup PLC(a)		3,853,531		5,307,072
Forterra PLC(c)		710,999		2,533,989
Frasers Group PLC(a)		1,332,332		13,234,591
Frontier Developments PLC(a)(b)		65,630		1,221,598
Funding Circle Holdings PLC(a)(c)		104,722		134,503
Future PLC		640,899		27,335,197
Games Workshop Group PLC		181,915		19,504,510
Gamma Communications PLC		414,031		8,709,200
GB Group PLC		1,110,055		9,911,423
Genuit Group PLC		1,323,409		10,259,368
Genus PLC		367,269		18,958,113
GlaxoSmithKline PLC		25,947,399		579,041,779
Go-Ahead Group PLC (The)(a)(d)		254,595		2,283,839
Grainger PLC		3,673,134		14,958,708
Great Portland Estates PLC		1,360,597		14,097,073
Greatland Gold PLC(a)		21,116,096		3,919,066
Greggs PLC		587,625		21,311,545
Gym Group PLC (The)(a)(c)		52,444		173,508
Halfords Group PLC		1,294,728		5,693,982
Halma PLC		1,973,110		66,875,936
Hammerson PLC(b)		16,724,586		8,816,672
Harbour Energy PLC(a)		2,148,550		10,484,072
Hargreaves Lansdown PLC		1,827,876		33,186,406
Hays PLC		8,421,314		16,410,050
Helical PLC		703,127		4,066,231
Hikma Pharmaceuticals PLC		901,103		25,314,817
Hill & Smith Holdings PLC		432,348		8,753,719
Hiscox Ltd.		1,759,328		23,125,243
Hochschild Mining PLC		1,602,979		2,246,253
Home Reit PLC		448,952		703,422
HomeServe PLC		1,544,164		15,916,237
Hotel Chocolat Group PLC(a)		46,571		298,761
Howden Joinery Group PLC		3,151,577		34,769,560
HSBC Holdings PLC		105,800,143		753,015,425
Hunting PLC		1,010,832		2,936,450
Ibstock PLC(c)		2,522,832		6,760,291
Ideagen PLC		431,979		1,574,424
IG Design Group PLC		62,547		80,755
IG Group Holdings PLC		1,878,698		20,682,245
IMI PLC		1,351,686		30,200,406
Impax Asset Management Group PLC		274,766		4,064,741
Imperial Brands PLC		4,872,273		115,520,869
Inchcape PLC		2,145,647		24,467,249
Indivior PLC(a)		3,908,046		11,897,678
Informa PLC(a)		7,644,868		57,828,597
IntegraFin Holdings PLC		1,536,741		10,256,634
InterContinental Hotels Group PLC(a)		941,591		62,214,102
Intermediate Capital Group PLC		1,512,379		39,058,069
Intertek Group PLC		833,594		60,494,290

Security	Shares		Value
United Kingdom (continued)
Investec PLC		3,528,922	$	20,146,962
IP Group PLC		5,115,959		6,723,920
IQE PLC(a)(b)		4,545,949		1,959,567
ITM Power PLC(a)(b)		2,304,161		8,550,921
ITV PLC(a)		18,119,957		27,717,162
IWG PLC(a)		3,903,945		15,036,071
J D Wetherspoon PLC(a)		529,409		6,427,905
J Sainsbury PLC		8,694,406		34,165,069
JD Sports Fashion PLC		13,455,495		34,502,129
JET2 PLC(a)		817,654		14,562,047
John Wood Group PLC(a)		3,579,165		10,774,502
Johnson Matthey PLC		988,865		26,114,621
Johnson Service Group PLC(a)		2,272,019		4,620,123
JTC PLC(c)		209,983		2,221,691
Judges Scientific PLC		2,602		266,656
Jupiter Fund Management PLC		2,523,659		7,829,303
Just Group PLC(a)		5,663,987		6,591,059
Kainos Group PLC		425,342		8,744,248
Kape Technologies PLC(a)		395,440		1,974,277
Keller Group PLC		460,604		5,285,165
Keywords Studios PLC		392,921		13,316,669
Kier Group PLC(a)		1,347,247		1,788,748
Kingfisher PLC		10,799,110		48,427,041
Lancashire Holdings Ltd		1,234,572		9,140,542
Land Securities Group PLC		3,539,794		38,018,940
Learning Technologies Group PLC		3,097,408		6,960,889
Legal & General Group PLC		30,787,255		120,376,863
Liontrust Asset Management PLC		252,834		5,515,389
Lloyds Banking Group PLC		365,739,980		253,812,872
London Stock Exchange Group PLC		1,703,577		166,803,040
LondonMetric Property PLC		4,399,857		15,853,030
Luceco PLC(c)		75,080		303,534
LXI REIT PLC		3,806,432		7,551,904
LXI REIT PLC		451,304		30,348
M&G PLC		13,354,925		39,086,078
Man Group PLC/Jersey		7,837,219		20,473,360
Marks & Spencer Group PLC(a)		9,949,019		29,443,209
Marshalls PLC		1,302,302		12,399,493
Marston’s PLC(a)		4,228,979		4,623,883
Mediclinic International PLC(a)		1,968,898		8,493,059
Meggitt PLC(a)		4,021,885		40,622,034
Melrose Industries PLC		22,672,628		46,184,498
Micro Focus International PLC		1,793,250		11,032,302
Mitchells & Butlers PLC(a)		1,249,835		4,240,962
Mitie Group PLC		6,744,206		5,464,743
Mondi PLC		2,472,982		61,871,981
Moneysupermarket.com Group PLC		2,846,373		7,273,872
Moonpig Group PLC(a)		786,477		3,341,653
Morgan Advanced Materials PLC		1,921,132		8,267,934
Morgan Sindall Group PLC		167,194		4,830,791
Naked Wines PLC(a)(b)		298,993		2,109,088
National Express Group PLC(a)		2,988,021		10,133,211
National Grid PLC		18,692,488		273,525,614
Natwest Group PLC		29,373,714		96,544,965
NCC Group PLC		990,644		2,548,776
Network International Holdings PLC(a)(c)		2,470,243		8,727,494
Next PLC		705,369		71,866,995
Ninety One PLC		1,892,932		6,603,814
NMC Health PLC(a)(d)		475,795		6
Ocado Group PLC(a)		2,550,850		51,975,033

34 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
On the Beach Group PLC(a)(c)		778,219	$	3,044,301
OSB Group PLC		2,196,188		16,315,383
Oxford Biomedica PLC(a)		241,949		2,760,715
Pagegroup PLC		1,816,688		14,334,898
Pantheon Resources PLC		1,971,700		2,133,276
Paragon Banking Group PLC		1,624,754		12,444,320
Pearson PLC		3,869,762		32,310,361
Penno Group PLC		1,445,557		21,181,159
Persimmon PLC		1,627,548		53,024,682
Petrofac Ltd.(a)(b)		2,289,839		3,682,285
Petropavlovsk PLC(a)		10,627,471		2,170,803
Pets at Home Group PLC		2,810,145		16,137,878
Phoenix Group Holdings PLC		3,617,785		32,387,897
Picton Property Income Ltd. (The)		941,054		1,306,123
Playtech PLC(a)		1,692,646		13,294,402
Polar Capital Holdings PLC		378,133		3,216,749
Premier Foods PLC		2,697,560		4,280,977
Primary Health Properties PLC		6,900,806		13,383,610
Provident Financial PLC(a)		1,334,227		5,620,065
Prudential PLC		13,508,635		227,697,794
PZ Cussons PLC		1,614,704		4,212,722
QinetiQ Group PLC		3,233,809		11,735,906
Quilter PLC(c)		9,686,184		17,986,444
Rank Group PLC(a)		1,315,581		2,777,839
Rathbones Group PLC		300,338		7,583,433
Reach PLC		1,514,170		5,315,021
Reckitt Benckiser Group PLC		3,689,711		298,948,146
Redde Northgate PLC		1,587,808		8,275,163
Redrow PLC		1,532,767		12,913,006
Regional REIT Ltd.(c)		132,198		159,030
RELX PLC		9,978,164		306,932,163
Renalytix PLC(a)(b)		239,106		1,543,553
Renewi PLC(a)		239,739		2,160,013
Renishaw PLC		207,102		12,788,497
Rentokil Initial PLC		9,677,457		67,768,659
Restaurant Group PLC (The)(a)		3,884,092		4,979,990
Restore PLC		93,846		586,892
Rightmove PLC		4,738,736		41,764,806
Rolls-Royce Holdings PLC(a)		43,288,301		67,853,560
Rotork PLC		4,463,794		20,516,145
Royal Mail PLC		4,163,808		24,881,490
RWS Holdings PLC		1,523,314		10,325,469
S4 Capital PLC(a)(b)		1,477,016		10,328,117
Sabre Insurance Group PLC(c)		661,829		2,020,512
Safestore Holdings PLC		1,336,927		22,922,112
Saga PLC(a)		536,774		2,083,588
Sage Group PLC (The)		5,592,155		54,646,399
Sanne Group PLC		947,964		11,665,484
Savills PLC		902,447		16,445,051
Schroders PLC		643,274		29,494,628
Secure Income REIT PLC		1,406,474		8,006,941
Segro PLC		6,305,383		111,162,329
Senior PLC(a)		2,610,642		4,725,748
Serco Group PLC		6,798,346		12,297,559
Serica Energy PLC		461,701		1,604,778
Severn Trent PLC		1,306,805		50,735,755
Shaftesbury PLC		1,261,990		10,596,424
Shell PLC		39,818,617		1,022,889,048
SIG PLC(a)		3,620,484		2,007,079
Smart Metering Systems PLC		651,906		6,470,400

Security	Shares		Value
United Kingdom (continued)
Smith & Nephew PLC		4,544,577	$	77,289,487
Smiths Group PLC		2,040,842		43,016,014
Softcat PLC		745,593		16,465,116
SolGold PLC(a)(b)		2,713,951		974,869
Spectris PLC		595,701		27,184,007
Spirax-Sarco Engineering PLC		384,994		69,397,363
Spire Healthcare Group PLC(a)(c)		906,767		2,918,270
Spirent Communications PLC		3,438,324		11,482,435
SSE PLC		5,361,822		115,365,065
SSP Group PLC(a)		4,049,487		15,024,661
St. James’s Place PLC		2,739,605		56,552,109
Stagecoach Group PLC(a)		2,444,565		2,993,446
Standard Chartered PLC		13,592,187		98,988,486
SThree PLC		660,894		4,196,453
Strix Group PLC		350,482		1,154,839
Synthomer PLC		1,824,398		9,007,015
Target Healthcare REIT PLC		430,680		666,072
Tate & Lyle PLC		2,407,396		23,027,339
Taylor Wimpey PLC		18,621,564		38,203,195
TBC Bank Group PLC		209,637		3,975,364
Team17 Group PLC(a)		546,446		5,217,896
Telecom Plus PLC		430,594		8,698,167
Tesco PLC		39,911,069		160,309,648
TI Fluid Systems PLC(c)		525,920		1,693,332
TORM PLC, Class A(a)(b)		169,453		1,211,912
TP ICAP Group PLC		4,406,873		8,354,134
Trainline PLC(a)(c)		2,450,033		7,380,908
Travis Perkins PLC		1,120,826		22,741,667
Tritax Big Box REIT PLC		8,875,732		28,470,156
Trustpilot Group PLC(a)(c)		565,812		1,408,861
Tullow Oil PLC(a)		6,200,256		4,196,411
Tyman PLC		446,723		2,258,131
UK Commercial Property REIT Ltd		874,924		967,570
Ultra Electronics Holdings PLC		380,132		14,913,799
Unilever PLC		13,482,525		691,408,796
UNITE Group PLC (The)		1,709,130		23,912,849
United Utilities Group PLC		3,503,643		50,543,105
Urban Logistics REIT PLC		2,425,920		5,725,896
Vesuvius PLC		1,238,754		7,676,959
Victoria PLC(a)		488,416		6,240,269
Victrex PLC		456,966		12,728,444
Virgin Money UK PLC(a)		7,164,121		18,543,824
Vistry Group PLC		1,200,724		16,647,682
Vivo Energy PLC(c)		1,295,411		2,306,670
Vodafone Group PLC		144,017,926		252,875,954
Volex PLC		621,414		2,516,354
Volution Group PLC		408,624		2,768,704
Warehouse REIT PLC(b)		829,149		1,857,793
Watkin Jones PLC		340,176		1,216,957
Weir Group PLC (The)		1,346,336		31,700,923
WH Smith PLC(a)		729,922		16,376,145
Whitbread PLC(a)		1,034,318		42,559,666
Wickes Group PLC		1,242,030		3,427,672
Workspace Group PLC		745,759		8,521,485
WPP PLC		6,208,170		97,347,312
Yellow Cake PLC(a)(c)		477,702		2,070,144
Yougov PLC		258,921		4,039,384
Young & Co’s Brewery PLC, Series A		114,049		2,308,436
				14,928,335,234

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) (continued) January 31, 2022 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States — 0.0%
Arko Corp.(a)		—	$	3
Total Common Stocks — 99.0% (Cost: $88,266,561,536)				100,700,479,965
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		288,388		24,958,872
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		59,461		3,454,330
Einhell Germany AG, Preference Shares, NVS		879		203,428
Fuchs Petrolub SE, Preference Shares, NVS		363,957		15,728,459
Henkel AG & Co. KGaA, Preference Shares, NVS		910,541		74,471,752
Jungheinrich AG, Preference Shares, NVS		285,578		12,211,698
Porsche Automobil Holding SE, Preference Shares, NVS		795,905		74,535,647
Sartorius AG, Preference Shares, NVS		138,763		74,915,006
Schaeffler AG, Preference Shares, NVS		134,359		998,754
Sixt SE, Preference Shares, NVS		79,106		7,147,264
STO SE & Co. KGaA, Preference Shares, NVS		9,104		2,284,822
Volkswagen AG, Preference Shares, NVS		949,978		197,853,997
				488,764,029
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		152,632		2,734,063
Total Preferred Stocks — 0.5% (Cost: $429,884,086)				491,498,092
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(a)(d)		1,250,293		625,768
Sacyr SA (Expires 02/02/22)(a)(d)		2,841,801		166,017
				791,785
Total Rights — 0.0% (Cost: $844,017)				791,785

Security	Shares		Value
Warrants
Italy — 0.0%
Webuild SpA (Expires 02/08/32)(a)(b)		128,748	$	2
Spain — 0.0%
Abengoa SA (Expires 03/25/31)(a)(b)		1,476,448		9,952
Total Warrants — 0.0% (Cost: $0)				9,954
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		1,106,121,020		1,106,452,856
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		12,300,000		12,300,000
				1,118,752,856
Total Short-Term Investments — 1.1% (Cost: $1,118,560,424)				1,118,752,856
Total Investments in Securities — 100.6% (Cost: $89,815,850,063)				102,311,532,652
Other Assets, Less Liabilities — (0.6)%				(633,029,238	)
Net Assets — 100.0%			$	101,678,503,414

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

36 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI EAFE ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	641,054,345	$	465,529,303	(a)	$	—		$	(51,792	)	$	(79,000	)	$	1,106,452,856		1,106,121,020	$	10,642,661	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		26,470,000		—			(14,170,000	)(a)		—			—			12,300,000		12,300,000		754			—
									$	(51,792	)	$	(79,000	)	$	1,118,752,856			$	10,643,415		$	—

^(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		745		03/10/22	$	124,152	$	(1,585,198	)
SPI 200 Index		457		03/17/22		55,705		(2,688,099	)
Euro STOXX 50 Index		3,941		03/18/22		185,237		(314,794	)
FTSE 100 Index		965		03/18/22		96,720		2,128,772
							$	(2,459,319	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,128,772
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	4,588,091

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	12,617,424
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,052,216

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) (continued) January 31, 2022 iShares^® Core MSCI EAFE ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	521,181,861

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
Investments
Assets
Common Stocks	$	2,011,724,706	$	98,686,471,396		$	2,283,863	$	100,700,479,965
Preferred Stocks		203,428		491,294,664			—		491,498,092
Rights		—		—			791,785		791,785
Warrants		—		9,954			—		9,954
Money Market Funds		1,118,752,856		—			—		1,118,752,856
	$	3,130,680,990	$	99,177,776,014		$	3,075,648	$	102,311,532,652
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	2,128,772		$	—	$	2,128,772
Liabilities
Futures Contracts		—		(4,588,091	)		—		(4,588,091	)
	$	—	$	(2,459,319	)	$	—	$	(2,459,319	)

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

See notes to financial statements.

38 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
Glencore PLC		4,416,408	$	23,007,778
Rio Tinto PLC		488,923		34,461,892
				57,469,670
Austria — 0.6%
ams-OSRAM AG(a)(b)		120,952		2,033,609
ANDRITZ AG		33,021		1,756,835
AT&S Austria Technologie & Systemtechnik AG		12,039		560,731
BAWAG Group AG(a)(c)		34,173		2,050,898
CA Immobilien Anlagen AG		37,701		1,370,191
Erste Group Bank AG		156,409		7,310,647
IMMOFINANZ AG(a)(b)		51,615		1,338,967
Lenzing AG(a)		8,086		992,536
Oesterreichische Post AG		19,092		801,365
OMV AG		70,954		4,342,695
Raiffeisen Bank International AG		68,324		1,920,399
S&T AG(b)		26,801		492,220
Schoeller-Bleckmann Oilfield Equipment AG(a)		14,107		594,803
Telekom Austria AG(a)		114,646		991,753
UNIQA Insurance Group AG		114,148		1,058,064
Verbund AG		30,756		3,257,372
voestalpine AG		51,064		1,697,629
Wienerberger AG		56,501		2,045,733
				34,616,447
Belgium — 1.5%
Ackermans & van Haaren NV		15,351		2,963,124
Aedifica SA		18,458		2,219,997
Ageas SA/NV		74,832		3,602,005
AGFA-Gevaert NV(a)		101,754		431,743
Akka Technologies(a)		8,142		444,841
Anheuser-Busch InBev SA/NV		329,513		20,772,862
Barco NV		33,139		684,368
Befimmo SA		14,596		547,241
Bekaert SA		20,536		956,090
bpost SA(a)		49,365		364,412
Cofinimmo SA		13,029		1,922,047
D’ieteren Group		11,699		2,038,367
Econocom Group SA/NV		94,725		378,811
Elia Group SA/NV		15,059		2,032,133
Etablissements Franz Colruyt NV		24,323		987,993
Euronav NV		103,218		850,332
Fagron		36,675		630,439
Galapagos NV(a)(b)		21,143		1,424,718
Groupe Bruxelles Lambert SA(b)		48,993		5,257,091
Intervest Offices & Warehouses NV		22,432		687,994
KBC Ancora		20,819		1,003,199
KBC Group NV		108,220		9,411,823
Kinepolis Group NV(a)		7,952		481,581
Melexis NV		9,517		997,884
Montea NV		5,451		754,011
Ontex Group NV(a)		36,077		264,193
Proximus SADP		68,559		1,400,014
Sofina SA		6,577		2,618,619
Solvay SA		31,672		3,816,133
Telenet Group Holding NV		20,658		793,030
UCB SA		54,598		5,432,786
Umicore SA		90,126		3,411,778
VGP NV		4,559		1,291,862

Security	Shares		Value
Belgium (continued)
Warehouses De Pauw CVA		62,249	$	2,678,035
				83,551,556
Denmark — 3.8%
ALK-Abello A/S(a)		3,977		1,679,367
Ambu A/S, Class B(b)		77,076		1,633,160
AP Moller - Maersk A/S, Class A		1,367		4,579,797
AP Moller - Maersk A/S, Class B, NVS		2,539		9,120,452
Bavarian Nordic A/S(a)		29,536		869,343
Carlsberg A/S, Class B		44,327		7,177,898
Chemometec A/S		9,507		985,682
Chr Hansen Holding A/S		45,158		3,621,465
Coloplast A/S, Class B		51,755		7,526,329
Danske Bank A/S		294,640		5,719,326
Demant A/S(a)		48,070		2,126,777
Dfds A/S(a)		18,775		916,527
DSV A/S		88,771		18,036,549
FLSmidth & Co. A/S		23,376		788,008
Genmab A/S(a)		29,137		9,922,008
GN Store Nord A/S		55,077		3,332,928
H Lundbeck A/S		40,575		1,032,389
ISS A/S(a)		83,057		1,564,815
Jyske Bank A/S, Registered(a)		27,563		1,623,523
Netcompany Group A/S(c)		19,581		1,438,503
NKT A/S(a)		21,182		891,753
Novo Nordisk A/S, Class B		737,648		73,372,553
Novozymes A/S, Class B		88,632		6,084,357
Orsted A/S(c)		82,023		8,739,140
Pandora A/S		44,395		4,827,500
Per Aarsleff Holding A/S		15,102		680,470
Ringkjoebing Landbobank A/S		18,456		2,429,540
Rockwool International A/S, Class B		3,857		1,477,270
Royal Unibrew A/S		23,022		2,646,732
Scandinavian Tobacco Group A/S, Class A(c)		46,611		1,004,801
Schouw & Co. A/S		15,479		1,309,090
SimCorp A/S		18,586		1,732,961
Spar Nord Bank A/S		58,819		845,842
Sydbank A/S		33,099		1,168,312
Topdanmark A/S		21,042		1,203,461
Tryg A/S		146,090		3,461,721
Vestas Wind Systems A/S		439,743		11,899,618
				207,469,967
Finland — 2.1%
Cargotec OYJ, Class B		20,112		1,004,132
Caverion OYJ		69,699		482,128
Elisa OYJ		61,690		3,623,782
Fortum OYJ		201,733		5,491,118
Huhtamaki OYJ		48,896		1,927,661
Kemira OYJ		57,302		842,288
Kesko OYJ, Class B		122,845		3,879,836
Kojamo OYJ		59,714		1,368,997
Kone OYJ, Class B		143,804		9,313,345
Konecranes OYJ		33,643		1,353,276
Metsa Board OYJ, Class B		103,983		1,120,996
Metso Outotec OYJ		284,794		3,054,304
Neles OYJ		48,058		675,441
Neste OYJ		186,044		8,390,495
Nokia OYJ(a)		2,370,809		14,138,613
Nokian Renkaat OYJ		61,531		2,080,361
Nordea Bank Abp		1,411,267		16,762,580

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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Orion OYJ, Class B		51,624	$	2,099,172
Outokumpu OYJ(a)		175,834		1,139,212
QT Group OYJ(a)		8,950		1,038,964
Revenio Group OYJ		15,637		816,388
Sampo OYJ, Class A		212,287		10,536,403
Sanoma OYJ		43,781		661,268
Stora Enso OYJ, Class R		252,786		5,145,976
TietoEVRY OYJ		49,153		1,462,622
Tokmanni Group Corp.		34,564		723,227
UPM-Kymmene OYJ		231,292		8,429,782
Uponor OYJ		39,106		867,725
Valmet OYJ		62,298		2,379,430
Wartsila OYJ Abp		205,997		2,543,323
				113,352,845
France — 16.0%
Accor SA(a)		80,706		2,966,054
Aeroports de Paris(a)		15,033		2,039,990
Air France-KLM(a)(b)		147,345		666,774
Air Liquide SA		205,205		35,102,211
Airbus SE(a)		257,883		32,929,910
ALD SA(c)		45,693		684,730
Alstom SA		139,295		4,515,905
Alten SA		14,308		2,333,723
Amundi SA(c)		25,797		2,005,364
Aperam SA		23,808		1,341,570
ArcelorMittal SA		297,560		8,838,731
Arkema SA		27,322		4,040,052
Atos SE		43,456		1,557,765
AXA SA		838,613		26,559,708
BioMerieux		18,141		2,127,266
BNP Paribas SA		489,597		34,952,028
Bollore SA		479,143		2,582,679
Bouygues SA		97,105		3,424,608
Bureau Veritas SA		126,356		3,615,340
Capgemini SE		71,090		15,982,195
Carrefour SA		273,105		5,197,622
CGG SA(a)		512,734		426,811
Cie. de Saint-Gobain		222,715		15,070,560
Cie. Generale des Etablissements Michelin SCA		74,363		12,442,700
Cie. Plastic Omnium SA		32,225		749,531
CNP Assurances		77,134		1,898,666
Coface SA(a)		72,197		955,162
Covivio		24,442		2,041,105
Credit Agricole SA		538,826		8,106,338
Danone SA		285,075		17,774,730
Dassault Aviation SA		12,246		1,455,344
Dassault Systemes SE		291,597		14,101,156
Edenred		109,611		4,708,050
Eiffage SA		36,113		3,794,508
Electricite de France SA		207,779		1,998,461
Elis SA(a)		95,470		1,744,014
Engie SA		785,441		12,081,498
Esker SA		2,902		784,774
EssilorLuxottica SA		126,133		23,862,525
Eurazeo SE		21,111		1,677,445
Eurofins Scientific SE		59,291		5,952,986
Europcar Mobility Group(a)(c)		1,534,516		871,630
Eutelsat Communications SA		76,895		953,482
Faurecia SE		51,270		2,272,699
Fnac Darty SA		11,022		654,180

Security	Shares		Value
France (continued)
Gaztransport Et Technigaz SA		10,652	$	977,234
Gecina SA		20,523		2,784,812
Getlink SE		193,211		3,047,877
Hermes International		13,857		20,805,163
ICADE		14,684		1,060,280
Imerys SA		19,847		912,077
Interparfums SA		13,916		1,057,373
Ipsen SA		17,480		1,700,817
IPSOS		28,771		1,314,637
JCDecaux SA(a)		35,520		972,329
Kering SA		32,954		24,608,887
Klepierre SA		93,007		2,473,824
Korian SA		36,640		803,260
La Francaise des Jeux SAEM(c)		44,371		1,837,120
Lagardere SA(a)		17,018		463,292
Legrand SA		115,829		11,788,268
L’Oreal SA		109,082		46,594,008
LVMH Moet Hennessy Louis Vuitton SE		121,488		99,787,475
McPhy Energy SA(a)(b)		12,880		241,062
Neoen SA(a)(b)(c)		17,759		631,517
Nexans SA		13,920		1,257,870
Nexity SA		26,237		1,098,589
Orange SA		864,880		10,160,137
Orpea SA		21,590		947,892
Pernod Ricard SA		91,068		19,479,385
Publicis Groupe SA		103,670		7,024,770
Quadient SA		22,683		463,537
Remy Cointreau SA		10,461		2,181,467
Renault SA(a)		90,829		3,609,764
Rexel SA(a)		115,910		2,583,589
Rubis SCA		40,506		1,311,292
Safran SA		148,900		18,027,206
Sanofi		496,353		51,899,667
Sartorius Stedim Biotech		12,417		5,444,992
Schneider Electric SE		234,824		39,778,085
SCOR SE		68,039		2,320,986
SEB SA		12,094		1,835,506
SES SA, Class A		177,342		1,364,475
Societe BIC SA		12,431		707,809
Societe Generale SA		356,926		13,249,211
Sodexo SA		38,234		3,555,901
SOITEC(a)(b)		10,465		1,910,574
Solutions 30 SE(a)(b)		45,679		360,425
Sopra Steria Group SACA		7,975		1,402,108
SPIE SA		59,336		1,376,271
Teleperformance		26,184		9,860,612
Thales SA		46,149		4,257,127
TotalEnergies SE		1,099,939		62,550,695
Trigano SA		5,254		995,438
Ubisoft Entertainment SA(a)		41,180		2,363,093
Unibail-Rodamco-Westfield(a)(b)		56,209		4,282,969
Valeo		100,495		2,812,715
Vallourec SA(a)		79,790		709,769
Valneva SE(a)(b)		38,701		668,964
Veolia Environnement SA		287,011		10,368,207
Verallia SA(c)		32,249		1,011,486
Vicat SA		18,700		774,933
Vinci SA		233,338		25,575,369
Virbac SA		2,256		907,574
Vivendi SE		338,274		4,433,205

40 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Wendel SE		12,351	$	1,341,520
Worldline SA/France(a)(c)		109,922		5,327,939
				885,297,015
Germany — 12.2%
Aareal Bank AG		28,239		909,649
adidas AG		83,382		22,881,454
ADLER Group SA(c)		40,241		475,943
AIXTRON SE		56,470		1,174,177
Allianz SE, Registered		178,876		45,926,863
alstria office REIT-AG		96,484		2,109,366
Amadeus Fire AG		3,658		681,859
Aroundtown SA		444,241		2,743,869
AURELIUS Equity Opportunities SE & Co. KGaA		17,191		548,666
Aurubis AG		17,282		1,801,531
BASF SE		399,246		30,577,807
Bayer AG, Registered		432,932		26,302,288
Bayerische Motoren Werke AG		144,814		15,327,534
Bechtle AG		40,839		2,452,071
Beiersdorf AG		43,453		4,321,988
Bilfinger SE		18,905		658,300
Brenntag SE		72,474		6,209,301
CANCOM SE		20,758		1,259,949
Carl Zeiss Meditec AG, Bearer		18,856		3,032,427
Commerzbank AG(a)		455,764		3,935,660
CompuGroup Medical SE & Co. KgaA		14,001		928,021
Continental AG(a)		48,388		4,691,222
Covestro AG(c)		88,502		5,309,499
CropEnergies AG		16,736		230,511
CTS Eventim AG & Co. KGaA(a)		29,265		2,080,370
Daimler AG, Registered		375,445		29,958,156
Daimler Truck Holding AG(a)		187,703		6,617,257
Delivery Hero SE(a)(c)		72,404		5,588,862
Dermapharm Holding SE		12,130		980,934
Deutsche Bank AG, Registered(a)		910,630		12,679,177
Deutsche Boerse AG		83,110		14,773,001
Deutsche EuroShop AG		28,147		527,767
Deutsche Lufthansa AG, Registered(a)		280,415		2,180,456
Deutsche Pfandbriefbank AG(c)		69,911		862,697
Deutsche Post AG, Registered		431,895		25,991,695
Deutsche Telekom AG, Registered		1,451,219		27,397,527
Draegerwerk AG & Co. KGaA		7,076		390,776
Duerr AG		28,691		1,269,730
E.ON SE		974,498		13,440,734
Eckert & Ziegler Strahlen- und Medizintechnik AG		9,642		840,520
Encavis AG		57,656		908,280
Evonik Industries AG		88,706		2,893,917
Evotec SE(a)		63,978		2,588,850
Fraport AG Frankfurt Airport Services Worldwide(a)(b)		17,725		1,210,736
Freenet AG		65,968		1,796,673
Fresenius Medical Care AG & Co. KGaA		90,497		6,153,196
Fresenius SE & Co. KGaA		184,399		7,612,056
GEA Group AG		68,436		3,233,268
Gerresheimer AG		16,476		1,478,565
Global Fashion Group SA(a)		46,480		212,378
Grand City Properties SA		48,173		1,063,166
GRENKE AG(b)		14,105		445,526
Hannover Rueck SE		25,370		5,118,198
HeidelbergCement AG		65,465		4,555,615
HelloFresh SE(a)		73,926		4,922,046
Henkel AG & Co. KGaA		47,782		3,775,302

Security	Shares		Value
Germany (continued)
HOCHTIEF AG		9,853	$	766,428
Hornbach Holding AG & Co. KGaA		6,331		969,902
Hugo Boss AG		29,620		1,876,383
Hypoport SE(a)		1,728		763,619
Indus Holding AG		16,342		627,060
Infineon Technologies AG		577,411		23,978,576
Jenoptik AG		27,883		1,020,473
K+S AG, Registered(a)		94,786		1,809,610
KION Group AG		28,779		2,660,713
Knorr-Bremse AG		30,293		3,071,396
Krones AG		9,073		901,036
LANXESS AG		37,406		2,277,472
LEG Immobilien SE		31,104		4,126,216
Merck KGaA		57,554		12,621,493
METRO AG		63,956		652,847
MorphoSys AG(a)(b)		21,360		684,020
MTU Aero Engines AG		23,539		5,008,844
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		60,525		19,161,301
Nagarro SE(a)		5,050		877,970
Nemetschek SE		26,596		2,458,325
Nordex SE(a)(b)		56,097		900,199
Norma Group SE		17,625		640,096
PATRIZIA AG		25,836		561,657
Pfeiffer Vacuum Technology AG		2,642		520,272
ProSiebenSat.1 Media SE		78,309		1,224,826
Puma SE		48,286		5,164,309
Rational AG		2,157		1,808,248
Rheinmetall AG		20,651		2,159,058
RWE AG		280,399		11,827,865
Salzgitter AG(a)		20,789		711,242
SAP SE		456,920		57,325,733
Scout24 SE(c)		41,031		2,451,374
Siemens AG, Registered		334,014		53,031,771
Siemens Healthineers AG(c)		126,824		8,149,996
Siltronic AG		8,712		1,137,650
Sirius Real Estate Ltd.		493,693		862,925
Sixt SE(a)		7,406		1,203,972
Software AG		27,715		1,067,180
Stabilus SA		14,766		994,365
Stratec SE		4,562		617,517
Stroeer SE & Co. KGaA		15,948		1,194,124
Suedzucker AG		42,746		598,478
Symrise AG		56,041		6,696,864
TAG Immobilien AG		67,148		1,773,266
TeamViewer AG(a)(c)		72,571		1,096,550
Telefonica Deutschland Holding AG		739,494		2,122,918
thyssenkrupp AG(a)		180,936		1,862,136
TUI AG(a)(b)		528,390		1,821,192
Uniper SE		59,735		2,702,996
United Internet AG, Registered		45,163		1,771,141
Varta AG(b)		8,790		957,759
VERBIO Vereinigte BioEnergie AG		12,226		779,296
Vitesco Technologies Group AG(a)		16,341		808,970
Volkswagen AG		14,286		4,136,912
Vonovia SE		320,367		18,246,752
Vossloh AG		9,499		457,943
Wacker Chemie AG		7,915		1,155,116
Zalando SE(a)(c)		99,772		7,918,694
				672,812,432

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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland — 1.1%
AIB Group PLC(a)		417,315	$	1,102,250
Bank of Ireland Group PLC(a)		457,907		3,086,235
C&C Group PLC(a)		242,099		720,876
Cairn Homes PLC(a)		580,760		812,959
CRH PLC		339,938		17,061,620
Dalata Hotel Group PLC(a)		112,335		535,100
Flutter Entertainment PLC, Class DI(a)		74,035		11,263,963
Glanbia PLC		102,156		1,403,125
Grafton Group PLC		115,298		1,812,326
Hibernia REIT PLC		477,215		681,626
Kerry Group PLC, Class A		69,533		8,760,988
Kingspan Group PLC		68,289		6,573,297
Smurfit Kappa Group PLC		109,393		5,765,626
				59,579,991
Israel — 0.0%
Plus500 Ltd.		45,056		894,635
Tremor International Ltd.(a)		55,008		387,515
				1,282,150
Italy — 3.5%
A2A SpA		812,834		1,544,046
ACEA SpA		28,179		569,511
Amplifon SpA		58,703		2,495,235
Anima Holding SpA(c)		167,012		844,724
Ascopiave SpA		103,534		422,920
Assicurazioni Generali SpA		479,808		10,097,437
Atlantia SpA(a)		216,444		4,016,178
Autogrill SpA(a)		103,469		776,989
Azimut Holding SpA		54,885		1,476,353
Banca Generali SpA		31,103		1,252,691
Banca Mediolanum SpA		125,695		1,221,869
Banca Popolare di Sondrio SCPA		259,590		1,091,895
Banco BPM SpA		669,727		2,087,913
BPER Banca		620,443		1,306,172
Brembo SpA		83,565		1,111,004
Brunello Cucinelli SpA(a)		19,496		1,132,194
Buzzi Unicem SpA		46,253		965,812
Credito Emiliano SpA		82,903		571,849
De’ Longhi SpA		33,171		1,143,123
DiaSorin SpA		11,169		1,721,828
Enav SpA(a)(c)		124,509		572,065
Enel SpA		3,584,436		27,587,962
Eni SpA		1,116,406		16,769,747
ERG SpA		35,606		1,038,270
Ferrari NV		55,240		12,731,306
FinecoBank Banca Fineco SpA		249,072		4,187,464
Gruppo MutuiOnline SpA		16,564		788,412
GVS SpA(c)		37,507		419,977
Hera SpA		567,299		2,358,475
Immobiliare Grande Distribuzione SIIQ SpA(a)		79,218		368,786
Infrastrutture Wireless Italiane SpA(c)		157,926		1,702,822
Interpump Group SpA		30,872		1,906,457
Intesa Sanpaolo SpA		7,184,229		21,350,368
Iren SpA		340,947		1,025,707
Italgas SpA		347,126		2,302,982
Juventus Football Club SpA(a)(b)		1,153,446		493,058
Leonardo SpA(a)		174,544		1,260,693
Mediobanca Banca di Credito Finanziario SpA		274,306		3,142,618
Moncler SpA		92,108		5,911,450
Nexi SpA(a)(c)		201,803		2,951,865

Security	Shares		Value
Italy (continued)
Pirelli & C SpA(c)		179,701	$	1,270,530
Poste Italiane SpA(c)		230,636		3,095,735
Prysmian SpA		115,752		3,903,334
Recordati Industria Chimica e Farmaceutica SpA		48,976		2,743,660
Reply SpA		11,282		1,895,948
Salvatore Ferragamo SpA(a)		32,188		689,749
Snam SpA		883,887		4,953,019
Tamburi Investment Partners SpA		121,402		1,236,052
Technogym SpA(c)		70,227		599,350
Telecom Italia SpA		4,331,816		2,041,496
Tenaris SA		220,374		2,690,086
Terna - Rete Elettrica Nazionale		603,414		4,741,272
Tod’s SpA(a)		6,640		357,875
UniCredit SpA		934,997		14,860,295
Unipol Gruppo SpA		234,054		1,316,726
				191,115,354
Netherlands — 7.6%
Aalberts NV		47,002		2,873,238
ABN AMRO Bank NV, CVA(c)		189,307		3,038,199
Adyen NV(a)(c)		8,741		17,787,038
Aegon NV		798,608		4,505,342
AerCap Holdings NV(a)		60,532		3,813,516
Akzo Nobel NV		81,646		8,450,986
Alfen Beheer BV(a)(c)		11,229		837,367
Arcadis NV		37,080		1,623,180
Argenx SE(a)		20,819		5,570,994
ASM International NV		20,982		7,209,003
ASML Holding NV		181,116		122,668,866
ASR Nederland NV		63,826		2,967,628
Basic-Fit NV(a)(b)(c)		29,054		1,386,089
BE Semiconductor Industries NV		32,891		2,757,856
Boskalis Westminster		41,744		1,181,769
CNH Industrial NV		455,958		6,949,754
Corbion NV		29,281		1,222,583
Davide Campari-Milano NV		227,578		2,857,310
Euronext NV(c)		37,846		3,648,820
EXOR NV		46,897		3,932,357
Flow Traders(c)		15,846		614,591
Heineken Holding NV		52,341		4,588,839
Heineken NV		113,236		12,144,181
IMCD NV		26,034		4,478,365
ING Groep NV		1,715,799		25,375,125
InPost SA(a)		86,963		705,989
Intertrust NV(a)(c)		46,700		1,015,186
Iveco Group NV, NVS(a)		98,464		1,047,566
JDE Peet’s NV		43,077		1,289,903
Just Eat Takeaway.com NV(a)(c)		45,289		2,236,409
Just Eat Takeaway.com NV(a)(b)(c)		32,489		1,593,993
Koninklijke Ahold Delhaize NV		454,864		14,748,783
Koninklijke DSM NV		75,901		14,228,432
Koninklijke KPN NV		1,488,202		4,908,844
Koninklijke Philips NV		399,026		13,272,916
Koninklijke Vopak NV		34,302		1,176,932
NN Group NV		125,485		7,022,407
NSI NV		17,197		713,107
OCI NV(a)		47,263		1,293,489
Pharming Group NV(a)(b)		583,777		536,379
PostNL NV		301,003		1,289,412
Prosus NV		410,192		34,126,277
QIAGEN NV(a)		101,842		5,034,279

42 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Randstad NV		52,622	$	3,423,254
Rhi Magnesita NV		19,233		887,114
SBM Offshore NV		70,442		1,114,836
Shop Apotheke Europe NV(a)(b)(c)		7,232		940,246
Signify NV(c)		57,767		3,059,855
Stellantis NV		891,758		17,218,839
STMicroelectronics NV		300,521		14,130,717
Technip Energies NV(a)		75,198		1,150,642
TKH Group NV		21,965		1,267,468
TomTom NV(a)		44,935		429,418
Universal Music Group NV		320,228		7,906,151
Wolters Kluwer NV		116,222		11,828,910
				422,080,749
Norway — 1.5%
Adevinta ASA(a)		121,440		1,274,069
Aker ASA, Class A		17,372		1,486,069
Aker BP ASA		56,397		1,954,112
Aker Carbon Capture ASA(a)		146,851		327,849
Atea ASA(a)		64,054		1,084,798
Austevoll Seafood ASA		75,777		1,003,590
Bakkafrost P/F		23,714		1,634,808
Borregaard ASA		59,380		1,396,629
BW Offshore Ltd.		81,147		248,228
Crayon Group Holding ASA(a)(c)		33,293		643,547
DNB Bank ASA		395,331		9,408,954
Entra ASA(c)		59,384		1,305,326
Equinor ASA		430,069		11,856,064
Gjensidige Forsikring ASA		88,659		2,165,628
Kahoot! ASA(a)(b)		138,329		555,386
Kongsberg Gruppen ASA		59,062		1,789,938
Leroy Seafood Group ASA		156,055		1,300,807
Mowi ASA		183,877		4,513,060
MPC Container Ships AS, NVS(a)		169,281		574,748
NEL ASA(a)(b)		702,001		953,142
Nordic Semiconductor ASA(a)		84,476		2,503,017
Norsk Hydro ASA		568,370		4,368,099
Norwegian Air Shuttle ASA(a)(b)		324,619		442,373
Nykode Therapeutics AS(a)		59,343		376,315
Orkla ASA		328,043		3,134,910
REC Silicon ASA(a)		180,572		317,070
Salmar ASA		28,829		1,965,654
Scatec ASA(c)		61,151		903,202
Schibsted ASA, Class A		34,714		1,028,388
Schibsted ASA, Class B		46,905		1,223,517
SpareBank 1 SMN		108,675		1,799,763
SpareBank 1 SR-Bank ASA		126,313		1,887,422
Storebrand ASA		213,865		2,280,095
Telenor ASA		287,156		4,745,694
TGS ASA		72,175		777,137
Tomra Systems ASA		52,762		2,637,840
Veidekke ASA		65,865		984,493
Yara International ASA		72,956		3,746,132
				80,597,873
Portugal — 0.3%
Banco Comercial Portugues SA, Class R(a)		4,813,142		817,918
EDP - Energias de Portugal SA		1,140,380		5,837,731
Galp Energia SGPS SA		224,412		2,474,430
Jeronimo Martins SGPS SA		119,650		2,875,315
Navigator Co. SA (The)		225,724		851,551

Security	Shares		Value
Portugal (continued)
REN - Redes Energeticas Nacionais SGPS SA		480,212	$	1,369,185
Sonae SGPS SA		1,014,712		1,165,905
				15,392,035
Spain — 3.6%
Acciona SA		11,402		1,986,057
Acerinox SA		78,398		999,043
ACS Actividades de Construccion y Servicios SA		103,621		2,616,078
Aena SME SA(a)(c)		32,640		5,274,056
Amadeus IT Group SA(a)		198,210		13,628,960
Applus Services SA		76,029		667,944
Banco Bilbao Vizcaya Argentaria SA		2,922,122		18,656,668
Banco de Sabadell SA(a)		2,521,882		1,961,402
Banco Santander SA		7,559,429		26,507,908
Bankinter SA		296,691		1,739,858
Befesa SA(c)		20,656		1,458,254
CaixaBank SA		1,956,209		6,293,867
Cellnex Telecom SA(c)		224,365		10,173,963
Cia. de Distribucion Integral Logista Holdings SA		31,307		633,404
Cie. Automotive SA		38,605		1,121,363
Corp Financiera Alba SA		13,298		782,552
Ebro Foods SA		36,035		667,169
EDP Renovaveis SA		125,089		2,629,553
Enagas SA		76,645		1,657,223
Endesa SA		150,733		3,374,697
Faes Farma SA		214,476		825,505
Ferrovial SA		208,851		5,803,668
Fluidra SA		45,996		1,464,610
Global Dominion Access SA(c)		95,207		470,283
Grifols SA		129,647		2,286,237
Grupo Catalana Occidente SA		26,562		895,828
Iberdrola SA		2,524,534		28,943,934
Iberdrola SA		40,406		461,209
Indra Sistemas SA(a)		83,668		852,511
Industria de Diseno Textil SA		476,536		14,453,049
Inmobiliaria Colonial Socimi SA		144,327		1,274,471
Lar Espana Real Estate Socimi SA		63,481		383,769
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		312,811		561,527
Mapfre SA		599,143		1,301,214
Merlin Properties Socimi SA		167,323		1,891,499
Miquel y Costas & Miquel SA		39,503		555,633
Naturgy Energy Group SA		84,427		2,673,152
Neinor Homes SA(c)		41,053		499,952
Prosegur Cia. de Seguridad SA		143,145		356,610
Red Electrica Corp. SA		130,938		2,639,477
Repsol SA		674,246		8,568,050
Sacyr SA		260,614		651,488
Siemens Gamesa Renewable Energy SA(a)		108,394		2,345,415
Solaria Energia y Medio Ambiente SA(a)		43,891		766,982
Telefonica SA		2,345,616		10,934,250
Unicaja Banco SA(c)		674,861		691,787
Viscofan SA		18,626		1,128,925
Zardoya Otis SA		98,459		780,768
				197,291,822
Sweden — 6.2%
AAK AB		88,918		1,665,556
AddTech AB, Class B		119,064		2,202,547
AFRY AB		50,979		1,143,371
Alfa Laval AB		137,921		4,659,137

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) (continued) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Arjo AB, Class B		117,012	$	1,169,409
Assa Abloy AB, Class B		436,591		11,954,774
Atlas Copco AB, Class A		293,169		17,351,511
Atlas Copco AB, Class B		169,498		8,668,599
Avanza Bank Holding AB		60,194		1,904,448
Axfood AB		57,529		1,465,461
Beijer Ref AB		114,899		2,005,446
BHG Group AB(a)		56,592		542,464
BICO Group AB, Class B(a)(b)		14,799		295,484
Bilia AB, Class A		42,325		635,215
BillerudKorsnas AB		98,173		1,560,949
Biotage AB		48,114		982,429
Boliden AB		121,739		4,929,520
Bonava AB, Class B		49,998		432,702
Bravida Holding AB(c)		116,516		1,394,168
Bure Equity AB		27,911		963,048
Calliditas Therapeutics AB, Class B(a)(b)		22,595		239,117
Castellum AB		113,817		2,680,817
Catena AB		16,734		949,884
Cint Group AB(a)		69,563		925,113
Corem Property Group AB, Class B		353,944		1,015,928
Dometic Group AB(c)		147,662		1,635,699
Electrolux AB, Class B		100,181		2,084,485
Electrolux Professional AB, Class B(a)		133,490		932,201
Elekta AB, Class B		163,047		1,668,657
Embracer Group AB(a)(b)		254,695		2,555,439
Epiroc AB, Class A		294,903		6,292,972
Epiroc AB, Class B		169,411		3,066,144
EQT AB		130,811		5,126,030
Essity AB, Class B		264,539		7,457,455
Evolution AB(c)		76,188		9,479,091
Fabege AB		117,710		1,756,218
Fastighets AB Balder, Class B(a)		45,547		3,017,436
Fingerprint Cards AB, Class B(a)(b)		166,175		332,595
Fortnox AB		270,485		1,390,899
Getinge AB, Class B		105,262		4,115,278
Granges AB		64,537		800,399
H & M Hennes & Mauritz AB, Class B		323,830		6,447,729
Hansa Biopharma AB(a)		24,339		194,095
Hexagon AB, Class B		866,324		11,685,038
Hexatronic Group AB		14,036		569,138
Hexpol AB		126,036		1,503,827
Holmen AB, Class B		46,275		2,247,562
Hufvudstaden AB, Class A		59,009		842,760
Humble Group AB(a)		90,378		232,272
Husqvarna AB, Class B		189,522		2,635,107
Industrivarden AB, Class A		58,855		1,860,519
Industrivarden AB, Class C		72,006		2,236,548
Indutrade AB		128,554		3,198,138
Instalco AB		127,273		925,187
Intrum AB		32,728		985,294
Investment AB Latour, Class B		67,621		2,103,957
Investor AB		217,176		4,940,597
Investor AB, Class B		812,323		17,637,097
JM AB		33,200		1,257,493
Kambi Group PLC, Class B(a)		14,626		379,191
Kindred Group PLC		113,792		1,321,972
Kinnevik AB, Class B(a)		104,840		3,133,522
L E Lundbergforetagen AB, Class B		33,734		1,723,691
Lifco AB, Class B		113,160		2,652,498

Security	Shares		Value
Sweden (continued)
Lindab International AB		45,742	$	1,327,949
Loomis AB		36,580		939,278
Lundin Energy AB		94,494		3,842,871
Millicom International Cellular SA, SDR(a)		47,698		1,273,243
MIPS AB		14,129		1,404,757
Modern Times Group MTG AB, Class B(a)		49,905		667,937
Munters Group AB(c)		88,063		618,582
Mycronic AB		38,987		797,694
NCC AB, Class B		47,411		783,788
Nibe Industrier AB, Class B		626,903		5,958,435
Nobia AB		84,143		459,777
Nolato AB, Class B		117,771		1,206,835
Nordic Entertainment Group AB, Class B(a)		35,099		1,358,912
Nordnet AB publ		57,063		889,330
Nyfosa AB		113,378		1,764,936
Pandox AB(a)		49,482		719,381
Paradox Interactive AB		21,466		444,911
Peab AB, Class B		98,232		1,104,133
PowerCell Sweden AB(a)		22,782		363,771
Ratos AB, Class B		144,152		756,688
Re:NewCell AB(a)		11,890		219,868
Saab AB, Class B		38,870		921,763
Sagax AB, Class B		73,323		2,140,312
Samhallsbyggnadsbolaget i Norden AB		406,355		2,450,777
Sandvik AB		491,864		12,953,002
SAS AB(a)		1,987,280		335,786
Scandic Hotels Group AB(a)(c)		94,744		399,732
Sdiptech AB, Class B(a)		14,704		609,464
Sectra AB(a)		64,555		1,063,336
Securitas AB, Class B		134,701		1,626,951
Sinch AB(a)(c)		230,809		2,372,931
Skandinaviska Enskilda Banken AB, Class A		704,929		9,112,505
Skanska AB, Class B		148,666		3,639,769
SKF AB, Class B		162,497		3,562,280
SSAB AB, Class A(a)		120,376		712,671
SSAB AB, Class B(a)		250,568		1,304,600
Stillfront Group AB(a)		138,129		672,321
Storytel AB(a)(b)		25,350		399,845
Subsea 7 SA		114,294		859,293
Surgical Science Sweden AB(a)		21,925		470,240
Svenska Cellulosa AB SCA, Class B		269,262		4,688,830
Svenska Handelsbanken AB, Class A		634,117		6,758,137
Sweco AB, Class B		91,830		1,290,910
Swedbank AB, Class A		392,947		7,693,198
Swedish Match AB		709,482		5,489,462
Tele2 AB, Class B		224,674		3,269,019
Telefonaktiebolaget LM Ericsson, Class B		1,285,738		16,053,845
Telia Co. AB		1,151,827		4,539,805
Thule Group AB(c)		55,198		2,664,211
Trelleborg AB, Class B		113,211		2,850,527
Troax Group AB		25,875		906,465
Vitec Software Group AB		15,243		685,761
Vitrolife AB		32,316		1,328,911
Volvo AB, Class A		86,753		1,984,384
Volvo AB, Class B		615,949		13,899,763
Wallenstam AB, Class B		87,796		1,381,787
Wihlborgs Fastigheter AB		73,134		1,512,034
				343,669,030
Switzerland — 14.7%
ABB Ltd., Registered		712,985		24,720,458

44 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Adecco Group AG, Registered		68,265	$	3,251,681
Alcon Inc.		219,242		16,905,446
Allreal Holding AG, Registered		10,234		2,220,583
ALSO Holding AG, Registered(a)		3,881		1,092,193
Arbonia AG		54,364		1,314,439
Aryzta AG(a)		559,779		642,615
Bachem Holding AG, Class B, Registered		3,162		1,886,169
Baloise Holding AG, Registered		20,066		3,515,090
Banque Cantonale Vaudoise, Registered		13,681		1,131,194
Barry Callebaut AG, Registered		1,547		3,551,336
Belimo Holding AG, Registered		4,453		2,459,037
BKW AG		11,387		1,358,423
Bossard Holding AG, Class A, Registered		3,373		1,057,516
Bucher Industries AG, Registered		3,711		1,708,675
Burckhardt Compression Holding AG		2,270		1,073,647
Bystronic AG, Registered		634		833,266
Cembra Money Bank AG		15,836		1,089,185
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		450		5,222,409
Chocoladefabriken Lindt & Spruengli AG, Registered		49		5,642,152
Cie. Financiere Richemont SA, Class A, Registered		229,629		33,372,854
Clariant AG, Registered		92,012		1,950,202
Coca-Cola HBC AG, Class DI		86,382		2,861,025
Comet Holding AG, Registered		4,285		1,366,985
Credit Suisse Group AG, Registered		1,139,550		10,831,890
Daetwyler Holding AG, Bearer		4,538		1,781,869
DKSH Holding AG		18,151		1,455,317
dormakaba Holding AG		1,548		886,381
Dufry AG, Registered(a)		37,101		1,922,649
Emmi AG, Registered		1,153		1,294,057
EMS-Chemie Holding AG, Registered		3,042		3,076,926
Flughafen Zurich AG, Registered(a)		10,004		1,850,905
Forbo Holding AG, Registered		579		1,114,699
Galenica AG(c)		33,647		2,376,283
Geberit AG, Registered		15,834		10,758,096
Georg Fischer AG, Registered		1,896		2,772,554
Givaudan SA, Registered		3,993		16,542,698
Helvetia Holding AG, Registered		17,151		2,156,508
Holcim Ltd.		227,023		12,304,936
Huber + Suhner AG, Registered		12,217		1,112,262
Idorsia Ltd.(a)(b)		62,394		1,453,377
Implenia AG, Registered(a)		8,149		198,799
Inficon Holding AG, Registered		997		1,217,797
Interroll Holding AG, Registered		301		1,274,016
Julius Baer Group Ltd.		97,374		6,363,359
Kardex Holding AG, Registered		4,021		1,116,125
Kuehne + Nagel International AG, Registered		23,893		6,747,071
Landis+Gyr Group AG(a)		11,138		734,634
Logitech International SA, Registered		76,563		6,433,552
Lonza Group AG, Registered		32,639		22,502,693
Medmix AG(a)(c)		17,203		744,359
Meyer Burger Technology AG(a)(b)		1,198,169		463,713
Mobimo Holding AG, Registered		5,398		1,766,419
Nestle SA, Registered		1,228,983		158,708,757
Novartis AG, Registered		953,076		82,812,288
OC Oerlikon Corp. AG, Registered		112,064		1,088,084
Partners Group Holding AG		9,847		13,728,664
PolyPeptide Group AG(a)(c)		4,852		483,743
PSP Swiss Property AG, Registered		18,879		2,289,154
Relief Therapeutics Holding AG(a)(b)		1,085,339		78,474

Security	Shares		Value
Switzerland (continued)
Roche Holding AG, Bearer		14,038	$	5,780,797
Roche Holding AG, NVS		306,159		118,483,273
Schindler Holding AG, Participation Certificates, NVS		17,927		4,499,389
Schindler Holding AG, Registered		8,008		2,008,989
Schweiter Technologies AG, Bearer		496		657,931
Sensirion Holding AG(a)(c)		5,070		621,619
SFS Group AG		9,072		1,323,586
SGS SA, Registered		2,574		7,339,946
Siegfried Holding AG, Registered		2,201		1,781,980
Siemens Energy AG(a)		176,828		3,977,366
SIG Combibloc Group AG(a)		147,721		3,432,133
Sika AG, Registered		62,123		21,735,227
Softwareone Holding AG(a)		51,858		1,018,885
Sonova Holding AG, Registered		24,373		8,682,637
St. Galler Kantonalbank AG, Class A, Registered		1,444		697,786
Stadler Rail AG(b)		23,406		1,113,812
Straumann Holding AG, Registered		4,595		7,614,299
Sulzer AG, Registered		11,196		1,071,630
Swatch Group AG (The), Bearer		12,796		3,732,877
Swatch Group AG (The), Registered		23,652		1,327,706
Swiss Life Holding AG, Registered		13,748		8,848,346
Swiss Prime Site AG, Registered		32,869		3,249,970
Swiss Re AG		129,689		14,130,634
Swisscom AG, Registered		11,291		6,453,652
Swissquote Group Holding SA, Registered		5,790		984,973
Tecan Group AG, Registered		5,359		2,605,612
Temenos AG, Registered		29,876		3,581,080
UBS Group AG, Registered		1,528,308		28,349,420
Valiant Holding AG, Registered		10,439		1,054,314
VAT Group AG(c)		12,429		5,068,637
Vifor Pharma AG		21,740		3,851,176
Vontobel Holding AG, Registered		15,731		1,303,809
VZ Holding AG		7,347		687,406
Zur Rose Group AG(a)		4,562		1,116,757
Zurich Insurance Group AG		65,529		31,343,061
				812,200,403
United Kingdom — 23.0%
3i Group PLC		420,831		7,837,473
888 Holdings PLC		187,170		646,076
Abcam PLC(a)		99,560		1,787,541
Abrdn PLC		909,140		2,973,238
Aclara Resources Inc.(a)		1,779		1,753
Admiral Group PLC		84,189		3,579,777
Airtel Africa PLC(c)		447,301		917,402
AJ Bell PLC		138,825		633,083
Anglo American PLC		568,272		25,052,543
Antofagasta PLC		175,942		3,200,620
AO World PLC(a)		166,732		225,583
Ascential PLC(a)		227,160		1,085,160
Ashmore Group PLC		208,594		799,584
Ashtead Group PLC		197,314		14,113,472
ASOS PLC(a)		31,207		936,310
Associated British Foods PLC		151,955		4,010,989
Assura PLC		1,288,120		1,165,073
Aston Martin Lagonda Global Holdings PLC(a)(c)		37,064		601,601
AstraZeneca PLC		679,186		79,008,305
Auction Technology Group PLC(a)		45,860		661,178
Auto Trader Group PLC(c)		426,624		3,865,911
Avast PLC(c)		302,588		2,495,420
AVEVA Group PLC		58,855		2,335,473

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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Aviva PLC		1,698,940	$	10,030,539
Avon Protection PLC		15,550		237,365
B&M European Value Retail SA		404,219		3,095,354
Babcock International Group PLC(a)		123,765		506,968
BAE Systems PLC		1,405,196		10,996,718
Balfour Beatty PLC		324,579		1,112,636
Barclays PLC		7,507,573		20,141,449
Barratt Developments PLC		450,571		3,747,415
Beazley PLC(a)		282,206		1,873,622
Bellway PLC		56,102		2,158,755
Berkeley Group Holdings PLC		49,836		2,844,140
Big Yellow Group PLC		85,626		1,720,466
Blue Prism Group PLC(a)		44,613		757,800
Bodycote PLC		90,919		977,766
boohoo Group PLC(a)		457,598		663,748
BP PLC		8,886,586		46,067,366
Breedon Group PLC		720,676		828,697
Brewin Dolphin Holdings PLC		174,735		775,839
British American Tobacco PLC		958,526		40,924,244
British Land Co. PLC (The)		405,728		3,033,844
Britvic PLC		130,370		1,599,998
BT Group PLC		3,915,410		10,370,631
Bunzl PLC		146,057		5,470,852
Burberry Group PLC		180,968		4,590,966
Burford Capital Ltd.		87,991		799,380
Bytes Technology Group PLC		111,344		697,870
Capita PLC(a)		761,154		327,494
Capital & Counties Properties PLC		387,310		900,866
Capricorn Energy PLC(a)		279,484		779,214
Carnival PLC(a)		76,981		1,412,655
Centamin PLC		581,162		700,375
Centrica PLC(a)		2,558,518		2,515,699
Ceres Power Holdings PLC(a)		66,281		554,188
Cineworld Group PLC(a)(b)		511,234		274,671
Clinigen Group PLC		65,191		800,076
Close Brothers Group PLC		66,526		1,156,032
CMC Markets PLC(c)		79,022		244,436
Coats Group PLC		839,238		742,568
Coca-Cola Europacific Partners PLC		92,103		5,263,686
Compass Group PLC		778,156		17,685,637
Computacenter PLC		41,989		1,511,982
ConvaTec Group PLC(c)		712,487		1,691,533
Countryside Properties PLC(a)(c)		230,646		961,918
Cranswick PLC		26,814		1,328,769
Crest Nicholson Holdings PLC		126,968		548,137
Croda International PLC		63,226		6,828,278
Currys PLC		601,425		867,412
CVS Group PLC		44,779		1,187,603
DCC PLC		46,559		3,914,844
Dechra Pharmaceuticals PLC		52,632		2,956,288
Deliveroo PLC(a)(c)		328,633		690,445
Derwent London PLC		48,697		2,250,123
Diageo PLC		1,023,725		51,658,553
Diploma PLC		63,286		2,375,317
Direct Line Insurance Group PLC		591,232		2,437,135
Diversified Energy Co. PLC		494,569		706,385
Domino’s Pizza Group PLC		209,830		1,100,046
Dr. Martens PLC		196,762		817,486
Drax Group PLC		221,345		1,803,312
DS Smith PLC		662,151		3,381,571

Security	Shares		Value
United Kingdom (continued)
Dunelm Group PLC		60,670	$	1,093,350
easyJet PLC(a)(b)		144,942		1,224,541
Electrocomponents PLC		216,926		3,284,439
Elementis PLC(a)		316,036		605,252
Energean PLC(a)		67,101		851,453
Entain PLC(a)		265,507		5,748,053
Essentra PLC		191,919		894,354
Eurasia Mining PLC(a)		1,104,288		319,309
Euromoney Institutional Investor PLC		61,258		759,730
Evraz PLC		247,027		1,678,207
Experian PLC		403,791		16,865,496
Ferguson PLC		96,986		15,254,968
Ferrexpo PLC		144,909		475,908
Fevertree Drinks PLC		50,580		1,450,974
Firstgroup PLC(a)(b)		612,867		844,039
Forterra PLC(c)		129,356		461,023
Frasers Group PLC(a)		127,424		1,265,754
Future PLC		55,761		2,378,281
Games Workshop Group PLC		16,146		1,731,137
Gamma Communications PLC		42,570		895,466
GB Group PLC		112,722		1,006,469
Genuit Group PLC		130,442		1,011,216
Genus PLC		29,847		1,540,677
GlaxoSmithKline PLC		2,200,295		49,101,751
Grainger PLC		355,642		1,448,339
Great Portland Estates PLC		125,796		1,303,366
Greatland Gold PLC(a)		2,222,271		412,445
Greggs PLC		50,658		1,837,227
Halfords Group PLC		120,098		528,170
Halma PLC		164,395		5,571,950
Hammerson PLC		1,491,902		786,483
Harbour Energy PLC(a)		198,906		970,582
Hargreaves Lansdown PLC		152,348		2,765,988
Hays PLC		781,722		1,523,289
Helical PLC		99,591		575,942
Helios Towers PLC(a)		365,928		755,921
Hikma Pharmaceuticals PLC		78,343		2,200,901
Hill & Smith Holdings PLC		49,085		993,821
Hiscox Ltd.		162,353		2,134,027
Hochschild Mining PLC		189,094		264,977
HomeServe PLC		131,279		1,353,138
Howden Joinery Group PLC		264,946		2,922,999
HSBC Holdings PLC		8,940,629		63,633,483
IG Design Group PLC		58,724		75,819
IG Group Holdings PLC		174,840		1,924,782
IMI PLC		126,345		2,822,897
Impax Asset Management Group PLC		38,948		576,176
Imperial Brands PLC		411,194		9,749,349
Inchcape PLC		183,776		2,095,635
Indivior PLC(a)		369,482		1,124,853
Informa PLC(a)		670,069		5,068,649
IntegraFin Holdings PLC		161,775		1,079,731
InterContinental Hotels Group PLC(a)		82,018		5,419,207
Intermediate Capital Group PLC		124,867		3,224,763
Intertek Group PLC		71,021		5,154,026
Investec PLC		332,723		1,899,548
IP Group PLC		554,189		728,372
ITM Power PLC(a)		217,291		806,384
ITV PLC(a)		1,642,134		2,511,888
IWG PLC(a)		365,123		1,406,274

46 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
J D Wetherspoon PLC(a)		47,558	$	577,433
J Sainsbury PLC		800,454		3,145,421
JD Sports Fashion PLC		1,300,163		3,333,834
JET2 PLC(a)		76,027		1,354,006
John Wood Group PLC(a)		314,080		945,487
Johnson Matthey PLC		83,242		2,198,311
Jupiter Fund Management PLC		211,697		656,761
Just Group PLC(a)		571,640		665,205
Kainos Group PLC		48,390		994,809
Keywords Studios PLC		40,933		1,387,279
Kingfisher PLC		936,864		4,201,231
Lancashire Holdings Ltd.		125,414		928,542
Land Securities Group PLC		325,107		3,491,792
Learning Technologies Group PLC		327,783		736,636
Legal & General Group PLC		2,578,132		10,080,387
Liontrust Asset Management PLC		42,554		928,284
Lloyds Banking Group PLC		31,060,982		21,555,415
London Stock Exchange Group PLC		145,001		14,197,543
LondonMetric Property PLC		501,044		1,805,301
M&G PLC		1,126,910		3,298,146
Man Group PLC/Jersey		663,244		1,732,609
Marks & Spencer Group PLC(a)		880,668		2,606,256
Marshalls PLC		102,126		972,363
Marston’s PLC(a)		349,164		381,769
Mediclinic International PLC(a)		204,594		882,539
Meggitt PLC(a)		350,023		3,535,319
Melrose Industries PLC		1,956,971		3,986,381
Micro Focus International PLC		170,629		1,049,731
Mitchells & Butlers PLC(a)		143,275		486,163
Mitie Group PLC		729,880		591,412
Mondi PLC		207,322		5,187,026
Moneysupermarket.com Group PLC		258,793		661,342
National Express Group PLC(a)		287,322		974,389
National Grid PLC		1,560,649		22,836,846
Natwest Group PLC		2,539,383		8,346,396
Network International Holdings PLC(a)(c)		225,301		796,000
Next PLC		59,842		6,097,042
Ninety One PLC		208,797		728,424
NMC Health PLC(a)(d)		42,009		1
Ocado Group PLC(a)		214,649		4,373,597
OSB Group PLC		261,623		1,943,586
Pagegroup PLC		169,031		1,333,769
Pantheon Resources PLC		333,182		360,485
Paragon Banking Group PLC		164,299		1,258,399
Pearson PLC		335,349		2,799,978
Penno Group PLC		123,363		1,807,588
Persimmon PLC		140,290		4,570,577
Petrofac Ltd.(a)(b)		206,020		331,300
Petropavlovsk PLC(a)		1,228,178		250,872
Pets at Home Group PLC		238,271		1,368,324
Phoenix Group Holdings PLC		306,984		2,748,247
Playtech PLC(a)		168,934		1,326,844
Primary Health Properties PLC		730,490		1,416,732
Provident Financial PLC(a)		133,397		561,898
Prudential PLC		1,136,374		19,154,404
QinetiQ Group PLC		273,171		991,372
Quilter PLC(c)		770,902		1,431,501
Rathbones Group PLC		27,689		699,138
Reach PLC		147,621		518,177
Reckitt Benckiser Group PLC		311,921		25,272,496

Security	Shares		Value
United Kingdom (continued)
Redde Northgate PLC		151,885	$	791,578
Redrow PLC		131,768		1,110,098
RELX PLC		844,834		25,987,419
Renalytix PLC(a)		20,432		131,899
Renishaw PLC		18,446		1,139,036
Rentokil Initial PLC		825,337		5,779,616
Restaurant Group PLC (The)(a)		401,385		514,636
Rightmove PLC		373,385		3,290,825
Rolls-Royce Holdings PLC(a)		3,654,019		5,727,603
Rotork PLC		393,470		1,808,436
Royal Mail PLC		367,087		2,193,586
RWS Holdings PLC		138,855		941,200
S4 Capital PLC(a)		161,801		1,131,403
Safestore Holdings PLC		120,636		2,068,349
Sage Group PLC (The)		475,954		4,651,011
Sanne Group PLC		97,659		1,201,775
Savills PLC		77,824		1,418,166
Schroders PLC		53,126		2,435,870
Segro PLC		528,038		9,309,178
Senior PLC(a)		277,053		501,518
Serco Group PLC		564,275		1,020,720
Severn Trent PLC		116,264		4,513,865
Shaftesbury PLC		99,302		833,799
Shell PLC		3,378,849		86,798,284
Smart Metering Systems PLC		57,506		570,768
Smith & Nephew PLC		380,199		6,466,033
Smiths Group PLC		174,853		3,685,478
Softcat PLC		61,475		1,357,568
Spectris PLC		53,188		2,427,162
Spirax-Sarco Engineering PLC		31,695		5,713,204
Spire Healthcare Group PLC(a)(c)		284,943		917,039
Spirent Communications PLC		332,190		1,109,363
SSE PLC		452,537		9,736,795
SSP Group PLC(a)		342,776		1,271,789
St. James’s Place PLC		228,555		4,717,931
Stagecoach Group PLC(a)		247,727		303,349
Standard Chartered PLC		1,181,374		8,603,650
Synthomer PLC		185,632		916,461
Tate & Lyle PLC		225,969		2,161,449
Taylor Wimpey PLC		1,578,425		3,238,228
Telecom Plus PLC		43,273		874,131
Tesco PLC		3,365,513		13,518,160
TP ICAP Group PLC		355,033		673,038
Trainline PLC(a)(c)		237,374		715,107
Travis Perkins PLC		96,452		1,957,020
Tritax Big Box REIT PLC		840,020		2,694,482
Ultra Electronics Holdings PLC		35,394		1,388,620
Unilever PLC		1,128,311		57,861,873
UNITE Group PLC (The)		162,284		2,270,555
United Utilities Group PLC		298,048		4,299,602
Vesuvius PLC		109,849		680,770
Victoria PLC(a)		48,312		617,260
Victrex PLC		40,211		1,120,047
Virgin Money UK PLC(a)		629,423		1,629,217
Vistry Group PLC		105,291		1,459,828
Vodafone Group PLC		12,120,638		21,282,197
Weir Group PLC (The)		119,711		2,818,724
WH Smith PLC(a)		64,580		1,448,883
Whitbread PLC(a)		94,739		3,898,279
Wickes Group PLC		149,792		413,386

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) January 31, 2022 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Workspace Group PLC		76,101	$	869,575
WPP PLC		542,506		8,506,774
Yougov PLC		51,753		807,390
				1,267,880,145
Total Common Stocks — 98.7% (Cost: $5,060,564,396)				5,445,659,484
Preferred Stocks
Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		25,454		2,202,946
Fuchs Petrolub SE, Preference Shares, NVS		36,051		1,557,950
Henkel AG & Co. KGaA, Preference Shares, NVS		79,182		6,476,174
Jungheinrich AG, Preference Shares, NVS		25,302		1,081,947
Porsche Automobil Holding SE, Preference Shares, NVS		69,154		6,476,198
Sartorius AG, Preference Shares, NVS		12,037		6,498,504
Sixt SE, Preference Shares, NVS		7,093		640,856
Volkswagen AG, Preference Shares, NVS		81,984		17,074,987
				42,009,562
Total Preferred Stocks — 0.8% (Cost: $41,030,976)				42,009,562
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(a)(d)		99,526		49,813
Sacyr SA (Expires 02/02/22)(a)(d)		250,279		14,621
				64,434
Total Rights — 0.0% (Cost: $68,657)				64,434

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		27,784,960	$	27,793,296
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		1,230,000		1,230,000
				29,023,296
Total Short-Term Investments — 0.5% (Cost: $29,016,723)				29,023,296
Total Investments in Securities — 100.0% (Cost: $5,130,680,752)				5,516,756,776
Other Assets, Less Liabilities — (0.0)%				(2,407,561	)
Net Assets — 100.0%			$	5,514,349,215

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	26,362,834	$	1,433,761	(a)	$	—	$	(897	)	$	(2,402	)	$	27,793,296		27,784,960	$	354,173	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		640,000		590,000	(a)		—		—			—			1,230,000		1,230,000		44			—
								$	(897	)	$	(2,402	)	$	29,023,296			$	354,217		$	—

^(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.

48 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Europe 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		358		03/18/22	$	16,827	$	(24,940	)
FTSE 100 Index		79		03/18/22		7,918		166,726
							$	141,786

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	166,726
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	24,940

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	912,800
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	263,658

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	25,422,421

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.

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) (continued) January 31, 2022 iShares^® Core MSCI Europe ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	79,968,071	$	5,365,691,412		$	1	$	5,445,659,484
Preferred Stocks		—		42,009,562			—		42,009,562
Rights		—		—			64,434		64,434
Money Market Funds		29,023,296		—			—		29,023,296
	$	108,991,367	$	5,407,700,974		$	64,435	$	5,516,756,776
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	166,726		$	—	$	166,726
Liabilities
Futures Contracts		—		(24,940	)		—		(24,940	)
	$	—	$	141,786		$	—	$	141,786

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

See notes to financial statements.

50 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.1%
Abacus Property Group		156,693	$	382,934
Adbri Ltd.		174,808		364,383
AGL Energy Ltd.		226,774		1,145,318
Allkem Ltd.(a)		221,002		1,439,089
ALS Ltd.		206,189		1,730,932
Altium Ltd.		53,797		1,375,269
Alumina Ltd.		1,209,408		1,634,241
AMP Ltd.(a)		1,141,986		711,833
Ampol Ltd.		88,525		1,875,225
Ansell Ltd.		26,774		509,026
APA Group		376,745		2,555,027
Appen Ltd.		55,247		381,404
ARB Corp. Ltd.		25,448		838,485
Aristocrat Leisure Ltd.		192,263		5,573,275
ASX Ltd.		65,701		3,896,629
Atlas Arteria Ltd.		315,147		1,462,883
Aurizon Holdings Ltd.		438,998		1,098,309
AusNet Services Ltd.		939,269		1,728,348
Australia & New Zealand Banking Group Ltd.		892,199		16,861,523
Bank of Queensland Ltd.		108,859		592,165
Bapcor Ltd.		99,409		498,101
Beach Energy Ltd.		666,178		703,704
Bega Cheese Ltd.		168,071		608,599
Bellevue Gold Ltd.(a)		814,293		449,882
Bendigo & Adelaide Bank Ltd.		217,917		1,331,005
BHP Group Ltd.(b)		922,749		29,593,071
BHP Group Ltd.		649,657		20,506,287
BlueScope Steel Ltd.		201,502		2,641,055
Boral Ltd.(a)		123,665		515,434
BrainChip Holdings Ltd.(a)		417,875		426,994
Brambles Ltd.		485,226		3,333,525
Bravura Solutions Ltd.		155,513		238,561
Breville Group Ltd.		37,538		764,511
BWP Trust		149,434		421,475
carsales.com Ltd.		43,338		685,488
Chalice Mining Ltd.(a)		224,707		1,245,320
Challenger Ltd.		169,076		690,654
Charter Hall Group		199,328		2,387,522
Charter Hall Long Wale REIT		249,120		852,180
Charter Hall Retail REIT		174,461		497,813
CIMIC Group Ltd.		67,389		787,250
Cleanaway Waste Management Ltd.		898,199		1,833,586
Cochlear Ltd.		18,555		2,544,501
Coles Group Ltd.		396,491		4,555,166
Commonwealth Bank of Australia		554,119		36,954,050
Computershare Ltd.		201,059		2,786,999
Corporate Travel Management Ltd.(a)		38,284		570,879
Credit Corp. Group Ltd.		28,077		677,452
Cromwell Property Group		558,604		333,245
Crown Resorts Ltd.(a)		153,526		1,322,795
CSL Ltd.		149,867		27,761,750
CSR Ltd.		157,114		625,874
De Grey Mining Ltd.(a)		1,244,964		1,008,666
Deterra Royalties Ltd.		301,410		919,508
Dexus		396,963		2,889,856
Domino’s Pizza Enterprises Ltd.		16,522		1,218,716
Downer EDI Ltd.		300,667		1,163,048
Eagers Automotive Ltd.		74,264		676,454

Security	Shares		Value
Australia (continued)
EML Payments Ltd.(a)		210,919	$	449,123
Endeavour Group Ltd./Australia		423,350		1,890,941
Evolution Mining Ltd.		527,221		1,324,606
Flight Centre Travel Group Ltd.(a)		51,275		608,237
Fortescue Metals Group Ltd.		519,776		7,298,748
GDI Property Group		179,645		131,221
Glencore PLC		3,143,133		16,374,508
Gold Road Resources Ltd.		556,511		529,833
Goodman Group		536,098		8,851,903
GPT Group (The)		703,243		2,492,050
GrainCorp Ltd., Class A		99,210		512,497
Growthpoint Properties Australia Ltd.		114,238		319,218
Harvey Norman Holdings Ltd.		186,662		650,582
Healius Ltd.		189,260		599,113
IDP Education Ltd.		54,883		1,147,184
IGO Ltd.		182,228		1,541,833
Iluka Resources Ltd.		136,280		1,013,368
Imugene Ltd.(a)		1,537,294		343,439
Incitec Pivot Ltd.		792,601		1,855,854
Ingenia Communities Group		117,038		457,700
Insignia Financial Ltd.		195,603		490,552
Insurance Australia Group Ltd.		758,346		2,287,455
InvoCare Ltd.		52,182		414,361
IPH Ltd.		91,989		533,767
IRESS Ltd.		59,114		478,222
James Hardie Industries PLC		139,839		4,706,313
JB Hi-Fi Ltd.		49,967		1,634,888
Lendlease Corp. Ltd.		208,239		1,473,612
Link Administration Holdings Ltd.		156,668		600,519
Liontown Resources Ltd.(a)(b)		617,608		625,518
Lynas Rare Earths Ltd.(a)		276,711		1,787,305
Macquarie Group Ltd.		108,460		14,176,969
Magellan Financial Group Ltd.		51,419		684,177
Medibank Pvt Ltd.		1,006,699		2,205,951
Megaport Ltd.(a)		73,360		705,706
Mesoblast Ltd.(a)(b)		265,871		213,634
Metcash Ltd.		276,705		776,571
Mineral Resources Ltd.		58,749		2,334,740
Mirvac Group		1,363,024		2,525,907
Monadelphous Group Ltd.		26,729		170,266
Nanosonics Ltd.(a)		96,708		351,514
National Australia Bank Ltd.		1,009,845		19,485,407
National Storage REIT		331,728		581,540
Newcrest Mining Ltd.		217,293		3,370,510
NEXTDC Ltd.(a)		125,781		965,113
nib holdings Ltd.		287,741		1,269,540
Nine Entertainment Co. Holdings Ltd.		392,410		732,330
Northern Star Resources Ltd.		388,884		2,317,719
Novonix Ltd.(a)(b)		120,424		649,434
Orica Ltd.		139,192		1,379,050
Origin Energy Ltd.		572,284		2,289,994
Orora Ltd.		296,053		728,928
OZ Minerals Ltd.		132,942		2,306,161
Pendal Group Ltd.		170,251		584,713
Perpetual Ltd.		18,527		433,010
Perseus Mining Ltd.		570,020		595,812
Pilbara Minerals Ltd.(a)		897,730		2,076,880
PointsBet Holdings Ltd.(a)		84,909		297,566
PolyNovo Ltd.(a)		345,070		322,269
Premier Investments Ltd.		29,429		603,818

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

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Pro Medicus Ltd.		22,136	$	714,858
Qantas Airways Ltd.(a)		183,671		628,641
QBE Insurance Group Ltd.		457,587		3,633,076
Qube Holdings Ltd.		152,187		314,064
Ramelius Resources Ltd.		459,826		440,724
Ramsay Health Care Ltd.		66,020		2,945,549
REA Group Ltd.		22,248		2,304,820
Reece Ltd.		98,583		1,521,963
Regis Resources Ltd.		283,062		344,307
Reliance Worldwide Corp. Ltd.		181,888		671,714
Rio Tinto Ltd.		115,399		9,174,875
Rio Tinto PLC		341,394		24,063,264
Sandfire Resources Ltd.		124,560		598,559
Santos Ltd.		1,042,375		5,309,578
Scentre Group		1,677,526		3,482,789
SEEK Ltd.		139,185		2,884,359
Seven Group Holdings Ltd.		62,976		973,862
Shopping Centres Australasia Property Group		326,676		652,665
Silver Lake Resources Ltd.(a)		643,000		677,130
Sims Ltd.		83,532		850,459
Sonic Healthcare Ltd.		160,132		4,312,403
South32 Ltd.		1,506,300		4,144,278
Southern Cross Media Group Ltd.		118,276		158,214
St. Barbara Ltd.		276,015		241,844
Star Entertainment Grp Ltd. (The)(a)		299,971		732,746
Steadfast Group Ltd.		528,742		1,739,954
Stockland		878,205		2,531,362
Suncorp Group Ltd.		432,586		3,397,484
Sydney Airport(a)		459,625		2,824,910
Tabcorp Holdings Ltd.		928,290		3,261,622
Technology One Ltd.		97,450		729,024
Telstra Corp. Ltd.		1,400,339		3,892,831
Transurban Group		985,396		8,705,210
Treasury Wine Estates Ltd.		225,033		1,691,400
United Malt Grp Ltd.		302,027		892,056
Uniti Group Ltd.(a)		401,237		1,198,487
Vicinity Centres		1,130,766		1,310,906
Viva Energy Group Ltd.(c)		312,923		477,035
Washington H Soul Pattinson & Co. Ltd.		53,089		1,030,665
Waypoint REIT		541,613		1,040,345
Webjet Ltd.(a)		115,410		404,024
Wesfarmers Ltd.		359,994		13,432,280
Westpac Banking Corp.		1,142,326		16,475,688
Whitehaven Coal Ltd.(a)		322,930		618,306
WiseTech Global Ltd.		43,773		1,425,658
Woodside Petroleum Ltd.		304,186		5,435,501
Woolworths Group Ltd.		412,175		10,054,788
Worley Ltd.		104,712		862,790
Zip Co. Ltd.(a)(b)		164,061		377,681
				487,323,721
Austria — 0.4%
ams-OSRAM AG(a)		89,832		1,510,377
ANDRITZ AG		12,530		666,641
BAWAG Group AG(a)(c)		14,287		857,437
CA Immobilien Anlagen AG		19,537		710,045
Erste Group Bank AG		108,636		5,077,710
IMMOFINANZ AG(a)(b)		25,979		673,932
Lenzing AG(a)		5,144		631,413
Oesterreichische Post AG		10,900		457,515
OMV AG		56,820		3,477,633

Security	Shares		Value
Austria (continued)
Raiffeisen Bank International AG		66,205	$	1,860,840
S IMMO AG		16,912		433,419
S&T AG(b)		17,291		317,562
Schoeller-Bleckmann Oilfield Equipment AG(a)		8,377		353,205
Telekom Austria AG(a)		56,323		487,226
UNIQA Insurance Group AG		43,174		400,190
Verbund AG		26,711		2,828,965
Vienna Insurance Group AG Wiener Versicherung Gruppe		11,845		346,939
voestalpine AG		32,786		1,089,975
Wienerberger AG		44,513		1,611,683
				23,792,707
Belgium — 0.8%
Ackermans & van Haaren NV		8,719		1,682,984
Aedifica SA		5,240		630,230
Ageas SA/NV		58,978		2,838,879
Anheuser-Busch InBev SA/NV		226,805		14,298,037
Barco NV		25,901		534,893
Befimmo SA		9,978		374,101
Bekaert SA		12,841		597,835
bpost SA(a)		52,590		388,219
Cie. d’Entreprises CFE		3,029		410,316
Cofinimmo SA		8,160		1,203,769
D’ieteren Group		7,651		1,333,067
Elia Group SA/NV		4,111		554,758
Etablissements Franz Colruyt NV		18,454		749,596
Euronav NV		59,939		493,790
Fagron		24,051		413,434
Galapagos NV(a)		17,408		1,173,035
Gimv NV		11,139		679,019
Groupe Bruxelles Lambert SA		36,835		3,952,502
KBC Ancora		11,288		543,932
KBC Group NV		78,185		6,799,698
Kinepolis Group NV(a)		5,588		338,415
Melexis NV		6,201		650,193
Montea NV		3,536		489,118
Ontex Group NV(a)		28,845		211,233
Proximus SADP		23,076		471,225
Retail Estates NV		3,015		242,828
Shurgard Self Storage SA		10,318		594,762
Sofina SA		3,009		1,198,027
Solvay SA		24,952		3,006,446
Telenet Group Holding NV		15,784		605,925
UCB SA		39,508		3,931,252
Umicore SA		66,836		2,530,120
VGP NV		4,272		1,210,536
Warehouses De Pauw CVA		28,742		1,236,519
				56,368,693
Canada — 10.6%
Agnico Eagle Mines Ltd.		65,663		3,136,058
Air Canada(a)		61,564		1,107,149
Alamos Gold Inc., Class A		56,872		387,901
Algonquin Power & Utilities Corp.		217,108		3,099,957
Alimentation Couche-Tard Inc.		257,499		10,385,850
Allied Properties REIT		33,224		1,169,106
AltaGas Ltd.		102,892		2,113,449
Altus Group Ltd.		12,958		621,931
ARC Resources Ltd.		256,317		3,002,447
Aritzia Inc.(a)		29,940		1,388,948

52 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Atco Ltd., Class I, NVS		24,089	$	811,463
ATS Automation Tooling Systems Inc.(a)		24,769		1,011,298
Aurora Cannabis Inc.(a)		74,436		310,943
B2Gold Corp.		360,333		1,298,293
Badger Infrastructure Solutions Ltd.		13,885		336,325
Ballard Power Systems Inc.(a)		78,498		818,852
Bank of Montreal		206,362		23,357,876
Bank of Nova Scotia (The)		377,106		27,162,668
Barrick Gold Corp.		550,559		10,537,781
Bausch Health Cos Inc.(a)		112,393		2,763,074
Baytex Energy Corp.(a)		256,865		953,784
BCE Inc.		26,441		1,381,176
BlackBerry Ltd.(a)(b)		151,872		1,249,720
Boardwalk REIT		12,721		559,818
Bombardier Inc., Class B(a)		1,118,102		1,486,522
Boralex Inc., Class A		26,504		689,106
Boyd Group Services Inc.		3,807		575,625
Brookfield Asset Management Inc., Class A		444,818		24,495,347
Brookfield Asset Management Reinsurance Partners Ltd., Class A		12,793		713,848
Brookfield Infrastructure Corp., Class A(b)		18,973		1,258,399
Brookfield Renewable Corp., Class A		39,094		1,337,527
BRP Inc.		12,382		1,029,114
CAE Inc.(a)		100,259		2,531,813
Cameco Corp.		140,584		2,732,825
Canada Goose Holdings Inc.(a)		19,396		595,086
Canadian Apartment Properties REIT		20,748		912,576
Canadian Imperial Bank of Commerce		142,567		17,902,328
Canadian National Railway Co.		220,897		26,923,315
Canadian Natural Resources Ltd.		374,161		19,032,569
Canadian Pacific Railway Ltd.		293,461		20,994,645
Canadian Tire Corp. Ltd., Class A, NVS		20,533		2,964,577
Canadian Utilities Ltd., Class A, NVS		21,204		616,028
Canadian Western Bank		42,331		1,286,431
Canfor Corp.(a)		23,088		524,550
Canopy Growth Corp.(a)(b)		77,611		623,990
Capital Power Corp.		17,220		534,827
CCL Industries Inc., Class B, NVS		54,625		2,855,979
Cenovus Energy Inc.		428,072		6,226,686
Centerra Gold Inc.		73,974		597,076
CGI Inc.(a)		77,053		6,578,737
Choice Properties REIT		51,433		587,101
CI Financial Corp.		57,339		1,064,097
Cineplex Inc.(a)(b)		25,216		257,288
Cogeco Communications Inc.		5,096		418,296
Colliers International Group Inc.		8,418		1,228,049
Cominar REIT		26,309		241,948
Constellation Software Inc.		6,631		11,420,824
Converge Technology Solutions Corp.(a)		108,577		851,601
Crescent Point Energy Corp.		197,594		1,273,095
Crombie REIT		21,500		292,778
Cronos Group Inc.(a)		68,272		252,969
Descartes Systems Group Inc. (The)(a)		19,422		1,413,009
Dollarama Inc.		98,330		5,073,724
Dream Industrial REIT		37,792		468,851
Dream Office REIT		9,072		175,424
Dye & Durham Ltd.		29,868		863,744
ECN Capital Corp.		66,445		279,130
Eldorado Gold Corp.(a)		61,129		535,236
Element Fleet Management Corp.		187,776		1,912,992

Security	Shares		Value
Canada (continued)
Emera Inc.		85,937	$	4,071,892
Empire Co. Ltd., Class A, NVS		72,337		2,231,882
Enbridge Inc.		646,051		27,312,891
Enerplus Corp.		130,008		1,505,501
Enghouse Systems Ltd.		17,237		607,224
Equinox Gold Corp.(a)		91,884		526,951
ERO Copper Corp.(a)		22,847		284,520
Fairfax Financial Holdings Ltd.		9,522		4,597,887
Finning International Inc.		59,821		1,667,825
First Majestic Silver Corp.		67,404		684,566
First Quantum Minerals Ltd.		198,874		4,898,513
FirstService Corp.		14,483		2,309,373
Fortis Inc.		149,789		7,115,022
Franco-Nevada Corp.		60,166		7,955,080
George Weston Ltd.		28,158		3,070,654
GFL Environmental Inc.		58,643		1,926,548
Gibson Energy Inc.		51,168		984,596
Gildan Activewear Inc.		69,087		2,750,110
goeasy Ltd.		5,936		688,233
Granite REIT		18,773		1,424,867
Great-West Lifeco Inc.		108,690		3,395,414
H&R Real Estate Investment Trust		49,438		502,489
Home Capital Group Inc.(a)		19,072		540,435
Hudbay Minerals Inc.		83,588		600,369
Hut 8 Mining Corp.(a)		49,861		294,973
Hydro One Ltd.(c)		122,032		3,152,681
iA Financial Corp. Inc.		40,674		2,646,538
IAMGOLD Corp.(a)		139,247		339,587
IGM Financial Inc.		21,154		743,215
Imperial Oil Ltd.		86,557		3,541,541
Innergex Renewable Energy Inc.		41,426		607,792
Intact Financial Corp.		51,009		6,911,285
Interfor Corp.		20,862		621,683
InterRent REIT		29,773		373,348
Ivanhoe Mines Ltd., Class A(a)		175,622		1,504,562
Keyera Corp.		78,035		1,836,154
Killam Apartment REIT		30,181		519,261
Kinaxis Inc.(a)		6,065		786,687
Kinross Gold Corp.		378,037		2,043,122
Kirkland Lake Gold Ltd.		94,518		3,560,179
Knight Therapeutics Inc.(a)		32,998		144,073
Labrador Iron Ore Royalty Corp.		17,437		537,040
Laurentian Bank of Canada		14,701		511,641
LifeWorks Inc.		22,930		496,608
Lightspeed Commerce Inc.(a)		35,546		1,153,780
Linamar Corp.		15,925		882,599
Lithium Americas Corp.(a)(b)		46,936		1,229,201
Loblaw Companies Ltd.		59,482		4,589,073
Lundin Mining Corp.		257,798		2,147,725
MAG Silver Corp.(a)		26,424		358,792
Magna International Inc.		95,055		7,658,091
Manulife Financial Corp.		613,185		12,768,758
Maple Leaf Foods Inc.		29,310		712,949
MEG Energy Corp.(a)		107,933		1,285,533
Methanex Corp.		24,695		1,123,480
Metro Inc.		77,797		4,161,128
MTY Food Group Inc.		10,471		468,215
National Bank of Canada		114,559		9,165,441
NexGen Energy Ltd.(a)		292,956		1,205,334
NFI Group Inc.		25,091		377,011

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
North West Co. Inc. (The)		15,819	$	436,185
Northland Power Inc.		77,609		2,247,404
NorthWest Healthcare Properties REIT		54,200		570,504
Novagold Resources Inc.(a)		73,074		481,737
Nutrien Ltd.		184,217		12,866,133
Nuvei Corp.(a)(c)		18,441		1,123,883
OceanaGold Corp.(a)		231,422		356,832
Onex Corp.		32,135		2,308,340
Open Text Corp.		94,363		4,516,418
Osisko Gold Royalties Ltd.		47,456		524,157
Pan American Silver Corp.		77,753		1,682,716
Parex Resources Inc.		83,702		1,780,515
Parkland Corp.		52,187		1,387,657
Pason Systems Inc.		28,900		286,692
Pembina Pipeline Corp.		181,334		5,757,495
Power Corp. of Canada		186,741		6,002,625
PrairieSky Royalty Ltd.		105,669		1,359,985
Premium Brands Holdings Corp.		6,661		628,712
Pretium Resources Inc.(a)		77,886		1,057,556
Primo Water Corp.		71,967		1,200,818
Prinmaris REIT, NVS		21,668		241,542
Quebecor Inc., Class B		67,023		1,584,952
Real Matters Inc.(a)		27,482		127,124
Restaurant Brands International Inc.		83,082		4,647,076
Richelieu Hardware Ltd.		19,884		781,814
RioCan REIT		62,945		1,095,837
Ritchie Bros Auctioneers Inc.		40,306		2,456,759
Rogers Communications Inc., Class B, NVS		119,707		6,071,282
Royal Bank of Canada		438,918		50,043,178
Russel Metals Inc.		30,380		758,096
Sandstorm Gold Ltd.		69,413		416,647
Saputo Inc.		91,398		2,048,483
Seabridge Gold Inc.(a)		32,320		518,432
Shaw Communications Inc., Class B, NVS		149,205		4,447,451
Shopify Inc., Class A(a)		35,524		34,288,771
Sienna Senior Living Inc.		64,311		747,761
SilverCrest Metals Inc.(a)		80,609		607,508
SmartCentres Real Estate Investment Trust		30,589		739,728
SNC-Lavalin Group Inc.		43,395		956,899
Spin Master Corp.(a)(c)		9,856		338,833
SSR Mining Inc.		47,961		789,697
Stantec Inc.		23,910		1,268,341
Stella-Jones Inc.		17,150		537,645
Summit Industrial Income REIT		57,795		982,081
Sun Life Financial Inc.		189,906		10,755,090
Suncor Energy Inc.		482,938		13,798,771
Superior Plus Corp.		50,023		508,435
TC Energy Corp.		303,055		15,649,239
Teck Resources Ltd., Class B		156,102		4,821,276
TELUS Corp.		137,597		3,237,640
TFI International Inc.		31,485		3,030,476
Thomson Reuters Corp.		52,019		5,584,323
TMX Group Ltd.		22,058		2,243,889
Torex Gold Resources Inc.(a)		35,956		352,446
Toromont Industries Ltd.		29,862		2,520,469
Toronto-Dominion Bank (The)		565,088		45,259,497
Tourmaline Oil Corp.		107,419		3,829,783
TransAlta Corp.		92,947		1,008,330
TransAlta Renewables Inc.		36,617		500,364
Transcontinental Inc., Class A		23,578		391,375

Security	Shares		Value
Canada (continued)
Tricon Residential Inc.		76,259	$	1,117,653
Wesdome Gold Mines Ltd.(a)		61,506		528,860
West Fraser Timber Co. Ltd.		25,078		2,321,266
Wheaton Precious Metals Corp.		140,377		5,659,695
Whitecap Resources Inc.		219,146		1,546,426
Winpak Ltd.		14,872		441,077
WSP Global Inc.		38,315		5,109,069
Yamana Gold Inc.		357,117		1,474,936
				730,470,157
Denmark — 2.2%
ALK-Abello A/S(a)		1,777		750,373
Ambu A/S, Class B(b)		43,046		912,100
AP Moller - Maersk A/S, Class A		964		3,229,645
AP Moller - Maersk A/S, Class B, NVS		1,837		6,598,767
Bavarian Nordic A/S(a)(b)		26,167		770,182
Carlsberg A/S, Class B		34,718		5,621,907
Chemometec A/S		10,685		1,107,817
Chr Hansen Holding A/S		34,839		2,793,928
Coloplast A/S, Class B		37,725		5,486,055
Danske Bank A/S		225,729		4,381,678
Demant A/S(a)		43,323		1,916,754
Dfds A/S(a)		12,120		591,654
Drilling Co. of 1972 A/S (The)(a)(b)		9,218		359,560
DSV A/S		63,344		12,870,275
FLSmidth & Co. A/S		22,234		749,511
Genmab A/S(a)		21,431		7,297,887
GN Store Nord A/S		47,235		2,858,377
H Lundbeck A/S		25,849		657,701
ISS A/S(a)		59,313		1,117,472
Jyske Bank A/S, Registered(a)		28,202		1,661,161
Netcompany Group A/S(c)		12,168		893,913
NKT A/S(a)		15,174		638,819
Novo Nordisk A/S, Class B		527,562		52,475,667
Novozymes A/S, Class B		67,807		4,654,775
Orsted A/S(c)		60,608		6,457,479
Pandora A/S		34,381		3,738,581
Ringkjoebing Landbobank A/S		7,042		927,006
Rockwool International A/S, Class B		2,104		805,853
Royal Unibrew A/S		19,716		2,266,657
Schouw & Co. A/S		6,222		526,207
SimCorp A/S		14,415		1,344,057
Sydbank A/S		19,063		672,876
Topdanmark A/S		13,383		765,418
Tryg A/S		71,338		1,690,411
Vestas Wind Systems A/S		326,880		8,845,501
Zealand Pharma A/S(a)(b)		16,453		320,529
				148,756,553
Finland — 1.2%
Admicom OYJ		4,236		360,727
Cargotec OYJ, Class B		12,966		647,354
Citycon OYJ		31,697		253,698
Elisa OYJ		49,051		2,881,344
Fortum OYJ		157,767		4,294,375
Huhtamaki OYJ		42,125		1,660,723
Kemira OYJ		32,312		474,957
Kesko OYJ, Class B		96,452		3,046,261
Kojamo OYJ		41,921		961,077
Kone OYJ, Class B		105,733		6,847,709
Konecranes OYJ		18,081		727,301

54 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Metsa Board OYJ, Class B		53,947	$	581,580
Metso Outotec OYJ		199,438		2,138,894
Neles OYJ		47,968		674,176
Neste OYJ		138,414		6,242,405
Nokia OYJ(a)		1,711,403		10,206,164
Nokian Renkaat OYJ		56,753		1,918,817
Nordea Bank Abp		992,778		11,791,901
Orion OYJ, Class B		42,964		1,747,033
Outokumpu OYJ(a)		107,195		694,506
QT Group OYJ(a)		10,160		1,179,427
Sampo OYJ, Class A		144,383		7,166,135
Stora Enso OYJ, Class R		211,827		4,312,172
TietoEVRY OYJ		25,633		762,749
UPM-Kymmene OYJ		178,178		6,493,963
Uponor OYJ		26,156		580,377
Valmet OYJ		31,262		1,194,031
Wartsila OYJ Abp		112,938		1,394,378
YIT OYJ		40,781		202,589
				81,436,823
France — 9.2%
ABC arbitrage		11,406		90,980
Accor SA(a)		58,183		2,138,303
Aeroports de Paris(a)		7,574		1,027,798
Air France-KLM(a)(b)		84,005		380,145
Air Liquide SA		148,828		25,458,404
Airbus SE(a)		182,124		23,256,000
ALD SA(c)		73,832		1,106,405
Alstom SA		89,735		2,909,184
Alten SA		11,085		1,808,032
Amundi SA(c)		21,468		1,668,843
Aperam SA		16,799		946,616
ArcelorMittal SA		211,117		6,271,025
Arkema SA		20,303		3,002,166
Atos SE		27,701		992,996
AXA SA		608,884		19,283,962
BioMerieux		13,744		1,611,661
BNP Paribas SA		352,365		25,155,120
Bollore SA		283,070		1,525,806
Bouygues SA		53,441		1,884,707
Bureau Veritas SA		96,518		2,761,605
Capgemini SE		50,483		11,349,404
Carrefour SA		195,498		3,720,638
Casino Guichard Perrachon SA(a)		21,609		477,969
CGG SA(a)		206,781		172,129
Cie. de Saint-Gobain		163,234		11,045,631
Cie. Generale des Etablissements Michelin SCA		55,766		9,330,979
Cie. Plastic Omnium SA		41,178		957,771
CNP Assurances		68,487		1,685,819
Coface SA(a)		30,535		403,976
Covivio		16,405		1,369,950
Credit Agricole SA		390,864		5,880,332
Danone SA		205,782		12,830,727
Dassault Aviation SA		7,992		949,789
Dassault Systemes SE		209,211		10,117,103
Edenred		82,758		3,554,651
Eiffage SA		23,040		2,420,886
Electricite de France SA		156,174		1,502,114
Elior Group SA(a)(c)		119,008		717,871
Elis SA(a)		65,906		1,203,949
Engie SA		564,607		8,684,673

Security	Shares		Value
France (continued)
Esker SA		2,891	$	781,799
EssilorLuxottica SA		90,994		17,214,738
Eurazeo SE		6,473		514,334
Eurofins Scientific SE		39,473		3,963,202
Europcar Mobility Group(a)(c)		963,993		547,564
Eutelsat Communications SA		66,047		818,969
Faurecia SE		42,494		1,883,676
Fnac Darty SA		15,728		933,492
Gaztransport Et Technigaz SA		6,457		592,377
Gecina SA		12,833		1,741,338
Getlink SE		111,946		1,765,933
Hermes International		9,932		14,912,093
ICADE		8,855		639,388
Imerys SA		16,896		776,462
Ipsen SA		14,016		1,363,767
IPSOS		25,806		1,179,157
JCDecaux SA(a)		42,728		1,169,641
Kering SA		23,862		17,819,302
Klepierre SA		67,687		1,800,356
Korian SA		24,811		543,932
La Francaise des Jeux SAEM(c)		29,347		1,215,072
Lagardere SA(a)		10,247		278,961
Legrand SA		84,254		8,574,785
L’Oreal SA		78,599		33,573,298
LVMH Moet Hennessy Louis Vuitton SE		87,040		71,492,672
Maisons du Monde SA(c)		15,797		360,684
Neoen SA(a)(b)(c)		19,808		704,381
Nexans SA		13,491		1,219,104
Nexity SA		11,408		477,673
Orange SA		626,167		7,355,867
Orpea SA		18,147		796,730
Pernod Ricard SA		65,306		13,968,910
Publicis Groupe SA		70,994		4,810,615
Remy Cointreau SA		7,245		1,510,824
Renault SA(a)		64,681		2,570,579
Rexel SA(a)		57,901		1,290,591
Rubis SCA		36,945		1,196,013
Safran SA		107,668		13,035,280
Sanofi		357,113		37,340,453
Sartorius Stedim Biotech		8,719		3,823,378
Schneider Electric SE		171,761		29,095,508
SCOR SE		34,749		1,185,378
SEB SA		9,458		1,435,441
SES SA, Class A		116,430		895,816
Societe BIC SA		19,522		1,111,563
Societe Generale SA		260,658		9,675,711
Sodexo SA		28,159		2,618,890
SOITEC(a)		6,960		1,270,673
Solutions 30 SE(a)(b)		72,849		574,807
Sopra Steria Group SACA		3,544		623,081
SPIE SA		48,726		1,130,177
Teleperformance		18,490		6,963,134
Thales SA		23,961		2,210,341
TotalEnergies SE		787,643		44,791,227
Trigano SA		4,351		824,353
Ubisoft Entertainment SA(a)		31,548		1,810,366
Unibail-Rodamco-Westfield(a)(b)		39,457		3,006,513
Valeo		82,334		2,304,414
Valneva SE(a)(b)		27,171		469,663
Veolia Environnement SA		210,393		7,600,399

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Verallia SA(c)		23,465	$	735,977
Vinci SA		169,180		18,543,233
Virbac SA		1,551		623,957
Vivendi SE		237,678		3,114,858
Wendel SE		11,552		1,254,736
Worldline SA/France(a)(c)		82,879		4,017,160
				636,100,885
Germany — 7.0%
Aareal Bank AG		19,459		626,823
adidas AG		58,781		16,130,517
ADLER Group SA(c)		32,830		388,291
AIXTRON SE		45,637		948,927
Allianz SE, Registered		125,640		32,258,386
alstria office REIT-AG		46,069		1,007,176
Amadeus Fire AG		3,660		682,231
Aroundtown SA		306,528		1,893,280
AURELIUS Equity Opportunities SE & Co. KGaA		14,637		467,153
Aurubis AG		16,071		1,675,292
BASF SE		279,419		21,400,391
Bayer AG, Registered		310,401		18,858,057
Bayerische Motoren Werke AG		109,941		11,636,474
Bechtle AG		15,831		950,531
Beiersdorf AG		31,624		3,145,434
Brenntag SE		56,352		4,828,029
CANCOM SE		12,701		770,913
Carl Zeiss Meditec AG, Bearer		14,854		2,388,824
Ceconomy AG(a)		61,530		273,819
Commerzbank AG(a)		351,122		3,032,045
CompuGroup Medical SE & Co. KgaA		8,878		588,456
Continental AG(a)		34,725		3,366,593
Covestro AG(c)		55,761		3,345,269
CTS Eventim AG & Co. KGaA(a)		26,016		1,849,407
Daimler AG, Registered		273,047		21,787,438
Daimler Truck Holding AG(a)		137,087		4,832,848
Delivery Hero SE(a)(c)		50,045		3,862,971
Dermapharm Holding SE		7,151		578,290
Deutsche Bank AG, Registered(a)		660,224		9,192,644
Deutsche Boerse AG		59,006		10,488,458
Deutsche EuroShop AG		17,387		326,013
Deutsche Lufthansa AG, Registered(a)		207,125		1,610,566
Deutsche Pfandbriefbank AG(c)		57,158		705,326
Deutsche Post AG, Registered		317,043		19,079,834
Deutsche Telekom AG, Registered		1,030,417		19,453,217
Duerr AG		17,108		757,120
E.ON SE		707,423		9,757,110
Eckert & Ziegler Strahlen- und Medizintechnik AG		7,414		646,299
Encavis AG		31,397		494,611
Evonik Industries AG		74,733		2,438,066
Evotec SE(a)		55,353		2,239,842
Fielmann AG		8,020		511,490
flatexDEGIRO AG(a)(b)		45,127		873,243
Fraport AG Frankfurt Airport Services Worldwide(a)		12,559		857,864
Freenet AG		60,726		1,653,905
Fresenius Medical Care AG & Co. KGaA		60,139		4,089,053
Fresenius SE & Co. KGaA		133,628		5,516,211
GEA Group AG		57,102		2,697,792
Gerresheimer AG		9,046		811,793
Grand City Properties SA		31,784		701,465
GRENKE AG(b)		9,837		310,715
Hamborner REIT AG		78,643		865,102

Security	Shares		Value
Germany (continued)
Hannover Rueck SE		14,012	$	2,826,811
HeidelbergCement AG		48,755		3,392,790
HelloFresh SE(a)		46,514		3,096,935
Henkel AG & Co. KGaA		39,626		3,130,889
HOCHTIEF AG		6,250		486,164
Hugo Boss AG		26,410		1,673,034
Hypoport SE(a)		1,287		568,737
Infineon Technologies AG		411,201		17,076,249
Jenoptik AG		15,064		551,318
K+S AG, Registered(a)		61,414		1,172,488
KION Group AG		27,406		2,533,775
Knorr-Bremse AG		23,839		2,417,028
Krones AG		4,470		443,914
LANXESS AG		30,251		1,841,838
LEG Immobilien SE		22,481		2,982,300
Merck KGaA		43,356		9,507,896
METRO AG		40,429		412,689
MorphoSys AG(a)		15,141		484,866
MTU Aero Engines AG		17,652		3,756,154
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		43,370		13,730,287
Nagarro SE(a)		4,672		812,253
Nemetschek SE		25,928		2,396,580
Nordex SE(a)		33,265		533,810
Norma Group SE		11,828		429,563
PATRIZIA AG		16,106		350,134
Pfeiffer Vacuum Technology AG		1,635		321,970
ProSiebenSat.1 Media SE		67,833		1,060,971
Puma SE		31,190		3,335,849
Rational AG		1,224		1,026,099
Rheinmetall AG		18,555		1,939,921
RWE AG		205,166		8,654,367
SAP SE		325,779		40,872,625
Scout24 SE(c)		37,546		2,243,164
Siemens AG, Registered		238,345		37,842,298
Siemens Healthineers AG(c)		88,531		5,689,202
Siltronic AG(b)		7,366		961,884
Sirius Real Estate Ltd.		316,023		552,376
Sixt SE(a)		5,450		885,990
Software AG		16,117		620,593
Stabilus SA		7,888		531,190
Stroeer SE & Co. KGaA		16,856		1,262,112
Suedzucker AG		70,223		983,178
Symrise AG		42,714		5,104,296
TAG Immobilien AG		25,043		661,344
TeamViewer AG(a)(c)		59,888		904,910
Telefonica Deutschland Holding AG		471,625		1,353,927
thyssenkrupp AG(a)		143,729		1,479,214
TUI AG(a)(b)		370,877		1,278,295
Uniper SE		35,759		1,618,087
United Internet AG, Registered		36,560		1,433,760
Varta AG(b)		5,421		590,673
Vitesco Technologies Group AG(a)		9,818		486,046
Volkswagen AG		10,635		3,079,663
Vonovia SE		229,933		13,096,013
Wacker Chemie AG		4,962		724,155
Zalando SE(a)(c)		70,316		5,580,833
				482,435,111
Hong Kong — 2.5%
AIA Group Ltd.		3,833,000		40,015,793

56 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
ASM Pacific Technology Ltd.		117,100	$	1,171,580
Bank of East Asia Ltd. (The)		599,600		1,023,342
BOC Hong Kong Holdings Ltd.		1,238,500		4,782,266
Budweiser Brewing Co. APAC Ltd.(c)		600,400		1,585,977
Cafe de Coral Holdings Ltd.		136,000		230,918
Champion REIT		668,000		335,840
Chow Tai Fook Jewellery Group Ltd.		697,000		1,224,611
CITIC Telecom International Holdings Ltd.		666,000		242,491
CK Asset Holdings Ltd.		709,500		4,736,201
CK Hutchison Holdings Ltd.		766,500		5,447,764
CK Infrastructure Holdings Ltd.		267,500		1,648,433
CLP Holdings Ltd.		429,000		4,293,219
Comba Telecom Systems Holdings Ltd.(a)(b)		1,538,000		356,252
Dah Sing Financial Holdings Ltd.		122,000		395,565
ESR Cayman Ltd.(a)(c)		704,000		2,387,052
Futu Holdings Ltd., ADR(a)		17,369		751,209
Galaxy Entertainment Group Ltd.(a)		696,000		4,030,719
Haitong International Securities Group Ltd.		943,000		215,875
Hang Lung Group Ltd.(b)		255,000		567,510
Hang Lung Properties Ltd.		695,000		1,485,010
Hang Seng Bank Ltd.		276,600		5,476,073
Health and Happiness H&H International Holdings Ltd.		72,500		121,623
Henderson Land Development Co. Ltd.		518,572		2,267,816
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,037,500		1,032,570
HKBN Ltd.		324,500		407,530
HKT Trust & HKT Ltd., Class SS		1,405,000		1,917,256
Hong Kong & China Gas Co. Ltd.		3,743,482		5,769,673
Hong Kong Exchanges & Clearing Ltd.		352,100		20,096,352
Hong Kong Technology Venture Co. Ltd.		227,000		210,356
Hongkong Land Holdings Ltd.(b)		398,900		2,160,408
Hysan Development Co. Ltd.		183,000		560,943
Jardine Matheson Holdings Ltd.		69,000		4,075,343
Johnson Electric Holdings Ltd.		145,000		246,630
K Wah International Holdings Ltd.		610,000		238,825
Kerry Logistics Network Ltd.		144,398		361,022
Kerry Properties Ltd.		281,500		795,199
Link REIT		684,100		5,873,346
Luk Fook Holdings International Ltd.		127,000		334,742
Man Wah Holdings Ltd.		615,600		951,708
Melco International Development Ltd.(a)		221,000		258,044
Melco Resorts & Entertainment Ltd., ADR(a)		86,004		908,202
MTR Corp. Ltd.		412,000		2,230,084
New World Development Co. Ltd.		550,000		2,245,270
NWS Holdings Ltd.		744,000		741,552
Pacific Basin Shipping Ltd.(b)		1,968,000		840,052
PCCW Ltd.		2,872,000		1,512,444
Power Assets Holdings Ltd.		363,000		2,230,493
Sands China Ltd.(a)		620,000		1,728,840
Sino Land Co. Ltd.		1,076,000		1,394,167
SITC International Holdings Co. Ltd.		388,000		1,478,892
SJM Holdings Ltd.(a)		771,000		496,197
Sun Hung Kai Properties Ltd.		381,500		4,654,493
Sunlight REIT		576,000		313,226
Swire Pacific Ltd., Class A		131,500		796,637
Swire Properties Ltd.		473,000		1,260,886
Techtronic Industries Co. Ltd.		421,500		6,954,788
Value Partners Group Ltd.		870,000		429,069
Vitasoy International Holdings Ltd.(b)		236,000		460,819
Vobile Group Ltd.(a)(b)		797,000		546,105

Security	Shares		Value
Hong Kong (continued)
VTech Holdings Ltd.		60,400	$	476,798
WH Group Ltd.(c)		3,320,000		2,221,112
Wharf Real Estate Investment Co. Ltd.		600,000		2,853,619
Wynn Macau Ltd.(a)		598,800		541,111
Xinyi Glass Holdings Ltd.		634,000		1,680,712
Yue Yuen Industrial Holdings Ltd.(a)		358,000		604,496
				169,683,150
Ireland — 0.6%
AIB Group PLC(a)		294,607		778,143
Bank of Ireland Group PLC(a)		328,920		2,216,879
Cairn Homes PLC(a)		511,864		716,517
CRH PLC		257,826		12,940,387
Flutter Entertainment PLC, Class DI(a)		52,383		7,969,746
Glanbia PLC		74,594		1,024,558
Glenveagh Properties PLC(a)(c)		513,721		705,170
Grafton Group PLC		82,901		1,303,089
Greencore Group PLC(a)		165,021		274,092
Kerry Group PLC, Class A		50,812		6,402,188
Kingspan Group PLC		47,686		4,590,113
Smurfit Kappa Group PLC		88,108		4,643,787
				43,564,669
Israel — 0.9%
Airport City Ltd.(a)		25,520		622,096
Alony Hetz Properties & Investments Ltd.		47,278		883,193
Amot Investments Ltd.		83,204		705,960
AudioCodes Ltd.		17,348		513,259
Azrieli Group Ltd.		19,337		1,748,359
Bank Hapoalim BM		345,585		3,586,390
Bank Leumi Le-Israel BM		464,955		4,986,638
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		611,354		1,052,405
Big Shopping Centers Ltd.		5,632		905,013
Check Point Software Technologies Ltd.(a)		36,849		4,459,097
Cognyte Software Ltd.(a)		27,947		303,225
Compugen Ltd.(a)(b)		58,534		207,796
CyberArk Software Ltd.(a)(b)		14,119		1,936,421
Elbit Systems Ltd.		11,373		1,894,547
Energix-Renewable Energies Ltd.		179,148		714,878
Enlight Renewable Energy Ltd.(a)		371,984		839,477
First International Bank Of Israel Ltd. (The)		35,077		1,460,391
Fiverr International Ltd.(a)(b)		9,378		800,037
Gav-Yam Lands Corp. Ltd.		47,806		608,067
Gazit-Globe Ltd.		39,119		408,370
Harel Insurance Investments & Financial Services Ltd.		41,324		480,207
ICL Group Ltd.		223,811		2,024,039
Inmode Ltd.(a)(b)		28,897		1,393,702
Isracard Ltd.		202,734		1,123,590
Israel Discount Bank Ltd., Class A		438,392		2,939,789
Kornit Digital Ltd.(a)		13,402		1,408,014
Mehadrin Ltd.(a)		—		2
Melisron Ltd.(a)		11,441		1,007,930
Mivne Real Estate KD Ltd.(b)		393,146		1,681,041
Mizrahi Tefahot Bank Ltd.		64,092		2,477,634
Nano Dimension Ltd., ADR(a)(b)		149,648		549,208
Nice Ltd.(a)		22,259		5,697,806
Nova Ltd.(a)		12,295		1,438,916
Paz Oil Co. Ltd.(a)		3,681		523,597
Phoenix Holdings Ltd. (The)		43,748		522,311
Plus500 Ltd.		44,630		886,176
Radware Ltd.(a)		21,253		714,738

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
REIT 1 Ltd.(b)		78,454	$	569,891
Shapir Engineering and Industry Ltd.(b)		59,765		576,630
Shikun & Binui Ltd.(a)(b)		85,590		553,142
Shufersal Ltd.		114,883		1,080,556
Strauss Group Ltd.		21,248		704,900
Teva Pharmaceutical Industries Ltd., ADR(a)		370,468		3,123,045
Tower Semiconductor Ltd.(a)		31,806		1,096,885
Wix.com Ltd.(a)		18,853		2,476,719
ZIM Integrated Shipping Services Ltd.		12,866		858,420
				64,544,507
Italy — 1.9%
A2A SpA		627,825		1,192,606
ACEA SpA		23,401		472,945
Amplifon SpA		51,404		2,184,983
Anima Holding SpA(c)		87,325		441,678
Ascopiave SpA		48,700		198,932
Assicurazioni Generali SpA		348,102		7,325,718
Atlantia SpA(a)		157,687		2,925,926
Autogrill SpA(a)		69,741		523,712
Azimut Holding SpA		29,493		793,333
Banca Generali SpA		18,061		727,417
Banca Mediolanum SpA		71,183		691,963
Banca Popolare di Sondrio SCPA		169,481		712,876
Banco BPM SpA		565,040		1,761,546
BFF Bank SpA(c)		65,980		504,479
BPER Banca		327,959		690,427
Brembo SpA		102,773		1,366,376
Brunello Cucinelli SpA(a)		15,414		895,139
Buzzi Unicem SpA		29,972		625,847
De’ Longhi SpA		22,429		772,938
DiaSorin SpA		5,213		803,643
Enav SpA(a)(c)		80,494		369,835
Enel SpA		2,502,046		19,257,241
Eni SpA		765,248		11,494,936
ERG SpA		30,343		884,801
Ferrari NV		40,592		9,355,344
FinecoBank Banca Fineco SpA		158,393		2,662,945
Hera SpA		353,801		1,470,883
Infrastrutture Wireless Italiane SpA(c)		49,713		536,026
Interpump Group SpA		11,088		684,724
Intesa Sanpaolo SpA		5,238,813		15,568,906
Iren SpA		224,474		675,309
Italgas SpA		27,509		182,506
Leonardo SpA(a)		99,617		719,512
Mediobanca Banca di Credito Finanziario SpA		226,929		2,599,838
Moncler SpA		68,295		4,383,142
Nexi SpA(a)(c)		146,718		2,146,112
Pirelli & C SpA(c)		114,446		809,161
Poste Italiane SpA(c)		197,126		2,645,944
Prysmian SpA		90,460		3,050,449
Recordati Industria Chimica e Farmaceutica SpA		42,718		2,393,084
Reply SpA		5,902		991,835
Saipem SpA(a)(b)		178,147		272,495
Salvatore Ferragamo SpA(a)		19,008		407,318
Snam SpA		680,074		3,810,917
Societa Cattolica Di Assicurazione SPA(a)		45,550		290,664
Tamburi Investment Partners SpA		55,224		562,262
Technogym SpA(c)		40,249		343,504
Telecom Italia SpA		3,184,144		1,500,622
Tenaris SA		169,214		2,065,580

Security	Shares		Value
Italy (continued)
Terna - Rete Elettrica Nazionale		475,520	$	3,736,356
UniCredit SpA		638,522		10,148,295
Unipol Gruppo SpA		238,057		1,339,246
				132,972,276
Japan — 20.7%
77 Bank Ltd. (The)		54,800		725,249
ABC-Mart Inc.		15,100		689,453
Activia Properties Inc.		203		687,124
ADEKA Corp.		30,700		666,096
Advance Residence Investment Corp.		202		594,169
Advantest Corp.		65,300		5,557,849
Aeon Co. Ltd.		217,800		4,963,041
Aeon Delight Co. Ltd.		17,500		473,642
AEON Financial Service Co. Ltd.		69,400		728,379
Aeon Mall Co. Ltd.		33,800		488,628
AEON REIT Investment Corp.		659		838,183
AGC Inc.		51,600		2,368,202
Ai Holdings Corp.		17,600		272,765
Aica Kogyo Co. Ltd.		15,300		421,528
Aiful Corp.		327,000		982,163
Ain Holdings Inc.		7,900		406,066
Air Water Inc.		59,200		902,353
Aisin Corp.		51,100		1,855,593
Ajinomoto Co. Inc.		146,200		4,079,197
Alfresa Holdings Corp.		62,500		891,179
Alps Alpine Co. Ltd.		77,100		840,889
Amada Co. Ltd.		80,900		783,233
Amano Corp.		15,700		314,933
ANA Holdings Inc.(a)		15,200		320,990
AnGes Inc.(a)(b)		63,700		170,704
Anritsu Corp.		42,300		584,117
Aozora Bank Ltd.		38,500		865,592
Arcs Co. Ltd.		16,400		308,275
Ariake Japan Co. Ltd.		7,500		397,726
As One Corp.		12,000		594,566
Asahi Group Holdings Ltd.		132,800		5,420,989
Asahi Holdings Inc.		56,100		1,086,954
Asahi Intecc Co. Ltd.		69,400		1,184,032
Asahi Kasei Corp.		429,200		4,239,604
Asics Corp.		43,600		846,521
Astellas Pharma Inc.		628,300		10,141,116
Atom Corp.		85,400		570,075
Autobacs Seven Co. Ltd.		52,500		636,636
Awa Bank Ltd. (The)		13,900		273,674
Azbil Corp.		24,700		970,159
Bandai Namco Holdings Inc.		61,400		4,315,692
Bank of Kyoto Ltd. (The)		18,900		881,168
BASE Inc.(a)		76,200		307,013
BayCurrent Consulting Inc.		4,100		1,556,026
Benefit One Inc.		29,500		897,193
Benesse Holdings Inc.		53,800		1,049,219
BeNext-Yumeshin Group Co.		22,700		309,661
Bic Camera Inc.		83,500		729,352
BML Inc.		14,800		449,824
Bridgestone Corp.		155,700		6,818,293
Brother Industries Ltd.		73,700		1,357,264
Calbee Inc.		27,300		628,384
Canon Inc.		312,800		7,397,947
Canon Marketing Japan Inc.		18,500		377,845
Capcom Co. Ltd.		44,400		1,071,849

58 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Casio Computer Co. Ltd.		80,600	$	1,008,056
Central Glass Co. Ltd.		13,800		256,035
Central Japan Railway Co.		47,000		6,166,898
Change Inc.(a)		17,400		220,049
Chiba Bank Ltd. (The)		276,600		1,788,128
Chiyoda Corp.(a)		50,500		149,074
Chubu Electric Power Co. Inc.		188,100		1,883,991
Chudenko Corp.		12,200		225,345
Chugai Pharmaceutical Co. Ltd.		223,400		7,255,979
Chugoku Bank Ltd. (The)		79,200		645,862
Chugoku Electric Power Co. Inc. (The)		103,600		814,257
Citizen Watch Co. Ltd.		128,900		551,747
CKD Corp.		17,900		330,442
Coca-Cola Bottlers Japan Holdings Inc.		55,300		648,689
COLOPL Inc.		30,300		166,845
Colowide Co. Ltd.		26,800		387,234
Comforia Residential REIT Inc.		261		698,540
COMSYS Holdings Corp.		47,200		1,123,086
Comture Corp.		14,800		361,110
Concordia Financial Group Ltd.		445,400		1,830,306
Cosmo Energy Holdings Co. Ltd.		23,300		468,419
Cosmos Pharmaceutical Corp.		6,200		774,285
CRE Logistics REIT Inc.		369		641,166
Create Restaurants Holdings Inc.		61,300		392,916
Create SD Holdings Co. Ltd.		10,900		294,182
Credit Saison Co. Ltd.		47,900		534,674
CyberAgent Inc.		123,000		1,434,205
CYBERDYNE Inc.(a)(b)		78,000		242,437
Dai Nippon Printing Co. Ltd.		73,900		1,773,979
Daicel Corp.		81,900		604,126
Daido Steel Co. Ltd.		8,200		316,875
Daifuku Co. Ltd.		26,700		1,853,641
Daihen Corp.		5,500		196,555
Daiichi Jitsugyo Co. Ltd.		4,300		156,833
Dai-ichi Life Holdings Inc.		328,400		7,392,104
Daiichi Sankyo Co. Ltd.		556,200		12,497,805
Daiichikosho Co. Ltd.		20,600		583,724
Daikin Industries Ltd.		74,500		15,640,831
Daio Paper Corp.		55,700		906,231
Daiseki Co. Ltd.		24,360		975,874
Daishi Hokuetsu Financial Group Inc.		17,200		398,824
Daito Trust Construction Co. Ltd.		14,400		1,651,198
Daiwa House Industry Co. Ltd.		149,400		4,359,964
Daiwa House REIT Investment Corp.		573		1,706,948
Daiwa Office Investment Corp.		112		701,759
Daiwa Securities Group Inc.		517,200		3,116,490
Daiwa Securities Living Investments Corp.		663		648,774
Daiwabo Holdings Co. Ltd.		50,000		714,878
DCM Holdings Co. Ltd.		44,700		424,248
DeNA Co. Ltd.		24,500		380,978
Denka Co. Ltd.		24,700		869,890
Denso Corp.		127,000		9,478,477
Dentsu Group Inc.		69,000		2,389,592
Descente Ltd.(a)		18,000		560,879
Dexerials Corp.		22,900		629,697
DIC Corp.		53,300		1,367,427
Digital Arts Inc.		4,700		276,913
Digital Garage Inc.		16,500		583,733
Dip Corp.		11,100		351,420
Disco Corp.		5,500		1,512,245

Security	Shares		Value
Japan (continued)
DMG Mori Co. Ltd.		35,700	$	566,480
Dowa Holdings Co. Ltd.		17,600		763,027
DTS Corp.		11,000		234,730
Duskin Co. Ltd.		14,100		338,846
Earth Corp.		8,000		407,719
East Japan Railway Co.		80,500		4,596,782
Ebara Corp.		44,500		2,181,018
EDION Corp.		30,600		285,553
eGuarantee Inc.		10,100		166,182
Eiken Chemical Co. Ltd.		14,400		215,856
Eisai Co. Ltd.		72,300		3,621,147
Elecom Co. Ltd.		20,500		248,118
Electric Power Development Co. Ltd.		58,200		763,721
en Japan Inc.		12,900		310,917
ENEOS Holdings Inc.		1,033,000		4,114,051
eRex Co. Ltd.		13,400		177,095
Euglena Co. Ltd.(a)(b)		65,400		415,063
EXEO Group Inc.		32,100		652,399
Ezaki Glico Co. Ltd.		17,900		580,359
Fancl Corp.		30,400		774,241
FANUC Corp.		61,300		12,121,972
Fast Retailing Co. Ltd.		18,100		10,651,212
FCC Co. Ltd.		15,200		195,461
Ferrotec Holdings Corp.		19,200		479,130
Food & Life Companies Ltd.		29,000		868,900
FP Corp.		15,100		485,012
Freee KK(a)		13,200		521,821
Frontier Real Estate Investment Corp.		170		717,364
Fuji Corp./Aichi		24,300		560,918
Fuji Electric Co. Ltd.		26,200		1,400,292
Fuji Kyuko Co. Ltd.		14,900		534,775
Fuji Oil Holdings Inc.		15,000		303,505
Fuji Seal International Inc.		19,200		361,057
Fuji Soft Inc.		12,400		519,497
FUJIFILM Holdings Corp.		116,200		7,789,583
Fujikura Ltd.(a)		105,100		568,294
Fujimi Inc.		9,700		587,288
Fujitec Co. Ltd.		22,100		525,637
Fujitsu General Ltd.		26,400		535,735
Fujitsu Ltd.		63,800		8,434,253
Fujiya Co. Ltd.		20,500		405,849
Fukuoka Financial Group Inc.		51,400		1,009,452
Fukuoka REIT Corp.		390		548,387
Fukuyama Transporting Co. Ltd.		12,300		387,134
Funai Soken Holdings Inc.		16,200		335,739
Furukawa Electric Co. Ltd.		19,500		401,103
Fuso Chemical Co. Ltd.		5,100		199,532
Future Corp.		27,000		346,404
Fuyo General Lease Co. Ltd.		7,500		497,465
Giken Ltd.		7,600		259,385
Global One Real Estate Investment Corp.		295		290,631
Glory Ltd.		17,300		325,321
GLP J-REIT		1,332		2,144,003
GMO internet Inc.		41,100		879,359
GMO Payment Gateway Inc.		9,300		816,092
GNI Group Ltd.(a)(b)		61,700		563,191
Goldwin Inc.		7,600		394,486
Gree Inc.(b)		47,900		363,902
GS Yuasa Corp.		32,500		695,300
GungHo Online Entertainment Inc.(a)		42,400		890,372

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Gunma Bank Ltd. (The)		296,000	$	972,557
H.U. Group Holdings Inc.		17,200		436,844
H2O Retailing Corp.		47,100		325,848
Hachijuni Bank Ltd. (The)		153,200		565,703
Hakuhodo DY Holdings Inc.		70,700		1,082,964
Hamakyorex Co. Ltd.		7,200		178,894
Hamamatsu Photonics KK		51,000		2,609,226
Hankyu Hanshin Holdings Inc.		69,900		2,035,589
Hankyu Hanshin REIT Inc.		325		420,934
Hanwa Co. Ltd.		12,000		329,548
Harmonic Drive Systems Inc.		22,000		870,159
Haseko Corp.		77,900		989,140
Hazama Ando Corp.		60,500		462,951
Heiwa Corp.		21,900		350,225
Heiwa Real Estate Co. Ltd.		18,400		628,548
Heiwa Real Estate REIT Inc.		480		590,466
Heiwado Co. Ltd.		13,600		229,136
Hikari Tsushin Inc.		3,800		456,246
Hino Motors Ltd.		88,600		770,147
Hioki E.E. Corp.		5,600		325,341
Hirogin Holdings Inc.		151,400		882,548
Hirose Electric Co. Ltd.		4,305		641,694
HIS Co. Ltd.(a)(b)		17,200		284,913
Hisamitsu Pharmaceutical Co. Inc.		15,400		469,205
Hitachi Construction Machinery Co. Ltd.		18,200		462,777
Hitachi Ltd.		300,200		15,603,196
Hitachi Metals Ltd.(a)		46,200		833,110
Hitachi Transport System Ltd.		16,300		747,322
Hitachi Zosen Corp.		52,100		346,872
Hogy Medical Co. Ltd.		9,400		252,807
Hokkaido Electric Power Co. Inc.		89,600		390,873
Hokuetsu Corp.		40,600		269,306
Hokuhoku Financial Group Inc.		45,300		356,969
Hokuriku Electric Power Co.		74,500		367,638
Honda Motor Co. Ltd.		510,800		15,044,476
Horiba Ltd.		10,100		543,644
Hoshino Resorts REIT Inc.		155		875,840
Hoshizaki Corp.		8,800		650,271
Hosiden Corp.		54,400		542,867
House Foods Group Inc.		24,000		616,737
Hoya Corp.		120,400		15,612,069
Hulic Co. Ltd.		39,800		384,693
Hulic Reit Inc.		443		635,937
Ibiden Co. Ltd.		27,400		1,531,122
Ichibanya Co. Ltd.		6,400		256,612
Ichigo Inc.		167,300		411,378
Ichigo Office REIT Investment Corp.		676		482,684
Idec Corp./Japan		8,200		174,682
Idemitsu Kosan Co. Ltd.		51,900		1,329,763
IHI Corp.		47,000		949,080
Iida Group Holdings Co. Ltd.		31,800		661,587
Inaba Denki Sangyo Co. Ltd.		16,900		391,643
Inabata & Co. Ltd.		12,900		194,381
Industrial & Infrastructure Fund Investment Corp.		419		700,882
Infocom Corp.		15,900		253,374
Infomart Corp.		73,600		427,762
Information Services International-Dentsu Ltd.		10,200		317,995
INFRONEER Holdings Inc.		96,052		885,104
Inpex Corp.		311,000		3,144,052
Internet Initiative Japan Inc.		23,600		781,587

Security	Shares		Value
Japan (continued)
Invincible Investment Corp.		2,894	$	911,640
IR Japan Holdings Ltd.		5,300		236,027
Iriso Electronics Co. Ltd.		12,700		515,669
Isetan Mitsukoshi Holdings Ltd.		142,600		1,120,960
Isuzu Motors Ltd.		150,300		1,841,175
Ito En Ltd.		10,200		549,414
Itochu Advance Logistics Investment Corp.		326		444,682
ITOCHU Corp.		370,200		11,893,217
Itochu Techno-Solutions Corp.		13,300		362,826
Itoham Yonekyu Holdings Inc.		140,600		824,914
Iwatani Corp.		14,000		660,011
Iyo Bank Ltd. (The)		88,800		460,930
Izumi Co. Ltd.		15,200		420,457
J Front Retailing Co. Ltd.		136,200		1,221,889
JAFCO Group Co. Ltd.		39,300		627,533
Japan Airlines Co. Ltd.(a)		42,100		796,851
Japan Airport Terminal Co. Ltd.(a)		17,500		758,246
Japan Aviation Electronics Industry Ltd.		53,100		848,648
Japan Display Inc.(a)(b)		581,200		186,865
Japan Elevator Service Holdings Co. Ltd.		51,000		734,714
Japan Excellent Inc.		483		555,477
Japan Exchange Group Inc.		145,400		2,991,001
Japan Hotel REIT Investment Corp.		1,970		960,397
Japan Lifeline Co. Ltd.		26,400		231,114
Japan Logistics Fund Inc.		339		939,651
Japan Material Co. Ltd.		62,600		914,956
Japan Metropolitan Fund Invest		2,314		1,950,037
Japan Petroleum Exploration Co. Ltd.		18,400		439,760
Japan Post Bank Co. Ltd.		60,600		596,168
Japan Post Holdings Co. Ltd.		730,200		6,232,644
Japan Post Insurance Co. Ltd.		69,500		1,218,590
Japan Prime Realty Investment Corp.		285		931,022
Japan Real Estate Investment Corp.		414		2,276,563
Japan Securities Finance Co. Ltd.		26,500		215,376
Japan Steel Works Ltd. (The)		24,800		824,463
Japan Tobacco Inc.		361,400		7,215,306
JCR Pharmaceuticals Co. Ltd.		23,200		408,627
JCU Corp.		5,700		247,445
Jeol Ltd.		13,400		730,600
JFE Holdings Inc.		142,000		1,824,252
JGC Holdings Corp.		85,600		841,128
JINS Holdings Inc.		12,400		766,570
JMDC Inc.(a)		13,200		612,617
Joyful Honda Co. Ltd.		15,900		211,695
JSR Corp.		62,900		2,085,021
JTEKT Corp.		77,800		676,759
JTOWER Inc.(a)		6,000		274,929
Justsystems Corp.		12,000		519,386
Kadokawa Corp.		39,000		809,801
Kagome Co. Ltd.		26,500		689,566
Kajima Corp.		138,800		1,676,371
Kakaku.com Inc.		51,800		1,072,859
Kaken Pharmaceutical Co. Ltd.		11,600		414,797
Kamigumi Co. Ltd.		49,700		960,377
Kanamoto Co. Ltd.		12,100		235,279
Kandenko Co. Ltd.		81,300		604,920
Kaneka Corp.		16,100		524,456
Kanematsu Corp.		34,300		373,129
Kansai Electric Power Co. Inc. (The)		221,600		2,091,710
Kansai Paint Co. Ltd.		59,000		1,224,710

60 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kao Corp.		137,600	$	6,876,086
Katitas Co. Ltd.		25,100		765,576
Kato Sangyo Co. Ltd.		8,900		254,805
Kawasaki Heavy Industries Ltd.		51,900		1,005,746
Kawasaki Kisen Kaisha Ltd.(a)		20,900		1,302,673
KDDI Corp.		507,600		16,217,162
Keihan Holdings Co. Ltd.		29,700		688,713
Keikyu Corp.		71,600		732,812
Keio Corp.		19,300		868,126
Keisei Electric Railway Co. Ltd.		49,700		1,402,590
Kenedix Office Investment Corp.		123		746,832
Kenedix Residential Next Investment Corp.		401		699,059
Kenedix Retail REIT Corp.		330		772,432
Kewpie Corp.		34,200		705,533
Keyence Corp.		61,000		31,288,267
KH Neochem Co. Ltd.		13,700		351,427
Kikkoman Corp.		53,300		4,028,836
Kinden Corp.		71,100		1,016,312
Kintetsu Group Holdings Co. Ltd.(a)		42,700		1,240,671
Kintetsu World Express Inc.		10,400		258,737
Kirin Holdings Co. Ltd.		254,600		4,080,765
Kissei Pharmaceutical Co. Ltd.		9,400		189,803
Ki-Star Real Estate Co. Ltd.		5,700		348,790
Kitz Corp.		85,800		498,811
Kiyo Bank Ltd. (The)		58,100		726,562
Kobayashi Pharmaceutical Co. Ltd.		8,200		638,558
Kobe Bussan Co. Ltd.		35,700		1,111,319
Kobe Steel Ltd.		118,300		564,695
Koei Tecmo Holdings Co. Ltd.		28,690		1,037,908
Kohnan Shoji Co. Ltd.		10,500		311,373
Koito Manufacturing Co. Ltd.		19,600		984,126
Kokuyo Co. Ltd.		31,400		457,770
Komatsu Ltd.		293,700		7,380,369
KOMEDA Holdings Co. Ltd.		28,800		533,098
Komeri Co. Ltd.		8,700		202,845
Konami Holdings Corp.		22,000		1,186,016
Konica Minolta Inc.		141,700		597,324
Kose Corp.		7,300		667,436
Kotobuki Spirits Co. Ltd.		8,600		349,728
K’s Holdings Corp.		70,600		694,752
Kubota Corp.		339,100		7,272,178
Kumagai Gumi Co. Ltd.		16,300		415,483
Kura Sushi Inc.		6,000		180,502
Kuraray Co. Ltd.		109,300		981,933
Kureha Corp.		5,600		418,073
Kurita Water Industries Ltd.		14,400		585,554
Kusuri no Aoki Holdings Co. Ltd.		8,500		507,051
Kyocera Corp.		86,100		5,309,899
KYORIN Holdings Inc.		23,100		366,949
Kyoritsu Maintenance Co. Ltd.		9,800		350,576
Kyowa Kirin Co. Ltd.		70,300		1,752,212
Kyudenko Corp.		14,500		370,875
Kyushu Electric Power Co. Inc.		126,800		939,560
Kyushu Financial Group Inc.		152,200		588,078
Kyushu Railway Co.		47,900		1,000,655
LaSalle Logiport REIT		639		1,022,195
Lasertec Corp.		22,800		5,114,892
Lawson Inc.		16,400		718,797
Leopalace21 Corp.(a)		130,100		190,934
Lintec Corp.		13,300		308,931

Security	Shares		Value
Japan (continued)
Lion Corp.		69,700	$	910,696
LITALICO Inc.		12,600		314,451
Lixil Corp.		74,000		1,693,871
M&A Capital Partners Co. Ltd.(a)		4,100		176,560
M3 Inc.		141,700		5,447,882
Mabuchi Motor Co. Ltd.		14,200		447,082
Macnica Fuji Electronics Holdings Inc.		13,700		303,112
Makino Milling Machine Co. Ltd.		12,800		442,179
Makita Corp.		70,800		2,649,579
Mandom Corp.		17,400		208,640
Mani Inc.		23,200		335,228
Marubeni Corp.		523,400		5,385,754
Maruha Nichiro Corp.		16,900		361,084
Marui Group Co. Ltd.		62,000		1,196,216
Maruichi Steel Tube Ltd.		21,500		478,931
Maruwa Co. Ltd./Aichi		6,800		894,688
Maruzen Showa Unyu Co. Ltd.		9,000		249,825
Matsui Securities Co. Ltd.		57,000		398,631
MatsukiyoCocokara & Co.		29,490		1,009,384
Mazda Motor Corp.(a)		145,700		1,122,437
McDonald’s Holdings Co. Japan Ltd.		10,100		441,071
Mebuki Financial Group Inc.		536,200		1,196,140
Medipal Holdings Corp.		61,600		1,108,495
Megachips Corp.		7,900		287,992
Megmilk Snow Brand Co. Ltd.		18,200		324,191
Meidensha Corp.		20,500		434,475
MEIJI Holdings Co. Ltd.		28,200		1,759,161
Meiko Electronics Co. Ltd.		11,900		410,937
Meitec Corp.		8,800		515,545
Menicon Co. Ltd.		18,800		417,186
Mercari Inc.(a)		32,100		1,212,281
Milbon Co. Ltd.		9,800		462,700
MinebeaMitsumi Inc.		91,900		2,248,847
Mirai Corp.		1,249		524,987
Mirait Holdings Corp.		28,100		466,512
Misumi Group Inc.		75,900		2,462,338
Mitani Sekisan Co. Ltd.		4,800		270,216
Mitsubishi Chemical Holdings Corp.		382,100		2,997,262
Mitsubishi Corp.		402,300		13,659,058
Mitsubishi Electric Corp.		577,300		7,229,758
Mitsubishi Estate Co. Ltd.		342,600		4,934,270
Mitsubishi Estate Logistics REIT Investment Corp.		236		927,236
Mitsubishi Gas Chemical Co. Inc.		70,700		1,354,280
Mitsubishi HC Capital Inc.		277,530		1,433,354
Mitsubishi Heavy Industries Ltd.		76,900		2,088,557
Mitsubishi Logistics Corp.		21,200		511,738
Mitsubishi Materials Corp.		57,500		1,025,715
Mitsubishi Motors Corp.(a)		215,700		615,868
Mitsubishi UFJ Financial Group Inc.		3,820,800		23,158,937
Mitsui & Co. Ltd.		499,300		12,450,230
Mitsui Chemicals Inc.		56,200		1,503,048
Mitsui Fudosan Co. Ltd.		294,100		6,304,719
Mitsui Fudosan Logistics Park Inc.		219		1,077,112
Mitsui Mining & Smelting Co. Ltd.		18,300		517,486
Mitsui OSK Lines Ltd.		42,500		3,291,304
Miura Co. Ltd.		27,000		797,178
Mixi Inc.		14,500		268,428
Mizuho Financial Group Inc.		698,450		9,461,204
Mizuho Leasing Co. Ltd.		19,600		547,435
Mochida Pharmaceutical Co. Ltd.		20,000		622,089

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Monex Group Inc.		66,700	$	338,160
Money Forward Inc.(a)(b)		17,800		810,010
Monogatari Corp. (The)		2,800		152,164
MonotaRO Co. Ltd.		86,300		1,417,978
Mori Hills REIT Investment Corp.		536		656,726
Mori Trust Hotel Reit Inc.		521		535,729
Mori Trust Sogo REIT Inc.		325		393,715
Morinaga & Co. Ltd./Japan		15,200		484,437
Morinaga Milk Industry Co. Ltd.		16,600		804,802
MOS Food Services Inc.		19,200		505,630
MS&AD Insurance Group Holdings Inc.		125,900		4,318,309
Murata Manufacturing Co. Ltd.		184,200		13,848,758
Musashi Seimitsu Industry Co. Ltd.		13,200		198,842
Nabtesco Corp.		23,400		731,460
Nachi-Fujikoshi Corp.		23,300		870,532
Nagase & Co. Ltd.		32,100		512,723
Nagawa Co. Ltd.(b)		3,200		270,602
Nagoya Railroad Co. Ltd.(a)		10,000		157,910
Nakanishi Inc.		27,700		491,162
Nankai Electric Railway Co. Ltd.		49,500		982,762
NEC Corp.		59,000		2,301,784
NEC Networks & System Integration Corp.		61,900		893,233
NET One Systems Co. Ltd.		29,800		707,357
Nexon Co. Ltd.		147,100		2,773,073
Nextage Co. Ltd.		20,800		522,332
NGK Insulators Ltd.		73,100		1,235,224
NGK Spark Plug Co. Ltd.		53,300		906,096
NH Foods Ltd.		13,000		501,334
NHK Spring Co. Ltd.		77,400		606,628
Nichias Corp.		19,300		438,127
Nichicon Corp.		13,600		142,497
Nichiha Corp.		7,000		173,050
Nichirei Corp.		46,200		1,063,126
Nidec Corp.		140,000		12,408,171
Nifco Inc./Japan		23,900		695,754
Nihon Kohden Corp.		25,100		665,727
Nihon M&A Center Holdings Inc.		112,400		1,769,537
Nihon Parkerizing Co. Ltd.		37,500		339,929
Nihon Unisys Ltd.		22,400		589,295
Nikkon Holdings Co. Ltd.		53,800		1,013,486
Nikon Corp.		97,400		1,016,560
Nintendo Co. Ltd.		32,200		15,779,333
Nippn Corp., New		15,000		220,043
Nippon Accommodations Fund Inc.		159		859,385
Nippon Building Fund Inc.		445		2,577,056
Nippon Ceramic Co. Ltd.		8,500		181,791
Nippon Densetsu Kogyo Co. Ltd.		14,800		192,257
Nippon Electric Glass Co. Ltd.		46,700		1,166,581
Nippon Express Holdings Co., NVS		12,000		711,165
Nippon Gas Co. Ltd.		38,700		541,574
Nippon Kayaku Co. Ltd.		49,000		487,183
Nippon Light Metal Holdings Co. Ltd.		52,870		810,165
Nippon Paint Holdings Co. Ltd.		262,900		2,102,520
Nippon Paper Industries Co. Ltd.		34,800		352,620
Nippon Prologis REIT Inc.		524		1,635,004
NIPPON REIT Investment Corp.		193		650,324
Nippon Sanso Holdings Corp.		51,600		1,024,713
Nippon Seiki Co. Ltd.		52,500		468,958
Nippon Shinyaku Co. Ltd.		7,000		457,596
Nippon Shokubai Co. Ltd.		8,700		409,703

Security	Shares		Value
Japan (continued)
Nippon Soda Co. Ltd.		10,100	$	289,016
Nippon Steel Corp.		277,400		4,533,980
Nippon Suisan Kaisha Ltd.		98,500		461,510
Nippon Telegraph & Telephone Corp.		405,000		11,590,182
Nippon Yusen KK		44,600		3,496,342
Nipro Corp.		40,300		373,850
Nishimatsu Construction Co. Ltd.		12,900		428,459
Nishimatsuya Chain Co. Ltd.		11,100		141,564
Nishi-Nippon Financial Holdings Inc.		56,300		398,775
Nishi-Nippon Railroad Co. Ltd.		20,500		458,516
Nissan Chemical Corp.		40,000		2,170,331
Nissan Motor Co. Ltd.(a)		750,300		3,971,028
Nissha Co. Ltd.		11,100		141,318
Nisshin Oillio Group Ltd. (The)		17,300		452,983
Nisshin Seifun Group Inc.		63,500		891,678
Nisshinbo Holdings Inc.		43,700		364,036
Nissin Electric Co. Ltd.		14,100		177,869
Nissin Foods Holdings Co. Ltd.		16,700		1,184,575
Nitori Holdings Co. Ltd.		19,100		2,736,315
Nitta Corp.		12,000		294,055
Nitto Boseki Co. Ltd.		11,200		267,280
Nitto Denko Corp.		51,900		4,040,914
Nittoku Co. Ltd.		15,400		407,402
Noevir Holdings Co. Ltd.		13,300		602,391
NOF Corp.		10,600		485,375
Nojima Corp.		8,900		179,482
NOK Corp.		36,300		388,117
Nomura Co. Ltd.		40,400		323,516
Nomura Holdings Inc.		997,100		4,404,735
Nomura Real Estate Holdings Inc.		34,700		812,564
Nomura Real Estate Master Fund Inc.		811		1,125,208
Nomura Research Institute Ltd.		103,300		3,616,107
NS Solutions Corp.		13,800		392,449
NSD Co. Ltd.		30,500		520,936
NSK Ltd.		141,300		963,812
NTN Corp.(a)		362,500		731,118
NTT Data Corp.		204,000		3,910,830
NTT UD REIT Investment Corp.		663		891,672
Obayashi Corp.		141,300		1,144,833
OBIC Business Consultants Co. Ltd.		10,300		388,437
Obic Co. Ltd.		16,000		2,643,547
Odakyu Electric Railway Co. Ltd.		76,100		1,344,744
Ogaki Kyoritsu Bank Ltd. (The)		14,000		247,125
Ohsho Food Service Corp.		9,800		505,789
Oisix ra daichi Inc.(a)(b)		7,200		150,057
Oji Holdings Corp.		296,800		1,579,889
Okamura Corp.		16,100		170,211
Oki Electric Industry Co. Ltd.		40,400		309,037
Okinawa Electric Power Co. Inc. (The)		20,200		246,736
OKUMA Corp.		7,000		305,363
Okumura Corp.		9,200		262,653
Olympus Corp.		375,300		8,398,106
Omron Corp.		59,200		4,328,081
One REIT Inc.		152		394,345
Ono Pharmaceutical Co. Ltd.		84,600		2,051,694
Open House Group Co. Ltd.		27,600		1,428,940
Oracle Corp. Japan		7,000		523,534
Organo Corp.		5,100		372,956
Orient Corp.		160,000		171,004
Oriental Land Co. Ltd./Japan		61,500		10,706,127

62 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
ORIX Corp.		414,800	$	8,556,130
Orix JREIT Inc.		737		1,057,635
Osaka Gas Co. Ltd.		82,300		1,399,625
OSG Corp.		33,200		584,495
Otsuka Corp.		17,000		689,805
Otsuka Holdings Co. Ltd.		122,000		4,162,312
Outsourcing Inc.		60,500		700,838
Paltac Corp.		9,300		356,443
Pan Pacific International Holdings Corp.		138,600		1,865,393
Panasonic Corp.		731,500		8,053,453
Paramount Bed Holdings Co. Ltd.		17,600		292,877
Park24 Co. Ltd.(a)		60,500		915,197
Pasona Group Inc.		13,900		307,379
Penta-Ocean Construction Co. Ltd.		84,000		466,471
PeptiDream Inc.(a)		31,500		565,512
Persol Holdings Co. Ltd.		63,600		1,641,884
Pigeon Corp.		39,400		767,972
Pilot Corp.		11,800		420,285
PKSHA Technology Inc.(a)		9,400		162,348
Pola Orbis Holdings Inc.		26,600		396,456
Prestige International Inc.		72,900		463,361
Prima Meat Packers Ltd.		13,100		287,714
Raito Kogyo Co. Ltd.		12,600		205,682
Raksul Inc.(a)		9,800		319,872
Rakus Co. Ltd.		28,600		576,134
Rakuten Group Inc.(a)		290,400		2,519,329
Recruit Holdings Co. Ltd.		426,900		21,101,060
Relo Group Inc.		36,900		665,918
Renesas Electronics Corp.(a)		369,400		4,239,534
Rengo Co. Ltd.		52,700		393,256
RENOVA Inc.(a)		19,700		280,060
Resona Holdings Inc.		735,300		3,159,905
Resorttrust Inc.		32,100		513,910
Ricoh Co. Ltd.		227,900		1,924,482
Riken Keiki Co. Ltd.		3,800		181,806
Rinnai Corp.		5,000		446,525
Rohm Co. Ltd.		25,400		2,139,623
Rohto Pharmaceutical Co. Ltd.		32,400		894,767
Rorze Corp.		9,100		859,891
Round One Corp.		31,000		378,220
RS Technologies Co. Ltd.		8,800		446,447
Ryohin Keikaku Co. Ltd.		71,300		1,023,823
Saizeriya Co. Ltd.		12,200		282,116
Sakai Moving Service Co. Ltd.		6,200		237,186
Sakata Seed Corp.		17,700		519,890
SAMTY Co. Ltd.		8,900		161,648
San-A Co. Ltd.		7,400		262,447
San-Ai Oil Co. Ltd.		16,500		134,471
SanBio Co. Ltd.(a)(b)		15,800		149,815
Sangetsu Corp.		36,100		499,941
San-in Godo Bank Ltd. (The)		127,500		718,100
Sanken Electric Co. Ltd.		17,400		758,596
Sanki Engineering Co. Ltd.		11,300		139,590
Sankyo Co. Ltd.		15,600		401,665
Sankyu Inc.		18,800		680,141
Sanrio Co. Ltd.		29,300		568,277
Sansan Inc.(a)		44,800		496,633
Santen Pharmaceutical Co. Ltd.		82,900		941,261
Sanwa Holdings Corp.		74,900		811,097
Sapporo Holdings Ltd.		21,000		407,344

Security	Shares		Value
Japan (continued)
Sato Holdings Corp.		7,600	$	134,033
Sawai Group Holdings Co. Ltd.		14,700		556,420
SBI Holdings Inc.		71,900		1,854,718
SCREEN Holdings Co. Ltd.		11,000		1,103,915
SCSK Corp.		14,400		243,669
Secom Co. Ltd.		62,300		4,386,795
Sega Sammy Holdings Inc.		73,900		1,240,829
Seibu Holdings Inc.(a)		79,100		776,020
Seiko Epson Corp.		73,900		1,151,103
Seino Holdings Co. Ltd.		45,100		447,458
Seiren Co. Ltd.		16,800		317,633
Sekisui Chemical Co. Ltd.		81,600		1,426,693
Sekisui House Ltd.		218,800		4,432,923
Senko Group Holdings Co. Ltd.		73,200		587,792
Seria Co. Ltd.		20,700		520,920
Seven & i Holdings Co. Ltd.		245,100		12,465,451
Seven Bank Ltd.		479,700		1,013,807
SG Holdings Co. Ltd.		88,800		1,885,070
Sharp Corp./Japan		66,900		743,668
Shibaura Machine Co. Ltd.		10,400		299,470
SHIFT Inc.(a)		5,300		880,600
Shiga Bank Ltd. (The)		14,300		278,614
Shikoku Electric Power Co. Inc.		54,100		376,073
Shima Seiki Manufacturing Ltd.		16,100		243,545
Shimadzu Corp.		69,800		2,518,505
Shimamura Co. Ltd.		9,900		905,811
Shimano Inc.		18,800		4,215,751
Shimizu Corp.		135,200		900,219
Shin-Etsu Chemical Co. Ltd.		115,000		19,240,568
Shinko Electric Industries Co. Ltd.		22,500		1,035,411
Shinsei Bank Ltd.		48,200		893,692
Shionogi & Co. Ltd.		73,200		4,171,862
Ship Healthcare Holdings Inc.		23,600		529,698
Shiseido Co. Ltd.		126,600		6,386,209
Shizuoka Bank Ltd. (The)		142,800		1,122,047
SHO-BOND Holdings Co. Ltd.		13,200		578,031
Shochiku Co. Ltd.(a)		3,500		362,348
Shoei Co. Ltd.		9,200		354,242
Showa Denko KK		42,100		874,576
Skylark Holdings Co. Ltd.		62,700		819,239
SMC Corp.		15,600		8,701,079
SMS Co. Ltd.		27,100		745,050
Softbank Corp.		921,600		11,553,050
SoftBank Group Corp.		379,100		16,793,955
Sohgo Security Services Co. Ltd.		22,000		797,886
Sojitz Corp.		91,260		1,430,206
Sompo Holdings Inc.		80,000		3,743,475
Sony Group Corp.		399,500		44,691,452
Sosei Group Corp.(a)		46,000		613,613
SOSiLA Logistics REIT Inc.		329		460,498
Sotetsu Holdings Inc.(a)		55,500		1,021,957
S-Pool Inc.		32,600		297,215
Square Enix Holdings Co. Ltd.		16,900		828,741
Stanley Electric Co. Ltd.		12,600		294,517
Star Asia Investment Corp.		674		354,701
Starts Corp. Inc.		15,900		346,183
Subaru Corp.		154,700		2,815,748
Sugi Holdings Co. Ltd.		10,600		621,846
SUMCO Corp.		79,900		1,473,043
Sumitomo Bakelite Co. Ltd.		19,300		930,071

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Chemical Co. Ltd.		526,200	$	2,653,653
Sumitomo Corp.		341,600		5,279,567
Sumitomo Dainippon Pharma Co. Ltd.		68,000		740,128
Sumitomo Electric Industries Ltd.		276,700		3,668,625
Sumitomo Forestry Co. Ltd.		41,100		723,590
Sumitomo Heavy Industries Ltd.		47,800		1,255,345
Sumitomo Metal Mining Co. Ltd.		71,000		3,279,468
Sumitomo Mitsui Construction Co. Ltd.		79,300		299,645
Sumitomo Mitsui Financial Group Inc.		402,500		14,498,433
Sumitomo Mitsui Trust Holdings Inc.		80,000		2,766,495
Sumitomo Osaka Cement Co. Ltd.		12,700		389,451
Sumitomo Realty & Development Co. Ltd.		78,400		2,425,710
Sumitomo Rubber Industries Ltd.		75,300		783,557
Sumitomo Warehouse Co. Ltd. (The)		55,600		998,472
Sundrug Co. Ltd.		23,700		596,810
Suntory Beverage & Food Ltd.		17,100		656,618
Suruga Bank Ltd.		127,900		551,681
Suzuken Co. Ltd.		19,500		578,768
Suzuki Motor Corp.		119,400		5,083,350
Sysmex Corp.		55,800		5,311,651
Systena Corp.		100,800		310,352
T&D Holdings Inc.		154,100		2,277,336
T. Hasegawa Co. Ltd.		9,300		204,077
Tadano Ltd.		73,000		638,507
Taiheiyo Cement Corp.		41,500		825,692
Taikisha Ltd.		14,800		370,102
Taisei Corp.		53,300		1,747,230
Taisho Pharmaceutical Holdings Co. Ltd.		12,200		599,168
Taiyo Holdings Co. Ltd.		13,400		395,334
Taiyo Yuden Co. Ltd.		29,900		1,452,279
Takara Bio Inc.		26,500		531,588
Takara Holdings Inc.		81,400		789,548
Takasago Thermal Engineering Co. Ltd.		39,600		662,062
Takashimaya Co. Ltd.		72,000		683,745
Takeda Pharmaceutical Co. Ltd.		511,254		14,817,769
Takeuchi Manufacturing Co. Ltd.		28,600		714,845
Takuma Co. Ltd.		57,000		728,945
TDK Corp.		127,900		4,619,093
TechnoPro Holdings Inc.		33,300		851,885
Teijin Ltd.		55,400		698,413
Terumo Corp.		212,100		7,742,462
THK Co. Ltd.		40,800		1,019,457
TIS Inc.		62,800		1,651,682
TKC Corp.		15,200		399,426
Toagosei Co. Ltd.		69,900		689,333
Tobu Railway Co. Ltd.		43,400		1,016,567
Tocalo Co. Ltd.		61,500		747,353
Toda Corp.		65,400		422,497
Toei Co. Ltd.		2,700		400,837
Toho Co. Ltd./Tokyo		15,100		584,939
Toho Gas Co. Ltd.		24,600		672,337
Toho Holdings Co. Ltd.		20,600		322,103
Tohoku Electric Power Co. Inc.		600		4,226
Tokai Carbon Co. Ltd.		68,500		710,460
TOKAI Holdings Corp.		60,000		459,736
Tokai Rika Co. Ltd.		61,800		805,098
Tokai Tokyo Financial Holdings Inc.		190,900		671,981
Tokio Marine Holdings Inc.		196,100		11,702,003
Tokuyama Corp.		20,100		319,938
Tokyo Century Corp.		11,200		552,713

Security	Shares		Value
Japan (continued)
Tokyo Electric Power Co. Holdings Inc.(a)		506,500	$	1,349,443
Tokyo Electron Ltd.		48,500		23,722,949
Tokyo Gas Co. Ltd.		84,500		1,706,202
Tokyo Ohka Kogyo Co. Ltd.		12,600		746,383
Tokyo Seimitsu Co. Ltd.		18,000		763,495
Tokyo Steel Manufacturing Co. Ltd.		24,800		237,437
Tokyo Tatemono Co. Ltd.		64,300		958,484
Tokyu Construction Co. Ltd.		23,200		142,421
Tokyu Corp.		122,200		1,623,773
Tokyu Fudosan Holdings Corp.		152,900		837,614
Tokyu REIT Inc.		441		712,552
Tomy Co. Ltd.		58,200		568,185
Topcon Corp.		44,700		606,698
Toppan Inc.		75,300		1,432,359
Toray Industries Inc.		456,900		2,887,522
Toridoll Holdings Corp.		24,600		495,315
Toshiba Corp.		127,100		5,263,215
Toshiba TEC Corp.		14,100		531,277
Tosoh Corp.		72,800		1,139,065
Totetsu Kogyo Co. Ltd.		9,700		206,997
TOTO Ltd.		41,900		1,803,395
Towa Pharmaceutical Co. Ltd.		7,500		183,957
Toyo Gosei Co. Ltd.		3,600		384,427
Toyo Ink SC Holdings Co. Ltd.		17,600		292,075
Toyo Seikan Group Holdings Ltd.		75,200		915,998
Toyo Suisan Kaisha Ltd.		12,400		508,062
Toyo Tire Corp.		32,500		459,524
Toyobo Co. Ltd.		30,300		340,998
Toyoda Gosei Co. Ltd.		20,900		439,258
Toyota Boshoku Corp.		23,500		416,548
Toyota Industries Corp.		49,100		3,830,220
Toyota Motor Corp.		3,302,500		65,267,871
Toyota Tsusho Corp.		51,800		2,100,671
Trancom Co. Ltd.		2,400		170,415
Transcosmos Inc.		7,100		180,952
TRE Holdings Corp.		12,200		153,969
Trend Micro Inc/Japan(a)		43,900		2,329,009
Tri Chemical Laboratories Inc.		7,500		202,938
Trusco Nakayama Corp.		23,200		493,740
TS Tech Co. Ltd.		29,200		384,753
Tsubaki Nakashima Co. Ltd.		12,100		149,935
Tsubakimoto Chain Co.		12,800		358,464
Tsumura & Co.		26,900		762,954
Tsuruha Holdings Inc.		5,200		418,831
UACJ Corp.(a)		9,100		209,479
Ube Industries Ltd.		55,400		996,068
Ulvac Inc.		16,600		844,634
Unicharm Corp.		125,200		4,838,166
United Urban Investment Corp.		751		887,347
Universal Entertainment Corp.(a)		14,700		302,253
Ushio Inc.		38,900		604,522
USS Co. Ltd.		71,300		1,163,665
UT Group Co. Ltd.		7,600		217,776
Valor Holdings Co. Ltd.		17,900		344,077
ValueCommerce Co. Ltd.		7,100		218,909
Visional Inc.(a)		5,100		374,604
Wacoal Holdings Corp.		23,700		434,785
Wacom Co. Ltd.		122,800		891,989
WealthNavi Inc.(a)		6,600		94,581
Welcia Holdings Co. Ltd.		29,200		788,629

64 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
West Holdings Corp.		10,600	$	318,494
West Japan Railway Co.		59,900		2,510,035
Yakult Honsha Co. Ltd.		43,700		2,215,654
Yamada Holdings Co. Ltd.		276,700		933,825
Yamaguchi Financial Group Inc.		84,900		526,803
Yamaha Corp.		40,700		1,854,095
Yamaha Motor Co. Ltd.		75,300		1,793,157
Yamato Holdings Co. Ltd.		81,200		1,729,092
Yamato Kogyo Co. Ltd.		19,500		599,990
Yamazaki Baking Co. Ltd.		49,800		712,033
Yaoko Co. Ltd.		6,700		387,359
Yaskawa Electric Corp.		71,300		2,985,357
Yokogawa Bridge Holdings Corp.		9,300		173,725
Yokogawa Electric Corp.		69,900		1,145,346
Yokohama Rubber Co. Ltd. (The)		39,600		577,312
Yoshinoya Holdings Co. Ltd.		19,500		402,951
Z Holdings Corp.		873,600		4,436,722
Zenkoku Hosho Co. Ltd.		17,000		760,888
Zensho Holdings Co. Ltd.		35,400		852,305
Zeon Corp.		42,100		488,530
Zojirushi Corp.		15,400		193,566
ZOZO Inc.		50,900		1,356,353
				1,428,094,337
Netherlands — 4.4%
Aalberts NV		45,104		2,757,213
ABN AMRO Bank NV, CVA(c)		129,031		2,070,826
Adyen NV(a)(c)		6,211		12,638,748
Aegon NV		530,988		2,995,565
AerCap Holdings NV(a)		43,288		2,727,144
Akzo Nobel NV		60,111		6,221,949
Alfen Beheer BV(a)(c)		11,683		871,222
Arcadis NV		21,707		950,225
Argenx SE(a)		15,894		4,253,105
ASM International NV		14,774		5,076,056
ASML Holding NV		129,950		88,014,417
ASR Nederland NV		57,621		2,679,123
Basic-Fit NV(a)(c)		19,575		933,871
BE Semiconductor Industries NV		16,857		1,413,432
Boskalis Westminster		25,808		730,622
CNH Industrial NV		337,343		5,141,813
Corbion NV		16,984		709,141
Davide Campari-Milano NV		195,696		2,457,022
Eurocommercial Properties NV		17,950		434,074
Euronext NV(c)		26,948		2,598,118
EXOR NV		35,946		3,014,105
Flow Traders(c)		34,664		1,344,452
Heineken Holding NV		41,395		3,629,181
Heineken NV		80,769		8,662,204
IMCD NV		18,007		3,097,562
ING Groep NV		1,197,671		17,712,478
InPost SA(a)		92,493		750,883
Intertrust NV(a)(c)		29,329		637,567
Iveco Group NV, NVS(a)		67,359		716,637
Just Eat Takeaway.com NV(a)(c)		48,144		2,377,392
Just Eat Takeaway.com NV(a)(c)		11,938		585,709
Koninklijke Ahold Delhaize NV		325,757		10,562,541
Koninklijke BAM Groep NV(a)		131,867		440,299
Koninklijke DSM NV		55,479		10,400,116
Koninklijke KPN NV		1,183,802		3,904,778
Koninklijke Philips NV		276,400		9,193,972

Security	Shares		Value
Netherlands (continued)
Koninklijke Vopak NV		25,962	$	890,779
MFE-MediaForEurope NV(a)		173,543		143,886
MFE-MediaForEurope NV		173,408		221,275
NN Group NV		95,440		5,341,025
NSI NV		5,707		236,652
OCI NV(a)		30,559		836,335
Pharming Group NV(a)(b)		489,491		449,748
PostNL NV		164,382		704,166
Prosus NV		292,775		24,357,668
QIAGEN NV(a)		75,299		3,722,198
Randstad NV		43,458		2,827,102
Rhi Magnesita NV		17,297		797,817
SBM Offshore NV		62,176		984,016
Shop Apotheke Europe NV(a)(c)		5,277		686,073
Signify NV(c)		47,139		2,496,902
Stellantis NV		650,695		12,564,185
STMicroelectronics NV		223,213		10,495,638
TKH Group NV		13,494		778,658
Universal Music Group NV		233,758		5,771,282
Wolters Kluwer NV		83,089		8,456,681
				305,465,648
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)(a)		255,618		942,592
Auckland International Airport Ltd.(a)		394,801		1,874,079
Chorus Ltd.		140,635		643,992
Contact Energy Ltd.		254,217		1,317,794
Fisher & Paykel Healthcare Corp. Ltd.		194,602		3,580,390
Fletcher Building Ltd.		375,798		1,598,297
Goodman Property Trust		423,504		692,692
Infratil Ltd.		388,066		1,936,690
Mercury NZ Ltd.		144,663		531,857
Meridian Energy Ltd.		443,237		1,277,660
Ryman Healthcare Ltd.		198,342		1,296,923
SKYCITY Entertainment Group Ltd.		231,018		414,987
Spark New Zealand Ltd.		627,629		1,793,846
Summerset Group Holdings Ltd.		89,623		722,386
Xero Ltd.(a)		41,084		3,328,028
Z Energy Ltd.		191,041		446,253
				22,398,466
Norway — 0.8%
Adevinta ASA(a)		72,878		764,588
Aker ASA, Class A		11,031		943,635
Aker BP ASA		40,318		1,396,987
Atea ASA(a)		30,245		512,220
Austevoll Seafood ASA		54,758		725,215
Bakkafrost P/F		12,163		838,499
Borregaard ASA		39,068		918,886
DNB Bank ASA		305,076		7,260,867
DNO ASA		464,019		681,308
Entra ASA(c)		18,707		411,201
Equinor ASA		302,655		8,343,538
Gjensidige Forsikring ASA		61,959		1,513,440
Kahoot! ASA(a)(b)		183,406		736,369
Kongsberg Gruppen ASA		32,363		980,796
Leroy Seafood Group ASA		127,992		1,066,886
Mowi ASA		117,406		2,881,602
NEL ASA(a)(b)		451,710		613,310
Nordic Semiconductor ASA(a)		57,733		1,710,624
Norsk Hydro ASA		425,266		3,268,301

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Orkla ASA		202,659	$	1,936,690
Salmar ASA		14,934		1,018,248
Scatec ASA(c)		43,128		637,001
Schibsted ASA, Class A		9,319		276,072
Schibsted ASA, Class B		47,667		1,243,394
SpareBank 1 SMN		83,368		1,380,655
SpareBank 1 SR-Bank ASA		96,948		1,448,638
Storebrand ASA		201,069		2,143,672
Telenor ASA		246,961		4,081,410
TGS ASA		66,882		720,145
Tomra Systems ASA		50,176		2,508,553
Veidekke ASA		40,206		600,965
Yara International ASA		60,620		3,112,705
				56,676,420
Portugal — 0.2%
Banco Comercial Portugues SA, Class R(a)		2,693,605		457,736
EDP - Energias de Portugal SA		958,154		4,904,896
Galp Energia SGPS SA		191,046		2,106,527
Jeronimo Martins SGPS SA		80,178		1,926,761
Navigator Co. SA (The)		73,594		277,636
NOS SGPS SA		85,125		335,100
REN - Redes Energeticas Nacionais SGPS SA		133,511		380,668
Sonae SGPS SA		622,109		714,804
				11,104,128
Singapore — 1.2%
Ascendas REIT		909,712		1,865,675
Ascott Residence Trust		710,953		538,685
CapitaLand China Trust		313,180		274,510
CapitaLand Integrated Commercial Trust		1,312,035		1,891,555
Capitaland Investment Ltd/Singapore(a)		827,900		2,124,284
CDL Hospitality Trusts(b)		313,300		263,639
City Developments Ltd.		181,700		954,466
ComfortDelGro Corp. Ltd.		917,400		926,327
DBS Group Holdings Ltd.		574,200		15,082,436
ESR-REIT		862,851		271,447
Frasers Centrepoint Trust		296,819		498,305
Frasers Logistics & Commercial Trust		1,790,687		1,821,751
Genting Singapore Ltd.		2,828,100		1,545,393
Golden Agri-Resources Ltd.		2,311,500		422,365
Keppel Corp. Ltd.		503,700		2,123,705
Keppel DC REIT		412,750		655,197
Keppel Infrastructure Trust		1,121,300		464,805
Keppel REIT		554,200		461,898
Manulife US Real Estate Investment Trust		414,916		268,225
Mapletree Commercial Trust		683,400		914,741
Mapletree Industrial Trust		267,940		499,121
Mapletree Logistics Trust		1,726,634		2,173,007
Mapletree North Asia Commercial Trust		779,200		625,008
NetLink NBN Trust(b)		2,088,300		1,499,427
OUE Commercial Real Estate Investment Trust		827,648		251,183
Oversea-Chinese Banking Corp. Ltd.(b)		1,090,600		10,151,591
Parkway Life REIT		132,900		472,657
SATS Ltd.(a)		200,300		582,553
Sea Ltd., ADR(a)		44,274		6,654,825
Sembcorp Industries Ltd.		310,700		527,659
Sembcorp Marine Ltd.(a)		4,527,288		276,168
Silverlake Axis Ltd.		260,300		45,542
Singapore Airlines Ltd.(a)		414,400		1,545,755
Singapore Exchange Ltd.		162,400		1,124,095

Security	Shares		Value
Singapore (continued)
Singapore Post Ltd.		625,000	$	294,927
Singapore Press Holdings Ltd.		466,900		805,381
Singapore Technologies Engineering Ltd.		465,100		1,292,726
Singapore Telecommunications Ltd.		2,571,300		4,662,345
Starhill Global REIT		482,700		222,260
Suntec REIT		641,400		724,384
United Overseas Bank Ltd.		363,800		8,130,442
UOL Group Ltd.		144,200		781,993
Venture Corp. Ltd.		81,200		1,063,861
Wilmar International Ltd.		693,500		2,206,150
Yangzijiang Shipbuilding Holdings Ltd.		692,800		664,708
				80,647,177
Spain — 2.0%
Acciona SA		3,898		678,973
Acerinox SA		47,277		602,462
ACS Actividades de Construccion y Servicios SA		78,073		1,971,078
Aena SME SA(a)(c)		18,607		3,006,568
Almirall SA		30,165		388,260
Amadeus IT Group SA(a)		143,688		9,880,016
Applus Services SA		48,427		425,450
Banco Bilbao Vizcaya Argentaria SA		2,094,677		13,373,738
Banco de Sabadell SA(a)		1,873,602		1,457,200
Banco Santander SA		5,353,047		18,771,005
Bankinter SA		262,932		1,541,888
Befesa SA(c)		15,295		1,079,783
CaixaBank SA		1,502,759		4,834,946
Cellnex Telecom SA(c)		156,661		7,103,885
Cia. de Distribucion Integral Logista Holdings SA		20,542		415,606
Cie. Automotive SA		18,150		527,205
Construcciones y Auxiliar de Ferrocarriles SA		22,929		907,435
Ebro Foods SA		21,409		396,376
EDP Renovaveis SA		81,652		1,716,444
Enagas SA		23,187		501,351
Endesa SA		77,315		1,730,973
Faes Farma SA		104,900		403,754
Ferrovial SA		175,727		4,883,200
Fluidra SA		44,335		1,411,720
Gestamp Automocion SA(c)		53,591		241,434
Grifols SA		65,921		1,162,472
Grupo Catalana Occidente SA		38,001		1,281,618
Iberdrola SA		1,799,309		20,629,186
Iberdrola SA		28,865		329,467
Indra Sistemas SA(a)		44,978		458,290
Industria de Diseno Textil SA		348,848		10,580,349
Inmobiliaria Colonial Socimi SA		120,115		1,060,669
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		283,638		509,158
Mapfre SA		345,307		749,935
Mediaset Espana Comunicacion SA(a)		67,564		316,367
Melia Hotels International SA(a)		50,997		386,465
Merlin Properties Socimi SA		134,122		1,516,179
Naturgy Energy Group SA(b)		79,459		2,515,854
Neinor Homes SA(c)		16,719		203,607
Pharma Mar SA		11,299		711,141
Prosegur Cia. de Seguridad SA		77,588		193,291
Red Electrica Corp. SA		57,325		1,155,570
Repsol SA		500,002		6,353,827
Sacyr SA		146,065		365,136
Siemens Gamesa Renewable Energy SA(a)		86,695		1,875,895
Solaria Energia y Medio Ambiente SA(a)		29,369		513,215

66 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Tecnicas Reunidas SA(a)(b)		14,680	$	131,628
Telefonica SA		1,569,255		7,315,190
Viscofan SA		13,395		811,873
Zardoya Otis SA		63,407		502,810
				139,879,942
Sweden — 3.6%
AAK AB		69,018		1,292,802
AddTech AB, Class B		72,707		1,344,996
AFRY AB		49,545		1,111,209
Alfa Laval AB		107,125		3,618,811
Arjo AB, Class B		80,632		805,830
Assa Abloy AB, Class B		319,825		8,757,477
Atlas Copco AB, Class A		214,322		12,684,870
Atlas Copco AB, Class B		118,922		6,082,001
Avanza Bank Holding AB		47,402		1,499,729
Axfood AB		31,577		804,375
Beijer Ref AB		77,870		1,359,142
BHG Group AB(a)		95,354		914,017
BICO Group AB, Class B(a)		25,202		503,196
BillerudKorsnas AB		29,760		473,183
Biotage AB		25,782		526,437
Boliden AB		94,059		3,808,687
Bonava AB, Class B		92,944		804,374
Bravida Holding AB(c)		58,401		698,795
Bure Equity AB		27,713		956,216
Castellum AB		97,133		2,287,846
Catena AB		9,206		522,567
Cint Group AB(a)		54,841		729,327
Corem Property Group AB, Class B		394,409		1,132,075
Dios Fastigheter AB		78,123		869,677
Dometic Group AB(c)		97,044		1,074,987
Electrolux AB, Class B		91,816		1,910,433
Electrolux Professional AB, Class B(a)		71,581		499,872
Elekta AB, Class B		136,923		1,401,298
Embracer Group AB(a)		171,557		1,721,288
Epiroc AB, Class A		247,849		5,288,881
Epiroc AB, Class B		110,339		1,997,009
EQT AB		92,311		3,617,348
Essity AB, Class B		179,765		5,067,644
Evolution AB(c)		49,820		6,198,461
Fabege AB		108,107		1,612,943
Fastighets AB Balder, Class B(a)		25,326		1,677,818
Fortnox AB		140,790		723,976
Getinge AB, Class B		79,745		3,117,676
Granges AB		89,854		1,114,385
H & M Hennes & Mauritz AB, Class B		239,439		4,767,433
Hexagon AB, Class B		652,029		8,794,612
Hexpol AB		84,445		1,007,574
Holmen AB, Class B		16,209		787,266
Hufvudstaden AB, Class A		72,424		1,034,352
Husqvarna AB, Class B		169,762		2,360,365
Industrivarden AB, Class A		14,121		446,392
Industrivarden AB, Class C		66,009		2,050,278
Indutrade AB		58,872		1,464,605
Instalco AB		123,576		898,312
Intrum AB		43,504		1,309,712
Investment AB Latour, Class B		39,291		1,222,499
Investor AB		157,101		3,573,934
Investor AB, Class B		592,007		12,853,612
JM AB		20,181		764,381

Security	Shares		Value
Sweden (continued)
Kindred Group PLC		70,784	$	822,329
Kinnevik AB, Class B(a)		81,903		2,447,967
L E Lundbergforetagen AB, Class B		12,414		634,313
Lifco AB, Class B		73,133		1,714,255
Lindab International AB		32,181		934,256
Loomis AB		50,354		1,292,958
Lundin Energy AB		76,085		3,094,216
Millicom International Cellular SA, SDR(a)		40,301		1,075,788
MIPS AB		14,948		1,486,185
Modern Times Group MTG AB, Class B(a)		89,855		1,202,634
Mycronic AB		53,713		1,098,995
NCC AB, Class B		59,749		987,756
Nibe Industrier AB, Class B		431,172		4,098,099
Nolato AB, Class B		123,014		1,260,562
Nordic Entertainment Group AB, Class B(a)		18,850		729,807
Nordnet AB publ		36,044		561,748
Nyfosa AB		59,456		925,541
Pandox AB(a)		68,189		991,348
Peab AB, Class B		104,568		1,175,350
PowerCell Sweden AB(a)		23,316		372,298
Resurs Holding AB(c)		44,477		182,548
Saab AB, Class B		23,517		557,682
Sagax AB, Class B		59,955		1,750,097
Samhallsbyggnadsbolaget i Norden AB		382,564		2,307,290
Sandvik AB		359,770		9,474,370
Sectra AB(a)		43,148		710,725
Securitas AB, Class B		70,566		852,313
Sinch AB(a)(c)		165,250		1,698,924
Skandinaviska Enskilda Banken AB, Class A		461,538		5,966,228
Skanska AB, Class B		79,289		1,941,222
SKF AB, Class B		128,352		2,813,749
SSAB AB, Class B(a)		210,177		1,094,302
Stillfront Group AB(a)		223,669		1,088,673
Subsea 7 SA		94,225		708,409
Svenska Cellulosa AB SCA, Class B		213,604		3,719,622
Svenska Handelsbanken AB, Class A		390,126		4,157,790
Sweco AB, Class B		62,880		883,942
Swedbank AB, Class A		278,470		5,451,943
Swedish Match AB		551,279		4,265,401
Tele2 AB, Class B		192,613		2,802,530
Telefonaktiebolaget LM Ericsson, Class B		923,012		11,524,814
Telia Co. AB		655,311		2,582,839
Thule Group AB(c)		33,281		1,606,355
Trelleborg AB, Class B		48,536		1,222,082
Troax Group AB		17,277		605,256
Vitec Software Group AB		14,160		637,038
Vitrolife AB		18,164		746,947
Volvo AB, Class A		25,566		584,796
Volvo AB, Class B		479,257		10,815,114
Wallenstam AB, Class B		61,803		972,693
Wihlborgs Fastigheter AB		69,148		1,429,624
				246,008,708
Switzerland — 8.5%
ABB Ltd., Registered		524,139		18,172,831
Adecco Group AG, Registered		52,705		2,510,508
Alcon Inc.		166,288		12,822,237
Allreal Holding AG, Registered		1,730		375,377
ALSO Holding AG, Registered(a)		2,908		818,371
Bachem Holding AG, Class B, Registered		2,251		1,342,747
Baloise Holding AG, Registered		11,593		2,030,820

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Banque Cantonale Vaudoise, Registered		9,589	$	792,852
Barry Callebaut AG, Registered		1,175		2,697,363
Belimo Holding AG, Registered		3,030		1,673,228
BKW AG		6,773		807,992
Bossard Holding AG, Class A, Registered		2,078		651,503
Bucher Industries AG, Registered		793		365,125
Burckhardt Compression Holding AG		1,216		575,134
Bystronic AG, Registered		424		557,263
Cembra Money Bank AG		9,597		660,072
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		278		3,226,288
Chocoladefabriken Lindt & Spruengli AG, Registered		25		2,878,649
Cie. Financiere Richemont SA, Class A, Registered		171,981		24,994,652
Clariant AG, Registered		84,856		1,798,530
Coca-Cola HBC AG, Class DI		60,498		2,003,731
Comet Holding AG, Registered		2,952		941,737
Credit Suisse Group AG, Registered		763,227		7,254,785
Daetwyler Holding AG, Bearer		2,230		875,621
DKSH Holding AG		9,782		784,305
dormakaba Holding AG		925		529,652
Dufry AG, Registered(a)		21,931		1,136,509
Emmi AG, Registered		871		977,558
EMS-Chemie Holding AG, Registered		2,166		2,190,869
Flughafen Zurich AG, Registered(a)		7,827		1,448,124
Forbo Holding AG, Registered		361		695,002
Galenica AG(c)		4,553		321,551
Geberit AG, Registered		11,496		7,810,728
Georg Fischer AG, Registered		1,408		2,058,943
Givaudan SA, Registered		2,854		11,823,907
Gurit Holding AG, Bearer		211		328,207
Helvetia Holding AG, Registered		12,982		1,632,312
Holcim Ltd.		165,224		8,955,351
Huber + Suhner AG, Registered		6,116		556,814
Idorsia Ltd.(a)(b)		46,663		1,086,947
Inficon Holding AG, Registered		537		655,925
Interroll Holding AG, Registered		198		838,057
Intershop Holding AG		511		337,487
Julius Baer Group Ltd.		81,918		5,353,315
Kardex Holding AG, Registered		2,453		680,889
Kuehne + Nagel International AG, Registered		19,236		5,431,995
Landis+Gyr Group AG(a)		6,840		451,149
Logitech International SA, Registered		58,248		4,894,552
Lonza Group AG, Registered		24,795		17,094,711
Medmix AG(a)(c)		9,553		413,350
Mobilezone Holding AG, Registered		24,578		384,088
Mobimo Holding AG, Registered		1,969		644,327
Nestle SA, Registered		882,565		113,972,931
Novartis AG, Registered		682,861		59,333,444
OC Oerlikon Corp. AG, Registered		59,917		581,764
Partners Group Holding AG		6,947		9,685,491
PSP Swiss Property AG, Registered		12,966		1,572,179
Roche Holding AG, Bearer		10,896		4,486,933
Roche Holding AG, NVS		220,846		85,467,214
Schindler Holding AG, Participation Certificates, NVS		13,654		3,426,935
Schindler Holding AG, Registered		8,909		2,235,026
Schweiter Technologies AG, Bearer		343		454,980
SFS Group AG		4,962		723,946
SGS SA, Registered		1,949		5,557,713
Siegfried Holding AG, Registered		1,281		1,037,127
Siemens Energy AG(a)		123,327		2,773,976

Security	Shares		Value
Switzerland (continued)
SIG Combibloc Group AG(a)		78,261	$	1,818,307
Sika AG, Registered		45,066		15,767,425
Softwareone Holding AG(a)		32,023		629,175
Sonova Holding AG, Registered		18,813		6,701,943
St. Galler Kantonalbank AG, Class A, Registered		989		477,916
Stadler Rail AG(b)		16,334		777,279
Straumann Holding AG, Registered		3,609		5,980,414
Sulzer AG, Registered		6,206		594,010
Swatch Group AG (The), Bearer		12,182		3,553,759
Swatch Group AG (The), Registered		2,010		112,831
Swiss Life Holding AG, Registered		10,468		6,737,306
Swiss Prime Site AG, Registered		30,882		3,053,502
Swiss Re AG		92,791		10,110,308
Swisscom AG, Registered		8,537		4,879,535
Swissquote Group Holding SA, Registered		4,762		810,093
Tecan Group AG, Registered		4,829		2,347,919
Temenos AG, Registered		22,938		2,749,458
UBS Group AG, Registered		1,108,655		20,565,047
Valiant Holding AG, Registered		9,374		946,751
Valora Holding AG, Registered(a)		1,761		342,294
VAT Group AG(c)		9,328		3,804,027
Vifor Pharma AG		19,285		3,416,280
Vontobel Holding AG, Registered		9,653		800,055
Zur Rose Group AG(a)		3,179		778,205
Zurich Insurance Group AG		47,409		22,676,115
				582,083,653
United Kingdom — 13.2%
3i Group PLC		329,421		6,135,071
888 Holdings PLC		177,980		614,354
Abcam PLC(a)		79,356		1,424,790
Abrdn PLC		424,910		1,389,619
Admiral Group PLC		58,417		2,483,933
Airtel Africa PLC(c)		294,250		603,498
AJ Bell PLC		172,043		784,567
Anglo American PLC		407,317		17,956,765
Antofagasta PLC		135,023		2,456,249
AO World PLC(a)		177,177		239,715
Ascential PLC(a)		258,031		1,232,633
Ashmore Group PLC		321,489		1,232,334
Ashtead Group PLC		140,228		10,030,226
ASOS PLC(a)		41,208		1,236,372
Associated British Foods PLC		108,083		2,852,948
Assura PLC		1,590,448		1,438,522
Aston Martin Lagonda Global Holdings PLC(a)(c)		42,002		681,751
AstraZeneca PLC		485,521		56,479,655
Auto Trader Group PLC(c)		282,818		2,562,794
Avast PLC(c)		197,087		1,625,361
AVEVA Group PLC		43,980		1,745,206
Aviva PLC		1,254,886		7,408,845
B&M European Value Retail SA		298,164		2,283,225
BAE Systems PLC		993,459		7,774,565
Balfour Beatty PLC		316,844		1,086,121
Barclays PLC		5,348,242		14,348,358
Barratt Developments PLC		330,698		2,750,427
Beazley PLC(a)		184,681		1,226,134
Bellway PLC		42,547		1,637,171
Berkeley Group Holdings PLC		38,072		2,172,769
Big Yellow Group PLC		52,074		1,046,312
Blue Prism Group PLC(a)		34,781		590,793
Bodycote PLC		73,912		794,868

68 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
boohoo Group PLC(a)(b)		594,144	$	861,809
BP PLC		6,310,156		32,711,355
Breedon Group PLC		474,409		545,518
British American Tobacco PLC		670,281		28,617,631
British Land Co. PLC (The)		249,973		1,869,181
Britvic PLC		94,648		1,161,591
BT Group PLC		2,659,273		7,043,538
Bunzl PLC		102,928		3,855,371
Burberry Group PLC		131,657		3,339,998
Burford Capital Ltd.		76,836		698,039
Capita PLC(a)		1,701,424		732,055
Capital & Counties Properties PLC		286,633		666,696
Capricorn Energy PLC(a)		234,640		654,187
Carnival PLC(a)		48,737		894,358
Centamin PLC		884,449		1,065,874
Centrica PLC(a)		1,795,727		1,765,674
Cineworld Group PLC(a)(b)		885,693		475,857
Clinigen Group PLC		56,433		692,591
Close Brothers Group PLC		51,535		895,531
Coats Group PLC		588,450		520,668
Coca-Cola Europacific Partners PLC		67,558		3,860,940
Compass Group PLC		549,341		12,485,216
Computacenter PLC		41,168		1,482,418
ConvaTec Group PLC(c)		492,154		1,168,435
Countryside Properties PLC(a)(c)		200,658		836,852
Cranswick PLC		28,350		1,404,885
Crest Nicholson Holdings PLC		151,571		654,351
Croda International PLC		44,129		4,765,842
Currys PLC		527,709		761,095
CVS Group PLC		24,717		655,530
DCC PLC		31,571		2,654,601
Dechra Pharmaceuticals PLC		36,443		2,046,968
Deliveroo PLC(a)(c)		246,092		517,030
Derwent London PLC		24,160		1,116,352
Diageo PLC		734,387		37,058,165
Diploma PLC		37,696		1,414,846
Direct Line Insurance Group PLC		362,701		1,495,101
Domino’s Pizza Group PLC		214,841		1,126,316
Dr. Martens PLC		140,433		583,456
Drax Group PLC		111,188		905,856
DS Smith PLC		491,423		2,509,672
Dunelm Group PLC		58,656		1,057,055
easyJet PLC(a)		94,783		800,773
Electrocomponents PLC		170,528		2,581,935
Elementis PLC(a)		322,477		617,588
Entain PLC(a)		192,968		4,177,631
Essentra PLC		132,347		616,745
Euromoney Institutional Investor PLC		64,987		805,977
Evraz PLC		144,989		985,000
Experian PLC		290,475		12,132,526
Ferguson PLC		71,158		11,192,471
Fevertree Drinks PLC		39,079		1,121,048
Firstgroup PLC(a)(b)		421,468		580,445
Frasers Group PLC(a)		64,007		635,807
Future PLC		46,083		1,965,501
Games Workshop Group PLC		11,142		1,194,620
Gamma Communications PLC		25,562		537,700
GB Group PLC		74,650		666,532
Genuit Group PLC		102,226		792,479
Genus PLC		25,659		1,324,496

Security	Shares		Value
United Kingdom (continued)
GlaxoSmithKline PLC		1,540,368	$	34,374,830
Go-Ahead Group PLC (The)(a)(d)		26,447		237,242
Grainger PLC		243,728		992,574
Great Portland Estates PLC		87,628		907,909
Greatland Gold PLC(a)		4,200,428		779,583
Greggs PLC		29,742		1,078,661
Halma PLC		130,833		4,434,410
Hammerson PLC(b)		1,300,489		685,577
Harbour Energy PLC(a)		129,967		634,187
Hargreaves Lansdown PLC		97,878		1,777,046
Hays PLC		602,262		1,173,588
Helios Towers PLC(a)(b)		229,760		474,630
Hikma Pharmaceuticals PLC		48,131		1,352,151
Hill & Smith Holdings PLC		24,892		503,987
Hiscox Ltd.		124,562		1,637,288
HomeServe PLC		100,138		1,032,157
Howden Joinery Group PLC		228,204		2,517,645
HSBC Holdings PLC		6,357,035		45,245,170
Ibstock PLC(c)		282,831		757,886
IG Group Holdings PLC		137,103		1,509,342
IMI PLC		97,333		2,174,689
Impax Asset Management Group PLC		32,247		477,045
Imperial Brands PLC		288,288		6,835,266
Inchcape PLC		160,774		1,833,339
Indivior PLC(a)		316,460		963,433
Informa PLC(a)		475,704		3,598,400
IntegraFin Holdings PLC		137,065		914,810
InterContinental Hotels Group PLC(a)		58,692		3,877,979
Intermediate Capital Group PLC		102,906		2,657,607
Intertek Group PLC		46,654		3,385,702
Investec PLC		255,392		1,458,058
IP Group PLC		316,202		415,585
ITM Power PLC(a)		249,836		927,161
ITV PLC(a)		1,203,047		1,840,239
IWG PLC(a)		242,334		933,351
J D Wetherspoon PLC(a)		71,930		873,350
J Sainsbury PLC		579,092		2,275,569
JD Sports Fashion PLC		861,404		2,208,783
JET2 PLC(a)(b)		57,060		1,016,213
John Wood Group PLC(a)		473,408		1,425,119
Johnson Matthey PLC		64,529		1,704,126
Jupiter Fund Management PLC		215,361		668,128
Kainos Group PLC		33,670		692,193
Keywords Studios PLC		40,577		1,375,214
Kingfisher PLC		708,296		3,176,251
Lancashire Holdings Ltd.		131,560		974,046
Land Securities Group PLC		186,535		2,003,468
Learning Technologies Group PLC		352,846		792,960
Legal & General Group PLC		1,838,324		7,187,769
Liontrust Asset Management PLC		19,140		417,525
Lloyds Banking Group PLC		21,226,760		14,730,752
London Stock Exchange Group PLC		100,094		9,800,545
LondonMetric Property PLC		227,443		819,495
M&G PLC		812,648		2,378,390
Man Group PLC/Jersey		561,087		1,465,741
Marks & Spencer Group PLC(a)		612,280		1,811,986
Marshalls PLC		80,156		763,182
Mediclinic International PLC(a)		169,873		732,766
Meggitt PLC(a)		260,968		2,635,841
Melrose Industries PLC		1,443,276		2,939,976

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Micro Focus International PLC		208,407	$	1,282,146
Mondi PLC		155,319		3,885,954
Moneysupermarket.com Group PLC		423,519		1,082,298
National Express Group PLC(a)		355,023		1,203,982
National Grid PLC		1,086,390		15,897,054
Natwest Group PLC		1,536,472		5,050,047
Network International Holdings PLC(a)(c)		169,168		597,679
Next PLC		43,872		4,469,928
Ninety One PLC		223,032		778,085
NMC Health PLC(a)(d)		12,146		—
Ocado Group PLC(a)		148,485		3,025,467
OSB Group PLC		195,670		1,453,624
Pagegroup PLC		163,548		1,290,504
Paragon Banking Group PLC		108,688		832,463
Pearson PLC		218,482		1,824,203
Penno Group PLC		89,745		1,314,997
Persimmon PLC		103,623		3,375,984
Petrofac Ltd.(a)(b)		198,514		319,230
Pets at Home Group PLC		181,595		1,042,849
Phoenix Group Holdings PLC		167,807		1,502,277
Playtech PLC(a)		139,962		1,099,291
Primary Health Properties PLC		466,875		905,470
Provident Financial PLC(a)		151,587		638,519
Prudential PLC		812,648		13,697,769
QinetiQ Group PLC		202,791		735,954
Quilter PLC(c)		697,811		1,295,777
Rathbones Group PLC		23,144		584,378
Reach PLC		143,106		502,329
Reckitt Benckiser Group PLC		222,946		18,063,554
Redrow PLC		101,112		851,832
RELX PLC		604,198		18,585,363
Renishaw PLC		18,068		1,115,694
Rentokil Initial PLC		630,956		4,418,417
Rightmove PLC		296,782		2,615,685
Rolls-Royce Holdings PLC(a)		2,596,640		4,070,182
Rotork PLC		327,950		1,507,298
Royal Mail PLC		282,811		1,689,982
RWS Holdings PLC		147,546		1,000,110
S4 Capital PLC(a)		86,281		603,325
Safestore Holdings PLC		85,548		1,466,752
Sage Group PLC (The)		268,660		2,625,339
Sanne Group PLC		69,858		859,661
Savills PLC		59,405		1,082,521
Schroders PLC		41,265		1,892,033
Segro PLC		353,016		6,223,584
Senior PLC(a)		214,411		388,124
Serco Group PLC		429,089		776,181
Severn Trent PLC		74,354		2,886,740
Shaftesbury PLC		88,897		746,432
Shell PLC		2,415,510		62,051,345
Smart Metering Systems PLC		59,281		588,385
Smith & Nephew PLC		276,375		4,700,302
Smiths Group PLC		123,926		2,612,060
Softcat PLC		54,269		1,198,436
Spectris PLC		40,507		1,848,482
Spirax-Sarco Engineering PLC		24,209		4,363,810
Spirent Communications PLC		221,518		739,769
SSE PLC		324,579		6,983,648
SSP Group PLC(a)		282,583		1,048,457
St. James’s Place PLC		172,595		3,562,780

Security	Shares		Value
United Kingdom (continued)
Standard Chartered PLC		797,997	$	5,811,612
Synthomer PLC		161,669		798,157
Tate & Lyle PLC		155,505		1,487,444
Taylor Wimpey PLC		1,093,266		2,242,897
Team17 Group PLC(a)		82,888		791,480
Tesco PLC		2,460,597		9,883,410
TP ICAP Group PLC		638,033		1,209,523
Trainline PLC(a)(c)		171,420		516,416
Travis Perkins PLC		74,688		1,515,427
Tritax Big Box REIT PLC		544,440		1,746,368
Tullow Oil PLC(a)		529,770		358,555
Ultra Electronics Holdings PLC		24,121		946,344
Unilever PLC		799,391		40,994,248
UNITE Group PLC (The)		92,459		1,293,616
United Utilities Group PLC		229,859		3,315,916
Vesuvius PLC		103,869		643,710
Victrex PLC		27,727		772,315
Virgin Money UK PLC(a)		462,778		1,197,868
Vistry Group PLC		83,509		1,157,827
Vodafone Group PLC		8,144,621		14,300,850
Weir Group PLC (The)		93,763		2,207,750
WH Smith PLC(a)		56,509		1,267,806
Whitbread PLC(a)		61,491		2,530,205
Wickes Group PLC		160,697		443,481
Workspace Group PLC		58,026		663,040
WPP PLC		413,081		6,477,323
Yougov PLC		33,009		514,968
				907,894,741
Total Common Stocks — 99.3% (Cost: $5,965,553,279)				6,837,702,472
Preferred Stocks
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		16,735		1,448,350
Fuchs Petrolub SE, Preference Shares, NVS		28,979		1,252,332
Henkel AG & Co. KGaA, Preference Shares, NVS		57,340		4,689,751
Jungheinrich AG, Preference Shares, NVS		14,220		608,066
Porsche Automobil Holding SE, Preference Shares, NVS		50,533		4,732,361
Sartorius AG, Preference Shares, NVS		9,394		5,071,608
Volkswagen AG, Preference Shares, NVS		58,573		12,199,127
				30,001,595
Total Preferred Stocks — 0.4% (Cost: $25,966,369)				30,001,595
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(a)(d)		75,017		37,546
Sacyr SA (Expires 02/02/22)(a)(d)		146,065		8,533
				46,079
Total Rights — 0.0% (Cost: $49,146)				46,079

70 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		63,295,488	$	63,314,476
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		1,330,000		1,330,000
				64,644,476
Total Short-Term Investments — 0.9% (Cost: $64,639,713)				64,644,476
Total Investments in Securities — 100.6% (Cost: $6,056,208,507)				6,932,394,622
Other Assets, Less Liabilities — (0.6)%				(42,082,677	)
Net Assets — 100.0%			$	6,890,311,945

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	34,852,882	$	28,469,363	(a)	$	—	$	(5,035	)	$	(2,734	)	$	63,314,476		63,295,488	$	547,575	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		700,000		630,000	(a)		—		—			—			1,330,000		1,330,000		60			—
								$	(5,035	)	$	(2,734	)	$	64,644,476			$	547,635		$	—

^(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		22		03/10/22	$	3,666	$	(62,183	)
SPI 200 Index		18		03/17/22		2,194		(117,140	)
Euro STOXX 50 Index		130		03/18/22		6,110		(104,579	)
FTSE 100 Index		33		03/18/22		3,308		(23,676	)
							$	(307,578	)

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI International Developed Markets 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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	307,578

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	269,021
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(290,682	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	23,256,141

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
Investments
Assets
Common Stocks	$	842,073,183	$	5,995,392,047		$	237,242	$	6,837,702,472
Preferred Stocks		—		30,001,595			—		30,001,595
Rights		—		—			46,079		46,079
Money Market Funds		64,644,476		—			—		64,644,476
	$	906,717,659	$	6,025,393,642		$	283,321	$	6,932,394,622
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(307,578	)	$	—	$	(307,578	)

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

See notes to financial statements.

72 2 0 2 2   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)  January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 20.8%
29Metals Ltd.(a)		30,022	$	56,224
Abacus Property Group		85,801		209,684
Accent Group Ltd.		49,873		71,754
Adbri Ltd.		62,370		130,009
AGL Energy Ltd.		93,669		473,074
Alkane Resources Ltd.(a)		77,823		45,491
Allkem Ltd.(a)		87,709		571,131
ALS Ltd.		70,791		594,282
Altium Ltd.		18,078		462,147
Alumina Ltd.		377,358		509,914
AMP Ltd.(a)		445,092		277,439
Ampol Ltd.		36,551		774,260
Ansell Ltd.		18,158		345,219
APA Group		173,915		1,179,465
Appen Ltd.		16,769		115,767
ARB Corp. Ltd.		10,507		346,195
Arena REIT		49,708		165,687
Aristocrat Leisure Ltd.		89,292		2,588,376
ASX Ltd.		29,189		1,731,156
Atlas Arteria Ltd.		145,060		673,355
AUB Group Ltd.		11,100		183,306
Aurizon Holdings Ltd.		275,803		690,019
AusNet Services Ltd.		286,784		527,711
Aussie Broadband Ltd.(a)		13,772		41,399
Austal Ltd.		49,698		70,890
Australia & New Zealand Banking Group Ltd.		425,855		8,048,164
Australian Agricultural Co. Ltd.(a)		46,175		47,390
Australian Ethical Investment Ltd.		10,960		72,285
Australian Pharmaceutical Industries Ltd.		56,112		60,304
Australian Strategic Materials Ltd.(a)		13,842		82,608
Aventus Group		46,652		106,864
AVZ Minerals Ltd.(a)(b)		359,180		180,065
Bank of Queensland Ltd.		97,562		530,712
Bapcor Ltd.		52,375		262,431
Beach Energy Ltd.		281,216		297,057
Bega Cheese Ltd.		46,373		167,921
Bellevue Gold Ltd.(a)		175,382		96,895
Bendigo & Adelaide Bank Ltd.		81,500		497,790
Betmakers Technology Group Ltd.(a)		119,165		53,179
BHP Group Ltd.(b)		757,258		24,285,683
Blackmores Ltd.		2,638		153,204
BlueScope Steel Ltd.		73,851		967,954
Boral Ltd.(a)		60,934		253,972
BrainChip Holdings Ltd.(a)(b)		200,415		204,788
Brambles Ltd.		214,267		1,472,024
Bravura Solutions Ltd.		27,486		42,164
Breville Group Ltd.		14,656		298,489
Brickworks Ltd.		13,200		212,145
BWP Trust		81,853		230,864
BWX Ltd.		28,296		68,053
Capricorn Metals Ltd.(a)		39,167		87,935
carsales.com Ltd.		39,064		617,885
Centuria Capital Group		76,881		163,379
Centuria Industrial REIT		79,938		216,147
Centuria Office REIT		53,820		82,438
Cettire Ltd.(a)(b)		19,791		41,192
Chalice Mining Ltd.(a)		50,687		280,906
Challenger Ltd.		90,539		369,840

Security	Shares		Value
Australia (continued)
Champion Iron Ltd.(a)(b)		57,177	$	264,159
Charter Hall Group		67,854		812,745
Charter Hall Long Wale REIT		87,443		299,122
Charter Hall Retail REIT		84,124		240,042
Charter Hall Social Infrastructure REIT		41,596		112,936
CIMIC Group Ltd.		12,402		144,882
City Chic Collective Ltd.(a)		24,392		85,773
Cleanaway Waste Management Ltd.		298,907		610,190
Clinuvel Pharmaceuticals Ltd.		7,206		117,788
Cochlear Ltd.		9,804		1,344,451
Codan Ltd./Australia		18,173		117,035
Coles Group Ltd.		199,476		2,291,720
Collins Foods Ltd.		16,923		141,161
Commonwealth Bank of Australia		265,382		17,698,255
Computershare Ltd.		81,576		1,130,774
Coronado Global Resources Inc.(a)(c)		84,437		82,027
Corporate Travel Management Ltd.(a)		16,631		247,996
Costa Group Holdings Ltd.		72,898		144,191
Credit Corp. Group Ltd.		10,673		257,522
Cromwell Property Group		199,600		119,075
Crown Resorts Ltd.(a)		57,393		494,504
CSL Ltd.		71,533		13,250,958
CSR Ltd.		79,219		315,574
Data#3 Ltd.		14,044		55,047
De Grey Mining Ltd.(a)		147,013		119,109
Deterra Royalties Ltd.		73,273		223,533
Dexus		158,950		1,157,142
Dexus Industria REIT(b)		22,515		49,805
Dicker Data Ltd.(b)		6,353		57,549
Domain Holdings Australia Ltd.		36,700		123,337
Domino’s Pizza Enterprises Ltd.		9,402		693,522
Downer EDI Ltd.		107,722		416,693
Dubber Corp. Ltd.(a)		40,469		51,364
Eagers Automotive Ltd.		26,907		245,090
Elders Ltd.		22,708		175,596
Emeco Holdings Ltd.		66,030		41,957
EML Payments Ltd.(a)		43,487		92,600
Endeavour Group Ltd./Australia		205,394		917,416
EVENT Hospitality and Entertainment Ltd.(a)		13,902		132,823
Evolution Mining Ltd.		268,315		674,123
Flight Centre Travel Group Ltd.(a)		22,445		266,248
Fortescue Metals Group Ltd.		254,858		3,578,742
G8 Education Ltd.(a)		75,508		59,493
GDI Property Group		74,778		54,621
Genworth Mortgage Insurance Australia Ltd.		77,751		134,409
Gold Road Resources Ltd.		140,953		134,196
Goodman Group		248,716		4,106,730
GPT Group (The)		284,257		1,007,309
GrainCorp Ltd., Class A		40,275		208,052
Growthpoint Properties Australia Ltd.		50,473		141,038
GUD Holdings Ltd.		18,160		158,872
GWA Group Ltd.		47,015		84,313
Hansen Technologies Ltd.		27,039		93,816
Harvey Norman Holdings Ltd.		77,557		270,313
Healius Ltd.		81,834		259,050
Home Consortium Ltd.		13,025		60,422
HomeCo Daily Needs REIT		71,712		69,211
HUB24 Ltd.		8,107		157,974
IDP Education Ltd.		32,215		673,370
IGO Ltd.		99,535		842,167

S C H E D U L E   O F   I N V E S T M E N T S 73

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Iluka Resources Ltd.		64,937	$	482,867
Imdex Ltd.		52,149		109,098
Imugene Ltd.(a)		668,491		149,344
Incitec Pivot Ltd.		297,470		696,518
Ingenia Communities Group		50,509		197,525
Inghams Group Ltd.		51,277		119,377
Insignia Financial Ltd.		95,176		238,692
Insurance Australia Group Ltd.		371,010		1,119,105
Integral Diagnostics Ltd.		20,951		61,386
InvoCare Ltd.		22,383		177,736
ionner Ltd.(a)		210,995		99,465
IPH Ltd.		32,583		189,063
IRESS Ltd.		30,490		246,659
Irongate Group		49,870		65,274
James Hardie Industries PLC		66,617		2,242,010
JB Hi-Fi Ltd.		17,834		583,517
Johns Lyng Group Ltd.		21,697		118,724
Jumbo Interactive Ltd.		5,774		73,439
Karoon Energy Ltd.(a)		84,250		115,437
Kelsian Group Ltd.		19,840		99,032
Kogan.com Ltd.(b)		14,583		64,398
Lendlease Corp. Ltd.		101,238		716,415
Lifestyle Communities Ltd.		14,112		169,149
Link Administration Holdings Ltd.		72,747		278,844
Liontown Resources Ltd.(a)		193,952		196,436
Lovisa Holdings Ltd.		6,274		79,128
Lynas Rare Earths Ltd.(a)		135,724		876,655
MA Financial Group Ltd.		10,878		65,552
Maas Group Holdings Ltd.		13,632		42,891
Macquarie Group Ltd.		52,412		6,850,851
Magellan Financial Group Ltd.		19,943		265,360
Mayne Pharma Group Ltd.(a)		252,087		44,722
McMillan Shakespeare Ltd.		9,707		77,405
Medibank Pvt Ltd.		418,785		917,671
Megaport Ltd.(a)		22,457		216,031
Mesoblast Ltd.(a)(b)		124,584		100,106
Metcash Ltd.		142,065		398,704
Mineral Resources Ltd.		24,450		971,666
Mirvac Group		601,721		1,115,088
Monadelphous Group Ltd.		19,936		126,994
Nanosonics Ltd.(a)		37,374		135,847
National Australia Bank Ltd.		492,598		9,504,897
National Storage REIT		174,113		305,231
Nearmap Ltd.(a)		65,119		62,454
Netwealth Group Ltd.		14,634		158,494
New Hope Corp. Ltd.		47,973		77,280
Newcrest Mining Ltd.		121,755		1,888,586
NEXTDC Ltd.(a)		70,480		540,791
nib holdings Ltd.		70,453		310,845
Nick Scali Ltd.		6,359		61,364
Nickel Mines Ltd.		154,193		158,371
Nine Entertainment Co. Holdings Ltd.		203,908		380,541
Northern Star Resources Ltd.		162,179		966,574
Novonix Ltd.(a)		41,044		221,346
NRW Holdings Ltd.		88,417		99,917
Nufarm Ltd./Australia		46,302		147,048
Nuix Ltd.(a)		25,981		27,491
Omni Bridgeway Ltd.(a)		42,174		97,537
oOh!media Ltd.(a)		70,184		80,486
Orica Ltd.		59,536		589,855

Security	Shares		Value
Australia (continued)
Origin Energy Ltd.		267,258	$	1,069,433
Orora Ltd.		127,657		314,311
OZ Minerals Ltd.		48,578		842,688
Pact Group Holdings Ltd.		19,943		32,961
Paladin Energy Ltd.(a)		299,773		156,317
Pendal Group Ltd.		48,391		166,195
Perenti Global Ltd.		83,886		45,949
Perpetual Ltd.		8,308		194,173
Perseus Mining Ltd.		204,988		214,263
PEXA Group Ltd.(a)		13,372		175,585
Pilbara Minerals Ltd.(a)		358,839		830,167
Pinnacle Investment Management Group Ltd.		12,429		100,323
Platinum Asset Management Ltd.		55,618		97,777
PointsBet Holdings Ltd.(a)		28,486		99,830
PolyNovo Ltd.(a)		93,081		86,931
Premier Investments Ltd.		13,377		274,467
Pro Medicus Ltd.		7,043		227,446
Qantas Airways Ltd.(a)		141,564		484,523
QBE Insurance Group Ltd.		217,806		1,729,301
Qube Holdings Ltd.		272,728		562,821
Ramelius Resources Ltd.		121,954		116,888
Ramsay Health Care Ltd.		27,343		1,219,936
REA Group Ltd.		7,675		795,105
Redbubble Ltd.(a)		31,953		40,682
Reece Ltd.		44,373		685,048
Regis Resources Ltd.		135,004		164,214
Reliance Worldwide Corp. Ltd.		115,467		426,421
Rio Tinto Ltd.		55,594		4,420,038
Rural Funds Group(b)		39,002		78,938
Sandfire Resources Ltd.		54,095		259,947
Santos Ltd.		476,226		2,425,767
Sayona Mining Ltd.(a)		749,391		65,073
Scentre Group		767,936		1,594,347
SEEK Ltd.		51,199		1,061,007
Select Harvests Ltd.		21,033		80,743
Seven Group Holdings Ltd.		22,662		350,446
SG Fleet Group Ltd.		16,049		27,015
Shopping Centres Australasia Property Group		162,793		325,244
Sigma Healthcare Ltd.		137,897		43,875
Silver Lake Resources Ltd.(a)(b)		135,447		142,636
Sims Ltd.		24,313		247,537
SmartGroup Corp. Ltd.		19,482		99,021
Sonic Healthcare Ltd.		67,116		1,807,454
South32 Ltd.		700,470		1,927,201
Southern Cross Media Group Ltd.		50,517		67,575
St. Barbara Ltd.		127,389		111,618
Star Entertainment Grp Ltd. (The)(a)		128,509		313,912
Steadfast Group Ltd.		146,668		482,647
Stockland		365,983		1,054,919
Suncorp Group Ltd.		191,478		1,503,848
Super Retail Group Ltd.		25,177		208,230
Sydney Airport(a)		196,166		1,205,660
Tabcorp Holdings Ltd.		338,345		1,188,802
Tassal Group Ltd.		32,525		81,214
Technology One Ltd.		41,800		312,706
Telix Pharmaceuticals Ltd.(a)		26,564		128,362
Telstra Corp. Ltd.		619,814		1,723,033
Temple & Webster Group Ltd.(a)		15,427		93,699
Transurban Group		459,040		4,055,263
Treasury Wine Estates Ltd.		106,013		796,818

74 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Tyro Payments Ltd.(a)		47,859	$	76,802
United Malt Grp Ltd.		55,536		164,029
Uniti Group Ltd.(a)		87,160		260,345
Vicinity Centres		595,084		689,886
Viva Energy Group Ltd.(c)		131,761		200,863
Vulcan Energy Resources Ltd.(a)(b)		12,989		86,481
Washington H Soul Pattinson & Co. Ltd.		33,089		642,387
Waypoint REIT		101,529		195,020
Webjet Ltd.(a)		49,391		172,907
Wesfarmers Ltd.		169,608		6,328,500
West African Resources Ltd.(a)		146,388		116,065
Western Areas Ltd.(a)		52,203		128,477
Westgold Resources Ltd.		31,955		41,412
Westpac Banking Corp.		548,774		7,914,929
Whitehaven Coal Ltd.(a)		133,071		254,788
WiseTech Global Ltd.		21,101		687,246
Woodside Petroleum Ltd.		143,831		2,570,117
Woolworths Group Ltd.		189,376		4,619,726
Worley Ltd.		45,796		377,343
Zip Co. Ltd.(a)(b)		67,118		154,511
				212,990,086
Hong Kong — 7.9%
AIA Group Ltd.		1,809,400		18,889,793
Apollo Future Mobility Group Ltd.(a)		820,000		48,511
ASM Pacific Technology Ltd.		45,000		450,223
Atlas Corp.		13,795		199,476
Bank of East Asia Ltd. (The)		200,000		341,342
BOC Hong Kong Holdings Ltd.		554,000		2,139,181
Brightoil Petroleum Holdings Ltd.(a)(d)		763,800		1
Budweiser Brewing Co. APAC Ltd.(c)		253,400		669,365
Cafe de Coral Holdings Ltd.		48,000		81,500
Champion REIT		338,000		169,931
Chow Sang Sang Holdings International Ltd.		50,000		66,244
Chow Tai Fook Jewellery Group Ltd.		282,800		496,872
CITIC Telecom International Holdings Ltd.		462,000		168,215
Citychamp Watch & Jewellery Group Ltd.(a)		284,000		51,358
CK Asset Holdings Ltd.		299,572		1,999,765
CK Hutchison Holdings Ltd.		405,572		2,882,532
CK Infrastructure Holdings Ltd.		97,000		597,750
CLP Holdings Ltd.		247,000		2,471,853
C-Mer Eye Care Holdings Ltd.(b)		68,000		46,741
Comba Telecom Systems Holdings Ltd.(a)		248,000		57,445
Cowell e Holdings Inc.(a)		47,000		53,546
Dah Sing Banking Group Ltd.		135,600		128,562
Dah Sing Financial Holdings Ltd.		17,200		55,768
EC Healthcare		40,000		45,998
ESR Cayman Ltd.(a)(c)		291,200		987,372
Far East Consortium International Ltd.		164,000		59,315
First Pacific Co. Ltd.		334,000		128,510
Fortune REIT		224,000		231,010
Fosun Tourism Group(a)(c)		42,600		57,231
Futu Holdings Ltd., ADR(a)		7,711		333,501
Galaxy Entertainment Group Ltd.(a)		325,000		1,882,160
Guotai Junan International Holdings Ltd.		407,000		55,141
Haitong International Securities Group Ltd.(b)		513,000		117,438
Hang Lung Group Ltd.		119,000		264,838
Hang Lung Properties Ltd.		314,000		670,926
Hang Seng Bank Ltd.		115,100		2,278,727
Health and Happiness H&H International Holdings Ltd.		18,500		31,035
Henderson Land Development Co. Ltd.		208,970		913,866

Security	Shares		Value
Hong Kong (continued)
HK Electric Investments & HK Electric Investments Ltd., Class SS		368,500	$	366,749
HKBN Ltd.		150,500		189,009
HKT Trust & HKT Ltd., Class SS		551,720		752,874
Hong Kong & China Gas Co. Ltd.		1,672,525		2,577,793
Hong Kong Exchanges & Clearing Ltd.		178,600		10,193,719
Hong Kong Technology Venture Co. Ltd.		78,000		72,281
Hongkong & Shanghai Hotels Ltd. (The)(a)		63,000		60,801
Hongkong Land Holdings Ltd.		176,000		953,201
Hsin Chong Group Holdings Ltd.(a)(d)		1,002,000		1
Hutchison Telecommunications Hong Kong Holdings Ltd.		344,000		56,184
Hysan Development Co. Ltd.		98,000		300,396
IGG Inc.		167,000		104,493
Jardine Matheson Holdings Ltd.		31,900		1,884,108
Johnson Electric Holdings Ltd.		59,500		101,203
K Wah International Holdings Ltd.		167,000		65,383
Kerry Logistics Network Ltd.		63,151		157,889
Kerry Properties Ltd.		104,000		293,786
Link REIT		314,100		2,696,708
LK Technology Holdings Ltd.		85,000		130,078
Luk Fook Holdings International Ltd.		51,000		134,424
Man Wah Holdings Ltd.		272,400		421,126
MECOM Power and Construction Ltd.		120,000		54,163
Melco International Development Ltd.(a)		129,000		150,623
Melco Resorts & Entertainment Ltd., ADR(a)		32,873		347,139
MGM China Holdings Ltd.(a)		133,600		89,012
MTR Corp. Ltd.		229,000		1,239,537
New World Development Co. Ltd.		222,000		906,273
Nissin Foods Co. Ltd.		66,000		48,452
NWS Holdings Ltd.		284,000		283,065
Pacific Basin Shipping Ltd.(b)		655,000		279,590
Pacific Textiles Holdings Ltd.		137,000		69,612
PAX Global Technology Ltd.		101,000		73,156
PCCW Ltd.		579,000		304,911
Perfect Medical Health Management Ltd.		65,000		40,746
Power Assets Holdings Ltd.		207,000		1,271,934
Prosperity REIT		198,000		76,972
Realord Group Holdings Ltd.(a)		54,000		63,301
Sands China Ltd.(a)		363,200		1,012,766
Shangri-La Asia Ltd.(a)		154,000		120,457
Shun Tak Holdings Ltd.(a)		220,000		58,320
Sino Land Co. Ltd.		480,000		621,933
SITC International Holdings Co. Ltd.		197,000		750,881
SJM Holdings Ltd.(a)		294,000		189,211
Stella International Holdings Ltd.		44,000		48,813
Sun Hung Kai & Co. Ltd.		158,000		84,774
Sun Hung Kai Properties Ltd.		195,500		2,385,199
SUNeVision Holdings Ltd.		167,000		146,770
Sunlight REIT		173,000		94,077
Swire Pacific Ltd., Class A		76,000		460,414
Swire Properties Ltd.		170,200		453,706
Techtronic Industries Co. Ltd.		203,500		3,357,768
Texhong Textile Group Ltd.		37,000		47,739
United Laboratories International Holdings Ltd. (The)		180,000		102,372
Value Partners Group Ltd.		167,000		82,362
Vesync Co. Ltd.		35,000		30,519
Vitasoy International Holdings Ltd.		118,000		230,409
Viva China Holdings Ltd.		576,000		96,450
Vobile Group Ltd.(a)(b)		171,000		117,169

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
VSTECS Holdings Ltd.		66,000	$	65,381
VTech Holdings Ltd.		26,800		211,559
WH Group Ltd.(c)		1,239,000		828,903
Wharf Real Estate Investment Co. Ltd.		250,000		1,189,008
Wynn Macau Ltd.(a)		271,200		245,072
Xinyi Glass Holdings Ltd.(b)		276,000		731,666
Yue Yuen Industrial Holdings Ltd.(a)		143,000		241,461
Zensun Enterprises Ltd.		72,000		40,723
				80,979,616
Japan — 66.2%
77 Bank Ltd. (The)		8,000		105,876
ABC-Mart Inc.		4,900		223,730
Activia Properties Inc.		98		331,715
Adastria Co. Ltd.		3,300		49,444
ADEKA Corp.		11,600		251,685
Advance Residence Investment Corp.		192		564,755
Advantest Corp.		29,800		2,536,354
Aeon Co. Ltd.		97,400		2,219,468
Aeon Delight Co. Ltd.		2,800		75,783
AEON Financial Service Co. Ltd.		15,800		165,827
Aeon Mall Co. Ltd.		16,400		237,086
AEON REIT Investment Corp.		229		291,265
AGC Inc.		28,600		1,312,608
Ai Holdings Corp.		5,400		83,689
Aica Kogyo Co. Ltd.		7,600		209,388
Aida Engineering Ltd.		6,700		61,297
Aiful Corp.		51,900		155,885
Ain Holdings Inc.		3,700		190,183
Air Water Inc.		26,400		402,401
Airtrip Corp.(b)		1,900		47,289
Aisin Corp.		22,200		806,148
Ajinomoto Co. Inc.		70,800		1,975,425
Alfresa Holdings Corp.		30,400		433,469
Alpen Co. Ltd.		1,700		29,567
Alps Alpine Co. Ltd.		31,824		347,087
Amada Co. Ltd.		50,300		486,979
Amano Corp.		7,900		158,469
ANA Holdings Inc.(a)		24,000		506,826
AnGes Inc.(a)		25,000		66,995
Anicom Holdings Inc.		10,800		68,578
Anritsu Corp.(b)		22,400		309,319
AOKI Holdings Inc.		10,700		54,624
Aozora Bank Ltd.		17,100		384,458
Arata Corp.		1,800		62,878
Arcland Sakamoto Co. Ltd.		4,500		61,460
Arcland Service Holdings Co. Ltd.		2,900		55,042
Arcs Co. Ltd.		6,300		118,423
Argo Graphics Inc.		2,400		65,532
Ariake Japan Co. Ltd.		2,600		137,878
ARTERIA Networks Corp.		4,000		47,394
As One Corp.		4,400		218,007
Asahi Group Holdings Ltd.		68,200		2,783,972
Asahi Holdings Inc.		11,300		218,941
Asahi Intecc Co. Ltd.		33,800		576,661
Asahi Kasei Corp.		190,800		1,884,707
Asics Corp.		22,500		436,852
ASKUL Corp.		5,700		69,567
Astellas Pharma Inc.		280,700		4,530,656
Atom Corp.		16,700		111,478
Autobacs Seven Co. Ltd.		10,000		121,264

Security	Shares		Value
Japan (continued)
Avex Inc.		5,300	$	59,409
Awa Bank Ltd. (The)		3,800		74,817
Axial Retailing Inc.		2,200		62,614
Azbil Corp.		18,000		706,999
Bandai Namco Holdings Inc.		30,100		2,115,673
Bank of Kyoto Ltd. (The)		8,900		414,942
BASE Inc.(a)(b)		11,700		47,140
BayCurrent Consulting Inc.		1,800		683,133
Belc Co. Ltd.		1,400		65,737
Bell System24 Holdings Inc.		4,900		60,514
Belluna Co. Ltd.		7,600		48,091
Benefit One Inc.		12,700		386,249
Benesse Holdings Inc.		10,900		212,574
BeNext-Yumeshin Group Co.		6,400		87,305
Bengo4.com Inc.(a)(b)		900		37,846
Bic Camera Inc.		18,800		164,213
BML Inc.		2,500		75,984
Bridgestone Corp.		85,400		3,739,770
Broadleaf Co. Ltd.		15,100		46,090
Brother Industries Ltd.		35,200		648,245
Bunka Shutter Co. Ltd.		6,400		58,534
Calbee Inc.		14,400		331,456
Canon Inc.		149,600		3,538,149
Canon Marketing Japan Inc.		6,900		140,926
Capcom Co. Ltd.		25,400		613,175
Casio Computer Co. Ltd.		30,200		377,709
Cawachi Ltd.		1,400		28,157
CellSource Co. Ltd.(a)(b)		1,200		40,383
Central Glass Co. Ltd.		4,000		74,213
Central Japan Railway Co.		21,500		2,821,028
Change Inc.(a)		4,900		61,968
Chiba Bank Ltd. (The)		77,300		499,719
Chiyoda Corp.(a)		17,800		52,545
Chofu Seisakusho Co. Ltd.		3,100		53,141
Chubu Electric Power Co. Inc.		96,000		961,526
Chudenko Corp.		4,400		81,272
Chugai Pharmaceutical Co. Ltd.		101,400		3,293,448
Chugoku Bank Ltd. (The)		26,900		219,365
Chugoku Electric Power Co. Inc. (The)		44,300		348,181
Citizen Watch Co. Ltd.		41,900		179,350
CKD Corp.		7,900		145,837
Coca-Cola Bottlers Japan Holdings Inc.		19,125		224,343
COLOPL Inc.		11,000		60,571
Colowide Co. Ltd.(b)		13,300		192,172
Comforia Residential REIT Inc.		87		232,847
COMSYS Holdings Corp.		17,200		409,260
Comture Corp.		2,300		56,118
Concordia Financial Group Ltd.		157,800		648,456
Cosmo Energy Holdings Co. Ltd.		9,500		190,986
Cosmos Pharmaceutical Corp.		3,000		374,654
CRE Logistics REIT Inc.		86		149,432
Create Restaurants Holdings Inc.		17,700		113,452
Create SD Holdings Co. Ltd.		3,800		102,559
Credit Saison Co. Ltd.		21,000		234,408
Curves Holdings Co. Ltd.		7,700		46,995
CyberAgent Inc.		61,600		718,269
CYBERDYNE Inc.(a)		16,700		51,906
Cybozu Inc.		5,600		69,468
Dai Nippon Printing Co. Ltd.		33,800		811,373
Daicel Corp.		33,400		246,371

76 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daido Steel Co. Ltd.		3,900	$	150,709
Daifuku Co. Ltd.		14,800		1,027,486
Daihen Corp.		2,800		100,064
Daiho Corp.		1,700		54,229
Daiichi Jitsugyo Co. Ltd.		1,200		43,767
Dai-ichi Life Holdings Inc.		152,000		3,421,437
Daiichi Sankyo Co. Ltd.		262,100		5,889,383
Daiichikosho Co. Ltd.		5,400		153,015
Daiki Aluminium Industry Co. Ltd.		4,200		57,626
Daikin Industries Ltd.		37,200		7,809,918
Daikokutenbussan Co. Ltd.		900		35,344
Daio Paper Corp.		15,100		245,675
Daiseki Co. Ltd.		6,940		278,020
Daishi Hokuetsu Financial Group Inc.		5,300		122,893
Daito Trust Construction Co. Ltd.		10,000		1,146,665
Daiwa House Industry Co. Ltd.		84,300		2,460,141
Daiwa House REIT Investment Corp.		323		962,206
Daiwa Industries Ltd.		5,300		52,188
Daiwa Office Investment Corp.		44		275,691
Daiwa Securities Group Inc.		214,900		1,294,922
Daiwa Securities Living Investments Corp.		275		269,099
Daiwabo Holdings Co. Ltd.		13,700		195,877
DCM Holdings Co. Ltd.		22,300		211,649
Demae-Can Co. Ltd.(a)		7,900		51,425
DeNA Co. Ltd.		14,000		217,702
Denka Co. Ltd.		12,000		422,619
Denso Corp.		64,800		4,836,263
Dentsu Group Inc.		32,300		1,118,606
Descente Ltd.(a)		4,100		127,756
Dexerials Corp.		8,100		222,731
DIC Corp.		11,300		289,905
Digital Arts Inc.		1,400		82,485
Digital Garage Inc.		5,400		191,040
Dip Corp.		5,600		177,293
Direct Marketing MiX Inc.		3,000		36,963
Disco Corp.		4,200		1,154,805
DMG Mori Co. Ltd.		18,700		296,728
Doutor Nichires Holdings Co. Ltd.		3,600		50,146
Dowa Holdings Co. Ltd.		7,200		312,147
DTS Corp.		5,800		123,767
Duskin Co. Ltd.		5,700		136,980
DyDo Group Holdings Inc.		1,100		45,447
Earth Corp.		2,200		112,123
East Japan Railway Co.		45,300		2,586,761
Ebara Corp.		14,200		695,965
EDION Corp.		15,400		143,710
eGuarantee Inc.		6,900		113,530
Eiken Chemical Co. Ltd.		7,200		107,928
Eisai Co. Ltd.		35,900		1,798,052
Eizo Corp.		2,400		82,547
Elan Corp.		5,300		46,619
Elecom Co. Ltd.		8,600		104,088
Electric Power Development Co. Ltd.		21,300		279,506
en Japan Inc.		4,700		113,280
ENEOS Holdings Inc.		460,900		1,835,592
eRex Co. Ltd.		3,600		47,578
ESPEC Corp.		2,700		47,965
Euglena Co. Ltd.(a)(b)		16,900		107,256
Exedy Corp.		4,200		61,652
EXEO Group Inc.		14,700		298,762

Security	Shares		Value
Japan (continued)
Ezaki Glico Co. Ltd.		6,200	$	201,018
Fancl Corp.		12,700		323,449
FANUC Corp.		28,700		5,675,377
Fast Retailing Co. Ltd.		8,700		5,119,644
FCC Co. Ltd.		4,700		60,438
Ferrotec Holdings Corp.		6,400		159,710
Financial Products Group Co. Ltd.		14,800		85,196
Food & Life Companies Ltd.		16,700		500,367
FP Corp.		6,900		221,628
Freee KK(a)		4,700		185,800
Frontier Real Estate Investment Corp.		66		278,506
Fuji Co. Ltd./Ehime		3,100		51,189
Fuji Corp./Aichi		10,200		235,447
Fuji Electric Co. Ltd.		19,000		1,015,479
Fuji Kyuko Co. Ltd.		3,300		118,440
Fuji Media Holdings Inc.		6,400		64,571
Fuji Oil Holdings Inc.		7,200		145,682
Fuji Seal International Inc.		6,500		122,233
Fuji Soft Inc.		3,400		142,443
Fujicco Co. Ltd.		3,200		53,891
FUJIFILM Holdings Corp.		53,900		3,613,240
Fujikura Ltd.(a)		37,300		201,688
Fujimi Inc.		2,600		157,417
Fujimori Kogyo Co. Ltd.		1,600		56,873
Fujitec Co. Ltd.		11,300		268,765
Fujitsu General Ltd.		9,200		186,695
Fujitsu Ltd.		29,300		3,873,411
Fukuoka Financial Group Inc.		25,032		491,607
Fukuoka REIT Corp.		97		136,394
Fukushima Galilei Co. Ltd.		1,500		55,083
Fukuyama Transporting Co. Ltd.		3,900		122,750
Fullcast Holdings Co. Ltd.		2,900		54,566
Funai Soken Holdings Inc.		5,900		122,275
Furukawa Co. Ltd.		4,900		54,850
Furukawa Electric Co. Ltd.		11,000		226,264
Fuso Chemical Co. Ltd.		3,300		129,109
Future Corp.		9,300		119,317
Fuyo General Lease Co. Ltd.		1,900		126,024
G-7 Holdings Inc.		3,000		36,236
Genky DrugStores Co. Ltd.		1,300		40,794
giftee Inc.(a)		2,000		21,248
Giken Ltd.		2,600		88,737
Global One Real Estate Investment Corp.		118		116,252
GLOBERIDE Inc.		2,200		52,953
Glory Ltd.		7,000		131,633
GLP J-REIT		642		1,033,371
GMO Financial Gate Inc.		200		26,267
GMO Financial Holdings Inc.		7,000		52,407
GMO internet Inc.		10,200		218,235
GMO Payment Gateway Inc.		6,400		561,611
GNI Group Ltd.(a)(b)		6,000		54,767
Goldwin Inc.		3,700		192,052
Gree Inc.(b)		16,000		121,554
GS Yuasa Corp.		10,300		220,357
GungHo Online Entertainment Inc.(a)		8,600		180,594
Gunma Bank Ltd. (The)		51,900		170,526
Gunze Ltd.		2,100		73,006
H.U. Group Holdings Inc.		8,000		203,183
H2O Retailing Corp.		13,000		89,937
Hachijuni Bank Ltd. (The)		52,800		194,968

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hakuhodo DY Holdings Inc.		33,200	$	508,549
Halows Co. Ltd.		2,200		52,864
Hamakyorex Co. Ltd.		2,300		57,147
Hamamatsu Photonics KK		21,200		1,084,619
Hankyu Hanshin Holdings Inc.		33,800		984,305
Hankyu Hanshin REIT Inc.		76		98,434
Hanwa Co. Ltd.		5,000		137,312
Harmonic Drive Systems Inc.(b)		6,700		265,003
Haseko Corp.		37,400		474,889
Hazama Ando Corp.		27,500		210,432
HEALIOS K.K.(a)(b)		2,600		23,634
Heiwa Corp.		7,800		124,738
Heiwa Real Estate Co. Ltd.		4,300		146,889
Heiwa Real Estate REIT Inc.		155		190,671
Heiwado Co. Ltd.		4,300		72,448
Hennge KK(a)		2,400		26,691
Hiday Hidaka Corp.		3,700		53,499
Hikari Tsushin Inc.		3,200		384,207
Hino Motors Ltd.		44,800		389,420
Hioki E.E. Corp.		1,100		63,906
Hirata Corp.		1,000		50,411
Hirogin Holdings Inc.		43,500		253,572
Hirose Electric Co. Ltd.		4,800		715,477
HIS Co. Ltd.(a)		6,400		106,014
Hisamitsu Pharmaceutical Co. Inc.		7,100		216,322
Hitachi Construction Machinery Co. Ltd.		16,900		429,721
Hitachi Ltd.		144,800		7,526,125
Hitachi Metals Ltd.(a)		30,900		557,210
Hitachi Transport System Ltd.		5,200		238,410
Hitachi Zosen Corp.		24,200		161,119
Hogy Medical Co. Ltd.		3,300		88,752
Hokkaido Electric Power Co. Inc.		27,800		121,275
Hokkoku Financial Holdings Inc.		2,900		74,614
Hokuetsu Corp.		16,900		112,100
Hokuhoku Financial Group Inc.		17,900		141,054
Hokuriku Electric Power Co.		23,800		117,447
Hokuto Corp.		3,100		52,555
Honda Motor Co. Ltd.		243,800		7,180,586
Horiba Ltd.		5,100		274,513
Hoshino Resorts REIT Inc.		37		209,071
Hoshizaki Corp.		7,900		583,766
Hosiden Corp.		8,900		88,815
Hosokawa Micron Corp.		2,000		50,828
House Foods Group Inc.		9,000		231,276
Hoya Corp.		55,200		7,157,693
Hulic Co. Ltd.		52,100		503,581
Hulic Reit Inc.		174		249,781
Hyakugo Bank Ltd. (The)		22,700		70,071
Ibiden Co. Ltd.		16,100		899,674
Ichibanya Co. Ltd.		2,100		84,201
Ichigo Inc.		51,500		126,635
Ichigo Office REIT Investment Corp.		240		171,367
Idec Corp./Japan		4,200		89,471
Idemitsu Kosan Co. Ltd.		31,847		815,972
IDOM Inc.		6,700		38,636
IHI Corp.		20,200		407,902
Iida Group Holdings Co. Ltd.		23,100		480,587
Iino Kaiun Kaisha Ltd.		18,000		84,482
Inaba Denki Sangyo Co. Ltd.		5,800		134,410
Inabata & Co. Ltd.		6,100		91,917

Security	Shares		Value
Japan (continued)
Inageya Co. Ltd.		4,500	$	54,897
Industrial & Infrastructure Fund Investment Corp.		291		486,770
Infocom Corp.		2,500		39,839
Infomart Corp.		27,100		157,505
Information Services International-Dentsu Ltd.		2,600		81,057
INFRONEER Holdings Inc.		27,800		256,173
Inpex Corp.		151,400		1,530,577
Insource Co. Ltd.		3,000		47,967
Internet Initiative Japan Inc.		7,900		261,633
Invincible Investment Corp.		977		307,765
IR Japan Holdings Ltd.		1,300		57,893
Iriso Electronics Co. Ltd.		3,000		121,812
Isetan Mitsukoshi Holdings Ltd.		51,700		406,407
Isuzu Motors Ltd.		89,100		1,091,475
Ito En Ltd.		8,000		430,913
Itochu Advance Logistics Investment Corp.		73		99,576
ITOCHU Corp.		177,800		5,712,085
Itochu Enex Co. Ltd.		7,500		65,519
Itochu Techno-Solutions Corp.		14,300		390,106
Itoham Yonekyu Holdings Inc.		22,600		132,596
Iwatani Corp.		7,000		330,006
Iyo Bank Ltd. (The)		33,800		175,444
Izumi Co. Ltd.		4,700		130,010
J Front Retailing Co. Ltd.		37,400		335,526
JAC Recruitment Co. Ltd.		4,100		71,284
Jaccs Co. Ltd.		2,700		73,058
JAFCO Group Co. Ltd.		13,200		210,775
Japan Airlines Co. Ltd.(a)		21,800		412,621
Japan Airport Terminal Co. Ltd.(a)		9,300		402,954
Japan Aviation Electronics Industry Ltd.		9,100		145,437
Japan Elevator Service Holdings Co. Ltd.		7,200		103,724
Japan Excellent Inc.		217		249,562
Japan Exchange Group Inc.		76,500		1,573,670
Japan Hotel REIT Investment Corp.		716		349,058
Japan Lifeline Co. Ltd.		8,700		76,163
Japan Logistics Fund Inc.		119		329,848
Japan Material Co. Ltd.		9,900		144,697
Japan Metropolitan Fund Invest		1,067		899,174
Japan Petroleum Exploration Co. Ltd.		5,000		119,500
Japan Post Bank Co. Ltd.		57,500		565,671
Japan Post Holdings Co. Ltd.		366,400		3,127,418
Japan Post Insurance Co. Ltd.		28,400		497,956
Japan Prime Realty Investment Corp.		132		431,210
Japan Real Estate Investment Corp.		183		1,006,307
Japan Securities Finance Co. Ltd.		18,600		151,170
Japan Steel Works Ltd. (The)		9,300		309,174
Japan Tobacco Inc.		179,300		3,579,702
Japan Wool Textile Co. Ltd. (The)		7,300		55,871
JCR Pharmaceuticals Co. Ltd.		9,900		174,371
JCU Corp.		2,900		125,893
Jeol Ltd.		5,000		272,612
JFE Holdings Inc.		75,400		968,652
JGC Holdings Corp.		33,800		332,128
JIG-SAW Inc.(a)		700		30,932
JINS Holdings Inc.		2,100		129,822
JMDC Inc.(a)		3,500		162,436
Joshin Denki Co. Ltd.		2,600		47,383
Joyful Honda Co. Ltd.		9,000		119,827
JSP Corp.		1,900		26,669
JSR Corp.		31,500		1,044,168

78 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
JTEKT Corp.		33,400	$	290,537
JTOWER Inc.(a)		1,300		59,568
Juroku Financial Group Inc.		2,800		55,674
Justsystems Corp.		5,100		220,739
Kadokawa Corp.		14,100		292,774
Kaga Electronics Co. Ltd.		2,400		62,181
Kagome Co. Ltd.		11,700		304,450
Kajima Corp.		67,400		814,030
Kakaku.com Inc.		21,100		437,014
Kaken Pharmaceutical Co. Ltd.		4,600		164,488
Kameda Seika Co. Ltd.		2,000		72,652
Kamigumi Co. Ltd.		14,300		276,326
Kanamoto Co. Ltd.		4,800		93,334
Kandenko Co. Ltd.		12,800		95,239
Kaneka Corp.		6,500		211,737
Kanematsu Corp.		10,700		116,399
Kanematsu Electronics Ltd.		1,700		56,082
Kansai Electric Power Co. Inc. (The)		106,400		1,004,323
Kansai Paint Co. Ltd.		25,600		531,399
Kanto Denka Kogyo Co. Ltd.		6,000		57,454
Kao Corp.		70,600		3,527,992
Kappa Create Co. Ltd.(a)		4,500		52,817
Katakura Industries Co. Ltd.		2,700		53,634
Katitas Co. Ltd.		7,400		225,708
Kato Sangyo Co. Ltd.		2,700		77,300
Kawasaki Heavy Industries Ltd.		21,700		420,514
Kawasaki Kisen Kaisha Ltd.(a)		6,600		411,370
KDDI Corp.		241,300		7,709,222
KeePer Technical Laboratory Co. Ltd.		1,800		29,698
Keihan Holdings Co. Ltd.		14,900		345,516
Keihanshin Building Co. Ltd.		4,300		49,772
Keikyu Corp.		33,800		345,936
Keio Corp.		15,800		710,694
Keisei Electric Railway Co. Ltd.		19,600		553,134
Keiyo Bank Ltd. (The)		13,500		56,292
Keiyo Co. Ltd.		11,100		83,258
Kenedix Office Investment Corp.		62		376,452
Kenedix Residential Next Investment Corp.		133		231,857
Kenedix Retail REIT Corp.		86		201,300
Kewpie Corp.		17,200		354,829
Keyence Corp.		29,100		14,926,042
KFC Holdings Japan Ltd.		2,100		52,597
KH Neochem Co. Ltd.		5,100		130,823
Kikkoman Corp.		21,600		1,632,699
Kinden Corp.		16,900		241,571
Kintetsu Group Holdings Co. Ltd.(a)		25,000		726,388
Kintetsu World Express Inc.		5,200		129,368
Kirin Holdings Co. Ltd.		124,700		1,998,710
Kisoji Co. Ltd.		3,300		63,004
Kissei Pharmaceutical Co. Ltd.		3,500		70,671
Ki-Star Real Estate Co. Ltd.		1,400		85,668
Kitanotatsujin Corp.		11,700		22,683
Kitz Corp.		9,000		52,323
Kiyo Bank Ltd. (The)		9,200		115,049
Koa Corp.		4,700		59,821
Kobayashi Pharmaceutical Co. Ltd.		8,000		622,983
Kobe Bussan Co. Ltd.		20,500		638,153
Kobe Steel Ltd.		50,800		242,489
Koei Tecmo Holdings Co. Ltd.		9,586		346,789
Kohnan Shoji Co. Ltd.		3,900		115,653

Security	Shares		Value
Japan (continued)
Koito Manufacturing Co. Ltd.		16,000	$	803,368
Kokuyo Co. Ltd.		12,200		177,860
Komatsu Ltd.		131,700		3,309,481
KOMEDA Holdings Co. Ltd.		5,800		107,360
Komeri Co. Ltd.		4,400		102,588
Konami Holdings Corp.		14,400		776,301
Konica Minolta Inc.		67,700		285,383
Konishi Co. Ltd.		4,300		61,314
Kose Corp.		5,000		457,148
Kotobuki Spirits Co. Ltd.		2,200		89,465
K’s Holdings Corp.		25,600		251,921
Kubota Corp.		153,600		3,294,033
Kumagai Gumi Co. Ltd.		5,300		135,096
Kumiai Chemical Industry Co. Ltd.		12,000		82,943
Kura Sushi Inc.		3,300		99,276
Kuraray Co. Ltd.		44,500		399,781
Kureha Corp.		2,400		179,174
Kurita Water Industries Ltd.		14,500		589,621
Kusuri no Aoki Holdings Co. Ltd.		2,400		143,167
KYB Corp.		2,800		72,893
Kyocera Corp.		48,200		2,972,557
Kyokuto Kaihatsu Kogyo Co. Ltd.		4,400		56,050
KYORIN Holdings Inc.		5,700		90,546
Kyoritsu Maintenance Co. Ltd.		4,400		157,401
Kyowa Kirin Co. Ltd.		40,900		1,019,424
Kyudenko Corp.		6,300		161,139
Kyushu Electric Power Co. Inc.		60,700		449,774
Kyushu Financial Group Inc.		61,100		236,081
Kyushu Railway Co.		19,900		415,721
LaSalle Logiport REIT		267		427,114
Lasertec Corp.		11,400		2,557,446
Lawson Inc.		7,200		315,569
Leopalace21 Corp.(a)		44,700		65,601
Life Corp.		1,400		37,620
Lifenet Insurance Co.(a)		5,500		31,045
Link And Motivation Inc.		5,700		22,563
Lintec Corp.		6,400		148,659
Lion Corp.		33,900		442,935
LITALICO Inc.		2,600		64,887
Lixil Corp.		40,900		936,207
M&A Capital Partners Co. Ltd.(a)		1,800		77,514
M3 Inc.		66,500		2,556,698
Mabuchi Motor Co. Ltd.		7,100		223,541
Macnica Fuji Electronics Holdings Inc.		7,000		154,875
Maeda Kosen Co. Ltd.		2,300		68,682
Makino Milling Machine Co. Ltd.		3,700		127,817
Makita Corp.		33,800		1,264,912
Makuake Inc.(a)(b)		1,700		33,406
Mandom Corp.		5,700		68,348
Mani Inc.		11,900		171,949
Marubeni Corp.		236,700		2,435,628
Maruha Nichiro Corp.		6,000		128,195
Marui Group Co. Ltd.		30,200		582,673
Maruichi Steel Tube Ltd.		9,200		204,938
Maruwa Co. Ltd./Aichi		1,400		184,200
Maruwa Unyu Kikan Co. Ltd.		4,100		46,796
Maruzen Showa Unyu Co. Ltd.		1,900		52,741
Matsuda Sangyo Co. Ltd.		3,600		73,845
Matsui Securities Co. Ltd.		23,600		165,047
MatsukiyoCocokara & Co.		16,430		562,366

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Max Co. Ltd.		3,600	$	57,406
Maxell Ltd.		6,400		68,645
Mazda Motor Corp.(a)		84,600		651,737
McDonald’s Holdings Co. Japan Ltd.		12,100		528,412
MCJ Co. Ltd.		8,000		68,681
Mebuki Financial Group Inc.		137,890		307,601
Media Do Co. Ltd.		1,300		28,884
Medical Data Vision Co. Ltd.		3,700		32,754
Medipal Holdings Corp.		27,300		491,265
Medley Inc.(a)		2,900		50,266
MedPeer Inc.(a)		1,900		48,033
Megachips Corp.		2,000		72,909
Megmilk Snow Brand Co. Ltd.		6,600		117,564
Meidensha Corp.		5,200		110,208
MEIJI Holdings Co. Ltd.		18,100		1,129,107
Meiko Electronics Co. Ltd.		2,400		82,878
Meitec Corp.		3,500		205,046
Melco Holdings Inc.		1,200		38,068
Menicon Co. Ltd.		8,900		197,498
Mercari Inc.(a)		15,900		600,475
METAWATER Co. Ltd.		3,600		63,852
Micronics Japan Co. Ltd.		5,000		68,979
Midac Holdings Co. Ltd.		1,200		28,150
Milbon Co. Ltd.		3,800		179,414
Mimasu Semiconductor Industry Co. Ltd.		2,700		58,018
MinebeaMitsumi Inc.		54,400		1,331,200
Mirai Corp.		211		88,689
Mirait Holdings Corp.		14,100		234,086
Misumi Group Inc.		42,700		1,385,268
Mitani Sekisan Co. Ltd.		1,000		56,295
Mitsubishi Chemical Holdings Corp.		194,700		1,527,263
Mitsubishi Corp.		188,800		6,410,217
Mitsubishi Electric Corp.		273,000		3,418,888
Mitsubishi Estate Co. Ltd.		179,000		2,578,034
Mitsubishi Estate Logistics REIT Investment Corp.		54		212,164
Mitsubishi Gas Chemical Co. Inc.		23,900		457,812
Mitsubishi HC Capital Inc.		101,300		523,182
Mitsubishi Heavy Industries Ltd.		47,700		1,295,503
Mitsubishi Logistics Corp.		8,300		200,350
Mitsubishi Materials Corp.		16,900		301,471
Mitsubishi Motors Corp.(a)		97,700		278,954
Mitsubishi Pencil Co. Ltd.		5,300		55,307
Mitsubishi Shokuhin Co. Ltd.		2,000		49,084
Mitsubishi UFJ Financial Group Inc.		1,828,500		11,083,050
Mitsuboshi Belting Ltd.		3,200		59,006
Mitsui & Co. Ltd.		233,100		5,812,435
Mitsui Chemicals Inc.		28,600		764,896
Mitsui DM Sugar Holdings Co. Ltd.		3,200		55,061
Mitsui Fudosan Co. Ltd.		137,200		2,941,202
Mitsui Fudosan Logistics Park Inc.		75		368,874
Mitsui High-Tec Inc.		2,800		207,229
Mitsui Mining & Smelting Co. Ltd.		7,500		212,084
Mitsui OSK Lines Ltd.		16,100		1,246,823
Mitsui-Soko Holdings Co. Ltd.		2,900		60,409
Mitsuuroko Group Holdings Co. Ltd.		7,600		68,503
Miura Co. Ltd.		13,600		401,542
Mixi Inc.		6,900		127,735
Mizuho Financial Group Inc.		360,820		4,887,668
Mizuho Leasing Co. Ltd.		3,700		103,342
Mizuno Corp.		2,700		51,983

Security	Shares		Value
Japan (continued)
Mochida Pharmaceutical Co. Ltd.		3,400	$	105,755
Modec Inc.		3,300		33,091
Monex Group Inc.		23,900		121,170
Money Forward Inc.(a)		6,200		282,138
Monogatari Corp. (The)		1,000		54,344
MonotaRO Co. Ltd.		38,700		635,872
Mori Hills REIT Investment Corp.		230		281,804
Mori Trust Hotel Reit Inc.		49		50,385
Mori Trust Sogo REIT Inc.		147		178,080
Morinaga & Co. Ltd./Japan		5,600		178,477
Morinaga Milk Industry Co. Ltd.		5,500		266,651
Morita Holdings Corp.		5,100		56,522
MOS Food Services Inc.		3,600		94,806
MS&AD Insurance Group Holdings Inc.		67,500		2,315,218
Murata Manufacturing Co. Ltd.		85,900		6,458,243
Musashi Seimitsu Industry Co. Ltd.		6,900		103,940
Musashino Bank Ltd. (The)		3,400		54,669
Nabtesco Corp.		16,900		528,277
Nachi-Fujikoshi Corp.		2,200		82,196
Nagaileben Co. Ltd.		3,200		58,462
Nagase & Co. Ltd.		17,200		274,730
Nagawa Co. Ltd.(b)		1,000		84,563
Nagoya Railroad Co. Ltd.(a)		29,600		467,414
Nakanishi Inc.		12,700		225,190
Nankai Electric Railway Co. Ltd.		15,000		297,807
Nanto Bank Ltd. (The)		3,400		57,501
NEC Corp.		37,000		1,443,492
NEC Networks & System Integration Corp.		12,200		176,049
NET One Systems Co. Ltd.		13,000		308,578
Nexon Co. Ltd.		72,500		1,366,742
Nextage Co. Ltd.		5,400		135,605
NGK Insulators Ltd.		39,500		667,460
NGK Spark Plug Co. Ltd.		24,500		416,498
NH Foods Ltd.		13,200		509,047
NHK Spring Co. Ltd.		33,900		265,693
Nichias Corp.		7,300		165,716
Nichicon Corp.		10,400		108,968
Nichiha Corp.		2,100		51,915
Nichi-Iko Pharmaceutical Co. Ltd.		11,200		71,510
Nichirei Corp.		16,900		388,892
Nidec Corp.		66,900		5,929,333
Nifco Inc./Japan		12,000		349,333
Nihon Kohden Corp.		12,100		320,928
Nihon M&A Center Holdings Inc.		45,600		717,890
Nihon Parkerizing Co. Ltd.		12,100		109,684
Nihon Unisys Ltd.		11,500		302,540
Nikkiso Co. Ltd.		9,900		73,047
Nikkon Holdings Co. Ltd.		8,900		167,658
Nikon Corp.		45,300		472,795
Nintendo Co. Ltd.		16,700		8,183,691
Nippn Corp., New		5,100		74,815
Nippon Accommodations Fund Inc.		64		345,916
Nippon Building Fund Inc.		219		1,268,259
Nippon Carbon Co. Ltd.		1,700		59,165
Nippon Ceramic Co. Ltd.		2,800		59,884
Nippon Densetsu Kogyo Co. Ltd.		3,900		50,662
Nippon Electric Glass Co. Ltd.		12,900		322,246
Nippon Express Holdings Co., NVS		12,000		711,165
Nippon Gas Co. Ltd.		16,100		225,306
Nippon Kanzai Co. Ltd.		3,000		73,704

80 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Kayaku Co. Ltd.		16,700	$	166,040
Nippon Koei Co. Ltd.		1,800		46,741
Nippon Light Metal Holdings Co. Ltd.		10,010		153,390
Nippon Paint Holdings Co. Ltd.(b)		125,400		1,002,876
Nippon Paper Industries Co. Ltd.		17,200		174,284
Nippon Parking Development Co. Ltd.		29,000		34,206
Nippon Prologis REIT Inc.		303		945,432
NIPPON REIT Investment Corp.		63		212,282
Nippon Road Co. Ltd. (The)		1,000		72,854
Nippon Sanso Holdings Corp.		23,900		474,625
Nippon Seiki Co. Ltd.		5,300		47,342
Nippon Sheet Glass Co. Ltd.(a)		18,100		79,571
Nippon Shinyaku Co. Ltd.		7,400		483,744
Nippon Shokubai Co. Ltd.		3,500		164,823
Nippon Signal Company Ltd.		6,200		48,305
Nippon Soda Co. Ltd.		2,600		74,400
Nippon Steel Corp.		128,428		2,099,099
Nippon Steel Trading Corp.		2,500		112,842
Nippon Suisan Kaisha Ltd.		49,800		233,332
Nippon Telegraph & Telephone Corp.		192,600		5,511,775
Nippon Television Holdings Inc.		6,500		67,882
Nippon Yusen KK		24,200		1,897,118
Nipro Corp.		24,000		222,640
Nishimatsu Construction Co. Ltd.		5,000		166,070
Nishimatsuya Chain Co. Ltd.		7,700		98,202
Nishi-Nippon Financial Holdings Inc.		17,600		124,661
Nishi-Nippon Railroad Co. Ltd.		10,400		232,613
Nishio Rent All Co. Ltd.		2,200		53,898
Nissan Chemical Corp.		18,600		1,009,204
Nissan Motor Co. Ltd.(a)		353,500		1,870,930
Nissan Shatai Co. Ltd.		9,600		57,700
Nissha Co. Ltd.		3,500		44,560
Nisshin Oillio Group Ltd. (The)		2,600		68,078
Nisshin Seifun Group Inc.		28,600		401,606
Nisshinbo Holdings Inc.		25,000		208,259
Nissin Electric Co. Ltd.		7,200		90,827
Nissin Foods Holdings Co. Ltd.		9,200		652,580
Nitori Holdings Co. Ltd.		12,000		1,719,151
Nitta Corp.		2,800		68,613
Nittetsu Mining Co. Ltd.		1,000		55,947
Nitto Boseki Co. Ltd.		3,600		85,911
Nitto Denko Corp.		21,200		1,650,624
Nitto Kogyo Corp.		4,100		55,156
Nittoku Co. Ltd.(b)		1,900		50,264
Noevir Holdings Co. Ltd.		2,200		99,644
NOF Corp.		10,400		476,217
Nohmi Bosai Ltd.		3,200		58,872
Nojima Corp.		5,100		102,849
NOK Corp.		12,600		134,718
Nomura Co. Ltd.		11,100		88,887
Nomura Holdings Inc.		460,500		2,034,280
Nomura Real Estate Holdings Inc.		17,300		405,111
Nomura Real Estate Master Fund Inc.		634		879,632
Nomura Research Institute Ltd.		50,510		1,768,147
Noritake Co. Ltd./Nagoya Japan		1,300		52,023
Noritsu Koki Co. Ltd.		2,500		44,913
Noritz Corp.		3,600		52,941
North Pacific Bank Ltd.		35,600		77,792
NS Solutions Corp.		4,600		130,816
NS United Kaiun Kaisha Ltd.		1,400		37,249

Security	Shares		Value
Japan (continued)
NSD Co. Ltd.		9,900	$	169,091
NSK Ltd.		59,900		408,580
NTN Corp.(a)		60,500		122,021
NTT Data Corp.		94,800		1,817,386
NTT UD REIT Investment Corp.		167		224,599
Obara Group Inc.		1,900		55,066
Obayashi Corp.		96,500		781,857
OBIC Business Consultants Co. Ltd.		4,800		181,019
Obic Co. Ltd.		10,400		1,718,305
Odakyu Electric Railway Co. Ltd.		43,000		759,842
Ogaki Kyoritsu Bank Ltd. (The)		4,400		77,668
Ohsho Food Service Corp.		1,600		82,578
Oiles Corp.		3,800		53,208
Oisix ra daichi Inc.(a)		3,200		66,692
Oji Holdings Corp.		119,000		633,446
Okamoto Industries Inc.		1,600		56,510
Okamura Corp.		8,700		91,977
Okasan Securities Group Inc.		19,600		65,413
Oki Electric Industry Co. Ltd.		16,700		127,745
Okinawa Cellular Telephone Co.		1,400		60,994
Okinawa Electric Power Co. Inc. (The)		4,500		54,966
Okinawa Financial Group Inc., NVS		3,100		59,911
OKUMA Corp.		3,600		157,044
Okumura Corp.		3,700		105,632
Olympus Corp.		164,600		3,683,262
Omron Corp.		28,100		2,054,376
One REIT Inc.		32		83,020
Ono Pharmaceutical Co. Ltd.		55,200		1,338,694
Onward Holdings Co. Ltd.		17,700		44,362
Open House Group Co. Ltd.		12,400		641,988
Optex Group Co. Ltd.		5,200		69,321
Optim Corp.(a)		3,400		28,825
Optorun Co. Ltd.		2,800		57,268
Oracle Corp. Japan		5,900		441,264
Organo Corp.		1,000		73,129
Orient Corp.		104,200		111,366
Oriental Land Co. Ltd./Japan		30,100		5,239,909
ORIX Corp.		183,200		3,778,889
Orix JREIT Inc.		414		594,113
Osaka Gas Co. Ltd.		57,600		979,568
Osaka Organic Chemical Industry Ltd.		1,700		46,800
Osaka Soda Co. Ltd.		2,100		55,741
OSG Corp.		13,900		244,713
Otsuka Corp.		16,900		685,748
Otsuka Holdings Co. Ltd.		58,400		1,992,451
Outsourcing Inc.		17,600		203,880
Pacific Industrial Co. Ltd.		5,700		54,410
Pack Corp. (The)		2,200		51,507
PAL GROUP Holdings Co. Ltd.		3,400		49,559
Paltac Corp.		4,000		153,309
Pan Pacific International Holdings Corp.		63,400		853,290
Panasonic Corp.		332,900		3,665,064
Paramount Bed Holdings Co. Ltd.		4,700		78,212
Park24 Co. Ltd.(a)		17,200		260,188
Pasona Group Inc.		2,400		53,073
Penta-Ocean Construction Co. Ltd.		45,500		252,672
PeptiDream Inc.(a)		14,900		267,496
Persol Holdings Co. Ltd.		26,200		676,374
Pharma Foods International Co. Ltd.		3,200		45,446
Pigeon Corp.		16,900		329,409

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Pilot Corp.		3,700	$	131,784
Piolax Inc.		4,100		62,257
PKSHA Technology Inc.(a)		3,500		60,449
Plaid Inc.(a)		2,200		23,782
Plenus Co. Ltd.		2,800		47,830
Plus Alpha Consulting Co. Ltd., NVS		1,400		27,175
Pola Orbis Holdings Inc.		13,900		207,171
Premier Anti-Aging Co. Ltd.(a)		400		25,124
Pressance Corp.		3,400		62,130
Prestige International Inc.		14,300		90,893
Prima Meat Packers Ltd.		3,900		85,655
Proto Corp.		6,100		70,816
Qol Holdings Co. Ltd.		4,400		51,256
Raito Kogyo Co. Ltd.		6,000		97,944
Raiznext Corp.		8,700		87,450
Raksul Inc.(a)		3,200		104,448
Rakus Co. Ltd.		10,300		207,489
Rakuten Group Inc.(a)		131,000		1,136,474
Recruit Holdings Co. Ltd.		203,000		10,034,001
Relia Inc.		9,800		82,831
Relo Group Inc.		16,200		292,354
Renesas Electronics Corp.(a)		190,900		2,190,923
Rengo Co. Ltd.		26,700		199,240
RENOVA Inc.(a)		5,000		71,081
Resona Holdings Inc.		314,300		1,350,684
Resorttrust Inc.		13,800		220,933
Restar Holdings Corp.		3,200		54,447
Ricoh Co. Ltd.		102,900		868,930
Ricoh Leasing Co. Ltd.		1,600		51,933
Riken Keiki Co. Ltd.		1,500		71,765
Riken Vitamin Co. Ltd.		3,300		48,807
Ringer Hut Co. Ltd.(a)		3,100		59,404
Rinnai Corp.		5,400		482,247
Riso Kagaku Corp.		2,500		44,840
Riso Kyoiku Co. Ltd.		15,400		54,803
Rohm Co. Ltd.		13,100		1,103,506
Rohto Pharmaceutical Co. Ltd.		13,400		370,058
Roland Corp.		1,200		45,775
Rorze Corp.		1,700		160,639
Round One Corp.		7,700		93,945
Royal Holdings Co. Ltd.(a)		6,000		93,602
RS Technologies Co. Ltd.		1,200		60,879
Ryohin Keikaku Co. Ltd.		37,700		541,348
Ryosan Co. Ltd.		2,800		55,481
S Foods Inc.		1,900		58,363
Saibu Gas Holdings Co. Ltd.		2,700		51,439
Saizeriya Co. Ltd.		5,400		124,871
Sakai Moving Service Co. Ltd.		1,500		57,384
Sakata INX Corp.		6,100		51,370
Sakata Seed Corp.		4,300		126,301
SAMTY Co. Ltd.		4,500		81,732
Samty Residential Investment Corp.		52		52,893
San-A Co. Ltd.		2,600		92,211
San-Ai Oil Co. Ltd.		4,500		36,674
SanBio Co. Ltd.(a)		5,400		51,203
Sangetsu Corp.		6,100		84,478
San-in Godo Bank Ltd. (The)		18,300		103,068
Sanken Electric Co. Ltd.		3,500		152,591
Sanki Engineering Co. Ltd.		5,600		69,177
Sankyo Co. Ltd.		7,000		180,234

Security	Shares		Value
Japan (continued)
Sankyu Inc.		7,400	$	267,715
Sanrio Co. Ltd.		8,700		168,737
Sansan Inc.(a)		9,000		99,770
Santen Pharmaceutical Co. Ltd.		52,400		594,959
Sanwa Holdings Corp.		28,300		306,463
Sanyo Chemical Industries Ltd.		1,100		50,125
Sanyo Denki Co. Ltd.		900		41,964
Sanyo Special Steel Co. Ltd.		3,600		67,491
Sapporo Holdings Ltd.		8,700		168,757
Sato Holdings Corp.		3,800		67,017
Sawai Group Holdings Co. Ltd.		5,000		189,258
SBI Holdings Inc.		36,200		933,808
SBS Holdings Inc.		1,600		49,352
SCREEN Holdings Co. Ltd.		5,800		582,064
SCSK Corp.		23,600		399,346
Secom Co. Ltd.		31,600		2,225,084
Sega Sammy Holdings Inc.		24,800		416,408
Seibu Holdings Inc.(a)		34,400		337,485
Seikagaku Corp.		5,600		45,842
Seiko Epson Corp.		40,500		630,848
Seiko Holdings Corp.		3,700		69,186
Seino Holdings Co. Ltd.		21,600		214,303
Seiren Co. Ltd.		6,500		122,894
Sekisui Chemical Co. Ltd.		57,400		1,003,581
Sekisui House Ltd.		92,200		1,867,987
Sekisui House Reit Inc.		618		420,930
Sekisui Jushi Corp.		3,600		63,601
Senko Group Holdings Co. Ltd.		13,300		106,798
Septeni Holdings Co. Ltd.		13,400		49,076
Seria Co. Ltd.		7,000		176,157
Seven & i Holdings Co. Ltd.		112,700		5,731,768
Seven Bank Ltd.		74,300		157,027
SG Holdings Co. Ltd.		47,700		1,012,588
Sharp Corp./Japan		33,500		372,390
Shibaura Machine Co. Ltd.		2,900		83,506
Shibuya Corp.		2,100		46,560
SHIFT Inc.(a)		1,700		282,457
Shiga Bank Ltd. (The)		5,300		103,263
Shikoku Chemicals Corp.		5,100		63,479
Shikoku Electric Power Co. Inc.		26,200		182,128
Shima Seiki Manufacturing Ltd.		3,000		45,381
Shimadzu Corp.		36,200		1,306,159
Shimamura Co. Ltd.		3,300		301,937
Shimano Inc.		11,000		2,466,663
Shimizu Corp.		80,400		535,338
Shin-Etsu Chemical Co. Ltd.		53,000		8,867,392
Shin-Etsu Polymer Co. Ltd.		6,200		59,412
Shinko Electric Industries Co. Ltd.		9,700		446,377
Shinmaywa Industries Ltd.		8,800		67,602
Shinsei Bank Ltd.		9,900		183,559
Shionogi & Co. Ltd.		39,300		2,239,811
Ship Healthcare Holdings Inc.		11,600		260,360
Shiseido Co. Ltd.		60,400		3,046,817
Shizuoka Bank Ltd. (The)		67,400		529,593
Shizuoka Gas Co. Ltd.		4,800		41,903
SHO-BOND Holdings Co. Ltd.		6,200		271,500
Shochiku Co. Ltd.(a)		1,400		144,939
Shoei Co. Ltd.		3,500		134,766
Shoei Foods Corp.		1,700		58,781
Showa Denko KK		26,600		552,582

82 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Showa Sangyo Co. Ltd.		2,500	$	58,556
Siix Corp.		4,900		55,858
Sinko Industries Ltd.		3,300		52,498
SKY Perfect JSAT Holdings Inc.		28,900		108,771
Skylark Holdings Co. Ltd.		34,200		446,858
SMC Corp.		8,600		4,796,749
SMS Co. Ltd.		10,800		296,920
Snow Peak Inc.		4,000		81,651
Sodick Co. Ltd.		6,500		45,334
Softbank Corp.		430,700		5,399,196
SoftBank Group Corp.		180,400		7,991,637
Sohgo Security Services Co. Ltd.		10,600		384,436
Sojitz Corp.		37,120		581,736
Solasto Corp.		4,300		39,549
Sompo Holdings Inc.		47,300		2,213,330
Sony Group Corp.		188,600		21,098,393
Sosei Group Corp.(a)		11,700		156,071
SOSiLA Logistics REIT Inc.		80		111,975
Sotetsu Holdings Inc.(a)		12,700		233,853
S-Pool Inc.		6,600		60,172
Square Enix Holdings Co. Ltd.		12,300		603,166
SRE Holdings Corp.(a)		1,000		38,780
Stanley Electric Co. Ltd.		18,800		439,438
Star Asia Investment Corp.		187		98,411
Star Micronics Co. Ltd.		5,000		63,409
Starts Corp. Inc.		3,700		80,558
Starts Proceed Investment Corp.		24		44,987
Strike Co. Ltd.		1,200		46,721
Subaru Corp.		91,000		1,656,322
Sugi Holdings Co. Ltd.		5,100		299,190
SUMCO Corp.		50,800		936,553
Sumitomo Bakelite Co. Ltd.		5,300		255,408
Sumitomo Chemical Co. Ltd.		220,300		1,110,984
Sumitomo Corp.		168,600		2,605,782
Sumitomo Dainippon Pharma Co. Ltd.		27,100		294,963
Sumitomo Densetsu Co. Ltd.		2,900		52,861
Sumitomo Electric Industries Ltd.		114,200		1,514,120
Sumitomo Forestry Co. Ltd.		20,900		367,957
Sumitomo Heavy Industries Ltd.		16,900		443,835
Sumitomo Metal Mining Co. Ltd.		37,300		1,722,876
Sumitomo Mitsui Construction Co. Ltd.		22,300		84,263
Sumitomo Mitsui Financial Group Inc.		195,300		7,034,892
Sumitomo Mitsui Trust Holdings Inc.		50,600		1,749,808
Sumitomo Osaka Cement Co. Ltd.		4,700		144,128
Sumitomo Realty & Development Co. Ltd.		47,200		1,460,376
Sumitomo Rubber Industries Ltd.		25,100		261,186
Sumitomo Warehouse Co. Ltd. (The)		6,900		123,911
Sun Corp.		1,900		31,596
Sun Frontier Fudousan Co. Ltd.		6,000		54,460
Sundrug Co. Ltd.		12,100		304,701
Suntory Beverage & Food Ltd.		20,500		787,173
Suruga Bank Ltd.		23,500		101,364
Suzuken Co. Ltd.		9,500		281,964
Suzuki Motor Corp.		54,800		2,333,062
Sysmex Corp.		25,000		2,379,772
Systena Corp.		44,400		136,703
T&D Holdings Inc.		80,000		1,182,264
T. Hasegawa Co. Ltd.		4,500		98,747
Tadano Ltd.		15,000		131,200
Taiheiyo Cement Corp.		14,900		296,453

Security	Shares		Value
Japan (continued)
Taikisha Ltd.		3,200	$	80,022
Taisei Corp.		28,400		930,982
Taisho Pharmaceutical Holdings Co. Ltd.		5,300		260,294
Taiyo Holdings Co. Ltd.		5,300		156,364
Taiyo Yuden Co. Ltd.		18,000		874,281
Takara Bio Inc.		8,800		176,527
Takara Holdings Inc.		21,000		203,692
Takara Leben Real Estate Investment Corp.		78		78,871
Takara Standard Co. Ltd.		4,100		48,812
Takasago International Corp.		2,300		56,396
Takasago Thermal Engineering Co. Ltd.		6,800		113,687
Takashimaya Co. Ltd.		24,200		229,814
Takeda Pharmaceutical Co. Ltd.		236,500		6,854,523
Takeuchi Manufacturing Co. Ltd.		5,000		124,973
Takuma Co. Ltd.		11,600		148,347
Tama Home Co. Ltd.		2,400		48,902
Tamron Co. Ltd.		2,200		47,957
Tamura Corp.		16,700		94,910
TBS Holdings Inc.		8,000		119,643
TDK Corp.		57,900		2,091,052
TechMatrix Corp.		6,700		95,391
TechnoPro Holdings Inc.		16,500		422,105
Teijin Ltd.		28,600		360,553
Teikoku Sen-I Co. Ltd.		2,900		50,557
Tenma Corp.		2,200		48,031
Terumo Corp.		96,000		3,504,368
T-Gaia Corp.		3,100		44,976
THK Co. Ltd.		16,700		417,278
TIS Inc.		33,600		883,702
TKC Corp.		4,400		115,623
Toa Corp./Tokyo		2,500		52,884
Toagosei Co. Ltd.		16,700		164,691
Tobu Railway Co. Ltd.		29,500		690,984
Tocalo Co. Ltd.		9,700		117,875
Toda Corp.		33,800		218,355
Toei Co. Ltd.		900		133,612
Toho Bank Ltd. (The)		28,100		52,271
Toho Co. Ltd./Tokyo		17,100		662,414
Toho Gas Co. Ltd.		11,300		308,838
Toho Holdings Co. Ltd.		7,600		118,834
Toho Titanium Co. Ltd.		5,100		39,681
Tohoku Electric Power Co. Inc.		68,300		481,097
Tokai Carbon Co. Ltd.		30,200		313,225
Tokai Corp./Gifu		3,000		47,137
TOKAI Holdings Corp.		15,700		120,297
Tokai Rika Co. Ltd.		7,700		100,312
Tokai Tokyo Financial Holdings Inc.		29,900		105,250
Token Corp.		1,000		81,002
Tokio Marine Holdings Inc.		93,900		5,603,356
Tokushu Tokai Paper Co. Ltd.		1,600		57,667
Tokuyama Corp.		10,800		171,907
Tokyo Century Corp.		5,500		271,421
Tokyo Electric Power Co. Holdings Inc.(a)		237,000		631,427
Tokyo Electron Ltd.		22,300		10,907,665
Tokyo Gas Co. Ltd.		57,300		1,156,987
Tokyo Ohka Kogyo Co. Ltd.		4,700		278,413
Tokyo Seimitsu Co. Ltd.		6,600		279,948
Tokyo Steel Manufacturing Co. Ltd.		16,100		154,143
Tokyo Tatemono Co. Ltd.		27,500		409,927
Tokyotokeiba Co. Ltd.		1,500		54,988

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyu Construction Co. Ltd.		16,500	$	101,291
Tokyu Corp.		73,200		972,669
Tokyu Fudosan Holdings Corp.		90,000		493,036
Tokyu REIT Inc.		126		203,586
TOMONY Holdings Inc.		20,900		59,267
Tomy Co. Ltd.		14,300		139,606
Topcon Corp.		15,500		210,376
Toppan Inc.		40,300		766,588
Topre Corp.		4,200		43,857
Toray Industries Inc.		211,000		1,333,480
Toridoll Holdings Corp.		6,700		134,903
Torii Pharmaceutical Co. Ltd.		2,000		49,734
Tosei Corp.		6,100		55,849
Toshiba Corp.		61,200		2,534,294
Toshiba TEC Corp.		3,600		135,645
Tosoh Corp.		37,798		591,406
Totetsu Kogyo Co. Ltd.		3,300		70,422
TOTO Ltd.		21,500		925,370
Towa Pharmaceutical Co. Ltd.		3,300		80,941
Toyo Construction Co. Ltd.		10,800		53,836
Toyo Gosei Co. Ltd.		800		85,428
Toyo Ink SC Holdings Co. Ltd.		4,000		66,381
Toyo Seikan Group Holdings Ltd.		21,700		264,324
Toyo Suisan Kaisha Ltd.		14,000		573,619
Toyo Tanso Co. Ltd.		2,300		59,139
Toyo Tire Corp.		17,200		243,194
Toyobo Co. Ltd.		12,200		137,299
Toyoda Gosei Co. Ltd.		9,500		199,663
Toyota Boshoku Corp.		11,000		194,980
Toyota Industries Corp.		21,900		1,708,387
Toyota Motor Corp.		1,586,300		31,350,318
Toyota Tsusho Corp.		32,500		1,317,989
TPR Co. Ltd.		4,000		50,684
Trancom Co. Ltd.		800		56,805
Transcosmos Inc.		3,500		89,202
TRE Holdings Corp.		4,400		55,530
Trend Micro Inc/Japan(a)		20,500		1,087,578
Tri Chemical Laboratories Inc.		2,900		78,470
Trusco Nakayama Corp.		6,900		146,845
TS Tech Co. Ltd.		12,900		169,977
Tsubaki Nakashima Co. Ltd.		4,300		53,283
Tsubakimoto Chain Co.		3,400		95,217
Tsugami Corp.		3,900		45,269
Tsumura & Co.		8,600		243,919
Tsuruha Holdings Inc.		5,500		442,994
TV Asahi Holdings Corp.		3,300		42,920
UACJ Corp.(a)		4,600		105,891
Ube Industries Ltd.		14,300		257,108
Uchida Yoko Co. Ltd.		1,100		43,554
Ulvac Inc.		6,700		340,906
Unicharm Corp.		60,800		2,349,525
Union Tool Co.		1,600		51,855
United Arrows Ltd.		3,200		51,687
United Super Markets Holdings Inc.		7,800		71,119
United Urban Investment Corp.		460		543,515
Universal Entertainment Corp.(a)		3,500		71,965
Usen-Next Holdings Co. Ltd.		2,100		44,179
Ushio Inc.		15,900		247,093
USS Co. Ltd.		32,600		532,054
UT Group Co. Ltd.		4,100		117,484

Security	Shares		Value
Japan (continued)
Uzabase Inc.(a)		3,400	$	32,147
Valor Holdings Co. Ltd.		4,800		92,266
ValueCommerce Co. Ltd.		1,900		58,581
Vector Inc.		5,400		45,868
Vision Inc./Tokyo Japan(a)		5,400		47,078
Visional Inc.(a)		1,600		117,523
VT Holdings Co. Ltd.		20,400		79,204
Wacoal Holdings Corp.		6,100		111,907
Wacom Co. Ltd.		27,000		196,121
Wakita & Co. Ltd.		5,100		45,000
WealthNavi Inc.(a)		3,000		42,991
Weathernews Inc.		700		47,723
Welcia Holdings Co. Ltd.		15,400		415,921
West Holdings Corp.		2,800		84,130
West Japan Railway Co.		32,200		1,349,301
Yakult Honsha Co. Ltd.		19,500		988,679
YAMABIKO Corp.		4,900		44,688
Yamada Holdings Co. Ltd.		100,600		339,511
Yamaguchi Financial Group Inc.		33,800		209,728
Yamaha Corp.		20,500		933,881
Yamaha Motor Co. Ltd.		45,500		1,083,515
YA-MAN Ltd.		4,500		35,684
Yamato Holdings Co. Ltd.		44,700		951,852
Yamato Kogyo Co. Ltd.		6,200		190,766
Yamazaki Baking Co. Ltd.		16,700		238,774
Yamazen Corp.		8,600		74,818
Yaoko Co. Ltd.		2,500		144,537
Yaskawa Electric Corp.		35,200		1,473,837
Yellow Hat Ltd.		3,200		44,368
Yodogawa Steel Works Ltd.		2,900		61,784
Yokogawa Bridge Holdings Corp.		4,400		82,192
Yokogawa Electric Corp.		33,600		550,552
Yokohama Rubber Co. Ltd. (The)		16,800		244,920
Yokorei Co. Ltd.		7,200		53,504
Yokowo Co. Ltd.		2,800		64,321
Yonex Co. Ltd.		8,000		49,917
Yoshinoya Holdings Co. Ltd.		9,300		192,177
Yuasa Trading Co. Ltd.		2,200		55,675
Z Holdings Corp.		406,400		2,063,970
Zenkoku Hosho Co. Ltd.		7,900		353,589
Zensho Holdings Co. Ltd.		15,200		365,961
Zeon Corp.		16,900		196,108
ZERIA Pharmaceutical Co. Ltd.		3,200		53,512
Zojirushi Corp.		4,500		56,562
ZOZO Inc.		18,900		503,636
Zuken Inc.		2,200		56,909
				680,073,762
New Zealand — 1.0%
a2 Milk Co. Ltd. (The)(a)		113,052		416,880
Air New Zealand Ltd.(a)(b)		93,716		88,798
Argosy Property Ltd.		146,863		144,495
Auckland International Airport Ltd.(a)		191,534		909,192
Chorus Ltd.		68,051		311,617
Contact Energy Ltd.		110,909		574,923
Fisher & Paykel Healthcare Corp. Ltd.		85,159		1,566,800
Fletcher Building Ltd.		115,300		490,379
Genesis Energy Ltd.		79,951		140,463
Goodman Property Trust		167,109		273,327
Infratil Ltd.		108,223		540,100
Kiwi Property Group Ltd.		241,542		180,942

84 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Mercury NZ Ltd.		99,028	$	364,079
Meridian Energy Ltd.		188,163		542,392
Oceania Healthcare Ltd.		96,283		75,070
Precinct Properties New Zealand Ltd.		170,675		181,337
Pushpay Holdings Ltd.(a)		108,731		78,016
Ryman Healthcare Ltd.		67,515		441,469
SKYCITY Entertainment Group Ltd.		107,480		193,070
Spark New Zealand Ltd.		279,207		798,010
Summerset Group Holdings Ltd.		33,103		266,819
Xero Ltd.(a)		20,269		1,641,899
Z Energy Ltd.		79,027		184,599
				10,404,676
Singapore — 3.9%
AEM Holdings Ltd.		39,800		133,806
AIMS APAC REIT		51,700		53,294
ARA LOGOS Logistics Trust		260,002		159,065
Ascendas India Trust(b)		97,500		94,096
Ascendas REIT		486,015		996,740
Ascott Residence Trust		356,030		269,762
CapitaLand China Trust		248,335		217,671
CapitaLand Integrated Commercial Trust		729,796		1,052,144
Capitaland Investment Ltd/Singapore(a)		402,100		1,031,737
CDL Hospitality Trusts(b)		202,600		170,486
City Developments Ltd.		66,500		349,323
ComfortDelGro Corp. Ltd.		319,800		322,912
COSCO Shipping International Singapore Co. Ltd.(a)		541,800		100,767
Cromwell European Real Estate Investment Trust		49,900		130,060
DBS Group Holdings Ltd.		271,000		7,118,321
ESR-REIT		604,882		190,292
Far East Hospitality Trust(b)		135,600		55,881
First Resources Ltd.		85,200		104,508
Frasers Centrepoint Trust(b)		152,467		255,964
Frasers Logistics & Commercial Trust		365,883		372,230
Frencken Group Ltd.		47,200		57,809
Genting Singapore Ltd.		890,500		486,607
Golden Agri-Resources Ltd.		1,083,000		197,889
Haw Par Corp. Ltd.(b)		16,700		143,904
Hutchison Port Holdings Trust, Class U		798,400		188,588
iFAST Corp. Ltd.		16,700		77,548
Keppel Corp. Ltd.		216,500		912,809
Keppel DC REIT(b)		201,200		319,384
Keppel Infrastructure Trust		572,300		237,232
Keppel Pacific Oak US REIT		70,700		52,318
Keppel REIT		260,000		216,697
Lendlease Global Commercial REIT(b)		85,200		51,901
Manulife US Real Estate Investment Trust		219,500		141,897
Mapletree Commercial Trust		320,495		428,987
Mapletree Industrial Trust		272,720		508,025
Mapletree Logistics Trust		461,987		581,421
Mapletree North Asia Commercial Trust		329,000		263,896
Nanofilm Technologies International Ltd.(b)		54,400		114,851
NetLink NBN Trust		429,700		308,530
Olam International Ltd.		100,100		125,076
OUE Commercial Real Estate Investment Trust		332,930		101,041
Oversea-Chinese Banking Corp. Ltd.		507,875		4,727,434
Parkway Life REIT		50,300		178,891
Prime U.S. REIT		73,000		56,575
Raffles Medical Group Ltd.		164,500		155,861
Razer Inc.(a)(c)		278,000		81,888
Riverstone Holdings Ltd./Singapore(b)		117,000		61,057

Security	Shares		Value
Singapore (continued)
Sasseur Real Estate Investment Trust		88,100	$	51,952
SATS Ltd.(a)(b)		108,000		314,107
Sea Ltd., ADR(a)		20,681		3,108,561
Sembcorp Industries Ltd.(b)		144,700		245,742
Sembcorp Marine Ltd.(a)		2,879,808		175,671
Sheng Siong Group Ltd.		103,800		114,707
SIA Engineering Co. Ltd.(a)		25,000		39,801
Silverlake Axis Ltd.(b)		405,400		70,929
Singapore Airlines Ltd.(a)		200,600		748,259
Singapore Exchange Ltd.		117,300		811,924
Singapore Post Ltd.		169,600		80,031
Singapore Press Holdings Ltd.		250,000		431,238
Singapore Technologies Engineering Ltd.		240,000		667,070
Singapore Telecommunications Ltd.		1,235,900		2,240,964
SPH REIT		86,900		61,915
Starhill Global REIT		322,300		148,404
StarHub Ltd.		92,000		87,970
Suntec REIT		262,300		296,236
United Overseas Bank Ltd.		176,600		3,946,773
UOL Group Ltd.		73,900		400,758
Venture Corp. Ltd.		41,600		545,032
Wilmar International Ltd.		290,600		924,451
Yangzijiang Shipbuilding Holdings Ltd.(b)		365,800		350,967
Yanlord Land Group Ltd.(b)		89,400		76,431
				39,897,068
Total Common Stocks — 99.8% (Cost: $908,001,474)				1,024,345,208
Warrants
Singapore — 0.0%
Ezion Holdings Ltd. (Expires 04/16/23)(a)(b)(d)		341,183		3
Total Warrants — 0.0% (Cost: $0)				3
Short-Term Investments
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		20,581,117		20,587,291
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		250,000		250,000
				20,837,291
Total Short-Term Investments — 2.0% (Cost: $20,836,666)				20,837,291
Total Investments in Securities — 101.8% (Cost: $928,838,140)				1,045,182,502
Other Assets, Less Liabilities — (1.8)%				(18,340,666	)
Net Assets — 100.0%			$	1,026,841,836

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Pacific ETF

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,719,334	$	13,869,091	(a)	$	—	$	(837	)	$	(297	)	$	20,587,291		20,581,117	$	118,661	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		160,000	(a)		—		—			—			250,000		250,000		10			—
								$	(837	)	$	(297	)	$	20,837,291			$	118,671		$	—

^(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		10		03/10/22	$	1,667	$	(53,447	)
SPI 200 Index		6		03/17/22		731		(42,928	)
							$	(96,375	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	96,375

^(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).

86 2 0 2 2   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) January 31, 2022 iShares^® Core MSCI Pacific ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	66,716
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(47,494	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,146,288

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
Investments
Assets
Common Stocks	$	11,032,969	$	1,013,312,237	$	2	$	1,024,345,208
Warrants		—		—		3		3
Money Market Funds		20,837,291		—		—		20,837,291
	$	31,870,260	$	1,013,312,237	$	5	$	1,045,182,502
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(96,375)	$	—	$	(96,375)

^(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 87

Consolidated Schedule of Investments  (unaudited)  January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.0%
Abacus Property Group		491,461	$	1,201,055
Adbri Ltd.		599,778		1,250,223
AGL Energy Ltd.		449,277		2,269,065
Allkem Ltd.(a)		583,663		3,800,611
ALS Ltd.		551,181		4,627,099
Altium Ltd.		132,104		3,377,113
Alumina Ltd.		2,429,722		3,283,220
AMP Ltd.(a)		2,634,645		1,642,251
Ampol Ltd.		267,975		5,676,515
Ansell Ltd.		134,538		2,557,827
APA Group		1,182,914		8,022,341
Appen Ltd.		186,655		1,288,593
ARB Corp. Ltd.		102,040		3,362,112
Aristocrat Leisure Ltd.		641,848		18,605,740
ASX Ltd.		203,041		12,042,061
Atlas Arteria Ltd.		1,078,312		5,005,422
Aurizon Holdings Ltd.		1,407,853		3,522,244
AusNet Services Ltd.		1,837,475		3,381,135
Austal Ltd.		400,489		571,263
Australia & New Zealand Banking Group Ltd.		2,924,930		55,277,772
Bank of Queensland Ltd.		573,780		3,121,217
Bapcor Ltd.		443,055		2,219,982
Beach Energy Ltd.		2,583,455		2,728,983
Bega Cheese Ltd.		549,851		1,991,058
Bendigo & Adelaide Bank Ltd.		535,680		3,271,853
BHP Group Ltd.(b)		2,981,454		95,616,879
BHP Group Ltd.		2,248,005		70,957,807
Blackmores Ltd.		13,045		757,599
BlueScope Steel Ltd.		556,450		7,293,304
Brambles Ltd.		1,459,398		10,026,133
Bravura Solutions Ltd.(b)		267,505		410,359
Breville Group Ltd.		133,508		2,719,067
Brickworks Ltd.		115,108		1,849,967
BWP Trust		775,613		2,187,598
BWX Ltd.		236,374		568,485
carsales.com Ltd.		292,864		4,632,306
Centuria Capital Group		938,001		1,993,340
Chalice Mining Ltd.(a)		329,341		1,825,199
Challenger Ltd.		605,346		2,472,760
Champion Iron Ltd.(a)(b)		439,214		2,029,175
Charter Hall Group		564,043		6,756,026
Charter Hall Long Wale REIT		587,593		2,010,015
Charter Hall Retail REIT		754,289		2,152,313
CIMIC Group Ltd.		147,605		1,724,347
Cleanaway Waste Management Ltd.		2,214,703		4,521,101
Clinuvel Pharmaceuticals Ltd.		52,363		855,918
Cochlear Ltd.		71,947		9,866,303
Codan Ltd./Australia		217,188		1,398,702
Coles Group Ltd.		1,406,879		16,163,210
Collins Foods Ltd.		141,922		1,183,825
Commonwealth Bank of Australia		1,833,013		122,243,153
Computershare Ltd.		607,067		8,414,920
Corporate Travel Management Ltd.(a)		170,995		2,549,824
Costa Group Holdings Ltd.		524,079		1,036,619
Credit Corp. Group Ltd.		78,594		1,896,345
Cromwell Property Group		1,836,739		1,095,739
Crown Resorts Ltd.(a)		339,609		2,926,105
CSL Ltd.		491,892		91,119,345

Security	Shares		Value
Australia (continued)
CSR Ltd.		708,406	$	2,821,982
Deterra Royalties Ltd.		637,726		1,945,504
Dexus		1,130,082		8,226,897
Domain Holdings Australia Ltd.		314,449		1,056,762
Domino’s Pizza Enterprises Ltd.		66,929		4,936,899
Downer EDI Ltd.		561,033		2,170,203
Eagers Automotive Ltd.		220,115		2,004,977
Elders Ltd.		213,139		1,648,158
Emeco Holdings Ltd.		375,991		238,915
EML Payments Ltd.(a)		750,783		1,598,688
Endeavour Group Ltd./Australia		1,360,894		6,078,587
Evolution Mining Ltd.		1,809,135		4,545,327
Flight Centre Travel Group Ltd.(a)		178,920		2,122,394
Fortescue Metals Group Ltd.		1,749,957		24,573,075
G8 Education Ltd.(a)		1,092,540		860,814
Glencore PLC		10,311,891		53,720,965
Gold Road Resources Ltd.		1,602,118		1,525,315
Goodman Group		1,774,008		29,291,933
GPT Group (The)		2,020,152		7,158,720
GrainCorp Ltd., Class A		260,690		1,346,666
Growthpoint Properties Australia Ltd.		380,132		1,062,212
GUD Holdings Ltd.		239,083		2,091,603
GWA Group Ltd.		296,704		532,084
Harvey Norman Holdings Ltd.		632,973		2,206,130
Healius Ltd.		762,762		2,414,564
HUB24 Ltd.(b)		114,644		2,233,973
IDP Education Ltd.		212,460		4,440,916
IGO Ltd.		681,001		5,761,956
Iluka Resources Ltd.		472,325		3,512,175
Imugene Ltd.(a)		4,998,296		1,116,645
Incitec Pivot Ltd.		1,849,519		4,330,599
Inghams Group Ltd.		326,378		759,831
Insignia Financial Ltd.		850,646		2,133,334
Insurance Australia Group Ltd.		2,396,187		7,227,796
InvoCare Ltd.		193,551		1,536,929
IPH Ltd.		432,711		2,510,809
IRESS Ltd.		235,140		1,902,243
James Hardie Industries PLC		461,537		15,533,132
JB Hi-Fi Ltd.		125,181		4,095,842
Jumbo Interactive Ltd.		84,263		1,071,732
Kogan.com Ltd.(b)		211,440		933,711
Lendlease Corp. Ltd.		639,066		4,522,378
Link Administration Holdings Ltd.		848,576		3,252,649
Liontown Resources Ltd.(a)		2,140,768		2,168,184
Lynas Rare Earths Ltd.(a)		1,089,891		7,039,717
Macquarie Group Ltd.		368,210		48,129,280
Magellan Financial Group Ltd.		130,146		1,731,712
Mayne Pharma Group Ltd.(a)		1,828,966		324,473
McMillan Shakespeare Ltd.		117,204		934,606
Medibank Pvt Ltd.		2,930,600		6,421,739
Megaport Ltd.(a)		231,143		2,223,543
Mesoblast Ltd.(a)(b)		896,141		720,071
Metcash Ltd.		1,123,712		3,153,690
Mineral Resources Ltd.		186,838		7,425,118
Mirvac Group		4,210,548		7,802,836
Monadelphous Group Ltd.		204,703		1,303,976
Nanosonics Ltd.(a)		259,435		942,995
National Australia Bank Ltd.		3,410,060		65,798,621
National Storage REIT		1,463,212		2,565,105
Nearmap Ltd.(a)		823,485		789,781

88 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Netwealth Group Ltd.		119,120	$	1,290,133
New Hope Corp. Ltd.(b)		589,860		950,205
Newcrest Mining Ltd.		865,591		13,426,495
NEXTDC Ltd.(a)		527,172		4,044,973
nib holdings Ltd.		541,981		2,391,270
Nine Entertainment Co. Holdings Ltd.		1,756,359		3,277,782
Northern Star Resources Ltd.		1,227,811		7,317,659
Novonix Ltd.(a)		353,970		1,908,924
NRW Holdings Ltd.		674,824		762,594
Nufarm Ltd./Australia		346,943		1,101,834
Omni Bridgeway Ltd.(a)		439,375		1,016,158
oOh!media Ltd.(a)		732,126		839,588
Orica Ltd.		378,947		3,754,432
Origin Energy Ltd.		1,765,690		7,065,408
Orora Ltd.		1,036,226		2,551,347
OZ Minerals Ltd.		401,145		6,958,711
Pact Group Holdings Ltd.		243,916		403,140
Paladin Energy Ltd.(a)(b)		2,931,767		1,528,774
Pendal Group Ltd.		333,606		1,145,743
Perpetual Ltd.		65,615		1,533,544
Perseus Mining Ltd.		1,989,273		2,079,284
Pilbara Minerals Ltd.(a)		2,466,053		5,705,162
Platinum Asset Management Ltd.		394,748		693,973
PointsBet Holdings Ltd.(a)		340,396		1,192,927
PolyNovo Ltd.(a)		980,899		916,085
Premier Investments Ltd.		132,414		2,716,844
Pro Medicus Ltd.		68,447		2,210,422
Qantas Airways Ltd.(a)		867,448		2,968,966
QBE Insurance Group Ltd.		1,600,865		12,710,290
Qube Holdings Ltd.		1,516,432		3,129,417
Ramelius Resources Ltd.		1,322,694		1,267,747
Ramsay Health Care Ltd.		186,365		8,314,863
REA Group Ltd.		61,877		6,410,255
Redbubble Ltd.(a)(b)		503,838		641,480
Reece Ltd.		321,996		4,971,101
Regis Resources Ltd.		803,496		977,346
Reliance Worldwide Corp. Ltd.		948,211		3,501,751
Rio Tinto Ltd.		368,483		29,296,487
Rio Tinto PLC		1,157,637		81,596,410
Sandfire Resources Ltd.		772,006		3,709,785
Santos Ltd.		3,199,436		16,297,068
Scentre Group		5,498,838		11,416,389
SEEK Ltd.		386,319		8,005,766
Seven Group Holdings Ltd.		157,512		2,435,768
Shopping Centres Australasia Property Group		1,174,090		2,345,710
Sigma Healthcare Ltd.		933,244		296,933
Silver Lake Resources Ltd.(a)		1,373,803		1,446,724
Sims Ltd.		237,956		2,422,687
SmartGroup Corp. Ltd.		131,810		669,948
Sonic Healthcare Ltd.		471,150		12,688,211
South32 Ltd.		4,969,484		13,672,524
Southern Cross Media Group Ltd.		426,928		571,089
St. Barbara Ltd.		921,540		807,454
Star Entertainment Grp Ltd. (The)(a)		792,552		1,935,984
Steadfast Group Ltd.		994,127		3,271,417
Stockland		2,649,547		7,637,127
Suncorp Group Ltd.		1,279,134		10,046,182
Super Retail Group Ltd.		225,359		1,863,860
Sydney Airport(a)		1,293,236		7,948,382
Tabcorp Holdings Ltd.		2,304,819		8,098,167

Security	Shares		Value
Australia (continued)
Technology One Ltd.		327,048	$	2,446,648
Telstra Corp. Ltd.		4,354,146		12,104,178
Transurban Group		3,135,710		27,701,568
Treasury Wine Estates Ltd.		779,087		5,855,799
Uniti Group Ltd.(a)		1,075,292		3,211,876
Vicinity Centres		3,626,264		4,203,958
Viva Energy Group Ltd.(c)		1,256,775		1,915,887
Washington H Soul Pattinson & Co. Ltd.		228,418		4,434,485
Waypoint REIT		1,115,161		2,142,031
Webjet Ltd.(a)		686,894		2,404,659
Wesfarmers Ltd.		1,174,552		43,825,485
Western Areas Ltd.(a)		323,194		795,415
Westgold Resources Ltd.		542,775		703,412
Westpac Banking Corp.		3,742,295		53,974,858
Whitehaven Coal Ltd.(a)		1,310,306		2,508,810
WiseTech Global Ltd.		161,133		5,247,997
Woodside Petroleum Ltd.		928,445		16,590,388
Woolworths Group Ltd.		1,311,827		32,001,315
Worley Ltd.		327,897		2,701,756
Zip Co. Ltd.(a)(b)		665,024		1,530,937
				1,608,340,175
Austria — 0.3%
ams-OSRAM AG(a)(b)		281,838		4,738,642
ANDRITZ AG		66,119		3,517,766
AT&S Austria Technologie & Systemtechnik AG		33,583		1,564,169
BAWAG Group AG(a)(c)		65,326		3,920,550
CA Immobilien Anlagen AG		62,373		2,266,861
DO & CO AG(a)		7,696		793,304
Erste Group Bank AG		353,554		16,525,319
EVN AG		34,262		1,008,565
FACC AG(a)(b)		31,755		276,142
IMMOFINANZ AG(a)(b)		106,443		2,761,284
Lenzing AG(a)		20,551		2,522,584
Oesterreichische Post AG(b)		44,411		1,864,101
OMV AG		172,681		10,568,833
Raiffeisen Bank International AG		102,806		2,889,593
S IMMO AG		111,699		2,862,609
S&T AG(b)		73,930		1,357,778
Semperit AG Holding		22,522		683,163
Telekom Austria AG(a)		236,379		2,044,813
UNIQA Insurance Group AG		214,157		1,985,070
Verbund AG		75,113		7,955,227
Vienna Insurance Group AG Wiener Versicherung Gruppe		52,048		1,524,483
voestalpine AG		99,293		3,301,009
Wienerberger AG		128,388		4,648,548
				81,580,413
Belgium — 0.6%
Ackermans & van Haaren NV		15,238		2,941,313
Aedifica SA		30,919		3,718,717
Ageas SA/NV		176,590		8,500,080
AGFA-Gevaert NV(a)		341,025		1,446,972
Akka Technologies(a)		25,143		1,373,696
Anheuser-Busch InBev SA/NV		741,287		46,731,547
Barco NV		141,267		2,917,369
Befimmo SA		48,980		1,836,386
Bekaert SA		52,455		2,442,135
bpost SA(a)		193,502		1,428,432
Cie. d’Entreprises CFE		14,559		1,972,196

S C H E D U L E   O F   I N V E S T M E N T S 89

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Belgium (continued)
Cofinimmo SA		8,990	$	1,326,211
D’ieteren Group		30,860		5,376,871
Econocom Group SA/NV		142,196		568,650
Elia Group SA/NV		35,929		4,848,429
Etablissements Franz Colruyt NV		42,813		1,739,051
Euronav NV		219,748		1,810,331
Fagron		85,407		1,468,136
Gimv NV		59,091		3,602,110
Groupe Bruxelles Lambert SA		90,244		9,683,442
KBC Ancora		58,604		2,823,933
KBC Group NV		257,352		22,381,735
Kinepolis Group NV(a)		24,041		1,455,947
Melexis NV		24,945		2,615,554
Mithra Pharmaceuticals SA(a)(b)		41,995		952,649
Montea NV		15,634		2,162,578
Ontex Group NV(a)		81,826		599,215
Orange Belgium SA		52,420		1,141,313
Proximus SADP		73,318		1,497,196
Sofina SA		16,204		6,451,588
Solvay SA		71,634		8,631,122
Telenet Group Holding NV		49,922		1,916,432
Tessenderlo Group SA(a)		39,499		1,538,610
UCB SA		129,004		12,836,572
Umicore SA		196,971		7,456,465
Warehouses De Pauw CVA		160,590		6,908,797
Xior Student Housing NV		36,645		2,002,864
				189,104,644
Brazil — 1.0%
Aliansce Sonae Shopping Centers SA		224,275		957,480
Ambev SA		5,007,053		14,115,663
Americanas SA(a)		615,933		3,678,131
Anima Holding SA(a)		561,341		933,436
Arezzo Industria e Comercio SA		104,837		1,614,775
Atacadao SA		424,678		1,333,192
B3 SA - Brasil, Bolsa, Balcao		6,575,592		18,104,208
Banco Bradesco SA		1,242,476		4,398,891
Banco BTG Pactual SA		1,262,018		5,744,332
Banco do Brasil SA		562,924		3,462,288
Banco Inter SA		380,580		1,862,012
Banco Santander Brasil SA		254,448		1,575,056
BR Malls Participacoes SA(a)		1,196,108		2,169,172
BRF SA(a)		552,950		2,325,262
CCR SA		906,786		2,219,962
Centrais Eletricas Brasileiras SA		348,605		2,316,768
Cia Brasileira de Distribuicao		256,101		1,091,423
Cia. de Locacao das Americas		565,339		2,792,573
Cia. de Saneamento Basico do Estado de Sao Paulo		329,921		2,321,208
Cia. de Saneamento de Minas Gerais-COPASA		239,944		594,200
Cia. de Saneamento do Parana		272,012		1,032,704
Cia. Siderurgica Nacional SA		745,564		3,585,941
Cielo SA		1,332,210		577,029
Cogna Educacao(a)		664,833		323,020
Cosan SA		1,105,062		4,946,672
CVC Brasil Operadora e Agencia de Viagens SA(a)		485,793		1,322,869
Cyrela Brazil Realty SA Empreendimentos e Participacoes		377,685		1,243,279
Dexco SA		490,309		1,380,410
EcoRodovias Infraestrutura e Logistica SA(a)		275,600		411,057
EDP - Energias do Brasil SA		370,859		1,497,376

Security	Shares		Value
Brazil (continued)
Embraer SA(a)		931,205	$	3,561,661
Energisa SA		244,198		2,007,353
Eneva SA(a)		958,155		2,383,614
Engie Brasil Energia SA		181,314		1,389,706
Equatorial Energia SA		935,999		4,047,106
Ez Tec Empreendimentos e Participacoes SA		145,390		585,382
Fleury SA		283,988		1,081,380
Grendene SA		364,800		623,102
Grupo de Moda Soma SA(a)		743,301		2,029,691
Grupo SBF SA(a)		218,495		1,059,537
Guararapes Confeccoes SA		218,709		524,727
Hapvida Participacoes e Investimentos SA(c)		1,264,976		3,015,875
Hypera SA		397,753		2,330,294
Iguatemi SA(a)		185,400		698,292
Iochpe Maxion SA		161,653		458,769
IRB Brasil Resseguros S/A		690,244		425,058
JBS SA		1,026,517		6,783,390
JHSF Participacoes SA		724,556		877,365
Klabin SA		772,487		3,619,419
Light SA		409,871		896,142
Localiza Rent a Car SA		674,695		7,445,646
Locaweb Servicos de Internet SA(a)(c)		654,950		1,196,402
LOG Commercial Properties e Participacoes SA		124,947		665,430
Lojas Renner SA		1,056,854		5,596,643
M. Dias Branco SA		342,195		1,490,550
Magazine Luiza SA		3,289,734		4,336,668
Marfrig Global Foods SA		700,690		2,966,330
Minerva SA		994,878		1,787,374
Movida Participacoes SA		292,927		909,105
MRV Engenharia e Participacoes SA		442,135		1,116,557
Multiplan Empreendimentos Imobiliarios SA		400,357		1,621,001
Natura & Co. Holding SA(a)		1,059,427		4,528,915
Notre Dame Intermedica Participacoes SA		592,105		7,939,187
Odontoprev SA		292,824		688,206
Petro Rio SA(a)		846,798		3,814,506
Petroleo Brasileiro SA		3,952,761		26,254,474
Qualicorp Consultoria e Corretora de Seguros SA		309,111		1,071,099
Raia Drogasil SA		1,164,385		5,078,465
Rede D’Or Sao Luiz SA(c)		325,160		2,713,902
Rumo SA(a)		1,345,782		3,958,704
Santos Brasil Participacoes SA		1,090,963		1,434,045
Sao Martinho SA		271,300		1,877,095
Sendas Distribuidora SA		764,846		1,804,772
SLC Agricola SA		159,768		1,383,430
Sul America SA		324,682		1,553,064
Suzano SA		804,347		8,967,316
Telefonica Brasil SA		394,107		3,687,169
TIM SA		1,028,178		2,569,428
TOTVS SA		518,454		2,838,263
Transmissora Alianca de Energia Eletrica SA		409,983		2,947,035
Ultrapar Participacoes SA		478,502		1,361,587
Vale SA		4,255,550		64,809,764
Via S/A(a)		1,288,245		1,145,085
Vibra Energia SA		1,154,798		4,980,109
WEG SA		1,888,317		11,436,371
YDUQS Participacoes SA		338,062		1,407,610
				327,709,559
Canada — 7.5%
Aecon Group Inc.		103,018		1,406,909
Ag Growth International Inc.		33,722		900,651

90 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Agnico Eagle Mines Ltd.		250,313	$	11,954,924
Air Canada(a)(b)		164,101		2,951,146
Alamos Gold Inc., Class A		415,144		2,831,529
Algonquin Power & Utilities Corp.		651,881		9,307,824
Alimentation Couche-Tard Inc.		850,599		34,307,683
Allied Properties REIT		59,587		2,096,784
AltaGas Ltd.		377,596		7,755,994
Altus Group Ltd.		45,821		2,199,221
ARC Resources Ltd.		784,205		9,186,022
Aritzia Inc.(a)		88,401		4,101,016
Atco Ltd., Class I, NVS		71,541		2,409,932
ATS Automation Tooling Systems Inc.(a)		108,421		4,426,740
Aurora Cannabis Inc.(a)(b)		244,222		1,020,193
B2Gold Corp.		1,048,803		3,778,876
Badger Infrastructure Solutions Ltd.		62,147		1,505,335
Ballard Power Systems Inc.(a)(b)		231,878		2,418,835
Bank of Montreal		664,799		75,247,831
Bank of Nova Scotia (The)		1,242,916		89,526,326
Barrick Gold Corp.		1,627,868		31,157,636
Bausch Health Cos Inc.(a)		322,329		7,924,148
Baytex Energy Corp.(a)		770,757		2,861,954
Birchcliff Energy Ltd.(b)		315,321		1,555,334
BlackBerry Ltd.(a)(b)		575,024		4,731,740
Boardwalk REIT		54,801		2,411,649
Bombardier Inc., Class B(a)		2,432,100		3,233,489
Boralex Inc., Class A		78,983		2,053,564
Boyd Group Services Inc.		20,099		3,039,002
Brookfield Asset Management Inc., Class A		1,456,546		80,209,432
Brookfield Asset Management Reinsurance Partners Ltd., Class A		17,808		993,684
Brookfield Infrastructure Corp., Class A		43,244		2,868,192
Brookfield Renewable Corp., Class A		120,103		4,109,098
BRP Inc.		45,008		3,740,782
CAE Inc.(a)		309,876		7,825,213
Cameco Corp.		432,863		8,414,463
Canada Goose Holdings Inc.(a)		65,421		2,007,174
Canadian Apartment Properties REIT		81,979		3,605,747
Canadian Imperial Bank of Commerce		444,926		55,869,951
Canadian National Railway Co.		726,290		88,521,504
Canadian Natural Resources Ltd.		1,240,634		63,107,733
Canadian Pacific Railway Ltd.		953,858		68,240,449
Canadian Tire Corp. Ltd., Class A, NVS		59,620		8,608,000
Canadian Utilities Ltd., Class A, NVS		88,321		2,565,940
Canadian Western Bank		99,925		3,036,701
Canfor Corp.(a)		115,384		2,621,477
Canopy Growth Corp.(a)(b)		198,274		1,594,116
Capital Power Corp.		106,491		3,307,450
Cascades Inc.		81,816		818,707
CCL Industries Inc., Class B, NVS		173,262		9,058,720
Celestica Inc.(a)		197,210		2,455,913
Cenovus Energy Inc.		1,383,598		20,125,656
Centerra Gold Inc.		317,224		2,560,452
CGI Inc.(a)		230,603		19,688,741
Choice Properties REIT		322,134		3,677,115
CI Financial Corp.		215,441		3,998,154
Cineplex Inc.(a)(b)		140,371		1,432,256
Cogeco Communications Inc.		29,171		2,394,448
Colliers International Group Inc.		37,907		5,530,011
Cominar REIT		124,242		1,142,579
Constellation Software Inc.		21,407		36,870,090

Security	Shares		Value
Canada (continued)
Converge Technology Solutions Corp.(a)		271,312	$	2,127,979
Corus Entertainment Inc., Class B, NVS		256,820		1,016,249
Crescent Point Energy Corp.		638,963		4,116,829
Cronos Group Inc.(a)		328,566		1,217,438
Denison Mines Corp.(a)(b)		1,014,850		1,229,492
Descartes Systems Group Inc. (The)(a)		95,882		6,975,705
Dollarama Inc.		313,618		16,182,358
DREAM Unlimited Corp., Class A(b)		74,205		2,336,802
Dye & Durham Ltd.		85,025		2,458,812
ECN Capital Corp.		432,639		1,817,482
Eldorado Gold Corp.(a)		161,013		1,409,806
Element Fleet Management Corp.		463,505		4,722,015
Emera Inc.		230,686		10,930,431
Empire Co. Ltd., Class A, NVS		186,600		5,757,347
Enbridge Inc.		2,048,554		86,606,059
Enerflex Ltd.		132,309		749,420
Energy Fuels Inc./Canada(a)		210,614		1,302,306
Enerplus Corp.		432,021		5,002,831
Enghouse Systems Ltd.		54,579		1,922,706
Equinox Gold Corp.(a)		344,678		1,976,716
Equitable Group Inc.		33,440		1,856,214
ERO Copper Corp.(a)(b)		90,964		1,132,801
Extendicare Inc.		244,599		1,396,994
Fairfax Financial Holdings Ltd.		24,048		11,612,054
Finning International Inc.		177,373		4,945,206
First Capital Real Estate Investment Trust		194,984		2,724,239
First Majestic Silver Corp.(b)		224,791		2,283,013
First Quantum Minerals Ltd.		623,463		15,356,666
FirstService Corp.		46,873		7,474,089
Fortis Inc.		442,779		21,032,133
Fortuna Silver Mines Inc.(a)		287,197		976,038
Franco-Nevada Corp.		201,203		26,602,831
Freehold Royalties Ltd.		124,878		1,291,858
George Weston Ltd.		81,749		8,914,799
GFL Environmental Inc.		193,577		6,359,419
Gibson Energy Inc.		154,509		2,973,127
Gildan Activewear Inc.		218,885		8,713,040
Granite REIT		46,199		3,506,494
Great-West Lifeco Inc.		302,188		9,440,181
H&R Real Estate Investment Trust		243,947		2,479,483
Home Capital Group Inc.(a)		80,743		2,287,978
Hudbay Minerals Inc.		393,708		2,827,797
Hut 8 Mining Corp.(a)		162,152		959,275
Hydro One Ltd.(c)		341,858		8,831,858
iA Financial Corp. Inc.		116,731		7,595,344
IAMGOLD Corp.(a)		579,681		1,413,689
IGM Financial Inc.		38,148		1,340,274
Imperial Oil Ltd.		286,264		11,712,694
Innergex Renewable Energy Inc.		144,185		2,115,447
Intact Financial Corp.		177,968		24,113,148
Interfor Corp.		113,619		3,385,822
InterRent REIT		154,506		1,937,478
Intertape Polymer Group Inc.		78,160		1,577,158
Ivanhoe Mines Ltd., Class A(a)		724,872		6,210,011
Jamieson Wellness Inc.(b)(c)		75,820		2,115,075
Keyera Corp.		274,561		6,460,386
Killam Apartment REIT		142,136		2,445,435
Kinaxis Inc.(a)		32,054		4,157,702
Kinross Gold Corp.		1,252,191		6,767,535
Kirkland Lake Gold Ltd.		291,460		10,978,331

S C H E D U L E   O F   I N V E S T M E N T S 91

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Labrador Iron Ore Royalty Corp.		76,411	$	2,353,373
Largo Inc.(a)		63,059		526,835
Laurentian Bank of Canada		31,429		1,093,828
LifeWorks Inc.		101,684		2,202,227
Lightspeed Commerce Inc.(a)		118,393		3,842,894
Linamar Corp.		55,187		3,058,588
Lithium Americas Corp.(a)(b)		108,598		2,844,060
Loblaw Companies Ltd.		158,171		12,202,989
Lundin Mining Corp.		690,889		5,755,823
MAG Silver Corp.(a)		108,135		1,468,285
Magna International Inc.		297,686		23,983,026
Manulife Financial Corp.		1,850,236		38,528,692
Maple Leaf Foods Inc.		101,332		2,464,843
Martinrea International Inc.		159,729		1,316,886
MEG Energy Corp.(a)(b)		385,942		4,596,752
Methanex Corp.		72,362		3,292,054
Metro Inc.		265,958		14,225,296
MTY Food Group Inc.		36,128		1,615,479
Mullen Group Ltd.		107,538		993,192
National Bank of Canada		364,058		29,126,931
New Gold Inc.(a)		637,201		1,007,571
NexGen Energy Ltd.(a)		426,126		1,753,246
NFI Group Inc.		82,390		1,237,973
North West Co. Inc. (The)		80,251		2,212,798
Northland Power Inc.		222,800		6,451,849
Novagold Resources Inc.(a)		301,847		1,989,913
Nutrien Ltd.		605,025		42,256,319
Nuvei Corp.(a)(c)		59,509		3,626,765
OceanaGold Corp.(a)		696,712		1,074,268
Onex Corp.		82,559		5,930,427
Open Text Corp.		288,549		13,810,582
Organigram Holdings Inc.(a)(b)		597,340		902,248
Osisko Gold Royalties Ltd.		224,013		2,474,250
Osisko Mining Inc.(a)		353,260		1,220,007
Pan American Silver Corp.		224,380		4,855,992
Paramount Resources Ltd., Class A		90,899		1,787,016
Parex Resources Inc.		164,885		3,507,446
Parkland Corp.		169,690		4,512,073
Pason Systems Inc.		153,584		1,523,576
Pembina Pipeline Corp.		572,389		18,173,795
Peyto Exploration & Development Corp.		193,640		1,517,252
Poseidon Concepts Corp.(a)(d)		293		—
Power Corp. of Canada		625,614		20,109,812
PrairieSky Royalty Ltd.		258,811		3,330,959
Premium Brands Holdings Corp.		37,464		3,536,114
Pretium Resources Inc.(a)		229,932		3,122,076
Primo Water Corp.		159,537		2,661,983
Prinmaris REIT, NVS		60,986		679,835
Quebecor Inc., Class B		127,994		3,026,786
Real Matters Inc.(a)(b)		117,805		544,934
Restaurant Brands International Inc.		266,560		14,909,661
Richelieu Hardware Ltd.		83,619		3,287,793
RioCan REIT		172,952		3,010,996
Ritchie Bros Auctioneers Inc.		123,447		7,524,426
Rogers Communications Inc., Class B, NVS		390,086		19,784,325
Royal Bank of Canada		1,446,470		164,919,087
Russel Metals Inc.		117,117		2,922,512
Sandstorm Gold Ltd.		252,513		1,515,694
Saputo Inc.		252,988		5,670,163
Seabridge Gold Inc.(a)(b)		131,593		2,110,830

Security	Shares		Value
Canada (continued)
Shaw Communications Inc., Class B, NVS		477,319	$	14,227,760
Shopify Inc., Class A(a)		117,960		113,858,335
Sierra Wireless Inc.(a)(b)		44,868		659,704
Silvercorp Metals Inc.		238,533		786,259
SilverCrest Metals Inc.(a)(b)		292,683		2,205,800
Sleep Country Canada Holdings Inc.(c)		58,254		1,642,926
SmartCentres Real Estate Investment Trust		113,458		2,743,735
SNC-Lavalin Group Inc.		178,608		3,938,467
Spin Master Corp.(a)(c)		39,872		1,370,732
SSR Mining Inc.		241,933		3,983,525
Stantec Inc.		126,723		6,722,206
Stella-Jones Inc.		56,630		1,775,326
Summit Industrial Income REIT		264,833		4,500,171
Sun Life Financial Inc.		599,809		33,969,437
Suncor Energy Inc.		1,498,084		42,804,084
Superior Plus Corp.		279,725		2,843,132
TC Energy Corp.		994,026		51,329,793
Teck Resources Ltd., Class B		489,652		15,123,107
TELUS Corp.		456,457		10,740,376
TFI International Inc.		93,356		8,985,648
Thomson Reuters Corp.		190,294		20,428,367
TMX Group Ltd.		62,531		6,361,077
Torex Gold Resources Inc.(a)		112,342		1,101,193
Toromont Industries Ltd.		96,649		8,157,551
Toronto-Dominion Bank (The)		1,870,809		149,838,386
Tourmaline Oil Corp.		328,927		11,727,154
TransAlta Corp.		329,941		3,579,347
TransAlta Renewables Inc.		167,561		2,289,686
Transcontinental Inc., Class A		152,570		2,532,531
Tricon Residential Inc.		275,700		4,040,665
Turquoise Hill Resources Ltd.(a)		138,751		2,429,766
Vermilion Energy Inc.(a)		227,377		3,538,148
Wesdome Gold Mines Ltd.(a)(b)		205,721		1,768,895
West Fraser Timber Co. Ltd.		100,378		9,291,174
Westshore Terminals Investment Corp.		107,689		2,286,533
Wheaton Precious Metals Corp.		465,645		18,773,792
Whitecap Resources Inc.		677,325		4,779,613
Winpak Ltd.		32,637		967,954
WSP Global Inc.		127,954		17,061,875
Yamana Gold Inc.		911,256		3,763,595
				2,398,377,364
Chile — 0.1%
Aguas Andinas SA, Class A		3,616,323		869,436
Banco de Chile		36,858,390		3,685,728
Banco de Credito e Inversiones SA		62,003		2,245,729
Banco Santander Chile		60,039,884		2,983,077
CAP SA		122,273		1,372,799
Cencosud SA		1,535,351		2,828,049
Cia. Cervecerias Unidas SA		209,989		1,740,329
Colbun SA		10,414,749		861,040
Empresa Nacional de Telecomunicaciones SA		230,860		956,625
Empresas CMPC SA		942,525		1,729,968
Empresas COPEC SA		389,269		3,266,899
Enel Americas SA		28,706,479		3,384,659
Enel Chile SA		34,275,760		1,342,821
Engie Energia Chile SA		867,584		704,419
Falabella SA		702,546		2,500,554
Inversiones Aguas Metropolitanas SA		893,364		514,251
Itau CorpBanca Chile SA(a)		277,140,235		628,439
Parque Arauco SA(a)		853,744		988,028

92 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile (continued)
Vina Concha y Toro SA		770,112	$	1,232,389
				33,835,239
China — 8.5%
Yankuang Energy Group Co. Ltd., Class H		1,848,000		3,915,262
360 DigiTech Inc.		112,373		2,223,862
3SBio Inc.(a)(c)		2,096,500		1,659,995
51job Inc., ADR(a)		54,633		2,753,503
AAC Technologies Holdings Inc.		599,000		1,818,789
AECC Aviation Power Co. Ltd., Class A		243,700		1,842,767
Agile Group Holdings Ltd.(b)		1,466,250		777,251
Agora Inc., ADR(a)		100,278		1,146,178
Agricultural Bank of China Ltd., Class A		6,118,800		2,852,272
Agricultural Bank of China Ltd., Class H		26,952,000		10,254,553
Aier Eye Hospital Group Co. Ltd., Class A		361,021		1,848,469
Air China Ltd., Class H(a)		1,988,000		1,498,732
AK Medical Holdings Ltd.(c)		1,234,000		868,311
Akeso Inc.(a)(c)		291,000		790,444
Alibaba Group Holding Ltd.(a)		15,679,472		245,753,171
Alibaba Health Information Technology Ltd.(a)(b)		4,374,000		3,296,898
Alibaba Pictures Group Ltd.(a)		19,990,000		2,263,734
A-Living Smart City Services Co. Ltd., Class A(c)		567,750		1,105,325
Aluminum Corp. of China Ltd., Class H(a)		4,782,000		2,516,606
Anhui Conch Cement Co. Ltd., Class A		488,787		3,019,386
Anhui Conch Cement Co. Ltd., Class H		1,091,500		5,773,518
Anhui Gujing Distillery Co. Ltd., Class A		46,300		1,530,977
ANTA Sports Products Ltd.		1,110,000		16,666,950
Anxin-China Holdings Ltd.(a)(d)		1,004,000		1
Asia Cement China Holdings Corp.		668,000		463,697
Autohome Inc., ADR		70,441		2,347,094
AviChina Industry & Technology Co. Ltd., Class H		3,133,000		1,768,113
Baidu Inc., ADR(a)		287,636		45,946,975
Bank of Beijing Co. Ltd., Class A		6,083,393		4,302,152
Bank of China Ltd., Class A		4,090,700		1,987,753
Bank of China Ltd., Class H		82,053,000		31,983,648
Bank of Communications Co. Ltd., Class A		4,371,563		3,264,628
Bank of Communications Co. Ltd., Class H		8,388,000		5,626,183
Bank of Ningbo Co. Ltd., Class A		834,371		5,159,188
Bank of Shanghai Co. Ltd., Class A		3,789,051		4,196,235
Baoshan Iron & Steel Co. Ltd., Class A		2,492,076		2,776,552
Baozun Inc., ADR(a)(b)		95,397		1,264,964
BeiGene Ltd., ADR(a)(b)		50,557		12,264,117
Beijing Capital International Airport Co. Ltd., Class H(a)		2,410,000		1,608,978
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H(a)(b)		502,500		763,013
Beijing Enterprises Holdings Ltd.		620,000		2,113,563
Beijing Enterprises Water Group Ltd.		7,510,000		2,929,198
Beijing Sinnet Technology Co. Ltd., Class A		745,900		1,572,887
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		7,005,800		5,583,332
BEST Inc., ADR(a)(b)		413,251		353,908
Bilibili Inc., ADR(a)(b)		175,296		6,186,196
BOC Aviation Ltd.(b)(c)		229,000		1,925,245
BOE Technology Group Co. Ltd., Class A		4,839,700		3,711,061
Bosideng International Holdings Ltd.		3,828,000		1,865,905
BYD Co. Ltd., Class A		140,700		5,246,338
BYD Co. Ltd., Class H		793,000		23,454,605
BYD Electronic International Co. Ltd.		629,500		1,903,909
CanSino Biologics Inc., Class H(a)(b)(c)		84,600		1,417,184
CGN New Energy Holdings Co. Ltd.(b)		2,524,000		1,913,210

Security	Shares		Value
China (continued)
CGN Power Co. Ltd., Class H(c)		10,087,000	$	2,787,030
Changchun High & New Technology Industry Group Inc., Class A		51,400		1,428,961
China Aoyuan Group Ltd.		1,687,000		338,338
China BlueChemical Ltd., Class H		4,830,000		1,322,238
China Bohai Bank Co. Ltd., Class H(c)		2,639,000		660,000
China Cinda Asset Management Co. Ltd., Class H		10,032,000		1,834,736
China CITIC Bank Corp. Ltd., Class H		7,301,000		3,483,264
China Communications Services Corp. Ltd., Class H		2,114,000		1,125,280
China Conch Venture Holdings Ltd.		1,640,500		7,798,410
China Construction Bank Corp., Class H		100,331,000		76,988,821
China East Education Holdings Ltd.(b)(c)		762,500		393,577
China Eastern Airlines Corp. Ltd., Class A(a)		4,243,693		3,849,513
China Education Group Holdings Ltd.		1,390,000		1,216,608
China Everbright Bank Co. Ltd., Class A		4,606,000		2,429,068
China Everbright Bank Co. Ltd., Class H		3,268,000		1,227,778
China Everbright Environment Group Ltd.		2,964,629		2,202,265
China Everbright Ltd.		1,072,000		1,214,703
China Evergrande Group(a)(b)		1,781,000		380,596
China Feihe Ltd.(c)		3,420,000		4,742,726
China Galaxy Securities Co. Ltd., Class H		3,579,500		2,122,554
China Gas Holdings Ltd.		3,228,000		5,484,312
China Hongqiao Group Ltd.		2,582,000		2,917,472
China Huishan Dairy Holdings Co. Ltd.(a)(d)		262,905		—
China International Capital Corp. Ltd., Class H(c)		1,390,800		3,788,564
China Jinmao Holdings Group Ltd.		4,120,000		1,496,672
China Lesso Group Holdings Ltd.		1,266,000		2,200,949
China Life Insurance Co. Ltd., Class A		306,300		1,336,141
China Life Insurance Co. Ltd., Class H		7,205,000		12,665,655
China Literature Ltd.(a)(b)(c)		349,800		2,118,516
China Longyuan Power Group Corp. Ltd., Class H		3,428,000		6,994,108
China Lumena New Materials Corp.(a)(b)(d)		3,800		—
China Medical System Holdings Ltd.		1,332,000		2,230,473
China Meidong Auto Holdings Ltd.		670,000		3,145,673
China Mengniu Dairy Co. Ltd.		3,340,000		19,741,480
China Merchants Bank Co. Ltd., Class A		1,524,631		11,853,177
China Merchants Bank Co. Ltd., Class H		3,984,677		33,304,412
China Merchants Port Holdings Co. Ltd.		1,150,000		2,125,393
China Merchants Securities Co. Ltd., Class A		1,025,772		2,712,855
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,506,182		3,215,838
China Metal Recycling Holdings Ltd.(a)(d)		3,000		—
China Minsheng Banking Corp. Ltd., Class A		3,727,899		2,278,902
China Minsheng Banking Corp. Ltd., Class H		4,409,000		1,757,256
China Molybdenum Co. Ltd., Class H		4,446,000		2,284,681
China National Building Material Co. Ltd., Class H		3,742,000		4,860,304
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		366,400		2,178,171
China Oilfield Services Ltd., Class H		2,112,000		2,077,068
China Oriental Group Co. Ltd.		1,786,000		525,477
China Overseas Grand Oceans Group Ltd.		2,132,000		1,273,825
China Overseas Land & Investment Ltd.		3,955,500		11,674,567
China Overseas Property Holdings Ltd.		2,010,000		2,334,292
China Pacific Insurance Group Co. Ltd., Class A		623,588		2,595,274
China Pacific Insurance Group Co. Ltd., Class H		2,465,400		7,505,163
China Petroleum & Chemical Corp., Class A		5,031,748		3,344,489
China Petroleum & Chemical Corp., Class H		24,932,200		13,054,246
China Power International Development Ltd.		6,741,000		3,336,209
China Railway Group Ltd., Class A		3,502,986		3,437,715

S C H E D U L E   O F   I N V E S T M E N T S 93

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Railway Group Ltd., Class H		3,186,000	$	1,966,663
China Renewable Energy Investment Ltd.(a)(d)		4,386		—
China Resources Beer Holdings Co. Ltd.		1,416,000		10,571,687
China Resources Cement Holdings Ltd.		1,860,000		1,602,814
China Resources Gas Group Ltd.		988,000		4,941,869
China Resources Land Ltd.		3,356,666		16,224,840
China Resources Medical Holdings Co. Ltd.		2,359,500		1,332,139
China Resources Mixc Lifestyle Services Ltd.(c)		556,400		3,270,349
China Resources Power Holdings Co. Ltd.		2,044,000		4,977,717
China SCE Group Holdings Ltd.		2,738,000		611,730
China Shenhua Energy Co. Ltd., Class H		3,504,500		8,619,834
China Shineway Pharmaceutical Group Ltd.		1,084,000		975,808
China Southern Airlines Co. Ltd., Class H(a)(b)		2,786,000		1,783,724
China State Construction Engineering Corp. Ltd., Class A		6,720,180		5,504,140
China State Construction International Holdings Ltd.		1,870,000		2,213,647
China Suntien Green Energy Corp. Ltd., Class H		3,000,000		1,828,079
China Taiping Insurance Holdings Co. Ltd.		1,358,768		1,922,327
China Tourism Group Duty Free Corp. Ltd., Class A		122,692		4,020,576
China Tower Corp. Ltd., Class H(c)		36,228,000		4,376,298
China Traditional Chinese Medicine Holdings Co. Ltd.		4,866,000		2,837,745
China Travel International Investment Hong Kong Ltd.(a)		4,846,000		999,542
China Vanke Co. Ltd., Class A		968,392		3,102,426
China Vanke Co. Ltd., Class H		1,428,700		3,693,543
China Water Affairs Group Ltd.(b)		1,792,000		2,095,509
China Yangtze Power Co. Ltd., Class A		1,599,038		5,514,677
China Yuhua Education Corp. Ltd.(c)		2,044,000		444,753
Chinasoft International Ltd.		2,586,000		2,587,736
Chongqing Zhifei Biological Products Co. Ltd., Class A		164,600		2,763,909
CIFI Ever Sunshine Services Group Ltd.		1,670,000		3,013,716
CIFI Holdings Group Co. Ltd.		2,574,600		1,680,727
CITIC Ltd.		5,180,000		5,817,684
CITIC Securities Co. Ltd., Class A		1,203,703		4,709,287
CITIC Securities Co. Ltd., Class H		2,139,500		5,729,193
COFCO Joycome Foods Ltd.		3,950,000		1,628,500
Contemporary Amperex Technology Co. Ltd., Class A		151,999		14,666,640
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		945,770		2,453,320
COSCO SHIPPING Holdings Co. Ltd., Class H(a)(b)		3,444,800		6,266,881
COSCO SHIPPING Ports Ltd.		2,922,000		2,327,674
Country Garden Holdings Co. Ltd.		7,329,866		6,020,429
Country Garden Services Holdings Co. Ltd.		1,791,000		10,579,810
CRRC Corp. Ltd., Class A		2,376,500		2,180,685
CSC Financial Co. Ltd., Class A		503,200		2,112,501
CSPC Pharmaceutical Group Ltd.		9,395,440		11,419,116
CStone Pharmaceuticals(a)(c)		1,619,500		1,255,384
Dali Foods Group Co. Ltd.(c)		2,675,500		1,546,368
Daqo New Energy Corp., ADR(a)		58,437		2,344,492
DiDi Global Inc.(a)(b)		327,257		1,181,398
Digital China Holdings Ltd.		1,602,000		908,288
Dongfeng Motor Group Co. Ltd., Class H		2,284,000		2,014,134
Dongyue Group Ltd.		1,647,000		2,015,785
DouYu International Holdings Ltd., ADR(a)		281,610		591,381
East Money Information Co. Ltd., Class A		814,784		4,068,919
ENN Energy Holdings Ltd.		816,900		13,005,265
Eve Energy Co. Ltd., Class A		151,143		2,275,007
Fanhua Inc., ADR		70,036		485,349

Security	Shares		Value
China (continued)
Far East Horizon Ltd.		2,176,000	$	1,861,463
FIH Mobile Ltd.(a)		9,070,000		1,391,935
Flat Glass Group Co. Ltd., Class H(b)		537,000		2,155,861
Focus Media Information Technology Co. Ltd., Class A		2,070,900		2,501,360
Foshan Haitian Flavouring & Food Co. Ltd., Class A		237,175		3,629,736
Fosun International Ltd.		2,604,000		2,954,615
Foxconn Industrial Internet Co. Ltd., Class A		2,019,600		3,545,350
Fu Shou Yuan International Group Ltd.		2,112,000		1,657,520
Fuyao Glass Industry Group Co. Ltd., Class H(c)		728,000		3,942,270
Ganfeng Lithium Co. Ltd., Class A		126,200		2,714,516
Ganfeng Lithium Co. Ltd., Class H(c)		267,600		4,252,252
GDS Holdings Ltd., ADR(a)		100,825		4,424,201
Geely Automobile Holdings Ltd.		6,112,000		13,230,994
Genertec Universal Medical Group Co. Ltd.(c)		2,554,500		1,850,740
Genscript Biotech Corp.(a)		1,278,000		4,070,962
GF Securities Co. Ltd., Class H		1,386,200		2,402,742
Gigadevice Semiconductor Beijing Inc., Class A		97,280		2,166,690
Glory Sun Financial Group Ltd.(a)		25,160,000		596,969
GoerTek Inc., Class A		416,900		3,140,961
GOME Retail Holdings Ltd.(a)(b)		14,820,000		1,015,121
Great Wall Motor Co. Ltd., Class H		3,503,500		9,505,302
Greentown China Holdings Ltd.		1,272,500		2,100,970
Greentown Service Group Co. Ltd.		1,724,000		1,892,695
Guangdong Haid Group Co. Ltd., Class A		243,000		2,767,236
Guangdong Investment Ltd.		2,520,000		3,599,653
Guangzhou Automobile Group Co. Ltd., Class H		2,589,600		2,543,722
Guangzhou R&F Properties Co. Ltd., Class H(b)		1,394,400		620,656
Guotai Junan Securities Co. Ltd., Class A		1,676,294		4,675,703
Haidilao International Holding Ltd.(b)(c)		986,000		2,137,035
Haier Smart Home Co. Ltd., Class A		586,700		2,584,916
Haier Smart Home Co. Ltd., Class H		2,495,000		10,002,555
Haitian International Holdings Ltd.		635,000		1,652,057
Haitong Securities Co. Ltd., Class A		1,200,229		2,175,402
Haitong Securities Co. Ltd., Class H		2,817,200		2,535,237
Hangzhou Tigermed Consulting Co. Ltd., Class A		64,400		1,059,247
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		94,400		988,919
Hansoh Pharmaceutical Group Co. Ltd.(c)		1,116,000		2,300,535
Harbin Electric Co. Ltd., Class H		1,426,000		473,109
Henan Shuanghui Investment & Development Co. Ltd., Class A		477,551		2,246,628
Hengan International Group Co. Ltd.		481,000		2,351,277
Hengli Petrochemical Co. Ltd., Class A		691,300		2,616,166
HengTen Networks Group Ltd.(a)(b)		4,971,600		1,534,754
Hithink RoyalFlush Information Network Co. Ltd., Class A		98,000		1,958,343
Hope Education Group Co. Ltd.(c)		7,150,000		921,978
Hopson Development Holdings Ltd.		779,730		1,624,695
Hua Hong Semiconductor Ltd.(a)(c)		511,000		2,487,540
Hualan Biological Engineering Inc., Class A		302,700		1,209,044
Huaneng Power International Inc., Class H		5,572,000		2,933,126
Huatai Securities Co. Ltd., Class A		847,500		2,293,416
Huatai Securities Co. Ltd., Class H(c)		1,597,600		2,839,915
Huaxia Bank Co. Ltd., Class A		4,533,931		4,023,447
Huazhu Group Ltd., ADR(a)		194,028		7,667,987
Hundsun Technologies Inc., Class A		329,422		3,048,377
HUYA Inc., ADR(a)		140,870		932,559
Hygeia Healthcare Holdings Co. Ltd.(c)		375,400		1,701,921
Iflytek Co. Ltd., Class A		402,600		2,784,252
I-Mab, ADR(a)		48,049		1,213,237

94 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Industrial & Commercial Bank of China Ltd., Class A		4,978,741	$	3,654,843
Industrial & Commercial Bank of China Ltd., Class H		58,244,000		35,286,845
Industrial Bank Co. Ltd., Class A		1,442,398		4,772,016
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		545,900		3,289,966
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,979,584		2,760,817
Innovent Biologics Inc.(a)(c)		1,193,000		5,052,123
Inspur Electronic Information Industry Co. Ltd., Class A		655,700		3,516,324
iQIYI Inc., ADR(a)(b)		300,685		1,226,795
JA Solar Technology Co. Ltd., Class A		183,100		2,604,329
Jafron Biomedical Co. Ltd., Class A		173,600		1,290,441
JD Health International Inc.(a)(c)		309,050		2,496,248
JD.com Inc., Class A(a)		2,131,423		80,783,892
Jiangsu Expressway Co. Ltd., Class H		1,162,000		1,214,121
Jiangsu Hengli Hydraulic Co. Ltd., Class A		191,996		2,338,019
Jiangsu Hengrui Medicine Co. Ltd., Class A		485,259		3,129,839
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		96,600		2,396,949
Jiangxi Copper Co. Ltd., Class H		1,142,000		1,872,605
Jiayuan International Group Ltd.(b)		3,538,000		1,229,354
JinkoSolar Holding Co. Ltd., ADR(a)(b)		41,541		1,833,204
Jinxin Fertility Group Ltd.(a)(c)		2,328,500		2,332,434
Jiumaojiu International Holdings Ltd.(b)(c)		869,000		1,876,681
JOYY Inc., ADR		59,247		2,995,528
Kaisa Group Holdings Ltd.(b)		4,040,000		456,819
Kanzhun Ltd.(a)		61,597		1,865,773
KE Holdings Inc., ADR(a)		387,627		8,446,392
Kingboard Holdings Ltd.		626,000		3,022,155
Kingboard Laminates Holdings Ltd.		1,899,500		3,257,746
Kingdee International Software Group Co. Ltd.(a)		2,694,000		6,172,874
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		83,065		701,899
Kingsoft Corp. Ltd.		1,005,200		4,517,236
Kuaishou Technology(a)(c)		480,800		5,495,906
Kunlun Energy Co. Ltd.		3,576,000		3,708,480
Kweichow Moutai Co. Ltd., Class A		76,930		22,975,703
KWG Group Holdings Ltd.		1,594,500		871,849
KWG Living Group Holdings Ltd.		3,240,250		1,425,427
Lee & Man Paper Manufacturing Ltd.		1,583,000		1,084,135
Legend Biotech Corp., ADR(a)(b)		52,159		2,224,060
Lenovo Group Ltd.(b)		7,066,000		7,657,479
Lepu Medical Technology Beijing Co. Ltd., Class A		557,100		1,820,113
LexinFintech Holdings Ltd., ADR(a)(b)		174,524		624,796
Li Auto Inc., ADR(a)		591,731		15,438,262
Li Ning Co. Ltd.		2,351,500		22,945,935
Lifetech Scientific Corp.(a)		5,696,000		2,363,416
Lingyi iTech Guangdong Co., Class A(a)		1,586,800		1,540,405
Logan Group Co. Ltd.		1,125,000		699,784
Longfor Group Holdings Ltd.(c)		1,743,500		10,458,952
LONGi Green Energy Technology Co. Ltd., Class A		376,100		4,211,933
Lonking Holdings Ltd.		3,030,000		883,870
Luxshare Precision Industry Co. Ltd., Class A		519,531		3,892,322
Luye Pharma Group Ltd.(a)(c)		2,506,500		1,094,820
Luzhou Laojiao Co. Ltd., Class A		97,900		3,363,047
Mango Excellent Media Co. Ltd., Class A		241,897		1,349,167
Maoyan Entertainment(a)(b)(c)		1,507,000		1,943,807
Meitu Inc.(a)(c)		4,402,500		872,868
Meituan, Class B(a)(c)		4,253,300		126,894,411

Security	Shares		Value
China (continued)
Microport Scientific Corp.(b)		676,000	$	1,948,415
Ming Yuan Cloud Group Holdings Ltd.		1,126,000		2,321,701
Minth Group Ltd.		676,000		3,126,138
MMG Ltd.(a)		4,678,000		1,518,876
Muyuan Foods Co. Ltd., Class A		371,010		3,226,573
NARI Technology Co. Ltd., Class A		572,049		3,197,105
NAURA Technology Group Co. Ltd., Class A		59,300		2,695,674
NetDragon Websoft Holdings Ltd.		629,000		1,587,661
NetEase Inc.		2,106,925		43,991,509
New China Life Insurance Co. Ltd., Class A		206,600		1,225,638
New China Life Insurance Co. Ltd., Class H		696,200		1,985,724
New Hope Liuhe Co. Ltd., Class A(a)		837,300		2,130,483
New Oriental Education & Technology Group Inc., ADR(a)		1,385,311		1,980,995
Nexteer Automotive Group Ltd.(b)		1,630,000		1,794,187
Nine Dragons Paper Holdings Ltd.		1,263,000		1,261,574
NIO Inc., ADR(a)(b)		1,423,380		34,887,044
Noah Holdings Ltd., ADR(a)(b)		53,086		1,666,370
Nongfu Spring Co. Ltd., Class H(c)		1,783,400		10,797,774
OneConnect Financial Technology Co. Ltd., ADR(a)		235,169		470,338
People’s Insurance Co. Group of China Ltd. (The), Class H		5,897,000		1,866,105
PetroChina Co. Ltd., Class A		1,430,600		1,137,018
PetroChina Co. Ltd., Class H		19,886,000		9,861,304
Pharmaron Beijing Co. Ltd., Class H(c)		197,800		2,516,392
PICC Property & Casualty Co. Ltd., Class H		6,762,520		6,300,994
Pinduoduo Inc., ADR(a)		453,531		27,139,295
Ping An Bank Co. Ltd., Class A		1,552,000		3,889,956
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		517,400		1,650,886
Ping An Insurance Group Co. of China Ltd., Class A		939,263		7,420,840
Ping An Insurance Group Co. of China Ltd., Class H		6,411,000		50,876,540
Poly Developments and Holdings Group Co. Ltd., Class A		1,458,736		3,594,384
Poly Property Group Co. Ltd.		3,035,000		798,027
Postal Savings Bank of China Co. Ltd., Class H(c)		9,617,000		8,012,402
Pou Sheng International Holdings Ltd.(a)		2,906,000		466,689
Q Technology Group Co. Ltd.		1,219,000		1,325,503
Qudian Inc., ADR(a)(b)		384,402		353,227
Redco Properties Group Ltd.(b)(c)		1,940,000		666,816
RLX Technology Inc., ADR(a)(b)		509,416		1,706,544
Rongsheng Petrochemical Co. Ltd., Class A		986,800		2,824,763
Ronshine China Holdings Ltd.(b)		761,000		314,787
SAIC Motor Corp. Ltd., Class A		976,352		2,900,462
Sangfor Technologies Inc., Class A		79,300		1,942,864
Sany Heavy Equipment International Holdings Co. Ltd.		2,174,000		2,279,774
Sany Heavy Industry Co. Ltd., Class A		755,700		2,410,858
Seazen Group Ltd.		2,498,000		1,689,904
Seazen Holdings Co. Ltd., Class A		352,900		1,845,257
SF Holding Co. Ltd., Class A		307,500		3,084,886
Shandong Gold Mining Co. Ltd., Class A		871,228		2,587,064
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,418,800		2,980,909
Shanghai Baosight Software Co. Ltd., Class A		284,180		2,428,587
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		639,500		2,564,342
Shanghai Industrial Holdings Ltd.		668,000		985,470
Shanghai Industrial Urban Development Group Ltd.		4,902,600		473,668
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		1,588,975		1,461,534

S C H E D U L E   O F   I N V E S T M E N T S 95

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,230,600	$	2,402,709
Shanghai Pudong Development Bank Co. Ltd., Class A		2,259,699		2,997,084
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		86,640		3,772,190
Shengyi Technology Co. Ltd., Class A		480,200		1,493,290
Shennan Circuits Co. Ltd., Class A		112,300		2,106,547
Shenwan Hongyuan Group Co. Ltd., Class A		5,476,233		4,041,509
Shenzhen Goodix Technology Co. Ltd., Class A		113,533		1,591,063
Shenzhen Inovance Technology Co. Ltd., Class A		317,350		3,035,535
Shenzhen International Holdings Ltd.		1,131,000		1,147,655
Shenzhen Investment Ltd.		10,226,000		2,401,910
Shenzhen Kangtai Biological Products Co. Ltd., Class A		90,900		1,154,857
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		82,100		4,165,528
Shenzhou International Group Holdings Ltd.		843,700		15,654,805
Shimao Group Holdings Ltd.(b)		1,041,500		767,580
Shougang Fushan Resources Group Ltd.		10,732,000		3,292,984
Shui On Land Ltd.		11,846,500		1,674,749
Sihuan Pharmaceutical Holdings Group Ltd.		8,425,000		1,579,453
Silergy Corp.		81,000		10,948,320
Sinofert Holdings Ltd.		7,390,000		990,300
Sino-Ocean Group Holding Ltd.		3,451,000		847,551
Sinopec Engineering Group Co. Ltd., Class H		2,518,000		1,228,329
Sinopec Kantons Holdings Ltd.		2,400,000		917,069
Sinopharm Group Co. Ltd., Class H		1,036,000		2,317,319
Sinotruk Hong Kong Ltd.		789,000		1,173,605
Skyfame Realty Holdings Ltd.		16,750,000		1,804,529
Skyworth Group Ltd.(a)		2,820,000		1,666,064
Smoore International Holdings Ltd.(c)		1,865,000		8,024,763
SOHO China Ltd.(a)		3,403,000		741,960
SooChow Securities Co. Ltd., Class A		2,017,264		2,492,699
SSY Group Ltd.		2,424,000		1,077,535
Sun Art Retail Group Ltd.(b)		3,232,000		1,180,263
Sunac China Holdings Ltd.		3,091,000		3,809,105
Sunac Services Holdings Ltd.(a)(c)		1,560,000		1,774,732
Sungrow Power Supply Co. Ltd., Class A		99,200		1,799,187
Suning.com Co. Ltd., Class A(a)		2,456,860		1,507,666
Sunny Optical Technology Group Co. Ltd.		728,800		18,815,837
TAL Education Group, ADR(a)(b)		356,285		1,018,975
TCL Technology Group Corp., Class A		2,352,200		2,094,269
Tencent Holdings Ltd.		5,950,000		372,840,534
Tencent Music Entertainment Group, ADR(a)		568,101		3,510,864
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		415,100		2,828,131
Tianli Education International Holdings Ltd.(a)(d)		4,430,000		980,690
Tianneng Power International Ltd.(b)		1,432,000		1,477,114
Tingyi Cayman Islands Holding Corp.		1,622,000		3,360,436
Tong Ren Tang Technologies Co. Ltd., Class H		1,590,000		1,491,729
Tongcheng Travel Holdings Ltd.(a)		1,237,200		2,545,868
Tongdao Liepin Group(a)		446,000		1,081,101
Tongwei Co. Ltd., Class A		335,000		1,998,256
Topsports International Holdings Ltd.(c)		1,378,000		1,245,104
Towngas Smart Energy Co. Ltd.		2,091,000		1,541,485
TravelSky Technology Ltd., Class H		1,215,000		2,271,975
Trip.com Group Ltd., ADR(a)		531,049		14,131,214
Tsingtao Brewery Co. Ltd., Class H		532,000		4,787,977
Uni-President China Holdings Ltd.		1,716,000		1,621,842
Unisplendour Corp. Ltd., Class A		547,340		1,811,453

Security	Shares		Value
China (continued)
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		560,000	$	2,168,657
Vinda International Holdings Ltd.		505,000		1,359,013
Vipshop Holdings Ltd., ADR(a)		461,896		4,300,252
Vnet Group Inc., ADR(a)(b)		121,075		1,201,064
Walvax Biotechnology Co. Ltd., Class A		206,700		1,592,985
Wanhua Chemical Group Co. Ltd., Class A		241,187		3,478,477
Want Want China Holdings Ltd.(b)		4,961,000		4,867,319
Weibo Corp., ADR(a)(b)		64,350		2,229,728
Weichai Power Co. Ltd., Class H		2,109,000		3,827,056
Weimob Inc.(a)(b)(c)		2,101,000		1,587,108
Wens Foodstuffs Group Co. Ltd., Class A(a)		1,418,657		4,513,309
West China Cement Ltd.		4,158,000		700,344
Wharf Holdings Ltd. (The)		1,236,000		4,224,106
Will Semiconductor Co. Ltd. Shanghai, Class A		76,600		3,108,899
Wingtech Technology Co. Ltd., Class A		201,600		3,434,241
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		450,800		1,783,995
Wuliangye Yibin Co. Ltd., Class A		247,774		7,792,400
WuXi AppTec Co. Ltd., Class A		224,761		3,734,634
WuXi AppTec Co. Ltd., Class H(c)		313,450		4,495,895
Wuxi Biologics Cayman Inc., New(a)(c)		3,759,500		37,680,582
XD Inc.(a)(b)		387,000		1,462,837
Xiaomi Corp., Class B(a)(c)		14,969,200		31,755,189
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,078,100		2,560,835
Xinyi Solar Holdings Ltd.		4,895,600		7,853,841
XPeng Inc., ADR(a)(b)		408,771		14,343,774
Xtep International Holdings Ltd.		1,909,000		3,428,521
Yadea Group Holdings Ltd.(c)		1,728,000		2,460,655
Yihai International Holding Ltd.(b)		471,000		2,010,688
Yonghui Superstores Co. Ltd., Class A		2,941,000		1,799,785
Yonyou Network Technology Co. Ltd., Class A		465,800		2,585,592
Yuexiu REIT(b)		2,904,000		1,217,907
Yuexiu Transport Infrastructure Ltd.		1,722,000		1,042,425
Yum China Holdings Inc.		444,099		21,392,249
Yunnan Baiyao Group Co. Ltd., Class A		171,923		2,446,798
Yunnan Energy New Material Co. Ltd., Class A		66,800		2,683,902
Yuzhou Group Holdings Co. Ltd.		2,558,394		206,643
Zai Lab Ltd., ADR(a)		84,705		4,207,297
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		45,100		2,554,123
Zhaojin Mining Industry Co. Ltd., Class H		1,687,500		1,353,876
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		2,231,058		2,383,745
Zhejiang Expressway Co. Ltd., Class H		2,464,000		2,110,993
Zhejiang Huayou Cobalt Co. Ltd., Class A		131,800		2,070,784
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		721,876		2,187,062
Zhenro Properties Group Ltd.		2,029,000		962,839
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		497,800		1,714,317
Zhongsheng Group Holdings Ltd.		555,000		4,263,575
Zhuzhou CRRC Times Electric Co. Ltd.		554,400		2,928,169
Zijin Mining Group Co. Ltd., Class A		1,744,900		2,752,751
Zijin Mining Group Co. Ltd., Class H		5,486,000		7,121,980
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		2,335,000		1,529,329
ZTE Corp., Class A		232,900		1,114,807
ZTE Corp., Class H		616,240		1,665,228

96 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
ZTO Express Cayman Inc., ADR		464,155	$	13,943,216
				2,695,702,601
Colombia — 0.0%
Bancolombia SA		245,157		2,452,945
Cementos Argos SA		242,160		397,488
Corp. Financiera Colombiana SA(a)		185,413		1,398,188
Ecopetrol SA		5,059,120		3,722,782
Grupo Argos SA		364,541		1,490,378
Grupo de Inversiones Suramericana SA		277,760		1,917,268
Interconexion Electrica SA ESP		512,841		3,065,782
				14,444,831
Czech Republic — 0.0%
CEZ AS		216,835		8,045,316
Komercni Banka AS		77,106		3,419,135
				11,464,451
Denmark — 1.5%
ALK-Abello A/S(a)		6,808		2,874,813
Alm Brand A/S(b)		1,027,580		1,948,181
Ambu A/S, Class B(b)		181,623		3,848,402
AP Moller - Maersk A/S, Class A		2,642		8,851,371
AP Moller - Maersk A/S, Class B, NVS		6,065		21,786,348
Bavarian Nordic A/S(a)(b)		63,647		1,873,343
Carlsberg A/S, Class B		101,933		16,506,072
Chemometec A/S		21,527		2,231,911
Chr Hansen Holding A/S		102,747		8,239,840
Coloplast A/S, Class B		116,899		16,999,717
D/S Norden A/S		37,121		844,936
Danske Bank A/S		582,924		11,315,274
Demant A/S(a)		112,434		4,974,455
Dfds A/S(a)		48,228		2,354,314
Drilling Co. of 1972 A/S (The)(a)		27,124		1,058,006
DSV A/S		217,055		44,101,376
FLSmidth & Co. A/S		48,990		1,651,459
Genmab A/S(a)		69,821		23,776,110
GN Store Nord A/S		130,534		7,899,130
H Lundbeck A/S		56,227		1,430,637
ISS A/S(a)		151,994		2,863,605
Jyske Bank A/S, Registered(a)		43,191		2,544,047
Matas A/S		89,453		1,495,667
Netcompany Group A/S(c)		36,508		2,682,033
Nilfisk Holding A/S(a)		39,657		1,395,150
NKT A/S(a)(b)		47,867		2,015,180
Novo Nordisk A/S, Class B		1,762,715		175,334,171
Novozymes A/S, Class B		213,706		14,670,364
Orsted A/S(c)		198,120		21,108,694
Pandora A/S		108,238		11,769,771
Per Aarsleff Holding A/S		26,047		1,173,634
Ringkjoebing Landbobank A/S		30,953		4,074,639
Rockwool International A/S, Class B		8,504		3,257,117
Royal Unibrew A/S		56,662		6,514,167
Scandinavian Tobacco Group A/S, Class A(c)		88,082		1,898,798
Schouw & Co. A/S		21,080		1,782,778
SimCorp A/S		47,919		4,467,974
Spar Nord Bank A/S		87,829		1,263,017
Sydbank A/S		98,556		3,478,782
Topdanmark A/S		39,282		2,246,667
Tryg A/S		366,305		8,679,893
Vestas Wind Systems A/S		1,062,619		28,754,887

Security	Shares		Value
Denmark (continued)
Zealand Pharma A/S(a)(b)		57,547	$	1,121,100
				489,157,830
Egypt — 0.0%
Commercial International Bank Egypt SAE(a)		1,472,349		4,825,997
Eastern Co. SAE		953,810		630,814
Egyptian Financial Group-Hermes Holding Co.(a)		1,406,391		1,319,762
EISewedy Electric Co.		1,227,238		723,664
Heliopolis Housing		832,293		334,822
				7,835,059
Finland — 0.9%
Cargotec OYJ, Class B		49,166		2,454,713
Caverion OYJ		99,859		690,754
Citycon OYJ		121,128		969,491
Elisa OYJ		147,055		8,638,277
Finnair OYJ(a)(b)		756,418		559,731
Fortum OYJ		496,766		13,521,837
Huhtamaki OYJ		108,180		4,264,856
Kemira OYJ		172,672		2,538,123
Kesko OYJ, Class B		317,651		10,032,429
Kojamo OYJ		255,598		5,859,813
Kone OYJ, Class B		342,825		22,202,772
Konecranes OYJ		67,125		2,700,075
Metsa Board OYJ, Class B		257,208		2,772,850
Metso Outotec OYJ		585,723		6,281,649
Neles OYJ		130,694		1,836,865
Neste OYJ		431,378		19,454,940
Nokia OYJ(a)		5,605,407		33,428,539
Nokian Renkaat OYJ		140,477		4,749,521
Nordea Bank Abp		3,309,739		39,312,027
Orion OYJ, Class B		117,505		4,778,072
Outokumpu OYJ(a)		388,308		2,515,811
QT Group OYJ(a)		21,297		2,472,270
Revenio Group OYJ		40,024		2,089,603
Sampo OYJ, Class A		518,750		25,747,026
Sanoma OYJ		93,077		1,405,835
Stora Enso OYJ, Class R		579,617		11,799,290
TietoEVRY OYJ		86,713		2,580,278
Tokmanni Group Corp.		83,267		1,742,301
UPM-Kymmene OYJ		541,411		19,732,531
Uponor OYJ		115,338		2,559,241
Valmet OYJ		145,561		5,559,604
Wartsila OYJ Abp		476,648		5,884,890
YIT OYJ		271,298		1,347,732
				272,483,746
France — 6.6%
ABC arbitrage		70,903		565,558
Accor SA(a)		174,130		6,399,511
Aeroports de Paris(a)		30,720		4,168,728
Air France-KLM(a)(b)		388,198		1,756,697
Air Liquide SA		483,256		82,665,403
Airbus SE(a)		611,425		78,074,827
AKWEL		27,195		672,149
Albioma SA		38,465		1,502,798
ALD SA(c)		138,821		2,080,295
Alstom SA		300,231		9,733,406
Alten SA		33,247		5,422,791
Amundi SA(c)		59,683		4,639,536
Aperam SA		55,574		3,131,570
ArcelorMittal SA		694,586		20,632,002

S C H E D U L E   O F   I N V E S T M E N T S 97

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Arkema SA		68,165	$	10,079,429
Atos SE		57,990		2,078,765
AXA SA		1,959,615		62,062,957
Beneteau SA(a)		48,962		816,366
BioMerieux		43,025		5,045,235
BNP Paribas SA		1,150,898		82,161,899
Boiron SA		20,679		940,193
Bollore SA		965,444		5,203,942
Bonduelle SCA		34,715		816,574
Bouygues SA		200,121		7,057,679
Bureau Veritas SA		306,143		8,759,466
Capgemini SE		173,621		39,032,841
Carrefour SA		624,175		11,879,043
Casino Guichard Perrachon SA(a)		45,093		997,411
CGG SA(a)		2,137,739		1,779,503
Chargeurs SA		21,610		544,307
Cie. de Saint-Gobain		544,980		36,877,415
Cie. Generale des Etablissements Michelin SCA		180,553		30,210,815
Cie. Plastic Omnium SA		96,402		2,242,242
CNP Assurances		177,044		4,357,968
Coface SA(a)		168,457		2,228,676
Covivio		53,081		4,432,693
Credit Agricole SA		1,174,577		17,670,859
Danone SA		651,366		40,613,364
Dassault Aviation SA		18,068		2,147,245
Dassault Systemes SE		719,138		34,776,343
Derichebourg SA(a)		168,042		2,113,262
Edenred		258,787		11,115,511
Eiffage SA		74,674		7,846,235
Electricite de France SA		447,806		4,307,091
Elior Group SA(a)(c)		196,463		1,185,089
Elis SA(a)		205,670		3,757,111
Engie SA		1,830,121		28,150,559
Eramet SA(a)		15,724		1,629,783
EssilorLuxottica SA		303,547		57,426,667
Eurazeo SE		43,881		3,486,711
Eurofins Scientific SE		142,488		14,306,202
Europcar Mobility Group(a)(c)		3,810,934		2,164,673
Eutelsat Communications SA		113,745		1,410,415
Faurecia SE		120,590		5,345,520
Fnac Darty SA		25,328		1,503,273
Gaztransport Et Technigaz SA		28,313		2,597,486
Gecina SA		44,782		6,076,569
Getlink SE		452,029		7,130,695
Guerbet		9,353		349,904
Hermes International		33,322		50,030,283
ICADE		29,618		2,138,611
ID Logistics Group(a)		3,703		1,344,534
Imerys SA		40,299		1,851,957
Interparfums SA		20,138		1,530,137
Ipsen SA		39,854		3,877,825
IPSOS		54,730		2,500,785
JCDecaux SA(a)		81,112		2,220,369
Kaufman & Broad SA		20,242		803,456
Kering SA		78,099		58,321,584
Klepierre SA		223,128		5,934,815
Korian SA		71,855		1,575,279
La Francaise des Jeux SAEM(c)		97,886		4,052,834
Lagardere SA(a)		63,682		1,733,656
Legrand SA		277,214		28,212,909

Security	Shares		Value
France (continued)
LISI(b)		16,341	$	513,115
LNA Sante SA		10,831		501,192
L’Oreal SA		261,809		111,830,830
LVMH Moet Hennessy Louis Vuitton SE		287,057		235,782,078
Maisons du Monde SA(c)		75,350		1,720,423
McPhy Energy SA(a)(b)		54,170		1,013,846
Mercialys SA		113,629		1,259,634
Mersen SA		33,597		1,401,202
Metropole Television SA		37,901		739,425
Neoen SA(a)(b)(c)		41,276		1,467,791
Nexans SA		35,557		3,213,082
Nexity SA		53,188		2,227,074
Orange SA		1,752,140		20,583,182
Orpea SA		52,099		2,287,365
Pernod Ricard SA		223,374		47,779,551
Publicis Groupe SA		236,883		16,051,399
Quadient SA		57,123		1,167,333
Remy Cointreau SA		20,996		4,378,365
Renault SA(a)		170,814		6,788,561
Rexel SA(a)		269,214		6,000,675
Rubis SCA		90,573		2,932,101
Safran SA		351,675		42,577,016
Sanofi		1,165,387		121,855,206
Sartorius Stedim Biotech		28,978		12,707,175
Schneider Electric SE		560,584		94,960,302
SCOR SE		151,696		5,174,742
SEB SA		26,150		3,968,785
SES SA, Class A		406,454		3,127,269
Societe BIC SA		34,647		1,972,765
Societe Generale SA		852,779		31,655,439
Sodexo SA		82,175		7,642,574
SOITEC(a)		23,906		4,364,471
Solutions 30 SE(a)(b)		174,548		1,377,251
Sopra Steria Group SACA		17,769		3,124,020
SPIE SA		131,033		3,039,250
Teleperformance		64,268		24,202,635
Television Francaise 1		110,482		1,056,046
Thales SA		97,487		8,992,925
TotalEnergies SE		2,585,687		147,041,353
Trigano SA		12,260		2,322,814
Ubisoft Entertainment SA(a)		91,791		5,267,379
Unibail-Rodamco-Westfield(a)(b)		122,460		9,331,111
Valeo		227,714		6,373,397
Valneva SE(a)(b)		95,518		1,651,070
Veolia Environnement SA		706,021		25,504,848
Vicat SA		25,399		1,052,542
Vinci SA		533,996		58,529,449
Virbac SA		5,563		2,237,958
Vivendi SE		726,406		9,519,817
Wendel SE		26,769		2,907,550
Worldline SA/France(a)(c)		259,193		12,563,131
				2,090,028,805
Germany — 5.0%
Aareal Bank AG		87,055		2,804,259
adidas AG		192,615		52,856,867
ADLER Group SA(c)		87,173		1,031,022
ADVA Optical Networking SE(a)		57,811		969,256
AIXTRON SE		136,699		2,842,374
Allianz SE, Registered		412,602		105,936,602
alstria office REIT-AG		161,304		3,526,483

98 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Amadeus Fire AG		7,690	$	1,433,431
Aroundtown SA		1,102,032		6,806,737
AURELIUS Equity Opportunities SE & Co. KGaA		66,990		2,138,045
Aurubis AG		32,720		3,410,837
BASF SE		901,181		69,020,451
Bayer AG, Registered		997,459		60,599,480
Bayerische Motoren Werke AG		333,957		35,346,977
BayWa AG		24,354		1,023,283
Bechtle AG		95,437		5,730,266
Beiersdorf AG		98,733		9,820,331
Bertrandt AG		11,175		653,997
Bilfinger SE		76,791		2,673,974
Borussia Dortmund GmbH & Co. KGaA(a)		108,747		527,244
Brenntag SE		178,773		15,316,602
CANCOM SE		41,059		2,492,160
Carl Zeiss Meditec AG, Bearer		44,873		7,216,487
Ceconomy AG(a)		302,316		1,345,358
Commerzbank AG(a)		1,086,823		9,385,045
CompuGroup Medical SE & Co. KgaA		25,776		1,708,497
Continental AG(a)		113,129		10,967,869
Corestate Capital Holding SA(a)(b)		49,715		662,082
Covestro AG(c)		201,596		12,094,345
CTS Eventim AG & Co. KGaA(a)		66,238		4,708,680
Daimler AG, Registered		887,307		70,801,532
Daimler Truck Holding AG(a)		443,351		15,629,839
Delivery Hero SE(a)(c)		171,633		13,248,344
Deutsche Bank AG, Registered(a)		2,097,721		29,207,665
Deutsche Beteiligungs AG		14,393		597,292
Deutsche Boerse AG		193,941		34,473,477
Deutsche EuroShop AG		79,433		1,489,399
Deutsche Lufthansa AG, Registered(a)		529,357		4,116,183
Deutsche Pfandbriefbank AG(c)		327,859		4,045,757
Deutsche Post AG, Registered		1,031,780		62,093,126
Deutsche Telekom AG, Registered		3,430,768		64,769,384
Deutz AG(a)		205,081		1,405,138
Duerr AG		60,580		2,680,988
E.ON SE		2,392,800		33,002,621
Eckert & Ziegler Strahlen- und Medizintechnik AG		32,939		2,871,384
Encavis AG		117,311		1,848,052
Evonik Industries AG		198,806		6,485,784
Evotec SE(a)		158,584		6,417,053
Fraport AG Frankfurt Airport Services Worldwide(a)(b)		36,293		2,479,055
Freenet AG		158,701		4,322,306
Fresenius Medical Care AG & Co. KGaA		196,531		13,362,806
Fresenius SE & Co. KGaA		418,383		17,270,998
GEA Group AG		170,017		8,032,477
Gerresheimer AG		31,821		2,855,634
Grand City Properties SA		84,482		1,864,497
GRENKE AG(b)		40,698		1,285,503
Hamborner REIT AG		282,038		3,102,523
Hamburger Hafen und Logistik AG		61,825		1,328,143
Hannover Rueck SE		58,947		11,892,093
HeidelbergCement AG		147,437		10,259,929
HelloFresh SE(a)		169,468		11,283,300
Henkel AG & Co. KGaA		115,823		9,151,288
HOCHTIEF AG		50,761		3,948,508
Hugo Boss AG		56,276		3,565,001
Hypoport SE(a)		3,979		1,758,357
Indus Holding AG(b)		39,423		1,512,703

Security	Shares		Value
Germany (continued)
Infineon Technologies AG		1,354,932	$	56,267,268
Jenoptik AG		67,620		2,474,784
K+S AG, Registered(a)		221,007		4,219,363
KION Group AG		79,489		7,349,019
Kloeckner & Co. SE(a)		98,449		1,111,906
Knorr-Bremse AG		71,861		7,285,961
Koenig & Bauer AG(a)		12,460		388,519
Krones AG		17,082		1,696,407
KWS Saat SE & Co. KGaA		20,642		1,604,004
LANXESS AG		80,711		4,914,106
LEG Immobilien SE		76,495		10,147,728
Merck KGaA		139,402		30,570,618
METRO AG		288,431		2,944,233
MorphoSys AG(a)(b)		40,382		1,293,169
MTU Aero Engines AG		54,954		11,693,616
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		142,367		45,071,242
Nemetschek SE		63,480		5,867,592
New Work SE		2,401		529,576
Nordex SE(a)(b)		171,775		2,756,506
Norma Group SE		39,592		1,437,882
PATRIZIA AG		81,669		1,775,429
Pfeiffer Vacuum Technology AG		6,885		1,355,819
ProSiebenSat.1 Media SE		158,235		2,474,943
Puma SE		108,962		11,653,759
Rational AG		4,860		4,074,217
Rheinmetall AG		45,344		4,740,706
RWE AG		682,288		28,780,453
Salzgitter AG(a)(b)		74,988		2,565,520
SAP SE		1,075,635		134,950,461
Scout24 SE(c)		93,491		5,585,566
SGL Carbon SE(a)		79,865		557,483
Siemens AG, Registered		789,651		125,373,760
Siemens Healthineers AG(c)		287,175		18,454,513
Siltronic AG(b)		22,495		2,937,493
Sixt SE(a)		25,256		4,105,793
Software AG(b)		54,637		2,103,825
Stabilus SA		31,551		2,124,692
Stroeer SE & Co. KGaA		34,271		2,566,079
Suedzucker AG		99,545		1,393,709
Symrise AG		139,998		16,729,673
TAG Immobilien AG		155,919		4,117,559
Takkt AG		34,588		585,573
TeamViewer AG(a)(c)		162,924		2,461,788
Telefonica Deutschland Holding AG		1,169,955		3,358,672
thyssenkrupp AG(a)		400,521		4,122,036
TUI AG(a)(b)		929,516		3,203,746
Uniper SE		75,094		3,397,988
United Internet AG, Registered(e)		95,552		3,747,228
Varta AG(b)		18,826		2,051,282
VERBIO Vereinigte BioEnergie AG		30,291		1,930,775
Vitesco Technologies Group AG(a)		23,476		1,162,193
Volkswagen AG		36,341		10,523,557
Vonovia SE		764,448		43,539,730
Vossloh AG		21,834		1,052,607
Wacker Chemie AG		16,745		2,443,767
Wacker Neuson SE		49,219		1,236,465
Zalando SE(a)(c)		223,451		17,734,837
				1,580,104,375

S C H E D U L E   O F   I N V E S T M E N T S 99

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Greece — 0.1%
Alpha Services and Holdings SA(a)		1,867,969	$	2,826,890
Eurobank Ergasias Services and Holdings SA, Class A(a)		2,333,684		2,639,402
FF Group(a)(d)		16,274		183
Hellenic Telecommunications Organization SA		177,185		3,444,004
JUMBO SA		81,083		1,206,050
Motor Oil Hellas Corinth Refineries SA		76,954		1,232,370
Mytilineos SA		144,300		2,468,481
National Bank of Greece SA(a)		569,148		2,240,077
OPAP SA		176,829		2,626,434
Piraeus Financial Holdings SA(a)		749,655		1,261,489
Public Power Corp. SA(a)(b)		191,989		1,868,861
Terna Energy SA		106,943		1,559,774
Titan Cement International SA		30,169		472,007
				23,846,022
Hong Kong — 1.8%
AIA Group Ltd.		12,689,000		132,470,751
ASM Pacific Technology Ltd.		250,500		2,506,241
Atlas Corp.		149,013		2,154,728
Bank of East Asia Ltd. (The)		1,183,000		2,019,036
BOC Hong Kong Holdings Ltd.		3,485,500		13,458,691
Brightoil Petroleum Holdings Ltd.(a)(d)		757,750		1
Budweiser Brewing Co. APAC Ltd.(c)		1,759,900		4,648,836
Cafe de Coral Holdings Ltd.		636,000		1,079,879
Champion REIT		2,281,000		1,146,782
China Youzan Ltd.(a)		21,040,000		816,604
Chow Sang Sang Holdings International Ltd.		639,000		846,593
Chow Tai Fook Jewellery Group Ltd.		2,028,800		3,564,548
CK Asset Holdings Ltd.		2,247,388		15,002,229
CK Hutchison Holdings Ltd.		2,670,388		18,979,314
CK Infrastructure Holdings Ltd.		546,500		3,367,734
CLP Holdings Ltd.		1,583,500		15,846,881
Comba Telecom Systems Holdings Ltd.(a)		2,832,000		655,986
Dah Sing Banking Group Ltd.		619,600		587,439
Dah Sing Financial Holdings Ltd.		243,200		788,536
ESR Cayman Ltd.(a)(c)		2,124,000		7,201,845
First Pacific Co. Ltd.		3,583,000		1,378,598
Futu Holdings Ltd., ADR(a)(b)		57,006		2,465,510
Galaxy Entertainment Group Ltd.(a)		2,082,000		12,057,408
Guotai Junan International Holdings Ltd.		6,309,000		854,751
Haitong International Securities Group Ltd.(b)		3,472,000		794,823
Hang Lung Group Ltd.		647,000		1,439,917
Hang Lung Properties Ltd.		1,645,000		3,514,881
Hang Seng Bank Ltd.		860,200		17,030,071
Health and Happiness H&H International Holdings Ltd.(b)		145,000		243,246
Henderson Land Development Co. Ltd.		1,218,941		5,330,665
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,929,000		1,919,834
HKBN Ltd.		1,964,500		2,467,159
HKT Trust & HKT Ltd., Class SS		3,712,600		5,066,196
Hong Kong & China Gas Co. Ltd.		11,307,566		17,427,880
Hong Kong Exchanges & Clearing Ltd.		1,210,800		69,107,249
Hongkong Land Holdings Ltd.		1,202,400		6,512,094
Huabao International Holdings Ltd.(b)		949,000		585,536
Hutchison Telecommunications Hong Kong Holdings Ltd.		6,894,000		1,125,959
Hutchmed China Ltd., ADR(a)(b)		93,511		2,547,240
Hysan Development Co. Ltd.		524,000		1,606,197
IGG Inc.		1,180,000		738,331

Security	Shares		Value
Hong Kong (continued)
Jardine Matheson Holdings Ltd.		208,300	$	12,302,811
Johnson Electric Holdings Ltd.		555,750		945,272
K Wah International Holdings Ltd.		2,620,000		1,025,773
Kerry Logistics Network Ltd.		1,096,500		2,741,458
Kerry Properties Ltd.		884,500		2,498,592
Lifestyle International Holdings Ltd.(a)		742,500		405,008
Link REIT		2,197,900		18,870,089
LK Technology Holdings Ltd.(b)		740,000		1,132,444
Luk Fook Holdings International Ltd.		522,000		1,375,866
Man Wah Holdings Ltd.(b)		2,082,800		3,219,977
Melco International Development Ltd.(a)		1,225,000		1,430,334
Melco Resorts & Entertainment Ltd., ADR(a)		217,550		2,297,328
MGM China Holdings Ltd.(a)		2,324,800		1,548,915
MTR Corp. Ltd.		1,515,000		8,200,431
New World Development Co. Ltd.		1,493,416		6,096,586
Nissin Foods Co. Ltd.		1,573,000		1,154,765
NWS Holdings Ltd.		2,631,000		2,622,342
Pacific Basin Shipping Ltd.		7,183,000		3,066,104
Pacific Textiles Holdings Ltd.		1,582,000		803,844
PAX Global Technology Ltd.		1,706,000		1,235,686
PCCW Ltd.		5,501,000		2,896,920
Power Assets Holdings Ltd.		1,360,000		8,356,666
Sa Sa International Holdings Ltd.(a)(b)		3,094,000		593,811
Sands China Ltd.(a)		2,030,400		5,661,673
Shangri-La Asia Ltd.(a)		1,304,000		1,019,978
Shun Tak Holdings Ltd.(a)		4,056,000		1,075,215
Sino Biopharmaceutical Ltd.		10,827,000		7,466,873
Sino Land Co. Ltd.		3,262,000		4,226,553
SITC International Holdings Co. Ltd.		1,355,000		5,164,689
SJM Holdings Ltd.(a)		1,776,000		1,142,990
SmarTone Telecommunications Holdings Ltd.		797,000		444,570
Sun Hung Kai Properties Ltd.		1,522,500		18,575,271
Swire Pacific Ltd., Class A		359,000		2,174,850
Swire Properties Ltd.		1,143,200		3,047,453
Techtronic Industries Co. Ltd.		1,437,500		23,718,880
Untrade MH Development NPV(a)(d)		264,000		17,674
Value Partners Group Ltd.		1,957,000		965,159
Vitasoy International Holdings Ltd.(b)		958,000		1,870,613
Vobile Group Ltd.(a)(b)		2,358,000		1,615,704
VTech Holdings Ltd.		477,000		3,765,443
WH Group Ltd.(c)		8,258,500		5,525,017
Wharf Real Estate Investment Co. Ltd.		1,532,000		7,286,241
Wynn Macau Ltd.(a)(b)		2,654,000		2,398,311
Xinyi Glass Holdings Ltd.		1,915,000		5,076,597
Yue Yuen Industrial Holdings Ltd.(a)		779,500		1,316,213
Yuexiu Property Co. Ltd.		2,055,616		2,088,702
				571,821,890
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		371,451		492,434
MOL Hungarian Oil & Gas PLC		330,169		2,879,230
OTP Bank Nyrt(a)		254,853		14,788,391
Richter Gedeon Nyrt		162,513		4,283,320
				22,443,375
India — 3.9%
3M India Ltd.(a)		3,153		1,060,761
Aarti Industries Ltd.		208,822		2,776,915
Aavas Financiers Ltd.(a)		62,591		2,428,589
ACC Ltd.		124,728		3,846,113
Adani Enterprises Ltd.		274,944		6,372,054

100 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Adani Green Energy Ltd.(a)		444,204	$	11,276,869
Adani Ports & Special Economic Zone Ltd.		546,719		5,291,661
Adani Power Ltd.(a)		1,285,428		1,862,930
Adani Total Gas Ltd.		295,754		7,218,225
Adani Transmission Ltd.(a)		285,079		7,616,087
Aditya Birla Fashion and Retail Ltd.(a)		397,419		1,578,266
AIA Engineering Ltd.		74,054		1,880,398
Ambuja Cements Ltd.		878,301		4,323,844
Apollo Hospitals Enterprise Ltd.		115,422		6,935,117
Apollo Tyres Ltd.		538,230		1,575,519
Ashok Leyland Ltd.		2,001,112		3,586,180
Asian Paints Ltd.		441,565		18,711,769
Astral Ltd.		175,326		5,109,384
AU Small Finance Bank Ltd.(a)(c)		114,865		2,029,749
Aurobindo Pharma Ltd.		353,160		3,015,285
Avenue Supermarts Ltd.(a)(c)		182,919		10,142,507
Axis Bank Ltd.(a)		2,268,727		23,759,474
Bajaj Auto Ltd.		95,568		4,583,974
Bajaj Finance Ltd.		301,667		28,571,154
Bajaj Finserv Ltd.		44,779		9,494,414
Balkrishna Industries Ltd.		139,887		4,409,899
Balrampur Chini Mills Ltd.		565,596		3,233,984
Bandhan Bank Ltd.(c)		646,245		2,752,456
Bata India Ltd.		89,110		2,477,242
Berger Paints India Ltd.		317,397		3,080,684
Bharat Electronics Ltd.		1,904,141		5,390,406
Bharat Forge Ltd.		376,955		3,735,169
Bharat Petroleum Corp. Ltd.		839,048		4,492,994
Bharti Airtel Ltd.(a)		2,695,975		26,479,600
Biocon Ltd.(a)		509,799		2,517,961
Britannia Industries Ltd.		120,081		5,709,669
Century Textiles & Industries Ltd.		134,215		1,570,604
CESC Ltd.		776,915		885,650
Cholamandalam Investment and Finance Co. Ltd.		646,760		5,496,100
Cipla Ltd.		532,941		6,765,596
City Union Bank Ltd.		402,943		780,571
Coal India Ltd.		1,440,056		3,099,023
Coforge Ltd.		39,861		2,592,863
Colgate-Palmolive India Ltd.		109,429		2,095,140
Container Corp. of India Ltd.		347,068		3,028,265
Crompton Greaves Consumer Electricals Ltd.		669,154		3,821,774
Dabur India Ltd.		637,018		4,597,475
Dalmia Bharat Ltd.		144,750		3,482,376
Deepak Nitrite Ltd.		69,188		2,084,956
Dhani Services Ltd.(a)		368,696		655,680
Divi’s Laboratories Ltd.		157,824		8,570,134
Dixon Technologies India Ltd.		35,943		2,140,360
DLF Ltd.		937,253		4,963,308
Dr Lal PathLabs Ltd.(c)		57,081		2,286,433
Dr. Reddy’s Laboratories Ltd.		136,387		7,884,525
Edelweiss Financial Services Ltd.		740,036		697,405
Eicher Motors Ltd.		157,327		5,618,360
Escorts Ltd.		101,377		2,527,576
Exide Industries Ltd.		660,670		1,547,556
FDC Ltd./India(a)		285,680		1,120,219
Federal Bank Ltd.		2,470,586		3,364,220
Finolex Cables Ltd.		267,106		1,787,187
Fortis Healthcare Ltd.(a)		780,768		2,850,247
GAIL India Ltd.		1,919,642		3,743,249
Gillette India Ltd.		18,805		1,330,708

Security	Shares		Value
India (continued)
Glenmark Pharmaceuticals Ltd.		269,905	$	1,766,989
GMR Infrastructure Ltd.(a)		5,812,385		3,300,768
GMR Infrastructure Ltd., NVS		581,239		260,933
Godrej Consumer Products Ltd.(a)		434,925		5,203,570
Godrej Industries Ltd.(a)		124,917		1,029,694
Godrej Properties Ltd.(a)		161,726		3,741,277
Grasim Industries Ltd.		412,040		9,594,725
Havells India Ltd.		344,379		5,504,660
HCL Technologies Ltd.		1,231,144		18,271,124
HDFC Asset Management Co. Ltd.(c)		62,064		1,845,122
HDFC Life Insurance Co. Ltd.(c)		864,604		7,247,997
HEG Ltd.		31,791		652,462
Hero MotoCorp Ltd.		142,586		5,238,841
Hindalco Industries Ltd.		1,814,731		12,030,293
Hindustan Petroleum Corp. Ltd.		743,054		3,145,174
Hindustan Unilever Ltd.		921,385		28,173,425
Housing Development Finance Corp. Ltd.		1,829,857		62,436,070
ICICI Bank Ltd.		5,305,980		57,002,911
ICICI Lombard General Insurance Co. Ltd.(c)		214,683		3,968,384
ICICI Prudential Life Insurance Co. Ltd.(c)		350,254		2,641,291
IDFC First Bank Ltd.(a)		4,670,317		2,952,420
IIFL Wealth Management Ltd.		34,631		746,459
Indiabulls Housing Finance Ltd.		220,907		630,608
Indiabulls Real Estate Ltd.(a)		407,450		795,008
IndiaMART Intermesh Ltd.(c)		22,894		1,541,688
Indian Energy Exchange Ltd.(c)		842,948		2,683,356
Indian Hotels Co. Ltd. (The)		898,494		2,619,233
Indian Oil Corp. Ltd.		1,889,023		3,195,829
Indian Railway Catering & Tourism Corp.		267,453		3,140,225
Indraprastha Gas Ltd.		366,565		1,939,760
Indus Towers Ltd.		742,297		2,527,508
Info Edge India Ltd.		100,082		6,624,451
Infosys Ltd.		3,641,586		85,678,143
InterGlobe Aviation Ltd.(a)(c)		124,946		3,129,591
Ipca Laboratories Ltd., NVS		183,520		2,553,947
ITC Ltd.		3,110,162		9,236,945
Jindal Steel & Power Ltd.(a)		472,949		2,480,033
JSW Steel Ltd.		1,014,552		8,643,451
Jubilant Foodworks Ltd.		111,190		5,073,047
Jubilant Pharmova Ltd.		120,920		844,719
Kajaria Ceramics Ltd.		114,524		2,060,654
Karur Vysya Bank Ltd. (The)		1,181,277		802,185
Kotak Mahindra Bank Ltd.		617,887		15,487,302
L&T Technology Services Ltd.(c)		46,634		2,956,062
Larsen & Toubro Infotech Ltd.(c)		57,101		4,832,678
Larsen & Toubro Ltd.		726,876		18,732,179
Laurus Labs Ltd.(c)		346,106		2,346,638
LIC Housing Finance Ltd.		435,778		2,267,158
Lupin Ltd.		262,060		3,202,640
Mahanagar Gas Ltd.		83,290		918,718
Mahindra & Mahindra Financial Services Ltd.		973,749		2,126,849
Mahindra & Mahindra Ltd.		994,718		11,897,666
Manappuram Finance Ltd.		749,650		1,596,402
Marico Ltd.		609,536		3,955,051
Maruti Suzuki India Ltd.		153,210		17,749,975
Max Financial Services Ltd.(a)		232,136		2,968,238
Mindtree Ltd.		101,319		5,487,901
Motherson Sumi Systems Ltd.		1,400,487		3,396,524
Motherson Sumi Wiring India Ltd., NVS		1,400,487		872,131
Motilal Oswal Financial Services Ltd.		72,395		861,052

S C H E D U L E   O F   I N V E S T M E N T S 101

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Mphasis Ltd.		122,442	$	5,141,891
MRF Ltd.		5,134		4,985,891
Muthoot Finance Ltd.		145,340		2,855,114
Natco Pharma Ltd.		190,172		2,328,590
National Aluminium Co. Ltd.		2,810,034		4,156,070
NBCC India Ltd.		1,078,074		680,585
Nestle India Ltd.		35,696		8,901,222
NTPC Ltd.		4,767,167		9,141,988
Oil & Natural Gas Corp. Ltd.		2,525,007		5,904,212
Page Industries Ltd.		7,066		4,036,045
Persistent Systems Ltd.		59,704		3,543,387
Petronet LNG Ltd.		879,440		2,528,197
PI Industries Ltd.		87,813		2,881,946
Pidilite Industries Ltd.		176,000		5,811,993
Piramal Enterprises Ltd.		127,286		4,108,703
PNB Housing Finance Ltd.(a)(c)		76,427		447,813
Power Grid Corp. of India Ltd.		3,169,275		9,185,501
Procter & Gamble Health Ltd.		20,423		1,387,124
PVR Ltd.(a)		59,662		1,284,396
Radico Khaitan Ltd.		196,044		2,844,244
Rajesh Exports Ltd.		73,948		838,280
REC Ltd.		1,701,781		3,176,043
Reliance Industries Ltd.		3,031,907		97,709,775
SBI Cards & Payment Services Ltd.(a)		245,053		2,905,152
SBI Life Insurance Co. Ltd.(c)		469,664		7,806,254
Shree Cement Ltd.		11,151		3,645,994
Shriram Transport Finance Co. Ltd.		221,316		3,674,872
Siemens Ltd.		106,084		3,325,583
SRF Ltd.		193,658		6,263,979
State Bank of India		2,021,201		14,719,593
Sterlite Technologies Ltd.		277,454		763,727
Strides Pharma Science Ltd.		112,338		597,293
Sun Pharmaceutical Industries Ltd.		1,010,145		11,348,527
Supreme Industries Ltd.		73,768		2,075,993
Symphony Ltd.		46,094		621,633
Tanla Platforms Ltd.		111,949		2,648,052
Tata Chemicals Ltd.		265,929		3,351,114
Tata Consultancy Services Ltd.		994,292		50,068,392
Tata Consumer Products Ltd.		793,017		7,764,583
Tata Elxsi Ltd.		57,180		5,863,238
Tata Motors Ltd.(a)		1,817,171		12,536,661
Tata Power Co. Ltd. (The)		1,760,949		5,862,047
Tata Steel Ltd.		749,151		11,046,617
Tech Mahindra Ltd.		690,702		13,787,592
Titan Co. Ltd.		413,313		13,178,954
Torrent Pharmaceuticals Ltd.		74,577		2,677,831
Torrent Power Ltd.		278,849		2,049,614
Trent Ltd.		219,932		3,061,423
Tube Investments of India Ltd.		153,429		3,506,284
TVS Motor Co. Ltd.		315,773		2,584,488
UltraTech Cement Ltd.		127,211		12,363,454
United Spirits Ltd.(a)		361,689		4,224,493
UPL Ltd.		632,442		6,626,133
Varun Beverages Ltd.		260,763		3,177,203
Vedanta Ltd.		1,203,472		5,249,657
VIP Industries Ltd.(a)		135,482		1,096,963
Vodafone Idea Ltd.(a)		10,526,138		1,521,759
Voltas Ltd.		211,331		3,368,898
Wipro Ltd.		1,495,387		11,545,690

Security	Shares		Value
India (continued)
Yes Bank Ltd., (Acquired 03/16/20, Cost: $2,622,905)(f)		1,119,298	$	176,717
Yes Bank Ltd.(a)		12,824,886		2,298,811
Zee Entertainment Enterprises Ltd.		955,778		3,738,320
Zomato Ltd.(a)		1,474,035		1,796,527
				1,254,124,121
Indonesia — 0.4%
Adaro Energy Tbk PT		19,258,900		3,015,593
AKR Corporindo Tbk PT		7,523,000		383,452
Aneka Tambang Tbk		9,912,900		1,236,714
Astra International Tbk PT		21,618,100		8,273,829
Bank Central Asia Tbk PT		53,488,000		28,450,109
Bank Mandiri Persero Tbk PT		20,045,600		10,504,061
Bank Negara Indonesia Persero Tbk PT		7,371,900		3,783,591
Bank Rakyat Indonesia Persero Tbk PT		74,151,313		21,106,089
Bank Tabungan Negara Persero Tbk PT(a)		7,581,093		896,507
Barito Pacific Tbk PT		32,910,900		2,044,856
Bukit Asam Tbk PT		4,427,100		881,596
Bumi Serpong Damai Tbk PT(a)		13,224,000		839,163
Charoen Pokphand Indonesia Tbk PT		8,606,100		3,781,545
Ciputra Development Tbk PT		17,664,696		1,079,505
Gudang Garam Tbk PT		497,300		1,061,337
Hanson International Tbk PT(a)(d)		63,791,600		—
Indah Kiat Pulp & Paper Tbk PT		4,138,500		2,200,877
Indocement Tunggal Prakarsa Tbk PT		2,014,000		1,542,872
Indofood CBP Sukses Makmur Tbk PT		2,879,700		1,750,713
Indofood Sukses Makmur Tbk PT		4,915,800		2,167,857
Japfa Comfeed Indonesia Tbk PT		8,792,700		1,022,869
Jasa Marga Persero Tbk PT(a)		3,185,838		730,632
Kalbe Farma Tbk PT		25,038,700		2,855,199
Medco Energi Internasional Tbk PT(a)		13,736,320		534,559
Media Nusantara Citra Tbk PT		5,135,500		304,798
Merdeka Copper Gold Tbk PT(a)		16,772,600		4,287,794
Mitra Adiperkasa Tbk PT(a)		21,052,700		1,146,725
Pabrik Kertas Tjiwi Kimia Tbk PT		2,004,800		983,653
Pakuwon Jati Tbk PT(a)		15,719,500		472,505
Perusahaan Gas Negara Tbk PT(a)		14,599,100		1,413,054
Pool Advista Indonesia Tbk PT(a)(d)		1,914,800		—
PP Persero Tbk PT(a)		100		7
Sarana Menara Nusantara Tbk PT		27,958,900		1,998,302
Semen Indonesia Persero Tbk PT		3,413,000		1,607,426
Summarecon Agung Tbk PT(a)		18,222,204		866,439
Surya Citra Media Tbk PT(a)		50,016,500		1,019,607
Telkom Indonesia Persero Tbk PT		53,957,000		15,802,685
Tower Bersama Infrastructure Tbk PT		11,114,400		2,238,326
Trada Alam Minera Tbk PT(a)(d)		39,223,500		—
Unilever Indonesia Tbk PT		5,040,600		1,417,675
United Tractors Tbk PT		1,774,900		2,869,729
Waskita Karya Persero Tbk PT(a)		19,926,317		814,401
Wijaya Karya Persero Tbk PT(a)		6,569,600		476,598
XL Axiata Tbk PT		4,073,600		945,772
				138,809,021
Ireland — 0.5%
AIB Group PLC(a)		857,813		2,265,734
Bank of Ireland Group PLC(a)		1,089,055		7,340,092
C&C Group PLC(a)(b)		637,047		1,896,876
CRH PLC		852,873		42,806,026
Dalata Hotel Group PLC(a)		206,346		982,915
Flutter Entertainment PLC, Class DI(a)		174,950		26,617,549

102 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Glanbia PLC		239,031	$	3,283,119
Grafton Group PLC		267,077		4,198,082
Greencore Group PLC(a)		736,101		1,222,628
Hibernia REIT PLC		1,853,175		2,646,968
Kerry Group PLC, Class A		178,429		22,481,619
Kingspan Group PLC		179,329		17,261,679
Origin Enterprises PLC		99,889		381,549
Smurfit Kappa Group PLC		266,241		14,032,398
				147,417,234
Israel — 0.7%
Airport City Ltd.(a)		94,308		2,298,928
Alony Hetz Properties & Investments Ltd.		170,504		3,185,158
Amot Investments Ltd.		283,205		2,402,905
AudioCodes Ltd.		47,855		1,415,840
Azrieli Group Ltd.		49,542		4,479,351
Bank Hapoalim BM		1,159,228		12,030,162
Bank Leumi Le-Israel BM		1,675,532		17,970,066
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		2,357,117		4,057,620
Caesarstone Ltd.		51,923		640,211
Check Point Software Technologies Ltd.(a)		104,747		12,675,435
Clal Insurance Enterprises Holdings Ltd.(a)		153,076		3,595,411
CyberArk Software Ltd.(a)(b)		44,522		6,106,192
Danel Adir Yeoshua Ltd.		11,681		2,786,391
Delek Group Ltd.(a)		20,727		2,340,743
Elbit Systems Ltd.		29,304		4,881,545
Enlight Renewable Energy Ltd.(a)		1,398,522		3,156,124
Fattal Holdings 1998 Ltd.(a)(b)		13,656		1,644,407
First International Bank Of Israel Ltd. (The)		98,422		4,097,688
Fiverr International Ltd.(a)(b)		31,034		2,647,511
Gazit-Globe Ltd.		319,217		3,332,362
Harel Insurance Investments & Financial Services Ltd.		333,613		3,876,760
ICL Group Ltd.		860,403		7,781,069
Inmode Ltd.(a)(b)		57,687		2,782,244
Isracard Ltd.		426,597		2,364,286
Israel Corp. Ltd. (The)(a)		8,168		3,333,530
Israel Discount Bank Ltd., Class A		1,459,022		9,783,976
Ituran Location and Control Ltd.		24,041		578,426
Kornit Digital Ltd.(a)		49,182		5,167,061
Mehadrin Ltd.(a)		1		46
Melisron Ltd.(a)		36,986		3,258,395
Mivne Real Estate KD Ltd.		1,267,897		5,421,363
Mizrahi Tefahot Bank Ltd.		164,687		6,366,380
Nice Ltd.(a)		69,260		17,729,010
Nova Ltd.(a)		34,213		4,004,036
Oil Refineries Ltd.(a)		5,706,933		1,886,337
Paz Oil Co. Ltd.(a)		19,360		2,753,826
Phoenix Holdings Ltd. (The)		139,905		1,670,339
Plus500 Ltd.		119,300		2,368,828
Radware Ltd.(a)		75,904		2,552,652
REIT 1 Ltd.(b)		307,482		2,233,555
Shapir Engineering and Industry Ltd.		195,600		1,887,206
Shikun & Binui Ltd.(a)		525,584		3,396,686
Shufersal Ltd.		211,562		1,989,890
Strauss Group Ltd.		97,713		3,241,618
Teva Pharmaceutical Industries Ltd., ADR(a)		1,041,033		8,775,908
Tower Semiconductor Ltd.(a)		118,206		4,076,555
UroGen Pharma Ltd.(a)(b)		55,405		427,727
Wix.com Ltd.(a)(b)		59,395		7,802,721

Security	Shares		Value
Israel (continued)
ZIM Integrated Shipping Services Ltd.		39,201	$	2,615,491
				215,869,971
Italy — 1.4%
A2A SpA		1,725,095		3,276,962
ACEA SpA		56,036		1,132,514
AMCO - Asset Management Co. SpA, NVS(a)(d)		261		—
Amplifon SpA		145,954		6,203,934
Anima Holding SpA(c)		452,672		2,289,553
Assicurazioni Generali SpA		1,017,054		21,403,643
Atlantia SpA(a)		512,842		9,515,925
Autogrill SpA(a)		338,066		2,538,669
Azimut Holding SpA		116,290		3,128,088
Banca Generali SpA		73,902		2,976,444
Banca IFIS SpA		33,548		673,288
Banca Mediolanum SpA		205,840		2,000,951
Banca Monte dei Paschi di Siena SpA(a)(b)		347,712		359,458
Banca Popolare di Sondrio SCPA		673,440		2,832,643
Banco BPM SpA		1,556,907		4,853,749
Bio On SpA(a)(b)(d)		4,387		—
BPER Banca		1,225,063		2,579,033
Brembo SpA		203,519		2,705,802
Brunello Cucinelli SpA(a)		37,190		2,159,740
Buzzi Unicem SpA		75,178		1,569,796
CIR SpA-Compagnie Industriali(a)		1,612,514		766,298
Credito Emiliano SpA		244,344		1,685,439
Danieli & C Officine Meccaniche SpA		63,996		1,740,708
Datalogic SpA		22,555		352,363
De’ Longhi SpA		83,136		2,864,994
DiaSorin SpA		25,004		3,854,650
Enav SpA(a)(c)		241,478		1,109,488
Enel SpA		8,134,096		62,604,864
Eni SpA		2,578,969		38,739,185
ERG SpA		100,527		2,931,365
Falck Renewables SpA		163,990		1,610,325
Ferrari NV		134,733		31,052,265
Fincantieri SpA(a)(b)		453,950		290,631
FinecoBank Banca Fineco SpA		476,242		8,006,707
GVS SpA(c)		83,762		937,908
Hera SpA		844,247		3,509,852
Infrastrutture Wireless Italiane SpA(c)		365,697		3,943,093
Interpump Group SpA		94,187		5,816,385
Intesa Sanpaolo SpA		16,526,446		49,113,928
Iren SpA		869,686		2,616,367
Italgas SpA		493,570		3,274,554
Juventus Football Club SpA(a)(b)		777,469		332,341
Leonardo SpA(a)		148,430		1,072,077
Maire Tecnimont SpA(b)		201,186		960,835
MARR SpA		44,572		949,137
Mediobanca Banca di Credito Finanziario SpA		675,102		7,734,383
Moncler SpA		213,348		13,692,579
Nexi SpA(a)(c)		499,774		7,310,424
Piaggio & C SpA		488,249		1,562,951
Pirelli & C SpA(c)		327,200		2,313,383
Poste Italiane SpA(c)		565,648		7,592,467
Prysmian SpA		284,322		9,587,770
Recordati Industria Chimica e Farmaceutica SpA		125,734		7,043,681
Reply SpA		19,907		3,345,384
Saipem SpA(a)(b)		660,244		1,009,916
Salvatore Ferragamo SpA(a)		79,654		1,706,887
Saras SpA(a)(b)		1,193,041		748,264

S C H E D U L E   O F   I N V E S T M E N T S 103

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Snam SpA		2,141,189	$	11,998,537
Tamburi Investment Partners SpA		169,475		1,725,506
Technogym SpA(c)		157,684		1,345,749
Telecom Italia SpA		7,593,475		3,578,650
Tenaris SA		505,701		6,173,047
Terna - Rete Elettrica Nazionale		1,467,593		11,531,482
Tod’s SpA(a)		11,789		635,389
UniCredit SpA		2,195,393		34,892,292
Unipol Gruppo SpA		406,108		2,284,656
				440,149,348
Japan — 14.7%
77 Bank Ltd. (The)		71,100		940,971
ABC-Mart Inc.		84,500		3,858,200
Activia Properties Inc.		549		1,858,282
Adastria Co. Ltd.		44,700		669,738
ADEKA Corp.		133,600		2,898,712
Advance Residence Investment Corp.		1,060		3,117,918
Advantest Corp.		199,700		16,996,975
Aeon Co. Ltd.		646,000		14,720,497
Aeon Delight Co. Ltd.		38,000		1,028,480
AEON Financial Service Co. Ltd.		135,500		1,422,123
Aeon Mall Co. Ltd.		103,400		1,494,797
AEON REIT Investment Corp.		1,798		2,286,878
AGC Inc.		199,100		9,137,771
Ai Holdings Corp.		82,800		1,283,234
Aica Kogyo Co. Ltd.		87,300		2,405,190
Aiful Corp.		603,200		1,811,745
Ain Holdings Inc.		30,400		1,562,584
Air Water Inc.		131,800		2,008,955
Aisin Corp.		128,100		4,651,691
Ajinomoto Co. Inc.		488,800		13,638,247
Alfresa Holdings Corp.		132,100		1,883,596
Alps Alpine Co. Ltd.		218,000		2,377,610
Amada Co. Ltd.		351,900		3,406,920
Amano Corp.		78,200		1,568,646
ANA Holdings Inc.(a)		119,000		2,513,011
AnGes Inc.(a)(b)		378,300		1,013,773
Anicom Holdings Inc.		217,900		1,383,626
Anritsu Corp.(b)		93,900		1,296,656
Aozora Bank Ltd.		75,000		1,686,218
Arcs Co. Ltd.		59,400		1,116,559
Ariake Japan Co. Ltd.		29,600		1,569,691
As One Corp.		45,600		2,259,349
Asahi Group Holdings Ltd.		474,100		19,353,095
Asahi Holdings Inc.		144,300		2,795,855
Asahi Intecc Co. Ltd.		174,200		2,972,023
Asahi Kasei Corp.		1,219,300		12,044,149
Asics Corp.		143,400		2,784,201
ASKUL Corp.		47,100		574,841
Astellas Pharma Inc.		1,938,300		31,285,254
Atom Corp.(b)		252,000		1,682,190
Autobacs Seven Co. Ltd.		234,900		2,848,492
Avex Inc.		88,600		993,145
Awa Bank Ltd. (The)		40,100		789,519
Azbil Corp.		110,900		4,355,897
Bandai Namco Holdings Inc.		196,700		13,825,678
Bank of Kyoto Ltd. (The)		41,900		1,953,490
BASE Inc.(a)		234,700		945,617
BayCurrent Consulting Inc.		13,900		5,275,307
Benefit One Inc.		82,200		2,499,975

Security	Shares		Value
Japan (continued)
Benesse Holdings Inc.		62,700	$	1,222,789
Bengo4.com Inc.(a)(b)		21,400		899,894
Bic Camera Inc.		124,800		1,090,098
BML Inc.		59,200		1,799,297
Bridgestone Corp.		583,300		25,543,419
Broadleaf Co. Ltd.		179,400		547,584
Brother Industries Ltd.		184,200		3,392,239
Calbee Inc.		55,500		1,277,485
Canon Electronics Inc.		61,600		871,166
Canon Inc.		997,600		23,593,965
Canon Marketing Japan Inc.		58,700		1,198,892
Capcom Co. Ltd.		167,000		4,031,504
Casio Computer Co. Ltd.		164,100		2,052,383
Central Glass Co. Ltd.		54,600		1,013,008
Central Japan Railway Co.		140,600		18,448,211
Chiba Bank Ltd. (The)		520,500		3,364,861
Chiyoda Corp.(a)(b)		253,600		748,616
Chubu Electric Power Co. Inc.		577,100		5,780,176
Chugai Pharmaceutical Co. Ltd.		677,000		21,988,800
Chugoku Bank Ltd. (The)		154,400		1,259,104
Chugoku Electric Power Co. Inc. (The)		246,100		1,934,254
Citizen Watch Co. Ltd.		319,900		1,369,307
Coca-Cola Bottlers Japan Holdings Inc.		115,175		1,351,044
COLOPL Inc.		69,200		381,045
Colowide Co. Ltd.		83,400		1,205,048
Comforia Residential REIT Inc.		1,058		2,831,630
COMSYS Holdings Corp.		78,500		1,867,845
Concordia Financial Group Ltd.		1,033,900		4,248,661
Cosmo Energy Holdings Co. Ltd.		183,400		3,687,038
Cosmos Pharmaceutical Corp.		15,700		1,960,690
Create SD Holdings Co. Ltd.		51,800		1,398,039
Credit Saison Co. Ltd.		139,200		1,553,792
Curves Holdings Co. Ltd.		148,200		904,503
CyberAgent Inc.		407,000		4,745,704
CYBERDYNE Inc.(a)(b)		357,200		1,110,237
Dai Nippon Printing Co. Ltd.		193,700		4,649,792
Daicel Corp.		247,300		1,824,181
Daido Steel Co. Ltd.		28,300		1,093,607
Daifuku Co. Ltd.		105,500		7,324,311
Daiho Corp.		65,500		2,089,422
Dai-ichi Life Holdings Inc.		1,043,700		23,493,114
Daiichi Sankyo Co. Ltd.		1,806,500		40,592,026
Daiichikosho Co. Ltd.		53,900		1,527,316
Daikin Industries Ltd.		256,600		53,871,642
Daio Paper Corp.		96,800		1,574,922
Daiseki Co. Ltd.		86,960		3,483,664
Daishi Hokuetsu Financial Group Inc.		49,700		1,152,415
Daito Trust Construction Co. Ltd.		60,400		6,925,860
Daiwa House Industry Co. Ltd.		564,700		16,479,732
Daiwa House REIT Investment Corp.		2,066		6,154,544
Daiwa Office Investment Corp.		378		2,368,436
Daiwa Securities Group Inc.		1,453,100		8,755,940
Daiwa Securities Living Investments Corp.		3,795		3,713,568
Daiwabo Holdings Co. Ltd.		111,800		1,598,468
DCM Holdings Co. Ltd.		152,900		1,451,175
Demae-Can Co. Ltd.(a)		112,900		734,916
DeNA Co. Ltd.		117,400		1,825,586
Denka Co. Ltd.		66,500		2,342,013
Denso Corp.		437,000		32,614,919
Dentsu Group Inc.		199,500		6,909,038

104 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Descente Ltd.(a)		51,300	$	1,598,506
Dexerials Corp.		86,500		2,378,548
DIC Corp.		106,000		2,719,461
Digital Arts Inc.		26,900		1,584,886
Digital Garage Inc.		72,200		2,554,274
Dip Corp.		74,700		2,364,960
Disco Corp.		29,700		8,166,124
DMG Mori Co. Ltd.		152,600		2,421,426
Doutor Nichires Holdings Co. Ltd.		82,400		1,147,777
Dowa Holdings Co. Ltd.		49,000		2,124,336
Duskin Co. Ltd.		70,500		1,694,231
DyDo Group Holdings Inc.		28,700		1,185,759
Earth Corp.		33,500		1,707,325
East Japan Railway Co.		295,000		16,845,350
Ebara Corp.		88,500		4,337,529
EDION Corp.		126,800		1,183,273
Eisai Co. Ltd.		234,400		11,739,928
Eizo Corp.		32,900		1,131,582
Electric Power Development Co. Ltd.		149,700		1,964,416
en Japan Inc.		40,800		983,366
ENEOS Holdings Inc.		3,052,700		12,157,759
eRex Co. Ltd.		63,900		844,507
Euglena Co. Ltd.(a)(b)		321,000		2,037,237
Exedy Corp.		34,200		502,024
EXEO Group Inc.		73,200		1,487,714
Ezaki Glico Co. Ltd.		84,100		2,726,714
Fancl Corp.		74,000		1,884,666
FANUC Corp.		197,500		39,055,293
Fast Retailing Co. Ltd.		60,100		35,366,733
FCC Co. Ltd.		58,900		757,410
Ferrotec Holdings Corp.		62,800		1,567,153
Financial Products Group Co. Ltd.		130,300		750,072
Food & Life Companies Ltd.		109,100		3,268,862
FP Corp.		60,700		1,949,685
Freee KK(a)		43,100		1,703,825
Frontier Real Estate Investment Corp.		606		2,557,192
Fuji Co. Ltd./Ehime		60,600		1,000,665
Fuji Corp./Aichi		110,200		2,543,750
Fuji Electric Co. Ltd.		110,100		5,884,433
Fuji Oil Holdings Inc.		64,800		1,311,141
Fuji Seal International Inc.		66,700		1,254,296
Fuji Soft Inc.		36,200		1,516,595
FUJIFILM Holdings Corp.		371,000		24,870,354
Fujikura Ltd.(a)		316,100		1,709,207
Fujitsu General Ltd.		96,700		1,962,332
Fujitsu Ltd.		198,300		26,214,927
Fukuoka Financial Group Inc.		149,300		2,932,124
Fukuoka REIT Corp.		1,335		1,877,171
Fukuyama Transporting Co. Ltd.		31,000		975,705
Funai Soken Holdings Inc.		58,200		1,206,173
Furukawa Electric Co. Ltd.		84,200		1,731,944
Fuyo General Lease Co. Ltd.		24,600		1,631,685
Giken Ltd.		27,300		931,739
Global One Real Estate Investment Corp.		2,116		2,084,659
Glory Ltd.		60,700		1,141,445
GLP J-REIT		4,125		6,639,650
GMO internet Inc.		116,900		2,501,147
GMO Payment Gateway Inc.		40,700		3,571,498
GNI Group Ltd.(a)(b)		93,700		855,283
Goldwin Inc.		23,800		1,235,364

Security	Shares		Value
Japan (continued)
Gree Inc.(b)		294,600	$	2,238,114
GS Yuasa Corp.		98,200		2,100,876
GungHo Online Entertainment Inc.(a)		96,510		2,026,646
Gunma Bank Ltd. (The)		547,200		1,797,916
Gunze Ltd.		20,400		709,204
H.U. Group Holdings Inc.		62,900		1,597,528
H2O Retailing Corp.		135,000		933,960
Hachijuni Bank Ltd. (The)		534,600		1,974,054
Hakuhodo DY Holdings Inc.		194,000		2,971,640
Hamamatsu Photonics KK		137,500		7,034,677
Hankyu Hanshin Holdings Inc.		223,900		6,520,290
Hankyu Hanshin REIT Inc.		1,303		1,687,623
Hanwa Co. Ltd.		40,300		1,106,732
Harmonic Drive Systems Inc.(b)		59,000		2,333,609
Haseko Corp.		203,900		2,589,032
Hazama Ando Corp.		226,800		1,735,493
Heiwa Corp.		79,800		1,276,161
Heiwa Real Estate Co. Ltd.		59,900		2,046,196
Heiwa Real Estate REIT Inc.		1,841		2,264,684
Hikari Tsushin Inc.		18,000		2,161,166
Hino Motors Ltd.		223,600		1,943,622
Hirata Corp.		15,400		776,322
Hirogin Holdings Inc.		334,800		1,951,632
Hirose Electric Co. Ltd.		33,405		4,979,274
HIS Co. Ltd.(a)(b)		136,600		2,262,743
Hisamitsu Pharmaceutical Co. Inc.		65,800		2,004,785
Hitachi Construction Machinery Co. Ltd.		91,000		2,313,885
Hitachi Ltd.		1,001,800		52,069,561
Hitachi Metals Ltd.(a)		177,200		3,195,392
Hitachi Transport System Ltd.		52,700		2,416,189
Hitachi Zosen Corp.		357,500		2,380,166
Hogy Medical Co. Ltd.		53,900		1,449,609
Hokkaido Electric Power Co. Inc.		225,700		984,597
Hokkoku Financial Holdings Inc.		25,100		645,795
Hokuetsu Corp.		164,100		1,088,501
Hokuhoku Financial Group Inc.		140,900		1,110,308
Hokuriku Electric Power Co.		194,100		957,834
Hokuto Corp.		147,500		2,500,592
Honda Motor Co. Ltd.		1,645,000		48,449,809
Horiba Ltd.		26,600		1,431,776
Hoshino Resorts REIT Inc.		570		3,220,830
Hoshizaki Corp.		44,000		3,251,354
House Foods Group Inc.		61,000		1,567,540
Hoya Corp.		381,000		49,403,640
Hulic Co. Ltd.		373,400		3,609,156
Hulic Reit Inc.		2,092		3,003,114
Hyakugo Bank Ltd. (The)		556,600		1,718,119
Ibiden Co. Ltd.		99,500		5,560,096
Ichigo Inc.		334,900		823,494
Ichigo Office REIT Investment Corp.		2,124		1,516,598
Idemitsu Kosan Co. Ltd.		219,355		5,620,234
IHI Corp.		121,700		2,457,511
Iida Group Holdings Co. Ltd.		109,300		2,273,945
Inaba Denki Sangyo Co. Ltd.		107,000		2,479,635
Industrial & Infrastructure Fund Investment Corp.		1,624		2,716,545
Infocom Corp.		119,800		1,909,069
Infomart Corp.		351,300		2,041,748
INFRONEER Holdings Inc.		228,076		2,101,684
Inpex Corp.		1,019,500		10,306,627
Insource Co. Ltd.		74,900		1,197,575

S C H E D U L E   O F   I N V E S T M E N T S 105

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Internet Initiative Japan Inc.		80,600	$	2,669,319
Invincible Investment Corp.		6,674		2,102,380
IR Japan Holdings Ltd.		19,900		886,215
Iriso Electronics Co. Ltd.		31,000		1,258,720
Isetan Mitsukoshi Holdings Ltd.		233,500		1,835,513
Isuzu Motors Ltd.		597,000		7,313,249
Ito En Ltd.		48,900		2,633,954
ITOCHU Corp.		1,195,500		38,407,187
Itochu Techno-Solutions Corp.		68,200		1,860,504
Itoham Yonekyu Holdings Inc.		227,300		1,333,591
Iwatani Corp.		47,900		2,258,182
Iyo Bank Ltd. (The)		294,700		1,529,687
Izumi Co. Ltd.		37,400		1,034,546
J Front Retailing Co. Ltd.		208,100		1,866,925
Jaccs Co. Ltd.		65,600		1,775,037
JAFCO Group Co. Ltd.		119,100		1,901,762
Japan Airlines Co. Ltd.(a)		114,900		2,174,779
Japan Airport Terminal Co. Ltd.(a)		45,600		1,975,774
Japan Aviation Electronics Industry Ltd.		71,500		1,142,719
Japan Display Inc.(a)(b)		995,800		320,165
Japan Elevator Service Holdings Co. Ltd.		152,200		2,192,618
Japan Excellent Inc.		1,812		2,083,900
Japan Exchange Group Inc.		522,700		10,752,380
Japan Hotel REIT Investment Corp.		4,781		2,330,790
Japan Lifeline Co. Ltd.		100,600		880,684
Japan Logistics Fund Inc.		771		2,137,082
Japan Material Co. Ltd.		164,200		2,399,932
Japan Metropolitan Fund Invest		7,303		6,154,330
Japan Petroleum Exploration Co. Ltd.		61,900		1,479,410
Japan Post Bank Co. Ltd.		408,400		4,017,740
Japan Post Holdings Co. Ltd.		2,397,700		20,465,640
Japan Post Insurance Co. Ltd.		179,000		3,138,526
Japan Prime Realty Investment Corp.		705		2,303,054
Japan Real Estate Investment Corp.		1,257		6,912,174
Japan Securities Finance Co. Ltd.		224,600		1,825,415
Japan Steel Works Ltd. (The)		108,800		3,616,998
Japan Tobacco Inc.		1,255,100		25,057,917
JCR Pharmaceuticals Co. Ltd.		126,700		2,231,597
Jeol Ltd.		43,100		2,349,914
JFE Holdings Inc.		492,400		6,325,787
JGC Holdings Corp.		180,100		1,769,710
JINS Holdings Inc.		28,600		1,768,057
JMDC Inc.(a)		54,200		2,515,445
JSR Corp.		207,300		6,871,619
JTEKT Corp.		439,500		3,823,080
Juroku Financial Group Inc.		41,900		833,121
Justsystems Corp.		53,400		2,311,269
Kadokawa Corp.		111,436		2,313,873
Kagome Co. Ltd.		93,600		2,435,600
Kajima Corp.		424,300		5,124,527
Kakaku.com Inc.		116,200		2,406,683
Kaken Pharmaceutical Co. Ltd.		59,800		2,138,350
Kamigumi Co. Ltd.		64,700		1,250,230
Kanamoto Co. Ltd.		67,400		1,310,560
Kandenko Co. Ltd.		131,200		976,205
Kaneka Corp.		64,300		2,094,568
Kanematsu Corp.		113,600		1,235,784
Kansai Electric Power Co. Inc. (The)		628,400		5,931,546
Kansai Paint Co. Ltd.		153,900		3,194,624
Kao Corp.		471,500		23,561,588

Security	Shares		Value
Japan (continued)
Katitas Co. Ltd.		73,700	$	2,247,926
Kawasaki Heavy Industries Ltd.		124,800		2,418,442
Kawasaki Kisen Kaisha Ltd.(a)		52,300		3,259,799
KDDI Corp.		1,663,600		53,149,864
Keihan Holdings Co. Ltd.		71,500		1,658,013
Keikyu Corp.		160,100		1,638,592
Keio Corp.		88,600		3,985,282
Keisei Electric Railway Co. Ltd.		109,000		3,076,103
Keiyo Bank Ltd. (The)		160,000		667,159
Kenedix Office Investment Corp.		354		2,149,420
Kenedix Residential Next Investment Corp.		1,665		2,902,575
Kenedix Retail REIT Corp.		1,311		3,068,660
Kewpie Corp.		66,600		1,373,933
Keyence Corp.		200,400		102,789,650
KH Neochem Co. Ltd.		56,000		1,436,490
Kikkoman Corp.		145,000		10,960,248
Kinden Corp.		65,900		941,982
Kintetsu Group Holdings Co. Ltd.(a)		168,200		4,887,139
Kirin Holdings Co. Ltd.		848,800		13,604,689
Kisoji Co. Ltd.		95,600		1,825,197
Kissei Pharmaceutical Co. Ltd.		83,500		1,686,013
Kitanotatsujin Corp.		326,500		632,990
Kiyo Bank Ltd. (The)		76,300		954,160
Kobayashi Pharmaceutical Co. Ltd.		41,100		3,200,577
Kobe Bussan Co. Ltd.		138,300		4,305,196
Kobe Steel Ltd.		980,900		4,682,240
Koei Tecmo Holdings Co. Ltd.		63,130		2,283,831
Koito Manufacturing Co. Ltd.		88,600		4,448,649
Kokuyo Co. Ltd.		150,300		2,191,175
Komatsu Ltd.		863,900		21,708,891
KOMEDA Holdings Co. Ltd.		100,800		1,865,842
Komeri Co. Ltd.		42,200		983,914
Konami Holdings Corp.		85,200		4,593,115
Konica Minolta Inc.		559,500		2,358,522
Kose Corp.		29,600		2,706,314
Koshidaka Holdings Co. Ltd.		165,500		898,599
Kotobuki Spirits Co. Ltd.		37,600		1,529,045
K’s Holdings Corp.		127,500		1,254,687
Kubota Corp.		1,044,600		22,401,997
Kumagai Gumi Co. Ltd.		45,100		1,149,587
Kumiai Chemical Industry Co. Ltd.		119,200		823,903
Kura Sushi Inc.		60,600		1,823,067
Kuraray Co. Ltd.		211,900		1,903,675
Kureha Corp.		37,300		2,784,663
Kurita Water Industries Ltd.		91,900		3,736,976
Kusuri no Aoki Holdings Co. Ltd.		21,200		1,264,646
KYB Corp.		35,700		929,381
Kyocera Corp.		325,500		20,074,008
KYORIN Holdings Inc.		120,700		1,917,346
Kyoritsu Maintenance Co. Ltd.		35,100		1,255,633
Kyowa Kirin Co. Ltd.		267,600		6,669,872
Kyudenko Corp.		52,600		1,345,379
Kyushu Electric Power Co. Inc.		296,800		2,199,223
Kyushu Financial Group Inc.		555,500		2,146,367
Kyushu Railway Co.		91,600		1,913,571
LaSalle Logiport REIT		1,596		2,553,089
Lasertec Corp.		80,600		18,081,591
Lawson Inc.		31,600		1,384,999
Leopalace21 Corp.(a)		389,000		570,894
Lintec Corp.		92,000		2,136,967

106 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Lion Corp.		166,100	$	2,170,252
Lixil Corp.		240,700		5,509,658
M&A Capital Partners Co. Ltd.(a)		35,400		1,524,448
M3 Inc.		447,800		17,216,382
Mabuchi Motor Co. Ltd.		61,600		1,939,454
Macnica Fuji Electronics Holdings Inc.		97,700		2,161,611
Makino Milling Machine Co. Ltd.		34,700		1,198,719
Makita Corp.		219,100		8,199,473
Mandom Corp.		48,100		576,758
Mani Inc.		121,500		1,755,611
Marubeni Corp.		1,633,300		16,806,556
Maruha Nichiro Corp.		79,600		1,700,726
Marui Group Co. Ltd.		158,800		3,063,857
Maruichi Steel Tube Ltd.		65,800		1,465,752
Maruwa Co. Ltd./Aichi		26,100		3,434,022
Matsui Securities Co. Ltd.		170,200		1,190,297
MatsukiyoCocokara & Co.		111,730		3,824,296
Maxell Ltd.		121,000		1,297,812
Mazda Motor Corp.(a)		530,800		4,089,151
McDonald’s Holdings Co. Japan Ltd.		75,400		3,292,750
MCJ Co. Ltd.		163,500		1,403,671
Mebuki Financial Group Inc.		1,034,950		2,308,737
Medipal Holdings Corp.		129,200		2,324,960
Megachips Corp.		63,300		2,307,580
Megmilk Snow Brand Co. Ltd.		61,200		1,090,137
Meidensha Corp.		61,400		1,301,305
MEIJI Holdings Co. Ltd.		128,700		8,028,511
Meiko Electronics Co. Ltd.		64,600		2,230,803
Meitec Corp.		52,700		3,087,409
Menicon Co. Ltd.		100,100		2,221,295
Mercari Inc.(a)		109,400		4,131,573
Milbon Co. Ltd.		66,100		3,120,862
MinebeaMitsumi Inc.		374,072		9,153,760
Mirai Corp.		5,053		2,123,907
Mirait Holdings Corp.		161,300		2,677,878
Misumi Group Inc.		280,000		9,083,725
Mitsubishi Chemical Holdings Corp.		1,275,500		10,005,256
Mitsubishi Corp.		1,281,400		43,506,631
Mitsubishi Electric Corp.		1,830,500		22,924,081
Mitsubishi Estate Co. Ltd.		1,170,500		16,858,036
Mitsubishi Estate Logistics REIT Investment Corp.		1,080		4,243,285
Mitsubishi Gas Chemical Co. Inc.		122,800		2,352,272
Mitsubishi HC Capital Inc.		547,390		2,827,095
Mitsubishi Heavy Industries Ltd.		330,600		8,978,894
Mitsubishi Logistics Corp.		73,600		1,776,600
Mitsubishi Materials Corp.		138,200		2,465,283
Mitsubishi Motors Corp.(a)		740,200		2,113,425
Mitsubishi Pencil Co. Ltd.		58,800		613,595
Mitsubishi UFJ Financial Group Inc.		12,647,300		76,658,823
Mitsui & Co. Ltd.		1,622,600		40,460,131
Mitsui Chemicals Inc.		164,500		4,399,492
Mitsui Fudosan Co. Ltd.		904,000		19,379,348
Mitsui Fudosan Logistics Park Inc.		542		2,665,728
Mitsui High-Tec Inc.		30,800		2,279,518
Mitsui Mining & Smelting Co. Ltd.		158,800		4,490,535
Mitsui OSK Lines Ltd.		110,200		8,534,158
Miura Co. Ltd.		76,100		2,246,862
Mixi Inc.		58,200		1,077,413
Mizuho Financial Group Inc.		2,425,950		32,861,920
Mizuho Leasing Co. Ltd.		53,100		1,483,102

Security	Shares		Value
Japan (continued)
Mochida Pharmaceutical Co. Ltd.		64,600	$	2,009,346
Monex Group Inc.		295,300		1,497,131
Money Forward Inc.(a)		53,400		2,430,031
MonotaRO Co. Ltd.		238,700		3,922,031
Mori Hills REIT Investment Corp.		1,187		1,454,353
Mori Trust Sogo REIT Inc.		1,318		1,596,666
Morinaga & Co. Ltd./Japan		48,900		1,558,484
Morinaga Milk Industry Co. Ltd.		39,400		1,910,194
MOS Food Services Inc.		62,100		1,635,396
MS&AD Insurance Group Holdings Inc.		490,900		16,837,634
Murata Manufacturing Co. Ltd.		593,700		44,636,306
Musashi Seimitsu Industry Co. Ltd.		114,200		1,720,281
Musashino Bank Ltd. (The)		51,200		823,245
Nabtesco Corp.		97,700		3,054,001
Nachi-Fujikoshi Corp.		21,300		795,808
Nagase & Co. Ltd.		139,900		2,234,580
Nagoya Railroad Co. Ltd.(a)		129,000		2,037,042
Nakanishi Inc.		119,400		2,117,140
Nankai Electric Railway Co. Ltd.		65,100		1,292,480
Nanto Bank Ltd. (The)		35,800		605,448
NEC Corp.		240,200		9,370,992
NEC Networks & System Integration Corp.		113,100		1,632,063
NET One Systems Co. Ltd.		77,000		1,827,734
Nexon Co. Ltd.		501,300		9,450,316
Nextage Co. Ltd.		133,400		3,349,955
NGK Insulators Ltd.		216,700		3,661,737
NGK Spark Plug Co. Ltd.		102,000		1,733,991
NH Foods Ltd.		62,700		2,417,973
NHK Spring Co. Ltd.		225,300		1,765,803
Nichias Corp.		89,600		2,033,997
Nichiha Corp.		36,600		904,806
Nichi-Iko Pharmaceutical Co. Ltd.		108,900		695,307
Nichirei Corp.		72,200		1,661,422
Nidec Corp.		460,500		40,814,021
Nifco Inc./Japan		69,200		2,014,484
Nihon Kohden Corp.		85,800		2,275,674
Nihon M&A Center Holdings Inc.		294,900		4,642,672
Nihon Parkerizing Co. Ltd.		128,700		1,166,635
Nihon Unisys Ltd.		58,700		1,544,269
Nikkon Holdings Co. Ltd.		89,700		1,689,771
Nikon Corp.		266,100		2,777,276
Nintendo Co. Ltd.		115,200		56,452,768
Nippn Corp., New		150,500		2,207,764
Nippon Accommodations Fund Inc.		297		1,605,266
Nippon Building Fund Inc.		1,455		8,426,106
Nippon Carbon Co. Ltd.		47,100		1,639,212
Nippon Electric Glass Co. Ltd.		94,800		2,368,134
Nippon Express Holdings Co., NVS		67,700		4,012,155
Nippon Gas Co. Ltd.		155,000		2,169,096
Nippon Kayaku Co. Ltd.		186,600		1,855,272
Nippon Light Metal Holdings Co. Ltd.		83,690		1,282,442
Nippon Paint Holdings Co. Ltd.		725,400		5,801,325
Nippon Paper Industries Co. Ltd.		86,400		875,471
Nippon Prologis REIT Inc.		1,885		5,881,647
NIPPON REIT Investment Corp.		753		2,537,276
Nippon Sanso Holdings Corp.		140,600		2,792,144
Nippon Sheet Glass Co. Ltd.(a)		187,100		822,525
Nippon Shinyaku Co. Ltd.		38,600		2,523,313
Nippon Shokubai Co. Ltd.		29,900		1,408,058
Nippon Soda Co. Ltd.		47,700		1,364,956

S C H E D U L E   O F   I N V E S T M E N T S 107

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Steel Corp.		831,817	$	13,595,679
Nippon Steel Trading Corp.		25,000		1,128,423
Nippon Suisan Kaisha Ltd.		490,400		2,297,712
Nippon Telegraph & Telephone Corp.		1,328,800		38,027,244
Nippon Yusen KK		164,300		12,880,022
Nipro Corp.		174,100		1,615,069
Nishimatsu Construction Co. Ltd.		71,300		2,368,152
Nishimatsuya Chain Co. Ltd.		101,200		1,290,651
Nishi-Nippon Financial Holdings Inc.		159,600		1,130,452
Nishi-Nippon Railroad Co. Ltd.		70,200		1,570,137
Nishio Rent All Co. Ltd.		47,700		1,168,600
Nissan Chemical Corp.		110,200		5,979,263
Nissan Motor Co. Ltd.(a)		2,359,500		12,487,860
Nissan Shatai Co. Ltd.		68,900		414,119
Nissha Co. Ltd.		71,700		912,839
Nisshin Oillio Group Ltd. (The)		51,400		1,345,857
Nisshin Seifun Group Inc.		152,100		2,135,816
Nisshinbo Holdings Inc.		229,800		1,914,314
Nissin Foods Holdings Co. Ltd.		53,300		3,780,709
Nitori Holdings Co. Ltd.		79,000		11,317,744
Nitto Boseki Co. Ltd.		26,600		634,790
Nitto Denko Corp.		138,700		10,799,129
Nitto Kogyo Corp.		57,100		768,151
Noevir Holdings Co. Ltd.		50,700		2,296,332
NOF Corp.		67,600		3,095,414
Nojima Corp.		57,900		1,167,640
NOK Corp.		80,400		859,630
Nomura Co. Ltd.		123,600		989,767
Nomura Holdings Inc.		2,968,800		13,114,810
Nomura Real Estate Holdings Inc.		84,300		1,974,039
Nomura Real Estate Master Fund Inc.		4,477		6,211,536
Nomura Research Institute Ltd.		357,520		12,515,301
Noritz Corp.		57,400		844,122
North Pacific Bank Ltd.		643,700		1,406,588
NS Solutions Corp.		55,800		1,586,857
NSD Co. Ltd.		137,400		2,346,773
NSK Ltd.		259,200		1,768,011
NTN Corp.(a)		569,400		1,148,410
NTT Data Corp.		599,000		11,483,269
NTT UD REIT Investment Corp.		2,392		3,217,012
Obayashi Corp.		650,700		5,272,066
Obic Co. Ltd.		71,800		11,862,916
Odakyu Electric Railway Co. Ltd.		259,700		4,589,095
Ogaki Kyoritsu Bank Ltd. (The)		50,000		882,591
Ohsho Food Service Corp.		36,900		1,904,452
Oiles Corp.		80,100		1,121,570
Oisix ra daichi Inc.(a)		51,900		1,081,660
Oji Holdings Corp.		695,400		3,701,667
Okamoto Industries Inc.		18,800		663,991
Okamura Corp.		148,400		1,568,901
Okasan Securities Group Inc.		319,200		1,065,289
Oki Electric Industry Co. Ltd.		122,500		937,054
Okinawa Electric Power Co. Inc. (The)		73,232		894,505
OKUMA Corp.		26,600		1,160,381
Okumura Corp.		46,200		1,318,977
Olympus Corp.		1,136,700		25,435,990
Omron Corp.		181,600		13,276,681
One REIT Inc.		678		1,758,985
Ono Pharmaceutical Co. Ltd.		380,800		9,235,048
Open House Group Co. Ltd.		81,600		4,224,692

Security	Shares		Value
Japan (continued)
Optex Group Co. Ltd.		80,400	$	1,071,802
Optorun Co. Ltd.		66,800		1,366,243
Oracle Corp. Japan		34,900		2,610,190
Orient Corp.		1,174,400		1,255,166
Oriental Land Co. Ltd./Japan		206,000		35,861,173
ORIX Corp.		1,235,800		25,490,998
Orix JREIT Inc.		2,382		3,418,300
Osaka Gas Co. Ltd.		324,300		5,515,170
OSG Corp.		102,300		1,801,019
Otsuka Corp.		93,600		3,797,987
Otsuka Holdings Co. Ltd.		382,000		13,032,812
Outsourcing Inc.		187,400		2,170,861
Paltac Corp.		28,800		1,103,823
Pan Pacific International Holdings Corp.		385,000		5,181,648
Panasonic Corp.		2,274,200		25,037,817
Paramount Bed Holdings Co. Ltd.		77,300		1,286,330
Park24 Co. Ltd.(a)		119,700		1,810,728
Penta-Ocean Construction Co. Ltd.		281,900		1,565,455
PeptiDream Inc.(a)		95,600		1,716,284
Persol Holdings Co. Ltd.		166,300		4,293,167
Pigeon Corp.		95,000		1,851,709
Pilot Corp.		43,200		1,538,669
PKSHA Technology Inc.(a)		59,000		1,018,991
Pola Orbis Holdings Inc.		95,500		1,423,367
Prestige International Inc.		140,800		894,942
Raito Kogyo Co. Ltd.		79,300		1,294,488
Raksul Inc.(a)		44,800		1,462,270
Rakus Co. Ltd.		87,100		1,754,591
Rakuten Group Inc.(a)		874,200		7,584,013
Recruit Holdings Co. Ltd.		1,418,800		70,129,265
Relia Inc.		75,500		638,139
Relo Group Inc.		93,300		1,683,744
Renesas Electronics Corp.(a)		1,279,100		14,679,988
Rengo Co. Ltd.		192,800		1,438,704
RENOVA Inc.(a)(b)		51,700		734,979
Resona Holdings Inc.		2,075,400		8,918,899
Resorttrust Inc.		114,500		1,833,105
Ricoh Co. Ltd.		650,100		5,489,713
Ricoh Leasing Co. Ltd.		29,400		954,266
Rinnai Corp.		31,400		2,804,177
Riso Kyoiku Co. Ltd.		260,400		926,664
Rohm Co. Ltd.		88,000		7,412,866
Rohto Pharmaceutical Co. Ltd.		83,400		2,303,198
Rorze Corp.		24,200		2,286,742
Round One Corp.		132,600		1,617,805
Royal Holdings Co. Ltd.(a)(b)		60,100		937,580
Ryohin Keikaku Co. Ltd.		237,800		3,414,658
Ryosan Co. Ltd.		27,800		550,847
Saizeriya Co. Ltd.		46,100		1,066,027
Sakai Moving Service Co. Ltd.		21,300		814,847
Sakata Seed Corp.		109,100		3,204,520
SAMTY Co. Ltd.		106,200		1,928,882
Sangetsu Corp.		104,400		1,445,813
San-in Godo Bank Ltd. (The)		152,400		858,341
Sanken Electric Co. Ltd.		71,000		3,095,419
Sankyo Co. Ltd.		100,500		2,587,647
Sankyu Inc.		37,400		1,353,047
Sanrio Co. Ltd.		95,600		1,854,173
Santen Pharmaceutical Co. Ltd.		312,300		3,545,908
Sanwa Holdings Corp.		150,900		1,634,106

108 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sapporo Holdings Ltd.		118,000	$	2,288,884
Sato Holdings Corp.		52,700		929,414
Sawai Group Holdings Co. Ltd.		41,900		1,585,986
SBI Holdings Inc.		219,700		5,667,338
SCREEN Holdings Co. Ltd.		35,600		3,572,671
SCSK Corp.		119,700		2,025,497
Secom Co. Ltd.		216,400		15,237,599
Sega Sammy Holdings Inc.		151,300		2,540,426
Seibu Holdings Inc.(a)		151,400		1,485,327
Seiko Epson Corp.		248,000		3,862,972
Seiko Holdings Corp.		32,900		615,196
Seino Holdings Co. Ltd.		112,200		1,113,187
Seiren Co. Ltd.		83,300		1,574,928
Sekisui Chemical Co. Ltd.		388,700		6,796,026
Sekisui House Ltd.		592,500		12,004,145
Sekisui House Reit Inc.		4,967		3,383,107
Seria Co. Ltd.		78,500		1,975,471
Seven & i Holdings Co. Ltd.		759,500		38,627,133
Seven Bank Ltd.		533,100		1,126,663
SG Holdings Co. Ltd.		305,400		6,483,113
Sharp Corp./Japan		180,500		2,006,458
Shibaura Machine Co. Ltd.		56,900		1,638,444
SHIFT Inc.(a)		15,400		2,558,726
Shiga Bank Ltd. (The)		57,900		1,128,094
Shikoku Electric Power Co. Inc.		236,000		1,640,541
Shima Seiki Manufacturing Ltd.		65,300		987,793
Shimadzu Corp.		259,400		9,359,601
Shimamura Co. Ltd.		21,700		1,985,465
Shimano Inc.		74,800		16,773,309
Shimizu Corp.		490,400		3,265,293
Shin-Etsu Chemical Co. Ltd.		364,700		61,017,696
Shinko Electric Industries Co. Ltd.		90,700		4,173,858
Shinmaywa Industries Ltd.		102,700		788,946
Shinsei Bank Ltd.		234,800		4,353,505
Shionogi & Co. Ltd.		267,000		15,217,039
Ship Healthcare Holdings Inc.		108,700		2,439,755
Shiseido Co. Ltd.		412,200		20,793,011
Shizuoka Bank Ltd. (The)		355,500		2,793,330
SHO-BOND Holdings Co. Ltd.		78,000		3,415,641
Shochiku Co. Ltd.(a)		12,900		1,335,512
Shoei Foods Corp.		46,000		1,590,539
Showa Denko KK		169,500		3,521,154
SKY Perfect JSAT Holdings Inc.		261,900		985,711
Skylark Holdings Co. Ltd.		153,000		1,999,100
SMC Corp.		59,000		32,907,928
SMS Co. Ltd.		82,700		2,273,640
Softbank Corp.		3,015,600		37,803,144
SoftBank Group Corp.		1,226,800		54,346,675
Sohgo Security Services Co. Ltd.		47,000		1,704,574
Sojitz Corp.		189,320		2,966,980
Sompo Holdings Inc.		310,400		14,524,683
Sony Group Corp.		1,300,800		145,518,499
Sosei Group Corp.(a)		198,600		2,649,209
Sotetsu Holdings Inc.(a)		67,900		1,250,286
Square Enix Holdings Co. Ltd.		78,800		3,864,188
Stanley Electric Co. Ltd.		108,300		2,531,443
Star Micronics Co. Ltd.		116,200		1,473,626
Subaru Corp.		626,900		11,410,424
Sugi Holdings Co. Ltd.		31,100		1,824,472
SUMCO Corp.		314,500		5,798,148

Security	Shares		Value
Japan (continued)
Sumitomo Bakelite Co. Ltd.		68,700	$	3,310,666
Sumitomo Chemical Co. Ltd.		1,583,500		7,985,669
Sumitomo Corp.		1,237,600		19,127,611
Sumitomo Dainippon Pharma Co. Ltd.		157,300		1,712,090
Sumitomo Electric Industries Ltd.		713,200		9,455,957
Sumitomo Forestry Co. Ltd.		116,600		2,052,813
Sumitomo Heavy Industries Ltd.		83,300		2,187,662
Sumitomo Metal Mining Co. Ltd.		236,400		10,919,244
Sumitomo Mitsui Construction Co. Ltd.		227,080		858,050
Sumitomo Mitsui Financial Group Inc.		1,335,400		48,102,379
Sumitomo Mitsui Trust Holdings Inc.		322,100		11,138,601
Sumitomo Osaka Cement Co. Ltd.		33,600		1,030,359
Sumitomo Realty & Development Co. Ltd.		298,100		9,223,267
Sumitomo Rubber Industries Ltd.		314,600		3,273,664
Sumitomo Warehouse Co. Ltd. (The)		121,400		2,180,118
Sundrug Co. Ltd.		49,700		1,251,539
Suntory Beverage & Food Ltd.		113,400		4,354,412
Suruga Bank Ltd.		160,400		691,866
Suzuken Co. Ltd.		39,400		1,169,409
Suzuki Motor Corp.		360,300		15,339,454
Sysmex Corp.		167,600		15,953,992
Systena Corp.		459,500		1,414,750
T&D Holdings Inc.		535,400		7,912,303
T. Hasegawa Co. Ltd.		66,700		1,463,647
Tadano Ltd.		125,400		1,096,833
Taiheiyo Cement Corp.		73,000		1,452,422
Taikisha Ltd.		38,200		955,264
Taisei Corp.		194,500		6,375,914
Taisho Pharmaceutical Holdings Co. Ltd.		33,300		1,635,435
Taiyo Holdings Co. Ltd.		106,200		3,133,173
Taiyo Yuden Co. Ltd.		118,900		5,775,115
Takara Bio Inc.		156,100		3,131,354
Takara Holdings Inc.		334,200		3,241,608
Takasago Thermal Engineering Co. Ltd.		84,700		1,416,076
Takashimaya Co. Ltd.		227,800		2,163,293
Takeda Pharmaceutical Co. Ltd.		1,624,883		47,094,283
Takeuchi Manufacturing Co. Ltd.		77,300		1,932,082
Takuma Co. Ltd.		111,800		1,429,755
Tamron Co. Ltd.		55,000		1,198,915
TDK Corp.		375,300		13,553,914
TechnoPro Holdings Inc.		98,700		2,524,957
Teijin Ltd.		145,000		1,827,976
Terumo Corp.		648,300		23,665,432
THK Co. Ltd.		101,200		2,528,653
TIS Inc.		201,200		5,291,693
Toagosei Co. Ltd.		146,700		1,446,713
Tobu Railway Co. Ltd.		149,000		3,490,057
Toda Corp.		265,100		1,712,597
Toei Co. Ltd.		12,400		1,840,879
Toho Bank Ltd. (The)		449,600		836,339
Toho Co. Ltd./Tokyo		93,400		3,618,098
Toho Gas Co. Ltd.		66,900		1,828,427
Toho Holdings Co. Ltd.		59,800		935,036
Toho Titanium Co. Ltd.		103,400		804,519
Tohoku Electric Power Co. Inc.		467,200		3,290,901
Tokai Carbon Co. Ltd.		198,700		2,060,852
Tokai Rika Co. Ltd.		71,800		935,372
Tokai Tokyo Financial Holdings Inc.		750,000		2,640,051
Tokio Marine Holdings Inc.		638,900		38,125,497
Tokuyama Corp.		62,400		993,240

S C H E D U L E   O F   I N V E S T M E N T S 109

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyo Century Corp.		36,400	$	1,796,316
Tokyo Electric Power Co. Holdings Inc.(a)		1,538,200		4,098,150
Tokyo Electron Ltd.		152,300		74,494,951
Tokyo Gas Co. Ltd.		367,900		7,428,540
Tokyo Ohka Kogyo Co. Ltd.		36,800		2,179,912
Tokyo Seimitsu Co. Ltd.		90,500		3,838,682
Tokyo Steel Manufacturing Co. Ltd.		159,500		1,527,067
Tokyo Tatemono Co. Ltd.		141,600		2,110,752
Tokyotokeiba Co. Ltd.		28,500		1,044,764
Tokyu Construction Co. Ltd.		137,200		842,246
Tokyu Corp.		496,100		6,592,093
Tokyu Fudosan Holdings Corp.		482,200		2,641,578
Tokyu REIT Inc.		1,687		2,725,796
TOMONY Holdings Inc.		202,300		573,668
Tomy Co. Ltd.		168,100		1,641,097
Topcon Corp.		182,300		2,474,297
Toppan Inc.		237,200		4,512,027
Toray Industries Inc.		1,293,300		8,173,413
Toridoll Holdings Corp.		110,300		2,220,862
Toshiba Corp.		401,700		16,634,409
Toshiba TEC Corp.		43,800		1,650,350
Tosho Co. Ltd.		37,800		477,626
Tosoh Corp.		225,700		3,531,413
Totetsu Kogyo Co. Ltd.		41,400		883,471
TOTO Ltd.		127,200		5,474,745
Towa Pharmaceutical Co. Ltd.		69,400		1,702,213
Toyo Ink SC Holdings Co. Ltd.		71,400		1,184,897
Toyo Seikan Group Holdings Ltd.		149,000		1,814,942
Toyo Suisan Kaisha Ltd.		66,000		2,704,203
Toyo Tire Corp.		131,400		1,857,892
Toyobo Co. Ltd.		99,000		1,114,152
Toyoda Gosei Co. Ltd.		68,800		1,445,977
Toyota Boshoku Corp.		81,400		1,442,850
Toyota Industries Corp.		143,400		11,186,428
Toyota Motor Corp.		10,954,600		216,497,631
Toyota Tsusho Corp.		214,200		8,686,559
Trend Micro Inc/Japan(a)		131,100		6,955,195
Tri Chemical Laboratories Inc.		76,900		2,080,795
Trusco Nakayama Corp.		58,800		1,251,376
TS Tech Co. Ltd.		121,800		1,604,894
Tsubaki Nakashima Co. Ltd.		104,900		1,299,850
Tsubakimoto Chain Co.		36,200		1,013,780
Tsumura & Co.		86,600		2,456,203
Tsuruha Holdings Inc.		30,800		2,480,766
UACJ Corp.(a)		39,500		909,278
Ube Industries Ltd.		104,200		1,873,471
Ulvac Inc.		45,300		2,304,934
Unicharm Corp.		394,800		15,256,454
United Arrows Ltd.		43,500		702,626
United Urban Investment Corp.		2,422		2,861,725
Universal Entertainment Corp.(a)		39,100		803,952
Ushio Inc.		160,200		2,489,575
USS Co. Ltd.		176,300		2,877,338
UT Group Co. Ltd.		49,600		1,421,276
Valor Holdings Co. Ltd.		53,200		1,022,620
Vector Inc.		110,900		941,995
Vision Inc./Tokyo Japan(a)(b)		121,500		1,059,263
Wacom Co. Ltd.		348,300		2,529,966
Welcia Holdings Co. Ltd.		74,700		2,017,485
West Holdings Corp.(b)		48,800		1,466,273

Security	Shares		Value
Japan (continued)
West Japan Railway Co.		207,100	$	8,678,267
Xebio Holdings Co. Ltd.		77,000		603,538
Yakult Honsha Co. Ltd.		117,500		5,957,422
Yamada Holdings Co. Ltd.		565,900		1,909,835
Yamaguchi Financial Group Inc.		216,600		1,343,999
Yamaha Corp.		119,900		5,462,062
Yamaha Motor Co. Ltd.		291,900		6,951,162
Yamato Holdings Co. Ltd.		263,900		5,619,548
Yamato Kogyo Co. Ltd.		52,400		1,612,280
Yamazaki Baking Co. Ltd.		143,400		2,050,311
Yaoko Co. Ltd.		35,000		2,023,515
Yaskawa Electric Corp.		234,800		9,831,161
Yokogawa Electric Corp.		179,100		2,934,641
Yokohama Rubber Co. Ltd. (The)		94,000		1,370,388
Yoshinoya Holdings Co. Ltd.		92,200		1,905,237
Z Holdings Corp.		2,826,500		14,354,848
Zenkoku Hosho Co. Ltd.		45,500		2,036,495
Zenrin Co. Ltd.		35,700		299,811
Zensho Holdings Co. Ltd.		76,000		1,829,807
Zeon Corp.		150,600		1,747,570
Zojirushi Corp.		87,300		1,097,295
ZOZO Inc.		122,700		3,269,637
				4,686,211,395
Kuwait — 0.2%
Agility Public Warehousing Co. KSC		1,374,036		4,573,602
Boubyan Bank KSCP(a)		1,678,865		4,470,488
Boubyan Petrochemicals Co. KSCP		493,797		1,495,473
Gulf Bank KSCP		1,676,879		1,644,759
Humansoft Holding Co. KSC		108,423		1,115,382
Kuwait Finance House KSCP		5,468,135		16,372,477
Mabanee Co. KPSC		691,008		1,882,700
Mobile Telecommunications Co. KSCP		2,535,161		5,010,108
National Bank of Kuwait SAKP		7,278,953		24,951,737
				61,516,726
Malaysia — 0.4%
Alliance Bank Malaysia Bhd		1,606,600		1,271,956
AMMB Holdings Bhd(a)		1,949,100		1,522,229
Axiata Group Bhd		2,999,800		2,666,170
British American Tobacco Malaysia Bhd		139,800		409,497
Bursa Malaysia Bhd		1,062,200		1,588,668
Carlsberg Brewery Malaysia Bhd		179,800		866,889
CIMB Group Holdings Bhd		5,890,200		7,337,365
Dialog Group Bhd		4,625,578		2,838,065
DiGi.Com Bhd		3,442,500		3,129,783
Fraser & Neave Holdings Bhd		148,200		874,576
Gamuda Bhd(a)		2,432,800		1,610,048
Genting Bhd		2,084,300		2,183,065
Genting Malaysia Bhd		3,151,400		2,063,346
Genting Plantations Bhd		660,600		1,016,429
HAP Seng Consolidated Bhd		392,100		711,972
Hartalega Holdings Bhd		1,909,800		2,682,983
Hong Leong Bank Bhd		582,600		2,700,380
Hong Leong Financial Group Bhd		223,900		977,135
IHH Healthcare Bhd		2,590,500		3,992,050
IJM Corp. Bhd		3,528,000		1,200,770
Inari Amertron Bhd		3,809,500		3,043,856
IOI Corp. Bhd		2,120,400		1,927,617
Kossan Rubber Industries Bhd(b)		1,709,500		735,181
KPJ Healthcare Bhd		6,752,900		1,677,940

110 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Kuala Lumpur Kepong Bhd		450,900	$	2,326,948
Malayan Banking Bhd		3,942,200		7,794,357
Malaysia Airports Holdings Bhd(a)		1,152,300		1,569,253
Malaysian Resources Corp. Bhd		3,003,300		243,967
Maxis Bhd		2,434,800		2,461,592
MISC Bhd		1,182,900		1,974,346
My EG Services Bhd		14,361,300		3,349,218
Nestle Malaysia Bhd		42,700		1,349,241
Pentamaster Corp. Bhd		1,928,200		1,897,317
Petronas Chemicals Group Bhd		2,638,500		5,604,173
Petronas Dagangan Bhd		262,900		1,218,555
Petronas Gas Bhd		635,800		2,583,372
PPB Group Bhd		903,580		3,428,228
Press Metal Aluminium Holdings Bhd		3,938,800		5,796,920
Public Bank Bhd		16,931,700		17,055,366
QL Resources Bhd		2,109,000		2,504,296
RHB Bank Bhd		1,482,998		1,973,871
Sapura Energy Bhd(a)		12,803,200		137,652
Serba Dinamik Holdings Bhd(a)(d)		4,186,370		284,259
Sime Darby Bhd		3,117,800		1,602,298
Sime Darby Plantation Bhd		2,913,300		2,457,042
Sime Darby Property Bhd		5,884,000		815,367
SP Setia Bhd Group(a)		1,146,300		337,793
Sunway REIT(b)		3,609,900		1,198,821
Supermax Corp. Bhd		2,489,177		701,763
Telekom Malaysia Bhd		1,530,200		1,849,913
Tenaga Nasional Bhd		2,371,000		5,201,177
Top Glove Corp. Bhd(b)		5,689,500		2,895,385
UMW Holdings Bhd		363,200		254,253
VS Industry Bhd		5,546,700		1,599,570
Westports Holdings Bhd		670,400		615,061
Yinson Holdings Bhd(b)		984,900		1,296,786
				133,406,130
Mexico — 0.6%
Alsea SAB de CV(a)		627,600		1,287,268
America Movil SAB de CV, Series L, NVS		37,072,300		34,883,330
Arca Continental SAB de CV		369,900		2,187,876
Bolsa Mexicana de Valores SAB de CV		630,500		1,075,285
Cemex SAB de CV, NVS(a)		17,794,912		10,869,492
Coca-Cola Femsa SAB de CV		472,800		2,481,581
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)		1,007,500		1,789,548
Corp Inmobiliaria Vesta SAB de CV		1,006,300		1,905,960
Fibra Uno Administracion SA de CV		3,699,600		3,802,187
Fomento Economico Mexicano SAB de CV		2,053,200		15,447,772
GCC SAB de CV(b)		190,000		1,339,616
Genomma Lab Internacional SAB de CV, Class B(b)		786,600		781,338
Gentera SAB de CV(a)		1,139,300		816,863
Gruma SAB de CV, Class B		189,715		2,481,341
Grupo Aeroportuario del Centro Norte SAB de CV		223,312		1,495,567
Grupo Aeroportuario del Pacifico SAB de CV, Class B		308,700		4,244,251
Grupo Aeroportuario del Sureste SAB de CV, Class B		236,835		4,795,369
Grupo Bimbo SAB de CV, Series A		1,658,300		5,192,437
Grupo Carso SAB de CV, Series A1		502,700		1,405,893
Grupo Comercial Chedraui SA de CV		357,600		719,603
Grupo Financiero Banorte SAB de CV, Class O		2,872,600		18,206,502
Grupo Financiero Inbursa SAB de CV, Class O(a)		2,370,800		3,419,202
Grupo Herdez SAB de CV(b)		509,800		842,747

Security	Shares		Value
Mexico (continued)
Grupo Mexico SAB de CV, Series B		3,468,900	$	14,897,705
Grupo Televisa SAB, CPO		2,487,300		5,069,134
Industrias Penoles SAB de CV		170,745		1,829,210
Kimberly-Clark de Mexico SAB de CV, Class A		1,604,400		2,317,778
Macquarie Mexico Real Estate Management SA de CV(c)		1,099,600		1,280,948
Megacable Holdings SAB de CV, CPO		257,300		828,728
Nemak SAB de CV(a)(c)		1,456,977		381,408
Orbia Advance Corp. SAB de CV		1,099,778		2,568,175
Promotora y Operadora de Infraestructura SAB de CV		297,790		2,172,360
Regional SAB de CV		252,100		1,445,285
Telesites SAB de CV(b)		2,048,855		2,163,276
Wal-Mart de Mexico SAB de CV		5,748,200		19,545,218
				175,970,253
Netherlands — 3.1%
Aalberts NV		111,923		6,841,867
ABN AMRO Bank NV, CVA(c)		361,415		5,800,371
Accell Group NV(a)		36,159		2,353,255
Adyen NV(a)(c)		21,092		42,920,057
Aegon NV		1,878,880		10,599,689
AerCap Holdings NV(a)		136,466		8,597,358
Akzo Nobel NV		186,821		19,337,403
Alfen Beheer BV(a)(b)(c)		30,190		2,251,322
AMG Advanced Metallurgical Group NV		45,511		1,566,276
Arcadis NV		86,550		3,788,732
Argenx SE(a)		52,410		14,024,488
ASM International NV		51,079		17,549,742
ASML Holding NV		426,675		288,984,620
ASR Nederland NV		145,043		6,743,862
Basic-Fit NV(a)(b)(c)		42,377		2,021,694
BE Semiconductor Industries NV		78,069		6,545,957
Boskalis Westminster		73,834		2,090,233
Brunel International NV		38,650		474,928
CNH Industrial NV		1,112,684		16,959,632
Corbion NV		70,508		2,943,953
COSMO Pharmaceuticals NV(a)(b)		16,291		1,009,993
Davide Campari-Milano NV		679,808		8,535,192
Eurocommercial Properties NV		71,320		1,724,690
Euronext NV(c)		88,074		8,491,416
EXOR NV		110,090		9,231,148
Flow Traders(c)		34,210		1,326,843
Fugro NV(a)(b)		150,570		1,204,023
Heineken Holding NV		127,336		11,163,799
Heineken NV		261,364		28,030,411
IMCD NV		61,209		10,529,164
ING Groep NV		4,054,681		59,965,088
InPost SA(a)		202,365		1,642,853
Intertrust NV(a)(c)		104,270		2,266,669
Iveco Group NV, NVS(a)		222,536		2,367,577
JDE Peet’s NV		31,362		939,108
Just Eat Takeaway.com NV(a)(c)		116,816		5,768,473
Just Eat Takeaway.com NV(a)(c)		73,481		3,605,165
Koninklijke Ahold Delhaize NV		1,034,130		33,531,252
Koninklijke BAM Groep NV(a)		442,947		1,478,982
Koninklijke DSM NV		179,683		33,683,448
Koninklijke KPN NV		3,544,053		11,690,081
Koninklijke Philips NV		901,938		30,001,421
Koninklijke Vopak NV		36,786		1,262,160
MFE-MediaForEurope NV(a)		401,236		332,667

S C H E D U L E   O F   I N V E S T M E N T S 111

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
MFE-MediaForEurope NV		401,236	$	511,991
NN Group NV		283,516		15,866,158
NSI NV		66,872		2,772,978
OCI NV(a)		117,656		3,219,997
Pharming Group NV(a)(b)		1,400,520		1,286,809
PostNL NV		561,929		2,407,146
Prosus NV		965,284		80,307,634
QIAGEN NV(a)		240,588		11,892,804
Randstad NV		113,958		7,413,386
Rhi Magnesita NV		54,927		2,533,486
SBM Offshore NV		109,066		1,726,112
Shop Apotheke Europe NV(a)(c)		16,267		2,114,903
Signify NV(c)		143,761		7,614,864
Stellantis NV		2,129,339		41,115,128
STMicroelectronics NV		710,713		33,418,244
TKH Group NV		43,879		2,531,994
TomTom NV(a)(b)		116,402		1,112,388
Universal Music Group NV		749,624		18,507,564
Van Lanschot Kempen NV		49,272		1,241,217
Vastned Retail NV		45,684		1,278,796
Wereldhave NV		57,823		888,411
Wolters Kluwer NV		271,206		27,602,962
				999,542,034
New Zealand — 0.2%
a2 Milk Co. Ltd. (The)(a)		585,187		2,157,880
Air New Zealand Ltd.(a)(b)		858,678		813,615
Auckland International Airport Ltd.(a)		1,207,570		5,732,207
Chorus Ltd.		585,068		2,679,130
Contact Energy Ltd.		831,171		4,308,572
Fisher & Paykel Healthcare Corp. Ltd.		642,485		11,820,777
Fletcher Building Ltd.		936,565		3,983,282
Goodman Property Trust		1,198,141		1,959,704
Infratil Ltd.		963,940		4,810,658
Kiwi Property Group Ltd.		1,503,996		1,126,659
Mercury NZ Ltd.		863,593		3,175,020
Meridian Energy Ltd.		1,568,565		4,521,493
Precinct Properties New Zealand Ltd.		1,735,064		1,843,453
Pushpay Holdings Ltd.(a)		1,064,311		763,656
Ryman Healthcare Ltd.		528,530		3,455,964
SKYCITY Entertainment Group Ltd.		869,508		1,561,932
Spark New Zealand Ltd.		2,143,645		6,126,819
Summerset Group Holdings Ltd.		256,296		2,065,815
Synlait Milk Ltd.(a)(b)		97,211		202,216
Xero Ltd.(a)		145,302		11,770,254
Z Energy Ltd.		543,416		1,269,365
				76,148,471
Norway — 0.6%
Adevinta ASA(a)		290,451		3,047,223
Aker ASA, Class A		37,599		3,216,367
Aker BP ASA		70,284		2,435,285
Atea ASA(a)		153,017		2,591,447
Austevoll Seafood ASA		149,935		1,985,738
Bakkafrost P/F		52,286		3,604,519
Borregaard ASA		192,948		4,538,172
BW LPG Ltd.(c)		214,699		1,158,168
BW Offshore Ltd.		250,263		765,552
DNB Bank ASA		946,547		22,528,001
DNO ASA		1,715,343		2,518,598
Elkem ASA(c)		343,173		1,251,697

Security	Shares		Value
Norway (continued)
Entra ASA(c)		116,327	$	2,556,997
Equinor ASA		1,004,449		27,690,467
Europris ASA(c)		201,235		1,503,053
Flex LNG Ltd.		105,897		2,092,293
Frontline Ltd./Bermuda(a)		99,095		652,339
Gjensidige Forsikring ASA		145,286		3,548,826
Golden Ocean Group Ltd.		252,547		2,300,916
Grieg Seafood ASA(a)		226,101		2,337,592
Kahoot! ASA(a)(b)		339,001		1,361,077
Kongsberg Gruppen ASA		130,725		3,961,763
Leroy Seafood Group ASA		317,810		2,649,126
Mowi ASA		433,731		10,645,454
NEL ASA(a)(b)		1,410,405		1,914,978
Nordic Semiconductor ASA(a)		176,936		5,242,599
Norsk Hydro ASA		1,310,545		10,071,944
Norway Royal Salmon ASA		22,352		485,039
Orkla ASA		723,525		6,914,294
Protector Forsikring ASA		84,322		1,123,176
Salmar ASA		62,946		4,291,862
Sbanken ASA(c)		164,956		1,743,407
Scatec ASA(c)		114,355		1,689,026
Schibsted ASA, Class A		75,279		2,230,110
Schibsted ASA, Class B		108,407		2,827,797
SpareBank 1 SMN		330,745		5,477,457
SpareBank 1 SR-Bank ASA		244,887		3,659,205
Storebrand ASA		460,920		4,914,041
Telenor ASA		643,236		10,630,462
TGS ASA		198,572		2,138,104
Tomra Systems ASA		134,595		6,729,088
Veidekke ASA		166,552		2,489,476
Wallenius Wilhelmsen ASA(a)		172,273		930,514
Yara International ASA		178,019		9,140,888
				195,584,137
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR(a)		213,313		1,727,835
Credicorp Ltd.		70,255		10,061,921
Southern Copper Corp.		90,188		5,762,112
				17,551,868
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		2,467,220		3,049,237
AC Energy Corp.		11,910,100		2,237,610
Alliance Global Group Inc.		3,269,600		821,008
Ayala Corp.		320,535		5,481,239
Ayala Land Inc.		8,612,330		6,081,136
Bank of the Philippine Islands		1,142,325		2,197,918
BDO Unibank Inc.		2,494,260		6,629,267
Bloomberry Resorts Corp.(a)		6,675,400		822,222
Globe Telecom Inc.		34,355		2,095,525
GT Capital Holdings Inc.		103,708		1,162,995
International Container Terminal Services Inc.		1,300,730		5,116,662
JG Summit Holdings Inc.		3,653,967		4,470,957
Jollibee Foods Corp.		580,730		2,734,187
Manila Electric Co.		207,490		1,366,233
Manila Water Co. Inc.		2,435,500		1,194,458
Megaworld Corp.		8,590,500		523,509
Metro Pacific Investments Corp.		19,613,300		1,487,158
Metropolitan Bank & Trust Co.		2,025,967		2,346,833
PLDT Inc.		97,785		3,518,150
SM Investments Corp.		302,345		5,628,748

112 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
SM Prime Holdings Inc.		11,980,300	$	8,284,913
Universal Robina Corp.		1,046,470		2,607,194
				69,857,159
Poland — 0.2%
Alior Bank SA(a)		132,639		1,833,127
Allegro.eu SA(a)(b)(c)		349,444		3,238,774
Asseco Poland SA		110,554		2,222,865
Bank Millennium SA(a)(b)		855,678		1,729,662
Bank Polska Kasa Opieki SA		187,581		6,250,448
CCC SA(a)(b)		50,517		956,219
CD Projekt SA		75,745		3,362,722
Cyfrowy Polsat SA		335,055		2,588,298
Dino Polska SA(a)(c)		58,973		4,537,774
Enea SA(a)		205,989		387,978
Eurocash SA		72,130		182,490
Grupa Azoty SA(a)		44,690		388,889
Grupa Lotos SA(a)		124,359		1,670,988
KGHM Polska Miedz SA		135,521		4,674,820
KRUK SA		18,900		1,522,542
LPP SA		949		3,711,955
mBank SA(a)		16,695		1,912,002
Orange Polska SA(a)		659,158		1,276,076
PGE Polska Grupa Energetyczna SA(a)		966,751		1,821,193
Polski Koncern Naftowy ORLEN SA		313,700		5,482,678
Polskie Gornictwo Naftowe i Gazownictwo SA		1,995,953		2,606,502
Powszechna Kasa Oszczednosci Bank Polski SA(a)		956,261		11,194,290
Powszechny Zaklad Ubezpieczen SA		649,249		5,780,699
Santander Bank Polska SA		34,929		2,996,665
Tauron Polska Energia SA(a)(b)		1,087,977		643,886
				72,973,542
Portugal — 0.1%
Altri SGPS SA		197,664		1,264,230
Banco Comercial Portugues SA, Class R(a)		14,206,354		2,414,146
CTT-Correios de Portugal SA		158,589		774,742
EDP - Energias de Portugal SA		2,740,364		14,028,226
Galp Energia SGPS SA		385,355		4,249,032
Jeronimo Martins SGPS SA		261,362		6,280,802
Navigator Co. SA (The)		412,724		1,557,015
NOS SGPS SA		592,819		2,333,674
REN - Redes Energeticas Nacionais SGPS SA		780,367		2,224,990
Sonae SGPS SA		2,044,311		2,348,915
				37,475,772
Qatar — 0.2%
Barwa Real Estate Co.		2,889,885		2,655,028
Commercial Bank PSQC (The)		2,884,463		5,636,719
Doha Bank QPSC		1,108,283		887,814
Industries Qatar QSC		1,955,224		8,993,651
Masraf Al Rayan QSC		3,940,967		5,284,306
Mesaieed Petrochemical Holding Co.		4,898,544		3,260,028
Ooredoo QPSC		996,579		1,980,166
Qatar Aluminum Manufacturing Co.		4,417,010		2,377,002
Qatar Electricity & Water Co. QSC		809,826		3,954,567
Qatar Fuel QSC		159,780		829,720
Qatar Gas Transport Co. Ltd.		2,652,544		2,617,129
Qatar Insurance Co. SAQ(a)		2,181,459		1,562,082
Qatar International Islamic Bank QSC		798,325		2,181,901
Qatar Islamic Bank SAQ		1,391,627		7,454,771
Qatar National Bank QPSC		4,249,251		25,364,156
Qatar Navigation QSC		379,181		906,590

Security	Shares		Value
Qatar (continued)
United Development Co. QSC		1,404,772	$	639,718
Vodafone Qatar QSC		3,479,199		1,678,338
				78,263,686
Russia — 0.8%
Aeroflot PJSC(a)		2,248,580		1,668,169
Alrosa PJSC		2,008,230		2,954,313
Detsky Mir PJSC(c)		1,459,210		1,933,565
Gazprom PJSC		12,460,440		53,838,130
Inter RAO UES PJSC		41,474,100		2,081,758
LUKOIL PJSC		449,912		39,943,619
Magnit PJSC, GDR(e)		298,238		3,928,187
MMC Norilsk Nickel PJSC		67,010		18,794,223
Mobile TeleSystems PJSC		539,906		4,124,882
Moscow Exchange MICEX-RTS PJSC		1,165,970		2,197,237
Novatek PJSC, GDR(e)		97,022		20,491,588
Novolipetsk Steel PJSC		1,277,300		3,528,719
Ozon Holdings PLC, ADR(a)		43,254		849,228
PhosAgro PJSC, GDR(e)		163,187		3,273,587
Polymetal International PLC		318,811		4,579,438
Polyus PJSC		29,956		4,728,128
Rosneft Oil Co. PJSC		1,203,679		8,976,804
Rostelecom PJSC		1,886,690		1,817,833
Sberbank of Russia PJSC		10,330,470		35,601,082
Severstal PAO		165,788		3,230,647
Sistema PJSFC, GDR(e)		268,689		1,410,641
Surgutneftegas PJSC		7,375,600		3,476,806
Tatneft PJSC		1,491,585		9,602,517
TCS Group Holding PLC, GDR(e)		134,948		9,716,837
Unipro PJSC		16,577,000		517,977
United Co. RUSAL International PJSC(a)		2,395,510		2,257,146
VK Co. Ltd.(a)		113,735		901,895
VTB Bank PJSC		3,435,870,000		1,941,490
X5 Retail Group NV, GDR(e)		128,602		2,894,539
Yandex NV, Class A(a)		338,783		16,260,962
				267,521,947
Saudi Arabia — 1.0%
Abdullah Al Othaim Markets Co.		68,484		1,934,834
Advanced Petrochemical Co.		148,337		2,976,070
Al Rajhi Bank		1,269,921		50,431,834
Aldrees Petroleum and Transport Services Co.		110,874		2,310,922
Alinma Bank		1,136,012		9,108,128
Almarai Co. JSC		207,136		2,718,740
Arab National Bank		555,015		4,107,375
Arriyadh Development Co.		238,593		1,726,486
Bank AlBilad(a)		468,731		6,967,343
Bank Al-Jazira		503,037		3,123,555
Banque Saudi Fransi		626,087		8,780,939
Bupa Arabia for Cooperative Insurance Co.		50,574		2,008,300
City Cement Co.		193,932		1,217,948
Co for Cooperative Insurance (The)		101,251		2,109,139
Dar Al Arkan Real Estate Development Co.(a)		795,111		2,190,799
Dr Sulaiman Al Habib Medical Services Group Co.		64,507		2,849,949
Emaar Economic City(a)		553,305		1,910,277
Etihad Etisalat Co.		435,502		3,789,891
Jarir Marketing Co.		62,598		3,368,567
Leejam Sports Co. JSC		43,724		1,388,599
Mobile Telecommunications Co.(a)		648,653		2,323,664
Mouwasat Medical Services Co.		75,407		3,986,356
National Gas & Industrialization Co.		139,994		2,022,168

S C H E D U L E   O F   I N V E S T M E N T S 113

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
National Industrialization Co.(a)		501,844	$	3,062,608
Rabigh Refining & Petrochemical Co.(a)		347,943		2,270,750
Riyad Bank		1,502,457		13,615,378
SABIC Agri-Nutrients Co.		212,943		9,654,319
Sahara International Petrochemical Co.		453,718		5,248,374
Saudi Airlines Catering Co.(a)		90,680		2,023,680
Saudi Arabian Mining Co.(a)		460,492		11,348,687
Saudi Arabian Oil Co.(c)		1,925,985		19,223,310
Saudi Basic Industries Corp.		924,123		30,933,656
Saudi British Bank (The)		753,984		8,097,837
Saudi Cement Co.		99,096		1,484,154
Saudi Chemical Co. Holding		148,117		1,380,875
Saudi Electricity Co.		960,526		6,754,127
Saudi Ground Services Co.(a)		158,905		1,442,909
Saudi Industrial Investment Group		336,813		3,080,021
Saudi Kayan Petrochemical Co.(a)		861,258		4,543,200
Saudi National Bank (The)		2,274,453		44,738,567
Saudi Public Transport Co.(a)		216,184		1,385,449
Saudi Research & Media Group(a)		44,077		2,839,220
Saudi Telecom Co.		629,208		19,795,535
Saudia Dairy & Foodstuff Co.		30,032		1,307,610
Savola Group (The)		229,063		2,088,147
Southern Province Cement Co.		85,723		1,597,068
United Electronics Co.		60,048		2,241,190
United International Transportation Co.		116,993		1,571,444
Yamama Cement Co.(a)		187,183		1,351,506
Yanbu Cement Co.		146,153		1,524,695
Yanbu National Petrochemical Co.		253,973		4,618,067
				332,574,266
Singapore — 0.9%
ARA LOGOS Logistics Trust		5,721,943		3,500,582
Ascendas REIT		3,022,548		6,198,766
Ascott Residence Trust		2,477,972		1,877,545
Best World International Ltd.(a)(b)(d)		171,200		65,326
CapitaLand China Trust(b)		2,065,241		1,810,232
CapitaLand Integrated Commercial Trust		4,827,328		6,959,539
Capitaland Investment Ltd/Singapore(a)		2,430,000		6,235,066
CDL Hospitality Trusts(b)		2,125,400		1,788,506
City Developments Ltd.		204,700		1,075,284
ComfortDelGro Corp. Ltd.		2,010,500		2,030,064
DBS Group Holdings Ltd.		1,914,300		50,282,665
ESR-REIT		5,676,862		1,785,903
First Resources Ltd.		1,054,700		1,293,721
Frasers Centrepoint Trust		1,766,262		2,965,233
Frasers Hospitality Trust(b)		1,337,400		440,537
Frasers Logistics & Commercial Trust		2,689,813		2,736,475
Genting Singapore Ltd.		5,282,200		2,886,417
Golden Agri-Resources Ltd.		8,456,900		1,545,272
Hutchison Port Holdings Trust, Class U		7,306,500		1,725,846
Kenon Holdings Ltd./Singapore		54,005		3,036,097
Keppel Corp. Ltd.		1,425,200		6,008,943
Keppel DC REIT(b)		1,578,263		2,505,324
Keppel Infrastructure Trust		10,478,235		4,343,471
Keppel REIT		2,392,260		1,993,829
Manulife US Real Estate Investment Trust		2,112,918		1,365,909
Mapletree Commercial Trust		2,140,993		2,865,751
Mapletree Industrial Trust		1,746,760		3,253,879
Mapletree Logistics Trust		3,587,156		4,514,514
Mapletree North Asia Commercial Trust(b)		2,345,600		1,881,442
NetLink NBN Trust(b)		5,254,700		3,772,944

Security	Shares		Value
Singapore (continued)
OUE Commercial Real Estate Investment Trust(b)		4,964,880	$	1,506,792
Oversea-Chinese Banking Corp. Ltd.		3,392,850		31,581,538
Parkway Life REIT		1,081,600		3,846,698
Raffles Medical Group Ltd.		1,434,600		1,359,257
SATS Ltd.(a)		950,200		2,763,562
Sea Ltd., ADR(a)		144,626		21,738,734
Sembcorp Industries Ltd.(b)		1,125,500		1,911,425
Sembcorp Marine Ltd.(a)(b)		14,607,523		891,070
Sheng Siong Group Ltd.(b)		1,917,900		2,119,435
SIA Engineering Co. Ltd.(a)(b)		379,900		604,816
Singapore Airlines Ltd.(a)(b)		1,240,100		4,625,703
Singapore Exchange Ltd.		417,400		2,889,146
Singapore Post Ltd.		2,364,000		1,115,533
Singapore Press Holdings Ltd.		1,627,600		2,807,534
Singapore Technologies Engineering Ltd.		1,652,000		4,591,664
Singapore Telecommunications Ltd.		8,667,200		15,715,582
SPH REIT(b)		714,400		508,996
Starhill Global REIT(b)		3,636,800		1,674,573
StarHub Ltd.		836,100		799,474
Suntec REIT		1,617,100		1,826,320
United Overseas Bank Ltd.		1,114,700		24,912,049
UOL Group Ltd.		300,600		1,630,146
Venture Corp. Ltd.		229,700		3,009,469
Wilmar International Ltd.		2,009,700		6,393,222
Yangzijiang Shipbuilding Holdings Ltd.		2,067,700		1,983,858
Yanlord Land Group Ltd.		925,900		791,577
				276,343,255
South Africa — 1.0%
Absa Group Ltd.		765,297		8,458,598
Adcock Ingram Holdings Ltd.		117,088		387,495
AECI Ltd.		211,873		1,570,507
African Rainbow Minerals Ltd.		200,114		2,965,906
Anglo American Platinum Ltd.		59,187		7,171,344
AngloGold Ashanti Ltd.		424,363		7,955,486
Aspen Pharmacare Holdings Ltd.		433,572		5,837,002
AVI Ltd.		418,987		2,084,477
Barloworld Ltd.		272,030		2,354,290
Bid Corp. Ltd.		385,147		8,302,837
Bidvest Group Ltd. (The)		278,352		3,412,802
Capitec Bank Holdings Ltd.		86,743		11,389,576
Clicks Group Ltd.		278,224		5,342,190
Coronation Fund Managers Ltd.		234,318		779,027
Dis-Chem Pharmacies Ltd.(c)		329,518		764,302
Discovery Ltd.(a)		438,909		4,435,472
Distell Group Holdings Ltd.(a)		189,157		2,081,520
Exxaro Resources Ltd.		292,058		3,155,442
FirstRand Ltd.		5,172,493		20,850,838
Foschini Group Ltd. (The)		370,304		3,092,773
Gold Fields Ltd.		953,770		10,220,571
Growthpoint Properties Ltd.		2,971,167		2,820,386
Harmony Gold Mining Co. Ltd.		624,073		2,279,399
Impala Platinum Holdings Ltd.		872,373		13,449,251
Imperial Logistics Ltd.		115,817		486,024
Investec Ltd.		389,209		2,195,979
JSE Ltd.		168,477		1,281,035
Kumba Iron Ore Ltd.		72,961		2,603,049
Liberty Holdings Ltd.(a)		116,545		743,098
Life Healthcare Group Holdings Ltd.		1,589,340		2,336,961
Massmart Holdings Ltd.(a)		157,695		567,066
Momentum Metropolitan Holdings		1,201,919		1,573,022

114 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Motus Holdings Ltd.		263,126	$	2,002,976
Mr. Price Group Ltd.		263,446		3,494,045
MTN Group Ltd.(a)		1,829,328		23,005,487
MultiChoice Group		391,156		3,208,086
Naspers Ltd., Class N		223,810		36,178,460
Nedbank Group Ltd.		437,751		5,426,176
NEPI Rockcastle PLC		450,393		3,062,788
Netcare Ltd.		1,446,608		1,394,843
Ninety One Ltd.		180,180		619,317
Northam Platinum Holdings Ltd.(a)		404,651		5,343,394
Oceana Group Ltd.		81,738		303,978
Old Mutual Ltd.		3,919,564		3,532,006
Pick n Pay Stores Ltd.		770,573		2,556,879
PSG Group Ltd.(a)		198,601		1,087,331
Rand Merchant Investment Holdings Ltd.		1,002,943		3,167,394
Redefine Properties Ltd.		6,807,959		1,811,617
Reinet Investments SCA		176,333		3,493,275
Remgro Ltd.		489,266		4,222,585
Resilient REIT Ltd.(b)		425,861		1,668,533
Reunert Ltd.		306,657		952,891
Sanlam Ltd.		1,959,725		8,051,644
Sappi Ltd.(a)		780,005		2,187,146
Sasol Ltd.(a)		560,089		12,608,943
Shoprite Holdings Ltd.		547,784		7,484,718
Sibanye Stillwater Ltd.		2,801,800		10,443,351
SPAR Group Ltd. (The)		204,306		2,234,233
Standard Bank Group Ltd.		1,283,078		12,523,080
Steinhoff International Holdings NV(a)(b)		3,583,571		1,130,795
Super Group Ltd./South Africa		616,922		1,341,161
Telkom SA SOC Ltd.(a)		516,144		1,665,631
Thungela Resources Ltd.(a)(b)		181,653		1,110,246
Tiger Brands Ltd.		162,306		1,935,317
Truworths International Ltd.		547,288		2,031,054
Vodacom Group Ltd.		653,243		6,240,447
Vukile Property Fund Ltd.		832,518		644,228
Wilson Bayly Holmes-Ovcon Ltd.		62,512		450,762
Woolworths Holdings Ltd.		939,641		3,246,464
				324,809,006
South Korea — 3.3%
ABLBio Inc.(a)(b)		59,502		1,403,373
Aekyung Industrial Co. Ltd.		40,785		553,288
AfreecaTV Co. Ltd.		20,272		2,659,404
Alteogen Inc.(a)		43,552		1,768,641
Amicogen Inc.(a)		26,049		574,072
Amorepacific Corp.		34,232		4,464,581
AMOREPACIFIC Group		34,009		1,170,278
Asiana Airlines Inc.(a)		37,105		559,796
BGF retail Co. Ltd.		9,614		1,302,331
BH Co. Ltd.(a)(b)		33,361		607,250
Binggrae Co. Ltd.		18,917		841,464
BNK Financial Group Inc.		301,104		2,030,809
Bukwang Pharmaceutical Co. Ltd.(a)		61,586		552,148
Cafe24 Corp.(a)(b)		26,001		463,430
Celltrion Healthcare Co. Ltd.		92,569		4,890,828
Celltrion Inc.		103,736		13,184,239
Celltrion Pharm Inc.(a)		16,668		1,158,400
Chabiotech Co. Ltd.(a)		59,178		834,939
Cheil Worldwide Inc.		98,255		1,809,083
Chunbo Co. Ltd.		8,803		1,927,797
CJ CGV Co. Ltd.(a)		53,410		970,280

Security	Shares		Value
South Korea (continued)
CJ CheilJedang Corp.		7,411	$	2,149,596
CJ Corp.		15,435		1,031,686
CJ ENM Co. Ltd.		11,232		1,164,503
CJ Logistics Corp.(a)		9,644		936,519
CMG Pharmaceutical Co. Ltd.(a)		341,562		927,378
Com2uSCorp.(a)(b)		14,894		1,524,501
Cosmax Inc.(a)		27,144		1,644,751
Coway Co. Ltd.		56,805		3,272,644
Daejoo Electronic Materials Co. Ltd.(b)		19,467		1,461,333
Daesang Corp.		32,498		604,500
Daewoo Engineering & Construction Co. Ltd.(a)(b)		241,803		1,158,170
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(b)		48,887		820,764
Daewoong Pharmaceutical Co. Ltd.(b)		7,177		790,627
DB HiTek Co. Ltd.		52,592		3,359,708
DB Insurance Co. Ltd.		49,660		2,487,472
Dentium Co. Ltd.		14,232		671,772
DGB Financial Group Inc.		216,776		1,676,069
DL E&C Co. Ltd.(a)		17,421		1,714,872
DL Holdings Co. Ltd.		11,911		562,834
Dong-A Socio Holdings Co. Ltd.		10,997		915,151
Dong-A ST Co. Ltd.		15,832		866,103
Dongjin Semichem Co. Ltd.(a)		72,158		2,391,270
Dongkuk Steel Mill Co. Ltd.		73,969		922,653
Dongwon Industries Co. Ltd.		2,218		407,427
Doosan Bobcat Inc.(a)		46,869		1,469,775
Doosan Fuel Cell Co. Ltd.(a)(b)		61,543		1,803,334
Doosan Heavy Industries & Construction Co. Ltd.(a)(b)		308,395		4,637,666
DoubleUGames Co. Ltd.		11,799		498,364
Douzone Bizon Co. Ltd.		21,934		972,226
Ecopro BM Co. Ltd.		12,896		3,664,172
Ecopro Co. Ltd.		24,554		1,375,245
Ecopro HN Co. Ltd.(b)		25,324		1,037,083
E-MART Inc.(a)		19,863		2,210,781
Enzychem Lifesciences Corp.(a)(b)		12,643		494,861
Eo Technics Co Ltd.(b)		16,571		1,495,324
F&F Co. Ltd./New(a)		3,631		2,505,310
Fila Holdings Corp.		58,336		1,441,207
Foosung Co. Ltd.(a)		101,873		1,663,071
GC Cell Corp.		10,828		634,669
GemVax & Kael Co. Ltd.(a)(b)		58,085		721,911
Genexine Inc.(a)		36,374		1,476,238
Grand Korea Leisure Co. Ltd.(a)(b)		68,112		765,911
Green Cross Corp.		8,630		1,277,733
Green Cross Holdings Corp.		32,860		610,247
GS Engineering & Construction Corp.		66,384		2,209,162
GS Holdings Corp.		55,563		1,793,956
GS Retail Co. Ltd.		35,361		802,889
Halla Holdings Corp.		16,082		545,402
Hana Financial Group Inc.		329,462		12,413,595
Hana Tour Service Inc.(a)		29,654		1,722,793
Hanall Biopharma Co. Ltd.(a)		53,421		790,750
Handsome Co. Ltd.		31,148		879,812
Hanjin Transportation Co. Ltd.		11,802		273,995
Hankook Tire & Technology Co. Ltd.		88,211		2,490,829
Hanmi Pharm Co. Ltd.		7,648		1,578,530
Hanon Systems		232,421		2,085,577
Hansol Chemical Co. Ltd.(b)		10,734		1,929,608
Hanssem Co. Ltd.		11,175		682,421

S C H E D U L E   O F   I N V E S T M E N T S 115

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hanwha Aerospace Co. Ltd.		46,953	$	1,903,422
Hanwha Corp.		59,284		1,478,894
Hanwha Life Insurance Co. Ltd.		535,368		1,316,359
Hanwha Solutions Corp.(a)		131,743		3,595,475
HDC Hyundai Development Co-Engineering & Construction, Class E		58,390		719,511
Helixmith Co. Ltd.(a)		55,049		948,752
HLB Inc.(a)		105,419		2,827,092
HLB Life Science Co. Ltd.(a)(b)		99,405		937,951
HMM Co. Ltd.(a)		293,296		5,460,595
Hotel Shilla Co. Ltd.		35,191		2,134,409
Huchems Fine Chemical Corp.		32,323		577,452
Hugel Inc.(a)		13,390		1,531,669
HYBE Co. Ltd.(a)		16,480		3,336,468
Hyosung Advanced Materials Corp.(a)(b)		4,159		1,508,919
Hyosung Chemical Corp.(a)		4,307		864,168
Hyosung Corp.		11,840		816,691
Hyosung TNC Corp.(b)		2,777		986,470
Hyundai Bioscience Co. Ltd.(a)(b)		76,939		1,857,258
Hyundai Department Store Co. Ltd.		18,824		1,133,658
Hyundai Doosan Infracore Co. Ltd.(a)		120,330		593,708
Hyundai Elevator Co. Ltd.		50,891		1,553,232
Hyundai Engineering & Construction Co. Ltd.		74,163		2,655,941
Hyundai Glovis Co. Ltd.		19,609		2,682,727
Hyundai Greenfood Co. Ltd.		149,794		962,404
Hyundai Heavy Industries Holdings Co. Ltd.		48,995		1,975,480
Hyundai Home Shopping Network Corp.		14,577		733,814
Hyundai Marine & Fire Insurance Co. Ltd.		77,111		1,640,619
Hyundai Mipo Dockyard Co. Ltd.(a)		30,960		1,798,570
Hyundai Mobis Co. Ltd.		71,151		13,967,113
Hyundai Motor Co.		147,471		23,769,215
Hyundai Rotem Co. Ltd.(a)(b)		96,421		1,524,775
Hyundai Steel Co.		88,557		2,924,868
Hyundai Wia Corp.(b)		17,241		987,464
Iljin Materials Co. Ltd.		26,844		2,169,532
Industrial Bank of Korea(a)		143,068		1,242,160
iNtRON Biotechnology Inc.(a)		58,072		865,288
JB Financial Group Co. Ltd.		354,478		2,417,873
JW Pharmaceutical Corp.		46,061		746,217
JYP Entertainment Corp.		54,027		1,892,550
Kakao Corp.(a)		332,879		24,044,405
Kakao Games Corp.(a)		30,957		1,739,684
KakaoBank Corp.(a)(b)		54,485		1,892,858
Kangwon Land Inc.(a)(b)		96,828		2,035,893
KB Financial Group Inc.		426,759		21,150,037
KCC Corp.(b)		8,286		2,684,283
KEPCO Engineering & Construction Co. Inc.(b)		21,843		1,300,204
KEPCO Plant Service & Engineering Co. Ltd.		19,211		524,091
Kia Corp.		283,132		19,741,580
KIWOOM Securities Co. Ltd.		19,699		1,483,912
KMW Co. Ltd.(a)(b)		36,189		987,612
Koh Young Technology Inc.		55,556		956,744
Kolmar Korea Co. Ltd.		43,469		1,273,460
Kolon Industries Inc.(a)		18,617		968,069
Komipharm International Co. Ltd.(a)		63,769		490,867
Korea Aerospace Industries Ltd.		76,484		2,299,496
Korea Electric Power Corp.(a)		252,044		4,333,693
Korea Investment Holdings Co. Ltd.		45,021		2,760,659
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		39,408		2,664,072

Security	Shares		Value
South Korea (continued)
Korea Zinc Co. Ltd.		7,077	$	3,010,399
Korean Air Lines Co. Ltd.(a)		167,769		4,051,205
Korean Reinsurance Co.		162,684		1,384,026
Krafton Inc.(a)(b)		20,041		4,643,460
KT Skylife Co. Ltd.		44,754		304,551
KT&G Corp.(a)		107,712		6,957,747
Kuk-Il Paper Manufacturing Co. Ltd.(a)(b)		148,233		442,690
Kumho Petrochemical Co. Ltd.		20,517		2,547,053
Kumho Tire Co. Inc.(a)		122,540		414,845
L&F Co. Ltd.(a)(b)		25,299		3,739,062
LegoChem Biosciences Inc.(a)		31,177		1,189,233
LF Corp.		66,715		879,774
LG Chem Ltd.		48,728		26,121,147
LG Corp.		95,100		5,881,124
LG Display Co. Ltd.		239,222		4,023,130
LG Electronics Inc.		117,283		12,741,916
LG Household & Health Care Ltd.		9,639		7,840,822
LG Innotek Co. Ltd.		15,669		4,710,877
LG Uplus Corp.		193,763		2,111,365
LIG Nex1 Co. Ltd.		16,718		820,085
Lotte Chemical Corp.		16,373		2,692,422
Lotte Chilsung Beverage Co. Ltd.(b)		4,559		565,321
Lotte Confectionery Co. Ltd.		4,048		395,308
LOTTE Fine Chemical Co. Ltd.		36,595		2,103,879
Lotte Food Co. Ltd.		1		265
Lotte Shopping Co. Ltd.		11,208		753,322
LS Corp.		25,226		1,062,837
LS Electric Co. Ltd.		19,902		821,588
Lx Hausys Ltd.		9,433		439,695
LX Holdings Corp.(a)		54,063		427,991
Lx International Corp.		35,874		735,684
Mando Corp.(a)		46,427		2,044,644
Meritz Fire & Marine Insurance Co. Ltd.		94,340		3,633,752
Meritz Securities Co. Ltd.		296,366		1,510,409
Mezzion Pharma Co. Ltd.(a)		10,419		1,608,771
Mirae Asset Securities Co. Ltd.		337,781		2,419,595
Naturecell Co. Ltd.(a)		75,648		952,855
NAVER Corp.		132,293		34,943,949
NCSoft Corp.		17,185		7,742,952
NEPES Corp.(a)		40,114		1,067,951
Netmarble Corp.(c)		24,387		2,257,984
Nexen Tire Corp.(b)		40,745		213,762
NH Investment & Securities Co. Ltd.		201,394		1,931,046
NHN Corp.(a)		32,416		934,903
NHN KCP Corp.(a)		60,399		1,227,404
NongShim Co. Ltd.		5,144		1,388,382
OCI Co. Ltd.(a)		29,258		2,202,001
Orion Corp./Republic of Korea		26,155		2,140,164
Oscotec Inc.(a)(b)		36,382		1,000,639
Osstem Implant Co. Ltd.(a)(d)		22,143		2,227,254
Pan Ocean Co. Ltd.		348,634		1,455,174
Paradise Co. Ltd.(a)		57,062		727,354
Pearl Abyss Corp.(a)		37,561		2,996,550
Pharmicell Co. Ltd.(a)		69,306		594,784
PI Advanced Materials Co. Ltd.(a)		22,799		788,911
Poongsan Corp.		24,389		611,506
POSCO		76,403		17,090,848
POSCO Chemical Co. Ltd.		36,075		3,391,324
Posco International Corp.		38,078		658,501
RFHIC Corp.		44,180		1,137,741

116 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
S-1 Corp.		19,443	$	1,089,002
Sam Chun Dang Pharm Co. Ltd.(a)		26,004		762,478
Samsung Biologics Co. Ltd.(a)(c)		17,878		11,067,896
Samsung C&T Corp.		92,236		8,344,369
Samsung Electro-Mechanics Co. Ltd.		61,179		9,307,648
Samsung Electronics Co. Ltd.		4,913,644		305,624,128
Samsung Engineering Co. Ltd.(a)		162,839		2,979,724
Samsung Fire & Marine Insurance Co. Ltd.		33,424		5,586,865
Samsung Heavy Industries Co. Ltd.(a)		625,081		2,716,970
Samsung Life Insurance Co. Ltd.		72,821		3,688,301
Samsung SDI Co. Ltd.		58,915		29,238,556
Samsung SDS Co. Ltd.		37,959		4,505,917
Samsung Securities Co. Ltd.		71,848		2,425,968
Samwha Capacitor Co. Ltd.		16,382		902,391
Sangsangin Co. Ltd.(b)		66,343		512,969
Seah Besteel Corp.		20,779		264,409
Seegene Inc.(b)		41,516		1,873,472
Seojin System Co. Ltd.(a)		25,014		828,639
Seoul Semiconductor Co. Ltd.		71,763		906,824
SFA Engineering Corp.		35,945		1,028,724
Shin Poong Pharmaceutical Co. Ltd.(b)		42,299		856,034
Shinhan Financial Group Co. Ltd.		454,625		14,561,259
Shinsegae Inc.(a)		8,190		1,607,509
Shinsegae International Inc.(a)		3,210		323,563
SillaJen Inc.(a)(b)(d)		58,324		351,250
SK Biopharmaceuticals Co. Ltd.(a)		28,890		1,844,214
SK Bioscience Co. Ltd.(a)(b)		23,054		3,155,462
SK Chemicals Co. Ltd.		16,605		1,757,779
SK Hynix Inc.		567,456		58,736,094
SK IE Technology Co. Ltd.(a)(b)(c)		17,761		1,743,688
SK Inc.		43,370		8,028,622
SK Innovation Co. Ltd.(a)		53,872		9,887,019
SK Networks Co. Ltd.		125,091		473,727
SK Square Co. Ltd.(a)		32,963		1,503,911
SK Telecom Co. Ltd.		50,991		2,426,922
SKC Co. Ltd.		27,783		3,344,793
SM Entertainment Co. Ltd.(a)(b)		36,684		1,835,989
S-Oil Corp.		47,862		3,633,368
Soulbrain Co. Ltd./New		9,004		1,865,362
Soulbrain Holdings Co. Ltd.(a)(b)		10,700		262,255
Tongyang Life Insurance Co. Ltd.		107,258		535,177
Webzen Inc.(a)(b)		32,447		606,973
Wemade Co. Ltd.(a)(b)		19,507		1,964,723
Woori Financial Group Inc.		394,920		4,858,451
Wysiwyg Studious Co. Ltd.(a)		52,029		1,400,701
Y2 Solution Co. Ltd.(a)(b)(d)		49,383		59,972
YG Entertainment Inc.(a)(b)		16,039		672,390
Youngone Corp.(a)		21,168		824,564
Youngone Holdings Co. Ltd.		21,700		887,411
Yuhan Corp.		60,747		2,880,052
Yungjin Pharmaceutical Co. Ltd.(a)		195,039		768,598
				1,064,540,578
Spain — 1.5%
Acciona SA		30,526		5,317,170
Acerinox SA		160,921		2,050,653
ACS Actividades de Construccion y Servicios SA		225,635		5,696,516
Aena SME SA(a)(c)		74,066		11,967,777
Almirall SA		110,047		1,416,437
Amadeus IT Group SA(a)		470,225		32,332,766
Applus Services SA		218,985		1,923,867

Security	Shares		Value
Spain (continued)
Atresmedia Corp. de Medios de Comunicacion SA		87,206	$	339,128
Banco Bilbao Vizcaya Argentaria SA		6,884,341		43,953,971
Banco de Sabadell SA(a)		5,911,422		4,597,629
Banco Santander SA		17,267,634		60,550,719
Bankinter SA		715,881		4,198,076
Befesa SA(c)		43,698		3,084,954
CaixaBank SA		4,548,676		14,634,818
Cellnex Telecom SA(c)		569,569		25,827,440
Cia. de Distribucion Integral Logista Holdings SA		62,790		1,270,368
Cie. Automotive SA		97,998		2,846,558
Construcciones y Auxiliar de Ferrocarriles SA		39,343		1,557,034
Corp Financiera Alba SA		60,844		3,580,506
Ebro Foods SA		75,709		1,401,711
EDP Renovaveis SA		307,244		6,458,717
Enagas SA		107,612		2,326,793
Ence Energia y Celulosa SA(a)		255,514		685,520
Endesa SA		280,026		6,269,384
Faes Farma SA		667,028		2,567,351
Ferrovial SA		481,744		13,386,971
Fluidra SA		70,501		2,244,901
Gestamp Automocion SA(c)		202,590		912,694
Global Dominion Access SA(c)		281,418		1,390,088
Grifols SA		261,306		4,607,954
Grupo Catalana Occidente SA		77,104		2,600,402
Iberdrola SA		5,825,011		66,784,101
Iberdrola SA		97,084		1,108,136
Indra Sistemas SA(a)		188,047		1,916,051
Industria de Diseno Textil SA		1,132,941		34,361,416
Inmobiliaria Colonial Socimi SA		323,137		2,853,443
Lar Espana Real Estate Socimi SA		82,120		496,449
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		713,307		1,280,457
Mapfre SA		597,232		1,297,063
Mediaset Espana Comunicacion SA(a)		240,569		1,126,460
Melia Hotels International SA(a)		184,510		1,398,253
Merlin Properties Socimi SA		379,221		4,286,896
Naturgy Energy Group SA(b)		253,204		8,017,019
Neinor Homes SA(c)		57,545		700,795
Pharma Mar SA		22,846		1,437,891
Prosegur Cia. de Seguridad SA		370,687		923,474
Red Electrica Corp. SA		286,554		5,776,418
Repsol SA		1,465,237		18,619,650
Sacyr SA		641,909		1,604,657
Siemens Gamesa Renewable Energy SA(a)(b)		264,266		5,718,153
Solaria Energia y Medio Ambiente SA(a)		144,571		2,526,335
Talgo SA(a)(b)(c)		204,530		1,088,641
Tecnicas Reunidas SA(a)(b)		61,803		554,155
Telefonica SA		4,961,143		23,126,708
Unicaja Banco SA(c)		1,789,443		1,834,324
Viscofan SA		42,575		2,580,477
Zardoya Otis SA		366,700		2,907,886
				466,324,181
Sweden — 2.5%
AAK AB		168,603		3,158,165
AddTech AB, Class B		269,442		4,984,367
AFRY AB		126,188		2,830,180
Alfa Laval AB		316,518		10,692,358
Alimak Group AB(c)		35,736		408,943
Arjo AB, Class B		322,385		3,221,892
Assa Abloy AB, Class B		1,032,972		28,284,932

S C H E D U L E   O F   I N V E S T M E N T S 117

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Atlas Copco AB, Class A		703,390	$	41,630,867
Atlas Copco AB, Class B		396,444		20,275,247
Attendo AB(a)(c)		108,927		383,906
Avanza Bank Holding AB		154,018		4,872,900
Axfood AB		100,723		2,565,761
Beijer Ref AB		251,701		4,393,187
Betsson AB, Class B		220,203		1,232,088
BHG Group AB(a)(b)		208,113		1,994,871
BICO Group AB, Class B(a)(b)		52,606		1,050,358
Bilia AB, Class A		109,583		1,644,624
BillerudKorsnas AB		203,108		3,229,413
BioGaia AB, Class B		31,576		1,716,736
Biotage AB		111,508		2,276,858
Boliden AB		273,896		11,090,742
Bonava AB, Class B		150,046		1,298,557
Bravida Holding AB(c)		245,035		2,931,957
Bure Equity AB		60,437		2,085,333
Castellum AB		312,586		7,362,572
Cellavision AB		20,139		657,265
Clas Ohlson AB, Class B		58,918		714,055
Cloetta AB, Class B		541,661		1,433,528
Corem Property Group AB, Class B		452,406		1,298,545
Dios Fastigheter AB		114,792		1,277,882
Dometic Group AB(c)		336,360		3,725,967
Dustin Group AB(b)(c)		133,818		1,374,133
Electrolux AB, Class B		255,971		5,326,036
Electrolux Professional AB, Class B(a)		327,253		2,285,307
Elekta AB, Class B		393,283		4,024,940
Embracer Group AB(a)(b)		585,276		5,872,266
Epiroc AB, Class A		717,833		15,317,929
Epiroc AB, Class B		432,216		7,822,611
EQT AB		314,466		12,322,834
Essity AB, Class B		595,849		16,797,210
Evolution AB(c)		182,685		22,729,141
Fabege AB		256,211		3,822,636
Fastighets AB Balder, Class B(a)(b)		114,996		7,618,351
Fingerprint Cards AB, Class B(a)(b)		555,963		1,112,746
Fortnox AB		736,880		3,789,214
Getinge AB, Class B		250,740		9,802,824
Granges AB		131,232		1,627,562
H & M Hennes & Mauritz AB, Class B		749,393		14,921,048
Hexagon AB, Class B		2,105,757		28,402,595
Hexatronic Group AB		44,072		1,787,050
Hexpol AB		313,320		3,738,447
Holmen AB, Class B		103,547		5,029,245
Hufvudstaden AB, Class A		131,963		1,884,682
Husqvarna AB, Class B		490,211		6,815,876
Industrivarden AB, Class A		140,081		4,428,228
Industrivarden AB, Class C		181,539		5,638,707
Indutrade AB		347,577		8,646,945
Instalco AB		313,245		2,277,074
Intrum AB(b)		81,543		2,454,896
Investment AB Latour, Class B		138,417		4,306,701
Investor AB		386,674		8,796,554
Investor AB, Class B		2,010,860		43,659,644
INVISIO AB		71,826		923,522
JM AB		87,584		3,317,356
Kambi Group PLC, Class B(a)		34,087		883,733
Karo Pharma AB(a)		140,809		904,524
Kindred Group PLC		255,479		2,968,014

Security	Shares		Value
Sweden (continued)
Kinnevik AB, Class B(a)		249,406	$	7,454,399
L E Lundbergforetagen AB, Class B		65,109		3,326,845
LeoVegas AB(c)		107,143		390,983
Lifco AB, Class B		258,076		6,049,364
Lindab International AB		134,271		3,898,060
Loomis AB		78,265		2,009,639
Lundin Energy AB		201,815		8,207,388
Mekonomen AB(a)		85,725		1,265,373
Millicom International Cellular SA, SDR(a)		106,969		2,855,413
MIPS AB		30,688		3,051,114
Modern Times Group MTG AB, Class B(a)		97,073		1,299,241
Mycronic AB		95,511		1,954,203
NCC AB, Class B		131,608		2,175,713
Nibe Industrier AB, Class B		1,518,073		14,428,612
Nobia AB		236,110		1,290,160
Nolato AB, Class B		288,626		2,957,639
Nordic Entertainment Group AB, Class B(a)		80,872		3,131,083
Nordnet AB publ		148,267		2,310,749
Nyfosa AB		283,435		4,412,183
Pandox AB(a)		103,227		1,500,740
Paradox Interactive AB(b)		47,197		978,219
Peab AB, Class B		198,498		2,231,128
Platzer Fastigheter Holding AB, Class B		85,347		1,125,787
PowerCell Sweden AB(a)		88,638		1,415,325
Ratos AB, Class B		372,316		1,954,374
Resurs Holding AB(c)		195,574		802,700
Saab AB, Class B		62,621		1,484,994
Sagax AB, Class B		169,346		4,943,241
Samhallsbyggnadsbolaget i Norden AB		1,072,843		6,470,447
Sandvik AB		1,157,616		30,485,261
SAS AB(a)(b)		4,183,882		706,940
Scandic Hotels Group AB(a)(b)(c)		454,647		1,918,191
Sectra AB(a)		95,853		1,578,870
Securitas AB, Class B		209,395		2,529,123
Sinch AB(a)(c)		573,757		5,898,755
Skandinaviska Enskilda Banken AB, Class A		1,683,405		21,761,107
Skanska AB, Class B		335,137		8,205,113
SKF AB, Class B		364,797		7,997,126
SSAB AB, Class A(a)		117,011		692,749
SSAB AB, Class B(a)		664,890		3,461,798
Stillfront Group AB(a)(b)		359,526		1,749,936
Subsea 7 SA		252,417		1,897,739
Svenska Cellulosa AB SCA, Class B		670,741		11,680,039
Svenska Handelsbanken AB, Class A		1,375,488		14,659,340
Sweco AB, Class B		210,659		2,961,360
Swedbank AB, Class A		901,582		17,651,359
Swedish Match AB		1,733,705		13,414,164
Tele2 AB, Class B		484,618		7,051,219
Telefonaktiebolaget LM Ericsson, Class B		2,906,568		36,291,680
Telia Co. AB		2,585,129		10,189,014
Thule Group AB(c)		143,558		6,929,034
Trelleborg AB, Class B		264,229		6,652,991
Vitrolife AB		86,536		3,558,568
Volvo AB, Class A		214,115		4,897,657
Volvo AB, Class B		1,418,837		32,018,070
Wallenstam AB, Class B		211,864		3,334,445
Wihlborgs Fastigheter AB		165,530		3,422,307
				807,123,708
Switzerland — 6.0%
ABB Ltd., Registered		1,750,503		60,693,051

118 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Adecco Group AG, Registered		153,852	$	7,328,465
Alcon Inc.		528,731		40,769,713
Allreal Holding AG, Registered		11,757		2,551,045
ALSO Holding AG, Registered(a)		8,119		2,284,853
Aryzta AG(a)		1,978,370		2,271,128
Ascom Holding AG, Registered(a)		90,374		1,183,493
Autoneum Holding AG(a)		5,233		950,597
Bachem Holding AG, Class B, Registered		6,071		3,621,420
Baloise Holding AG, Registered		48,898		8,565,777
Banque Cantonale Vaudoise, Registered		24,949		2,062,872
Barry Callebaut AG, Registered		2,938		6,744,554
Basilea Pharmaceutica AG, Registered(a)(b)		21,361		1,037,520
Belimo Holding AG, Registered		9,648		5,327,822
Bell Food Group AG, Registered		1,984		602,264
BKW AG		29,741		3,547,981
Bobst Group SA, Registered(a)		8,014		680,566
Bossard Holding AG, Class A, Registered		7,671		2,405,042
Bucher Industries AG, Registered		6,511		2,997,894
Burckhardt Compression Holding AG		5,201		2,459,928
Bystronic AG, Registered		1,235		1,623,159
Cembra Money Bank AG		34,804		2,393,785
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,071		12,429,333
Chocoladefabriken Lindt & Spruengli AG, Registered		94		10,823,720
Cie. Financiere Richemont SA, Class A, Registered		546,075		79,363,153
Clariant AG, Registered		209,536		4,441,133
Coca-Cola HBC AG, Class DI		215,484		7,136,963
Comet Holding AG, Registered		11,342		3,618,284
Credit Suisse Group AG, Registered		2,538,053		24,125,234
Daetwyler Holding AG, Bearer		6,713		2,635,893
DKSH Holding AG		38,429		3,081,174
dormakaba Holding AG		2,637		1,509,939
Dufry AG, Registered(a)		65,732		3,406,366
EFG International AG(a)		195,168		1,494,856
Emmi AG, Registered		1,546		1,735,137
EMS-Chemie Holding AG, Registered		7,252		7,335,263
Flughafen Zurich AG, Registered(a)		20,468		3,786,917
Forbo Holding AG, Registered		938		1,805,851
Galenica AG(c)		53,704		3,792,787
Geberit AG, Registered		39,327		26,719,948
Georg Fischer AG, Registered		3,948		5,773,229
Givaudan SA, Registered		9,564		39,622,930
Helvetia Holding AG, Registered		38,449		4,834,445
Holcim Ltd.		519,519		28,158,591
Huber + Suhner AG, Registered		28,819		2,623,744
Idorsia Ltd.(a)(b)		118,085		2,750,618
Implenia AG, Registered(a)		17,260		421,066
Inficon Holding AG, Registered		2,350		2,870,435
Interroll Holding AG, Registered		566		2,395,657
Julius Baer Group Ltd.		246,982		16,140,194
Kardex Holding AG, Registered		7,407		2,055,991
Komax Holding AG, Registered(a)		5,291		1,632,002
Kuehne + Nagel International AG, Registered		58,416		16,495,916
Landis+Gyr Group AG(a)		34,251		2,259,108
LEM Holding SA, Registered		539		1,348,641
Leonteq AG		14,114		1,014,629
Liechtensteinische Landesbank AG		11,280		680,464
Logitech International SA, Registered		184,866		15,534,202
Lonza Group AG, Registered		78,627		54,208,746

Security	Shares		Value
Switzerland (continued)
Medmix AG(a)(c)		24,133	$	1,044,214
Meyer Burger Technology AG(a)(b)		3,437,807		1,330,492
Mobilezone Holding AG, Registered		135,938		2,124,346
Mobimo Holding AG, Registered		10,885		3,561,961
Nestle SA, Registered		2,893,105		373,610,619
Novartis AG, Registered		2,224,408		193,277,677
OC Oerlikon Corp. AG, Registered		224,414		2,178,946
Partners Group Holding AG		24,119		33,626,653
PSP Swiss Property AG, Registered		49,708		6,027,294
Relief Therapeutics Holding AG(a)(b)		2,278,692		164,757
Roche Holding AG, Bearer		34,266		14,110,613
Roche Holding AG, NVS		720,418		278,801,154
Schindler Holding AG, Participation Certificates, NVS		41,317		10,369,903
Schindler Holding AG, Registered		24,497		6,145,631
Schweiter Technologies AG, Bearer		1,530		2,029,505
Sensirion Holding AG(a)(c)		12,928		1,585,067
SFS Group AG		18,897		2,757,033
SGS SA, Registered		5,832		16,630,367
Siegfried Holding AG, Registered		4,825		3,906,430
Siemens Energy AG(a)		385,061		8,661,121
SIG Combibloc Group AG(a)		361,210		8,392,313
Sika AG, Registered		146,864		51,383,907
Softwareone Holding AG(a)		101,558		1,995,370
Sonova Holding AG, Registered		59,177		21,081,213
St. Galler Kantonalbank AG, Class A, Registered		2,848		1,376,243
Stadler Rail AG(b)		30,810		1,466,143
Straumann Holding AG, Registered		10,910		18,078,781
Sulzer AG, Registered		24,133		2,309,900
Swatch Group AG (The), Bearer		28,329		8,264,197
Swatch Group AG (The), Registered		57,651		3,236,242
Swiss Life Holding AG, Registered		34,194		22,007,590
Swiss Prime Site AG, Registered		76,805		7,594,205
Swiss Re AG		307,217		33,473,703
Swisscom AG, Registered		24,214		13,840,115
Swissquote Group Holding SA, Registered		13,002		2,211,851
Tecan Group AG, Registered		12,525		6,089,809
Temenos AG, Registered		73,419		8,800,352
UBS Group AG, Registered		3,604,588		66,863,472
Valiant Holding AG, Registered		16,458		1,662,218
Valora Holding AG, Registered(a)(b)		3,788		736,291
VAT Group AG(c)		31,291		12,760,699
Vifor Pharma AG		52,115		9,232,017
Vontobel Holding AG, Registered		38,285		3,173,120
Zur Rose Group AG(a)		8,878		2,173,294
Zurich Insurance Group AG		152,645		73,011,361
				1,905,323,677
Taiwan — 4.8%
Accton Technology Corp.		584,000		5,639,487
Acer Inc.		2,305,148		2,390,622
Advanced Ceramic X Corp.		114,000		1,309,669
Advanced Energy Solution Holding Co. Ltd.		42,000		2,295,003
Advanced Wireless Semiconductor Co.		492,631		2,141,644
Advantech Co. Ltd.		348,738		4,833,614
Airtac International Group		128,185		4,500,451
Alchip Technologies Ltd.		67,000		2,324,410
AmTRAN Technology Co. Ltd.		2,455,514		1,463,805
AP Memory Technology Corp.		111,000		1,650,384
ASE Technology Holding Co. Ltd.		3,328,958		12,124,368
Asia Cement Corp.		2,001,329		3,206,488

S C H E D U L E   O F   I N V E S T M E N T S 119

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Asia Optical Co. Inc.		497,000	$	1,538,481
ASMedia Technology Inc.		40,000		2,306,416
ASPEED Technology Inc.		24,000		2,696,964
Asustek Computer Inc.		728,000		9,517,499
AU Optronics Corp.		8,266,000		6,145,170
AURAS Technology Co. Ltd.		211,000		1,695,705
BES Engineering Corp.		6,923,000		2,205,819
Bizlink Holding Inc.		150,000		1,634,060
Brighton-Best International Taiwan Inc.		692,000		982,704
Capital Securities Corp.		5,081,450		2,997,698
Career Technology MFG. Co. Ltd.		1,047,752		895,546
Catcher Technology Co. Ltd.		548,000		3,087,883
Cathay Financial Holding Co. Ltd.		7,739,020		17,951,017
Center Laboratories Inc.		735,559		1,533,522
Century Iron & Steel Industrial Co. Ltd.		466,000		1,812,919
Chailease Holding Co. Ltd.		1,278,697		11,728,638
Chang Hwa Commercial Bank Ltd.		4,963,817		3,177,208
Cheng Loong Corp.		1,506,000		1,869,764
Cheng Shin Rubber Industry Co. Ltd.		1,492,500		1,876,292
Cheng Uei Precision Industry Co. Ltd.		559,000		768,824
Chicony Electronics Co. Ltd.		497,137		1,595,143
China Airlines Ltd.(a)		2,684,000		2,338,898
China Bills Finance Corp.		4,772,000		2,976,656
China Development Financial Holding Corp.		18,020,340		12,020,825
China Man-Made Fiber Corp.		6,356,135		2,187,283
China Petrochemical Development Corp.(a)		6,659,587		2,963,859
China Steel Chemical Corp.		464,000		1,932,461
China Steel Corp.		11,557,575		14,144,252
Chin-Poon Industrial Co. Ltd.		797,000		1,002,141
Chipbond Technology Corp.		920,000		2,294,573
ChipMOS Technologies Inc.		1,633,000		2,778,955
Chlitina Holding Ltd.		150,000		1,139,931
Chroma ATE Inc.		337,000		2,626,886
Chunghwa Precision Test Tech Co. Ltd.		30,000		694,621
Chunghwa Telecom Co. Ltd.		3,723,000		15,822,824
Compal Electronics Inc.		3,329,000		3,044,328
Compeq Manufacturing Co. Ltd.		1,162,000		1,799,268
Coretronic Corp.		729,000		1,996,497
CTBC Financial Holding Co. Ltd.		19,382,980		19,485,888
CTCI Corp.		778,000		1,076,233
Cub Elecparts Inc.		128,547		840,060
Darfon Electronics Corp.		1,353,000		2,212,543
Delta Electronics Inc.		1,908,000		18,823,265
E Ink Holdings Inc.		1,094,000		5,962,843
E.Sun Financial Holding Co. Ltd.		11,434,997		12,024,933
Eclat Textile Co. Ltd.		188,365		4,178,777
Elan Microelectronics Corp.		408,000		2,422,252
Elite Material Co. Ltd.		347,000		3,383,422
Elite Semiconductor Microelectronics Technology Inc.		460,000		2,442,198
eMemory Technology Inc.		71,000		4,144,982
Ennoconn Corp.		95,273		737,657
ENNOSTAR Inc.(a)		746,500		2,473,649
Episil Holdings Inc.(a)		431,000		1,712,144
Eternal Materials Co. Ltd.		1,718,635		2,277,312
Eva Airways Corp.(a)		2,600,332		2,321,326
Evergreen Marine Corp. Taiwan Ltd.		2,603,477		11,045,847
Everlight Electronics Co. Ltd.		1,075,000		2,131,948
Far Eastern Department Stores Ltd.		1,094,702		828,469
Far Eastern International Bank		5,122,263		2,031,505

Security	Shares		Value
Taiwan (continued)
Far Eastern New Century Corp.		2,426,071	$	2,541,489
Far EasTone Telecommunications Co. Ltd.		1,512,000		3,543,910
Faraday Technology Corp.		362,400		2,724,392
Feng Hsin Steel Co. Ltd.		725,000		2,176,996
Feng TAY Enterprise Co. Ltd.		417,468		3,423,725
First Financial Holding Co. Ltd.		10,064,202		9,164,655
Fitipower Integrated Technology Inc.		225,000		1,762,340
FLEXium Interconnect Inc.		411,987		1,462,524
Formosa Chemicals & Fibre Corp.		3,330,660		9,547,571
Formosa Petrochemical Corp.		953,000		3,325,942
Formosa Plastics Corp.		3,940,040		15,107,967
Foxconn Technology Co. Ltd.		680,287		1,498,572
Fubon Financial Holding Co. Ltd.		7,457,741		20,579,742
Fulgent Sun International Holding Co. Ltd.		215,824		836,248
General Interface Solution Holding Ltd.		273,000		953,416
Genius Electronic Optical Co. Ltd.		102,281		1,785,442
Giant Manufacturing Co. Ltd.		268,000		3,104,057
Gigabyte Technology Co. Ltd.		561,000		2,894,786
Global Unichip Corp.		159,000		2,791,826
Globalwafers Co. Ltd.		224,000		6,392,743
Goldsun Building Materials Co. Ltd.		1,252,056		1,169,219
Gourmet Master Co. Ltd.		129,000		495,023
Grand Pacific Petrochemical		1,575,000		1,535,141
Grape King Bio Ltd.		196,000		1,103,260
Great Wall Enterprise Co. Ltd.		1,748,758		3,306,631
HannStar Display Corp.		3,434,000		2,046,153
Highwealth Construction Corp.		1,282,937		2,170,263
Hiwin Technologies Corp.		210,457		2,037,703
Holy Stone Enterprise Co. Ltd.		300,000		1,267,909
Hon Hai Precision Industry Co. Ltd.		12,890,769		48,197,641
Hota Industrial Manufacturing Co. Ltd.		367,194		1,103,984
Hotai Motor Co. Ltd.		266,000		5,825,393
HTC Corp.(a)		778,000		1,841,519
Hua Nan Financial Holdings Co. Ltd.		10,265,157		8,133,666
Huaku Development Co. Ltd.		416,000		1,364,587
IBF Financial Holdings Co. Ltd.		5,629,413		3,264,187
Innolux Corp.		9,396,414		5,901,997
International CSRC Investment Holdings Co.		1,720,921		1,551,563
International Games System Co. Ltd.		95,000		2,454,733
Inventec Corp.		2,636,000		2,417,889
ITEQ Corp.		417,101		1,917,296
Jentech Precision Industrial Co. Ltd.		170,000		2,452,592
Kenda Rubber Industrial Co. Ltd.		922,817		1,006,849
King Yuan Electronics Co. Ltd.		1,938,000		3,212,522
King’s Town Bank Co. Ltd.		1,245,000		1,832,126
Kinsus Interconnect Technology Corp.		322,000		2,434,986
LandMark Optoelectronics Corp.		97,000		692,476
Largan Precision Co. Ltd.		104,000		7,706,867
Lite-On Technology Corp.		1,913,074		4,418,444
Lotes Co. Ltd.		106,087		2,788,195
Macronix International Co. Ltd.		1,587,525		2,421,149
Makalot Industrial Co. Ltd.		293,866		2,475,311
MediaTek Inc.		1,557,970		61,881,306
Mega Financial Holding Co. Ltd.		10,619,941		14,213,496
Merida Industry Co. Ltd.		208,350		2,198,753
Merry Electronics Co. Ltd.		224,697		727,024
Microbio Co. Ltd.(a)		563,432		1,237,711
Micro-Star International Co. Ltd.		545,000		3,048,394
Mitac Holdings Corp.		2,645,198		3,127,148
momo.com Inc.		51,000		2,084,008

120 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Nan Kang Rubber Tire Co. Ltd.		798,000	$	1,318,762
Nan Ya Plastics Corp.		5,061,300		15,982,289
Nan Ya Printed Circuit Board Corp.		249,000		4,372,520
Nanya Technology Corp.		976,000		2,592,757
Nien Made Enterprise Co. Ltd.		155,000		2,186,272
Novatek Microelectronics Corp.		591,000		10,393,472
OBI Pharma Inc.(a)		309,877		1,335,415
Oneness Biotech Co. Ltd.(a)		249,000		2,139,606
Oriental Union Chemical Corp.(a)		1,621,000		1,205,121
Pan Jit International Inc.		525,000		1,780,977
Parade Technologies Ltd.		79,000		5,832,509
PChome Online Inc.		362,341		1,426,488
Pegatron Corp.		1,892,000		4,755,903
Phison Electronics Corp.		172,000		2,850,737
Pixart Imaging Inc.		234,000		1,182,018
Pou Chen Corp.		2,233,000		2,596,086
Powertech Technology Inc.		569,000		2,028,024
President Chain Store Corp.		542,000		5,176,706
Primax Electronics Ltd.		471,000		918,235
Prince Housing & Development Corp.		2,579,521		1,207,046
Qisda Corp.		3,235,000		3,502,322
Quanta Computer Inc.		2,620,000		8,867,882
Radiant Opto-Electronics Corp.		450,060		1,666,169
Realtek Semiconductor Corp.		471,020		9,137,854
RichWave Technology Corp.		157,400		1,283,968
Ruentex Development Co. Ltd.		1,749,163		4,072,944
Ruentex Industries Ltd.		609,399		2,108,893
Sercomm Corp.		378,000		1,066,839
Shanghai Commercial & Savings Bank Ltd. (The)		3,039,320		5,127,629
Shin Kong Financial Holding Co. Ltd.		11,232,422		4,527,893
Shin Zu Shing Co. Ltd.		257,190		858,502
Shinkong Synthetic Fibers Corp.		4,266,000		2,986,786
Simplo Technology Co. Ltd.		175,200		2,003,600
Sinbon Electronics Co. Ltd.		280,000		2,723,288
Sino-American Silicon Products Inc.		556,000		4,352,002
SinoPac Financial Holdings Co. Ltd.		10,498,968		6,281,681
Sitronix Technology Corp.		258,000		2,710,432
St. Shine Optical Co. Ltd.		67,000		704,110
Standard Foods Corp.		780,422		1,447,820
Synnex Technology International Corp.		1,338,600		3,296,547
TA Chen Stainless Pipe		1,632,477		2,636,582
Taichung Commercial Bank Co. Ltd.		2,640,074		1,269,898
TaiDoc Technology Corp.		141,000		947,976
TaiMed Biologics Inc.(a)		508,000		1,236,002
Tainan Spinning Co. Ltd.		2,527,816		2,239,681
Taishin Financial Holding Co. Ltd.		10,282,430		7,353,313
Taiwan Business Bank		7,127,630		2,658,540
Taiwan Cement Corp.		4,971,405		8,455,003
Taiwan Cooperative Financial Holding Co. Ltd.		9,693,568		9,300,596
Taiwan Fertilizer Co. Ltd.		1,249,000		3,036,475
Taiwan High Speed Rail Corp.		1,225,000		1,261,882
Taiwan Hon Chuan Enterprise Co. Ltd.		808,696		2,092,431
Taiwan Mobile Co. Ltd.		1,493,000		5,366,446
Taiwan Secom Co. Ltd.		485,105		1,781,514
Taiwan Semiconductor Co. Ltd.		522,000		1,314,921
Taiwan Semiconductor Manufacturing Co. Ltd.		25,420,000		587,760,896
Taiwan Surface Mounting Technology Corp.		379,000		1,819,761
Taiwan Union Technology Corp.		342,000		1,154,170
Tatung Co. Ltd.(a)		1,386,000		1,457,493
TCI Co. Ltd.		152,896		1,072,808

Security	Shares		Value
Taiwan (continued)
Teco Electric and Machinery Co. Ltd.		1,781,000	$	1,905,310
Tong Hsing Electronic Industries Ltd.		269,233		2,650,003
Transcend Information Inc.		714,000		1,817,680
Tripod Technology Corp.		429,000		2,002,795
TSRC Corp.		1,792,100		2,429,779
TTY Biopharm Co. Ltd.		407,965		995,403
Tung Ho Steel Enterprise Corp.		979,540		2,418,422
TXC Corp.		639,000		2,189,204
Unimicron Technology Corp.		1,252,000		9,385,922
Uni-President Enterprises Corp.		4,837,292		11,856,059
United Integrated Services Co. Ltd.		247,000		1,575,825
United Microelectronics Corp.		12,132,000		25,347,378
USI Corp.		2,079,258		2,101,425
Vanguard International Semiconductor Corp.		883,000		4,259,510
Visual Photonics Epitaxy Co. Ltd.		409,000		1,929,867
Voltronic Power Technology Corp.		64,788		3,338,870
Wafer Works Corp.		1,464,580		4,192,703
Walsin Lihwa Corp.		2,174,000		2,062,875
Walsin Technology Corp.		314,000		1,752,334
Wan Hai Lines Ltd.		667,000		3,656,356
Win Semiconductors Corp.		318,953		3,951,282
Winbond Electronics Corp.		3,054,502		3,409,156
Wistron Corp.		2,116,227		2,405,443
Wistron NeWeb Corp.		397,860		1,021,900
Wiwynn Corp.		83,000		3,042,663
WPG Holdings Ltd.		1,510,360		2,977,595
XinTec Inc.		335,000		1,561,935
Yageo Corp.		425,729		7,255,595
Yang Ming Marine Transport Corp.(a)		1,781,000		6,596,669
YFY Inc.		2,046,000		2,462,078
Yuanta Financial Holding Co. Ltd.		10,283,927		9,455,341
Yulon Motor Co. Ltd.		908,502		1,356,166
Zhen Ding Technology Holding Ltd.		489,050		1,685,821
				1,530,176,041
Thailand — 0.6%
Advanced Info Service PCL, NVDR		1,230,700		8,174,974
Airports of Thailand PCL, NVDR(a)		4,755,400		9,159,641
Amata Corp. PCL, NVDR		3,147,500		2,033,990
B Grimm Power PCL, NVDR		1,497,900		1,606,087
Bangchak Corp. PCL, NVDR		2,581,100		2,162,136
Bangkok Chain Hospital PCL, NVDR		3,435,200		1,929,366
Bangkok Dusit Medical Services PCL, NVDR		11,459,700		7,739,035
Bangkok Expressway & Metro PCL, NVDR		11,453,200		2,833,058
Banpu PCL, NVDR		7,264,300		2,434,891
Berli Jucker PCL, NVDR		1,499,200		1,440,620
BTS Group Holdings PCL, NVDR		12,503,800		3,469,426
Bumrungrad Hospital PCL, NVDR		603,300		2,569,652
Central Pattana PCL, NVDR		2,406,400		3,955,029
Central Retail Corp. PCL, NVDR		2,048,974		2,104,255
CH Karnchang PCL, NVDR		1,340,400		853,829
Charoen Pokphand Foods PCL, NVDR		3,984,100		3,036,492
CK Power PCL, NVDR(b)		5,436,700		836,608
CP ALL PCL, NVDR		6,266,100		11,878,718
Delta Electronics Thailand PCL, NVDR		323,200		3,423,513
Electricity Generating PCL, NVDR		517,200		2,651,547
Energy Absolute PCL, NVDR		1,999,000		5,391,150
Esso Thailand PCL, NVDR(a)(b)		5,330,700		1,240,952
Global Power Synergy PCL, NVDR		1,304,400		3,089,124
Gulf Energy Development PCL, NVDR		3,263,400		4,843,242
Hana Microelectronics PCL, NVDR		1,113,600		2,350,857

S C H E D U L E   O F   I N V E S T M E N T S 121

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Home Product Center PCL, NVDR		5,420,600	$	2,313,328
Indorama Ventures PCL, NVDR		2,514,200		3,622,323
Intouch Holdings PCL, NVDR		2,082,200		4,823,064
IRPC PCL, NVDR		19,098,100		2,197,537
Jasmine International PCL, NVDR		20,865,500		2,112,640
KCE Electronics PCL, NVDR		1,199,600		2,612,692
Kiatnakin Phatra Bank PCL, NVDR(b)		821,000		1,722,792
Krung Thai Bank PCL, NVDR		4,727,300		2,003,628
Land & Houses PCL, NVDR		5,765,200		1,703,056
MBK PCL, NVDR(a)		1,421,500		548,672
Minor International PCL, NVDR(a)		3,528,700		3,261,748
Muangthai Capital PCL, NVDR		1,075,600		1,829,645
Osotspa PCL, NVDR		2,439,600		2,373,099
PTT Exploration & Production PCL, NVDR		1,630,061		6,397,690
PTT Global Chemical PCL, NVDR		2,581,100		4,426,438
PTT PCL, NVDR		10,779,100		12,726,028
Siam Cement PCL (The), NVDR		770,600		8,951,265
Siam Commercial Bank PCL (The), NVDR		805,100		3,060,435
Sino-Thai Engineering & Construction PCL, NVDR(b)		1,339,800		584,685
Sri Trang Agro-Industry PCL, NVDR		1,306,700		1,181,148
Srisawad Corp. PCL, NVDR		1,121,310		2,042,073
Thai Oil PCL, NVDR		2,041,500		3,253,557
Thai Union Group PCL, NVDR		3,571,300		2,246,089
Thanachart Capital PCL, NVDR		983,100		1,202,469
TPI Polene PCL, NVDR		9,435,200		509,406
True Corp. PCL, NVDR		21,799,345		3,173,714
TTW PCL, NVDR(b)		7,882,400		2,769,908
WHA Corp. PCL, NVDR(b)		17,087,000		1,763,030
				176,620,351
Turkey — 0.1%
Akbank TAS		2,404,344		1,448,572
Anadolu Efes Biracilik Ve Malt Sanayii AS		244,610		533,284
Aselsan Elektronik Sanayi Ve Ticaret AS		1,450,913		2,352,788
BIM Birlesik Magazalar AS		348,061		1,838,261
Coca-Cola Icecek AS		102,514		881,745
Eregli Demir ve Celik Fabrikalari TAS		1,122,232		2,298,342
Ford Otomotiv Sanayi AS		136,426		2,540,016
Haci Omer Sabanci Holding AS		1,583,213		1,813,783
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		1,988,844		1,791,478
KOC Holding AS		703,805		1,715,096
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		437,012		756,555
Pegasus Hava Tasimaciligi AS(a)		90,451		736,842
Petkim Petrokimya Holding AS(a)(b)		2,203,872		1,426,203
Sok Marketler Ticaret AS		310,738		338,259
TAV Havalimanlari Holding AS(a)		298,186		822,011
Tekfen Holding AS(b)		238,089		452,270
Turk Hava Yollari AO(a)		1,064,887		2,296,019
Turkcell Iletisim Hizmetleri AS		1,095,200		1,544,557
Turkiye Garanti Bankasi AS		2,087,453		1,871,098
Turkiye Is Bankasi AS, Class C		2,058,309		1,298,584
Turkiye Petrol Rafinerileri AS(a)		193,976		2,493,098
Turkiye Sise ve Cam Fabrikalari AS		1,924,374		1,993,683
Ulker Biskuvi Sanayi AS		380,200		490,369
Yapi ve Kredi Bankasi AS(b)		4,282,807		1,314,408
				35,047,321
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		3,335,357		8,165,623

Security	Shares		Value
United Arab Emirates (continued)
Abu Dhabi Islamic Bank PJSC		1,936,153	$	3,675,226
Abu Dhabi National Oil Co. for Distribution PJSC		2,693,031		3,028,061
Aldar Properties PJSC		4,995,466		5,637,787
Aramex PJSC		881,355		984,554
Dubai Financial Market PJSC(a)		2,405,264		1,574,739
Dubai Investments PJSC		2,688,227		1,677,439
Dubai Islamic Bank PJSC		2,474,130		3,722,128
Emaar Properties PJSC		4,341,154		5,784,498
Emirates NBD Bank PJSC		2,531,431		9,232,527
Emirates Telecommunications Group Co. PJSC		3,442,239		30,998,344
First Abu Dhabi Bank PJSC		4,710,862		25,650,955
				100,131,881
United Kingdom — 9.4%
3i Group PLC		1,048,304		19,523,405
888 Holdings PLC		714,798		2,467,350
Abcam PLC(a)		210,933		3,787,177
Abrdn PLC		1,937,931		6,337,781
Aclara Resources Inc.(a)		69,448		68,423
Admiral Group PLC		200,490		8,524,980
AG Barr PLC		155,913		1,037,952
Airtel Africa PLC(c)		1,391,865		2,854,676
AJ Bell PLC		372,430		1,698,391
Anglo American PLC		1,335,349		58,869,500
Antofagasta PLC		415,747		7,562,993
Ascential PLC(a)		471,752		2,253,594
Ashmore Group PLC		396,734		1,520,764
Ashtead Group PLC		464,960		33,257,649
ASOS PLC(a)		73,062		2,192,093
Associated British Foods PLC		373,431		9,857,048
Assura PLC		2,294,816		2,075,606
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		102,155		1,658,119
AstraZeneca PLC		1,608,181		187,076,375
Auto Trader Group PLC(c)		993,772		9,005,200
Avast PLC(c)		718,858		5,928,367
AVEVA Group PLC		132,592		5,261,491
Aviva PLC		4,009,651		23,672,973
Avon Protection PLC		64,040		977,546
B&M European Value Retail SA		965,043		7,389,928
Babcock International Group PLC(a)		330,637		1,354,361
BAE Systems PLC		3,237,387		25,334,993
Balfour Beatty PLC		732,732		2,511,758
Bank of Georgia Group PLC		45,855		905,321
Barclays PLC		17,587,561		47,184,218
Barratt Developments PLC		1,102,935		9,173,150
Beazley PLC(a)		584,852		3,882,949
Bellway PLC		137,744		5,300,267
Berkeley Group Holdings PLC		123,306		7,037,072
Big Yellow Group PLC		204,769		4,114,382
Blue Prism Group PLC(a)		137,127		2,329,250
Bodycote PLC		214,468		2,306,443
boohoo Group PLC(a)(b)		1,064,782		1,544,472
BP PLC		20,702,631		107,320,819
Breedon Group PLC		1,569,233		1,804,444
Brewin Dolphin Holdings PLC		543,252		2,412,088
British American Tobacco PLC		2,162,697		92,336,295
British Land Co. PLC (The)		930,896		6,960,805
Britvic PLC		273,234		3,353,331
BT Group PLC		9,064,701		24,009,407
Bunzl PLC		347,384		13,011,951
Burberry Group PLC		420,626		10,670,836

122 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Burford Capital Ltd.		221,919	$	2,016,089
Capita PLC(a)		2,241,456		964,409
Capital & Counties Properties PLC		852,395		1,982,634
Capricorn Energy PLC(a)		608,644		1,696,928
Carnival PLC(a)		152,406		2,796,756
Centamin PLC		1,619,296		1,951,459
Centrica PLC(a)		4,731,553		4,652,366
Cineworld Group PLC(a)(b)		1,835,341		986,076
Clinigen Group PLC		176,735		2,169,033
Close Brothers Group PLC		156,532		2,720,078
Coats Group PLC		1,837,366		1,625,724
Coca-Cola Europacific Partners PLC		220,746		12,615,634
Compass Group PLC		1,811,248		41,165,364
Computacenter PLC		89,868		3,236,056
ConvaTec Group PLC(c)		1,590,298		3,775,565
Countryside Properties PLC(a)(c)		523,472		2,183,159
Craneware PLC		25,528		652,319
Cranswick PLC		52,001		2,576,912
Crest Nicholson Holdings PLC		448,260		1,935,195
Croda International PLC		140,168		15,137,857
Currys PLC		1,261,413		1,819,288
CVS Group PLC		100,671		2,669,938
DCC PLC		90,151		7,580,213
Dechra Pharmaceuticals PLC		117,085		6,576,551
Deliveroo PLC(a)(c)		568,959		1,195,360
Derwent London PLC		109,507		5,059,947
Diageo PLC		2,467,842		124,530,656
Diploma PLC		141,771		5,321,098
Direct Line Insurance Group PLC		1,382,828		5,700,197
Diversified Energy Co. PLC		834,267		1,191,570
Domino’s Pizza Group PLC		510,277		2,675,156
Dr. Martens PLC		462,563		1,921,809
Drax Group PLC		452,648		3,687,752
DS Smith PLC		1,483,466		7,575,985
Dunelm Group PLC		135,883		2,448,783
easyJet PLC(a)		336,316		2,841,363
Electrocomponents PLC		485,495		7,350,796
Elementis PLC(a)		960,885		1,840,226
Energean PLC(a)		209,860		2,662,940
Entain PLC(a)		619,308		13,407,614
Essentra PLC		377,609		1,759,680
Euromoney Institutional Investor PLC		119,783		1,485,565
Evraz PLC		535,613		3,638,749
Experian PLC		957,719		40,001,896
FD Technologies PLC(a)		24,937		543,312
Ferguson PLC		235,625		37,061,554
Ferrexpo PLC		377,922		1,241,165
Fevertree Drinks PLC		113,692		3,261,449
Firstgroup PLC(a)(b)		1,875,952		2,583,556
Frasers Group PLC(a)		350,984		3,486,466
Future PLC		144,932		6,181,543
Games Workshop Group PLC		38,933		4,174,307
Gamma Communications PLC		83,192		1,749,955
GB Group PLC		223,931		1,999,428
Genuit Group PLC		330,876		2,565,026
Genus PLC		78,183		4,035,740
GlaxoSmithKline PLC		5,171,967		115,417,540
Go-Ahead Group PLC (The)(a)(d)		70,208		629,799
Grainger PLC		813,125		3,311,423
Great Portland Estates PLC		296,039		3,067,244

Security	Shares		Value
United Kingdom (continued)
Greatland Gold PLC(a)		6,595,447	$	1,224,089
Greggs PLC		108,015		3,917,407
Halfords Group PLC		408,755		1,797,631
Halma PLC		420,010		14,235,680
Hammerson PLC(b)		4,397,796		2,318,379
Harbour Energy PLC(a)		329,383		1,607,258
Hargreaves Lansdown PLC		337,702		6,131,223
Hays PLC		1,524,891		2,971,453
Helical PLC		306,637		1,773,303
Hikma Pharmaceuticals PLC		177,870		4,996,928
Hill & Smith Holdings PLC		104,709		2,120,036
Hiscox Ltd.(b)		344,939		4,534,003
Hochschild Mining PLC		515,878		722,899
HomeServe PLC		304,114		3,134,609
Howden Joinery Group PLC		661,982		7,303,272
HSBC Holdings PLC		21,006,240		149,508,520
Hunting PLC		251,534		730,702
Ibstock PLC(c)		569,497		1,526,049
IG Group Holdings PLC		381,133		4,195,824
IMI PLC		277,938		6,209,904
Imperial Brands PLC		975,674		23,133,086
Inchcape PLC		424,138		4,836,532
Indivior PLC(a)		982,576		2,991,360
Informa PLC(a)		1,603,547		12,129,820
IntegraFin Holdings PLC		316,494		2,112,368
InterContinental Hotels Group PLC(a)		184,444		12,186,839
Intermediate Capital Group PLC		329,529		8,510,278
Intertek Group PLC		162,307		11,778,692
Investec PLC		711,167		4,060,122
IP Group PLC		1,731,159		2,275,267
IQE PLC(a)(b)		1,140,629		491,677
ITM Power PLC(a)		492,294		1,826,941
ITV PLC(a)		3,954,128		6,048,425
IWG PLC(a)		825,337		3,178,791
J D Wetherspoon PLC(a)		120,817		1,466,919
J Sainsbury PLC		1,823,500		7,165,527
JD Sports Fashion PLC		3,033,683		7,778,868
JET2 PLC(a)		171,790		3,059,502
John Wood Group PLC(a)		520,142		1,565,804
Johnson Matthey PLC		196,673		5,193,875
Jupiter Fund Management PLC		581,154		1,802,950
Just Group PLC(a)		1,498,594		1,743,881
Kainos Group PLC		113,270		2,328,623
Keller Group PLC		114,395		1,312,617
Keywords Studios PLC		77,562		2,628,690
Kingfisher PLC		2,216,415		9,939,191
Lancashire Holdings Ltd.		239,928		1,776,382
Land Securities Group PLC		710,282		7,628,740
Learning Technologies Group PLC		771,632		1,734,109
Legal & General Group PLC		6,490,052		25,375,828
Liontrust Asset Management PLC		119,104		2,598,167
Lloyds Banking Group PLC		72,945,805		50,622,260
London Stock Exchange Group PLC		339,330		33,224,959
LondonMetric Property PLC		852,734		3,072,468
M&G PLC		2,751,045		8,051,529
Man Group PLC/Jersey		1,471,715		3,844,597
Marks & Spencer Group PLC(a)		2,043,386		6,047,213
Marshalls PLC		238,482		2,270,638
Marston’s PLC(a)		1,188,699		1,299,700
Mediclinic International PLC(a)		485,630		2,094,819

S C H E D U L E   O F   I N V E S T M E N T S 123

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Meggitt PLC(a)		818,171	$	8,263,730
Melrose Industries PLC		4,711,183		9,596,754
Micro Focus International PLC		516,539		3,177,813
Mitchells & Butlers PLC(a)		428,581		1,454,269
Mitie Group PLC		1,956,258		1,585,131
Mondi PLC		493,468		12,346,165
Moneysupermarket.com Group PLC		573,778		1,466,283
Morgan Advanced Materials PLC		442,988		1,906,478
National Express Group PLC(a)		580,887		1,969,949
National Grid PLC		3,622,251		53,004,096
Natwest Group PLC		6,076,714		19,972,828
NCC Group PLC		432,378		1,112,443
Network International Holdings PLC(a)(c)		528,887		1,868,585
Next PLC		141,296		14,396,038
Ninety One PLC		431,155		1,504,157
NMC Health PLC(a)(d)		74,553		1
Ocado Group PLC(a)		506,493		10,320,086
On the Beach Group PLC(a)(c)		264,007		1,032,764
OSB Group PLC		530,042		3,937,659
Oxford Biomedica PLC(a)		125,529		1,432,326
Pagegroup PLC		370,250		2,921,523
Paragon Banking Group PLC		408,237		3,126,770
Pearson PLC		775,723		6,476,856
Penno Group PLC		294,105		4,309,401
Persimmon PLC		349,262		11,378,777
Petrofac Ltd.(a)(b)		498,426		801,518
Pets at Home Group PLC		570,500		3,276,222
Phoenix Group Holdings PLC		616,386		5,518,141
Playtech PLC(a)		323,355		2,539,699
Premier Foods PLC		1,098,769		1,743,726
Primary Health Properties PLC		999,732		1,938,907
Provident Financial PLC(a)		450,328		1,896,883
Prudential PLC		2,666,814		44,951,075
QinetiQ Group PLC		665,421		2,414,898
Quilter PLC(c)		1,887,102		3,504,193
Rathbones Group PLC		71,691		1,810,173
Reckitt Benckiser Group PLC		730,136		59,157,154
Redde Northgate PLC		483,804		2,521,436
Redrow PLC		298,890		2,518,040
RELX PLC		1,974,518		60,736,933
Renishaw PLC		42,838		2,645,236
Rentokil Initial PLC		1,975,127		13,831,289
Restaurant Group PLC (The)(a)		1,249,157		1,601,607
Restore PLC		193,396		1,209,457
Rightmove PLC		930,901		8,204,487
Rolls-Royce Holdings PLC(a)		8,424,818		13,205,736
Rotork PLC		894,529		4,111,365
Royal Mail PLC		873,157		5,217,687
RWS Holdings PLC		253,649		1,719,307
S4 Capital PLC(a)		391,198		2,735,474
Sabre Insurance Group PLC(c)		315,373		962,809
Safestore Holdings PLC		233,882		4,009,994
Sage Group PLC (The)		1,116,672		10,912,091
Sanne Group PLC		415,076		5,107,855
Savills PLC		192,323		3,504,651
Schroders PLC		121,768		5,583,160
Segro PLC		1,254,051		22,108,606
Senior PLC(a)		678,220		1,227,705
Serco Group PLC		1,279,390		2,314,294
Severn Trent PLC		247,684		9,616,151

Security	Shares		Value
United Kingdom (continued)
Shaftesbury PLC(b)		241,723	$	2,029,651
Shell PLC		8,042,398		206,598,859
Smart Metering Systems PLC		125,048		1,241,146
Smith & Nephew PLC		926,740		15,761,040
Smiths Group PLC		420,038		8,853,385
Softcat PLC		136,912		3,023,462
SolGold PLC(a)(b)		1,693,300		608,244
Spectris PLC		120,667		5,506,475
Spirax-Sarco Engineering PLC		86,710		15,629,972
Spire Healthcare Group PLC(a)(c)		631,722		2,033,086
Spirent Communications PLC		635,354		2,121,793
SSE PLC		1,076,443		23,160,768
SSP Group PLC(a)		810,217		3,006,118
St. James’s Place PLC		552,519		11,405,336
Stagecoach Group PLC(a)		762,017		933,113
Standard Chartered PLC		2,603,950		18,963,914
Synthomer PLC		493,655		2,437,165
Tate & Lyle PLC		502,263		4,804,270
Taylor Wimpey PLC		3,960,772		8,125,748
TBC Bank Group PLC		42,563		807,126
Team17 Group PLC(a)		137,309		1,311,134
Telecom Plus PLC		82,314		1,662,775
Tesco PLC		7,828,762		31,445,564
TP ICAP Group PLC		831,099		1,575,519
Trainline PLC(a)(c)		533,787		1,608,073
Travis Perkins PLC		217,084		4,404,655
Tritax Big Box REIT PLC		1,373,529		4,405,787
Ultra Electronics Holdings PLC		78,079		3,063,290
Unilever PLC		2,669,349		136,889,149
UNITE Group PLC (The)		356,361		4,985,933
United Utilities Group PLC		704,014		10,156,016
Vesuvius PLC		303,484		1,880,789
Victoria PLC(a)(b)		153,555		1,961,902
Victrex PLC		87,287		2,431,314
Virgin Money UK PLC(a)		1,415,411		3,663,692
Vistry Group PLC		244,360		3,387,979
Vodafone Group PLC		28,385,831		49,841,671
Weir Group PLC (The)		280,783		6,611,336
WH Smith PLC(a)		135,402		3,037,808
Whitbread PLC(a)		211,499		8,702,669
Wickes Group PLC		293,741		810,647
Workspace Group PLC		220,540		2,520,021
WPP PLC		1,267,322		19,872,263
				2,981,956,966
Total Common Stocks — 98.7% (Cost: $25,720,466,174)				31,487,644,425
Preferred Stocks
Brazil — 0.4%
Alpargatas SA, Preference Shares, NVS		237,215		1,299,074
Azul SA, Preference Shares, NVS(a)		390,520		2,148,187
Banco Bradesco SA, Preference Shares, NVS		5,084,238		21,830,215
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		157,100		323,957
Bradespar SA, Preference Shares, NVS		284,551		1,437,733
Braskem SA, Class A, Preference Shares, NVS		203,869		1,887,768
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		255,742		1,660,606

124 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Cia. Energetica de Minas Gerais, Preference Shares, NVS		1,142,211	$	2,824,284
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		289,009		1,267,588
Cia. Paranaense de Energia, Preference Shares, NVS		1,335,280		1,805,486
Gerdau SA, Preference Shares, NVS		1,183,593		6,205,388
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		317,577		1,093,854
Itau Unibanco Holding SA, Preference Shares, NVS		4,699,565		22,417,653
Itausa SA, Preference Shares, NVS		4,916,539		9,434,763
Marcopolo SA, Preference Shares, NVS		533,000		343,282
Metalurgica Gerdau SA, Preference Shares, NVS		1,253,995		2,732,288
Petroleo Brasileiro SA, Preference Shares, NVS		4,954,327		30,182,573
Randon SA Implementos e Participacoes, Preference Shares, NVS		338,869		768,344
				109,663,043
Chile — 0.0%
Embotelladora Andina SA, Class B, Preference Shares, NVS		455,930		979,362
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		154,751		8,287,519
				9,266,881
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		515,166		4,598,642
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		61,919		5,358,851
Draegerwerk AG & Co. KGaA, Preference Shares, NVS(b)		10,269		596,568
Fuchs Petrolub SE, Preference Shares, NVS		78,477		3,391,396
Henkel AG & Co. KGaA, Preference Shares, NVS		167,134		13,669,634
Jungheinrich AG, Preference Shares, NVS		57,942		2,477,677
Porsche Automobil Holding SE, Preference Shares, NVS		163,728		15,332,951
Sartorius AG, Preference Shares, NVS		28,750		15,521,475
Volkswagen AG, Preference Shares, NVS		187,525		39,056,242
				95,404,794
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		7,082,700		3,418,430
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		23,419		1,854,055
Series 2, Preference Shares, NVS		36,292		2,951,243
LG Chem Ltd., Preference Shares, NVS		6,933		1,759,949
LG Household & Health Care Ltd., Preference Shares, NVS		1,413		647,741
Samsung Electronics Co. Ltd., Preference Shares, NVS		878,605		49,419,123
				56,632,111
Total Preferred Stocks — 0.9% (Cost: $250,624,706)				278,983,901

Security	Shares		Value
Rights
China — 0.0%
Citic Securities Co. Ltd. (Expires 02/23/22)(a)		320,925	$	126,772
South Korea — 0.0%
Doosan Heavy Industries & Construction Co. Ltd. (Expires 02/11/22)(a)		39,159		55,222
Enzychem Lifesciences Corp. (Expires 02/22/22)(a)		7,691		—
				55,222
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/02/22)(a)(d)		225,635		112,930
Sacyr SA (Expires 02/02/22)(a)(d)		641,909		37,500
				150,430
Total Rights — 0.0% (Cost: $160,211)				332,424
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(g)(h)(i)		385,348,339		385,463,944
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)		34,760,000		34,760,000
				420,223,944
Total Short-Term Investments — 1.3% (Cost: $420,139,794)				420,223,944
Total Investments in Securities — 100.9% (Cost: $26,391,390,885)				32,187,184,694
Other Assets, Less Liabilities — (0.9)%				(298,524,504	)
Net Assets — 100.0%			$	31,888,660,190

^(a)  Non-income producing security.

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

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

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

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $176,717, representing less than 0.05% of its net assets as of period end, and an original cost of $2,622,905.

^(g)  Affiliate of the Fund.

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

⁽ⁱ⁾  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 125

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds  from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	312,178,049	$	73,346,087	(a)	$	—	$	(12,014	)	$	(48,178	)	$	385,463,944		385,348,339	$	3,858,781	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,980,000		32,780,000	(a)		—		—			—			34,760,000		34,760,000		1,039			—
								$	(12,014	)	$	(48,178	)	$	420,223,944			$	3,859,820		$	—

^(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		643		03/18/22	$	71,865	$	(1,195,218	)
MSCI Emerging Markets Index		525		03/18/22		32,151		29,937
							$	(1,165,281	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	29,937
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	1,195,218

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 January 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(979,938	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(515,943	)

126 2 0 2 2   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

Consolidated Schedule of Investments  (unaudited) (continued) January 31, 2022 iShares^® Core MSCI Total International Stock  ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	101,930,095

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 Consolidated 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
Investments
Assets
Common Stocks	$	4,096,232,852		$	27,386,795,163	$	4,616,410	$	31,487,644,425
Preferred Stocks		115,241,047			163,742,854		—		278,983,901
Rights		—			181,994		150,430		332,424
Money Market Funds		420,223,944			—		—		420,223,944
	$	4,631,697,843		$	27,550,720,011	$	4,766,840	$	32,187,184,694
Derivative financial instruments(a)
Assets
Futures Contracts	$	29,937		$	—	$	—	$	29,937
Liabilities
Futures Contracts		(1,195,218	)		—		—		(1,195,218	)
	$	(1,165,281	)	$	—	$	—	$	(1,165,281	)

^(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 127

Statements of Assets and Liabilities  (unaudited) 

January 31, 2022

	iShares Core MSCI EAFE ETF		iShares Core MSCI Europe ETF		iShares Core MSCI International Developed Markets ETF		iShares Core MSCI Pacific ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	101,192,779,796	$	5,487,733,480	$	6,867,750,146	$	1,024,345,211
Affiliated(c)		1,118,752,856		29,023,296		64,644,476		20,837,291
Cash		7,330		7,037		552		1,990
Foreign currency, at value(d)		209,222,977		11,901,074		8,863,790		1,281,056
Foreign currency collateral pledged:
Futures contracts(e)		32,429,424		1,934,582		—		142,577
Receivables:
Investments sold		19,833,784		31,510,162		—		10,027,904
Securities lending income — Affiliated		1,465,556		42,504		107,647		13,655
Variation margin on futures contracts		9,161,194		257,492		1,432,397		83,090
Capital shares sold		24,086,137		1,272,580		1,518,710		—
Dividends		66,801,277		2,236,014		4,670,947		1,141,254
Tax reclaims		139,254,669		9,894,010		5,310,221		3,042
Total assets		102,813,795,000		5,575,812,231		6,954,298,886		1,057,877,070
LIABILITIES
Collateral on securities loaned, at value		1,106,697,059		27,780,438		63,338,202		20,598,630
Deferred foreign capital gain tax		471,699		—		30,413		—
Payables:
Investments purchased		22,014,549		33,189,412		328,038		10,356,131
Investment advisory fees		6,108,279		415,996		290,288		80,473
Professional fees		—		77,170		—		—
Total liabilities		1,135,291,586		61,463,016		63,986,941		31,035,234
NET ASSETS	$	101,678,503,414	$	5,514,349,215	$	6,890,311,945	$	1,026,841,836
NET ASSETS CONSIST OF:
Paid-in capital	$	91,558,527,506	$	5,231,467,405	$	6,194,552,989	$	938,359,128
Accumulated earnings		10,119,975,908		282,881,810		695,758,956		88,482,708
NET ASSETS	$	101,678,503,414	$	5,514,349,215	$	6,890,311,945	$	1,026,841,836
Shares outstanding		1,420,000,000		98,300,000		106,050,000		16,900,000
Net asset value	$	71.60	$	56.10	$	64.97	$	60.76
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	1,138,361,581	$	26,808,361	$	61,106,223	$	19,556,865
(b) Investments, at cost — Unaffiliated	$	88,697,289,639	$	5,101,664,029	$	5,991,568,794	$	908,001,474
(c)  Investments, at cost — Affiliated	$	1,118,560,424	$	29,016,723	$	64,639,713	$	20,836,666
(d) Foreign currency, at cost	$	210,736,297	$	11,913,686	$	8,934,041	$	1,291,876
(e) Foreign currency collateral pledged, at cost	$	33,571,294	$	2,001,089	$	10,690	$	148,404

See notes to financial statements.

128 2 0 2 2   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) (continued)

January 31, 2022

	iShares Core MSCI Total International Stock ETF (Consolidated)
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	31,766,960,750
Affiliated(c)		420,223,944
Cash		5,930
Foreign currency, at value(d)		63,275,601
Cash pledged:
Futures contracts		4,081,000
Receivables:
Investments sold		2,094,494
Securities lending income — Affiliated		550,963
Variation margin on futures contracts		2,049,663
Dividends		29,819,166
Tax reclaims		23,383,017
Total assets		32,312,444,528
LIABILITIES
Collateral on securities loaned, at value		385,535,053
Deferred foreign capital gain tax		35,665,954
Payables:
Investments purchased		3,856
Investment advisory fees		2,479,995
Professional fees		97,010
Foreign taxes		2,470
Total liabilities		423,784,338
NET ASSETS	$	31,888,660,190
NET ASSETS CONSIST OF:
Paid-in capital	$	27,671,214,383
Accumulated earnings		4,217,445,807
NET ASSETS	$	31,888,660,190
Shares outstanding		463,100,000
Net asset value	$	68.86
Shares authorized		Unlimited
Par value		None
(a) Securities loaned, at value	$	374,885,994
(b) Investments, at cost — Unaffiliated	$	25,971,251,091
(c)  Investments, at cost — Affiliated	$	420,139,794
(d) Foreign currency, at cost	$	63,647,119

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 129

Statements of Operations  (unaudited) 

Six Months Ended January 31, 2022

	iShares Core MSCI EAFE ETF			iShares Core MSCI Europe ETF			iShares Core MSCI International Developed Markets ETF			iShares Core MSCI Pacific ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,033,981,585		$	42,049,045		$	65,891,027		$	14,668,952
Dividends — Affiliated		754			44			60			10
Non-cash dividends — Unaffiliated		—			2,687,341			3,547,619			—
Securities lending income — Affiliated — net		10,642,661			354,173			547,575			118,661
Other income — Unaffiliated		1,268,862			1,927			—			—
Foreign taxes withheld		(81,313,475	)		(4,934,137	)		(6,783,374	)		(811,954	)
Foreign withholding tax claims		—			788,403			—			—
Total investment income		964,580,387			40,946,796			63,202,907			13,975,669
EXPENSES
Investment advisory fees		35,984,619			2,421,640			1,635,941			497,245
Professional fees		126,886			79,041			—			—
Miscellaneous		217			217			217			217
Total expenses		36,111,722			2,500,898			1,636,158			497,462
Net investment income		928,468,665			38,445,898			61,566,749			13,478,207
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(109,317,633	)		3,499,918			(3,955,065	)		(7,486,677	)
Investments — Affiliated		(51,792	)		(897	)		(5,035	)		(837	)
In-kind redemptions — Unaffiliated		—			20,209,814			—			15,679,653
Futures contracts		12,617,424			912,800			269,021			66,716
Foreign currency transactions		(18,088,830	)		(637,019	)		(1,259,495	)		(153,343	)
Net realized gain (loss)		(114,840,831	)		23,984,616			(4,950,574	)		8,105,512
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(a)		(4,142,088,053	)		(189,190,320	)		(240,139,048	)		(77,501,951	)
Investments — Affiliated		(79,000	)		(2,402	)		(2,734	)		(297	)
Futures contracts		1,052,216			263,658			(290,682	)		(47,494	)
Foreign currency translations		(8,025,805	)		(479,350	)		(319,189	)		(28,345	)
Net change in unrealized appreciation (depreciation)		(4,149,140,642	)		(189,408,414	)		(240,751,653	)		(77,578,087	)
Net realized and unrealized loss		(4,263,981,473	)		(165,423,798	)		(245,702,227	)		(69,472,575	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,335,512,808	)	$	(126,977,900	)	$	(184,135,478	)	$	(55,994,368	)
(a) Net of increase in deferred foreign capital gain tax of	$	(317,758	)	$	—		$	(22,604	)	$	—

See notes to financial statements.

130 2 0 2 2   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 Operations  (unaudited) (continued)

Six Months Ended January 31, 2022

	iShares Core MSCI Total International Stock ETF (Consolidated)
INVESTMENT INCOME
Dividends — Unaffiliated	$	341,786,786
Dividends — Affiliated		1,039
Securities lending income — Affiliated — net		3,858,781
Other income — Unaffiliated		3,269
Foreign taxes withheld		(32,696,381	)
Foreign withholding tax claims		990,257
Other foreign taxes		(193,424	)
Total investment income		313,750,327
EXPENSES
Investment advisory fees		14,249,787
Commitment fees		21,224
Professional fees		99,353
Miscellaneous		217
Mauritius income taxes		295
Interest expense		5,878
Total expenses		14,376,754
Net investment income		299,373,573
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(335,392,841	)
Investments — Affiliated		(12,014	)
Futures contracts		(979,938	)
Foreign currency transactions		(4,820,823	)
Net realized loss		(341,205,616	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(864,685,537	)
Investments — Affiliated		(48,178	)
Futures contracts		(515,943	)
Foreign currency translations		(1,621,580	)
Net change in unrealized appreciation (depreciation)		(866,871,238	)
Net realized and unrealized loss		(1,208,076,854	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(908,703,281	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(46,750	)
(b) Net of increase in deferred foreign capital gain tax of	$	(6,161,778	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 131

Statements of Changes in Net Assets

	iShares Core MSCI EAFE ETF						iShares Core MSCI Europe ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	928,468,665		$	2,142,536,524		$	38,445,898		$	99,908,082
Net realized gain (loss)		(114,840,831	)		23,252,945			23,984,616			160,111,913
Net change in unrealized appreciation (depreciation)		(4,149,140,642	)		20,168,378,471			(189,408,414	)		880,311,428
Net increase (decrease) in net assets resulting from operations		(3,335,512,808	)		22,334,167,940			(126,977,900	)		1,140,331,423
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,906,668,084	)		(2,112,293,637	)		(74,324,114	)		(108,662,581	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		7,828,138,976			12,658,391,232			428,477,122			791,892,351
NET ASSETS
Total increase in net assets		2,585,958,084			32,880,265,535			227,175,108			1,823,561,193
Beginning of period		99,092,545,330			66,212,279,795			5,287,174,107			3,463,612,914
End of period	$	101,678,503,414		$	99,092,545,330		$	5,514,349,215		$	5,287,174,107

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

See notes to financial statements.

132 2 0 2 2   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 Changes in Net Assets   (continued)

	iShares Core MSCI International Developed Markets ETF						iShares Core MSCI Pacific ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	61,566,749		$	117,751,635		$	13,478,207		$	24,445,398
Net realized gain (loss)		(4,950,574	)		41,724,751			8,105,512			30,216,438
Net change in unrealized appreciation (depreciation)		(240,751,653	)		1,016,270,290			(77,578,087	)		195,514,700
Net increase (decrease) in net assets resulting from operations		(184,135,478	)		1,175,746,676			(55,994,368	)		250,176,536
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(115,326,238	)		(120,120,942	)		(28,958,274	)		(22,758,279	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,031,411,600			2,258,137,893			(7,872,999	)		(12,442,609	)
NET ASSETS
Total increase (decrease) in net assets		731,949,884			3,313,763,627			(92,825,641	)		214,975,648
Beginning of period		6,158,362,061			2,844,598,434			1,119,667,477			904,691,829
End of period	$	6,890,311,945		$	6,158,362,061		$	1,026,841,836		$	1,119,667,477

^(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 133

Statements of Changes in Net Assets   (continued)

	iShares Core MSCI Total International Stock ETF (Consolidated)
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	299,373,573		$	596,426,478
Net realized loss		(341,205,616	)		(257,760,514	)
Net change in unrealized appreciation (depreciation)		(866,871,238	)		5,875,003,450
Net increase (decrease) in net assets resulting from operations		(908,703,281	)		6,213,669,414
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(606,862,707	)		(597,352,014	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,338,431,337			4,903,165,094
NET ASSETS
Total increase in net assets		1,822,865,349			10,519,482,494
Beginning of period		30,065,794,841			19,546,312,347
End of period	$	31,888,660,190		$	30,065,794,841

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

See notes to financial statements.

134 2 0 2 2   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

(For a share outstanding throughout each period)

	iShares Core MSCI EAFE ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	75.40		$	58.48		$	60.80		$	64.89		$	62.42		$	54.16
Net investment income(a)			0.69			1.76			1.52			2.00			2.05			1.76
Net realized and unrealized gain (loss)(b)			(3.10	)		16.86			(2.26	)		(4.14	)		2.30			8.06
Net increase (decrease) from investment operations			(2.41	)		18.62			(0.74	)		(2.14	)		4.35			9.82
Distributions(c)
From net investment income			(1.39	)		(1.70	)		(1.58	)		(1.95	)		(1.88	)		(1.56	)
Total distributions			(1.39	)		(1.70	)		(1.58	)		(1.95	)		(1.88	)		(1.56	)
Net asset value, end of period		$	71.60		$	75.40		$	58.48		$	60.80		$	64.89		$	62.42
Total Return(d)
Based on net asset value			(3.23	)%(e)		31.95	%		(1.30	)%		(3.13	)%		7.02	%		18.36	%
Ratios to Average Net Assets(f)
Total expenses			0.07	%(g)		0.08	%		0.07	%		0.08	%		0.08	%		0.09	%
Total expenses excluding professional fees for foreign withholding tax claims			0.07	%(g)		0.07	%		N/A			0.08	%		N/A			0.09	%
Net investment income			1.81	%(g)		2.55	%		2.57	%		3.31	%		3.14	%		3.07	%(h)
Supplemental Data
Net assets, end of period (000)		$	101,678,503		$	99,092,545		$	66,212,280		$	64,849,495		$	58,774,894		$	33,131,929
Portfolio turnover rate(i)			1	%(e)		2	%		2	%		3	%		2	%		2	%

^(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)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended July 31, 2017:

• Ratio of net investment income to average net assets by 0.01%.

⁽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 135

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Europe ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	58.23		$	44.41		$	45.70		$	49.27		$	48.02		$	40.87
Net investment income(a)			0.42	(b)		1.28			1.09			1.64			1.54			1.58
Net realized and unrealized gain (loss)(c)			(1.75	)		13.91			(1.39	)		(3.65	)		1.47			6.71
Net increase (decrease) from investment operations			(1.33	)		15.19			(0.30	)		(2.01	)		3.01			8.29
Distributions(d)
From net investment income			(0.80	)		(1.37	)		(0.99	)		(1.56	)		(1.76	)		(1.14	)
Total distributions			(0.80	)		(1.37	)		(0.99	)		(1.56	)		(1.76	)		(1.14	)
Net asset value, end of period		$	56.10		$	58.23		$	44.41		$	45.70		$	49.27		$	48.02
Total Return(e)
Based on net asset value			(2.30	)%(b)(f)		34.39	%		(0.66	)%		(3.96	)%		6.36	%		20.54	%
Ratios to Average Net Assets(g)
Total expenses			0.09	%(h)		0.09	%		0.09	%		0.10	%		0.10	%		0.11	%
Total expenses excluding professional fees for foreign withholding tax claims			0.09	%(h)		0.09	%		N/A			0.10	%		N/A			0.11	%
Net investment income			1.43	%(b)(h)		2.46	%		2.45	%		3.62	%		3.09	%		3.60	%(b)
Supplemental Data
Net assets, end of period (000)		$	5,514,349		$	5,287,174		$	3,463,613		$	3,217,533		$	2,522,811		$	2,890,840
Portfolio turnover rate(i)			2	%(f)		3	%		3	%		4	%		3	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022 and year ended July 31, 2017, respectively:

• Net investment income per share by $0.01 and $0.00, respectively.

• Total return by 0.01% and 0.00%, respectively.

• Ratio of net investment income to average net assets by 0.03% and 0.01%, 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)  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.

136 2 0 2 2   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 Core MSCI International Developed Markets ETF
		Six Months Ended 01/31/22 (unaudited)					Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Period From 03/21/17 to 07/31/17	(a)
Net asset value, beginning of period.			$	67.86		$	52.39		$	54.31		$	57.40		$	54.82		$	50.87
Net investment income(b)				0.64			1.60			1.46			1.76			1.79			0.75
Net realized and unrealized gain (loss)(c)				(2.35	)		15.42			(2.04	)		(3.27	)		2.06			3.88
Net increase (decrease) from investment operations				(1.71	)		17.02			(0.58	)		(1.51	)		3.85			4.63
Distributions(d)
From net investment income				(1.18	)		(1.55	)		(1.34	)		(1.58	)		(1.27	)		(0.68	)
Total distributions				(1.18	)		(1.55	)		(1.34	)		(1.58	)		(1.27	)		(0.68	)
Net asset value, end of period			$	64.97		$	67.86		$	52.39		$	54.31		$	57.40		$	54.82
Total Return(e)
Based on net asset value				(2.54	)%(f)		32.63	%		(1.14	)%		(2.48	)%		7.07	%		9.14	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.05	%(h)		0.05	%		0.05	%		0.05	%		0.07	%		0.07	%(h)
Total expenses after fees waived				0.05	%(h)		0.05	%		0.05	%		0.05	%		0.03	%		0.00	%(h)
Net investment income				1.88	%(h)		2.56	%		2.81	%		3.28	%		3.08	%		3.90	%(h)
Supplemental Data
Net assets, end of period (000)			$	6,890,312		$	6,158,362		$	2,844,598		$	1,425,653		$	904,114		$	65,788
Portfolio turnover rate(i)				2	%(f)		7	%		17	%		5	%		6	%		2	%(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 137

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Pacific ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	65.86		$	52.60		$	55.60		$	58.23		$	55.49		$	49.58
Net investment income(a)			0.81			1.42			1.45			1.64			1.59			1.28
Net realized and unrealized gain (loss)(b)			(4.15	)		13.15			(2.72	)		(2.67	)		3.01			6.07
Net increase (decrease) from investment operations			(3.34	)		14.57			(1.27	)		(1.03	)		4.60			7.35
Distributions(c)
From net investment income			(1.76	)		(1.31	)		(1.73	)		(1.60	)		(1.86	)		(1.44	)
Total distributions			(1.76	)		(1.31	)		(1.73	)		(1.60	)		(1.86	)		(1.44	)
Net asset value, end of period		$	60.76		$	65.86		$	52.60		$	55.60		$	58.23		$	55.49
Total Return(d)
Based on net asset value			(5.17	)%(e)		27.70	%		(2.45	)%		(1.61	)%		8.28	%		15.09	%
Ratios to Average Net Assets(f)
Total expenses			0.09	%(g)		0.09	%		0.09	%		0.10	%		0.10	%		0.11	%
Net investment income			2.44	%(g)		2.24	%		2.67	%		2.97	%		2.71	%		2.48	%
Supplemental Data
Net assets, end of period (000)		$	1,026,842		$	1,119,667		$	904,692		$	1,034,208		$	890,946		$	1,082,055
Portfolio turnover rate(h)			12	%(e)		6	%		5	%		5	%		5	%		3	%

^(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.

138 2 0 2 2   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 Core MSCI Total International Stock ETF (Consolidated)
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	72.22		$	56.92		$	57.96		$	61.36		$	59.26		$	50.96
Net investment income(a)			0.68			1.58			1.53			1.77			1.79			1.58
Net realized and unrealized gain (loss)(b)			(2.68	)		15.28			(1.06	)		(3.55	)		1.98			8.01
Net increase (decrease) from investment operations			(2.00	)		16.86			0.47			(1.78	)		3.77			9.59
Distributions(c)
From net investment income			(1.36	)		(1.56	)		(1.51	)		(1.62	)		(1.67	)		(1.29	)
Total distributions			(1.36	)		(1.56	)		(1.51	)		(1.62	)		(1.67	)		(1.29	)
Net asset value, end of period		$	68.86		$	72.22		$	56.92		$	57.96		$	61.36		$	59.26
Total Return(d)
Based on net asset value			(2.78	)%(e)		29.71	%		0.77	%(f)		(2.73	)%		6.39	%		19.08	%
Ratios to Average Net Assets(g)
Total expenses			0.09	%(h)		0.09	%		0.09	%(g)		0.10	%(g)		0.11	%(g)		0.12	%(g)
Total expenses after fees waived			0.09	%(h)		0.09	%		0.09	%(g)		0.10	%(g)		0.11	%(g)		0.12	%(g)
Total expenses excluding professional fees for foreign withholding tax claims			0.09	%(h)		0.09	%		N/A			0.10	%		N/A			0.12	%
Net investment income			1.89	%(h)(i)		2.35	%		2.72	%		3.09	%		2.87	%		2.93	%
Supplemental Data
Net assets, end of period (000)		$	31,888,660		$	30,065,795		$	19,546,312		$	15,457,552		$	10,591,357		$	6,892,430
Portfolio turnover rate(j)			4	%(e)		7	%		7	%		6	%		2	%		3	%

^(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)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31, 2022:

• Ratio of net investment income to average net assets by 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 139

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
Core MSCI EAFE	Diversified
Core MSCI Europe	Diversified
Core MSCI International Developed Markets	Diversified
Core MSCI Pacific	Diversified
Core MSCI Total International Stock	Diversified

Basis of Consolidation: The accompanying consolidated financial statements for the iShares Core MSCI Total International Stock ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $1,218,911,078, which is 3.8% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

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 January 31, 2022, 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.

The iShares Core MSCI Total International Stock ETF has conducted its investment activities in India through its Subsidiary and 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, the Subsidiary must have commercial 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. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

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Notes to Financial Statements  (unaudited) (continued)

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 the 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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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 Global 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 Global 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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.

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Notes to Financial Statements  (unaudited) (continued)

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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI EAFE
Barclays Bank PLC	$	7,371,437	$	6,853,286		$	—	$	(518,151	)(b)
Barclays Capital, Inc.		42,489,114		42,489,114			—		—
BNP Paribas SA		18,619,642		18,597,121			—		(22,521	)(b)
BofA Securities, Inc.		61,315,394		61,315,394			—		—
Citigroup Global Markets, Inc.		275,923,945		275,923,945			—		—
Credit Suisse AG		15,169,374		15,169,374			—		—
Goldman Sachs & Co. LLC		94,902,267		94,808,943			—		(93,324	)(b)
HSBC Bank PLC		4,631,723		4,631,723			—		—
ING Financial Markets LLC		155,700		144,741			—		(10,959	)(b)
J.P. Morgan Securities LLC		56,410,809		55,984,330			—		(426,479	)(b)
Jefferies LLC		12,437,030		12,437,030			—		—
Macquarie Bank Ltd.		13,394,180		13,394,180			—		—
Morgan Stanley		494,118,789		494,118,789			—		—
Nomura Securities International, Inc.		2,969,989		2,969,989			—		—
Scotia Capital (USA), Inc.		790,363		790,363			—		—
SG Americas Securities LLC		7,140,644		7,140,644			—		—
State Street Bank & Trust Co.		10,964,530		10,964,530			—		—
UBS AG		19,176,901		19,176,901			—		—
Wells Fargo Securities LLC		379,750		378,187			—		(1,563	)(b)
	$	1,138,361,581	$	1,137,288,584		$	—	$	(1,072,997	)
Core MSCI Europe
BNP Paribas SA	$	1,116,608	$	1,116,608		$	—	$	—
BofA Securities, Inc.		517,490		517,490			—		—
Citigroup Global Markets, Inc.		1,635,228		1,635,228			—		—
Credit Suisse AG		123,691		120,030			—		(3,661	)(b)
Credit Suisse Securities (USA) LLC		1,673		1,673			—		—
Goldman Sachs & Co. LLC		2,573,513		2,573,513			—		—
HSBC Bank PLC		2,122,385		2,122,385			—		—
J.P. Morgan Securities LLC		1,533,880		1,533,880			—		—
Jefferies LLC		1,252,038		1,252,038			—		—
Macquarie Bank Ltd.		1,742,398		1,728,205			—		(14,193	)(b)
Morgan Stanley		13,130,597		13,130,597			—		—
UBS AG		1,058,860		1,058,860			—		—
	$	26,808,361	$	26,790,507		$	—	$	(17,854	)
Core MSCI International Developed Markets
BNP Paribas SA	$	1,080,086	$	1,080,086		$	—	$	—
BofA Securities, Inc.		1,518,485		1,518,485			—		—
Citigroup Global Markets, Inc.		950,892		950,892			—		—
Credit Suisse Securities (USA) LLC		517,215		517,215			—		—
Goldman Sachs & Co. LLC		5,705,887		5,595,769			—		(110,118	)(b)
HSBC Bank PLC		4,630,503		4,630,503			—		—
J.P. Morgan Securities LLC		5,279,242		5,212,247			—		(66,995	)(b)
Jefferies LLC		1,917,590		1,917,590			—		—
Macquarie Bank Ltd.		15,272		15,272			—		—
Morgan Stanley		36,314,188		36,314,188			—		—
Scotia Capital (USA), Inc.		2,036,884		2,036,884			—		—
State Street Bank & Trust Co.		117,315		117,315			—		—
UBS AG		1,022,664		1,022,664			—		—
	$	61,106,223	$	60,929,110		$	—	$	(177,113	)

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Notes to Financial Statements  (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI Pacific
BNP Paribas SA	$	14,172,480	$	14,172,480		$	—	$	—
BofA Securities, Inc.		391,874		391,874			—		—
Citigroup Global Markets, Inc.		81,189		81,189			—		—
Credit Suisse Securities (USA) LLC		919,708		919,708			—		—
HSBC Bank PLC		194,928		194,928			—		—
J.P. Morgan Securities LLC		1,430,887		1,430,887			—		—
Macquarie Bank Ltd.		208,769		208,769			—		—
Morgan Stanley		1,764,700		1,764,700			—		—
Nomura Securities International, Inc.		328,818		328,818			—		—
SG Americas Securities LLC		16,844		16,844			—		—
UBS AG		46,668		46,668			—		—
	$	19,556,865	$	19,556,865		$	—	$	—
Core MSCI Total International Stock
Barclays Bank PLC	$	2,998,474	$	2,750,446		$	—	$	(248,028	)(b)
Barclays Capital, Inc.		19,347,566		19,347,566			—		—
BNP Paribas SA		17,716,440		17,010,251			—		(706,189	)(b)
BofA Securities, Inc.		30,605,107		30,605,107			—		—
Citigroup Global Markets, Inc.		135,191,532		135,191,532			—		—
Credit Suisse Securities (USA) LLC		1,971,857		1,971,857			—		—
Deutsche Bank Securities, Inc.		41,351		41,351			—		—
Goldman Sachs & Co. LLC		31,750,774		31,750,774			—		—
HSBC Bank PLC		6,321,584		6,321,584			—		—
J.P. Morgan Securities LLC		27,155,158		27,155,158			—		—
J.P. Morgan Securities PLC		166,047		166,047			—		—
Jefferies LLC		3,893,190		3,893,190			—		—
Macquarie Bank Ltd.		4,822,603		4,822,603			—		—
Morgan Stanley		80,852,695		80,852,695			—		—
National Financial Services LLC		6,524		5,849			—		(675	)(b)
Nomura Securities International, Inc.		1,095,653		1,095,653			—		—
SG Americas Securities LLC		4,471,174		4,471,174			—		—
State Street Bank & Trust Co.		1,435,049		1,393,197			—		(41,852	)(b)
UBS AG		4,687,718		4,687,718			—		—
UBS Securities LLC		348,718		312,448			—		(36,270	)(b)
Wells Fargo Bank N.A.		6,780		6,079			—		(701	)(b)
	$	374,885,994	$	373,852,279		$	—	$	(1,033,715	)

^(a)  Collateral received 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 statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. 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

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Notes to Financial Statements  (unaudited) (continued)

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 Fund, 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 Fee
Core MSCI EAFE		0.07	%
Core MSCI Europe		0.09
Core MSCI International Developed Markets		0.05
Core MSCI Pacific		0.09
Core MSCI Total International Stock		0.09

The 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. The 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.

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

For the iShares Core MSCI Total International Stock ETF, BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For six months ended January 31, 2022, there were no fees waived by BFA pursuant to this arrangement.

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.

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 145

Notes to Financial Statements  (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid    to BTC
Core MSCI EAFE	$	2,472,813
Core MSCI Europe		81,909
Core MSCI International Developed Markets		128,722
Core MSCI Pacific		27,505
Core MSCI Total International Stock		914,537

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 January 31, 2022, 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)
Core MSCI EAFE	$	62,750,218	$	165,354,117	$	(53,794,662)
Core MSCI Europe		16,772,477		17,160,743		(2,597,511)
Core MSCI International Developed Markets		23,416,154		24,532,644		(4,846,300)
Core MSCI Pacific		12,397,961		20,813,408		1,420,454
Core MSCI Total International Stock		75,733,669		127,876,317		(22,892,609)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core MSCI EAFE	$	2,322,110,166	$	1,330,200,973
Core MSCI Europe		179,207,875		119,373,290
Core MSCI International Developed Markets		250,319,073		153,785,469
Core MSCI Pacific		124,792,618		126,635,485
Core MSCI Total International Stock		2,108,694,901		1,173,123,801

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Core MSCI EAFE	$	6,110,679,043	$	—
Core MSCI Europe		416,718,734		63,114,390
Core MSCI International Developed Markets		898,015,620		—
Core MSCI Pacific		30,026,253		50,129,099
Core MSCI Total International Stock		2,142,276,734		—

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 January 31, 2022, 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.

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Notes to Financial Statements  (unaudited) (continued)

As of July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core MSCI EAFE	$	1,116,468,896
Core MSCI Europe		89,432,193
Core MSCI International Developed Markets		116,018,277
Core MSCI Pacific		16,064,906
Core MSCI Total International Stock		736,777,706

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 January 31, 2022, 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)
Core MSCI EAFE	$	90,841,013,853	$	19,747,427,596	$	(8,279,368,116	)	$	11,468,059,480
Core MSCI Europe		5,172,460,547		760,560,226		(416,122,211	)		344,438,015
Core MSCI International Developed Markets		6,112,345,938		1,078,273,254		(258,532,148	)		819,741,106
Core MSCI Pacific		942,239,850		219,748,281		(116,902,004	)		102,846,277
Core MSCI Total International Stock		26,790,628,837		7,127,515,284		(1,732,124,708	)		5,395,390,576

9. LINE OF CREDIT

The iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares Core MSCI Total International Stock 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Core MSCI Total International Stock	$	32,000,000	$	1,043,478		1.10	%

Effective August 26, 2021, iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has 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. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the six months ended January 31, 2022, the Fund did not borrow under the Uncommitted Liquidity Facility.

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Notes to Financial Statements  (unaudited) (continued)

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: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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.

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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. 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 could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
Core MSCI EAFE
Shares sold		105,800,000		$	7,828,138,976			182,000,000		$	12,658,391,232
Core MSCI Europe
Shares sold		8,600,000		$	492,868,234			26,600,000		$	1,514,525,804
Shares redeemed		(1,100,000	)		(64,391,112	)		(13,800,000	)		(722,633,453	)
Net increase		7,500,000		$	428,477,122			12,800,000		$	791,892,351
Core MSCI International Developed Markets
Shares sold		15,300,000		$	1,031,411,600			39,300,000		$	2,421,332,799
Shares redeemed		—			—			(2,850,000	)		(163,194,906	)
Net increase		15,300,000		$	1,031,411,600			36,450,000		$	2,258,137,893
Core MSCI Pacific
Shares sold		700,000		$	44,778,730			800,000		$	52,839,092
Shares redeemed		(800,000	)		(52,651,729	)		(1,000,000	)		(65,281,701	)
Net decrease		(100,000	)	$	(7,872,999	)		(200,000	)	$	(12,442,609	)
Core MSCI Total International Stock
Shares sold		46,800,000		$	3,338,431,337			72,900,000		$	4,903,165,094

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

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Notes to Financial Statements  (unaudited) (continued)

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

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 Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Pacific ETF and iShares Core MSCI Total International Stock 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 151

Supplemental Information(unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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
Core MSCI EAFE(a)	$	1.232954	$	—	$	0.153960	$  1.386914		89	%		—	%		11	%		100	%
Core MSCI Europe(a)		0.795989		—		0.000487	0.796476		100			—			0	(b)		100
Core MSCI International Developed Markets(a)		1.066038		—		0.110931	1.176969		91			—			9			100
Core MSCI Pacific(a)		1.257269		—		0.505946	1.763215		71			—			29			100
Core MSCI Total International Stock(a)		1.153546		—		0.205491	1.359037		85			—			15			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 email 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 153

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

154 2 0 2 2   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

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.

©2022 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-108-0122

JANUARY 31, 2022

2022 Semi-Annual Report
(Unaudited)

iShares Trust

· iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

· iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

· iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

· iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

· iShares MSCI USA Momentum Factor ETF | MTUM | Cboe BZX

· iShares MSCI USA Quality Factor ETF | QUAL | Cboe BZX

· iShares MSCI USA Size Factor ETF | SIZE | NYSE Arca

· iShares MSCI USA Value Factor ETF | VLUE | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)		(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)		(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)		(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(1.55)	2.05
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
Fund Summary	4
About Fund Performance	12
Shareholder Expenses	12
Schedules of Investments	13
Financial Statements:
Statements of Assets and Liabilities	60
Statements of Operations	62
Statements of Changes in Net Assets	64
Financial Highlights	68
Notes to Financial Statements	76
Statement Regarding Liquidity Risk Management Program	87
Supplemental Information	88
General Information	89
Glossary of Terms Used in this Report	90

3

Fund Summary  asof January 31,  2022 iShares^® MSCI Intl Momentum Factor ETF

Investment Objective

The iShares MSCI Intl Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.78	)%		1.58	%		9.66	%		7.50	%		1.58	%		58.60	%		66.52	%
Fund Market		(4.01	)		1.60			9.39			7.49			1.60			56.61			66.39
Index		(4.53	)		0.69			9.62			7.61			0.69			58.25			67.70

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      962.20	$        1.48			$      1,000.00	$      1,023.70	$        1.53		0.30	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		24.8%
Industrials		16.4
Consumer Discretionary		13.6
Information Technology		12.0
Health Care		10.7
Energy		8.7
Consumer Staples		6.1
Materials		4.7
Communication Services		1.5
Other (each representing less than 1%)		1.5

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan		17.7%
France		14.2
Canada		14.0
United Kingdom		9.3
Switzerland		8.7
Netherlands		8.3
Australia		5.6
Denmark		4.9
Germany		4.5
Sweden		3.4

4 2 0 2 2   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  asof January 31, 2022 iShares^® MSCI Intl Quality Factor ETF

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.86	)%		8.74	%		10.83	%		8.04	%		8.74	%		67.23	%		72.58	%
Fund Market		(3.93	)		8.94			10.73			8.06			8.94			66.44			72.75
Index		(4.61	)		7.73			10.76			8.10			7.73			66.67			73.19

The inception date of the Fund was 1/13/15. The first day of secondary market trading was 1/15/15.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      961.40	$        1.48			$      1,000.00	$      1,023.70	$        1.53		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		20.1%
Industrials		14.5
Consumer Discretionary		11.4
Health Care		10.9
Consumer Staples		9.6
Information Technology		9.0
Materials		8.7
Energy		5.1
Communication Services		4.7
Utilities		3.4
Real Estate		2.6

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Switzerland		13.7%
Japan		13.5
United Kingdom		13.3
France		10.1
Australia		8.6
Canada		7.9
Netherlands		5.9
Hong Kong		5.5
Germany		5.1
Denmark		4.6

F U N D   S U M M A R Y 5

Fund Summary  asof January 31, 2022 iShares^® MSCI Intl Size Factor ETF

Investment Objective

The iShares MSCI Intl Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.69	)%		4.33	%		6.94	%		5.37	%		4.33	%		39.84	%		41.48	%
Fund Market		(4.83	)		3.99			6.75			5.31			3.99			38.62			40.91
Index		(5.30	)		3.51			6.85			5.30			3.51			39.25			40.79

The inception date of the Fund was 6/16/15. The first day of secondary market trading was 6/18/15.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      953.10	$        1.48			$      1,000.00	$      1,023.70	$        1.53		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of    Total Investments(a)
Industrials		18.1%
Financials		16.0
Consumer Discretionary		10.5
Materials		9.7
Consumer Staples		8.4
Health Care		7.4
Information Technology		7.3
Real Estate		6.8
Communication Services		6.4
Utilities		5.6
Energy		3.8

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
Japan		28.6%
Canada		10.1
United Kingdom		9.3
France		7.3
Australia		7.2
Germany		6.0
Switzerland		4.3
Hong Kong		4.1
Sweden		4.0
Netherlands		3.2

6 2 0 2 2   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  asof January 31, 2022 iShares^® MSCI Intl Value Factor ETF

Investment Objective

The iShares MSCI Intl Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.95	%		18.50	%		5.85	%		3.74	%		18.50	%		32.85	%		27.59	%
Fund Market		4.19			18.93			5.80			3.76			18.93			32.56			27.75
Index		3.21			17.56			5.73			3.69			17.56			32.13			27.13

The inception date of the Fund was 6/16/15. The first day of secondary market trading was 6/18/15.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      1,039.50	$        1.54			$      1,000.00	$      1,023.70	$        1.53		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Peracent of    Total Investments(a)
Financials		19.7%
Industrials		15.3
Consumer Discretionary		11.3
Health Care		11.2
Consumer Staples		10.0
Information Technology		9.3
Materials		8.1
Energy		5.0
Communication Services		4.5
Utilities		3.1
Real Estate		2.5

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan		35.3%
United Kingdom		16.1
France		10.9
Germany		8.3
Switzerland		5.3
Australia		4.4
Netherlands		3.2
Canada		3.2
Hong Kong		2.5
Italy		2.4

F U N D   S U M M A R Y 7

Fund Summary  asof January 31, 2022 iShares^® MSCI USA Momentum Factor ETF

Investment Objective

The iShares MSCI USA Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks exhibiting relatively higher price momentum, as represented by the MSCI USA Momentum SR Variant 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(5.09	)%		1.49	%		17.43	%		15.50	%		1.49	%		123.32	%		255.22	%
Fund Market		(5.10	)		1.51			17.43			15.50			1.51			123.33			255.19
Index		(5.03	)		1.62			17.67			15.73			1.62			125.62			261.20

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through November 22, 2020 reflects the performance of the MSCI USA Momentum Index. Index performance beginning on November 23, 2020 reflects the performance of the MSCI USA Momentum SR Variant Index.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      949.10	$        0.74			$      1,000.00	$      1,024.40	$        0.77		0.15	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		34.3%
Financials		25.4
Health Care		11.2
Consumer Discretionary		8.4
Communication Services		5.5
Energy		5.2
Industrials		4.3
Consumer Staples		3.2
Materials		1.3
Real Estate		1.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		5.2%
Tesla Inc.		4.8
NVIDIA Corp.		4.4
JPMorgan Chase & Co.		4.1
Bank of America Corp.		3.9
Eli Lilly & Co.		3.2
Costco Wholesale Corp.		3.1
Accenture PLC, Class A		2.9
Adobe Inc.		2.9
Intuit Inc.		2.7

8 2 0 2 2   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  asof January 31, 2022 iShares^® MSCI USA Quality Factor ETF

Investment Objective

The iShares MSCI USA Quality Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with quality characteristics as identified through certain fundamental metrics, as represented by the MSCI USA Sector Neutral Quality 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.75	)%		21.60	%		16.11	%		14.25	%		21.60	%		111.02	%		212.30	%
Fund Market		(0.81	)		21.55			16.10			14.25			21.55			110.93			212.20
Index		(0.67	)		21.90			16.32			14.46			21.90			112.99			216.84

The inception date of the Fund was 7/16/13. The first day of secondary market trading was 7/18/13.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Quality Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Sector Neutral Quality Index.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      992.50	$        0.75			$      1,000.00	$      1,024.40	$        0.77		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		29.9%
Health Care		12.8
Consumer Discretionary		11.7
Communication Services		10.5
Financials		10.4
Industrials		8.0
Consumer Staples		5.5
Energy		3.2
Real Estate		2.9
Utilities		2.7
Materials		2.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Meta Platforms Inc., Class A		4.5%
Johnson & Johnson		4.3
Nike Inc., Class B		4.0
Apple Inc.		3.8
Microsoft Corp.		3.1
Mastercard Inc., Class A		2.9
Costco Wholesale Corp.		2.8
NVIDIA Corp.		2.7
Target Corp.		2.4
Eli Lilly & Co.		2.4

F U N D   S U M M A R Y 9

Fund Summary  asof January 31, 2022 iShares^® MSCI USA Size Factor ETF

Investment Objective

The iShares MSCI USA Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI USA Low Size 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.71	)%		18.82	%		14.02	%		13.24	%		18.82	%		92.67	%		198.50	%
Fund Market		(0.79	)		18.84			13.99			13.23			18.84			92.44			198.27
Index		(0.65	)		18.98			14.18			13.41			18.98			94.07			202.19

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through December 2, 2018 reflects the performance of the MSCI USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI USA Low Size Index.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value       (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      992.90	$        0.75			$ 1,000.00	$      1,024.40	$        0.77		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		17.5%
Financials		14.3
Industrials		13.1
Health Care		13.0
Consumer Discretionary		10.1
Real Estate		5.9
Consumer Staples		5.9
Utilities		5.7
Communication Services		5.4
Materials		5.2
Energy		3.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apollo Global Management Inc.		0.3%
Fair Isaac Corp.		0.2
Halliburton Co.		0.2
Vertex Pharmaceuticals Inc.		0.2
Citrix Systems Inc.		0.2
Cerner Corp.		0.2
Activision Blizzard Inc.		0.2
Occidental Petroleum Corp.		0.2
NiSource Inc.		0.2
McCormick & Co. Inc./MD		0.2

10 2 0 2 2   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  asof January 31, 2022 iShares^® MSCI USA Value Factor ETF

Investment Objective

The iShares MSCI USA Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI USA Enhanced Value 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		4.43	%		22.45	%		11.43	%		11.60	%		22.45	%		71.80	%		162.54	%
Fund Market		4.33			22.35			11.41			11.59			22.35			71.66			162.37
Index		4.52			22.66			11.59			11.78			22.66			73.07			166.01

The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.

Index performance through August 31, 2015 reflects the performance of the MSCI USA Value Weighted Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Enhanced Value Index.

Past performance is no guarantee 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” on page 12 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,044.30	$        0.77			$      1,000.00	$      1,024.40	$        0.77		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		30.0%
Health Care		13.3
Consumer Discretionary		11.9
Communication Services		10.6
Financials		10.4
Industrials		7.7
Consumer Staples		5.7
Energy		3.0
Real Estate		2.6
Materials		2.4
Utilities		2.4

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
AT&T Inc.		7.5%
Intel Corp.		6.0
Micron Technology Inc.		3.6
Cisco Systems Inc.		3.5
Ford Motor Co.		3.4
General Motors Co.		3.1
International Business Machines Corp.		2.8
Pfizer Inc.		2.5
AbbVie Inc.		2.1
Citigroup Inc.		2.1

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 11

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

12 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.6%
Aristocrat Leisure Ltd.		53,995	$	1,565,195
AusNet Services Ltd.		195,491		359,723
Australia & New Zealand Banking Group Ltd.		150,207		2,838,737
Commonwealth Bank of Australia		191,523		12,772,618
Computershare Ltd.		61,891		857,908
Domino’s Pizza Enterprises Ltd.		5,934		437,711
Glencore PLC		1,258,041		6,553,907
IDP Education Ltd.		25,266		528,119
James Hardie Industries PLC		36,297		1,221,584
Macquarie Group Ltd.		35,348		4,620,390
National Australia Bank Ltd.		250,368		4,830,962
Reece Ltd.		14,581		225,107
SEEK Ltd.		21,066		436,555
South32 Ltd.		476,735		1,311,639
Sydney Airport(a)		114,344		702,772
Tabcorp Holdings Ltd.		116,777		410,305
Telstra Corp. Ltd.		363,696		1,011,046
Washington H Soul Pattinson & Co. Ltd.		11,448		222,250
Wesfarmers Ltd.		60,034		2,240,019
Westpac Banking Corp.		208,788		3,011,335
WiseTech Global Ltd.		13,650		444,572
				46,602,454
Austria — 0.5%
Erste Group Bank AG		38,420		1,795,773
OMV AG		21,972		1,344,783
Raiffeisen Bank International AG		20,329		571,392
Verbund AG		7,475		791,678
				4,503,626
Belgium — 0.5%
KBC Group NV		26,779		2,328,952
Sofina SA		1,996		794,703
UCB SA		11,554		1,149,684
				4,273,339
Canada — 14.0%
Bank of Montreal		73,830		8,356,732
Bank of Nova Scotia (The)		93,089		6,705,132
BlackBerry Ltd.(a)		42,411		348,990
Brookfield Asset Management Inc., Class A		199,258		10,972,788
Cameco Corp.		56,196		1,092,399
Canadian Imperial Bank of Commerce		49,523		6,218,669
Canadian National Railway Co.		65,278		7,956,198
Canadian Natural Resources Ltd.		139,441		7,092,991
Cenovus Energy Inc.		189,210		2,752,227
CGI Inc.(a)		11,320		966,495
Constellation Software Inc.		2,324		4,002,714
First Quantum Minerals Ltd.		29,884		736,080
FirstService Corp.		3,072		489,843
George Weston Ltd.		10,380		1,131,948
GFL Environmental Inc.		17,322		569,065
Gildan Activewear Inc.		10,847		431,781
Great-West Lifeco Inc.		14,871		464,562
iA Financial Corp. Inc.		7,069		459,959
IGM Financial Inc.		8,335		292,838
Imperial Oil Ltd.		26,179		1,071,132
Ivanhoe Mines Ltd., Class A(a)		42,766		366,378
Lightspeed Commerce Inc.(a)		19,702		639,503
Loblaw Companies Ltd.		27,469		2,119,250
National Bank of Canada		32,157		2,572,762

Security	Shares		Value
Canada (continued)
Nutrien Ltd.		62,191	$	4,343,561
Nuvei Corp.(a)(b)		11,490		700,256
Power Corp. of Canada		54,006		1,735,975
RioCan REIT		10,628		185,027
Royal Bank of Canada		127,426		14,528,459
Shaw Communications Inc., Class B, NVS		28,492		849,280
Suncor Energy Inc.		141,351		4,038,759
Teck Resources Ltd., Class B		44,778		1,382,987
TFI International Inc.		11,342		1,091,684
Thomson Reuters Corp.		23,462		2,518,683
Toromont Industries Ltd.		6,277		529,803
Toronto-Dominion Bank (The)		167,812		13,440,538
Tourmaline Oil Corp.		52,963		1,888,277
WSP Global Inc.		18,789		2,505,397
				117,549,122
Denmark — 4.9%
AP Moller - Maersk A/S, Class A		337		1,129,036
AP Moller - Maersk A/S, Class B, NVS		607		2,180,431
Carlsberg A/S, Class B		4,636		750,710
Demant A/S(a)		6,138		271,566
DSV A/S		14,327		2,910,969
Novo Nordisk A/S, Class B		330,797		32,903,798
Pandora A/S		7,936		862,958
				41,009,468
Finland — 1.0%
Fortum OYJ		40,120		1,092,055
Kesko OYJ, Class B		15,367		485,339
Nokia OYJ(a)		475,950		2,838,387
Nordea Bank Abp		288,638		3,428,350
Wartsila OYJ Abp		37,733		465,867
				8,309,998
France — 14.1%
Airbus SE(a)		36,664		4,681,744
ArcelorMittal SA		71,978		2,138,037
AXA SA		162,833		5,157,083
BNP Paribas SA		90,927		6,491,222
Bollore SA		92,783		500,119
Bureau Veritas SA		23,759		679,801
Capgemini SE		21,353		4,800,504
Cie. de Saint-Gobain		41,850		2,831,883
CNP Assurances		19,949		491,048
Credit Agricole SA		88,351		1,329,192
Dassault Systemes SE		95,084		4,598,107
EssilorLuxottica SA		37,048		7,008,942
Eurazeo SE		4,900		389,346
Eurofins Scientific SE		11,140		1,118,488
Hermes International		5,244		7,873,441
La Francaise des Jeux SAEM(b)		4,740		196,253
Legrand SA		24,309		2,474,001
L’Oreal SA		24,690		10,546,250
LVMH Moet Hennessy Louis Vuitton SE		26,078		21,419,875
Pernod Ricard SA		19,664		4,206,117
Publicis Groupe SA		19,357		1,311,647
Sartorius Stedim Biotech		2,277		998,490
Schneider Electric SE		39,891		6,757,348
Societe Generale SA		93,371		3,465,963
Teleperformance		4,040		1,521,420
TotalEnergies SE		209,179		11,895,470
Veolia Environnement SA		63,517		2,294,537

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) January 31, 2022 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Vivendi SE		98,243	$	1,287,511
Wendel SE		1,777		193,011
				118,656,850
Germany — 4.1%
Bayerische Motoren Werke AG		19,427		2,056,210
Brenntag SE		11,409		977,480
Carl Zeiss Meditec AG, Bearer		3,487		560,780
Daimler AG, Registered		74,609		5,953,330
Daimler Truck Holding AG(a)		36,749		1,295,545
Deutsche Post AG, Registered		68,995		4,152,160
GEA Group AG		11,719		553,666
Infineon Technologies AG		100,611		4,178,148
KION Group AG		4,233		391,355
Merck KGaA		20,360		4,464,913
Nemetschek SE		7,112		657,377
Siemens AG, Registered		38,461		6,106,495
Siemens Healthineers AG(b)		30,929		1,987,567
Uniper SE		11,221		507,748
Volkswagen AG		3,161		915,356
				34,758,130
Hong Kong — 0.2%
Chow Tai Fook Jewellery Group Ltd.		183,000		321,526
Techtronic Industries Co. Ltd.		91,500		1,509,758
				1,831,284
Ireland — 0.2%
Kingspan Group PLC		13,027		1,253,941
Smurfit Kappa Group PLC		14,606		769,818
				2,023,759
Israel — 1.1%
Azrieli Group Ltd.		5,903		533,721
Bank Hapoalim BM		129,556		1,344,498
Bank Leumi Le-Israel BM		260,810		2,797,185
CyberArk Software Ltd.(a)		3,417		468,642
ICL Group Ltd.		97,359		880,468
Inmode Ltd.(a)		10,031		483,795
Israel Discount Bank Ltd., Class A		176,605		1,184,286
Kornit Digital Ltd.(a)		6,181		649,376
Mizrahi Tefahot Bank Ltd.		18,630		720,188
				9,062,159
Italy — 2.1%
Assicurazioni Generali SpA		108,956		2,292,951
Eni SpA		310,488		4,663,900
Intesa Sanpaolo SpA		1,277,615		3,796,866
Mediobanca Banca di Credito Finanziario SpA		45,092		516,602
Moncler SpA		23,048		1,479,210
Poste Italiane SpA(b)		47,182		633,305
Tenaris SA		48,438		591,278
UniCredit SpA		204,612		3,251,983
				17,226,095
Japan — 17.7%
AGC Inc.		17,200		789,401
Ajinomoto Co. Inc.		84,900		2,368,836
Asahi Group Holdings Ltd.		40,100		1,636,910
Benefit One Inc.		15,100		459,241
Bridgestone Corp.		51,200		2,242,111
Dai Nippon Printing Co. Ltd.		21,000		504,108
Daikin Industries Ltd.		14,200		2,981,205
Daito Trust Construction Co. Ltd.		5,800		665,066

Security	Shares		Value
Japan (continued)
Daiwa Securities Group Inc.		112,000	$	674,878
Denso Corp.		36,900		2,753,983
Fuji Electric Co. Ltd.		10,100		539,807
FUJIFILM Holdings Corp.		43,500		2,916,066
Fujitsu Ltd.		16,300		2,154,833
Hamamatsu Photonics KK		7,200		368,361
Hitachi Ltd.		101,000		5,249,576
Hitachi Metals Ltd.(a)		12,500		225,409
Hoya Corp.		40,200		5,212,667
Ibiden Co. Ltd.		9,400		525,275
Idemitsu Kosan Co. Ltd.		18,500		474,000
Iida Group Holdings Co. Ltd.		8,800		183,081
Inpex Corp.		103,600		1,047,343
Isuzu Motors Ltd.		58,100		711,725
JFE Holdings Inc.		55,400		711,715
JSR Corp.		21,800		722,630
Keyence Corp.		20,600		10,566,202
Kikkoman Corp.		18,300		1,383,259
Koei Tecmo Holdings Co. Ltd.		3,020		109,253
Kurita Water Industries Ltd.		8,800		357,839
Lasertec Corp.		9,400		2,108,771
Marubeni Corp.		124,200		1,278,010
Mazda Motor Corp.(a)		50,400		388,269
Misumi Group Inc.		36,300		1,177,640
Mitsubishi Chemical Holdings Corp.		121,900		956,206
Mitsubishi Corp.		139,700		4,743,153
Mitsubishi UFJ Financial Group Inc.		872,000		5,285,436
Mitsui & Co. Ltd.		139,300		3,473,497
Nippon Sanso Holdings Corp.		13,900		276,037
Nippon Steel Corp.		67,800		1,108,161
Nippon Telegraph & Telephone Corp.		139,000		3,977,865
Nippon Yusen KK		32,000		2,508,586
Nissan Motor Co. Ltd.(a)		135,800		718,733
Nomura Real Estate Holdings Inc.		6,300		147,526
Nomura Research Institute Ltd.		30,900		1,081,682
NTT Data Corp.		83,900		1,608,425
Omron Corp.		18,000		1,315,971
Open House Group Co. Ltd.		10,600		548,796
ORIX Corp.		135,100		2,786,724
Panasonic Corp.		116,700		1,284,809
Persol Holdings Co. Ltd.		20,500		529,224
Recruit Holdings Co. Ltd.		182,300		9,010,830
Renesas Electronics Corp.(a)		61,900		710,415
Ricoh Co. Ltd.		32,400		273,599
Seiko Epson Corp.		19,400		302,184
Seven & i Holdings Co. Ltd.		52,100		2,649,735
Shimadzu Corp.		19,100		689,161
Shin-Etsu Chemical Co. Ltd.		21,500		3,597,150
Shionogi & Co. Ltd.		28,800		1,641,389
Sony Group Corp.		103,900		11,623,134
Sumitomo Chemical Co. Ltd.		93,500		471,525
Sysmex Corp.		14,400		1,370,749
Tokyo Electron Ltd.		11,600		5,673,942
Toshiba Corp.		32,100		1,329,262
Toyota Motor Corp.		1,108,300		21,903,522
Toyota Tsusho Corp.		13,800		559,638
Yamaha Motor Co. Ltd.		29,200		695,354
				148,339,890
Netherlands — 8.3%
Adyen NV(a)(b)		1,977		4,022,992

14 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Aegon NV		137,886	$	777,883
ASM International NV		9,209		3,164,032
ASML Holding NV		51,147		34,641,581
CNH Industrial NV		121,575		1,853,057
Davide Campari-Milano NV		48,412		607,827
EXOR NV		9,768		819,056
IMCD NV		11,206		1,927,655
ING Groep NV		425,311		6,289,967
Koninklijke Ahold Delhaize NV		97,866		3,173,266
Koninklijke DSM NV		19,804		3,712,466
NN Group NV		19,855		1,111,128
Randstad NV		6,409		416,929
Stellantis NV		216,048		4,171,643
Wolters Kluwer NV		27,200		2,768,377
				69,457,859
Norway — 0.9%
Aker BP ASA		13,697		474,590
DNB Bank ASA		73,612		1,751,980
Equinor ASA		111,132		3,063,667
Mowi ASA		46,978		1,153,024
Norsk Hydro ASA		168,937		1,298,333
				7,741,594
Portugal — 0.1%
Jeronimo Martins SGPS SA		30,943		743,593
Singapore — 1.3%
Capitaland Investment Ltd./Singapore(a)		399,900		1,026,092
DBS Group Holdings Ltd.		150,100		3,942,657
Oversea-Chinese Banking Corp. Ltd.		188,700		1,756,469
Sea Ltd., ADR(a)		13,264		1,993,712
Singapore Airlines Ltd.(a)		87,000		324,519
United Overseas Bank Ltd.		74,300		1,660,505
				10,703,954
Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		885,571		5,654,043
Banco Santander SA		1,252,217		4,391,027
EDP Renovaveis SA		24,630		517,758
Repsol SA		144,417		1,835,194
				12,398,022
Sweden — 3.4%
Alfa Laval AB		43,998		1,486,305
Atlas Copco AB, Class A		43,487		2,573,823
Atlas Copco AB, Class B		21,492		1,099,161
Epiroc AB, Class A		63,338		1,351,578
Epiroc AB, Class B		27,175		491,836
EQT AB		58,180		2,279,873
Evolution AB(b)		8,685		1,080,563
Getinge AB, Class B		31,774		1,242,223
Hexagon AB, Class B		167,295		2,256,487
Investment AB Latour, Class B		13,988		435,222
Investor AB		46,225		1,051,585
Investor AB, Class B		162,204		3,521,761
Kinnevik AB, Class B(a)		18,726		559,694
Lifco AB, Class B		32,542		762,792
Lundin Energy AB		19,632		798,392
Nibe Industrier AB, Class B		280,466		2,665,705
Sagax AB, Class B		30,933		902,940
Sandvik AB		52,458		1,381,456
Sinch AB(a)(b)		41,214		423,718

Security	Shares		Value
Sweden (continued)
Skandinaviska Enskilda Banken AB, Class A		177,089	$	2,289,201
				28,654,315
Switzerland — 8.6%
ABB Ltd., Registered		82,113		2,847,004
Bachem Holding AG, Class B, Registered		1,074		640,653
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		153		1,775,619
Chocoladefabriken Lindt & Spruengli AG, Registered		14		1,612,043
Cie. Financiere Richemont SA, Class A, Registered		62,118		9,027,845
Geberit AG, Registered		3,758		2,553,298
Kuehne + Nagel International AG, Registered		4,782		1,350,374
Lonza Group AG, Registered		7,218		4,976,391
Partners Group Holding AG		3,127		4,359,656
Roche Holding AG, Bearer		3,705		1,525,705
Roche Holding AG, NVS		59,205		22,912,285
Sika AG, Registered		11,334		3,965,473
Sonova Holding AG, Registered		7,288		2,596,277
Straumann Holding AG, Registered		1,545		2,560,194
Swiss Life Holding AG, Registered		2,766		1,780,224
UBS Group AG, Registered		316,020		5,862,028
VAT Group AG(b)		5,281		2,153,631
				72,498,700
United Kingdom — 9.3%
3i Group PLC		53,198		990,749
Ashtead Group PLC		58,782		4,204,558
Aviva PLC		187,489		1,106,935
Barclays PLC		1,409,519		3,781,482
BP PLC		1,660,820		8,609,561
Croda International PLC		25,368		2,739,692
Diageo PLC		220,381		11,120,724
Entain PLC(a)		47,408		1,026,352
Evraz PLC		28,451		193,285
Ferguson PLC		18,018		2,834,059
J Sainsbury PLC		182,889		718,671
Lloyds Banking Group PLC		5,255,150		3,646,921
Natwest Group PLC		416,483		1,368,888
RELX PLC		199,796		6,145,802
Schroders PLC		5,956		273,087
Segro PLC		164,113		2,893,271
Shell PLC		760,502		19,536,318
Spirax-Sarco Engineering PLC		8,966		1,616,173
St. James’s Place PLC		53,523		1,104,845
Tesco PLC		755,803		3,035,812
WPP PLC		87,362		1,369,881
				78,317,066
Total Common Stocks — 99.4% (Cost: $763,361,037)				834,661,277
Preferred Stocks
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,547		393,525
Porsche Automobil Holding SE, Preference Shares, NVS		11,608		1,087,077
Sartorius AG, Preference Shares, NVS		2,149		1,160,196
				2,640,798
Total Preferred Stocks — 0.3% (Cost: $2,151,381)				2,640,798

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) January 31, 2022 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		330,000	$	330,000
Total Short-Term Investments — 0.0% (Cost: $330,000)				330,000
Total Investments in Securities — 99.7% (Cost: $765,842,418)				837,632,075
Other Assets, Less Liabilities — 0.3%				2,286,953
Net Assets — 100.0%			$	839,919,028

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	2	(b)	$	—	$	(2	)	$	—	$	—		—	$	4,127	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		30,000	(b)		—		—			—		330,000		330,000		17			—
								$	(2	)	$	—	$	330,000			$	4,144		$	—

^(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.

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		38		03/10/22	$	633	$	(20,985	)
Euro STOXX 50 Index		28		03/18/22		1,316		(14,502	)
FTSE 100 Index		4		03/18/22		401		12,199
							$	(23,288	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	12,199

16 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Momentum Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	35,487

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	59,464
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,423	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,680,669

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
Investments
Assets
Common Stocks	$	124,052,235	$	710,609,042		$	—	$	834,661,277
Preferred Stocks		—		2,640,798			—		2,640,798
Money Market Funds		330,000		—			—		330,000
	$	124,382,235	$	713,249,840		$	—	$	837,632,075
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	12,199		$	—	$	12,199
Liabilities
Futures Contracts		—		(35,487	)		—		(35,487	)
	$	—	$	(23,288	)	$	—	$	(23,288	)

^(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) January 31, 2022 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.6%
Ampol Ltd.		230,207	$	4,876,476
ASX Ltd.		161,309		9,566,998
BHP Group Ltd.(a)		1,812,001		58,111,874
BHP Group Ltd.		1,348,392		42,561,711
Brambles Ltd.		675,111		4,638,044
CSL Ltd.		220,992		40,937,129
Dexus		581,084		4,230,240
Evolution Mining Ltd.		666,406		1,674,299
Fortescue Metals Group Ltd.		1,103,229		15,491,654
Goodman Group		1,448,761		23,921,544
GPT Group (The)		1,004,650		3,560,132
Insurance Australia Group Ltd.		1,572,259		4,742,521
James Hardie Industries PLC		266,420		8,966,426
Magellan Financial Group Ltd.		176,576		2,349,505
Medibank Pvt Ltd.		2,706,834		5,931,407
Mirvac Group		2,239,373		4,149,926
Newcrest Mining Ltd.		333,846		5,178,406
REA Group Ltd.		57,089		5,914,234
Rio Tinto Ltd.		293,691		23,350,099
Rio Tinto PLC		819,890		57,790,206
Stockland		1,262,876		3,640,149
Washington H Soul Pattinson & Co. Ltd.		208,990		4,057,312
Wesfarmers Ltd.		786,097		29,331,253
				364,971,545
Austria — 0.4%
OMV AG		175,319		10,730,290
Verbund AG		47,471		5,027,659
				15,757,949
Belgium — 0.3%
Etablissements Franz Colruyt NV		21,748		883,397
Proximus SADP		111,101		2,268,747
Sofina SA		16,926		6,739,051
Umicore SA		80,300		3,039,809
				12,931,004
Canada — 7.9%
Algonquin Power & Utilities Corp.		379,900		5,424,368
Alimentation Couche-Tard Inc.		314,361		12,679,297
Canadian National Railway Co.		363,193		44,266,602
Canadian Pacific Railway Ltd.		393,381		28,143,074
Canadian Tire Corp. Ltd., Class A, NVS		34,026		4,912,710
CCL Industries Inc., Class B, NVS		67,102		3,508,318
CGI Inc.(b)		111,322		9,504,603
Constellation Software Inc.		14,719		25,351,094
Franco-Nevada Corp.		79,223		10,474,775
Great-West Lifeco Inc.		200,302		6,257,320
Hydro One Ltd.(c)		165,637		4,279,211
iA Financial Corp. Inc.		81,601		5,309,538
IGM Financial Inc.		53,241		1,870,545
Intact Financial Corp.		142,748		19,341,138
Keyera Corp.		187,970		4,422,911
Kirkland Lake Gold Ltd.		146,024		5,500,239
Magna International Inc.		184,273		14,845,925
Manulife Financial Corp.		1,465,816		30,523,659
Onex Corp.		58,037		4,168,948
Pembina Pipeline Corp.		421,622		13,386,826
Power Corp. of Canada		357,334		11,486,187
Ritchie Bros Auctioneers Inc.		50,891		3,101,943
Sun Life Financial Inc.		450,297		25,502,011

Security	Shares		Value
Canada (continued)
TC Energy Corp.		605,413	$	31,262,486
TMX Group Ltd.		42,854		4,359,400
Toromont Industries Ltd.		42,556		3,591,892
				333,475,020
Denmark — 4.6%
Chr Hansen Holding A/S		42,556		3,412,797
Coloplast A/S, Class B		75,338		10,955,822
DSV A/S		106,756		21,690,753
GN Store Nord A/S		58,517		3,541,095
Novo Nordisk A/S, Class B		1,093,809		108,799,264
Novozymes A/S, Class B		133,383		9,156,398
Orsted A/S(c)		94,385		10,056,249
Pandora A/S		93,608		10,178,909
Rockwool International A/S, Class B		4,384		1,679,116
Vestas Wind Systems A/S		594,863		16,097,226
				195,567,629
Finland — 1.8%
Elisa OYJ		135,835		7,979,194
Fortum OYJ		201,932		5,496,535
Kone OYJ, Class B		294,996		19,105,167
Neste OYJ		568,824		25,653,688
Orion OYJ, Class B		52,616		2,139,509
Sampo OYJ, Class A		360,399		17,887,619
				78,261,712
France — 10.0%
Amundi SA(c)		44,463		3,456,390
AXA SA		1,255,967		39,777,725
Hermes International		27,028		40,580,352
Ipsen SA		19,778		1,924,414
Kering SA		52,225		38,999,791
La Francaise des Jeux SAEM(c)		93,567		3,874,012
L’Oreal SA		93,490		39,933,938
LVMH Moet Hennessy Louis Vuitton SE		176,300		144,808,802
Sartorius Stedim Biotech		13,911		6,100,128
TotalEnergies SE		1,883,838		107,129,010
				426,584,562
Germany — 4.9%
adidas AG		118,884		32,623,813
Allianz SE, Registered		311,761		80,045,422
Bechtle AG		39,082		2,346,577
Beiersdorf AG		37,773		3,757,035
Brenntag SE		72,761		6,233,890
Deutsche Boerse AG		153,652		27,312,011
Deutsche Post AG, Registered		546,838		32,909,032
Hannover Rueck SE		44,054		8,887,548
Henkel AG & Co. KGaA		31,763		2,509,625
Knorr-Bremse AG		40,263		4,082,251
LANXESS AG		42,540		2,590,056
Nemetschek SE		32,060		2,963,374
Rational AG		3,219		2,698,540
				208,959,174
Hong Kong — 5.5%
AIA Group Ltd.		7,982,200		83,332,653
Chow Tai Fook Jewellery Group Ltd.		1,284,400		2,256,657
CK Infrastructure Holdings Ltd.		415,000		2,557,382
CLP Holdings Ltd.		1,084,500		10,853,137
Hang Seng Bank Ltd.		550,500		10,898,691
Henderson Land Development Co. Ltd.		795,000		3,476,689

18 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,959,000	$	1,949,691
Hong Kong & China Gas Co. Ltd.		7,323,370		11,287,205
Hong Kong Exchanges & Clearing Ltd.		1,168,300		66,681,532
Power Assets Holdings Ltd.		990,000		6,083,161
Sino Land Co. Ltd.		1,452,000		1,881,347
SITC International Holdings Co. Ltd.		1,065,000		4,059,331
Sun Hung Kai Properties Ltd.		738,500		9,010,074
Techtronic Industries Co. Ltd.		888,500		14,660,331
Xinyi Glass Holdings Ltd.		1,225,000		3,247,432
				232,235,313
Ireland — 0.3%
Kingspan Group PLC		79,044		7,608,541
Smurfit Kappa Group PLC		90,984		4,795,369
				12,403,910
Israel — 0.7%
Azrieli Group Ltd.		24,870		2,248,627
Bank Hapoalim BM		680,609		7,063,180
Bank Leumi Le-Israel BM		936,185		10,040,576
Check Point Software Technologies Ltd.(b)		71,352		8,634,306
				27,986,689
Italy — 1.5%
Assicurazioni Generali SpA		697,093		14,670,145
DiaSorin SpA		13,483		2,078,557
Ferrari NV		103,755		23,912,684
FinecoBank Banca Fineco SpA		449,799		7,562,140
Moncler SpA		134,452		8,629,069
Recordati Industria Chimica e Farmaceutica SpA		44,957		2,518,514
Snam SpA		1,041,881		5,838,367
				65,209,476
Japan — 13.4%
Advantest Corp.		113,100		9,626,229
Bandai Namco Holdings Inc.		123,900		8,708,701
Benefit One Inc.		74,500		2,265,793
Capcom Co. Ltd.		196,000		4,731,585
Chugai Pharmaceutical Co. Ltd.		298,600		9,698,457
Cosmos Pharmaceutical Corp.		7,200		899,170
CyberAgent Inc.		426,100		4,968,414
Daifuku Co. Ltd.		41,700		2,895,012
Daito Trust Construction Co. Ltd.		65,300		7,487,726
Daiwa House Industry Co. Ltd.		354,500		10,345,431
Disco Corp.		13,100		3,601,893
Hakuhodo DY Holdings Inc.		140,900		2,158,269
Hoya Corp.		155,900		20,215,295
Idemitsu Kosan Co. Ltd.		156,300		4,004,662
Inpex Corp.		653,700		6,608,575
Itochu Techno-Solutions Corp.		38,700		1,055,740
Japan Exchange Group Inc.		456,700		9,394,704
Japan Real Estate Investment Corp.		663		3,645,801
Japan Tobacco Inc.		365,500		7,297,162
Kakaku.com Inc.		149,600		3,098,449
Kao Corp.		162,300		8,110,383
KDDI Corp.		1,215,500		38,833,649
Kikkoman Corp.		43,800		3,310,751
Kobayashi Pharmaceutical Co. Ltd.		16,700		1,300,478
Kobe Bussan Co. Ltd.		49,000		1,525,340
Koei Tecmo Holdings Co. Ltd.		41,190		1,490,116
Koito Manufacturing Co. Ltd.		51,200		2,570,777
Konami Holdings Corp.		69,700		3,757,513

Security	Shares		Value
Japan (continued)
Lasertec Corp.		60,900	$	13,662,145
M3 Inc.		179,100		6,885,784
Makita Corp.		105,200		3,936,945
MEIJI Holdings Co. Ltd.		35,100		2,189,594
Misumi Group Inc.		133,900		4,343,967
Miura Co. Ltd.		33,600		992,044
MonotaRO Co. Ltd.		190,000		3,121,851
MS&AD Insurance Group Holdings Inc.		321,600		11,030,725
Nihon M&A Center Holdings Inc.		216,900		3,414,702
Nintendo Co. Ltd.		117,100		57,383,846
Nippon Building Fund Inc.		790		4,574,999
Nippon Prologis REIT Inc.		1,030		3,213,844
Nippon Telegraph & Telephone Corp.		758,400		21,703,689
Nissan Chemical Corp.		69,400		3,765,525
Nitori Holdings Co. Ltd.		50,900		7,292,065
Nitto Denko Corp.		49,400		3,846,265
Nomura Research Institute Ltd.		149,400		5,229,878
Obic Co. Ltd.		31,800		5,254,049
Open House Group Co. Ltd.		49,100		2,542,064
Oracle Corp. Japan		30,100		2,251,195
Orix JREIT Inc.		1,169		1,677,579
Osaka Gas Co. Ltd.		190,100		3,232,914
Otsuka Corp.		49,400		2,004,493
Recruit Holdings Co. Ltd.		646,600		31,960,518
Rinnai Corp.		18,800		1,678,934
SCSK Corp.		67,100		1,135,429
Secom Co. Ltd.		94,100		6,625,961
Sekisui Chemical Co. Ltd.		191,000		3,339,442
Sekisui House Ltd.		314,300		6,367,769
SG Holdings Co. Ltd.		178,600		3,791,369
Shimadzu Corp.		104,900		3,784,973
Shimano Inc.		48,100		10,786,045
Shin-Etsu Chemical Co. Ltd.		143,300		23,975,421
Shionogi & Co. Ltd.		92,100		5,249,024
Sohgo Security Services Co. Ltd.		23,100		837,780
Sompo Holdings Inc.		219,600		10,275,839
Square Enix Holdings Co. Ltd.		65,400		3,207,080
T&D Holdings Inc.		359,900		5,318,711
Tokio Marine Holdings Inc.		362,800		21,649,601
Tokyo Electron Ltd.		97,600		47,739,378
Tosoh Corp.		111,000		1,736,761
Trend Micro Inc./Japan(b)		68,900		3,655,324
Tsuruha Holdings Inc.		11,000		885,988
Unicharm Corp.		152,800		5,904,727
USS Co. Ltd.		132,800		2,167,388
Welcia Holdings Co. Ltd.		31,400		848,046
Yamaha Corp.		80,100		3,648,967
Yamaha Motor Co. Ltd.		178,200		4,243,567
ZOZO Inc.		125,400		3,341,586
				571,311,865
Netherlands — 5.9%
Adyen NV(b)(c)		12,192		24,809,470
ASM International NV		25,455		8,745,838
ASML Holding NV		252,023		170,693,786
NN Group NV		163,429		9,145,834
Randstad NV		61,070		3,972,827
Universal Music Group NV		624,219		15,411,424
Wolters Kluwer NV		170,122		17,314,776
				250,093,955

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) January 31, 2022 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		350,913	$	6,456,282
Mercury NZ Ltd.		351,252		1,291,386
Meridian Energy Ltd.		728,867		2,101,008
Spark New Zealand Ltd.		1,503,606		4,297,503
				14,146,179
Norway — 0.4%
Aker BP ASA		116,195		4,026,065
Gjensidige Forsikring ASA		199,763		4,879,508
Mowi ASA		139,856		3,432,613
Orkla ASA		278,844		2,664,744
				15,002,930
Singapore — 0.7%
Ascendas REIT		1,767,800		3,625,477
Oversea-Chinese Banking Corp. Ltd.		2,081,700		19,377,010
Singapore Exchange Ltd.		782,500		5,416,284
Singapore Technologies Engineering Ltd.		1,084,600		3,014,600
				31,433,371
Spain — 1.6%
Enagas SA		30,251		654,089
Endesa SA		275,973		6,178,643
Iberdrola SA		3,105,148		35,600,708
Iberdrola SA		49,315		562,892
Industria de Diseno Textil SA		783,807		23,772,393
Red Electrica Corp. SA		120,954		2,438,217
				69,206,942
Sweden — 3.8%
Alfa Laval AB		141,776		4,789,364
Assa Abloy AB, Class B		508,140		13,913,935
Atlas Copco AB, Class A		463,567		27,436,694
Atlas Copco AB, Class B		270,942		13,856,726
Boliden AB		138,626		5,613,317
Electrolux AB, Class B		163,426		3,400,435
Epiroc AB, Class A		446,417		9,526,149
Epiroc AB, Class B		256,871		4,649,069
Evolution AB(c)		111,493		13,871,638
Husqvarna AB, Class B		189,084		2,629,017
Investment AB Latour, Class B		70,855		2,204,580
Lifco AB, Class B		137,160		3,215,064
Nibe Industrier AB, Class B		741,812		7,050,594
Sagax AB, Class B		109,805		3,205,228
Sandvik AB		646,393		17,022,449
Skanska AB, Class B		203,416		4,980,206
SKF AB, Class B		199,325		4,369,628
Volvo AB, Class A		109,013		2,493,559
Volvo AB, Class B		771,681		17,414,076
				161,641,728
Switzerland — 13.7%
ABB Ltd., Registered		822,751		28,526,240
Baloise Holding AG, Registered		31,254		5,474,964
EMS-Chemie Holding AG, Registered		5,016		5,073,591
Geberit AG, Registered		29,883		20,303,410
Givaudan SA, Registered		4,144		17,168,279
Kuehne + Nagel International AG, Registered		42,891		12,111,858
Logitech International SA, Registered		137,798		11,579,100
Nestle SA, Registered		1,118,331		144,419,348
Partners Group Holding AG		27,099		37,781,362
Roche Holding AG, Bearer		19,824		8,163,450
Roche Holding AG, NVS		429,647		166,273,024
Schindler Holding AG, Participation Certificates, NVS		28,165		7,068,963

Security	Shares		Value
Switzerland (continued)
Schindler Holding AG, Registered		14,217	$	3,566,659
Straumann Holding AG, Registered		5,916		9,803,306
Swiss Re AG		213,208		23,230,685
Swisscom AG, Registered		19,197		10,972,524
Temenos AG, Registered		39,553		4,741,011
VAT Group AG(c)		19,286		7,864,972
Zurich Insurance Group AG		116,500		55,722,910
				579,845,656
United Kingdom — 13.3%
Abrdn PLC		1,344,219		4,396,114
Admiral Group PLC		224,167		9,531,743
Anglo American PLC		804,666		35,474,086
Ashtead Group PLC		211,126		15,101,416
Auto Trader Group PLC(c)		1,074,926		9,740,587
Aviva PLC		2,380,491		14,054,415
BAE Systems PLC		1,573,627		12,314,817
Barratt Developments PLC		591,151		4,916,624
Berkeley Group Holdings PLC		67,901		3,875,109
British Land Co. PLC (The)		435,407		3,255,770
Bunzl PLC		195,592		7,326,283
Burberry Group PLC		229,728		5,827,956
Croda International PLC		64,002		6,912,085
Diageo PLC		1,047,917		52,879,314
Experian PLC		481,835		20,125,228
Ferguson PLC		150,355		23,649,400
GlaxoSmithKline PLC		2,090,629		46,654,446
Halma PLC		194,507		6,592,556
Hargreaves Lansdown PLC		448,661		8,145,764
Hikma Pharmaceuticals PLC		62,515		1,756,243
Imperial Brands PLC		396,143		9,392,492
Intertek Group PLC		107,755		7,819,829
JD Sports Fashion PLC		1,459,404		3,742,155
Johnson Matthey PLC		76,466		2,019,366
London Stock Exchange Group PLC		199,304		19,514,535
Mondi PLC		185,655		4,644,936
National Grid PLC		1,677,575		24,547,815
Persimmon PLC		264,709		8,624,084
Prudential PLC		2,863,041		48,258,623
Reckitt Benckiser Group PLC		382,091		30,957,817
Sage Group PLC (The)		535,708		5,234,925
Schroders PLC		110,064		5,046,523
Segro PLC		652,602		11,505,210
Spirax-Sarco Engineering PLC		44,515		8,024,082
St. James’s Place PLC		472,057		9,744,404
Taylor Wimpey PLC		2,200,390		4,514,225
Unilever PLC		1,324,299		67,912,500
				564,033,477
Total Common Stocks — 99.6% (Cost: $3,705,437,656)				4,231,060,086
Preferred Stocks
Germany — 0.1%
Fuchs Petrolub SE, Preference Shares, NVS		37,109		1,603,671
Henkel AG & Co. KGaA, Preference Shares, NVS		51,833		4,239,342
				5,843,013
Total Preferred Stocks — 0.1% (Cost: $6,711,536)				5,843,013

20 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		60,273,375	$	60,291,457
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,390,000		1,390,000
				61,681,457
Total Short-Term Investments — 1.4% (Cost: $61,681,457)				61,681,457
Total Investments in Securities — 101.1% (Cost: $3,773,830,649)				4,298,584,556
Other Assets, Less Liabilities — (1.1)%				(48,654,877	)
Net Assets — 100.0%			$	4,249,929,679

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

^(b) Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	60,291,617	(a)	$	—		$	(160	)	$	—	$	60,291,457		60,273,375	$	42,424	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,880,000		—			(490,000	)(a)		—			—		1,390,000		1,390,000		50			—
									$	(160	)	$	—	$	61,681,457			$	42,474		$	—

^(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		16		03/10/22	$	2,667	$	(104,758	)
SPI 200 Index		16		03/17/22		1,950		(115,590	)
Euro STOXX 50 Index		115		03/18/22		5,405		(68,666	)
FTSE 100 Index		25		03/18/22		2,506		65,624
							$	(223,390	)

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) January 31, 2022 iShares^® MSCI Intl Quality Factor 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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	65,624
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	289,014

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	815,099
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(99,393	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	18,515,309

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
Investments
Assets
Common Stocks	$	386,620,728	$	3,844,439,358		$	—	$	4,231,060,086
Preferred Stocks		—		5,843,013			—		5,843,013
Money Market Funds		61,681,457		—			—		61,681,457
	$	448,302,185	$	3,850,282,371		$	—	$	4,298,584,556
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	65,624		$	—	$	65,624
Liabilities
Futures Contracts		—		(289,014	)		—		(289,014	)
	$	—	$	(223,390	)	$	—	$	(223,390	)

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

See notes to financial statements.

22 2 0 2 2   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)  January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.2%
Ampol Ltd.		948	$	20,081
APA Group		2,949		20,000
Aristocrat Leisure Ltd.		555		16,088
ASX Ltd.		312		18,504
Aurizon Holdings Ltd.		8,187		20,483
AusNet Services Ltd.		11,847		21,800
Australia & New Zealand Banking Group Ltd.		891		16,839
BHP Group Ltd.(a)		684		21,936
BHP Group Ltd.		699		22,064
BlueScope Steel Ltd.		1,236		16,200
Brambles Ltd.		2,808		19,291
Cochlear Ltd.		117		16,045
Coles Group Ltd.		1,512		17,371
Commonwealth Bank of Australia		273		18,206
Computershare Ltd.		1,512		20,959
Crown Resorts Ltd.(b)		2,727		23,496
CSL Ltd.		84		15,560
Dexus		2,367		17,231
Domino’s Pizza Enterprises Ltd.		237		17,482
Endeavour Group Ltd./Australia		4,104		18,331
Evolution Mining Ltd.		6,948		17,456
Fortescue Metals Group Ltd.		1,701		23,886
Glencore PLC		3,339		17,395
Goodman Group		1,137		18,774
GPT Group (The)		4,938		17,499
IDP Education Ltd.		765		15,990
Insurance Australia Group Ltd.		5,736		17,302
James Hardie Industries PLC		531		17,871
Lendlease Corp. Ltd.		2,586		18,300
Macquarie Group Ltd.		132		17,254
Magellan Financial Group Ltd.		882		11,736
Medibank Pvt Ltd.		8,532		18,696
Mirvac Group		10,554		19,558
National Australia Bank Ltd.		945		18,234
Newcrest Mining Ltd.		1,038		16,101
Northern Star Resources Ltd.		2,697		16,074
Orica Ltd.		1,794		17,774
Origin Energy Ltd.		5,466		21,872
Qantas Airways Ltd.(b)		5,415		18,534
QBE Insurance Group Ltd.		2,415		19,174
Ramsay Health Care Ltd.		426		19,006
REA Group Ltd.		168		17,404
Reece Ltd.		1,311		20,240
Rio Tinto Ltd.		303		24,090
Rio Tinto PLC		276		19,454
Santos Ltd.		8,451		43,047
Scentre Group		8,166		16,954
SEEK Ltd.		834		17,283
Sonic Healthcare Ltd.		729		19,632
South32 Ltd.		8,244		22,682
Stockland		5,895		16,992
Suncorp Group Ltd.		2,631		20,664
Sydney Airport(b)		3,246		19,950
Tabcorp Holdings Ltd.		4,941		17,361
Telstra Corp. Ltd.		6,852		19,048
Transurban Group		1,818		16,061
Treasury Wine Estates Ltd.		2,613		19,640
Vicinity Centres		15,765		18,276

Security	Shares		Value
Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		891	$	17,298
Wesfarmers Ltd.		465		17,350
Westpac Banking Corp.		1,239		17,870
WiseTech Global Ltd.		498		16,219
Woodside Petroleum Ltd.		1,320		23,587
Woolworths Group Ltd.		666		16,247
				1,213,802
Austria — 0.5%
Erste Group Bank AG		378		17,668
OMV AG		309		18,912
Raiffeisen Bank International AG		570		16,021
Verbund AG		207		21,924
voestalpine AG		519		17,254
				91,779
Belgium — 1.2%
Ageas SA/NV		399		19,206
Anheuser-Busch InBev SA/NV		330		20,804
Elia Group SA/NV		165		22,266
Etablissements Franz Colruyt NV		390		15,842
Groupe Bruxelles Lambert SA		153		16,417
KBC Group NV		195		16,959
Proximus SADP		1,023		20,890
Sofina SA		51		20,305
Solvay SA		174		20,965
UCB SA		180		17,911
Umicore SA		411		15,559
				207,124
Canada — 10.1%
Agnico Eagle Mines Ltd.		384		18,340
Air Canada(a)(b)		1,149		20,663
Algonquin Power & Utilities Corp.		1,272		18,162
Alimentation Couche-Tard Inc.		426		17,182
AltaGas Ltd.		969		19,904
Ballard Power Systems Inc.(b)		1,389		14,489
Bank of Montreal		180		20,374
Bank of Nova Scotia (The)		255		18,367
Barrick Gold Corp.		1,002		19,178
Bausch Health Cos Inc.(b)		705		17,332
BCE Inc.		396		20,685
BlackBerry Ltd.(b)		2,079		17,108
Brookfield Asset Management Inc., Class A		279		15,364
Brookfield Renewable Corp., Class A		540		18,475
CAE Inc.(b)		672		16,970
Cameco Corp.		813		15,804
Canadian Apartment Properties REIT		396		17,418
Canadian Imperial Bank of Commerce		150		18,836
Canadian National Railway Co.		153		18,648
Canadian Natural Resources Ltd.		483		24,569
Canadian Pacific Railway Ltd.		255		18,243
Canadian Tire Corp. Ltd., Class A, NVS		156		22,523
Canadian Utilities Ltd., Class A, NVS		681		19,785
Canopy Growth Corp.(a)(b)		1,800		14,472
CCL Industries Inc., Class B, NVS		390		20,390
Cenovus Energy Inc.		1,635		23,782
CGI Inc.(b)		243		20,747
Constellation Software Inc.		12		20,668
Dollarama Inc.		441		22,755
Emera Inc.		378		17,910
Empire Co. Ltd., Class A, NVS		669		20,641

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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Enbridge Inc.		444	$	18,771
Fairfax Financial Holdings Ltd.		42		20,281
First Quantum Minerals Ltd.		987		24,311
FirstService Corp.		99		15,786
Fortis Inc.		423		20,093
Franco-Nevada Corp.		144		19,040
George Weston Ltd.		177		19,302
GFL Environmental Inc.		507		16,656
Gildan Activewear Inc.		513		20,421
Great-West Lifeco Inc.		588		18,369
Hydro One Ltd.(c)		756		19,531
iA Financial Corp. Inc.		324		21,082
IGM Financial Inc.		480		16,864
Imperial Oil Ltd.		588		24,058
Intact Financial Corp.		153		20,730
Ivanhoe Mines Ltd., Class A(b)		2,430		20,818
Keyera Corp.		804		18,918
Kinross Gold Corp.		2,607		14,090
Kirkland Lake Gold Ltd.		489		18,419
Lightspeed Commerce Inc.(b)		345		11,198
Loblaw Companies Ltd.		246		18,979
Lundin Mining Corp.		2,646		22,044
Magna International Inc.		234		18,852
Manulife Financial Corp.		969		20,178
Metro Inc.		399		21,341
National Bank of Canada		243		19,442
Northland Power Inc.		597		17,288
Nutrien Ltd.		309		21,581
Nuvei Corp.(b)(c)		213		12,981
Onex Corp.		279		20,041
Open Text Corp.		408		19,528
Pan American Silver Corp.		813		17,595
Parkland Corp.		711		18,906
Pembina Pipeline Corp.		549		17,431
Power Corp. of Canada		525		16,876
Quebecor Inc., Class B		750		17,736
Restaurant Brands International Inc.		375		20,975
RioCan REIT		1,086		18,907
Ritchie Bros Auctioneers Inc.		300		18,286
Rogers Communications Inc., Class B, NVS		378		19,171
Royal Bank of Canada		186		21,207
Saputo Inc.		774		17,347
Shaw Communications Inc., Class B, NVS		696		20,746
Shopify Inc., Class A(b)		12		11,583
Sun Life Financial Inc.		357		20,218
Suncor Energy Inc.		717		20,487
TC Energy Corp.		420		21,688
Teck Resources Ltd., Class B		705		21,774
TELUS Corp.		906		21,318
TFI International Inc.		201		19,347
Thomson Reuters Corp.		162		17,391
TMX Group Ltd.		177		18,006
Toromont Industries Ltd.		246		20,763
Toronto-Dominion Bank (The)		261		20,904
Tourmaline Oil Corp.		597		21,285
West Fraser Timber Co. Ltd.		249		23,048
Wheaton Precious Metals Corp.		471		18,990
WSP Global Inc.		150		20,002
				1,702,764

Security	Shares		Value
Denmark — 1.7%
Ambu A/S, Class B		777	$	16,464
AP Moller - Maersk A/S, Class A		3		10,051
AP Moller - Maersk A/S, Class B, NVS		3		10,776
Carlsberg A/S, Class B		96		15,545
Chr Hansen Holding A/S		228		18,285
Coloplast A/S, Class B		114		16,578
Danske Bank A/S		1,032		20,032
Demant A/S(b)		366		16,193
DSV A/S		81		16,458
Genmab A/S(b)		48		16,345
GN Store Nord A/S		306		18,517
Novo Nordisk A/S, Class B		165		16,412
Novozymes A/S, Class B		267		18,329
Orsted A/S(c)		153		16,301
Pandora A/S		150		16,311
Rockwool International A/S, Class B		45		17,236
Tryg A/S		810		19,194
Vestas Wind Systems A/S		576		15,587
				294,614
Finland — 1.4%
Elisa OYJ		354		20,795
Fortum OYJ		630		17,148
Kesko OYJ, Class B		621		19,613
Kone OYJ, Class B		291		18,846
Neste OYJ		399		17,995
Nokia OYJ(b)		3,576		21,326
Nordea Bank Abp		1,638		19,456
Orion OYJ, Class B		441		17,932
Sampo OYJ, Class A		363		18,017
Stora Enso OYJ, Class R		1,056		21,497
UPM-Kymmene OYJ		552		20,118
Wartsila OYJ Abp		1,455		17,964
				230,707
France — 7.3%
Accor SA(b)		621		22,823
Aeroports de Paris(b)		138		18,727
Air Liquide SA		114		19,501
Airbus SE(b)		153		19,537
Alstom SA		567		18,382
Amundi SA(c)		234		18,190
ArcelorMittal SA		666		19,783
Arkema SA		156		23,067
AXA SA		645		20,428
BioMerieux		138		16,182
BNP Paribas SA		279		19,918
Bollore SA		3,516		18,952
Bouygues SA		507		17,880
Bureau Veritas SA		588		16,824
Capgemini SE		84		18,885
Carrefour SA		1,164		22,153
Cie. de Saint-Gobain		297		20,097
Cie. Generale des Etablissements Michelin SCA		120		20,079
CNP Assurances		867		21,341
Covivio		222		18,539
Credit Agricole SA		1,152		17,331
Danone SA		309		19,266
Dassault Aviation SA		204		24,244
Dassault Systemes SE		363		17,554
Edenred		414		17,782

24 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Eiffage SA		183	$	19,228
Electricite de France SA		1,374		13,215
Engie SA		1,335		20,535
EssilorLuxottica SA		90		17,027
Eurazeo SE		219		17,401
Eurofins Scientific SE		171		17,169
Faurecia SE		351		15,559
Gecina SA		129		17,504
Getlink SE		1,413		22,290
Hermes International		9		13,513
Ipsen SA		213		20,725
Kering SA		24		17,922
Klepierre SA		789		20,986
La Francaise des Jeux SAEM(c)		447		18,507
Legrand SA		177		18,014
L’Oreal SA		42		17,940
LVMH Moet Hennessy Louis Vuitton SE		21		17,249
Orange SA		1,518		17,833
Orpea SA		222		9,747
Pernod Ricard SA		78		16,684
Publicis Groupe SA		273		18,499
Remy Cointreau SA		99		20,645
Renault SA(b)		450		17,884
Safran SA		153		18,524
Sanofi		186		19,449
Sartorius Stedim Biotech		33		14,471
Schneider Electric SE		102		17,278
SEB SA		120		18,212
Societe Generale SA		594		22,049
Sodexo SA		225		20,926
Teleperformance		51		19,206
Thales SA		192		17,712
TotalEnergies SE		393		22,349
Ubisoft Entertainment SA(b)		429		24,618
Unibail-Rodamco-Westfield(b)		249		18,973
Valeo		573		16,037
Veolia Environnement SA		543		19,616
Vinci SA		186		20,387
Vivendi SE		1,692		22,174
Wendel SE		144		15,641
Worldline SA/France(b)(c)		369		17,886
				1,239,049
Germany — 5.5%
adidas AG		63		17,288
Allianz SE, Registered		87		22,338
Aroundtown SA		2,628		16,232
BASF SE		285		21,828
Bayer AG, Registered		303		18,408
Bayerische Motoren Werke AG		129		13,654
Bechtle AG		300		18,013
Beiersdorf AG		195		19,395
Brenntag SE		225		19,277
Carl Zeiss Meditec AG, Bearer		102		16,404
Commerzbank AG(b)		2,733		23,600
Continental AG(b)		162		15,706
Covestro AG(c)		327		19,618
Daimler AG, Registered		162		12,927
Daimler Truck Holding AG(b)		283		9,959
Delivery Hero SE(b)(c)		141		10,884
Deutsche Bank AG, Registered(b)		1,593		22,180

Security	Shares		Value
Germany (continued)
Deutsche Boerse AG		123	$	21,864
Deutsche Lufthansa AG, Registered(b)		2,667		20,738
Deutsche Post AG, Registered		312		18,776
Deutsche Telekom AG, Registered		873		16,481
E.ON SE		1,383		19,075
Evonik Industries AG		582		18,987
Fresenius Medical Care AG & Co. KGaA		321		21,826
Fresenius SE & Co. KGaA		501		20,682
GEA Group AG		426		20,126
Hannover Rueck SE		114		22,999
HeidelbergCement AG		291		20,250
HelloFresh SE(b)		204		13,583
Henkel AG & Co. KGaA		33		2,607
Infineon Technologies AG		402		16,694
KION Group AG		186		17,196
Knorr-Bremse AG		201		20,379
LANXESS AG		291		17,718
LEG Immobilien SE		129		17,113
Merck KGaA		66		14,474
MTU Aero Engines AG		87		18,513
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		72		22,794
Nemetschek SE		171		15,806
Puma SE		159		17,005
Rational AG		21		17,605
RWE AG		474		19,994
SAP SE		135		16,937
Scout24 SE(c)		300		17,923
Siemens AG, Registered		111		17,624
Siemens Healthineers AG(c)		261		16,772
Symrise AG		123		14,698
Telefonica Deutschland Holding AG		6,480		18,603
Uniper SE		426		19,276
United Internet AG, Registered		549		21,530
Volkswagen AG		12		3,475
Vonovia SE		309		17,599
Zalando SE(b)(c)		225		17,858
				933,291
Hong Kong — 4.1%
AIA Group Ltd.		1,800		18,792
BOC Hong Kong Holdings Ltd.		6,000		23,168
Budweiser Brewing Co. APAC Ltd.(c)		6,900		18,227
Chow Tai Fook Jewellery Group Ltd.		10,800		18,975
CK Asset Holdings Ltd.		3,000		20,026
CK Hutchison Holdings Ltd.		3,000		21,322
CK Infrastructure Holdings Ltd.		3,000		18,487
CLP Holdings Ltd.		3,000		30,022
ESR Cayman Ltd.(b)(c)		6,600		22,379
Futu Holdings Ltd., ADR(a)(b)		393		16,997
Galaxy Entertainment Group Ltd.(b)		3,000		17,374
Hang Lung Properties Ltd.		9,000		19,230
Hang Seng Bank Ltd.		1,200		23,757
Henderson Land Development Co. Ltd.		3,464		15,149
HK Electric Investments & HK Electric Investments Ltd., Class SS		24,000		23,886
HKT Trust & HKT Ltd., Class SS		15,000		20,469
Hong Kong & China Gas Co. Ltd.		12,676		19,537
Hong Kong Exchanges & Clearing Ltd.		100		5,708
Hongkong Land Holdings Ltd.(a)		3,600		19,497
Jardine Matheson Holdings Ltd.		300		17,719

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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Link REIT		2,400	$	20,605
Melco Resorts & Entertainment Ltd., ADR(b)		2,028		21,416
MTR Corp. Ltd.		3,000		16,238
New World Development Co. Ltd.		6,000		24,494
Power Assets Holdings Ltd.		4,500		27,651
Sands China Ltd.(b)		8,400		23,423
Sino Land Co. Ltd.		18,000		23,322
SITC International Holdings Co. Ltd.		6,000		22,869
Sun Hung Kai Properties Ltd.		1,500		18,301
Swire Pacific Ltd., Class A		3,000		18,174
Swire Properties Ltd.		7,800		20,793
WH Group Ltd.(c)		31,500		21,074
Wharf Real Estate Investment Co. Ltd.		3,000		14,268
Xinyi Glass Holdings Ltd.		9,000		23,859
				687,208
Ireland — 0.6%
CRH PLC		438		21,983
Flutter Entertainment PLC, Class DI(b)		129		19,626
Kerry Group PLC, Class A		153		19,278
Kingspan Group PLC		189		18,193
Smurfit Kappa Group PLC		384		20,239
				99,319
Israel — 1.6%
Azrieli Group Ltd.		189		17,089
Bank Hapoalim BM		1,949		20,226
Bank Leumi Le-Israel BM		1,960		21,021
Check Point Software Technologies Ltd.(b)		183		22,145
CyberArk Software Ltd.(b)		111		15,224
Elbit Systems Ltd.		129		21,489
Fiverr International Ltd.(b)		132		11,261
ICL Group Ltd.		2,250		20,348
Inmode Ltd.(b)		234		11,286
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		3,249		21,787
Kornit Digital Ltd.(a)(b)		141		14,813
Mizrahi Tefahot Bank Ltd.		510		19,715
Nice Ltd.(b)		69		17,662
Teva Pharmaceutical Industries Ltd., ADR(b)		2,031		17,121
Wix.com Ltd.(b)		126		16,553
				267,743
Italy — 2.3%
Amplifon SpA		405		17,215
Assicurazioni Generali SpA		912		19,193
Atlantia SpA(b)		1,089		20,207
DiaSorin SpA		102		15,724
Enel SpA		2,490		19,165
Eni SpA		1,485		22,307
Ferrari NV		75		17,285
FinecoBank Banca Fineco SpA		366		6,153
Infrastrutture Wireless Italiane SpA(c)		1,893		20,411
Intesa Sanpaolo SpA		5,880		17,474
Mediobanca Banca di Credito Finanziario SpA		1,557		17,838
Moncler SpA		267		17,136
Nexi SpA(b)(c)		1,272		18,606
Poste Italiane SpA(c)		1,320		17,718
Prysmian SpA		474		15,984
Recordati Industria Chimica e Farmaceutica SpA		327		18,319
Snam SpA		3,588		20,106
Telecom Italia SpA		53,157		25,052

Security	Shares		Value
Italy (continued)
Tenaris SA		1,629	$	19,885
Terna - Rete Elettrica Nazionale		2,781		21,851
UniCredit SpA		1,539		24,460
				392,089
Japan — 28.5%
Advantest Corp.		300		25,534
Aeon Co. Ltd.		900		20,508
AGC Inc.		300		13,769
Aisin Corp.		600		21,788
Ajinomoto Co. Inc.		600		16,741
ANA Holdings Inc.(b)		900		19,006
Asahi Group Holdings Ltd.		600		24,492
Asahi Intecc Co. Ltd.		900		15,355
Asahi Kasei Corp.		2,400		23,707
Astellas Pharma Inc.		1,200		19,369
Azbil Corp.		600		23,567
Bandai Namco Holdings Inc.		300		21,086
Benefit One Inc.		600		18,248
Bridgestone Corp.		600		26,275
Brother Industries Ltd.		1,200		22,099
Canon Inc.		900		21,286
Capcom Co. Ltd.		900		21,727
Chiba Bank Ltd. (The)		3,900		25,212
Chubu Electric Power Co. Inc.		2,100		21,033
Chugai Pharmaceutical Co. Ltd.		600		19,488
Concordia Financial Group Ltd.		5,700		23,423
CyberAgent Inc.		1,200		13,992
Dai Nippon Printing Co. Ltd.		900		21,605
Daifuku Co. Ltd.		300		20,827
Dai-ichi Life Holdings Inc.		900		20,259
Daiichi Sankyo Co. Ltd.		900		20,223
Daito Trust Construction Co. Ltd.		300		34,400
Daiwa House Industry Co. Ltd.		600		17,510
Daiwa House REIT Investment Corp.		9		26,811
Daiwa Securities Group Inc.		3,900		23,500
Denso Corp.		300		22,390
Dentsu Group Inc.		600		20,779
East Japan Railway Co.		300		17,131
Eisai Co. Ltd.		300		15,026
ENEOS Holdings Inc.		5,750		22,900
Fuji Electric Co. Ltd.		300		16,034
FUJIFILM Holdings Corp.		300		20,111
GLP J-REIT		12		19,315
Hakuhodo DY Holdings Inc.		1,500		22,977
Hamamatsu Photonics KK		300		15,348
Hankyu Hanshin Holdings Inc.		600		17,473
Hino Motors Ltd.		2,400		20,862
Hitachi Construction Machinery Co. Ltd.		600		15,256
Hitachi Ltd.		300		15,593
Hitachi Metals Ltd.(b)		1,200		21,639
Honda Motor Co. Ltd.		600		17,672
Hoshizaki Corp.		300		22,168
Hulic Co. Ltd.		2,400		23,198
Ibiden Co. Ltd.		300		16,764
Idemitsu Kosan Co. Ltd.		664		17,013
Iida Group Holdings Co. Ltd.		900		18,724
Inpex Corp.		2,700		27,296
Isuzu Motors Ltd.		1,500		18,375
Ito En Ltd.		300		16,159
ITOCHU Corp.		600		19,276

26 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Itochu Techno-Solutions Corp.		600	$	16,368
Japan Airlines Co. Ltd.(b)		900		17,035
Japan Exchange Group Inc.		900		18,514
Japan Metropolitan Fund Invest		24		20,225
Japan Post Bank Co. Ltd.		2,700		26,562
Japan Post Holdings Co. Ltd.		3,000		25,607
Japan Post Insurance Co. Ltd.		1,500		26,301
Japan Real Estate Investment Corp.		3		16,497
Japan Tobacco Inc.		900		17,968
JFE Holdings Inc.		1,800		23,124
JSR Corp.		600		19,889
Kajima Corp.		2,100		25,363
Kakaku.com Inc.		600		12,427
Kansai Electric Power Co. Inc. (The)		2,700		25,486
Kansai Paint Co. Ltd.		900		18,682
Kao Corp.		300		14,991
KDDI Corp.		600		19,169
Keio Corp.		600		26,988
Keisei Electric Railway Co. Ltd.		600		16,933
Kikkoman Corp.		300		22,676
Kintetsu Group Holdings Co. Ltd.(b)		600		17,433
Kirin Holdings Co. Ltd.		1,500		24,042
Kobayashi Pharmaceutical Co. Ltd.		300		23,362
Kobe Bussan Co. Ltd.		600		18,678
Koei Tecmo Holdings Co. Ltd.		350		12,662
Koito Manufacturing Co. Ltd.		300		15,063
Komatsu Ltd.		900		22,616
Konami Holdings Corp.		300		16,173
Kubota Corp.		900		19,301
Kurita Water Industries Ltd.		300		12,199
Kyocera Corp.		300		18,501
Kyowa Kirin Co. Ltd.		600		14,955
Lawson Inc.		600		26,297
Lion Corp.		1,500		19,599
Lixil Corp.		900		20,601
M3 Inc.		300		11,534
Makita Corp.		600		22,454
Marubeni Corp.		2,400		24,696
Mazda Motor Corp.(b)		2,100		16,178
McDonald’s Holdings Co. Japan Ltd.		600		26,202
Medipal Holdings Corp.		1,200		21,594
MEIJI Holdings Co. Ltd.		300		18,714
Mercari Inc.(b)		300		11,330
MinebeaMitsumi Inc.		900		22,024
Misumi Group Inc.		600		19,465
Mitsubishi Chemical Holdings Corp.		2,400		18,826
Mitsubishi Corp.		600		20,371
Mitsubishi Electric Corp.		1,500		18,785
Mitsubishi Estate Co. Ltd.		1,500		21,604
Mitsubishi Gas Chemical Co. Inc.		1,200		22,986
Mitsubishi HC Capital Inc.		4,500		23,241
Mitsubishi Heavy Industries Ltd.		900		24,443
Mitsubishi UFJ Financial Group Inc.		3,600		21,821
Mitsui & Co. Ltd.		900		22,442
Mitsui Chemicals Inc.		600		16,047
Mitsui Fudosan Co. Ltd.		900		19,294
Miura Co. Ltd.		600		17,715
Mizuho Financial Group Inc.		1,800		24,383
MonotaRO Co. Ltd.		900		14,788
MS&AD Insurance Group Holdings Inc.		600		20,580

Security	Shares		Value
Japan (continued)
Murata Manufacturing Co. Ltd.		300	$	22,555
NEC Corp.		500		19,507
Nexon Co. Ltd.		900		16,966
NGK Insulators Ltd.		1,200		20,277
Nidec Corp.		300		26,589
Nihon M&A Center Holdings Inc.		600		9,446
Nippon Building Fund Inc.		3		17,373
Nippon Express Holdings Co., NVS		300		17,779
Nippon Paint Holdings Co. Ltd.		1,800		14,395
Nippon Prologis REIT Inc.		6		18,721
Nippon Sanso Holdings Corp.		900		17,873
Nippon Shinyaku Co. Ltd.		300		19,611
Nippon Steel Corp.		1,200		19,613
Nippon Telegraph & Telephone Corp.		600		17,171
Nippon Yusen KK		300		23,518
Nissan Chemical Corp.		300		16,277
Nissan Motor Co. Ltd.(b)		3,300		17,466
Nisshin Seifun Group Inc.		1,500		21,063
Nissin Foods Holdings Co. Ltd.		300		21,280
Nitto Denko Corp.		300		23,358
Nomura Holdings Inc.		5,100		22,529
Nomura Real Estate Holdings Inc.		900		21,075
Nomura Real Estate Master Fund Inc.		15		20,811
Nomura Research Institute Ltd.		660		23,104
NTT Data Corp.		900		17,254
Obayashi Corp.		3,600		29,168
Odakyu Electric Railway Co. Ltd.		1,200		21,205
Oji Holdings Corp.		4,800		25,551
Olympus Corp.		900		20,139
Omron Corp.		300		21,933
Ono Pharmaceutical Co. Ltd.		900		21,827
Open House Group Co. Ltd.		300		15,532
Oracle Corp. Japan		300		22,437
ORIX Corp.		900		18,564
Orix JREIT Inc.		15		21,526
Osaka Gas Co. Ltd.		1,500		25,510
Otsuka Corp.		600		24,346
Otsuka Holdings Co. Ltd.		600		20,470
Pan Pacific International Holdings Corp.		1,200		16,151
Panasonic Corp.		1,500		16,514
Persol Holdings Co. Ltd.		600		15,489
Pola Orbis Holdings Inc.		1,200		17,885
Rakuten Group Inc.(b)		1,800		15,616
Recruit Holdings Co. Ltd.		300		14,829
Renesas Electronics Corp.(b)		1,800		20,658
Resona Holdings Inc.		5,700		24,495
Ricoh Co. Ltd.		2,100		17,733
Rinnai Corp.		300		26,792
Rohm Co. Ltd.		300		25,271
Ryohin Keikaku Co. Ltd.		1,200		17,231
Santen Pharmaceutical Co. Ltd.		1,500		17,031
SBI Holdings Inc.		900		23,216
SCSK Corp.		1,200		20,306
Secom Co. Ltd.		300		21,124
Seiko Epson Corp.		1,200		18,692
Sekisui Chemical Co. Ltd.		1,200		20,981
Sekisui House Ltd.		900		18,234
Seven & i Holdings Co. Ltd.		600		30,515
SG Holdings Co. Ltd.		900		19,105
Sharp Corp./Japan		1,800		20,009

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) (continued) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shimadzu Corp.		600	$	21,649
Shimizu Corp.		3,600		23,970
Shionogi & Co. Ltd.		300		17,098
Shiseido Co. Ltd.		300		15,133
Shizuoka Bank Ltd. (The)		3,000		23,572
Softbank Corp.		1,500		18,804
SoftBank Group Corp.		300		13,290
Sohgo Security Services Co. Ltd.		600		21,761
Sompo Holdings Inc.		600		28,076
Sony Group Corp.		300		33,561
Square Enix Holdings Co. Ltd.		300		14,711
Stanley Electric Co. Ltd.		900		21,037
Subaru Corp.		1,200		21,842
SUMCO Corp.		900		16,592
Sumitomo Chemical Co. Ltd.		3,900		19,668
Sumitomo Corp.		1,500		23,183
Sumitomo Dainippon Pharma Co. Ltd.		1,500		16,326
Sumitomo Electric Industries Ltd.		1,500		19,888
Sumitomo Metal Mining Co. Ltd.		600		27,714
Sumitomo Mitsui Financial Group Inc.		600		21,613
Sumitomo Mitsui Trust Holdings Inc.		600		20,749
Sumitomo Realty & Development Co. Ltd.		600		18,564
Suntory Beverage & Food Ltd.		600		23,039
Suzuki Motor Corp.		300		12,772
Sysmex Corp.		300		28,557
T&D Holdings Inc.		1,800		26,601
Taisei Corp.		600		19,669
Taisho Pharmaceutical Holdings Co. Ltd.		600		29,467
Takeda Pharmaceutical Co. Ltd.		651		18,868
TDK Corp.		600		21,669
Terumo Corp.		600		21,902
TIS Inc.		900		23,671
Tobu Railway Co. Ltd.		900		21,081
Toho Co. Ltd./Tokyo		600		23,243
Tokio Marine Holdings Inc.		300		17,902
Tokyo Century Corp.		300		14,805
Tokyo Electric Power Co. Holdings Inc.(b)		8,400		22,380
Tokyo Gas Co. Ltd.		1,200		24,230
Tokyu Corp.		1,500		19,932
Toppan Inc.		1,200		22,826
Toray Industries Inc.		3,600		22,751
Toshiba Corp.		600		24,846
Tosoh Corp.		1,500		23,470
TOTO Ltd.		300		12,912
Toyo Suisan Kaisha Ltd.		600		24,584
Toyota Industries Corp.		300		23,403
Toyota Motor Corp.		900		17,787
Toyota Tsusho Corp.		300		12,166
Trend Micro Inc./Japan(b)		300		15,916
Tsuruha Holdings Inc.		300		24,163
Unicharm Corp.		600		23,186
USS Co. Ltd.		2,400		39,170
Welcia Holdings Co. Ltd.		600		16,205
West Japan Railway Co.		600		25,142
Yakult Honsha Co. Ltd.		300		15,210
Yamaha Corp.		300		13,667
Yamaha Motor Co. Ltd.		900		21,432
Yamato Holdings Co. Ltd.		900		19,165
Yaskawa Electric Corp.		600		25,122
Yokogawa Electric Corp.		1,200		19,663

Security	Shares		Value
Japan (continued)
Z Holdings Corp.		2,700	$	13,712
ZOZO Inc.		600		15,988
				4,828,894
Netherlands — 3.2%
ABN AMRO Bank NV, CVA(c)		1,242		19,933
Adyen NV(b)(c)		6		12,209
Aegon NV		3,717		20,969
Akzo Nobel NV		177		18,321
Argenx SE(b)		69		18,464
ASM International NV		51		17,523
ASML Holding NV		27		18,287
CNH Industrial NV		1,098		16,736
Davide Campari-Milano NV		1,392		17,477
Euronext NV(c)		204		19,668
EXOR NV		219		18,363
Heineken Holding NV		168		14,729
Heineken NV		153		16,409
IMCD NV		93		15,998
ING Groep NV		1,335		19,743
InPost SA(b)		1,800		14,613
JDE Peet’s NV		615		18,416
Just Eat Takeaway.com NV(b)(c)		312		15,407
Koninklijke Ahold Delhaize NV		519		16,828
Koninklijke DSM NV		90		16,871
Koninklijke KPN NV		7,266		23,967
Koninklijke Philips NV		486		16,166
NN Group NV		369		20,650
Prosus NV		219		18,220
QIAGEN NV(b)		330		16,313
Randstad NV		294		19,126
Stellantis NV		843		16,277
STMicroelectronics NV		441		20,736
Universal Music Group NV		696		17,184
Wolters Kluwer NV		183		18,625
				534,228
New Zealand — 0.7%
Auckland International Airport Ltd.(b)		3,159		14,995
Fisher & Paykel Healthcare Corp. Ltd.		954		17,552
Mercury NZ Ltd.		5,154		18,949
Meridian Energy Ltd.		6,582		18,973
Ryman Healthcare Ltd.		2,295		15,007
Spark New Zealand Ltd.		6,342		18,126
Xero Ltd.(b)		195		15,796
				119,398
Norway — 1.2%
Adevinta ASA(b)		1,260		13,219
Aker BP ASA		639		22,141
DNB Bank ASA		732		17,422
Equinor ASA		783		21,586
Gjensidige Forsikring ASA		873		21,324
Mowi ASA		702		17,230
Norsk Hydro ASA		2,869		22,049
Orkla ASA		1,911		18,262
Schibsted ASA, Class A		171		5,066
Schibsted ASA, Class B		279		7,278
Telenor ASA		1,167		19,286
Yara International ASA		366		18,793
				203,656

28 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Portugal — 0.4%
EDP - Energias de Portugal SA		3,909	$	20,010
Galp Energia SGPS SA		1,926		21,237
Jeronimo Martins SGPS SA		960		23,070
				64,317
Singapore — 2.1%
Ascendas REIT		8,407		17,241
CapitaLand Integrated Commercial Trust(a)		13,549		19,534
Capitaland Investment Ltd./Singapore(b)		8,700		22,323
City Developments Ltd.		3,600		18,911
DBS Group Holdings Ltd.		900		23,640
Genting Singapore Ltd.		35,700		19,508
Keppel Corp. Ltd.		5,400		22,768
Mapletree Commercial Trust		13,800		18,472
Mapletree Logistics Trust		14,190		17,858
Oversea-Chinese Banking Corp. Ltd.		2,100		19,547
Sea Ltd., ADR(b)		60		9,019
Singapore Airlines Ltd.(b)		5,400		20,143
Singapore Exchange Ltd.		1,000		6,922
Singapore Technologies Engineering Ltd.		6,600		18,344
Singapore Telecommunications Ltd.		11,100		20,127
United Overseas Bank Ltd.		900		20,114
UOL Group Ltd.		4,200		22,776
Venture Corp. Ltd.		1,800		23,583
Wilmar International Ltd.		6,300		20,041
				360,871
Spain — 2.1%
ACS Actividades de Construccion y Servicios SA		753		19,011
Aena SME SA(b)(c)		123		19,875
Amadeus IT Group SA(b)		288		19,803
Banco Bilbao Vizcaya Argentaria SA		3,246		20,724
Banco Santander SA		5,004		17,547
CaixaBank SA		6,870		22,103
Cellnex Telecom SA(c)		396		17,957
EDP Renovaveis SA		825		17,343
Enagas SA		290		6,270
Endesa SA		930		20,821
Ferrovial SA		765		21,258
Grifols SA		957		16,876
Iberdrola SA		1,812		20,775
Iberdrola SA		8		96
Industria de Diseno Textil SA		612		18,562
Naturgy Energy Group SA		888		28,116
Red Electrica Corp. SA		352		7,096
Repsol SA		1,710		21,730
Siemens Gamesa Renewable Energy SA(b)		867		18,760
Telefonica SA		4,428		20,641
				355,364
Sweden — 4.0%
Alfa Laval AB		411		13,884
Assa Abloy AB, Class B		702		19,222
Atlas Copco AB, Class A		198		11,719
Atlas Copco AB, Class B		129		6,597
Boliden AB		555		22,473
Electrolux AB, Class B		771		16,042
Embracer Group AB(b)		2,220		22,274
Epiroc AB, Class A		672		14,340
Epiroc AB, Class B		111		2,009
EQT AB		330		12,932
Essity AB, Class B		579		16,322

Security	Shares		Value
Sweden (continued)
Evolution AB(c)		126	$	15,677
Fastighets AB Balder, Class B(b)		231		15,303
Getinge AB, Class B		435		17,007
H & M Hennes & Mauritz AB, Class B		1,098		21,862
Hexagon AB, Class B		1,314		17,723
Husqvarna AB, Class B		1,251		17,394
Industrivarden AB, Class A		291		9,199
Industrivarden AB, Class C		357		11,089
Investment AB Latour, Class B		519		16,148
Investor AB		339		7,712
Investor AB, Class B		600		13,027
Kinnevik AB, Class B(b)		516		15,423
L E Lundbergforetagen AB, Class B		303		15,482
Lifco AB, Class B		684		16,033
Lundin Energy AB		495		20,131
Nibe Industrier AB, Class B		1,395		13,259
Sagax AB, Class B		486		14,186
Sandvik AB		780		20,541
Securitas AB, Class B		1,359		16,414
Sinch AB(b)(c)		1,509		15,514
Skandinaviska Enskilda Banken AB, Class A		1,260		16,288
Skanska AB, Class B		744		18,215
SKF AB, Class B		738		16,179
Svenska Cellulosa AB SCA, Class B		1,434		24,971
Svenska Handelsbanken AB, Class A		1,449		15,443
Swedbank AB, Class A		798		15,623
Swedish Match AB		2,883		22,307
Tele2 AB, Class B		1,722		25,055
Telefonaktiebolaget LM Ericsson, Class B		1,878		23,449
Telia Co. AB		5,430		21,402
Volvo AB, Class B		543		12,254
				678,124
Switzerland — 4.3%
ABB Ltd., Registered		522		18,099
Adecco Group AG, Registered		429		20,435
Alcon Inc.		228		17,581
Bachem Holding AG, Class B, Registered		27		16,106
Baloise Holding AG, Registered		132		23,123
Barry Callebaut AG, Registered		9		20,661
Cie. Financiere Richemont SA, Class A, Registered		129		18,748
Clariant AG, Registered		1,017		21,555
Coca-Cola HBC AG, Class DI		624		20,667
Credit Suisse Group AG, Registered		1,737		16,511
EMS-Chemie Holding AG, Registered		21		21,241
Geberit AG, Registered		30		20,383
Givaudan SA, Registered		3		12,429
Holcim Ltd.		402		21,789
Julius Baer Group Ltd.		306		19,997
Kuehne + Nagel International AG, Registered		66		18,638
Logitech International SA, Registered		270		22,688
Lonza Group AG, Registered		24		16,547
Nestle SA, Registered		198		25,569
Novartis AG, Registered		219		19,029
Partners Group Holding AG		12		16,730
Roche Holding AG, NVS		48		18,576
Schindler Holding AG, Participation Certificates, NVS		54		13,553
Schindler Holding AG, Registered		18		4,516
SGS SA, Registered		6		17,109
Siemens Energy AG(b)		759		17,072
Sika AG, Registered		51		17,844

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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Sonova Holding AG, Registered		51	$	18,168
Straumann Holding AG, Registered		9		14,914
Swatch Group AG (The), Bearer		45		13,127
Swatch Group AG (The), Registered		78		4,379
Swiss Life Holding AG, Registered		33		21,239
Swiss Prime Site AG, Registered		171		16,908
Swiss Re AG		216		23,535
Swisscom AG, Registered		33		18,862
Temenos AG, Registered		138		16,541
UBS Group AG, Registered		1,041		19,310
VAT Group AG(c)		39		15,904
Vifor Pharma AG		159		28,166
Zurich Insurance Group AG		45		21,524
				729,773
United Kingdom — 9.2%
3i Group PLC		1,011		18,829
Abrdn PLC		6,198		20,270
Admiral Group PLC		507		21,558
Anglo American PLC		525		23,145
Antofagasta PLC		1,110		20,192
Ashtead Group PLC		246		17,596
Associated British Foods PLC		786		20,747
AstraZeneca PLC		144		16,751
Auto Trader Group PLC(c)		2,283		20,688
AVEVA Group PLC		432		17,143
Aviva PLC		3,651		21,556
BAE Systems PLC		2,139		16,739
Barclays PLC		6,681		17,924
Barratt Developments PLC		2,280		18,963
Berkeley Group Holdings PLC		342		19,518
BP PLC		3,993		20,699
British American Tobacco PLC		552		23,568
British Land Co. PLC (The)		2,991		22,365
BT Group PLC		9,174		24,299
Bunzl PLC		489		18,316
Burberry Group PLC		768		19,483
Coca-Cola Europacific Partners PLC		390		22,289
Compass Group PLC		954		21,682
Croda International PLC		168		18,144
DCC PLC		228		19,171
Diageo PLC		351		17,712
Entain PLC(b)		816		17,666
Evraz PLC		2,598		17,650
Experian PLC		396		16,540
Ferguson PLC		132		20,762
GlaxoSmithKline PLC		786		17,540
Halma PLC		546		18,506
Hargreaves Lansdown PLC		1,062		19,281
Hikma Pharmaceuticals PLC		597		16,772
HSBC Holdings PLC		3,195		22,740
Imperial Brands PLC		819		19,418
Informa PLC(b)		2,571		19,448
InterContinental Hotels Group PLC(b)		300		19,822
Intertek Group PLC		297		21,553
J Sainsbury PLC		4,836		19,003
JD Sports Fashion PLC		7,587		19,454
Johnson Matthey PLC		609		16,083
Kingfisher PLC		5,244		23,516
Land Securities Group PLC		2,115		22,716
Legal & General Group PLC		4,989		19,507

Security	Shares		Value
United Kingdom (continued)
Lloyds Banking Group PLC		28,929	$	20,076
London Stock Exchange Group PLC		210		20,562
M&G PLC		6,930		20,282
Melrose Industries PLC		9,507		19,366
Mondi PLC		843		21,091
National Grid PLC		1,467		21,467
Natwest Group PLC		6,216		20,431
Next PLC		180		18,339
Ocado Group PLC(b)		870		17,727
Pearson PLC		2,187		18,260
Persimmon PLC		552		17,984
Phoenix Group Holdings PLC		2,274		20,358
Prudential PLC		960		16,182
Reckitt Benckiser Group PLC		240		19,445
RELX PLC		594		18,272
Rentokil Initial PLC		2,274		15,924
Rolls-Royce Holdings PLC(b)		11,166		17,502
Sage Group PLC (The)		1,977		19,319
Schroders PLC		408		18,707
Segro PLC		1,086		19,146
Severn Trent PLC		525		20,383
Shell PLC		786		20,191
Smith & Nephew PLC		1,017		17,296
Smiths Group PLC		1,074		22,637
Spirax-Sarco Engineering PLC		102		18,386
SSE PLC		918		19,752
St. James’s Place PLC		951		19,631
Standard Chartered PLC		2,748		20,013
Taylor Wimpey PLC		9,552		19,597
Tesco PLC		4,881		19,605
Unilever PLC		378		19,385
United Utilities Group PLC		1,452		20,946
Vodafone Group PLC		12,786		22,451
Whitbread PLC(b)		438		18,023
WPP PLC		1,257		19,710
				1,565,770
Total Common Stocks — 99.2% (Cost: $17,838,247)				16,799,884
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		30		2,596
Fuchs Petrolub SE, Preference Shares, NVS		462		19,966
Henkel AG & Co. KGaA, Preference Shares, NVS		144		11,778
Porsche Automobil Holding SE, Preference Shares, NVS		219		20,509
Sartorius AG, Preference Shares, NVS		30		16,196
Volkswagen AG, Preference Shares, NVS		60		12,496
				83,541
Total Preferred Stocks — 0.5% (Cost: $91,145)				83,541
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/25/22)(b)(d)		753		377
Total Rights — 0.0% (Cost: $404)				377

30 2 0 2 2    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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		64,566	$	64,586
Total Short-Term Investments — 0.4% (Cost: $64,586)				64,586
Total Investments in Securities — 100.1% (Cost: $17,994,382)				16,948,388
Other Assets, Less Liabilities — (0.1)%				(8,615	)
Net Assets — 100.0%			$	16,939,773

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

^(b)  Non-income producing security.

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

^(d)  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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	36,183	$	28,419	(a)	$	—	$	(16	)	$	—	$	64,586		64,566	$	1,694	(b)	$	—

^(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		3		03/10/22	$	50	$	(529	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	529

^(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).

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) January 31, 2022 iShares^® MSCI Intl Size Factor ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,903
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(276	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	78,360

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
Investments
Assets
Common Stocks	$	1,963,305	$	14,836,579		$	—	$	16,799,884
Preferred Stocks		—		83,541			—		83,541
Rights		—		—			377		377
Money Market Funds		64,586		—			—		64,586
	$	2,027,891	$	14,920,120		$	377	$	16,948,388
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(529	)	$	—	$	(529	)

^(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 2   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)  January 31, 2022 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.4%
Aurizon Holdings Ltd.		300,997	$	753,051
BHP Group Ltd.(a)		187,203		6,003,704
BHP Group Ltd.		234,694		7,408,067
BlueScope Steel Ltd.		103,876		1,361,487
Computershare Ltd.		89,711		1,243,538
Dexus		98,094		714,116
Fortescue Metals Group Ltd.		343,241		4,819,825
Glencore PLC		1,594,197		8,305,150
Lendlease Corp. Ltd.		52,076		368,518
Origin Energy Ltd.		331,557		1,326,725
Rio Tinto Ltd.		48,922		3,889,576
Rio Tinto PLC		193,981		13,672,812
Santos Ltd.		116,570		593,776
Sonic Healthcare Ltd.		50,224		1,352,547
South32 Ltd.		792,441		2,180,240
Stockland		507,562		1,463,011
Vicinity Centres		352,134		408,232
				55,864,375
Austria — 0.3%
Erste Group Bank AG		32,037		1,497,428
OMV AG		17,701		1,083,378
Raiffeisen Bank International AG		31,479		884,788
voestalpine AG		19,145		636,478
				4,102,072
Belgium — 0.8%
Ageas SA/NV		10,757		517,783
Anheuser-Busch InBev SA/NV		97,438		6,142,599
Etablissements Franz Colruyt NV		6,476		263,053
Proximus SADP		17,966		366,876
Sofina SA		1,971		784,750
Solvay SA		7,392		890,656
UCB SA		18,046		1,795,671
				10,761,388
Canada — 3.2%
AltaGas Ltd.		61,555		1,264,368
Bausch Health Cos Inc.(b)		88,649		2,179,350
Canadian Tire Corp. Ltd., Class A, NVS		6,469		934,001
CGI Inc.(b)		40,147		3,427,726
Empire Co. Ltd., Class A, NVS		32,111		990,751
Fairfax Financial Holdings Ltd.		3,929		1,897,196
George Weston Ltd.		13,408		1,462,154
iA Financial Corp. Inc.		9,755		634,729
Kinross Gold Corp.		206,814		1,117,738
Kirkland Lake Gold Ltd.		19,776		744,896
Loblaw Companies Ltd.		29,842		2,302,328
Lundin Mining Corp.		76,537		637,633
Magna International Inc.		39,529		3,184,648
Manulife Financial Corp.		274,183		5,709,494
Metro Inc.		33,662		1,800,479
Open Text Corp.		84,592		4,048,757
Power Corp. of Canada		54,944		1,766,127
Saputo Inc.		18,378		411,902
Teck Resources Ltd., Class B		122,829		3,793,625
Tourmaline Oil Corp.		18,866		672,625
West Fraser Timber Co. Ltd.		17,079		1,580,864
				40,561,391

Security	Shares		Value
Denmark — 0.8%
AP Moller - Maersk A/S, Class A		805	$	2,696,954
AP Moller - Maersk A/S, Class B, NVS		1,541		5,535,493
Danske Bank A/S		131,000		2,542,872
				10,775,319
Finland — 1.1%
Fortum OYJ		69,016		1,878,597
Nokia OYJ(b)		2,109,367		12,579,471
				14,458,068
France — 10.9%
Alstom SA		23,163		750,938
ArcelorMittal SA		216,129		6,419,902
AXA SA		248,516		7,870,749
BNP Paribas SA		207,774		14,832,858
Bollore SA		70,066		377,670
Bouygues SA		49,848		1,757,992
Capgemini SE		32,522		7,311,478
Carrefour SA		195,330		3,717,441
Cie. de Saint-Gobain		114,704		7,761,729
Cie. Generale des Etablissements Michelin SCA		21,485		3,594,952
CNP Assurances		32,606		802,602
Credit Agricole SA		225,512		3,392,703
Danone SA		79,117		4,933,029
Dassault Aviation SA		3,248		386,000
Eiffage SA		16,118		1,693,570
Electricite de France SA		173,049		1,664,421
Engie SA		498,776		7,672,074
Faurecia SE		19,077		845,646
Ipsen SA		6,699		651,818
Orange SA		347,260		4,079,420
Orpea SA		3,521		154,587
Publicis Groupe SA		30,301		2,053,222
Renault SA(b)		62,426		2,480,960
Sanofi		215,964		22,581,630
Societe Generale SA		219,555		8,149,954
Thales SA		13,945		1,286,390
TotalEnergies SE		236,337		13,439,876
Valeo		21,363		597,921
Vinci SA		59,597		6,532,220
Worldline SA/France(b)(c)		29,980		1,453,136
				139,246,888
Germany — 7.0%
Bayer AG, Registered		275,999		16,768,003
Bayerische Motoren Werke AG		75,576		7,999,183
Commerzbank AG(b)		251,281		2,169,887
Continental AG(b)		13,268		1,286,334
Covestro AG(c)		18,825		1,129,368
Daimler AG, Registered		163,045		13,009,968
Daimler Truck Holding AG(b)		82,747		2,917,152
Deutsche Bank AG, Registered(b)		452,447		6,299,656
Deutsche Telekom AG, Registered		300,879		5,680,287
Evonik Industries AG		16,838		549,318
Fresenius Medical Care AG & Co. KGaA		38,352		2,607,682
Fresenius SE & Co. KGaA		102,008		4,210,926
HeidelbergCement AG		30,622		2,130,941
Henkel AG & Co. KGaA		16,504		1,303,997
LANXESS AG		7,417		451,586
Merck KGaA		12,475		2,735,746
RWE AG		81,653		3,444,308
Siemens AG, Registered		69,476		11,030,781

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) January 31, 2022 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Uniper SE		27,655	$	1,251,383
United Internet AG, Registered		10,875		426,481
Volkswagen AG		6,895		1,996,641
				89,399,628
Hong Kong — 2.4%
BOC Hong Kong Holdings Ltd.		334,000		1,289,687
CK Asset Holdings Ltd.		1,006,500		6,718,797
CK Hutchison Holdings Ltd.		1,208,000		8,585,648
CK Infrastructure Holdings Ltd.		107,500		662,454
Hongkong Land Holdings Ltd.		237,400		1,285,738
Jardine Matheson Holdings Ltd.		59,000		3,484,714
New World Development Co. Ltd.		119,000		485,795
Sino Land Co. Ltd.		1,300,000		1,684,402
SITC International Holdings Co. Ltd.		99,000		377,346
Sun Hung Kai Properties Ltd.		244,000		2,976,923
Swire Pacific Ltd., Class A		98,500		596,721
WH Group Ltd.(c)		3,507,000		2,346,217
Xinyi Glass Holdings Ltd.		280,000		742,270
				31,236,712
Israel — 0.7%
Bank Hapoalim BM		113,655		1,179,482
Bank Leumi Le-Israel BM		147,107		1,577,721
Check Point Software Technologies Ltd.(b)		16,078		1,945,599
Isracard Ltd.		1		5
Israel Discount Bank Ltd., Class A		117,152		785,603
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		437,641		3,689,314
				9,177,724
Italy — 2.4%
Atlantia SpA(b)		48,880		906,982
Enel SpA		1,194,592		9,194,294
Eni SpA		211,894		3,182,900
Intesa Sanpaolo SpA		2,185,937		6,496,252
Mediobanca Banca di Credito Finanziario SpA		79,981		916,312
Telecom Italia SpA		2,814,776		1,326,546
UniCredit SpA		553,799		8,801,757
				30,825,043
Japan — 35.2%
AGC Inc.		51,400		2,359,023
Aisin Corp.		38,600		1,401,681
Asahi Group Holdings Ltd.		98,800		4,033,085
Asahi Kasei Corp.		179,600		1,774,075
Astellas Pharma Inc.		286,200		4,619,429
Bridgestone Corp.		83,400		3,652,188
Brother Industries Ltd.		137,400		2,530,367
Canon Inc.		476,100		11,260,111
Central Japan Railway Co.		30,400		3,988,802
Chiba Bank Ltd. (The)		103,100		666,507
Chubu Electric Power Co. Inc.		291,400		2,918,633
Concordia Financial Group Ltd.		235,000		965,698
Dai Nippon Printing Co. Ltd.		59,300		1,423,504
Dai-ichi Life Holdings Inc.		100,800		2,268,953
Daito Trust Construction Co. Ltd.		30,600		3,508,796
Daiwa House Industry Co. Ltd.		203,500		5,938,774
Daiwa House REIT Investment Corp.		294		875,816
Daiwa Securities Group Inc.		196,900		1,186,460
Denso Corp.		47,600		3,552,563
Dentsu Group Inc.		19,300		668,393
ENEOS Holdings Inc.		587,800		2,340,987
Fuji Electric Co. Ltd.		18,700		999,445

Security	Shares		Value
Japan (continued)
FUJIFILM Holdings Corp.		150,300	$	10,075,510
Fujitsu Ltd.		63,700		8,421,033
Hankyu Hanshin Holdings Inc.		35,100		1,022,163
Hino Motors Ltd.		57,000		495,467
Hirose Electric Co. Ltd.		6,500		968,875
Hitachi Construction Machinery Co. Ltd.		15,800		401,751
Hitachi Ltd.		274,900		14,288,203
Honda Motor Co. Ltd.		401,700		11,831,178
Hulic Co. Ltd.		110,400		1,067,088
Ibiden Co. Ltd.		14,500		810,265
Idemitsu Kosan Co. Ltd.		32,300		827,579
Iida Group Holdings Co. Ltd.		34,600		719,840
Inpex Corp.		226,900		2,293,844
Isuzu Motors Ltd.		111,700		1,368,325
ITOCHU Corp.		354,900		11,401,682
Japan Post Bank Co. Ltd.		109,700		1,079,202
Japan Post Holdings Co. Ltd.		605,500		5,168,263
Japan Post Insurance Co. Ltd.		41,900		734,660
Japan Tobacco Inc.		323,700		6,462,631
JFE Holdings Inc.		163,600		2,101,744
Kajima Corp.		159,900		1,931,209
Kansai Electric Power Co. Inc. (The)		292,000		2,756,224
KDDI Corp.		205,200		6,555,874
Kirin Holdings Co. Ltd.		135,000		2,163,800
Koito Manufacturing Co. Ltd.		7,600		381,600
Komatsu Ltd.		146,600		3,683,903
Kubota Corp.		120,400		2,582,041
Kurita Water Industries Ltd.		8,500		345,640
Kyocera Corp.		147,200		9,078,015
Lawson Inc.		9,500		416,376
Lixil Corp.		44,600		1,020,900
Marubeni Corp.		679,500		6,992,013
Mazda Motor Corp.(b)		131,800		1,015,354
Medipal Holdings Corp.		49,200		885,356
MEIJI Holdings Co. Ltd.		21,000		1,310,013
MinebeaMitsumi Inc.		51,100		1,250,447
Mitsubishi Chemical Holdings Corp.		240,700		1,888,095
Mitsubishi Corp.		408,300		13,862,773
Mitsubishi Electric Corp.		364,800		4,568,536
Mitsubishi Estate Co. Ltd.		232,300		3,345,683
Mitsubishi Gas Chemical Co. Inc.		30,800		589,984
Mitsubishi HC Capital Inc.		107,400		554,687
Mitsubishi Heavy Industries Ltd.		90,400		2,455,209
Mitsubishi UFJ Financial Group Inc.		2,921,300		17,706,816
Mitsui & Co. Ltd.		555,700		13,856,585
Mitsui Chemicals Inc.		36,000		962,807
Mizuho Financial Group Inc.		649,070		8,792,303
MS&AD Insurance Group Holdings Inc.		37,500		1,286,232
Murata Manufacturing Co. Ltd.		91,400		6,871,751
NEC Corp.		102,500		3,998,862
NGK Insulators Ltd.		60,400		1,020,623
Nippon Express Holdings Co., NVS		15,900		942,293
Nippon Steel Corp.		237,200		3,876,929
Nippon Telegraph & Telephone Corp.		201,900		5,777,920
Nippon Yusen KK		59,400		4,656,563
Nissan Motor Co. Ltd.(b)		392,300		2,076,282
Nisshin Seifun Group Inc.		30,700		431,095
Nomura Holdings Inc.		645,500		2,851,526
NTT Data Corp.		149,400		2,864,108
Obayashi Corp.		245,100		1,985,836

34 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Oji Holdings Corp.		180,200	$	959,218
Ono Pharmaceutical Co. Ltd.		47,400		1,149,531
ORIX Corp.		193,900		3,999,599
Orix JREIT Inc.		216		309,972
Osaka Gas Co. Ltd.		107,700		1,831,588
Otsuka Holdings Co. Ltd.		79,600		2,715,738
Panasonic Corp.		294,400		3,241,198
Renesas Electronics Corp.(b)		235,600		2,703,937
Resona Holdings Inc.		578,800		2,487,356
Ricoh Co. Ltd.		395,500		3,339,765
Rohm Co. Ltd.		33,100		2,788,248
Santen Pharmaceutical Co. Ltd.		38,700		439,406
SCSK Corp.		33,100		560,100
Secom Co. Ltd.		20,100		1,415,322
Seiko Epson Corp.		141,900		2,210,305
Sekisui Chemical Co. Ltd.		47,600		832,238
Sekisui House Ltd.		106,000		2,147,577
Seven & i Holdings Co. Ltd.		185,700		9,444,448
Shimizu Corp.		187,500		1,248,455
Shionogi & Co. Ltd.		33,200		1,892,156
Shizuoka Bank Ltd. (The)		87,700		689,100
SoftBank Group Corp.		119,200		5,280,505
Sohgo Security Services Co. Ltd.		6,700		242,993
Stanley Electric Co. Ltd.		16,900		395,027
Subaru Corp.		119,600		2,176,881
SUMCO Corp.		101,800		1,876,793
Sumitomo Chemical Co. Ltd.		303,700		1,531,574
Sumitomo Corp.		413,800		6,395,447
Sumitomo Dainippon Pharma Co. Ltd.		35,300		384,214
Sumitomo Electric Industries Ltd.		149,100		1,976,841
Sumitomo Metal Mining Co. Ltd.		39,100		1,806,017
Sumitomo Mitsui Financial Group Inc.		337,300		12,149,867
Sumitomo Mitsui Trust Holdings Inc.		70,900		2,451,806
Suntory Beverage & Food Ltd.		21,400		821,732
Suzuki Motor Corp.		48,000		2,043,558
T&D Holdings Inc.		52,000		768,472
Taisei Corp.		59,700		1,957,029
Taisho Pharmaceutical Holdings Co. Ltd.		7,400		363,430
Takeda Pharmaceutical Co. Ltd.		277,200		8,034,139
TDK Corp.		157,500		5,688,094
TIS Inc.		54,700		1,438,646
Tokyo Electric Power Co. Holdings Inc.(b)		945,200		2,518,249
Tokyo Gas Co. Ltd.		80,200		1,619,377
Toppan Inc.		88,500		1,683,450
Toray Industries Inc.		194,600		1,229,836
Toshiba Corp.		55,800		2,310,680
Tosoh Corp.		54,700		855,863
Toyo Suisan Kaisha Ltd.		15,400		630,981
Toyota Industries Corp.		28,600		2,231,045
Toyota Motor Corp.		1,735,000		34,289,101
Toyota Tsusho Corp.		59,400		2,408,878
Yamaha Motor Co. Ltd.		45,600		1,085,896
Yamato Holdings Co. Ltd.		18,700		398,202
Yokogawa Electric Corp.		54,300		889,732
				450,404,468
Netherlands — 3.2%
ABN AMRO Bank NV, CVA(c)		66,793		1,071,965
Aegon NV		574,856		3,243,046
CNH Industrial NV		130,865		1,994,656
EXOR NV		11,544		967,975

Security	Shares		Value
Netherlands (continued)
ING Groep NV		535,481	$	7,919,283
JDE Peet’s NV		14,440		432,393
Koninklijke Ahold Delhaize NV		263,475		8,543,072
NN Group NV		72,836		4,076,058
Randstad NV		16,699		1,086,331
Stellantis NV		621,387		11,998,280
				41,333,059
Norway — 0.4%
Equinor ASA		58,617		1,615,943
Norsk Hydro ASA		175,391		1,347,934
Orkla ASA		79,825		762,840
Yara International ASA		18,220		935,557
				4,662,274
Singapore — 0.5%
Keppel Corp. Ltd.		337,100		1,421,284
Singapore Telecommunications Ltd.		740,100		1,341,968
UOL Group Ltd.		50,200		272,233
Venture Corp. Ltd.		90,300		1,183,087
Wilmar International Ltd.		527,900		1,679,346
				5,897,918
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		54,971		1,387,831
Banco Bilbao Vizcaya Argentaria SA		979,477		6,253,598
Banco Santander SA		3,252,477		11,405,142
CaixaBank SA		796,404		2,562,334
Repsol SA		234,769		2,983,351
Telefonica SA		1,000,176		4,662,389
				29,254,645
Sweden — 1.4%
Boliden AB		33,989		1,376,301
Electrolux AB, Class B		13,778		286,681
Investor AB		81,491		1,853,861
Securitas AB, Class B		41,206		497,696
Skanska AB, Class B		44,184		1,081,751
SKF AB, Class B		51,624		1,131,708
Swedbank AB, Class A		63,182		1,236,990
Telefonaktiebolaget LM Ericsson, Class B		537,027		6,705,369
Telia Co. AB		206,283		813,043
Volvo AB, Class B		143,828		3,245,683
				18,229,083
Switzerland — 5.3%
Adecco Group AG, Registered		22,175		1,056,266
Credit Suisse Group AG, Registered		551,394		5,241,226
Holcim Ltd.		67,385		3,652,353
Novartis AG, Registered		331,091		28,768,328
Roche Holding AG, NVS		53,480		20,696,715
Siemens Energy AG(b)		49,429		1,111,799
Swatch Group AG (The), Registered		5,871		329,569
Swiss Life Holding AG, Registered		2,562		1,648,928
UBS Group AG, Registered		289,651		5,372,895
				67,878,079
United Kingdom — 16.0%
3i Group PLC		136,346		2,539,281
Anglo American PLC		229,269		10,107,434
Associated British Foods PLC		71,444		1,885,829
Aviva PLC		658,570		3,888,196
BAE Systems PLC		476,084		3,725,716
Barclays PLC		4,091,446		10,976,603

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) (continued) January 31, 2022 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Barratt Developments PLC		169,948	$	1,413,464
Berkeley Group Holdings PLC		13,187		752,582
BP PLC		2,016,079		10,451,196
British American Tobacco PLC		974,680		41,613,939
BT Group PLC		1,820,649		4,822,299
Coca-Cola Europacific Partners PLC		27,048		1,545,793
DCC PLC		12,549		1,055,164
Evraz PLC		78,275		531,770
GlaxoSmithKline PLC		607,010		13,546,026
HSBC Holdings PLC		2,475,342		17,617,847
Imperial Brands PLC		392,877		9,315,055
Informa PLC(b)		116,008		877,527
J Sainsbury PLC		684,637		2,690,313
Kingfisher PLC		350,843		1,573,304
Lloyds Banking Group PLC		11,875,328		8,241,131
M&G PLC		345,077		1,009,943
Melrose Industries PLC		787,613		1,604,380
Natwest Group PLC		919,913		3,023,553
Pearson PLC		79,377		662,754
Persimmon PLC		36,624		1,193,191
Phoenix Group Holdings PLC		60,158		538,559
Shell PLC		924,545		23,750,372
Smith & Nephew PLC		60,343		1,026,252
Standard Chartered PLC		644,193		4,691,496
Taylor Wimpey PLC		518,582		1,063,900
Tesco PLC		1,725,754		6,931,787
Vodafone Group PLC		5,124,213		8,997,423
WPP PLC		128,782		2,019,368
				205,683,447
Total Common Stocks — 98.3% (Cost: $1,197,135,639)				1,259,751,581
Preferred Stocks
Germany — 1.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		15,970		1,382,142
Henkel AG & Co. KGaA, Preference Shares, NVS		14,673		1,200,082
Porsche Automobil Holding SE, Preference Shares, NVS		44,718		4,187,793

Security	Shares		Value
Germany (continued)
Volkswagen AG, Preference Shares, NVS		46,967	$	9,781,920
				16,551,937
Total Preferred Stocks — 1.3% (Cost: $16,997,750)				16,551,937
Rights
Spain — 0.0%
Asc Actividades De Construccio (Expires 02/25/22)(b)(d)		53,468		26,761
Total Rights — 0.0% (Cost: $28,660)				26,761
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		8,850,837		8,853,492
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		310,000		310,000
				9,163,492
Total Short-Term Investments — 0.7% (Cost: $9,163,505)				9,163,492
Total Investments in Securities — 100.3% (Cost: $1,223,325,554)				1,285,493,771
Other Assets, Less Liabilities — (0.3)%				(4,274,596	)
Net Assets — 100.0%			$	1,281,219,175

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

^(b)  Non-income producing security.

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

^(d)  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.

36 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Value Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	8,854,018	(a)	$	—	$	(513	)	$	(13	)	$	8,853,492		8,850,837	$	93,126	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		0	(a)		—		—			—			310,000		310,000		14			—
								$	(513	)	$	(13	)	$	9,163,492			$	93,140		$	—

^(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		10		03/10/22	$	1,666	$	(54,957	)
Euro STOXX 50 Index		26		03/18/22		1,222		(9,209	)
FTSE 100 Index		16		03/18/22		1,604		40,172
							$	(23,994	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	40,172
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	64,166

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	196,553
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	33,522

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) (continued) January 31, 2022 iShares^® MSCI Intl Value Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,045,811

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
Investments
Assets
Common Stocks	$	58,067,316	$	1,201,684,265		$	—	$	1,259,751,581
Preferred Stocks		—		16,551,937			—		16,551,937
Rights		—		—			26,761		26,761
Money Market Funds		9,163,492		—			—		9,163,492
	$	67,230,808	$	1,218,236,202		$	26,761	$	1,285,493,771
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	40,172		$	—	$	40,172
Liabilities
Futures Contracts		—		(64,166	)		—		(64,166	)
	$	—	$	(23,994	)	$	—	$	(23,994	)

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

See notes to financial statements.

38 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Textron Inc.		277,164	$	18,863,782
Automobiles — 5.9%
Ford Motor Co.		6,706,699		136,145,990
Tesla Inc.(a)		651,469		610,244,041
				746,390,031
Banks — 12.1%
Bank of America Corp.		10,547,013		486,639,180
JPMorgan Chase & Co.		3,436,450		510,656,470
PNC Financial Services Group Inc. (The)		533,375		109,869,916
Signature Bank/New York NY		145,634		44,364,486
SVB Financial Group(a)		91,776		53,588,006
Wells Fargo & Co.		6,033,705		324,613,329
				1,529,731,387
Biotechnology — 1.7%
Horizon Therapeutics PLC(a)		228,056		21,284,466
Moderna Inc.(a)		1,125,424		190,568,046
				211,852,512
Building Products — 0.9%
Carrier Global Corp.		916,018		43,675,738
Johnson Controls International PLC		959,445		69,722,868
				113,398,606
Capital Markets — 10.6%
Ameriprise Financial Inc.		134,834		41,031,335
BlackRock Inc.(b)		175,295		144,257,267
Blackstone Inc., NVS		1,788,266		235,997,464
Carlyle Group Inc. (The)		285,360		14,567,628
Cboe Global Markets Inc.		161,371		19,127,305
Charles Schwab Corp. (The)		1,957,188		171,645,388
FactSet Research Systems Inc.		54,172		22,854,625
Goldman Sachs Group Inc. (The)		531,009		188,338,272
KKR & Co. Inc.		1,010,690		71,920,700
Morgan Stanley		2,242,831		229,979,891
MSCI Inc.		159,033		85,260,772
Nasdaq Inc.		214,377		38,418,502
Raymond James Financial Inc.		250,256		26,494,603
T Rowe Price Group Inc.		340,945		52,652,136
				1,342,545,888
Chemicals — 0.7%
Albemarle Corp.		235,532		51,991,334
CF Industries Holdings Inc.		264,616		18,224,104
Mosaic Co. (The)		444,310		17,750,184
				87,965,622
Commercial Services & Supplies — 1.1%
Republic Services Inc.		378,738		48,349,693
Waste Management Inc.		595,904		89,647,798
				137,997,491
Communications Equipment — 0.8%
Arista Networks Inc.(a)		334,145		41,537,565
Motorola Solutions Inc.		256,896		59,584,458
				101,122,023
Consumer Finance — 0.1%
Upstart Holdings Inc.(a)(c)		63,419		6,913,305
Distributors — 0.2%
Pool Corp.		46,612		22,198,965

Security	Shares		Value
Diversified Financial Services — 0.3%
Apollo Global Management Inc.		508,163	$	35,571,410
Electrical Equipment — 0.4%
Generac Holdings Inc.(a)(c)		132,690		37,469,002
Plug Power Inc.(a)(c)		622,883		13,622,451
				51,091,453
Electronic Equipment, Instruments & Components — 0.6%
Keysight Technologies Inc.(a)		279,086		47,115,299
Zebra Technologies Corp., Class A(a)		60,566		30,835,362
				77,950,661
Entertainment — 0.2%
AMC Entertainment Holdings Inc., Class A(a)(c)		1,683,853		27,042,679
Equity Real Estate Investment Trusts (REITs) — 0.8%
Camden Property Trust		166,173		26,602,636
Extra Space Storage Inc.		223,943		44,383,263
Mid-America Apartment Communities Inc.		169,884		35,111,625
				106,097,524
Food & Staples Retailing — 3.1%
Costco Wholesale Corp.		762,876		385,351,554
Food Products — 0.1%
Bunge Ltd.		148,220		14,653,029
Health Care Equipment & Supplies — 1.7%
Dexcom Inc.(a)		156,134		67,212,564
Edwards Lifesciences Corp.(a)(c)		880,369		96,136,295
IDEXX Laboratories Inc.(a)		99,414		50,432,722
				213,781,581
Hotels, Restaurants & Leisure — 0.1%
MGM Resorts International		410,744		17,546,984
Insurance — 2.3%
Aon PLC, Class A		344,881		95,338,904
Arthur J Gallagher & Co.		281,496		44,459,478
Hartford Financial Services Group Inc. (The)		377,684		27,144,149
Marsh & McLennan Companies Inc.		777,350		119,432,054
				286,374,585
Interactive Media & Services — 5.1%
Alphabet Inc., Class A(a)(c)		123,947		335,409,258
Alphabet Inc., Class C, NVS(a)		113,716		308,621,813
				644,031,071
Internet & Direct Marketing Retail — 0.6%
DoorDash Inc., Class A(a)(c)		163,360		18,539,726
eBay Inc.		953,026		57,248,272
				75,787,998
IT Services — 6.1%
Accenture PLC, Class A		1,035,392		366,093,903
Affirm Holdings Inc.(a)(c)		286,126		18,332,093
Cloudflare Inc., Class A(a)(c)		777,661		74,966,520
EPAM Systems Inc.(a)		131,824		62,766,679
Gartner Inc.(a)		220,870		64,911,484
MongoDB Inc.(a)(c)		98,024		39,710,503
Paychex Inc.		446,000		52,520,960
Snowflake Inc., Class A(a)		310,716		85,726,545
				765,028,687
Life Sciences Tools & Services — 4.5%
Agilent Technologies Inc.		411,834		57,376,713
Avantor Inc.(a)		713,794		26,645,930
Bio-Techne Corp.		66,509		25,034,653

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) January 31, 2022 iShares^® MSCI USA Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Charles River Laboratories International Inc.(a)(c)		84,079	$	27,725,891
PerkinElmer Inc.(c)		157,113		27,050,145
Thermo Fisher Scientific Inc.		579,280		336,735,464
Waters Corp.(a)(c)		85,939		27,510,792
West Pharmaceutical Services Inc.		115,813		45,539,988
				573,619,576
Media — 0.1%
Interpublic Group of Companies Inc. (The)		504,008		17,912,444
Metals & Mining — 0.6%
Nucor Corp.		560,573		56,842,102
Steel Dynamics Inc.		286,819		15,924,191
				72,766,293
Multiline Retail — 1.2%
Target Corp.		689,689		152,028,146
Oil, Gas & Consumable Fuels — 5.1%
Cheniere Energy Inc.		462,637		51,769,080
ConocoPhillips		2,712,394		240,372,356
Devon Energy Corp.		1,597,996		80,810,658
Diamondback Energy Inc.		329,964		41,628,258
EOG Resources Inc.		924,374		103,049,214
Occidental Petroleum Corp.		1,571,635		59,203,491
Pioneer Natural Resources Co.		328,851		71,982,195
				648,815,252
Pharmaceuticals — 3.2%
Eli Lilly & Co.		1,663,970		408,321,598
Professional Services — 1.1%
Equifax Inc.		188,677		45,237,198
IHS Markit Ltd.		553,175		64,605,308
Robert Half International Inc.		208,047		23,563,403
				133,405,909
Real Estate Management & Development — 0.4%
CBRE Group Inc., Class A(a)(c)		470,656		47,696,279
Road & Rail — 0.5%
AMERCO		17,361		10,571,981
Old Dominion Freight Line Inc.		179,647		54,240,819
				64,812,800
Semiconductors & Semiconductor Equipment — 7.9%
Applied Materials Inc.		1,106,550		152,903,079
Entegris Inc.		188,188		22,552,450
KLA Corp.		183,588		71,465,301
Marvell Technology Inc.		1,363,479		97,352,401
Monolithic Power Systems Inc.		64,465		25,974,882
NVIDIA Corp.		2,254,953		552,147,792
Xilinx Inc.		354,813		68,674,056
				991,069,961
Software — 18.6%
Adobe Inc.(a)		674,462		360,365,047
Asana Inc., Class A(a)(c)		217,454		11,411,986
Bill.com Holdings Inc.(a)		244,982		46,108,062

Security	Shares		Value
Software (continued)
Cadence Design Systems Inc.(a)		410,921	$	62,517,521
Crowdstrike Holdings Inc., Class A(a)(c)		354,569		64,049,344
Datadog Inc., Class A(a)		482,980		70,568,208
Dynatrace Inc.(a)(c)		352,041		19,312,969
Fortinet Inc.(a)		396,013		117,710,904
HubSpot Inc.(a)(c)		89,609		43,800,879
Intuit Inc.		616,654		342,384,801
Microsoft Corp.		2,092,918		650,855,640
Oracle Corp.		3,260,627		264,632,487
Palantir Technologies Inc., Class A(a)		2,725,633		37,368,429
Palo Alto Networks Inc.(a)		201,466		104,238,508
Synopsys Inc.(a)		231,317		71,823,929
Tyler Technologies Inc.(a)(c)		58,120		27,537,256
Unity Software Inc.(a)		87,601		9,211,245
Zscaler Inc.(a)		147,058		37,810,082
				2,341,707,297
Specialty Retail — 0.4%
Bath & Body Works Inc.		367,563		20,609,258
Tractor Supply Co.		135,310		29,539,526
				50,148,784
Technology Hardware, Storage & Peripherals — 0.4%
Dell Technologies Inc., Class C(a)		315,264		17,910,148
NetApp Inc.		322,058		27,861,238
				45,771,386
Trading Companies & Distributors — 0.2%
United Rentals Inc.(a)		87,917		28,143,990
Total Common Stocks — 99.8% (Cost: $12,650,264,686)				12,595,508,543
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(b)(d)(e)		165,746,656		165,796,380
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(d)		19,900,000		19,900,000
				185,696,380
Total Short-Term Investments — 1.5% (Cost: $185,657,323)				185,696,380
Total Investments in Securities — 101.3% (Cost: $12,835,922,009)				12,781,204,923
Other Assets, Less Liabilities — (1.3)%				(160,368,493	)
Net Assets — 100.0%			$	12,620,836,430

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

^(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.

40 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Momentum Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	116,460,162	$	49,372,714	(a)	$	—			$ (28,819)	$	(7,677	)		$165,796,380		165,746,656	$	154,945	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,140,000		—			(3,240,000)	(a)		—		—			19,900,000		19,900,000		795			—
BlackRock Inc.		177,471,544		64,128,913			(91,521,681)			19,539,898		(25,361,407	)		144,257,267		175,295		1,658,335			—
									$	19,511,079	$	(25,369,084	)		$329,953,647			$	1,814,075		$	—

^(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
S&P 500 E-Mini Index		108		03/18/22	$	24,323	$	(843,728	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	843,728

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,046,219
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,856,231	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	30,507,658

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 41

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI USA Momentum Factor 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
Investments
Assets
Common Stocks	$	12,595,508,543		$	—	$	—	$	12,595,508,543
Money Market Funds		185,696,380			—		—		185,696,380
	$	12,781,204,923		$	—	$	—	$	12,781,204,923
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(843,728	)	$	—	$	—	$	(843,728	)

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

See notes to financial statements.

42 2 0 2 2   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)  January 31, 2022 iShares^® MSCI USA Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
Huntington Ingalls Industries Inc.		106,669	$	19,968,437
Lockheed Martin Corp.		1,124,897		437,731,169
				457,699,606
Air Freight & Logistics — 0.5%
CH Robinson Worldwide Inc.		395,973		41,438,574
Expeditors International of Washington Inc.		593,462		67,939,530
				109,378,104
Banks — 0.6%
SVB Financial Group(a)(b)		251,406		146,795,963
Beverages — 0.7%
Brown-Forman Corp., Class B, NVS		673,415		45,408,374
Monster Beverage Corp.(a)(b)		1,366,746		118,524,213
				163,932,587
Biotechnology — 2.9%
Amgen Inc.		1,324,754		300,904,624
Moderna Inc.(a)		1,152,759		195,196,681
Regeneron Pharmaceuticals Inc.(a)(b)		280,670		170,812,955
				666,914,260
Building Products — 0.3%
A O Smith Corp.		428,090		32,714,638
Allegion PLC		330,436		40,554,410
				73,269,048
Capital Markets — 6.5%
BlackRock Inc.(c)		639,980		526,665,141
Blackstone Inc., NVS		3,931,810		518,880,966
Coinbase Global Inc., Class A(a)(b)		329,347		62,625,332
FactSet Research Systems Inc.		195,932		82,661,751
MarketAxess Holdings Inc.		198,558		68,399,260
SEI Investments Co.		620,832		36,386,963
T Rowe Price Group Inc.		1,374,378		212,245,195
				1,507,864,608
Chemicals — 1.6%
Celanese Corp.		287,895		44,828,130
PPG Industries Inc.		526,223		82,196,033
Sherwin-Williams Co. (The)		809,642		231,970,529
				358,994,692
Commercial Services & Supplies — 0.9%
Cintas Corp.		272,362		106,637,894
Copart Inc.(a)		679,374		87,809,089
Rollins Inc.		669,663		20,659,104
				215,106,087
Communications Equipment — 1.5%
Cisco Systems Inc.		6,323,299		352,018,055
Construction Materials — 0.2%
Martin Marietta Materials Inc.		127,828		49,740,431
Containers & Packaging — 0.2%
Avery Dennison Corp.		204,199		41,946,559
Distributors — 0.5%
Pool Corp.		248,376		118,289,070
Electric Utilities — 1.3%
Alliant Energy Corp.		5,075,152		303,798,599

Security	Shares		Value
Electrical Equipment — 0.7%
Generac Holdings Inc.(a)		184,618	$	52,132,431
Rockwell Automation Inc.		380,745		110,119,069
				162,251,500
Electronic Equipment, Instruments & Components — 0.2%
CDW Corp./DE		229,750		43,434,238
Energy Equipment & Services — 1.4%
Schlumberger NV		8,539,356		333,632,639
Entertainment — 1.1%
Activision Blizzard Inc.		1,653,616		130,652,200
Electronic Arts Inc.		550,203		72,989,930
Take-Two Interactive Software Inc.(a)(b)		264,553		43,212,087
				246,854,217
Equity Real Estate Investment Trusts (REITs) — 2.6%
AvalonBay Communities Inc.		224,790		54,900,462
Duke Realty Corp.		631,224		36,472,123
Equity Residential		494,518		43,878,582
Essex Property Trust Inc.		96,641		32,133,133
Mid-America Apartment Communities Inc.		165,549		34,215,667
Prologis Inc.		1,212,659		190,169,184
Public Storage		372,247		133,461,717
Realty Income Corp.		810,270		56,240,841
VICI Properties Inc.(b)		912,718		26,121,989
				607,593,698
Food & Staples Retailing — 2.8%
Costco Wholesale Corp.		1,289,035		651,130,250
Food Products — 0.6%
Hershey Co. (The)		663,499		130,755,748
Gas Utilities — 1.4%
Atmos Energy Corp.		3,005,724		322,273,727
Health Care Equipment & Supplies — 2.2%
ABIOMED Inc.(a)		101,805		30,121,045
Align Technology Inc.(a)		205,286		101,608,359
Cooper Companies Inc. (The)(b)		129,054		51,402,208
Edwards Lifesciences Corp.(a)		1,464,258		159,896,974
IDEXX Laboratories Inc.(a)		312,806		158,686,484
				501,715,070
Health Care Providers & Services — 0.7%
AmerisourceBergen Corp.		778,006		105,964,417
Henry Schein Inc.(a)(b)		278,718		20,987,465
Quest Diagnostics Inc.		285,236		38,512,565
				165,464,447
Household Durables — 1.8%
DR Horton Inc.		1,686,246		150,446,868
Garmin Ltd.		770,150		95,822,063
NVR Inc.(a)(b)		18,064		96,230,902
PulteGroup Inc.		1,221,988		64,386,548
				406,886,381
Household Products — 0.3%
Church & Dwight Co. Inc.		604,794		62,082,104
Industrial Conglomerates — 1.2%
3M Co.		1,593,941		264,626,085
Insurance — 3.3%
Aflac Inc.		2,885,654		181,276,784
Allstate Corp. (The)		1,335,764		161,186,642

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) (continued) January 31, 2022 iShares^® MSCI USA Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Erie Indemnity Co., Class A, NVS		121,285	$	22,328,568
Fidelity National Financial Inc.		1,236,199		62,242,620
Progressive Corp. (The)		3,012,368		327,323,907
				754,358,521
Interactive Media & Services — 9.0%
Alphabet Inc., Class A(a)		192,349		520,509,859
Alphabet Inc., Class C, NVS(a)		184,061		499,536,032
Meta Platforms Inc., Class A(a)(b)		3,339,743		1,046,207,892
				2,066,253,783
Internet & Direct Marketing Retail — 0.5%
Etsy Inc.(a)(b)		752,816		118,252,337
IT Services — 7.9%
Accenture PLC, Class A		1,028,765		363,750,729
Automatic Data Processing Inc.		731,025		150,715,424
Gartner Inc.(a)(b)		116,956		34,372,199
Jack Henry & Associates Inc.		109,332		18,347,003
Mastercard Inc., Class A		1,724,130		666,169,349
Paychex Inc.		564,145		66,433,715
Visa Inc., Class A		2,348,404		531,138,533
				1,830,926,952
Life Sciences Tools & Services — 0.3%
West Pharmaceutical Services Inc.(b)		171,258		67,342,071
Machinery — 1.1%
Illinois Tool Works Inc.		1,120,400		262,083,968
Media — 0.4%
Fox Corp., Class A, NVS		638,730		25,938,825
Fox Corp., Class B		297,898		11,075,848
Interpublic Group of Companies Inc. (The)		844,651		30,018,896
Omnicom Group Inc.		393,244		29,634,868
				96,668,437
Metals & Mining — 0.4%
Nucor Corp.		675,402		68,485,763
Steel Dynamics Inc.		453,205		25,161,941
				93,647,704
Multiline Retail — 2.4%
Target Corp.		2,543,191		560,595,592
Oil, Gas & Consumable Fuels — 1.7%
Coterra Energy Inc.		2,986,885		65,412,781
Kinder Morgan Inc.		8,825,797		153,215,836
Marathon Petroleum Corp.		2,456,876		176,280,853
				394,909,470
Personal Products — 1.1%
Estee Lauder Companies Inc. (The), Class A		814,570		253,974,780
Pharmaceuticals — 6.7%
Eli Lilly & Co.		2,253,319		552,941,950
Johnson & Johnson		5,731,321		987,449,295
				1,540,391,245
Professional Services — 0.2%
Robert Half International Inc.		330,161		37,394,035
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A(a)		671,454		68,045,148
Road & Rail — 0.4%
Old Dominion Freight Line Inc.		302,806		91,426,216

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 9.4%
Applied Materials Inc.		1,465,754	$	202,537,888
Intel Corp.		5,711,702		278,845,292
KLA Corp.		276,724		107,720,351
Lam Research Corp.		272,268		160,616,339
Monolithic Power Systems Inc.(b)		60,618		24,424,811
NVIDIA Corp.		2,494,148		610,717,079
QUALCOMM Inc.		1,925,340		338,397,758
Skyworks Solutions Inc.		261,750		38,351,610
Teradyne Inc.(b)		269,824		31,685,432
Texas Instruments Inc.		1,738,423		312,029,544
Xilinx Inc.		341,138		66,027,260
				2,171,353,364
Software — 7.0%
Adobe Inc.(a)		796,546		425,594,528
Autodesk Inc.(a)(b)		288,525		72,070,660
Bentley Systems Inc., Class B		232,401		9,335,548
Cadence Design Systems Inc.(a)		419,942		63,889,976
Fair Isaac Corp.(a)(b)		50,447		24,970,760
Fortinet Inc.(a)(b)		207,299		61,617,555
Intuit Inc.		384,883		213,698,588
Microsoft Corp.		2,314,971		719,909,682
Paycom Software Inc.(a)		67,907		22,769,217
				1,613,856,514
Specialty Retail — 1.5%
Best Buy Co. Inc.		1,378,545		136,861,948
Tractor Supply Co.		549,679		120,000,422
Ulta Beauty Inc.(a)(b)		257,640		93,713,974
				350,576,344
Technology Hardware, Storage & Peripherals — 3.8%
Apple Inc.		5,004,294		874,650,505
Textiles, Apparel & Luxury Goods — 4.9%
Lululemon Athletica Inc.(a)(b)		638,859		213,225,580
Nike Inc., Class B		6,241,686		924,206,446
				1,137,432,026
Trading Companies & Distributors — 0.8%
Fastenal Co.		1,921,079		108,886,758
WW Grainger Inc.		136,726		67,694,410
				176,581,168
Total Common Stocks — 99.8% (Cost: $19,711,947,579)				23,025,167,953
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		165,108,270		165,157,803
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		48,920,000		48,920,000
				214,077,803
Total Short-Term Investments — 0.9% (Cost: $214,076,085)				214,077,803
Total Investments in Securities — 100.7% (Cost: $19,926,023,664)				23,239,245,756
Other Assets, Less Liabilities — (0.7)%				(152,696,316	)
Net Assets — 100.0%			$	23,086,549,440

44 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Quality Factor ETF     

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,398,626	$	150,774,060	(a)	$	—		$	(14,635	)	$	(248	)	$	165,157,803		165,108,270	$	38,412	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		52,210,000		—			(3,290,000	)(a)		—			—			48,920,000		48,920,000		1,330			—
BlackRock Inc.		687,148,110		172,274,330			(307,610,054	)		89,070,128			(114,217,373	)		526,665,141		639,980		6,121,168			—
									$	89,055,493		$	(114,217,621	)	$	740,742,944			$	6,160,910		$	—

^(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
S&P 500 E-Mini Index		261		03/18/22	$	58,780	$	(1,692,326	)

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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,692,326

^(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).

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) January 31, 2022 iShares^® MSCI USA Quality Factor ETF     

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	5,453,496
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,593,956	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	58,368,454

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
Investments
Assets
Common Stocks	$	23,025,167,953		$	—	$	—	$	23,025,167,953
Money Market Funds		214,077,803			—		—		214,077,803
	$	23,239,245,756		$	—	$	—	$	23,239,245,756
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,692,326	)	$	—	$	—	$	(1,692,326	)

^(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 2   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) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.8%
Boeing Co. (The)(a)		3,639	$	728,673
General Dynamics Corp.		4,325		917,332
HEICO Corp.		2,373		323,653
HEICO Corp., Class A		4,005		439,349
Howmet Aerospace Inc.		29,003		901,703
Huntington Ingalls Industries Inc.		5,059		947,045
L3Harris Technologies Inc.		3,921		820,626
Lockheed Martin Corp.		2,453		954,536
Northrop Grumman Corp.		2,433		899,967
Raytheon Technologies Corp.		9,520		858,609
Textron Inc.		11,954		813,589
TransDigm Group Inc.(a)		1,324		815,836
				9,420,918
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		9,757		1,021,070
Expeditors International of Washington Inc.		6,983		799,414
FedEx Corp.		3,479		855,347
United Parcel Service Inc., Class B		3,940		796,707
				3,472,538
Airlines — 0.3%
Delta Air Lines Inc.(a)		22,032		874,450
Southwest Airlines Co.(a)		18,989		849,948
				1,724,398
Auto Components — 0.5%
Aptiv PLC(a)		4,923		672,384
BorgWarner Inc.		19,553		857,399
Lear Corp.		5,063		847,141
				2,376,924
Automobiles — 0.6%
Ford Motor Co.		43,172		876,391
General Motors Co.(a)		13,453		709,377
Lucid Group Inc.(a)(b)		17,976		528,315
Rivian Automotive Inc., Class A(a)(b)		6,760		444,402
Tesla Inc.(a)		694		650,084
				3,208,569
Banks — 2.9%
Bank of America Corp.		17,124		790,101
Citigroup Inc.		12,313		801,823
Citizens Financial Group Inc.		17,755		913,850
Fifth Third Bancorp		19,867		886,664
First Citizens BancShares Inc./NC, Class A		1,158		902,175
First Republic Bank/CA		3,969		688,979
Huntington Bancshares Inc./OH		54,807		825,393
JPMorgan Chase & Co.		4,826		717,144
KeyCorp		37,553		941,078
M&T Bank Corp.		5,602		948,867
PNC Financial Services Group Inc. (The)		4,195		864,128
Regions Financial Corp.		37,271		854,997
Signature Bank/New York NY		2,734		832,858
SVB Financial Group(a)		1,155		674,404
Truist Financial Corp.		13,617		855,420
U.S. Bancorp		14,416		838,867
Webster Financial Corp.		14,616		830,335
Wells Fargo & Co.		16,305		877,209
				15,044,292
Beverages — 1.2%
Brown-Forman Corp., Class B, NVS		12,017		810,307

Security	Shares		Value
Beverages (continued)
Coca-Cola Co. (The)		14,600	$	890,746
Constellation Brands Inc., Class A		3,651		868,025
Keurig Dr Pepper Inc.		24,151		916,531
Molson Coors Beverage Co., Class B		19,764		941,952
Monster Beverage Corp.(a)		9,628		834,940
PepsiCo Inc.		4,960		860,659
				6,123,160
Biotechnology — 2.4%
AbbVie Inc.		6,940		950,017
Alnylam Pharmaceuticals Inc.(a)		5,017		690,339
Amgen Inc.		4,095		930,138
Biogen Inc.(a)		3,384		764,784
BioMarin Pharmaceutical Inc.(a)		10,962		971,562
Exact Sciences Corp.(a)(b)		10,706		817,510
Gilead Sciences Inc.		12,493		858,019
Horizon Therapeutics PLC(a)		8,254		770,346
Incyte Corp.(a)		13,978		1,038,985
Moderna Inc.(a)		3,350		567,256
Neurocrine Biosciences Inc.(a)		10,585		836,427
Novavax Inc.(a)(b)		4,780		447,886
Regeneron Pharmaceuticals Inc.(a)		1,311		797,861
Seagen Inc.(a)		4,745		638,250
Vertex Pharmaceuticals Inc.(a)		4,643		1,128,481
				12,207,861
Building Products — 1.4%
A O Smith Corp.		11,043		843,906
Allegion PLC		6,797		834,196
Carrier Global Corp.		15,199		724,688
Fortune Brands Home & Security Inc.		8,454		796,113
Johnson Controls International PLC		10,709		778,223
Lennox International Inc.		2,864		812,288
Masco Corp.		13,283		841,212
Owens Corning		10,272		911,127
Trane Technologies PLC		4,462		772,372
				7,314,125
Capital Markets — 4.3%
Ameriprise Financial Inc.		2,891		879,760
Bank of New York Mellon Corp. (The)		14,885		882,085
BlackRock Inc.(c)		899		739,823
Blackstone Inc., NVS		5,729		756,056
Carlyle Group Inc. (The)		15,022		766,873
Cboe Global Markets Inc.		7,047		835,281
Charles Schwab Corp. (The)		10,067		882,876
CME Group Inc.		3,730		856,035
Coinbase Global Inc., Class A(a)		2,639		501,806
FactSet Research Systems Inc.		1,952		823,529
Franklin Resources Inc.		25,786		824,379
Goldman Sachs Group Inc. (The)		2,109		748,020
Intercontinental Exchange Inc.		6,242		790,612
Invesco Ltd.		37,249		844,062
KKR & Co. Inc.		11,000		782,760
MarketAxess Holdings Inc.		2,475		852,588
Moody’s Corp.		2,147		736,421
Morgan Stanley		8,417		863,079
MSCI Inc.		1,293		693,203
Nasdaq Inc.		4,182		749,456
Northern Trust Corp.		7,308		852,405
Raymond James Financial Inc.		9,328		987,555
Robinhood Markets Inc., Class A(a)(b)		28,828		407,916

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) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
S&P Global Inc.		1,789	$	742,829
SEI Investments Co.		14,401		844,043
State Street Corp.		9,209		870,251
T Rowe Price Group Inc.		4,127		637,333
Tradeweb Markets Inc., Class A		9,109		772,170
				21,923,206
Chemicals — 2.8%
Air Products and Chemicals Inc.		2,875		811,095
Albemarle Corp.		3,194		705,044
Celanese Corp.		5,353		833,516
CF Industries Holdings Inc.		13,434		925,200
Corteva Inc.		17,926		861,882
Dow Inc.		15,003		896,129
DuPont de Nemours Inc.		10,891		834,251
Eastman Chemical Co.		7,940		944,304
Ecolab Inc.		3,702		701,344
FMC Corp.		8,692		959,336
International Flavors & Fragrances Inc.		5,799		765,004
Linde PLC		2,489		793,194
LyondellBasell Industries NV, Class A		9,621		930,639
Mosaic Co. (The)		24,661		985,207
PPG Industries Inc.		5,353		836,139
RPM International Inc.		9,708		860,226
Sherwin-Williams Co. (The)		2,544		728,881
				14,371,391
Commercial Services & Supplies — 0.9%
Cintas Corp.		1,958		766,616
Copart Inc.(a)		5,624		726,902
Republic Services Inc.		6,289		802,854
Rollins Inc.		25,189		777,080
Waste Connections Inc.		6,304		786,109
Waste Management Inc.		5,183		779,730
				4,639,291
Communications Equipment — 0.8%
Arista Networks Inc.(a)		6,549		814,106
Cisco Systems Inc.		15,084		839,726
F5 Inc.(a)(b)		3,808		790,617
Juniper Networks Inc.		28,364		987,635
Motorola Solutions Inc.		3,381		784,189
				4,216,273
Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,108		820,265
Vulcan Materials Co.		4,445		845,928
				1,666,193
Consumer Finance — 1.0%
Ally Financial Inc.		18,526		884,061
American Express Co.		4,683		842,097
Capital One Financial Corp.		5,555		815,085
Discover Financial Services		7,579		877,269
SoFi Technologies Inc.(a)(b)		43,727		545,713
Synchrony Financial		18,283		778,673
Upstart Holdings Inc.(a)		3,964		432,116
				5,175,014
Containers & Packaging — 1.4%
Amcor PLC		74,489		894,613
Avery Dennison Corp.		4,100		842,222
Ball Corp.		9,362		909,050
Crown Holdings Inc.		8,256		944,487

Security	Shares		Value
Containers & Packaging (continued)
International Paper Co.		18,419	$	888,717
Packaging Corp. of America		6,860		1,033,322
Sealed Air Corp.		14,233		966,705
Westrock Co.		19,063		879,948
				7,359,064
Distributors — 0.5%
Genuine Parts Co.		6,572		875,588
LKQ Corp.		15,197		834,163
Pool Corp.		1,541		733,901
				2,443,652
Diversified Financial Services — 0.7%
Apollo Global Management Inc.		23,961		1,677,270
Berkshire Hathaway Inc., Class B(a)		2,779		869,883
Equitable Holdings Inc.		27,497		924,999
				3,472,152
Diversified Telecommunication Services — 0.7%
AT&T Inc.		33,581		856,316
Liberty Global PLC, Class A(a)		10,065		272,963
Liberty Global PLC, Class C, NVS(a)		22,006		595,042
Lumen Technologies Inc.		66,836		826,093
Verizon Communications Inc.		15,941		848,539
				3,398,953
Electric Utilities — 2.7%
Alliant Energy Corp.		16,500		987,690
American Electric Power Co. Inc.		10,464		945,946
Duke Energy Corp.		8,603		903,831
Edison International		13,707		860,662
Entergy Corp.		8,493		949,263
Evergy Inc.		13,891		902,359
Eversource Energy		10,626		950,921
Exelon Corp.		16,037		929,344
FirstEnergy Corp.		23,064		967,765
NextEra Energy Inc.		9,349		730,344
NRG Energy Inc.		25,790		1,029,795
PG&E Corp.(a)		73,570		940,960
PPL Corp.		31,482		934,386
Southern Co. (The)		13,878		964,382
Xcel Energy Inc.		13,553		944,102
				13,941,750
Electrical Equipment — 1.1%
AMETEK Inc.		6,202		848,248
Eaton Corp. PLC		4,903		776,782
Emerson Electric Co.		9,056		832,699
Generac Holdings Inc.(a)		2,095		591,586
Plug Power Inc.(a)(b)		21,923		479,456
Rockwell Automation Inc.		2,533		732,594
Sensata Technologies Holding PLC(a)		15,228		873,478
Sunrun Inc.(a)(b)		17,458		452,686
				5,587,529
Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		10,141		807,122
Arrow Electronics Inc.(a)		7,327		908,548
CDW Corp./DE		4,543		858,854
Cognex Corp.		11,416		758,708
Corning Inc.		22,853		960,740
IPG Photonics Corp.(a)		5,604		865,650
Keysight Technologies Inc.(a)		4,483		756,820
TE Connectivity Ltd.		5,220		746,512

48 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies Inc.(a)		1,984	$	836,117
Trimble Inc.(a)		10,125		730,620
Zebra Technologies Corp., Class A(a)		1,447		736,697
				8,966,388
Energy Equipment & Services — 0.6%
Baker Hughes Co.		37,518		1,029,494
Halliburton Co.		39,274		1,207,283
Schlumberger NV		27,161		1,061,180
				3,297,957
Entertainment — 1.3%
Activision Blizzard Inc.		13,748		1,086,230
AMC Entertainment Holdings Inc., Class A(a)		22,018		353,609
Electronic Arts Inc.		6,361		843,850
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		15,208		915,978
Live Nation Entertainment Inc.(a)		7,829		857,354
Netflix Inc.(a)		1,172		500,608
Roku Inc., Class A(a)(b)		3,708		608,297
Take-Two Interactive Software Inc.(a)		5,122		836,627
Walt Disney Co. (The)(a)		5,200		743,444
				6,745,997
Equity Real Estate Investment Trusts (REITs) — 5.6%
Alexandria Real Estate Equities Inc.		4,270		831,967
American Tower Corp.		3,226		811,339
AvalonBay Communities Inc.		3,552		867,505
Boston Properties Inc.		7,515		842,281
Camden Property Trust		5,460		874,091
Crown Castle International Corp.		4,606		840,641
Digital Realty Trust Inc.		5,254		784,054
Duke Realty Corp.		15,287		883,283
Equinix Inc.		1,068		774,193
Equity LifeStyle Properties Inc.		10,703		837,938
Equity Residential		9,936		881,621
Essex Property Trust Inc.		2,535		842,888
Extra Space Storage Inc.		4,343		860,739
Healthpeak Properties Inc.		25,860		914,668
Host Hotels & Resorts Inc.(a)		52,645		912,864
Invitation Homes Inc.		21,607		907,062
Iron Mountain Inc.		19,230		883,042
Medical Properties Trust Inc.		42,176		959,926
Mid-America Apartment Communities Inc.		4,351		899,265
Prologis Inc.		5,537		868,312
Public Storage		2,547		913,176
Realty Income Corp.		12,223		848,399
Regency Centers Corp.		12,252		879,081
SBA Communications Corp.		2,533		824,340
Simon Property Group Inc.		5,061		744,979
Sun Communities Inc.		4,513		852,777
UDR Inc.		15,969		907,678
Ventas Inc.		16,725		886,760
VICI Properties Inc.		30,670		877,775
Vornado Realty Trust		20,437		838,121
Welltower Inc.		10,107		875,569
Weyerhaeuser Co.		23,187		937,450
WP Carey Inc.		11,609		900,858
				28,564,642
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,535		775,375
Kroger Co. (The)		21,209		924,500
Sysco Corp.		11,588		905,602

Security	Shares		Value
Food & Staples Retailing (continued)
Walgreens Boots Alliance Inc.		18,121	$	901,701
Walmart Inc.		5,541		774,687
				4,281,865
Food Products — 2.5%
Archer-Daniels-Midland Co.		13,075		980,625
Bunge Ltd.		9,469		936,105
Campbell Soup Co.		22,339		985,597
Conagra Brands Inc.		29,061		1,010,160
General Mills Inc.		13,900		954,652
Hershey Co. (The)		4,835		952,834
Hormel Foods Corp.		20,820		988,326
JM Smucker Co. (The)		7,243		1,018,221
Kellogg Co.		14,350		904,050
Kraft Heinz Co. (The)		24,415		874,057
McCormick & Co. Inc./MD, NVS		10,646		1,067,900
Mondelez International Inc., Class A		13,571		909,664
Tyson Foods Inc., Class A		10,645		967,524
				12,549,715
Gas Utilities — 0.4%
Atmos Energy Corp.		9,856		1,056,760
UGI Corp.		21,029		953,665
				2,010,425
Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		6,360		810,646
ABIOMED Inc.(a)		2,666		788,789
Align Technology Inc.(a)		1,260		623,650
Baxter International Inc.		10,965		936,850
Becton Dickinson and Co.		3,398		863,568
Boston Scientific Corp.(a)		20,721		888,931
Cooper Companies Inc. (The)		2,206		878,650
DENTSPLY SIRONA Inc.		17,049		910,758
Dexcom Inc.(a)		1,307		562,637
Edwards Lifesciences Corp.(a)		7,276		794,539
Hologic Inc.(a)		12,289		863,179
IDEXX Laboratories Inc.(a)		1,355		687,391
Insulet Corp.(a)		2,961		734,328
Intuitive Surgical Inc.(a)		2,308		655,887
Masimo Corp.(a)		3,024		664,887
Medtronic PLC		6,984		722,774
Novocure Ltd.(a)		8,407		577,141
ResMed Inc.		3,302		754,837
STERIS PLC		3,793		851,149
Stryker Corp.		3,222		799,217
Teleflex Inc.		2,745		851,472
Zimmer Biomet Holdings Inc.		6,841		841,580
				17,062,860
Health Care Providers & Services — 2.9%
AmerisourceBergen Corp.		7,103		967,429
Anthem Inc.		1,956		862,576
Cardinal Health Inc.		18,356		946,619
Centene Corp.(a)		11,462		891,285
Cigna Corp.		3,867		891,189
CVS Health Corp.		8,703		926,957
DaVita Inc.(a)		9,036		979,231
HCA Healthcare Inc.		3,470		832,973
Henry Schein Inc.(a)		11,980		902,094
Humana Inc.		1,924		755,170
Laboratory Corp. of America Holdings(a)		3,081		836,060
McKesson Corp.		3,871		993,763

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) (continued) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Molina Healthcare Inc.(a)		2,922	$	848,783
Oak Street Health Inc.(a)		24,926		433,214
Quest Diagnostics Inc.		6,105		824,297
UnitedHealth Group Inc.		1,765		834,086
Universal Health Services Inc., Class B		7,301		949,568
				14,675,294
Health Care Technology — 0.5%
Cerner Corp.		12,093		1,102,881
Teladoc Health Inc.(a)		7,176		550,471
Veeva Systems Inc., Class A(a)		2,803		663,022
				2,316,374
Hotels, Restaurants & Leisure — 3.2%
Airbnb Inc., Class A(a)		4,062		625,426
Aramark		25,122		861,433
Booking Holdings Inc.(a)		352		864,558
Caesars Entertainment Inc.(a)		9,273		706,046
Carnival Corp.(a)		42,542		842,757
Chipotle Mexican Grill Inc.(a)		485		720,506
Darden Restaurants Inc.		6,169		862,858
Domino’s Pizza Inc.		1,666		757,447
DraftKings Inc., Class A(a)(b)		24,846		548,848
Expedia Group Inc.(a)		4,999		916,267
Hilton Worldwide Holdings Inc.(a)		6,042		876,755
Las Vegas Sands Corp.(a)		22,809		999,034
Marriott International Inc./MD, Class A(a)		5,521		889,544
McDonald’s Corp.		3,218		834,910
MGM Resorts International		20,076		857,647
Royal Caribbean Cruises Ltd.(a)		10,750		836,457
Starbucks Corp.		7,375		725,110
Vail Resorts Inc.		2,662		737,640
Wynn Resorts Ltd.(a)		10,126		865,267
Yum! Brands Inc.		6,848		857,164
				16,185,674
Household Durables — 1.3%
DR Horton Inc.		8,556		763,366
Garmin Ltd.		6,094		758,215
Lennar Corp., Class A		7,865		755,905
Mohawk Industries Inc.(a)		5,254		829,449
Newell Brands Inc.		40,804		947,061
NVR Inc.(a)		175		932,264
PulteGroup Inc.		17,650		929,979
Whirlpool Corp.		3,939		827,938
				6,744,177
Household Products — 0.9%
Church & Dwight Co. Inc.		9,799		1,005,867
Clorox Co. (The)		5,412		908,458
Colgate-Palmolive Co.		11,130		917,669
Kimberly-Clark Corp.		6,489		893,211
Procter & Gamble Co. (The)		5,412		868,355
				4,593,560
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp. (The)		37,015		820,993
Vistra Corp.		45,950		1,002,169
				1,823,162
Industrial Conglomerates — 0.6%
3M Co.		4,671		775,480
General Electric Co.		8,274		781,728
Honeywell International Inc.		3,730		762,710

Security	Shares		Value
Industrial Conglomerates (continued)
Roper Technologies Inc.		1,770	$	773,773
				3,093,691
Insurance — 5.0%
Aflac Inc.		15,545		976,537
Alleghany Corp.(a)		1,341		890,424
Allstate Corp. (The)		7,756		935,917
American Financial Group Inc./OH		6,367		829,493
American International Group Inc.		15,402		889,465
Aon PLC, Class A		2,892		799,464
Arch Capital Group Ltd.(a)		21,596		1,000,327
Arthur J Gallagher & Co.		5,383		850,191
Assurant Inc.		5,749		876,780
Brown & Brown Inc.		14,054		931,499
Chubb Ltd.		4,413		870,597
Cincinnati Financial Corp.		7,560		890,795
Erie Indemnity Co., Class A, NVS		4,174		768,433
Everest Re Group Ltd.		3,341		946,839
Fidelity National Financial Inc.		17,633		887,822
Globe Life Inc.		9,924		1,015,225
Hartford Financial Services Group Inc. (The)		12,601		905,634
Lincoln National Corp.		12,752		892,385
Loews Corp.		16,009		955,097
Markel Corp.(a)		719		886,340
Marsh & McLennan Companies Inc.		5,055		776,650
MetLife Inc.		13,677		917,180
Principal Financial Group Inc.		12,631		922,821
Progressive Corp. (The)(b)		9,467		1,028,684
Prudential Financial Inc.		7,925		884,192
Travelers Companies Inc. (The)		5,599		930,442
W R Berkley Corp.		11,096		937,612
Willis Towers Watson PLC		3,849		900,512
				25,297,357
Interactive Media & Services — 1.1%
Alphabet Inc., Class A(a)		123		332,847
Alphabet Inc., Class C, NVS(a)		119		322,962
IAC/InterActiveCorp.(a)		7,051		962,744
Match Group Inc.(a)		6,121		689,837
Meta Platforms Inc., Class A(a)		2,281		714,546
Pinterest Inc., Class A(a)		19,074		563,827
Snap Inc., Class A, NVS(a)		15,838		515,368
Twitter Inc.(a)		17,970		674,055
ZoomInfo Technologies Inc.(a)		11,362		600,595
				5,376,781
Internet & Direct Marketing Retail — 0.8%
Amazon.com Inc.(a)		198		592,311
Chewy Inc., Class A(a)(b)		12,111		576,605
DoorDash Inc., Class A(a)		3,686		418,324
eBay Inc.		11,525		692,307
Etsy Inc.(a)		3,026		475,324
MercadoLibre Inc.(a)(b)		586		663,387
Wayfair Inc., Class A(a)(b)		3,407		531,219
				3,949,477
IT Services — 4.1%
Accenture PLC, Class A		2,192		775,047
Affirm Holdings Inc.(a)(b)		6,224		398,772
Akamai Technologies Inc.(a)		8,122		930,375
Automatic Data Processing Inc.		3,516		724,894
Block Inc.(a)		3,648		446,114
Broadridge Financial Solutions Inc.		5,163		822,053

50 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Cloudflare Inc., Class A(a)		3,911	$	377,020
Cognizant Technology Solutions Corp., Class A		10,680		912,286
EPAM Systems Inc.(a)		1,313		625,172
Fidelity National Information Services Inc.		7,796		934,896
Fiserv Inc.(a)(b)		8,400		887,880
FleetCor Technologies Inc.(a)		3,933		937,077
Gartner Inc.(a)		2,633		773,812
Global Payments Inc.		6,868		1,029,376
GoDaddy Inc., Class A(a)		12,508		946,981
International Business Machines Corp.		7,157		955,960
Jack Henry & Associates Inc.		6,053		1,015,754
Mastercard Inc., Class A		2,290		884,810
MongoDB Inc.(a)		1,541		624,275
Okta Inc.(a)		3,321		657,193
Paychex Inc.		6,913		814,075
PayPal Holdings Inc.(a)		4,032		693,262
Snowflake Inc., Class A(a)		2,095		578,010
Twilio Inc., Class A(a)		2,951		608,260
VeriSign Inc.(a)		3,675		798,136
Visa Inc., Class A		3,889		879,575
Western Union Co. (The)		55,512		1,049,732
				21,080,797
Leisure Products — 0.3%
Hasbro Inc.		9,139		845,175
Peloton Interactive Inc., Class A(a)		18,600		508,338
				1,353,513
Life Sciences Tools & Services — 2.1%
10X Genomics Inc., Class A(a)(b)		5,990		576,657
Agilent Technologies Inc.		5,333		742,994
Avantor Inc.(a)		22,607		843,919
Bio-Rad Laboratories Inc., Class A(a)		1,150		689,690
Bio-Techne Corp.		1,817		683,937
Charles River Laboratories International Inc.(a)		2,311		762,075
Danaher Corp.		2,590		740,196
Illumina Inc.(a)		2,292		799,495
IQVIA Holdings Inc.(a)		3,243		794,211
Mettler-Toledo International Inc.(a)(b)		568		836,482
PerkinElmer Inc.		4,761		819,701
Thermo Fisher Scientific Inc.		1,266		735,926
Waters Corp.(a)		2,605		833,913
West Pharmaceutical Services Inc.(b)		1,954		768,352
				10,627,548
Machinery — 2.8%
Caterpillar Inc.		4,140		834,458
Cummins Inc.		3,833		846,633
Deere & Co.		2,343		881,905
Dover Corp.		5,014		851,929
Fortive Corp.		11,179		788,567
IDEX Corp.(b)		3,806		819,965
Illinois Tool Works Inc.		3,514		821,995
Ingersoll Rand Inc.		14,559		818,361
Nordson Corp.		3,375		784,823
Otis Worldwide Corp.		10,110		863,697
PACCAR Inc.		10,092		938,455
Parker-Hannifin Corp.		2,607		808,196
Pentair PLC		11,790		751,023
Snap-on Inc.		4,256		886,312
Stanley Black & Decker Inc.		4,554		795,356
Westinghouse Air Brake Technologies Corp.		9,484		843,128

Security	Shares		Value
Machinery (continued)
Xylem Inc./NY		6,813	$	715,501
				14,050,304
Media — 2.2%
Cable One Inc.		502		775,454
Charter Communications Inc., Class A(a)		1,213		719,721
Comcast Corp., Class A		15,312		765,447
Discovery Inc., Class A(a)(b)		12,025		335,618
Discovery Inc., Class C, NVS(a)		22,304		610,014
DISH Network Corp., Class A(a)		26,268		824,815
Fox Corp., Class A, NVS		15,645		635,343
Fox Corp., Class B		7,303		271,526
Interpublic Group of Companies Inc. (The)		26,268		933,565
Liberty Broadband Corp., Class A(a)		782		114,446
Liberty Broadband Corp., Class C, NVS(a)		4,521		670,962
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		5,491		253,959
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		11,212		521,694
News Corp., Class A, NVS		39,063		868,761
Omnicom Group Inc.		13,432		1,012,236
Sirius XM Holdings Inc.(b)		139,541		887,481
ViacomCBS Inc., Class B, NVS		25,971		868,730
				11,069,772
Metals & Mining — 0.7%
Freeport-McMoRan Inc.		22,063		821,185
Newmont Corp.		15,100		923,667
Nucor Corp.		7,841		795,077
Steel Dynamics Inc.		14,392		799,044
				3,338,973
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		58,449		870,306
Annaly Capital Management Inc.		108,046		853,563
				1,723,869
Multi-Utilities — 1.9%
Ameren Corp.		10,540		935,320
CenterPoint Energy Inc.		34,150		968,494
CMS Energy Corp.		14,846		955,786
Consolidated Edison Inc.		11,356		981,726
Dominion Energy Inc.		11,337		914,442
DTE Energy Co.		7,988		961,995
NiSource Inc.		36,665		1,069,885
Public Service Enterprise Group Inc.		14,124		939,670
Sempra Energy		7,071		976,929
WEC Energy Group Inc.		9,757		946,819
				9,651,066
Multiline Retail — 0.5%
Dollar General Corp.		3,876		808,069
Dollar Tree Inc.(a)		6,585		864,084
Target Corp.		3,310		729,623
				2,401,776
Oil, Gas & Consumable Fuels — 3.3%
Cheniere Energy Inc.		8,232		921,161
Chevron Corp.		7,085		930,473
ConocoPhillips		11,535		1,022,232
Coterra Energy Inc.		43,569		954,161
Devon Energy Corp.		20,303		1,026,723
Diamondback Energy Inc.		8,296		1,046,623
EOG Resources Inc.		9,575		1,067,421
Exxon Mobil Corp.		12,672		962,565
Hess Corp.		10,955		1,011,037

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

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Inc.		53,436	$	927,649
Marathon Petroleum Corp.		13,828		992,159
Occidental Petroleum Corp.		28,707		1,081,393
ONEOK Inc.		13,851		840,478
Phillips 66		11,886		1,007,814
Pioneer Natural Resources Co.		4,818		1,054,612
Valero Energy Corp.		12,036		998,627
Williams Companies Inc. (The)		31,262		935,984
				16,781,112
Personal Products — 0.1%
Estee Lauder Companies Inc. (The), Class A		2,391		745,490
Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		14,031		910,471
Catalent Inc.(a)		6,942		721,482
Elanco Animal Health Inc.(a)		27,942		727,610
Eli Lilly & Co.		3,095		759,482
Jazz Pharmaceuticals PLC(a)		7,159		994,457
Johnson & Johnson		4,900		844,221
Merck & Co. Inc.		9,779		796,793
Pfizer Inc.		15,712		827,865
Royalty Pharma PLC, Class A		21,386		855,654
Viatris Inc.		67,343		1,008,125
Zoetis Inc.		3,697		738,623
				9,184,783
Professional Services — 1.5%
Booz Allen Hamilton Holding Corp.		10,510		806,432
Clarivate PLC(a)(b)		37,897		623,785
CoStar Group Inc.(a)		10,824		759,412
Equifax Inc.		3,018		723,596
IHS Markit Ltd.		6,642		775,719
Jacobs Engineering Group Inc.		6,083		791,885
Leidos Holdings Inc.		9,968		891,638
Robert Half International Inc.		7,811		884,674
TransUnion		7,521		775,565
Verisk Analytics Inc.		3,864		757,846
				7,790,552
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A(a)		8,825		894,325
Zillow Group Inc., Class A(a)		4,232		211,008
Zillow Group Inc., Class C, NVS(a)(b)		11,571		584,104
				1,689,437
Road & Rail — 1.4%
AMERCO		1,225		745,964
CSX Corp.		23,291		797,018
JB Hunt Transport Services Inc.		4,578		881,448
Knight-Swift Transportation Holdings Inc.		16,038		907,430
Lyft Inc., Class A(a)		18,255		703,183
Norfolk Southern Corp.		3,078		837,185
Old Dominion Freight Line Inc.		2,463		743,653
Uber Technologies Inc.(a)		18,715		699,941
Union Pacific Corp.		3,425		837,584
				7,153,406
Semiconductors & Semiconductor Equipment — 3.3%
Advanced Micro Devices Inc.(a)		5,261		601,069
Analog Devices Inc.		4,449		729,503
Applied Materials Inc.		5,201		718,674
Broadcom Inc.		1,415		829,020
Enphase Energy Inc.(a)		3,437		482,795

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Entegris Inc.		5,828	$	698,428
Intel Corp.		16,373		799,330
KLA Corp.		2,013		783,601
Lam Research Corp.		1,326		782,234
Marvell Technology Inc.		11,416		815,102
Microchip Technology Inc.		10,367		803,235
Micron Technology Inc.		10,989		904,065
Monolithic Power Systems Inc.		1,585		638,644
NVIDIA Corp.		2,447		599,172
NXP Semiconductors NV		3,877		796,491
ON Semiconductor Corp.(a)(b)		13,903		820,277
Qorvo Inc.(a)(b)		5,738		787,713
QUALCOMM Inc.		4,369		767,896
Skyworks Solutions Inc.		5,412		792,966
SolarEdge Technologies Inc.(a)		2,536		604,126
Teradyne Inc.		5,891		691,780
Texas Instruments Inc.		4,253		763,371
Xilinx Inc.		3,911		756,974
				16,966,466
Software — 6.2%
Adobe Inc.(a)		1,193		637,420
ANSYS Inc.(a)		2,200		748,022
Asana Inc., Class A(a)		6,463		339,178
Autodesk Inc.(a)		2,633		657,697
Avalara Inc.(a)(b)		6,065		664,845
Bentley Systems Inc., Class B(b)		15,919		639,466
Bill.com Holdings Inc.(a)(b)		2,792		525,482
Black Knight Inc.(a)		12,781		953,463
Cadence Design Systems Inc.(a)		4,620		702,887
Ceridian HCM Holding Inc.(a)		7,800		591,396
Citrix Systems Inc.		10,830		1,104,010
Coupa Software Inc.(a)(b)		4,094		549,701
Crowdstrike Holdings Inc., Class A(a)		3,217		581,119
Datadog Inc., Class A(a)		4,512		659,248
DocuSign Inc.(a)		3,251		408,878
Dropbox Inc., Class A(a)		35,827		886,718
Dynatrace Inc.(a)		13,159		721,903
Fair Isaac Corp.(a)		2,607		1,290,439
Fortinet Inc.(a)		2,504		744,289
Guidewire Software Inc.(a)		7,545		760,838
HubSpot Inc.(a)		1,042		509,330
Intuit Inc.		1,304		724,020
Microsoft Corp.		2,173		675,760
NortonLifeLock Inc.		36,733		955,425
Nuance Communications Inc.(a)		16,207		895,437
Oracle Corp.		8,507		690,428
Palantir Technologies Inc., Class A(a)		40,189		550,991
Palo Alto Networks Inc.(a)(b)		1,655		856,297
Paycom Software Inc.(a)		1,885		632,040
PTC Inc.(a)		7,720		897,527
RingCentral Inc., Class A(a)		3,646		643,483
salesforce.com Inc.(a)		2,647		615,772
ServiceNow Inc.(a)		1,225		717,580
Splunk Inc.(a)		6,518		807,711
SS&C Technologies Holdings Inc.		11,346		906,205
Synopsys Inc.(a)		2,449		760,414
Trade Desk Inc. (The), Class A(a)		8,142		566,195
Tyler Technologies Inc.(a)		1,653		783,191
Unity Software Inc.(a)		4,259		447,834
VMware Inc., Class A		7,143		917,733

52 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Workday Inc., Class A(a)		2,848	$	720,572
Zendesk Inc.(a)		9,366		922,645
Zoom Video Communications Inc., Class A(a)		3,297		508,661
Zscaler Inc.(a)		2,350		604,209
				31,476,459
Specialty Retail — 2.1%
Advance Auto Parts Inc.		3,908		904,741
AutoZone Inc.(a)		463		919,680
Bath & Body Works Inc.		11,404		639,422
Best Buy Co. Inc.		6,439		639,264
Burlington Stores Inc.(a)		3,265		773,576
CarMax Inc.(a)		6,109		679,138
Carvana Co., Class A(a)(b)		3,063		496,390
Home Depot Inc. (The)		1,961		719,648
Lowe’s Companies Inc.		3,309		785,391
O’Reilly Automotive Inc.(a)		1,346		877,255
Ross Stores Inc.		7,300		713,575
TJX Companies Inc. (The)		11,495		827,295
Tractor Supply Co.		3,877		846,388
Ulta Beauty Inc.(a)		2,205		802,047
				10,623,810
Technology Hardware, Storage & Peripherals — 1.2%
Apple Inc.		4,699		821,291
Dell Technologies Inc., Class C(a)		15,484		879,646
Hewlett Packard Enterprise Co.		61,275		1,000,621
HP Inc.		27,848		1,022,857
NetApp Inc.		10,235		885,430
Seagate Technology Holdings PLC		8,810		943,991
Western Digital Corp.(a)		16,217		839,068
				6,392,904
Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica Inc.(a)		1,814		605,441
Nike Inc., Class B		4,701		696,077
VF Corp.		11,495		749,589
				2,051,107
Tobacco — 0.4%
Altria Group Inc.		19,156		974,657
Philip Morris International Inc.		9,013		926,987
				1,901,644

Security	Shares		Value
Trading Companies & Distributors — 0.5%
Fastenal Co.		14,356	$	813,698
United Rentals Inc.(a)		2,341		749,401
WW Grainger Inc.		1,837		909,517
				2,472,616
Water Utilities — 0.3%
American Water Works Co. Inc.		5,115		822,492
Essential Utilities Inc.		19,316		941,462
				1,763,954
Wireless Telecommunication Services — 0.1%
T-Mobile U.S. Inc.(a)		7,045		762,058
Total Common Stocks — 99.8% (Cost: $508,371,638)				509,676,065
Short-Term Investments
Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		15,450,956		15,455,592
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		800,000		800,000
				16,255,592
Total Short-Term Investments — 3.2% (Cost: $16,248,966)				16,255,592
Total Investments in Securities — 103.0% (Cost: $524,620,604)				525,931,657
Other Assets, Less Liabilities — (3.0)%				(15,512,326	)
Net Assets — 100.0%			$	510,419,331

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI USA Size Factor ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,463,456	$	—	$	(5,004,770	)(a)	$	(1,757	)	$	(1,337	)	$	15,455,592		15,450,956	$	27,209	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,980,000		—		(1,180,000	)(a)		—			—			800,000		800,000		35			—
BlackRock Inc.		1,005,050		147,685		(383,238	)		84,046			(113,720	)		739,823		899		8,772			—
								$	82,289		$	(115,057	)	$	16,995,415			$	36,016		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		3		03/18/22	$	125	$	1,936
S&P 500 E-Mini Index		1		03/18/22		225		(7,766	)
S&P Mid 400 E-Mini Index		1		03/18/22		263		(14,203	)
							$	(20,033	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,936
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	21,969

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	168,688
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(68,617	)

54 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Size Factor ETF     

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,672,956

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
Investments
Assets
Common Stocks	$	509,676,065		$	—	$	—	$	509,676,065
Money Market Funds		16,255,592			—		—		16,255,592
	$	525,931,657		$	—	$	—	$	525,931,657
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,936		$	—	$	—	$	1,936
Liabilities
Futures Contracts		(21,969	)		—		—		(21,969	)
	$	(20,033	)	$	—	$	—	$	(20,033	)

^(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 55

Schedule of Investments (unaudited) January 31, 2022 iShares^® MSCI USA Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.6%
General Dynamics Corp.		335,066	$	71,067,499
Huntington Ingalls Industries Inc.		70,873		13,267,426
L3Harris Technologies Inc.		363,231		76,020,616
Northrop Grumman Corp.		209,904		77,643,489
Raytheon Technologies Corp.		2,733,445		246,529,404
Textron Inc.(a)		384,766		26,187,174
				510,715,608
Air Freight & Logistics — 0.9%
FedEx Corp.		539,719		132,695,313
Auto Components — 0.7%
BorgWarner Inc.		1,217,234		53,375,711
Lear Corp.		293,724		49,145,900
				102,521,611
Automobiles — 6.5%
Ford Motor Co.		23,301,436		473,019,151
General Motors Co.(b)		8,396,378		442,741,012
				915,760,163
Banks — 4.5%
Citigroup Inc.		4,463,248		290,646,710
Citizens Financial Group Inc.		713,323		36,714,735
Fifth Third Bancorp		708,264		31,609,822
Regions Financial Corp.		1,175,110		26,957,024
Wells Fargo & Co.		4,650,859		250,216,214
				636,144,505
Beverages — 0.4%
Molson Coors Beverage Co., Class B		1,086,508		51,782,971
Biotechnology — 3.4%
AbbVie Inc.		2,198,689		300,978,537
Biogen Inc.(a)(b)		188,934		42,699,084
Gilead Sciences Inc.		1,800,922		123,687,323
Novavax Inc.(b)		69,240		6,487,788
				473,852,732
Building Products — 0.7%
Johnson Controls International PLC		1,084,571		78,815,775
Owens Corning		294,425		26,115,497
				104,931,272
Capital Markets — 1.8%
Bank of New York Mellon Corp. (The)		930,267		55,127,622
Franklin Resources Inc.		371,434		11,874,745
Goldman Sachs Group Inc. (The)		474,054		168,137,473
Invesco Ltd.		633,296		14,350,487
				249,490,327
Chemicals — 1.5%
Corteva Inc.		954,887		45,910,967
Dow Inc.		588,976		35,179,537
DuPont de Nemours Inc.		546,664		41,874,462
Eastman Chemical Co.		164,353		19,546,502
LyondellBasell Industries NV, Class A		483,730		46,791,203
Mosaic Co. (The)		706,943		28,242,373
				217,545,044
Communications Equipment — 4.0%
Cisco Systems Inc.		8,897,020		495,297,104
F5 Inc.(a)(b)		138,094		28,671,076
Juniper Networks Inc.		1,190,856		41,465,606
				565,433,786

Security	Shares		Value
Consumer Finance — 1.0%
Ally Financial Inc.		663,106	$	31,643,419
Capital One Financial Corp.		725,036		106,384,532
				138,027,951
Containers & Packaging — 0.3%
International Paper Co.		512,630		24,734,397
Westrock Co.		437,242		20,183,091
				44,917,488
Distributors — 0.4%
LKQ Corp.		925,446		50,797,731
Diversified Financial Services — 0.2%
Equitable Holdings Inc.		845,287		28,435,455
Diversified Telecommunication Services — 8.6%
AT&T Inc.		41,605,827		1,060,948,588
Liberty Global PLC, Class A(b)		682,140		18,499,637
Liberty Global PLC, Class C, NVS(b)		1,928,798		52,154,698
Lumen Technologies Inc.		6,352,217		78,513,402
				1,210,116,325
Electric Utilities — 1.8%
Edison International		456,466		28,661,500
Evergy Inc.		311,043		20,205,354
Exelon Corp.		1,833,642		106,259,554
NRG Energy Inc.		559,771		22,351,656
PG&E Corp.(a)(b)		2,978,819		38,099,095
PPL Corp.		1,333,618		39,581,782
				255,158,941
Electrical Equipment — 0.1%
Sensata Technologies Holding PLC(a)(b)		248,010		14,225,854
Electronic Equipment, Instruments & Components — 1.7%
Arrow Electronics Inc.(a)(b)		383,113		47,506,012
Corning Inc.		2,305,703		96,931,754
TE Connectivity Ltd.		636,343		91,003,413
				235,441,179
Equity Real Estate Investment Trusts (REITs) — 1.7%
Iron Mountain Inc.		545,486		25,048,717
Public Storage		240,948		86,387,086
Simon Property Group Inc.		504,105		74,204,256
Ventas Inc.		329,344		17,461,819
Weyerhaeuser Co.		1,058,672		42,802,109
				245,903,987
Food & Staples Retailing — 1.8%
Kroger Co. (The)		2,266,555		98,799,133
Walgreens Boots Alliance Inc.		3,004,578		149,507,801
				248,306,934
Food Products — 2.1%
Conagra Brands Inc.		1,246,746		43,336,891
JM Smucker Co. (The)		342,550		48,155,679
Kraft Heinz Co. (The)		3,116,719		111,578,540
Tyson Foods Inc., Class A		1,077,411		97,925,886
				300,996,996
Gas Utilities — 0.2%
Atmos Energy Corp.		99,066		10,621,857
UGI Corp.		339,981		15,418,138
				26,039,995
Health Care Providers & Services — 5.3%
Anthem Inc.		294,262		129,766,599
Cardinal Health Inc.		422,409		21,783,632

56 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Centene Corp.(b)		1,010,221	$	78,554,785
Cigna Corp.		661,679		152,490,542
CVS Health Corp.		2,499,486		266,220,254
DaVita Inc.(a)(b)		78,399		8,496,100
McKesson Corp.		190,232		48,836,359
Quest Diagnostics Inc.		122,106		16,486,752
Universal Health Services Inc., Class B		140,933		18,329,746
				740,964,769
Household Durables — 3.8%
DR Horton Inc.		1,561,717		139,336,391
Lennar Corp., Class A		1,668,076		160,318,784
Mohawk Industries Inc.(a)(b)		317,858		50,180,242
Newell Brands Inc.		1,598,223		37,094,756
PulteGroup Inc.		1,615,628		85,127,439
Whirlpool Corp.		278,504		58,538,756
				530,596,368
Independent Power and Renewable Electricity Producers — 0.2%
Vistra Corp.		1,266,504		27,622,452
Insurance — 2.6%
Alleghany Corp.(b)		12,093		8,029,752
American International Group Inc.		1,509,335		87,164,096
Everest Re Group Ltd.		61,926		17,549,828
Hartford Financial Services Group Inc. (The)		351,264		25,245,344
Lincoln National Corp.		429,794		30,076,984
Loews Corp.		336,511		20,076,246
MetLife Inc.		1,211,392		81,235,948
Principal Financial Group Inc.		347,140		25,362,048
Prudential Financial Inc.		663,345		74,009,402
				368,749,648
IT Services — 6.9%
Cognizant Technology Solutions Corp., Class A		1,200,953		102,585,405
Fidelity National Information Services Inc.		1,814,832		217,634,653
Fiserv Inc.(a)(b)		1,288,757		136,221,615
Global Payments Inc.		682,313		102,265,072
International Business Machines Corp.		2,944,122		393,246,376
Western Union Co. (The)		1,031,547		19,506,554
				971,459,675
Machinery — 1.5%
Cummins Inc.		253,492		55,991,313
PACCAR Inc.		712,931		66,295,453
Snap-on Inc.		98,667		20,547,403
Stanley Black & Decker Inc.		163,449		28,546,368
Westinghouse Air Brake Technologies Corp.		405,709		36,067,530
				207,448,067
Media — 2.0%
Discovery Inc., Class A(a)(b)		958,830		26,760,945
Discovery Inc., Class C, NVS(a)(b)		2,035,900		55,681,865
DISH Network Corp., Class A(a)(b)		1,009,331		31,692,993
Fox Corp., Class A, NVS		1,118,826		45,435,524
Fox Corp., Class B		550,014		20,449,521
ViacomCBS Inc., Class B, NVS		3,106,487		103,911,990
				283,932,838
Metals & Mining — 0.5%
Nucor Corp.		519,191		52,645,967
Steel Dynamics Inc.		392,097		21,769,226
				74,415,193

Security	Shares		Value
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		1,151,523	$	17,146,177
Annaly Capital Management Inc.		2,623,950		20,729,205
				37,875,382
Multi-Utilities — 0.2%
Consolidated Edison Inc.		315,908		27,310,247
Oil, Gas & Consumable Fuels — 3.0%
Coterra Energy Inc.		855,209		18,729,077
Devon Energy Corp.		1,271,033		64,276,139
Diamondback Energy Inc.		306,731		38,697,183
EOG Resources Inc.		1,359,910		151,602,767
Kinder Morgan Inc.		5,112,601		88,754,753
Pioneer Natural Resources Co.		257,386		56,339,222
				418,399,141
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		3,651,875		236,970,169
Jazz Pharmaceuticals PLC(a)(b)		112,634		15,645,989
Pfizer Inc.		6,688,971		352,441,882
Viatris Inc.		3,274,125		49,013,651
				654,071,691
Professional Services — 0.2%
Clarivate PLC(a)(b)		478,524		7,876,505
Leidos Holdings Inc.		216,687		19,382,652
				27,259,157
Real Estate Management & Development — 0.9%
CBRE Group Inc., Class A(b)		1,251,212		126,797,824
Road & Rail — 0.3%
AMERCO		19,332		11,772,221
Knight-Swift Transportation Holdings Inc.		488,669		27,648,892
				39,421,113
Semiconductors & Semiconductor Equipment — 13.2%
Applied Materials Inc.		1,824,422		252,098,632
Intel Corp.		17,295,483		844,365,480
Micron Technology Inc.		6,129,173		504,247,063
NXP Semiconductors NV		498,820		102,477,581
ON Semiconductor Corp.(a)(b)		966,607		57,029,813
Qorvo Inc.(a)(b)		320,230		43,961,174
Skyworks Solutions Inc.		358,678		52,553,501
				1,856,733,244
Software — 0.6%
SS&C Technologies Holdings Inc.		513,070		40,978,901
VMware Inc., Class A		344,188		44,221,274
				85,200,175
Specialty Retail — 0.5%
Best Buy Co. Inc.		733,514		72,823,270
Technology Hardware, Storage & Peripherals — 3.6%
Dell Technologies Inc., Class C(b)		710,554		40,366,573
Hewlett Packard Enterprise Co.		7,220,241		117,906,536
HP Inc.		4,657,382		171,065,641
NetApp Inc.		438,901		37,969,325
Seagate Technology Holdings PLC		621,311		66,573,474
Western Digital Corp.(b)		1,521,468		78,720,754
				512,602,303
Tobacco — 1.4%
Altria Group Inc.		3,916,360		199,264,397

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI USA Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors — 0.3%
United Rentals Inc.(b)		138,599	$	44,368,312
Total Common Stocks — 99.8% (Cost: $12,849,792,306)				14,066,557,434
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		92,030,862		92,058,471
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		17,577,000		17,577,000
				109,635,471
Total Short-Term Investments — 0.8% (Cost: $109,634,921)				109,635,471
Total Investments in Securities — 100.6% (Cost: $12,959,427,227)				14,176,192,905
Other Assets, Less Liabilities — (0.6)%				(78,903,433	)
Net Assets — 100.0%			$	14,097,289,472

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

^(b)  Non-income producing security.

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	16,321,859	$	75,751,107	(a)	$	—		$	(14,404	)	$	(91	)	$	92,058,471		92,030,862	$	89,979	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		25,377,000		—			(7,800,000	)(a)		—			—			17,577,000		17,577,000		683			—
									$	(14,404	)	$	(91)		$	109,635,471			$	90,662		$	—

^(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
Russell 2000 E-Mini Index		98		03/18/22	$	9,919	$	(659,971	)
S&P 500 E-Mini Index		89		03/18/22		20,044		(535,013	)
							$	(1,194,984	)

58 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Value Factor 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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,194,984

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(270,291	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,686,188	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	29,667,106

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
Investments
Assets
Common Stocks	$	14,066,557,434		$	—	$	—	$	14,066,557,434
Money Market Funds		109,635,471			—		—		109,635,471
	$	14,176,192,905		$	—	$	—	$	14,176,192,905
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,194,984	)	$	—	$	—	$	(1,194,984	)

^(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 59

Statements of Assets and Liabilities (unaudited) 

January 31, 2022

	iShares MSCI Intl Momentum Factor ETF		iShares MSCI Intl Quality Factor ETF		iShares MSCI Intl Size Factor ETF		iShares MSCI Intl Value Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	837,302,075	$	4,236,903,099	$	16,883,802	$	1,276,330,279
Affiliated(c)		330,000		61,681,457		64,586		9,163,492
Cash		5,593		1,498		3,259		2,138
Foreign currency, at value(d)		1,369,143		4,901,071		16,755		1,915,614
Foreign currency collateral pledged:
Futures contracts(e)		171,700		931,214		2,173		295,021
Receivables:
Investments sold		—		512,071		20,472		—
Securities lending income — Affiliated		2		32,276		8		391
Variation margin on futures contracts		45,045		245,013		1,983		91,013
Capital shares sold		—		1,505,166		—		5,217
Dividends		358,391		1,565,474		7,379		1,772,334
Tax reclaims		559,282		5,171,282		7,214		820,548
Total assets		840,141,231		4,313,449,621		17,007,631		1,290,396,047
LIABILITIES
Collateral on securities loaned, at value		—		60,291,457		64,599		8,854,018
Payables:
Investments purchased		—		2,160,669		—		5,217
Investment advisory fees		222,203		1,067,816		3,259		317,637
Total liabilities		222,203		63,519,942		67,858		9,176,872
NET ASSETS	$	839,919,028	$	4,249,929,679	$	16,939,773	$	1,281,219,175
NET ASSETS CONSIST OF:
Paid-in capital	$	794,173,900	$	3,764,856,657	$	15,935,436	$	1,274,358,404
Accumulated earnings		45,745,128		485,073,022		1,004,337		6,860,771
NET ASSETS	$	839,919,028	$	4,249,929,679	$	16,939,773	$	1,281,219,175
Shares outstanding		23,400,000		113,700,000		600,000		49,000,000
Net asset value	$	35.89	$	37.38	$	28.23	$	26.15
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	—	$	56,970,547	$	64,437	$	8,416,265
(b) Investments, at cost — Unaffiliated	$	765,512,418	$	3,712,149,192	$	17,929,796	$	1,214,162,049
(c)  Investments, at cost — Affiliated	$	330,000	$	61,681,457	$	64,586	$	9,163,505
(d) Foreign currency, at cost	$	1,378,530	$	4,939,791	$	16,731	$	1,931,098
(e) Foreign currency collateral pledged, at cost	$	173,681	$	951,129	$	2,195	$	299,471

See notes to financial statements.

60 2 0 2 2   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) (continued)

January 31, 2022

	iShares MSCI USA Momentum Factor ETF		iShares MSCI USA Quality Factor ETF		iShares MSCI USA Size Factor ETF		iShares MSCI USA Value Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	12,451,251,276	$	22,498,502,812	$	508,936,242	$	14,066,557,434
Affiliated(c)		329,953,647		740,742,944		16,995,415		109,635,471
Cash		1,439		1,308,151		3,007		3,575
Cash pledged:
Futures contracts		1,296,000		2,847,000		56,000		1,667,000
Receivables:
Investments sold		—		—		465,763		—
Securities lending income — Affiliated		20,691		14,827		10,201		32,218
Variation margin on futures contracts		437,399		1,057,069		17,983		648,570
Capital shares sold		—		403,227		—		—
Dividends		5,580,243		9,637,674		289,726		41,858,856
Total assets		12,788,540,695		23,254,513,704		526,774,337		14,220,403,124
LIABILITIES
Collateral on securities loaned, at value		165,863,474		164,867,229		15,457,503		92,084,920
Payables:
Investments purchased		—		—		830,417		27,923,064
Capital shares redeemed		120,542		81,969		—		1,039,621
Investment advisory fees		1,720,249		3,015,066		67,086		2,066,047
Total liabilities		167,704,265		167,964,264		16,355,006		123,113,652
NET ASSETS	$	12,620,836,430	$	23,086,549,440	$	510,419,331	$	14,097,289,472
NET ASSETS CONSIST OF:
Paid-in capital	$	12,358,903,570	$	18,705,968,133	$	506,841,258	$	11,925,881,528
Accumulated earnings		261,932,860		4,380,581,307		3,578,073		2,171,407,944
NET ASSETS	$	12,620,836,430	$	23,086,549,440	$	510,419,331	$	14,097,289,472
Shares outstanding		76,300,000		170,400,000		3,950,000		131,300,000
Net asset value	$	165.41	$	135.48	$	129.22	$	107.37
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	174,507,458	$	169,526,077	$	16,052,458	$	93,152,237
(b) Investments, at cost — Unaffiliated	$	12,520,123,522	$	19,287,625,470	$	507,686,741	$	12,849,792,306
(c)  Investments, at cost — Affiliated	$	315,798,487	$	638,398,194	$	16,933,863	$	109,634,921

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 Operations (unaudited) 

Six Months Ended January 31, 2022

	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	10,898,307		$	39,403,143		$	228,739		$	17,777,518
Dividends — Affiliated		17			50			—			14
Non-cash dividends — Unaffiliated		—			2,269,026			—			—
Securities lending income — Affiliated — net		4,127			42,424			1,694			93,126
Foreign taxes withheld		(1,086,739	)		(2,363,350	)		(23,104	)		(1,255,309	)
Total investment income		9,815,712			39,351,293			207,329			16,615,349
EXPENSES
Investment advisory fees		1,327,661			6,043,199			29,197			1,757,899
Miscellaneous		217			217			217			217
Total expenses		1,327,878			6,043,416			29,414			1,758,116
Net investment income		8,487,834			33,307,877			177,915			14,857,233
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(23,680,045	)		(27,417,751	)		(14,314	)		(14,551,685	)
Investments — Affiliated		(2	)		(160	)		(16	)		(513	)
In-kind redemptions — Unaffiliated		3,529,583			—			2,733,415			1,659,656
Futures contracts		59,464			815,099			3,903			196,553
Foreign currency transactions		83,191			(332,602	)		(2,036	)		(256,285	)
Net realized gain (loss)		(20,007,809	)		(26,935,414	)		2,720,952			(12,952,274	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(22,444,589	)		(168,989,459	)		(4,038,346	)		41,752,626
Investments — Affiliated		—			—			—			(13	)
Futures contracts		(5,423	)		(99,393	)		(276	)		33,522
Foreign currency translations		(47,752	)		(211,595	)		(387	)		(72,626	)
Net change in unrealized appreciation (depreciation)		(22,497,764	)		(169,300,447	)		(4,039,009	)		41,713,509
Net realized and unrealized gain (loss)		(42,505,573	)		(196,235,861	)		(1,318,057	)		28,761,235
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,017,739	)	$	(162,927,984	)	$	(1,140,142	)	$	43,618,468

See notes to financial statements.

62 2 0 2 2   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 Operations (unaudited) (continued)

Six Months Ended January 31, 2022

	iShares MSCI USA Momentum Factor ETF			iShares MSCI USA Quality Factor ETF			iShares MSCI USA Size Factor ETF			iShares MSCI USA Value Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	70,381,416		$	142,061,434		$	4,609,630		$	218,738,505
Dividends — Affiliated		1,659,130			6,122,498			8,807			683
Interest — Unaffiliated		(1,971	)		—			—			—
Securities lending income — Affiliated — net		154,945			38,412			27,209			89,979
Foreign taxes withheld		(33,476	)		—			(1,288	)		(91,722	)
Total investment income		72,160,044			148,222,344			4,644,358			218,737,445
EXPENSES
Investment advisory fees		11,534,019			18,449,125			460,553			12,035,083
Miscellaneous		217			217			217			217
Total expenses		11,534,236			18,449,342			460,770			12,035,300
Net investment income		60,625,808			129,773,002			4,183,588			206,702,145
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(468,367,481	)		(217,493,992	)		5,532,649			(98,530,626	)
Investments — Affiliated		242,415			(827,386	)		(2,118	)		(14,404	)
In-kind redemptions — Unaffiliated		1,524,081,959			1,796,697,625			35,794,455			1,478,683,959
In-kind redemptions — Affiliated		19,268,664			89,882,879			84,407			—
Futures contracts		4,046,219			5,453,496			168,688			(270,291	)
Foreign currency transactions		—			—			(2	)		—
Net realized gain		1,079,271,776			1,673,712,622			41,578,079			1,379,868,638
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,783,147,454	)		(1,910,921,311	)		(47,351,004	)		(965,259,339	)
Investments — Affiliated		(25,369,084	)		(114,217,621	)		(115,057	)		(91	)
Futures contracts		(1,856,231	)		(3,593,956	)		(68,617	)		(1,686,188	)
Net change in unrealized appreciation (depreciation)		(1,810,372,769	)		(2,028,732,888	)		(47,534,678	)		(966,945,618	)
Net realized and unrealized gain (loss)		(731,100,993	)		(355,020,266	)		(5,956,599	)		412,923,020
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(670,475,185	)	$	(225,247,264	)	$	(1,773,011	)	$	619,625,165

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 63

Statements of Changes in Net Assets

	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,487,834		$	7,839,164		$	33,307,877		$	59,105,585
Net realized gain (loss)		(20,007,809	)		80,817,827			(26,935,414	)		97,333,007
Net change in unrealized appreciation (depreciation)		(22,497,764	)		29,564,717			(169,300,447	)		550,619,860
Net increase (decrease) in net assets resulting from operations		(34,017,739	)		118,221,708			(162,927,984	)		707,058,452
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(40,269,321	)		(8,730,181	)		(41,787,159	)		(57,477,491	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		82,288,980			316,672,682			710,175,116			1,439,257,212
NET ASSETS
Total increase in net assets		8,001,920			426,164,209			505,459,973			2,088,838,173
Beginning of period		831,917,108			405,752,899			3,744,469,706			1,655,631,533
End of period	$	839,919,028		$	831,917,108		$	4,249,929,679		$	3,744,469,706

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

See notes to financial statements.

64 2 0 2 2   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 Changes in Net Assets (continued)

	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	177,915		$	550,060		$	14,857,233		$	23,127,366
Net realized gain (loss)		2,720,952			3,916,961			(12,952,274	)		54,972,396
Net change in unrealized appreciation (depreciation)		(4,039,009	)		3,038,530			41,713,509			89,508,826
Net increase (decrease) in net assets resulting from operations		(1,140,142	)		7,505,551			43,618,468			167,608,588
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(409,721	)		(608,671	)		(23,983,799	)		(21,160,486	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(6,894,841	)		(1,198,400	)		136,416,480			527,226,102
NET ASSETS
Total increase (decrease) in net assets		(8,444,704	)		5,698,480			156,051,149			673,674,204
Beginning of period		25,384,477			19,685,997			1,125,168,026			451,493,822
End of period	$	16,939,773		$	25,384,477		$	1,281,219,175		$	1,125,168,026

^(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 65

Statements of Changes in Net Assets (continued)

	iShares MSCI USA Momentum Factor ETF						iShares MSCI USA Quality Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	60,625,808		$	72,155,192		$	129,773,002		$	299,217,942
Net realized gain		1,079,271,776			3,256,181,483			1,673,712,622			2,774,264,361
Net change in unrealized appreciation (depreciation)		(1,810,372,769	)		(402,909,021	)		(2,028,732,888	)		3,639,151,389
Net increase (decrease) in net assets resulting from operations		(670,475,185	)		2,925,427,654			(225,247,264	)		6,712,633,692
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(64,775,745	)		(63,350,348	)		(143,880,110	)		(308,371,260	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,136,929,655	)		983,484,853			(511,152,708	)		(1,288,575,824	)
NET ASSETS
Total increase (decrease) in net assets		(1,872,180,585	)		3,845,562,159			(880,280,082	)		5,115,686,608
Beginning of period		14,493,017,015			10,647,454,856			23,966,829,522			18,851,142,914
End of period	$	12,620,836,430		$	14,493,017,015		$	23,086,549,440		$	23,966,829,522

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

See notes to financial statements.

66 2 0 2 2   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 Changes in Net Assets (continued)

	iShares MSCI USA Size Factor ETF						iShares MSCI USA Value Factor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,183,588		$	11,615,377		$	206,702,145		$	277,183,388
Net realized gain		41,578,079			238,730,831			1,379,868,638			852,462,176
Net change in unrealized appreciation (depreciation)		(47,534,678	)		63,310,899			(966,945,618	)		2,512,056,697
Net increase (decrease) in net assets resulting from operations		(1,773,011	)		313,657,107			619,625,165			3,641,702,261
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,062,028	)		(12,325,649	)		(220,990,489	)		(237,616,292	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(158,609,517	)		(368,039,930	)		(2,247,033,841	)		6,930,558,612
NET ASSETS
Total increase (decrease) in net assets		(164,444,556	)		(66,708,472	)		(1,848,399,165	)		10,334,644,581
Beginning of period		674,863,887			741,572,359			15,945,688,637			5,611,044,056
End of period	$	510,419,331		$	674,863,887		$	14,097,289,472		$	15,945,688,637

^(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 67

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Intl Momentum Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	39.06			$	32.99		$	29.44		$	30.00		$	28.78		$	26.38
Net investment income(a)			0.38				0.43			0.46			0.69			0.67			0.73
Net realized and unrealized gain (loss)(b)			(1.80	)			6.09			3.52			(0.57	)		1.17			2.36
Net increase (decrease) from investment operations			(1.42	)			6.52			3.98			0.12			1.84			3.09
Distributions(c)
From net investment income			(0.64	)			(0.45	)		(0.43	)		(0.68	)		(0.59	)		(0.69	)
From net realized gain			(1.11	)			—			—			—			(0.03	)		—
Total distributions			(1.75	)			(0.45	)		(0.43	)		(0.68	)		(0.62	)		(0.69	)
Net asset value, end of period		$	35.89			$	39.06		$	32.99		$	29.44		$	30.00		$	28.78
Total Return(d)
Based on net asset value			(3.78	)%(e)			19.80	%		13.65	%		0.55	%		6.41	%		12.01	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income			1.92	%(g)			1.16	%		1.53	%		2.44	%		2.19	%		2.75	%
Supplemental Data
Net assets, end of period (000)		$	839,919			$	831,917		$	405,753		$	164,888		$	141,021		$	34,539
Portfolio turnover rate(h)			47	%(e)			104	%		125	%		105	%		131	%		105	%

^(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.

68 2 0 2 2   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 Intl Quality Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	39.29			$	30.32		$	29.79		$	29.62		$	28.07		$	25.46
Net investment income(a)			0.33				0.78			0.70			0.96			0.99			0.76
Net realized and unrealized gain (loss)(b)			(1.84	)			8.90			0.44			(0.12	)		1.23			2.61
Net increase (decrease) from investment operations			(1.51	)			9.68			1.14			0.84			2.22			3.37
Distributions(c)
From net investment income			(0.40	)			(0.71	)		(0.61	)		(0.67	)		(0.67	)		(0.76	)
Total distributions			(0.40	)			(0.71	)		(0.61	)		(0.67	)		(0.67	)		(0.76	)
Net asset value, end of period		$	37.38			$	39.29		$	30.32		$	29.79		$	29.62		$	28.07
Total Return(d)
Based on net asset value			(3.86	)%(e)			32.03	%		3.86	%		2.99	%		7.97	%		13.46	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income			1.65	%(g)			2.18	%		2.38	%		3.31	%		3.36	%		2.95	%
Supplemental Data
Net assets, end of period (000)		$	4,249,930			$	3,744,470		$	1,655,632		$	822,240		$	94,784		$	19,648
Portfolio turnover rate(h)			19	%(e)			37	%		26	%		29	%		21	%		31	%

^(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 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Size Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	31.73			$	24.61		$	26.01		$	27.58		$	26.81		$	24.16
Net investment income(a)			0.29				0.62			0.48			0.72			0.76			0.74
Net realized and unrealized gain (loss)(b)			(1.74	)			7.19			(1.57	)		(1.56	)		0.81			2.84
Net increase (decrease) from investment operations			(1.45	)			7.81			(1.09	)		(0.84	)		1.57			3.58
Distributions(c)
From net investment income			(2.05	)			(0.69	)		(0.31	)		(0.73	)		(0.80	)		(0.93	)
Total distributions			(2.05	)			(0.69	)		(0.31	)		(0.73	)		(0.80	)		(0.93	)
Net asset value, end of period		$	28.23			$	31.73		$	24.61		$	26.01		$	27.58		$	26.81
Total Return(d)
Based on net asset value			(4.69	)%(e)			31.83	%		(4.25	)%		(2.93	)%		5.89	%		15.14	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income			1.83	%(g)			2.11	%		1.91	%		2.78	%		2.73	%		2.95	%
Supplemental Data
Net assets, end of period (000)		$	16,940			$	25,384		$	19,686		$	5,202		$	5,517		$	5,361
Portfolio turnover rate(h)			14	%(e)			25	%		42	%		26	%		13	%		23	%

^(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.

70 2 0 2 2   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 Intl Value Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	25.69			$	19.05		$	22.61		$	25.67		$	24.84		$	20.96
Net investment income(a)			0.33				0.76			0.58			0.86			0.73			0.63
Net realized and unrealized gain (loss)(b)			0.66				6.44			(3.57	)		(3.14	)		0.88			3.75
Net increase (decrease) from investment operations			0.99				7.20			(2.99	)		(2.28	)		1.61			4.38
Distributions(c)
From net investment income			(0.53	)			(0.56	)		(0.57	)		(0.78	)		(0.78	)		(0.50	)
Total distributions			(0.53	)			(0.56	)		(0.57	)		(0.78	)		(0.78	)		(0.50	)
Net asset value, end of period		$	26.15			$	25.69		$	19.05		$	22.61		$	25.67		$	24.84
Total Return(d)
Based on net asset value			3.95	%(e)			37.95	%		(13.57	)%		(8.80	)%		6.50	%		21.11	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income			2.54	%(g)			3.18	%		2.76	%		3.63	%		2.81	%		2.73	%
Supplemental Data
Net assets, end of period (000)		$	1,281,219			$	1,125,168		$	451,494		$	314,222		$	233,633		$	101,828
Portfolio turnover rate(h)			8	%(e)			24	%		18	%		20	%		16	%		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.

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 USA Momentum Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	175.04			$	140.10		$	120.79		$	111.68		$	91.95		$	78.43
Net investment income(a)			0.72				0.85			1.50			1.67			1.32			1.17
Net realized and unrealized gain (loss)(b)			(9.57	)			34.86			19.53			9.03			19.60			13.51
Net increase (decrease) from investment operations			(8.85	)			35.71			21.03			10.70			20.92			14.68
Distributions(c)
From net investment income			(0.78	)			(0.77	)		(1.72	)		(1.59	)		(1.19	)		(1.16	)
Total distributions			(0.78	)			(0.77	)		(1.72	)		(1.59	)		(1.19	)		(1.16	)
Net asset value, end of period		$	165.41			$	175.04		$	140.10		$	120.79		$	111.68		$	91.95
Total Return(d)
Based on net asset value			(5.09	)%(e)			25.57	%		17.71	%		9.71	%		22.86	%		18.94	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			0.79	%(g)			0.53	%		1.22	%		1.49	%		1.24	%		1.44	%
Supplemental Data
Net assets, end of period (000)		$	12,620,836			$	14,493,017		$	10,647,455		$	10,176,170		$	9,196,715		$	3,438,822
Portfolio turnover rate(h)			51	%(e)			107	%		160	%		138	%		104	%		114	%

^(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.

72 2 0 2 2   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 USA Quality Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	137.31			$	100.59		$	92.73		$	86.55		$	75.09		$	68.00
Net investment income(a)			0.74				1.70			1.72			1.61			1.55			1.46
Net realized and unrealized gain (loss)(b)			(1.74	)			36.79			7.71			6.16			11.38			7.03
Net increase (decrease) from investment operations			(1.00	)			38.49			9.43			7.77			12.93			8.49
Distributions(c)
From net investment income			(0.83	)			(1.77	)		(1.57	)		(1.59	)		(1.47	)		(1.40	)
Total distributions			(0.83	)			(1.77	)		(1.57	)		(1.59	)		(1.47	)		(1.40	)
Net asset value, end of period		$	135.48			$	137.31		$	100.59		$	92.73		$	86.55		$	75.09
Total Return(d)
Based on net asset value			(0.75	)%(e)			38.63	%		10.38	%		9.13	%		17.36	%		12.62	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			1.06	%(g)			1.45	%		1.82	%		1.85	%		1.88	%		2.06	%
Supplemental Data
Net assets, end of period (000)		$	23,086,549			$	23,966,830		$	18,851,143		$	10,913,780		$	5,781,433		$	3,465,557
Portfolio turnover rate(h)			16	%(e)			47	%		45	%		41	%		41	%		44	%

^(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 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA Size Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	131.04			$	92.12		$	91.99		$	86.61		$	78.73		$	70.36
Net investment income(a)			0.92				1.50			1.73			1.52			1.45			1.37
Net realized and unrealized gain (loss)(b)			(1.82	)			38.96			(0.13	)		5.49			8.02			8.33
Net increase (decrease) from investment operations			(0.90	)			40.46			1.60			7.01			9.47			9.70
Distributions(c)
From net investment income			(0.92	)			(1.54	)		(1.47	)		(1.63	)		(1.59	)		(1.33	)
Total distributions			(0.92	)			(1.54	)		(1.47	)		(1.63	)		(1.59	)		(1.33	)
Net asset value, end of period		$	129.22			$	131.04		$	92.12		$	91.99		$	86.61		$	78.73
Total Return(d)
Based on net asset value			(0.71	)%(e)			44.28	%		1.91	%		8.26	%		12.16	%		13.93	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			1.36	%(g)			1.34	%		1.93	%		1.74	%		1.75	%		1.86	%
Supplemental Data
Net assets, end of period (000)		$	510,419			$	674,864		$	741,572		$	377,167		$	207,862		$	181,087
Portfolio turnover rate(h)			12	%(e)			23	%		29	%		30	%		17	%		19	%

^(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.

74 2 0 2 2   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 USA Value Factor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21				Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	104.29			$	72.97		$	82.49		$	85.39		$	75.00		$	64.38
Net investment income(a)			1.37				2.33			2.37			2.23			1.84			1.68
Net realized and unrealized gain (loss)(b)			3.19				30.96			(9.65	)		(2.92	)		10.40			10.50
Net increase (decrease) from investment operations			4.56				33.29			(7.28	)		(0.69	)		12.24			12.18
Distributions(c)
From net investment income			(1.48	)			(1.97	)		(2.24	)		(2.21	)		(1.85	)		(1.56	)
Total distributions			(1.48	)			(1.97	)		(2.24	)		(2.21	)		(1.85	)		(1.56	)
Net asset value, end of period		$	107.37			$	104.29		$	72.97		$	82.49		$	85.39		$	75.00
Total Return(d)
Based on net asset value			4.43	%(e)			46.10	%		(8.83	)%		(0.68	)%		16.47	%		19.10	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)			0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income			2.58	%(g)			2.47	%		3.04	%		2.74	%		2.24	%		2.35	%
Supplemental Data
Net assets, end of period (000)		$	14,097,289			$	15,945,689		$	5,611,044		$	3,485,258		$	3,786,862		$	2,373,707
Portfolio turnover rate(h)			8	%(e)			28	%		33	%		35	%		18	%		26	%

^(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 75

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 Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		Diversified
MSCI USA Momentum Factor		Diversified
MSCI USA Quality Factor		Diversified
MSCI USA Size Factor		Diversified
MSCI USA Value Factor		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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
MSCI Intl Quality Factor
BofA Securities, Inc.	$	306,145	$	306,145	$	—	$	—
J.P. Morgan Securities LLC		56,664,402		56,664,402		—		—
	$	56,970,547	$	56,970,547	$	—	$	—
MSCI Intl Size Factor
BNP Paribas SA	$	16,132	$	14,898	$	—	$	(1,234	)(b)
BofA Securities, Inc.		15,796		15,796		—		—
Credit Suisse AG		21,712		21,712		—		—
HSBC Bank PLC		6,174		6,174		—		—
Toronto Dominion Bank		4,623		4,284		—		(339	)(b)
	$	64,437	$	62,864	$	—	$	(1,573	)
MSCI Intl Value Factor
BNP Paribas SA	$	5,943,636	$	5,943,636	$	—	$	—
State Street Bank & Trust Co.		2,455,769		2,455,769		—		—
Wells Fargo Securities LLC		16,860		16,860		—		—
	$	8,416,265	$	8,416,265	$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI USA Momentum Factor
Barclays Bank PLC	$	4,903,932	$	4,314,694		$	—	$	(589,238	)(b)
Barclays Capital, Inc.		551,210		540,581			—		(10,629	)(b)
BNP Paribas SA		12,209,703		11,657,814			—		(551,889	)(b)
BofA Securities, Inc.		25,908,134		25,908,134			—		—
Citigroup Global Markets, Inc.		20,233,685		18,032,200			—		(2,201,485	)(b)
Credit Suisse Securities (USA) LLC		5,454,502		4,858,491			—		(596,011	)(b)
Goldman Sachs & Co. LLC		1,795,229		1,717,546			—		(77,683	)(b)
J.P. Morgan Securities LLC		70,122,333		66,833,207			—		(3,289,126	)(b)
Morgan Stanley		3,475,078		3,057,525			—		(417,553	)(b)
SG Americas Securities LLC		3,350,513		3,154,395			—		(196,118	)(b)
UBS AG		24,306,860		23,472,135			—		(834,725	)(b)
UBS Securities LLC		1,872,829		1,872,829			—		—
Wells Fargo Securities LLC		323,450		311,623			—		(11,827	)(b)
	$	174,507,458	$	165,731,174		$	—	$	(8,776,284	)
MSCI USA Quality Factor
Barclays Bank PLC	$	5,918,303	$	5,624,846		$	—	$	(293,457	)(b)
BNP Paribas SA		14,056,996		14,056,996			—		—
BofA Securities, Inc.		12,380,762		12,380,762			—		—
Citigroup Global Markets, Inc.		21,224,221		21,029,342			—		(194,879	)(b)
Credit Suisse Securities (USA) LLC		246,603		240,710			—		(5,893	)(b)
Goldman Sachs & Co. LLC		35,798,812		34,176,298			—		(1,622,514	)(b)
J.P. Morgan Securities LLC		678,096		654,777			—		(23,319	)(b)
Jefferies LLC		113,036		111,042			—		(1,994	)(b)
Morgan Stanley		59,165,286		56,360,871			—		(2,804,415	)(b)
Natixis SA		9,071,567		9,071,567			—		—
RBC Capital Markets LLC		1,082,627		1,082,627			—		—
SG Americas Securities LLC		1,348,866		1,322,881			—		(25,985	)(b)
UBS AG		6,486,656		6,486,656			—		—
UBS Securities LLC		175,170		171,244			—		(3,926	)(b)
Virtu Americas LLC		1,494,236		1,494,236			—		—
Wells Fargo Securities LLC		284,840		282,852			—		(1,988	)(b)
	$	169,526,077	$	164,547,707		$	—	$	(4,978,370	)
MSCI USA Size Factor
Barclays Bank PLC	$	1,207,982	$	1,126,580		$	—	$	(81,402	)(b)
BNP Paribas SA		2,539,995		2,405,042			—		(134,953	)(b)
Citigroup Global Markets, Inc.		808,963		769,207			—		(39,756	)(b)
Goldman Sachs & Co. LLC		981,892		923,962			—		(57,930	)(b)
J.P. Morgan Securities LLC		1,087,706		1,053,461			—		(34,245	)(b)
Jefferies LLC		39,584		38,473			—		(1,111	)(b)
Morgan Stanley		2,744,153		2,687,553			—		(56,600	)(b)
Scotia Capital (USA), Inc.		1,310,939		1,292,349			—		(18,590	)(b)
SG Americas Securities LLC		732,622		699,487			—		(33,135	)(b)
State Street Bank & Trust Co.		664,555		664,555			—		—
UBS AG		2,775,614		2,644,508			—		(131,106	)(b)
UBS Securities LLC		525,762		505,063			—		(20,699	)(b)
Virtu Americas LLC		632,691		632,691			—		—
	$	16,052,458	$	15,442,931		$	—		$ (609,527	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI USA Value Factor
Barclays Bank PLC	$	9,687,544	$	9,571,886		$	—	$	(115,658	)(b)
Barclays Capital, Inc.		13,675		13,621			—		(54	)(b)
BNP Paribas SA		2,825,701		2,816,251			—		(9,450	)(b)
BofA Securities, Inc.		111,128		111,128			—		—
Citigroup Global Markets, Inc.		41,704,381		41,121,274			—		(583,107	)(b)
Credit Suisse Securities (USA) LLC		166,096		162,793			—		(3,303	)(b)
Goldman Sachs & Co. LLC		24,678,792		24,449,975			—		(228,817	)(b)
HSBC Bank PLC		35,518		35,518			—		—
J.P. Morgan Securities LLC		3,338,355		3,338,355			—		—
Jefferies LLC		1,532,399		1,523,176			—		(9,223	)(b)
RBC Capital Markets LLC		478,646		451,770			—		(26,876	)(b)
SG Americas Securities LLC		6,462,475		6,327,557			—		(134,918	)(b)
State Street Bank & Trust Co.		304,658		304,658			—		—
UBS Securities LLC		1,361,200		1,361,200			—		—
Wells Fargo Bank N.A		68,832		68,380			—		(452	)(b)
Wells Fargo Securities LLC		382,837		381,641			—		(1,196	)(b)
	$	93,152,237	$	92,039,183		$	—	$	(1,113,054	)

^(a)  Collateral received 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 statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. 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).

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Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, 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 Fee
MSCI Intl Momentum Factor		0.30	%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30
MSCI USA Momentum Factor		0.15
MSCI USA Quality Factor		0.15
MSCI USA Size Factor		0.15
MSCI USA Value Factor		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 of iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF and iShares MSCI Intl Value Factor ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

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 81

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Intl Momentum Factor	$	979
MSCI Intl Quality Factor		9,880
MSCI Intl Size Factor		389
MSCI Intl Value Factor		20,607
MSCI USA Momentum Factor		66,461
MSCI USA Quality Factor		16,564
MSCI USA Size Factor		10,182
MSCI USA Value Factor		35,185

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 January 31, 2022, 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 Intl Momentum Factor	$	177,077,703	$	170,214,267	$	(13,306,041	)
MSCI Intl Quality Factor		278,296,531		205,667,215		2,197,506
MSCI Intl Value Factor		44,762,147		31,963,656		(4,989,519	)
MSCI USA Momentum Factor		924,270,037		320,693,068		414,552
MSCI USA Quality Factor		457,569,532		900,630,314		(52,280,513	)
MSCI USA Size Factor		30,010,899		31,078,333		4,140,339
MSCI USA Value Factor		361,142,985		74,418,677		(6,078,214	)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Intl Momentum Factor	$	402,032,770	$	413,508,300
MSCI Intl Quality Factor		828,767,284		763,684,290
MSCI Intl Size Factor		2,680,206		2,976,645
MSCI Intl Value Factor		93,584,027		89,502,425
MSCI USA Momentum Factor		7,701,128,840		7,736,328,610
MSCI USA Quality Factor		3,865,206,463		3,860,046,958
MSCI USA Size Factor		74,273,809		72,946,232
MSCI USA Value Factor		1,170,704,326		1,192,610,204

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Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Intl Momentum Factor	$	80,810,513	$	18,389,301
MSCI Intl Quality Factor		644,956,284		—
MSCI Intl Size Factor		11,169,424		17,885,009
MSCI Intl Value Factor		136,807,240		7,767,178
MSCI USA Momentum Factor		5,256,903,060		6,349,815,838
MSCI USA Quality Factor		5,823,729,723		6,348,025,448
MSCI USA Size Factor		93,441,964		251,295,159
MSCI USA Value Factor		2,720,547,602		4,960,144,666

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Intl Size Factor	$	418,572
MSCI Intl Value Factor		33,298,935
MSCI USA Momentum Factor		764,807,988
MSCI USA Quality Factor		596,095,846
MSCI USA Size Factor		39,163,179
MSCI USA Value Factor		426,439,229

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 January 31, 2022, 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 Intl Momentum Factor	$	771,438,209	$	103,111,695	$	(36,941,117	)	$	66,170,578
MSCI Intl Quality Factor		3,787,674,794		603,814,467		(93,128,095	)		510,686,372
MSCI Intl Size Factor		18,199,896		215,962		(1,467,999	)		(1,252,037)
MSCI Intl Value Factor		1,231,697,755		102,643,850		(48,871,828	)		53,772,022
MSCI USA Momentum Factor		12,838,126,647		1,009,661,037		(1,067,426,489	)		(57,765,452)
MSCI USA Quality Factor		19,941,560,500		3,929,496,368		(633,503,438	)		3,295,992,930
MSCI USA Size Factor		525,031,048		43,496,902		(42,616,326	)		880,576
MSCI USA Value Factor		12,999,460,004		1,692,251,720		(516,713,803	)		1,175,537,917

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.

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 83

Notes to Financial Statements (unaudited) (continued)

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: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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. 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

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Notes to Financial Statements (unaudited) (continued)

could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Intl Momentum Factor
Shares sold		2,600,000		$	100,837,594			12,000,000		$	424,231,139
Shares redeemed		(500,000	)		(18,548,614	)		(3,000,000	)		(107,558,457	)
Net increase		2,100,000		$	82,288,980			9,000,000		$	316,672,682
MSCI Intl Quality Factor
Shares sold		18,400,000		$	710,175,116			45,200,000		$	1,593,430,344
Shares redeemed		—			—			(4,500,000	)		(154,173,132	)
Net increase		18,400,000		$	710,175,116			40,700,000		$	1,439,257,212
MSCI Intl Size Factor
Shares sold		400,000		$	11,763,944			400,000		$	11,680,140
Shares redeemed		(600,000	)		(18,658,785	)		(400,000	)		(12,878,540	)
Net decrease		(200,000	)	$	(6,894,841	)		—		$	(1,198,400	)
MSCI Intl Value Factor
Shares sold		5,500,000		$	144,208,852			30,800,000		$	795,071,169
Shares redeemed		(300,000	)		(7,792,372	)		(10,700,000	)		(267,845,067	)
Net increase		5,200,000		$	136,416,480			20,100,000		$	527,226,102
MSCI USA Momentum Factor
Shares sold		28,500,000		$	5,269,042,200			58,900,000		$	9,601,225,530
Shares redeemed		(35,000,000	)		(6,405,971,855	)		(52,100,000	)		(8,617,740,677	)
Net increase (decrease)		(6,500,000	)	$	(1,136,929,655	)		6,800,000		$	983,484,853
MSCI USA Quality Factor
Shares sold		41,450,000		$	5,845,632,026			71,150,000		$	8,555,373,188
Shares redeemed		(45,600,000	)		(6,356,784,734	)		(84,000,000	)		(9,843,949,012	)
Net decrease		(4,150,000	)	$	(511,152,708	)		(12,850,000	)	$	(1,288,575,824	)

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 85

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI USA Size Factor
Shares sold		700,000		$	93,679,805			9,200,000		$	1,011,073,003
Shares redeemed		(1,900,000	)		(252,289,322	)		(12,100,000	)		(1,379,112,933	)
Net decrease		(1,200,000	)	$	(158,609,517	)		(2,900,000	)	$	(368,039,930	)
MSCI USA Value Factor
Shares sold		25,850,000		$	2,730,162,403			103,100,000		$	9,614,519,631
Shares redeemed		(47,450,000	)		(4,977,196,244	)		(27,100,000	)		(2,683,961,019	)
Net increase (decrease)		(21,600,000	)	$	(2,247,033,841	)		76,000,000		$	6,930,558,612

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.

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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 Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF, iShares MSCI Intl Value Factor ETF, iShares MSCI USA Momentum Factor ETF, iShares MSCI USA Quality Factor ETF, iShares MSCI USA Size Factor ETF and iShares MSCI USA Value Factor 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 87

Supplemental Information (unaudited) 

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 Intl Momentum Factor(a)	$	0.632562	$	1.105722	$	0.009181	$	1.747465		36	%		63	%		1	%		100	%
MSCI Intl Quality Factor(a)		0.389087		—		0.013875		0.402962		97			—			3			100
MSCI Intl Size Factor(a)		1.879140		—		0.169466		2.048606		92			—			8			100
MSCI Intl Value Factor(a)		0.490113		—		0.035249		0.525362		93			—			7			100
MSCI USA Momentum Factor(a)		0.682085		—		0.096930		0.779015		88			—			12			100
MSCI USA Quality Factor(a)		0.744314		—		0.081469		0.825783		90			—			10			100
MSCI USA Size Factor(a)		0.764854		—		0.150604		0.915458		84			—			16			100
MSCI USA Value Factor(a)		1.334916		—		0.144025		1.478941		90			—			10			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 email 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 89

Glossary of Terms Used in this Report  

Portfolio Abbreviations - Equity
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.

©2022 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-109-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI Global Multifactor ETF | ACWF | NYSE Arca

· iShares MSCI Intl Multifactor ETF | INTF | NYSE Arca

· iShares MSCI Intl Small-Cap Multifactor ETF | ISCF | NYSE Arca

· iShares MSCI USA Mid-Cap Multifactor ETF | MIDF | NYSE Arca

· iShares MSCI USA Multifactor ETF | LRGF | NYSE Arca

· iShares MSCI USA Small-Cap Multifactor ETF | SMLF | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary	4
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
Financial Statements:
Statements of Assets and Liabilities	48
Statements of Operations	50
Statements of Changes in Net Assets	52
Financial Highlights	55
Notes to Financial Statements	61
Statement Regarding Liquidity Risk Management Program	72
Supplemental Information	73
General Information	74
Glossary of Terms Used in this Report	75

3

Fund Summary  asof January 31,  2022 iShares^® MSCI Global Multifactor ETF

Investment Objective

The iShares MSCI Global Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI ACWI Diversified Multiple-Factor 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.13	)%		11.33	%		10.66	%		7.84	%		11.33	%		65.94	%		66.67	%
Fund Market		(2.07	)		11.34			10.07			7.90			11.34			61.58			67.26
Index		(2.34	)		11.43			10.75			8.04			11.43			66.60			68.63

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        978.70	$        1.75			$        1,000.00	$        1,023.40	$        1.79		0.35	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.5	%
Consumer Discretionary	12.7
Industrials	12.6
Health Care	11.9
Financials	10.3
Materials	8.3
Consumer Staples	5.9
Communication Services	4.2
Utilities	1.9
Energy	1.9
Real Estate	1.8

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	56.8	%
China	7.6
Japan	6.1
India	4.4
Canada	3.2
Australia	3.2
Netherlands	3.0
France	2.4
Taiwan	2.0
South Korea	1.3

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Fund Summary  asof January 31, 2022 iShares^® MSCI Intl Multifactor ETF

Investment Objective

The iShares MSCI Intl Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Diversified Multiple-Factor 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(4.67	)%		8.41	%		6.66	%		4.65	%		8.41	%		38.05	%		35.97	%
Fund Market		(4.73	)		8.76			6.60			4.65			8.76			37.67			36.03
Index		(5.21	)		7.67			6.62			4.64			7.67			37.79			35.89

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          953.30	$        1.48			$      1,000.00	$      1,023.70	$        1.53		0.30	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	21.4	%
Financials	15.0
Information Technology	14.4
Consumer Discretionary	10.2
Materials	9.1
Health Care	6.7
Consumer Staples	6.7
Communication Services	6.6
Real Estate	4.5
Energy	2.8
Utilities	2.6

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	24.2	%
Canada	14.1
Netherlands	10.2
Australia	9.2
France	8.8
Hong Kong	5.4
Germany	5.1
Sweden	4.4
United Kingdom	4.1
Switzerland	3.9

F U N D   S U M M A R Y 5

Fund Summary  asof January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF

Investment Objective

The iShares MSCI Intl Small-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Small Cap Diversified Multiple-Factor 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(5.17	)%		7.65	%		9.35	%		7.69	%		7.65	%		56.35	%		65.02	%
Fund Market		(5.71	)		7.54			9.39			7.67			7.54			56.67			64.88
Index		(5.63	)		7.07			9.47			7.85			7.07			57.23			66.62

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        948.30	$        1.96			$      1,000.00	$      1,023.20	$        2.04		0.40	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	23.1	%
Consumer Discretionary	13.2
Information Technology	10.5
Financials	10.0
Materials	9.9
Health Care	9.3
Energy	7.9
Real Estate	7.2
Communication Services	3.7
Consumer Staples	3.4
Utilities	1.8

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	23.8	%
Canada	15.3
United Kingdom	11.6
Australia	9.2
Switzerland	7.5
Netherlands	6.1
France	4.3
Germany	3.5
Sweden	3.3
Hong Kong	3.1

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Fund Summary  asof January 31, 2022 iShares^® MSCI USA Mid-Cap Multifactor ETF

Investment Objective

The iShares MSCI USA Mid-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. mid-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Mid Cap Diversified Multiple-Factor 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		3.05	%		21.60	%		18.01	%		21.60	%		55.43	%
Fund Market		2.92			21.21			17.97			21.21			55.27
Index		2.87			21.38			18.14			21.38			55.68

The inception date of the Fund was 6/4/19. The first day of secondary market trading was 6/6/19.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,030.50	$        1.28			$      1,000.00	$      1,023.90	$       1.28		0.25	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	23.1	%
Consumer Discretionary	14.8
Health Care	14.1
Industrials	11.8
Materials	10.1
Financials	8.6
Energy	6.8
Communication Services	4.7
Real Estate	2.6
Consumer Staples	1.7
Utilities	1.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Pioneer Natural Resources Co.	2.2	%
Devon Energy Corp.	1.8
Cerner Corp.	1.8
CBRE Group Inc., Class A	1.7
Cadence Design Systems Inc.	1.6
Hewlett Packard Enterprise Co.	1.5
Hartford Financial Services Group Inc. (The)	1.5
Seagate Technology Holdings PLC	1.5
Nucor Corp.	1.5
Diamondback Energy Inc.	1.5

F U N D   S U M M A R Y 7

Fund Summary  asof January 31, 2022 iShares^® MSCI USA Multifactor ETF

Investment Objective

The iShares MSCI USA Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large-and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Diversified Multiple-Factor 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.06	%		17.26	%		12.08	%		10.52	%		17.26	%		76.85	%		96.76	%
Fund Market		1.09			17.28			12.08			10.53			17.28			76.83			96.80
Index		1.15			17.51			12.30			10.78			17.51			78.61			99.65

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$	1,010.60	$	1.01		$	1,000.00	$	1,024.20	$	1.02		0.20	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	30.7	%
Consumer Discretionary	13.8
Health Care	13.1
Industrials	8.4
Real Estate	6.1
Financials	5.6
Communication Services	5.4
Materials	4.4
Utilities	4.3
Consumer Staples	4.2
Energy	4.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	4.7	%
Microsoft Corp.	3.5
Cisco Systems Inc.	2.7
Intel Corp.	2.5
Micron Technology Inc.	2.2
Anthem Inc.	2.2
Oracle Corp.	2.1
Gilead Sciences Inc.	2.1
Target Corp.	2.1
Alphabet Inc., Class C	2.0

^(a) Excludes money market funds.

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Fund Summary  asof January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF

Investment Objective

The iShares MSCI USA Small-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. small-capitalization stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI USA Small Cap Diversified Multiple-Factor 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.59	)%		14.07	%		9.94	%		10.09	%		14.07	%		60.59	%		91.61	%
Fund Market		(1.76	)		13.93			9.85			10.06			13.93			59.92			91.25
Index		(1.42	)		14.47			10.30			10.48			14.47			63.27			96.08

The inception date of the Fund was 4/28/15. The first day of secondary market trading was 4/30/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/21)		Ending Account Value (01/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$	984.10	$	1.50		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	17.5	%
Information Technology	16.3
Consumer Discretionary	15.4
Financials	13.5
Industrials	11.4
Energy	10.0
Materials	5.7
Real Estate	4.7
Communication Services	3.0
Consumer Staples	2.5
Utilities	0.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Marathon Oil Corp.	1.6	%
Jones Lang LaSalle Inc.	1.3
Alcoa Corp.	1.1
Williams-Sonoma Inc.	1.1
Ciena Corp.	1.1
Ovintiv Inc.	1.1
Reliance Steel & Aluminum Co.	1.0
United Therapeutics Corp.	1.0
Concentrix Corp.	0.9
Jabil Inc.	0.9

F U N D   S U M M A R Y 9

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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

10 2 0 2 2   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)  January 31, 2022 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.1%
BlueScope Steel Ltd.		12,558	$	164,596
Endeavour Group Ltd./Australia		34,086		152,249
Evolution Mining Ltd.		45,396		114,054
Fortescue Metals Group Ltd.		35,490		498,354
GPT Group (The)		53,742		190,443
James Hardie Industries PLC		9,204		309,763
Medibank Pvt Ltd.		74,468		163,180
Rio Tinto Ltd.		7,956		632,547
Rio Tinto PLC		23,712		1,671,348
Sonic Healthcare Ltd.		8,892		239,464
South32 Ltd.		98,514		271,041
Treasury Wine Estates Ltd.		17,862		134,255
				4,541,294
Belgium — 0.1%
Sofina SA		390		155,278
Brazil — 0.1%
Telefonica Brasil SA		11,651		109,004
TIM SA		26,910		67,248
				176,252
Canada — 3.2%
Canadian Apartment Properties REIT		2,418		106,353
Canadian Tire Corp. Ltd., Class A, NVS		702		101,356
CCL Industries Inc., Class B, NVS		3,276		171,280
CGI Inc.(a)		4,758		406,235
Constellation Software Inc.		426		733,716
Empire Co. Ltd., Class A, NVS		4,602		141,990
George Weston Ltd.		1,487		162,159
iA Financial Corp. Inc.		2,652		172,558
IGM Financial Inc.		3,744		131,540
Kinross Gold Corp.		27,300		147,544
Loblaw Companies Ltd.		3,276		252,745
Magna International Inc.		6,084		490,157
Nuvei Corp.(a)(b)		1,716		104,581
TFI International Inc.		1,950		187,690
Thomson Reuters Corp.		3,744		401,924
Toromont Industries Ltd.		2,028		171,171
Tourmaline Oil Corp.		6,318		225,254
West Fraser Timber Co. Ltd.		1,950		180,496
WSP Global Inc.		2,574		343,227
				4,631,976
Chile — 0.1%
Cencosud SA		48,594		89,508
China — 7.6%
360 DigiTech Inc.		2,496		49,396
3SBio Inc.(a)(b)		39,000		30,880
Aluminum Corp. of China Ltd., Class H(a)		156,000		82,098
Anhui Conch Cement Co. Ltd., Class H		39,000		206,292
Apeloa Pharmaceutical Co. Ltd., Class A		13,650		60,697
AviChina Industry & Technology Co. Ltd., Class H		78,000		44,019
Bank of China Ltd., Class H		1,638,000		638,480
Bank of Communications Co. Ltd., Class H		312,000		209,271
Baoshan Iron & Steel Co. Ltd., Class A		46,800		52,142
Beijing Enterprises Water Group Ltd.		468,000		182,539
BOC Aviation Ltd.(b)		7,800		65,576
Bosideng International Holdings Ltd.		156,000		76,040
CGN Power Co. Ltd., Class H(b)		390,000		107,757

Security	Shares		Value
China (continued)
China Coal Energy Co. Ltd., Class H		78,000	$	43,654
China Communications Services Corp. Ltd., Class H		156,000		83,039
China Conch Venture Holdings Ltd.		39,000		185,393
China Construction Bank Corp., Class H		2,106,000		1,616,036
China Everbright Environment Group Ltd.		156,000		115,884
China Lesso Group Holdings Ltd.		78,000		135,603
China Longyuan Power Group Corp. Ltd., Class H		78,000		159,142
China Medical System Holdings Ltd.		78,000		130,613
China National Building Material Co. Ltd., Class H		74,000		96,115
China Overseas Land & Investment Ltd.		78,000		230,215
China Petroleum & Chemical Corp., Class H		624,000		326,720
China Power International Development Ltd.		78,000		38,603
China Railway Group Ltd., Class A		70,200		68,892
China Railway Group Ltd., Class H		156,000		96,296
China Renewable Energy Investment Ltd.(a)(c)		659		—
China Resources Gas Group Ltd.		22,000		110,042
China Shenhua Energy Co. Ltd., Class A		15,600		55,619
China Shenhua Energy Co. Ltd., Class H		78,000		191,853
China Taiping Insurance Holdings Co. Ltd.		78,000		110,351
China Tower Corp. Ltd., Class H(b)		1,404,000		169,601
CITIC Ltd.		156,000		175,204
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		99,000		180,104
COSCO SHIPPING Ports Ltd.		156,000		124,270
CRRC Corp. Ltd., Class H		152,000		69,611
CSPC Pharmaceutical Group Ltd.		156,000		189,601
ENN Energy Holdings Ltd.		15,600		248,356
GF Securities Co. Ltd., Class H		46,800		81,120
Guanghui Energy Co. Ltd., Class A(a)		31,200		28,742
Hengan International Group Co. Ltd.		39,000		190,644
Hopson Development Holdings Ltd.		23,970		49,945
Huadian Power International Corp. Ltd., Class A		54,600		35,967
Industrial & Commercial Bank of China Ltd., Class H		1,170,000		708,839
Kingboard Holdings Ltd.		21,000		101,382
Kingboard Laminates Holdings Ltd.		39,000		66,887
Lenovo Group Ltd.		156,000		169,058
Li Ning Co. Ltd.		40,000		390,320
Nine Dragons Paper Holdings Ltd.		78,000		77,912
PetroChina Co. Ltd., Class H		312,000		154,718
PICC Property & Casualty Co. Ltd., Class H		156,000		145,353
Postal Savings Bank of China Co. Ltd., Class H(b)		234,000		194,957
Powerlong Real Estate Holdings Ltd.		78,000		43,538
Shaanxi Coal Industry Co. Ltd., Class A		39,000		77,459
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		7,800		37,578
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		93,600		115,352
Shanghai Baosight Software Co. Ltd., Class B		23,400		108,354
Shanghai Medicilon Inc., Class A		304		16,983
Sinopharm Group Co. Ltd., Class H		31,200		69,788
Sinotrans Ltd., Class A		54,600		35,164
Tibet Summit Resources Co. Ltd., Class-A		7,800		35,537
Topsports International Holdings Ltd.(b)		78,000		70,478
Uni-President China Holdings Ltd.		78,000		73,720
Vipshop Holdings Ltd., ADR(a)		12,090		112,558
Want Want China Holdings Ltd.		156,000		153,054
Wharf Holdings Ltd. (The)		33,000		112,780
Yankuang Energy Group Co. Ltd., Class A		23,400		85,620
Yum China Holdings Inc.		10,140		488,444
Zhuzhou Kibing Group Co. Ltd., Class A		23,400		58,883
Zibo Qixiang Tengda Chemical Co. Ltd., Class-A		23,400		34,262
				10,881,400

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) January 31, 2022 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark — 0.8%
AP Moller - Maersk A/S, Class A		78	$	261,320
AP Moller - Maersk A/S, Class B, NVS		156		560,374
Pandora A/S		1,931		209,977
Rockwool International A/S, Class B		203		77,751
				1,109,422
Finland — 0.1%
Orion OYJ, Class B		2,808		114,181
France — 2.4%
ArcelorMittal SA		13,884		412,411
Arkema SA		1,482		219,141
BioMerieux		1,014		118,905
Bouygues SA		5,538		195,309
Carrefour SA		11,466		218,216
Cie. de Saint-Gobain		10,452		707,260
Cie. Generale des Etablissements Michelin SCA		3,744		626,460
Ipsen SA		1,248		121,431
La Francaise des Jeux SAEM(b)		2,730		113,032
Orange SA		37,518		440,741
SEB SA		624		94,704
Vivendi SE		17,004		222,844
				3,490,454
Germany — 0.5%
Brenntag SE		3,510		300,724
Covestro AG(b)		3,344		200,616
GEA Group AG		3,744		176,886
				678,226
Greece — 0.1%
FF Group(a)(c)		165		2
Hellenic Telecommunications Organization SA		5,624		109,316
Public Power Corp. SA(a)		4,484		43,648
				152,966
Hong Kong — 1.2%
Chow Tai Fook Jewellery Group Ltd.		62,400		109,635
CK Asset Holdings Ltd.		51,500		343,783
CK Hutchison Holdings Ltd.		53,000		376,688
Henderson Land Development Co. Ltd.		15,000		65,598
Power Assets Holdings Ltd.		39,000		239,640
Sino Land Co. Ltd.		156,000		202,128
Swire Properties Ltd.		46,800		124,756
WH Group Ltd.(b)		195,000		130,457
Yuexiu Property Co. Ltd.		87,800		89,213
				1,681,898
Hungary — 0.1%
Richter Gedeon Nyrt		4,212		111,015
India — 4.4%
ACC Ltd.		1,794		55,320
Adani Enterprises Ltd.		5,850		135,579
Adani Total Gas Ltd.		6,183		150,903
Ambuja Cements Ltd.		17,238		84,862
Apollo Hospitals Enterprise Ltd.		2,340		140,599
Balkrishna Industries Ltd.		3,276		103,275
Bharat Electronics Ltd.		36,036		102,014
Cipla Ltd.		11,076		140,608
Colgate-Palmolive India Ltd.		3,042		58,242
Container Corp. of India Ltd.		13,260		115,697
Dr. Reddy’s Laboratories Ltd.		2,574		148,803
Havells India Ltd.		6,474		103,482

Security	Shares		Value
India (continued)
HCL Technologies Ltd.		22,308	$	331,068
HDFC Asset Management Co. Ltd.(b)		1,817		54,018
Hindalco Industries Ltd.		34,788		230,618
Indus Towers Ltd.		21,138		71,975
Infosys Ltd.		70,044		1,647,974
Jubilant Foodworks Ltd.		2,262		103,204
Larsen & Toubro Infotech Ltd.(b)		1,248		105,623
Lupin Ltd.		6,708		81,979
Marico Ltd.		18,330		118,936
Mindtree Ltd.		1,950		105,621
Mphasis Ltd.		2,262		94,992
NTPC Ltd.		108,030		207,169
Oil & Natural Gas Corp. Ltd.		51,792		121,105
Page Industries Ltd.		78		44,553
Petronet LNG Ltd.		25,194		72,427
Power Grid Corp. of India Ltd.		64,740		187,636
Siemens Ltd.		1,950		61,130
SRF Ltd.		3,120		100,918
Sun Pharmaceutical Industries Ltd.		16,770		188,403
Tata Power Co. Ltd. (The)		34,008		113,210
Tata Steel Ltd.		13,962		205,877
Tech Mahindra Ltd.		13,338		266,249
United Spirits Ltd.(a)		6,630		77,438
Vedanta Ltd.		27,300		119,085
Wipro Ltd.		28,782		222,222
				6,272,814
Indonesia — 0.1%
Adaro Energy Tbk PT		468,000		73,280
United Tractors Tbk PT		54,600		88,280
				161,560
Ireland — 0.9%
Horizon Therapeutics PLC(a)		4,602		429,505
Seagate Technology Holdings PLC		4,290		459,673
STERIS PLC		1,872		420,077
				1,309,255
Italy — 0.1%
DiaSorin SpA		702		108,221
Telecom Italia SpA		225,576		106,310
				214,531
Japan — 6.1%
AGC Inc.		5,400		247,835
Azbil Corp.		2,400		94,266
Bridgestone Corp.		15,600		683,143
Brother Industries Ltd.		7,800		143,645
Canon Inc.		23,400		553,427
Chubu Electric Power Co. Inc.		15,600		156,248
Dai Nippon Printing Co. Ltd.		7,800		187,240
Daito Trust Construction Co. Ltd.		1,200		137,600
FUJIFILM Holdings Corp.		7,800		522,881
Fujitsu Ltd.		3,900		515,573
Hino Motors Ltd.		7,800		67,801
Iida Group Holdings Co. Ltd.		7,800		162,276
Isuzu Motors Ltd.		15,600		191,100
Kajima Corp.		7,800		94,205
Kyowa Kirin Co. Ltd.		7,800		194,413
Marubeni Corp.		31,200		321,046
Mazda Motor Corp.(a)		23,400		180,268
MEIJI Holdings Co. Ltd.		2,000		124,763
Misumi Group Inc.		7,800		253,047

12 2 0 2 2   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) January 31, 2022 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsui Chemicals Inc.		7,800	$	208,608
NEC Corp.		5,900		230,178
NGK Insulators Ltd.		7,800		131,802
Nippon Telegraph & Telephone Corp.		23,400		669,655
Nippon Yusen KK		3,700		290,055
Oji Holdings Corp.		23,400		124,560
Otsuka Holdings Co. Ltd.		8,900		303,644
Ricoh Co. Ltd.		7,800		65,866
SCSK Corp.		7,800		131,987
Seiko Epson Corp.		7,800		121,497
Sekisui Chemical Co. Ltd.		7,800		136,375
Sekisui House Ltd.		15,600		316,059
Shimizu Corp.		15,600		103,872
Shizuoka Bank Ltd. (The)		15,600		122,577
Sumitomo Dainippon Pharma Co. Ltd.		7,800		84,897
Sumitomo Electric Industries Ltd.		15,600		206,833
Tokyo Electric Power Co. Holdings Inc.(a)		39,000		103,906
Tokyo Gas Co. Ltd.		7,800		157,496
Toppan Inc.		7,800		148,372
Tosoh Corp.		7,800		122,043
Yamaha Motor Co. Ltd.		7,800		185,745
				8,796,804
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP		69,264		136,883
Malaysia — 0.1%
Inari Amertron Bhd		93,600		74,788
Telekom Malaysia Bhd		46,800		56,578
				131,366
Netherlands — 3.0%
Aegon NV		40,092		226,179
ASM International NV		1,092		375,190
IMCD NV		1,170		201,263
Koninklijke Ahold Delhaize NV		22,386		725,857
Koninklijke KPN NV		67,649		223,141
Koninklijke Philips NV		13,104		435,882
NN Group NV		4,446		248,808
NXP Semiconductors NV		5,226		1,073,629
Randstad NV		2,808		182,671
Wolters Kluwer NV		5,616		571,588
				4,264,208
Norway — 0.3%
Norsk Hydro ASA		27,567		211,861
Yara International ASA		4,056		208,267
				420,128
Philippines — 0.1%
Globe Telecom Inc.		780		47,577
PLDT Inc.		2,340		84,190
				131,767
Poland — 0.2%
PGE Polska Grupa Energetyczna SA(a)		28,002		52,751
Polski Koncern Naftowy ORLEN SA		8,424		147,230
Polskie Gornictwo Naftowe i Gazownictwo SA		47,214		61,657
				261,638
Qatar — 0.2%
Barwa Real Estate Co.		45,527		41,827
Industries Qatar QSC		26,442		121,628
Ooredoo QPSC		34,886		69,317

Security	Shares		Value
Qatar (continued)
Qatar Electricity & Water Co. QSC		18,720	$	91,414
				324,186
Russia — 0.2%
Alrosa PJSC		64,740		95,239
PhosAgro PJSC, GDR(d)		3,354		67,282
United Co. RUSAL International PJSC(a)		76,440		72,025
				234,546
Saudi Arabia — 0.9%
Abdullah Al Othaim Markets Co.		2,574		72,721
Advanced Petrochemical Co.		4,524		90,764
Bupa Arabia for Cooperative Insurance Co.		2,184		86,727
Etihad Etisalat Co.		13,260		115,393
Jarir Marketing Co.		1,716		92,342
Mouwasat Medical Services Co.		1,404		74,222
SABIC Agri-Nutrients Co.		4,680		212,180
Saudi Industrial Investment Group		5,772		52,783
Saudi Telecom Co.		12,558		395,088
Yanbu National Petrochemical Co.		5,928		107,791
				1,300,011
Singapore — 0.3%
Singapore Exchange Ltd.		15,800		109,364
Venture Corp. Ltd.		15,600		204,387
Wilmar International Ltd.		46,800		148,879
				462,630
South Africa — 0.2%
Aspen Pharmacare Holdings Ltd.		8,846		119,090
Mr. Price Group Ltd.		8,580		113,795
Tiger Brands Ltd.		4,819		57,461
				290,346
South Korea — 1.3%
Coway Co. Ltd.		1,482		85,381
DB Insurance Co. Ltd.		1,404		70,326
E-MART Inc.(a)		702		78,134
F&F Co. Ltd./New(a)		78		53,818
Kia Corp.		5,928		413,334
KT&G Corp.(a)		2,808		181,385
LG Corp.		1,950		120,591
LG Innotek Co. Ltd.		390		117,253
POSCO		1,560		348,962
Samsung Electro-Mechanics Co. Ltd.		1,404		213,602
SD Biosensor Inc.(a)		1,092		54,804
SK Telecom Co. Ltd.		2,535		120,653
				1,858,243
Sweden — 0.3%
Getinge AB, Class B		4,602		179,918
Husqvarna AB, Class B		9,828		136,648
Kinnevik AB, Class B(a)		5,538		165,523
				482,089
Switzerland — 1.0%
Bachem Holding AG, Class B, Registered		156		93,056
Kuehne + Nagel International AG, Registered		1,248		352,419
Logitech International SA, Registered		3,432		288,389
Swatch Group AG (The), Bearer		780		227,543
Swisscom AG, Registered		447		255,494
VAT Group AG(b)		624		254,472
				1,471,373
Taiwan — 2.0%
Acer Inc.		156,000		161,784

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) January 31, 2022 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Asustek Computer Inc.		15,000	$	196,102
AU Optronics Corp.		156,000		115,975
Cheng Shin Rubber Industry Co. Ltd.		78,000		98,057
Compal Electronics Inc.		78,000		71,330
Foxconn Technology Co. Ltd.		78,000		171,823
Innolux Corp.		234,000		146,978
Inventec Corp.		156,000		143,092
Lite-On Technology Corp.		78,000		180,149
Novatek Microelectronics Corp.		13,000		228,621
Pegatron Corp.		42,000		105,575
Pou Chen Corp.		156,000		181,366
Quanta Computer Inc.		78,000		264,006
United Microelectronics Corp.		234,000		488,896
Wistron Corp.		156,000		177,320
WPG Holdings Ltd.		78,000		153,773
				2,884,847
Thailand — 0.1%
PTT Exploration & Production PCL, NVDR		31,200		122,454
Ratch Group PCL, NVDR		31,200		41,831
Thai Union Group PCL, NVDR		78,000		49,056
				213,341
United Arab Emirates — 0.2%
Abu Dhabi National Oil Co. for Distribution PJSC		59,124		66,479
Aldar Properties PJSC		100,351		113,254
Emaar Properties PJSC		71,994		95,931
				275,664
United Kingdom — 1.2%
BT Group PLC		198,588		525,994
Evraz PLC		13,104		89,024
Hikma Pharmaceuticals PLC		4,758		133,667
Imperial Brands PLC		17,940		425,355
J Sainsbury PLC		41,496		163,060
Kingfisher PLC		42,588		190,980
Pearson PLC		12,246		102,247
Schroders PLC		3,744		171,665
				1,801,992
United States — 56.7%
A O Smith Corp.		2,808		214,587
ABIOMED Inc.(a)		1,014		300,012
Advance Auto Parts Inc.		1,482		343,098
Agilent Technologies Inc.		6,552		912,825
Akamai Technologies Inc.(a)		3,363		385,232
Allstate Corp. (The)		6,240		752,981
Ally Financial Inc.		8,112		387,105
Amazon.com Inc.(a)		156		466,669
AMERCO		234		142,494
American Financial Group Inc./OH		1,326		172,751
Anthem Inc.		5,226		2,304,614
Apple Inc.		16,224		2,835,631
Archer-Daniels-Midland Co.		11,934		895,050
Arrow Electronics Inc.(a)		1,560		193,440
Bath & Body Works Inc.		5,928		332,383
Bentley Systems Inc., Class B(e)		4,212		169,196
Best Buy Co. Inc.		4,914		487,862
Biogen Inc.(a)		3,120		705,120
Bio-Rad Laboratories Inc., Class A(a)		468		280,674
Bio-Techne Corp.		780		293,600
BorgWarner Inc.		5,148		225,740
Brown & Brown Inc.		4,805		318,475

Security	Shares		Value
United States (continued)
Bunge Ltd.		2,808	$	277,599
Cadence Design Systems Inc.(a)		6,006		913,753
Camden Property Trust		1,560		249,740
Capital One Financial Corp.		9,594		1,407,728
Celanese Corp.		2,418		376,507
Cerner Corp.		6,162		561,974
CF Industries Holdings Inc.		4,524		311,568
CH Robinson Worldwide Inc.		2,730		285,694
Cincinnati Financial Corp.		3,432		404,393
Cisco Systems Inc.		64,506		3,591,049
Citrix Systems Inc.		2,502		255,054
Cognex Corp.		3,978		264,378
Cognizant Technology Solutions Corp., Class A		11,232		959,437
Cooper Companies Inc. (The)		1,014		403,876
Corteva Inc.		15,912		765,049
DaVita Inc.(a)		1,482		160,604
DENTSPLY SIRONA Inc.		4,290		229,172
Devon Energy Corp.		14,040		710,003
Discovery Inc., Class C, NVS(a)(e)		10,842		296,529
Dover Corp.		2,730		463,854
DR Horton Inc.		7,332		654,161
eBay Inc.		13,728		824,641
Electronic Arts Inc.		5,850		776,061
EPAM Systems Inc.(a)		1,248		594,223
Erie Indemnity Co., Class A, NVS		546		100,519
Everest Re Group Ltd.		780		221,052
Expeditors International of Washington Inc.		3,900		446,472
F5 Inc.(a)(e)		1,377		285,893
FactSet Research Systems Inc.		780		329,074
Fastenal Co.		12,012		680,840
Fidelity National Financial Inc.		6,006		302,402
Fortinet Inc.(a)		3,042		904,204
Fortune Brands Home & Security Inc.		3,042		286,465
Fox Corp., Class A, NVS		6,864		278,747
Fox Corp., Class B		3,198		118,902
Franklin Resources Inc.		6,552		209,467
Garmin Ltd.		3,198		397,895
Generac Holdings Inc.(a)		1,404		396,461
General Motors Co.(a)		28,002		1,476,545
Genuine Parts Co.		2,964		394,894
Globe Life Inc.		2,496		255,341
Hartford Financial Services Group Inc. (The)		7,410		532,557
HCA Healthcare Inc.		5,460		1,310,673
Henry Schein Inc.(a)		3,276		246,683
Hewlett Packard Enterprise Co.		26,208		427,977
Hologic Inc.(a)		5,460		383,510
HP Inc.		25,584		939,700
Huntington Ingalls Industries Inc.		469		87,797
IDEX Corp.		1,560		336,086
Intel Corp.		68,406		3,339,581
International Paper Co.		8,034		387,640
Invesco Ltd.		8,814		199,725
IPG Photonics Corp.(a)		195		30,122
Jack Henry & Associates Inc.		1,404		235,605
Jazz Pharmaceuticals PLC(a)		936		130,020
JB Hunt Transport Services Inc.		1,950		375,453
JM Smucker Co. (The)		2,184		307,027
Johnson Controls International PLC		14,742		1,071,301
Juniper Networks Inc.		8,034		279,744
Keysight Technologies Inc.(a)		3,900		658,398

14 2 0 2 2   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) January 31, 2022 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Knight-Swift Transportation Holdings Inc.		3,744	$	211,836
Kroger Co. (The)		14,820		646,004
Laboratory Corp. of America Holdings(a)		2,028		550,318
Lear Corp.		1,248		208,815
Lennox International Inc.		629		178,397
Liberty Global PLC, Class C, NVS(a)		10,452		282,622
LKQ Corp.		6,786		372,484
MarketAxess Holdings Inc.		858		295,564
Masimo Corp.(a)		1,092		240,098
Mettler-Toledo International Inc.(a)		468		689,214
Micron Technology Inc.		24,024		1,976,454
Microsoft Corp.		6,318		1,964,772
Mid-America Apartment Communities Inc.		780		161,210
Mohawk Industries Inc.(a)		1,326		209,336
Molina Healthcare Inc.(a)		1,275		370,362
Molson Coors Beverage Co., Class B		4,524		215,614
Monolithic Power Systems Inc.		1,014		408,571
Monster Beverage Corp.(a)		8,502		737,293
Mosaic Co. (The)		7,878		314,726
NetApp Inc.		4,758		411,615
Newell Brands Inc.		8,814		204,573
News Corp., Class A, NVS		6,240		138,778
Nordson Corp.		1,170		272,072
NRG Energy Inc.		5,304		211,789
Nucor Corp.		6,318		640,645
NVR Inc.(a)		71		378,233
Old Dominion Freight Line Inc.		2,340		706,516
ON Semiconductor Corp.(a)		9,282		547,638
Owens Corning		2,418		214,477
Packaging Corp. of America		2,106		317,227
Paychex Inc.		5,304		624,599
Pentair PLC		3,666		233,524
Pool Corp.		936		445,770
Public Storage		668		239,498
PulteGroup Inc.		5,772		304,127
Qorvo Inc.(a)		2,496		342,651
Quest Diagnostics Inc.		2,574		347,541
Raymond James Financial Inc.		4,029		426,550
Regions Financial Corp.		20,124		461,645
ResMed Inc.		3,120		713,232
Robert Half International Inc.		2,574		291,531
Rollins Inc.		5,408		166,837
SEI Investments Co.		3,666		214,864
Skyworks Solutions Inc.		3,432		502,857
Snap-on Inc.		1,170		243,652
State Street Corp.		8,034		759,213
Steel Dynamics Inc.		4,134		229,520
Sylvamo Corp.(a)		696		20,734
Synchrony Financial		11,700		498,303
Synopsys Inc.(a)		3,276		1,017,198
T Rowe Price Group Inc.		4,992		770,915
Target Corp.		10,374		2,286,741
TE Connectivity Ltd.		6,942		992,775
Teradyne Inc.(e)		3,510		412,179
Texas Instruments Inc.		7,176		1,288,020
Textron Inc.		5,304		360,990
Tractor Supply Co.		2,496		544,902
Tradeweb Markets Inc., Class A		2,340		198,362

Security	Shares		Value
United States (continued)
Tyson Foods Inc., Class A		6,318	$	574,243
UGI Corp.		3,510		159,178
Ulta Beauty Inc.(a)		1,092		397,204
United Rentals Inc.(a)		1,482		474,418
Universal Health Services Inc., Class B		1,716		223,183
Walgreens Boots Alliance Inc.		15,444		768,493
Waters Corp.(a)		1,326		424,479
West Pharmaceutical Services Inc.		1,560		613,423
Western Digital Corp.(a)		6,006		310,750
Western Union Co. (The)		4,000		75,640
Whirlpool Corp.		1,404		295,107
WW Grainger Inc.		936		463,423
Zebra Technologies Corp., Class A(a)		1,170		595,670
				81,612,552
Total Common Stocks — 99.4% (Cost: $126,835,619)				143,126,644
Preferred Stocks
Germany — 0.3%
Fuchs Petrolub SE, Preference Shares, NVS		2,047		88,462
Porsche Automobil Holding SE, Preference Shares, NVS		3,588		336,012
				424,474
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		157,100		75,823
Total Preferred Stocks — 0.4% (Cost: $492,985)			500,297
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(f)(g)(h)		868,776		869,037
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		50,000		50,000
				919,037
Total Short-Term Investments — 0.6% (Cost: $918,965)				919,037
Total Investments in Securities — 100.4% (Cost: $128,247,569)				144,545,978
Other Assets, Less Liabilities — (0.4)%				(577,753	)
Net Assets — 100.0%			$	143,968,225

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

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

^(f)  Affiliate of the Fund.

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

^(h)  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 15

Schedule of Investments (unaudited) (continued) January 31, 2022 iShares^® MSCI Global Multifactor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$742,096		$127,061	(a)	$	—		$	(113	)	$	(7	)		$869,037		868,776	$	9,721	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		—			(30,000)	(a)		—			—			50,000		50,000		6			—
									$	(113	)	$	(7	)		$919,037			$	9,727		$	—

^(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		1		03/18/22	$	112	$	1,666
MSCI Emerging Markets Index		2		03/18/22		122		4,583
							$	6,249

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	6,249

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	10,413
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	9,274

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	313,595

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

16 2 0 2 2   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) January 31, 2022 iShares^® MSCI Global Multifactor 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
Investments
Assets
Common Stocks	$	90,748,576	$	52,378,066	$	2	$	143,126,644
Preferred Stocks		—		500,297		—		500,297
Money Market Funds		919,037		—		—		919,037
	$	91,667,613	$	52,878,363	$	2	$	144,545,978
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,249	$	—	$	—	$	6,249

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

See notes to financial statements.

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) January 31, 2022 iShares^® MSCI Intl Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.2%
Aurizon Holdings Ltd.		894,220	$	2,237,209
BlueScope Steel Ltd.		244,751		3,207,913
Brambles Ltd.		700,420		4,811,918
Dexus		522,513		3,803,849
Endeavour Group Ltd./Australia		651,595		2,910,423
Evolution Mining Ltd.		815,913		2,049,925
Fortescue Metals Group Ltd.		822,674		11,552,072
GPT Group (The)		930,594		3,297,703
Medibank Pvt Ltd.		1,357,553		2,974,767
Rio Tinto Ltd.		180,338		14,337,893
Rio Tinto PLC.		262,096		18,473,920
Sonic Healthcare Ltd.		220,712		5,943,841
South32 Ltd.		1,243,155		3,420,288
Treasury Wine Estates Ltd.		353,856		2,659,664
				81,681,385
Belgium — 1.9%
Etablissements Franz Colruyt NV		26,309		1,068,664
Groupe Bruxelles Lambert SA		46,389		4,977,674
Proximus SADP		73,437		1,499,626
Sofina SA		7,599		3,025,526
UCB SA		61,419		6,111,511
				16,683,001
Canada — 14.0%
Canadian Apartment Properties REIT		41,094		1,807,470
Canadian Tire Corp. Ltd., Class A, NVS		27,877		4,024,911
CGI Inc.(a)		106,389		9,083,427
Constellation Software Inc.		9,780		16,844,466
Empire Co. Ltd., Class A, NVS		82,174		2,535,393
Fairfax Financial Holdings Ltd.		12,594		6,081,263
Hydro One Ltd.(b)		159,839		4,129,420
iA Financial Corp. Inc.		52,207		3,396,956
IGM Financial Inc.		40,617		1,427,019
Kinross Gold Corp.		613,052		3,313,273
Loblaw Companies Ltd.		82,123		6,335,840
Magna International Inc.		138,757		11,178,936
Manulife Financial Corp		569,293		11,854,766
Nuvei Corp.(a)(b)		27,627		1,683,722
Open Text Corp.		132,019		6,318,716
RioCan REIT		75,076		1,307,031
TFI International Inc.		40,670		3,914,545
Thomson Reuters Corp.		84,310		9,050,814
Toromont Industries Ltd.		40,154		3,389,154
Tourmaline Oil Corp.		150,520		5,366,453
West Fraser Timber Co. Ltd.		46,405		4,295,333
WSP Global Inc.		57,070		7,609,932
				124,948,840
Denmark — 2.8%
AP Moller - Maersk A/S, Class A		1,526		5,112,487
AP Moller - Maersk A/S, Class B, NVS		2,813		10,104,699
Coloplast A/S, Class B		14,674		2,133,926
Novo Nordisk A/S, Class B		8,267		822,304
Pandora A/S		48,991		5,327,268
Rockwool International A/S, Class B		4,067		1,557,702
				25,058,386
Finland — 0.2%
Orion OYJ, Class B		51,557		2,096,447

Security	Shares		Value
France — 8.8%
ArcelorMittal SA		326,133	$	9,687,464
BioMerieux		20,380		2,389,817
Bouygues SA		111,095		3,917,993
Carrefour SA		306,308		5,829,528
Cie. de Saint-Gobain		245,783		16,631,513
Cie. Generale des Etablissements Michelin SCA		31,447		5,261,832
Ipsen SA		18,323		1,782,842
La Francaise des Jeux SAEM(b)		46,394		1,920,879
Orange SA		969,198		11,385,608
Societe Generale SA		393,842		14,619,546
Vivendi SE		376,884		4,939,203
				78,366,225
Germany — 4.1%
Brenntag SE		75,057		6,430,603
Daimler AG, Registered		224,699		17,929,570
Daimler Truck Holding AG(a)		112,349		3,960,737
GEA Group AG		46,684		2,205,592
HelloFresh SE(a)		75,417		5,021,318
Telefonica Deutschland Holding AG		505,767		1,451,941
				36,999,761
Hong Kong — 5.4%
Chow Tai Fook Jewellery Group Ltd.		971,600		1,707,075
CK Asset Holdings Ltd.		973,500		6,498,509
CK Hutchison Holdings Ltd.		1,307,000		9,289,273
Hang Lung Properties Ltd.		984,000		2,102,518
Henderson Land Development Co. Ltd.		706,000		3,087,475
HKT Trust & HKT Ltd., Class SS		1,872,000		2,554,522
Power Assets Holdings Ltd.		674,000		4,141,465
Sino Land Co. Ltd.		1,626,000		2,106,798
SITC International Holdings Co. Ltd		658,000		2,508,019
Sun Hung Kai Properties Ltd.		633,500		7,729,021
Swire Properties Ltd.		568,400		1,515,196
WH Group Ltd.(b)		4,089,500		2,735,915
Xinyi Glass Holdings Ltd.(c)		884,000		2,343,453
				48,319,239
Italy — 0.5%
DiaSorin SpA		12,231		1,885,547
Telecom Italia SpA		4,840,619		2,281,285
				4,166,832
Japan — 24.1%
AGC Inc.		93,900		4,309,577
Aisin Corp.		71,600		2,600,009
Azbil Corp.		60,000		2,356,662
Benefit One Inc.		38,900		1,183,078
Brother Industries Ltd.		114,600		2,110,481
Canon Inc.		486,000		11,494,253
Chiba Bank Ltd. (The)		255,900		1,654,309
Chubu Electric Power Co. Inc.		313,000		3,134,977
Concordia Financial Group Ltd.		528,900		2,173,437
Cosmos Pharmaceutical Corp.		9,700		1,211,382
Dai Nippon Printing Co. Ltd.		107,900		2,590,153
Daito Trust Construction Co. Ltd.		31,800		3,646,396
ENEOS Holdings Inc.		1,408,300		5,608,731
FUJIFILM Holdings Corp.		175,000		11,731,299
Fujitsu Ltd.		95,500		12,624,939
Hino Motors Ltd.		138,200		1,201,291
Hirose Electric Co. Ltd.		15,800		2,355,112
Hitachi Ltd.		103,700		5,389,912
Iida Group Holdings Co. Ltd		71,500		1,487,530

18 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Inpex Corp.		497,300	$	5,027,450
Isuzu Motors Ltd.		35,900		439,775
Kajima Corp.		218,300		2,636,541
Kakaku.com Inc.		65,300		1,352,465
Kurita Water Industries Ltd.		48,000		1,951,848
Kyowa Kirin Co. Ltd.		131,200		3,270,132
Marubeni Corp.		760,100		7,821,382
Medipal Holdings Corp.		89,100		1,603,359
MEIJI Holdings Co. Ltd.		59,300		3,699,228
Mitsubishi HC Capital Inc.		320,700		1,656,313
NEC Corp.		119,300		4,654,286
NGK Insulators Ltd.		125,200		2,115,595
Nippon Express Holdings Co., NVS		37,700		2,234,243
Nippon Telegraph & Telephone Corp.		625,400		17,897,530
Nippon Yusen KK		78,500		6,153,875
Obayashi Corp.		315,500		2,556,227
ORIX Corp.		593,400		12,240,135
Otsuka Holdings Co. Ltd.		189,700		6,472,054
Pola Orbis Holdings Inc.		44,000		655,792
Ricoh Co. Ltd.		325,700		2,750,345
Rinnai Corp.		17,600		1,571,768
Rohm Co. Ltd.		42,500		3,580,077
SCSK Corp.		75,100		1,270,801
Seiko Epson Corp.		137,300		2,138,653
Sekisui Chemical Co. Ltd.		185,800		3,248,525
Shimizu Corp.		268,100		1,785,125
Shizuoka Bank Ltd. (The)		220,900		1,735,715
Stanley Electric Co. Ltd.		63,200		1,477,259
Sumitomo Dainippon Pharma Co. Ltd.		86,400		940,398
Sumitomo Electric Industries Ltd.		366,400		4,857,912
T&D Holdings Inc.		261,400		3,863,048
Taisei Corp.		94,000		3,081,419
Taisho Pharmaceutical Holdings Co. Ltd.		19,000		933,131
TIS Inc.		109,200		2,872,032
Tokyo Electric Power Co. Holdings Inc.(a)		741,700		1,976,074
Tokyo Gas Co. Ltd.		182,400		3,682,973
Toppan Inc.		129,700		2,467,158
Tosoh Corp.		126,300		1,976,152
Toyo Suisan Kaisha Ltd.		43,100		1,765,926
Yamaha Motor Co. Ltd.		144,600		3,443,433
				214,719,682
Netherlands — 10.2%
Aegon NV		868,263		4,898,300
ASM International NV		22,883		7,862,149
IMCD NV		27,685		4,762,370
Koninklijke Ahold Delhaize NV		508,017		16,472,248
Koninklijke KPN NV		1,633,405		5,387,797
Koninklijke Philips NV		445,676		14,824,648
NN Group NV		131,262		7,345,701
Randstad NV		58,089		3,778,902
STMicroelectronics NV		255,915		12,033,310
Wolters Kluwer NV		129,960		13,227,145
				90,592,570
Norway — 0.6%
Norsk Hydro ASA		653,332		5,021,059
Singapore — 2.8%
Mapletree Commercial Trust		1,075,400		1,439,439
Oversea-Chinese Banking Corp. Ltd.		1,644,900		15,311,161
Singapore Exchange Ltd.(c)		382,200		2,645,500

Security	Shares		Value
Singapore (continued)
UOL Group Ltd.(c)		224,200	$	1,215,830
Venture Corp. Ltd.		134,500		1,762,184
Wilmar International Ltd.		947,100		3,012,898
				25,387,012
Spain — 1.7%
Enagas SA		84,513		1,827,345
Red Electrica Corp. SA		205,097		4,134,390
Repsol SA		711,426		9,040,519
				15,002,254
Sweden — 4.3%
Electrolux AB, Class B		110,917		2,307,870
Getinge AB, Class B		111,121		4,344,339
Husqvarna AB, Class B		203,272		2,826,287
Industrivarden AB, Class A		55,075		1,741,026
Investor AB, Class B		865,940		18,801,225
Kinnevik AB, Class B(a)		117,639		3,516,067
Securitas AB, Class B		101,067		1,220,712
SKF AB, Class B		185,685		4,070,610
				38,828,136
Switzerland — 3.9%
Adecco Group AG, Registered		5,763		274,510
Bachem Holding AG, Class B, Registered		3,011		1,796,095
Kuehne + Nagel International AG, Registered		26,398		7,454,451
Logitech International SA, Registered		84,096		7,066,547
Swatch Group AG (The), Bearer		14,057		4,100,738
Swatch Group AG (The), Registered		25,560		1,434,812
Swisscom AG, Registered		12,583		7,192,127
VAT Group AG(b)		13,117		5,349,209
				34,668,489
United Kingdom — 4.1%
Abrdn PLC		1,059,403		3,464,656
Aviva PLC		132,437		781,908
Evraz PLC		248,023		1,684,973
Ferguson PLC		28,520		4,485,923
Hikma Pharmaceuticals PLC		85,273		2,395,587
J Sainsbury PLC		849,536		3,338,291
Kingfisher PLC		1,025,777		4,599,948
Pearson PLC		372,900		3,113,508
Persimmon PLC		155,020		5,050,472
Sage Group PLC (The)		511,893		5,002,205
Schroders PLC		61,371		2,813,909
				36,731,380
Total Common Stocks — 98.6% (Cost: $796,511,761)				879,270,698
Preferred Stocks
Germany — 1.0%
Fuchs Petrolub SE, Preference Shares, NVS		33,557		1,450,171
Porsche Automobil Holding SE, Preference Shares, NVS		74,389		6,966,450
				8,416,621
Total Preferred Stocks — 1.0% (Cost: $7,421,910)				8,416,621

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) January 31, 2022 iShares^® MSCI Intl Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(d)(e)(f)		1,742,380	$	1,742,903
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		310,000		310,000
				2,052,903
Total Short-Term Investments — 0.2% (Cost: $2,053,001)				2,052,903
Total Investments in Securities — 99.8% (Cost: $805,986,672)				889,740,222
Other Assets, Less Liabilities — 0.2%				1,679,001
Net Assets — 100.0%			$	891,419,223

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	45,025	$	1,698,110	(a)	$	—	$	(138	)	$	(94	)	$	1,742,903		1,742,380	$	167,996	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		10,000	(a)		—		—			—			310,000		310,000		12			—
								$	(138	)	$	(94	)	$	2,052,903			$	168,008		$	—

^(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		5		03/10/22	$	833	$	(13,977	)
SPI 200 Index		5		03/17/22		610		(30,692	)
Euro STOXX 50 Index		28		03/18/22		1,316		22,931
FTSE 100 Index		8		03/18/22		802		25,819
							$	4,081

20 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Multifactor 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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	48,750
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	44,669

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	114,698
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	33,024

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,461,985

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
Investments
Assets
Common Stocks	$	131,012,095	$	748,258,603		$	—	$	879,270,698
Preferred Stocks		—		8,416,621			—		8,416,621
Money Market Funds		2,052,903		—			—		2,052,903
	$	133,064,998	$	756,675,224		$	—	$	889,740,222
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	48,750		$	—	$	48,750
Liabilities
Futures Contracts		—		(44,669	)		—		(44,669	)
	$	—	$	4,081		$	—	$	4,081

^(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)      January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 9.1%
Abacus Property Group		144,130	$	352,232
Accent Group Ltd.		106,266		152,888
Ansell Ltd.		37,700		716,750
ARB Corp. Ltd.		22,040		726,195
Arena REIT		100,630		335,420
AUB Group Ltd.		21,866		361,097
Aussie Broadband Ltd.(a)		28,714		86,314
Austal Ltd.		97,616		139,241
Australian Ethical Investment Ltd.		25,346		167,165
Australian Pharmaceutical Industries Ltd.		118,880		127,762
Aventus Group(b)		99,064		226,923
Bravura Solutions Ltd.		74,608		114,450
BWP Trust		141,462		398,990
Champion Iron Ltd.(a)		96,280		444,815
Codan Ltd./Australia		30,034		193,421
CSR Ltd.		143,028		569,762
Emeco Holdings Ltd.		106,026		67,372
GDI Property Group(b)		153,352		112,016
GrainCorp Ltd., Class A		67,048		346,355
Growthpoint Properties Australia Ltd.		91,060		254,451
GWA Group Ltd.		63,374		113,650
Hansen Technologies Ltd.		48,236		167,363
Harvey Norman Holdings Ltd.		165,068		575,319
Healius Ltd.		149,756		474,061
HUB24 Ltd.		16,530		322,106
Imdex Ltd.		119,538		250,079
Integral Diagnostics Ltd.		51,060		149,604
JB Hi-Fi Ltd.		33,872		1,108,270
Johns Lyng Group Ltd.		41,700		228,178
Jumbo Interactive Ltd.		15,498		197,117
McMillan Shakespeare Ltd.		20,604		164,300
Mineral Resources Ltd.		41,644		1,654,972
New Hope Corp. Ltd.		138,104		222,472
nib holdings Ltd.		136,706		603,160
Nick Scali Ltd.		20,764		200,372
Objective Corp. Ltd.		6,788		77,258
Pendal Group Ltd.		101,384		348,195
Perenti Global Ltd.		180,574		98,911
Perseus Mining Ltd.		369,170		385,874
Pinnacle Investment Management Group Ltd.		28,768		232,206
Platinum Asset Management Ltd.		118,610		208,518
Premier Investments Ltd.		25,810		529,564
Pro Medicus Ltd.		14,036		453,278
Ramelius Resources Ltd.		235,828		226,031
Rural Funds Group(b)		104,342		211,182
Sandfire Resources Ltd.		114,840		551,850
SG Fleet Group Ltd.		32,378		54,501
Sigma Healthcare Ltd.		270,500		86,066
SmartGroup Corp. Ltd.		37,604		191,129
Super Retail Group Ltd.		46,574		385,196
Technology One Ltd.		78,068		584,027
Waypoint REIT		216,340		415,552
Western Areas Ltd.(a)		90,074		221,682
Westgold Resources Ltd.		115,156		149,237
Whitehaven Coal Ltd.(a)		273,876		524,383
				18,259,282
Austria — 0.1%
Semperit AG Holding		3,110		94,336

Security	Shares		Value
Austria (continued)
Zumtobel Group AG		9,106	$	82,455
				176,791
Belgium — 1.3%
AGFA-Gevaert NV(a)		42,170		178,928
Befimmo SA		6,786		254,425
Bekaert SA		10,904		507,655
Econocom Group SA/NV		39,406		157,587
Gimv NV		5,858		357,096
Intervest Offices & Warehouses NV		6,148		188,560
Ion Beam Applications		6,006		102,614
Orange Belgium SA		4,144		90,225
Recticel SA		12,180		232,020
Tessenderlo Group SA(a)		4,988		194,298
Van de Velde NV		1,802		66,798
X-Fab Silicon Foundries SE(a)(c)		17,780		173,447
				2,503,653
Canada — 15.2%
Advantage Energy Ltd.(a)		57,420		310,781
Aecon Group Inc.		18,200		248,556
AirBoss of America Corp.(b)		3,664		115,297
Altus Group Ltd.		12,296		590,158
Andlauer Healthcare Group Inc.		5,106		192,165
ARC Resources Ltd.		204,276		2,392,849
Argonaut Gold Inc.(a)		92,510		165,931
Artis REIT		21,054		201,240
AutoCanada Inc.(a)		7,448		221,304
Badger Infrastructure Solutions Ltd.		10,332		250,263
Baytex Energy Corp.(a)		166,692		618,956
Birchcliff Energy Ltd.		78,880		389,079
BSR Real Estate Investment Trust		7,328		129,046
Canaccord Genuity Group Inc.		28,304		338,005
Canacol Energy Ltd.		44,080		116,169
Canfor Corp.(a)		18,328		416,405
Capstone Mining Corp.(a)		90,944		387,057
Cascades Inc.		25,346		253,629
Celestica Inc.(a)		32,596		405,927
Centerra Gold Inc.		65,656		529,938
CI Financial Corp.		10,382		192,669
Cogeco Communications Inc.		3,596		295,171
Cogeco Inc.		1,440		92,824
Converge Technology Solutions Corp.(a)		44,486		348,917
Corby Spirit and Wine Ltd.		3,664		49,001
Corus Entertainment Inc., Class B, NVS		61,812		244,593
Crescent Point Energy Corp.		171,970		1,108,000
Dream Office REIT		7,508		145,181
DREAM Unlimited Corp., Class A(b)		7,308		230,137
Dundee Precious Metals Inc.		57,826		339,818
ECN Capital Corp.		61,016		256,323
Enerflex Ltd.		27,032		153,114
Enerplus Corp.		77,024		891,943
Enghouse Systems Ltd.		12,238		431,120
Evertz Technologies Ltd.		8,048		81,927
Extendicare Inc.		23,126		132,081
Finning International Inc.		48,256		1,345,390
Freehold Royalties Ltd.		37,792		390,957
GDI Integrated Facility Services Inc.(a)		3,784		165,214
goeasy Ltd.		3,654		423,653
Granite REIT		8,294		629,513
Home Capital Group Inc.(a)		15,094		427,712

22 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Interfor Corp.		19,198	$	572,096
InterRent REIT		19,836		248,740
Intertape Polymer Group Inc.		17,342		349,937
Kelt Exploration Ltd.(a)		48,356		210,748
Labrador Iron Ore Royalty Corp.		16,994		523,396
Lassonde Industries Inc., Class A		900		108,327
Linamar Corp.		13,630		755,405
Magnet Forensics Inc.(a)		2,402		46,957
Martinrea International Inc.		23,896		197,011
MEG Energy Corp.(a)		81,664		972,657
Minto Apartment Real Estate Investment Trust(c)		5,346		92,608
Morguard North American Residential REIT		5,766		79,472
Mullen Group Ltd.		27,272		251,877
North West Co. Inc. (The)		14,268		393,418
NuVista Energy Ltd.(a)		54,636		386,404
Paramount Resources Ltd., Class A		21,750		427,591
Parex Resources Inc.		37,642		800,724
Peyto Exploration & Development Corp.		50,112		392,649
Real Matters Inc.(a)		23,006		106,420
Richelieu Hardware Ltd.		15,602		613,451
Russel Metals Inc.		18,560		463,142
Sleep Country Canada Holdings Inc.(c)		10,788		304,252
Sprott Inc.		7,250		254,604
Stelco Holdings Inc.		9,338		270,263
Summit Industrial Income REIT		24,882		422,807
Tamarack Valley Energy Ltd.		122,264		474,186
Topaz Energy Corp.		21,384		304,825
Torex Gold Resources Inc.(a)		24,882		243,897
Transcontinental Inc., Class A		21,402		355,255
Trican Well Service Ltd.(a)		67,580		189,265
Turquoise Hill Resources Ltd.(a)		29,638		519,012
Vermilion Energy Inc.(a)		47,792		743,678
Westshore Terminals Investment Corp.		12,412		263,541
Whitecap Resources Inc.		178,814		1,261,819
Winpak Ltd.		9,454		280,388
				30,528,835
Denmark — 0.9%
cBrain A/S		2,702		84,609
Chemometec A/S		4,698		487,087
D/S Norden A/S		7,688		174,992
Matas A/S		11,532		192,816
NNIT A/S(c)		3,364		49,269
Per Aarsleff Holding A/S		5,452		245,658
Scandinavian Tobacco Group A/S, Class A(c)		18,560		400,101
Solar A/S, Class B		1,566		167,913
				1,802,445
Finland — 0.8%
F-Secure OYJ		28,714		141,293
Harvia OYJ		4,204		222,201
Marimekko OYJ		1,740		143,311
Musti Group OYJ		9,338		279,080
Oriola OYJ, Class B		32,654		80,289
Rovio Entertainment OYJ(c)		11,426		90,048
Talenom OYJ		8,288		94,161
Tokmanni Group Corp.		13,746		287,625
Uponor OYJ		16,124		357,776
				1,695,784
France — 4.3%
ABC arbitrage		10,752		85,763

Security	Shares		Value
France (continued)
AKWEL		2,508	$	61,988
Aperam SA		14,152		797,459
Aubay		2,030		120,712
Boiron SA		1,320		60,015
Bonduelle SCA		4,204		98,887
Derichebourg SA(a)		27,898		350,840
Eramet SA(a)		2,726		282,548
Esker SA		1,566		423,486
Eutelsat Communications SA		50,982		632,166
Fnac Darty SA		5,226		310,175
Groupe Guillin		2,222		59,038
Guerbet		1,560		58,361
IPSOS		11,774		537,991
LNA Sante SA		1,320		61,081
Maisons du Monde SA(c)		9,550		218,050
Manitou BF SA		2,882		107,171
Mercialys SA		21,228		235,323
Mersen SA		5,104		212,868
Metropole Television SA		7,628		148,818
Nexans SA		7,192		649,900
Pharmagest Interactive		1,080		97,581
Quadient SA		10,452		213,591
SMCP SA(a)(c)		10,152		83,505
Societe BIC SA		7,308		416,110
Sopra Steria Group SACA		4,524		795,378
Television Francaise 1		11,894		113,689
Trigano SA		2,552		483,509
Vicat SA		6,264		259,582
Vilmorin & Cie SA		1,742		98,244
Virbac SA		1,276		513,326
				8,587,155
Germany — 3.3%
Adesso SE		898		185,416
ADVA Optical Networking SE(a)		12,674		212,492
Basler AG		1,138		152,883
Bertrandt AG		1,682		98,436
Cewe Stiftung & Co. KGaA		1,624		199,568
CropEnergies AG		7,808		107,542
Deutsche Beteiligungs AG		3,544		147,072
Draegerwerk AG & Co. KGaA		870		48,046
Eckert & Ziegler Strahlen- und Medizintechnik AG		4,466		389,314
Elmos Semiconductor SE		2,702		168,037
ElringKlinger AG(a)		8,590		102,200
Freenet AG		37,990		1,034,678
GFT Technologies SE		5,220		258,718
Hornbach Baumarkt AG		2,162		115,494
Hornbach Holding AG & Co. KGaA		2,784		426,506
JOST Werke AG(c)		4,292		214,813
Kloeckner & Co. SE(a)		22,586		255,091
MBB SE		540		79,605
SAF-Holland SE(a)		13,696		172,706
Salzgitter AG(a)		10,556		361,146
Software AG		15,486		596,296
Steico SE		1,682		186,970
Stratec SE		2,320		314,038
Takkt AG		9,910		167,776
VERBIO Vereinigte BioEnergie AG		6,670		425,152
Wuestenrot & Wuerttembergische AG		6,728		142,018
				6,562,013

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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong — 3.1%
BOCOM International Holdings Co. Ltd.		232,000	$	38,086
Cafe de Coral Holdings Ltd.		116,000		196,959
Chow Sang Sang Holdings International Ltd.		116,000		153,685
CITIC Telecom International Holdings Ltd.		480,000		174,769
Cowell e Holdings Inc.(a)		99,000		112,788
Crystal International Group Ltd.(c)		150,000		44,247
Dah Sing Banking Group Ltd.		120,000		113,771
Dah Sing Financial Holdings Ltd.		48,000		155,632
EC Healthcare		58,000		66,698
Far East Consortium International Ltd.		348,000		125,863
First Pacific Co. Ltd.		696,000		267,794
Haitong International Securities Group Ltd.		720,000		164,825
Hutchison Telecommunications Hong Kong Holdings Ltd.		430,000		70,229
Hysan Development Co. Ltd.		174,000		533,356
IGG Inc.		240,000		150,169
K Wah International Holdings Ltd.		348,000		136,248
Kerry Properties Ltd.		174,000		491,526
LK Technology Holdings Ltd.		145,000		221,898
Luk Fook Holdings International Ltd.		116,000		305,748
MECOM Power and Construction Ltd.		232,000		104,716
Pacific Basin Shipping Ltd.		1,450,000		618,941
Pacific Textiles Holdings Ltd.		290,000		147,354
PAX Global Technology Ltd.		232,000		168,042
Perfect Medical Health Management Ltd.		116,000		72,716
Prosperity REIT		386,000		150,057
SmarTone Telecommunications Holdings Ltd.		87,000		48,529
Stella International Holdings Ltd.		120,000		133,127
Sun Hung Kai & Co. Ltd.		120,000		64,386
Sunlight REIT		300,000		163,139
Texhong Textile Group Ltd.		87,000		112,250
United Laboratories International Holdings Ltd. (The)		302,000		171,757
Viva China Holdings Ltd.(b)		928,000		155,392
VSTECS Holdings Ltd.		194,000		192,180
VTech Holdings Ltd.		48,000		378,912
				6,205,789
Ireland — 0.4%
Hibernia REIT PLC		199,616		285,120
Origin Enterprises PLC		35,922		137,212
Uniphar PLC(a)		69,982		308,196
				730,528
Israel — 1.6%
Danel Adir Yeoshua Ltd.		1,566		373,554
Delek Automotive Systems Ltd.		15,470		237,192
Delek Group Ltd.(a)		2,702		305,142
Delta-Galil Industries Ltd.		2,702		169,014
Electra Consumer Products 1970 Ltd.		3,242		204,128
Electra Real Estate Ltd.		6,848		149,959
Equital Ltd.(a)		1		33
IDI Insurance Co. Ltd.(b)		2,320		84,755
Ituran Location and Control Ltd.		5,646		135,843
Magic Software Enterprises Ltd.		7,946		151,595
Malam - Team Ltd.		2,204		74,253
Mehadrin Ltd.(a)		—		20
Menora Mivtachim Holdings Ltd.		7,540		185,334
Naphtha Israel Petroleum Corp. Ltd.(a)(b)		9,976		79,808
One Software Technologies Ltd.		11,834		206,950
Plus500 Ltd.		26,854		533,215
Summit Real Estate Holdings Ltd.(a)(b)		10,614		263,060

Security	Shares		Value
Israel (continued)
Tadiran Group Ltd.		840	$	125,492
				3,279,347
Italy — 1.9%
Banca IFIS SpA		7,482		150,159
Biesse SpA(a)		4,144		107,516
Danieli & C Officine Meccaniche SpA		2,726		74,148
Digital Bros. SpA		1,500		47,684
El.En. SpA		13,282		214,390
Esprinet SpA		9,190		125,991
Gruppo MutuiOnline SpA		7,656		364,410
Iren SpA		193,314		581,567
Italmobiliare SpA		3,784		135,374
La Doria SpA		3,424		63,317
OVS SpA(a)(c)		65,838		182,927
Pharmanutra SpA		1,140		84,528
RAI Way SpA(c)		28,714		163,156
Salcef SpA		5,106		138,323
Sesa SpA		2,320		419,610
SOL SpA		10,498		224,557
Unipol Gruppo SpA		116,638		656,175
				3,733,832
Japan — 23.7%
Adastria Co. Ltd.		6,000		89,898
Aichi Corp.		6,000		42,516
Aichi Steel Corp.		2,900		65,247
Aida Engineering Ltd.		12,000		109,785
Alpen Co. Ltd.		5,800		100,877
Alpha Systems Inc.		1,900		59,972
Altech Corp.		5,800		91,135
Arata Corp.		4,200		146,715
Arcland Sakamoto Co. Ltd.		11,600		158,431
Arcs Co. Ltd.		12,000		225,567
Argo Graphics Inc.		4,600		125,603
Avex Inc.		11,600		130,028
Axial Retailing Inc.		4,800		136,612
Belc Co. Ltd.		3,000		140,864
Belluna Co. Ltd.		17,400		110,104
BML Inc.		6,000		182,361
Broadleaf Co. Ltd.		29,800		90,959
Bunka Shutter Co. Ltd.		15,100		138,104
C.I. Takiron Corp.		12,000		57,580
Canon Electronics Inc.		5,800		82,025
Canon Marketing Japan Inc.		13,800		281,852
Cawachi Ltd.		5,800		116,649
Central Glass Co. Ltd.		9,600		178,111
CONEXIO Corp.		4,600		55,525
Cosmo Energy Holdings Co. Ltd.		16,500		331,713
Dai-Dan Co. Ltd.		3,100		60,991
Daihen Corp.		5,800		207,276
Daiho Corp.		1,200		38,279
Daiichi Jitsugyo Co. Ltd.		2,100		76,593
Daiken Corp.		2,800		51,639
Daiki Aluminium Industry Co. Ltd.		11,600		159,157
Daikokutenbussan Co. Ltd.		1,500		58,907
Daiwa Industries Ltd.		6,000		59,080
Daiwabo Holdings Co. Ltd.		23,200		331,704
DCM Holdings Co. Ltd.		36,000		341,676
Descente Ltd.(a)		9,200		286,672
Dexerials Corp.		16,000		439,963

24 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Direct Marketing MiX Inc.		5,400	$	66,533
Doshisha Co. Ltd.		6,000		79,455
DTS Corp.		11,200		238,998
Duskin Co. Ltd.		11,600		278,767
DyDo Group Holdings Inc.		2,700		111,552
Eagle Industry Co. Ltd.		6,000		57,527
EDION Corp.		24,000		223,963
Eiken Chemical Co. Ltd.		11,600		173,884
Eizo Corp.		5,800		199,489
Electric Power Development Co. Ltd.		42,000		551,139
ESPEC Corp.		5,800		103,035
Exedy Corp.		8,700		127,708
FCC Co. Ltd.		10,200		131,164
Ferrotec Holdings Corp.		10,300		257,033
Fuji Co. Ltd./Ehime		5,800		95,773
Fujicco Co. Ltd.		6,000		101,046
Fujikura Ltd.(a)		69,600		376,339
Fujimori Kogyo Co. Ltd.		4,400		156,401
Fukui Computer Holdings Inc.		2,600		67,798
Furukawa Co. Ltd.		11,800		132,089
G-7 Holdings Inc.		6,000		72,471
Geo Holdings Corp.		6,000		59,267
GLOBERIDE Inc.		4,500		108,313
Glory Ltd.		14,300		268,907
Goldcrest Co. Ltd.		5,800		90,931
G-Tekt Corp.		6,000		72,154
Gunze Ltd.		4,600		159,918
H.U. Group Holdings Inc.		15,300		388,588
Halows Co. Ltd.		2,600		62,476
Hamakyorex Co. Ltd.		4,400		109,324
Hanwa Co. Ltd.		10,200		280,116
Heiwado Co. Ltd.		8,700		146,580
Hioki E.E. Corp.		2,700		156,861
Hitachi Zosen Corp.		48,000		319,575
Hogy Medical Co. Ltd.		6,000		161,366
Hokkaido Electric Power Co. Inc.		52,200		227,718
Hokuetsu Corp.		36,000		238,794
Hosiden Corp.		12,000		119,750
Hosokawa Micron Corp.		4,100		104,197
Ichikoh Industries Ltd.		9,000		39,612
Iino Kaiun Kaisha Ltd.		23,800		111,704
Inaba Denki Sangyo Co. Ltd.		14,200		329,073
Inabata & Co. Ltd.		12,000		180,819
Internet Initiative Japan Inc.		15,100		500,083
Itochu Enex Co. Ltd.		17,400		152,003
Itochu-Shokuhin Co. Ltd.		1,500		63,552
Itoham Yonekyu Holdings Inc.		47,800		280,447
JAC Recruitment Co. Ltd.		5,800		100,841
Jaccs Co. Ltd.		6,000		162,351
JAFCO Group Co. Ltd.		22,500		359,275
Japan Aviation Electronics Industry Ltd.		12,000		191,785
Japan Medical Dynamic Marketing Inc.		4,200		54,888
Japan Pulp & Paper Co. Ltd.		3,100		107,967
Japan Wool Textile Co. Ltd. (The)		17,400		133,172
JDC Corp.		12,000		55,491
JM Holdings Co. Ltd.		5,800		82,088
J-Oil Mills Inc.		5,800		85,761
Joshin Denki Co. Ltd.		5,800		105,701
Joyful Honda Co. Ltd.		17,400		231,666
JSP Corp.		3,700		51,934

Security	Shares		Value
Japan (continued)
Kaga Electronics Co. Ltd.		4,600	$	119,180
Kaken Pharmaceutical Co. Ltd.		8,800		314,674
Kanamoto Co. Ltd.		11,600		225,556
Kandenko Co. Ltd.		30,000		223,218
Kaneka Corp.		14,000		456,049
Kanematsu Corp.		23,200		252,378
Kanematsu Electronics Ltd.		3,300		108,866
Kanto Denka Kogyo Co. Ltd.		12,000		114,909
Katakura Industries Co. Ltd.		6,000		119,188
Kawasaki Kisen Kaisha Ltd.(a)		13,800		860,138
KeePer Technical Laboratory Co. Ltd.		4,100		67,646
Keiyo Bank Ltd. (The)		30,000		125,092
Keiyo Co. Ltd.		11,600		87,008
KFC Holdings Japan Ltd.		4,200		105,193
Kissei Pharmaceutical Co. Ltd.		5,800		117,112
Kitz Corp.		18,000		104,646
Koa Corp.		9,000		114,550
Kohnan Shoji Co. Ltd.		5,800		171,997
Komeri Co. Ltd.		9,300		216,834
Konica Minolta Inc.		133,400		562,336
Konishi Co. Ltd.		8,500		121,202
K’s Holdings Corp.		48,000		472,353
Kura Sushi Inc.		6,000		180,502
Kureha Corp.		4,500		335,951
KYB Corp.		5,300		137,975
Kyoei Steel Ltd.		6,000		81,543
Kyokuto Kaihatsu Kogyo Co. Ltd.		11,600		147,768
KYORIN Holdings Inc.		12,000		190,623
Life Corp.		4,300		115,546
Macnica Fuji Electronics Holdings Inc.		14,200		314,175
Maruzen Showa Unyu Co. Ltd.		3,600		99,930
Matsuda Sangyo Co. Ltd.		3,000		61,537
Max Co. Ltd.		5,800		92,487
Maxvalu Tokai Co. Ltd.		2,700		64,527
MCJ Co. Ltd.		18,000		154,533
Megachips Corp.		4,700		171,337
Megmilk Snow Brand Co. Ltd.		14,000		249,378
Meidensha Corp.		10,100		214,058
Melco Holdings Inc.		1,600		50,757
Micronics Japan Co. Ltd.		8,400		115,884
Mimasu Semiconductor Industry Co. Ltd.		4,700		100,994
Mitsubishi Research Institute Inc.		2,300		74,804
Mitsuboshi Belting Ltd.		6,000		110,637
Mitsui DM Sugar Holdings Co. Ltd.		4,800		82,591
Mitsui OSK Lines Ltd.		31,900		2,470,414
Mitsui-Soko Holdings Co. Ltd.		5,800		120,817
Mitsuuroko Group Holdings Co. Ltd.		6,000		54,082
Mixi Inc.		12,000		222,147
Mizuno Corp.		5,800		111,667
Mochida Pharmaceutical Co. Ltd.		7,400		230,173
Monogatari Corp. (The)		2,800		152,164
Morita Holdings Corp.		11,600		128,559
Musashino Bank Ltd. (The)		6,000		96,474
Nafco Co. Ltd.		3,900		56,955
Nagaileben Co. Ltd.		6,000		109,616
Nagase & Co. Ltd.		30,000		479,181
Nichiden Corp.		4,200		80,401
Nichiha Corp.		5,800		143,385
Nippn Corp., New		12,000		176,034
Nippon Electric Glass Co. Ltd.		23,200		579,543

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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Gas Co. Ltd.		30,000	$	419,825
Nippon Koei Co. Ltd.		3,100		80,498
Nippon Light Metal Holdings Co. Ltd.		16,500		252,841
Nippon Road Co. Ltd. (The)		1,800		131,138
Nippon Seiki Co. Ltd.		12,000		107,190
Nippon Signal Company Ltd.		12,000		93,493
Nippon Soda Co. Ltd.		6,000		171,693
Nippon Steel Trading Corp.		4,200		189,575
Nippon Television Holdings Inc.		17,400		181,715
Nishimatsuya Chain Co. Ltd.		11,600		147,940
Nishio Rent All Co. Ltd.		5,800		142,094
Nissha Co. Ltd.		11,600		147,684
Nisshin Oillio Group Ltd. (The)		6,000		157,104
Nisshinbo Holdings Inc.		42,000		349,875
Nissin Electric Co. Ltd.		14,500		182,915
Nitta Corp.		6,000		147,027
Nittetsu Mining Co. Ltd.		1,500		83,921
Nitto Kogyo Corp.		6,000		80,716
Nojima Corp.		9,200		185,532
Noritake Co. Ltd./Nagoya Japan		2,500		100,043
Noritz Corp.		6,000		88,236
NS United Kaiun Kaisha Ltd.		2,800		74,499
Obara Group Inc.		3,000		86,946
Oiles Corp.		6,000		84,013
Okamura Corp.		16,300		172,325
Okasan Securities Group Inc.		47,800		159,526
Oki Electric Industry Co. Ltd.		24,000		183,586
Okinawa Cellular Telephone Co.		3,500		152,485
Okinawa Electric Power Co. Inc. (The)		12,036		147,016
Organo Corp.		1,900		138,944
Osaka Soda Co. Ltd.		3,600		95,555
Pacific Industrial Co. Ltd.		12,000		114,548
Pack Corp. (The)		5,800		135,791
Paramount Bed Holdings Co. Ltd.		11,600		193,033
Plenus Co. Ltd.		6,000		102,492
Pressance Corp.		6,000		109,641
Prima Meat Packers Ltd.		7,800		171,310
Proto Corp.		6,000		69,655
Raito Kogyo Co. Ltd.		12,000		195,887
Raiznext Corp.		6,000		60,311
Relia Inc.		11,600		98,045
Riken Keiki Co. Ltd.		3,500		167,453
Riken Vitamin Co. Ltd.		6,000		88,741
Riso Kagaku Corp.		6,000		107,615
Ryosan Co. Ltd.		5,800		114,925
Sakata INX Corp.		12,000		101,056
San-Ai Oil Co. Ltd.		17,400		141,806
Sanyo Chemical Industries Ltd.		3,500		159,489
Sawai Group Holdings Co. Ltd.		11,600		439,080
Seikagaku Corp.		12,000		98,232
Seiren Co. Ltd.		12,000		226,880
Sekisui Jushi Corp.		5,800		102,468
Shikoku Chemicals Corp.		9,800		121,980
Shimamura Co. Ltd.		6,500		594,725
Shin Nippon Air Technologies Co. Ltd.		2,800		49,902
Shin-Etsu Polymer Co. Ltd.		12,000		114,991
Shinmaywa Industries Ltd.		18,000		138,277
Shinnihon Corp.		6,000		39,229
Shizuoka Gas Co. Ltd.		12,000		104,759
Shoei Co. Ltd.		5,800		223,326

Security	Shares		Value
Japan (continued)
Sinko Industries Ltd.		5,800	$	92,268
SKY Perfect JSAT Holdings Inc.		42,000		158,075
Snow Peak Inc.		7,200		146,972
Starts Corp. Inc.		8,800		191,598
Sumitomo Densetsu Co. Ltd.		5,800		105,723
Sumitomo Mitsui Construction Co. Ltd.		46,440		175,479
Sumitomo Osaka Cement Co. Ltd.		9,900		303,588
Sumitomo Riko Co. Ltd.		12,000		61,382
Sumitomo Rubber Industries Ltd.		52,200		543,183
Sun Frontier Fudousan Co. Ltd.		11,800		107,106
Suruga Bank Ltd.		48,000		207,042
Taihei Dengyo Kaisha Ltd.		3,300		78,107
Takamatsu Construction Group Co. Ltd.		5,800		100,499
Takara Standard Co. Ltd.		8,800		104,768
Takasago International Corp.		3,100		76,011
Tama Home Co. Ltd.		4,300		87,615
Tamron Co. Ltd.		4,400		95,913
Tenma Corp.		4,300		93,879
T-Gaia Corp.		6,000		87,049
TKC Corp.		8,800		231,247
Toa Corp./Tokyo		3,900		82,498
TOC Co. Ltd.		12,000		74,709
Tocalo Co. Ltd.		17,400		211,446
Toenec Corp.		2,300		63,755
Toho Holdings Co. Ltd.		16,400		256,431
Tokai Corp./Gifu		6,000		94,273
Tokai Rika Co. Ltd.		15,500		201,926
Token Corp.		2,000		162,004
Tokushu Tokai Paper Co. Ltd.		2,400		86,501
Tokuyama Corp.		18,000		286,511
Topre Corp.		9,600		100,244
Tosei Corp.		11,600		106,205
Towa Pharmaceutical Co. Ltd.		7,800		191,315
Toyo Construction Co. Ltd.		23,800		118,640
Toyo Tanso Co. Ltd.		3,800		97,708
TPR Co. Ltd.		6,000		76,026
TRE Holdings Corp.		12,000		151,445
TS Tech Co. Ltd.		24,000		316,235
Tsubakimoto Chain Co.		7,500		210,037
TV Asahi Holdings Corp.		6,000		78,036
Ube Industries Ltd.		30,000		539,387
Uchida Yoko Co. Ltd.		2,100		83,149
Union Tool Co.		2,600		84,265
United Super Markets Holdings Inc.		15,700		143,149
Valor Holdings Co. Ltd.		10,400		199,911
ValueCommerce Co. Ltd.		4,500		138,745
VT Holdings Co. Ltd.		23,200		90,075
Wacom Co. Ltd.		46,400		337,038
Wakita & Co. Ltd.		10,000		88,235
Weathernews Inc.		1,600		109,082
World Holdings Co. Ltd.		2,500		50,500
Xebio Holdings Co. Ltd.		6,000		47,029
YAMABIKO Corp.		9,800		89,376
Yamazen Corp.		18,000		156,596
Yellow Hat Ltd.		9,700		134,490
Yodogawa Steel Works Ltd.		5,800		123,567
Yokohama Rubber Co. Ltd. (The)		34,800		507,335
Yokowo Co. Ltd.		4,700		107,967
Yonex Co. Ltd.		17,400		108,570
Yuasa Trading Co. Ltd.		4,700		118,942

26 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Yurtec Corp.		11,600	$	69,159
ZERIA Pharmaceutical Co. Ltd.		6,000		100,336
Zuken Inc.		4,100		106,058
				47,504,663
Netherlands — 6.1%
Aalberts NV		14,094		861,568
Accell Group NV(a)		7,424		483,160
Arcadis NV		21,460		939,413
ASR Nederland NV		40,948		1,903,902
B&S Group Sarl(c)		8,890		71,846
BE Semiconductor Industries NV		19,836		1,663,216
Brunel International NV		5,346		65,691
Cementir Holding NV		13,394		118,091
Eurocommercial Properties NV		12,238		295,944
Flow Traders(c)		9,570		371,175
ForFarmers NV		10,030		45,625
Fugro NV(a)		31,116		248,817
Koninklijke BAM Groep NV(a)		80,098		267,444
MFE-MediaForEurope NV(a)		89,084		73,860
MFE-MediaForEurope NV		89,084		113,674
NSI NV		5,946		246,563
PostNL NV		141,926		607,971
SIF Holding NV		3,424		41,145
Signify NV(c)		38,106		2,018,433
Technip Energies NV(a)		31,784		486,343
TKH Group NV		12,122		699,488
Van Lanschot Kempen NV		9,370		236,041
Vastned Retail NV		3,712		103,907
Wereldhave NV		10,034		154,165
				12,117,482
Norway — 1.4%
Borregaard ASA		28,536		671,172
BW LPG Ltd.(c)		23,780		128,278
Entra ASA(c)		16,878		370,997
Europris ASA(c)		47,908		357,832
Fjordkraft Holding ASA(c)		29,306		124,958
Golden Ocean Group Ltd.		39,150		356,690
MPC Container Ships AS, NVS(a)		80,374		272,888
Protector Forsikring ASA		17,420		232,036
Selvaag Bolig ASA		14,616		86,024
Stolt-Nielsen Ltd.		7,738		140,117
Volue ASA(a)		14,896		88,766
				2,829,758
Singapore — 2.8%
AEM Holdings Ltd.		75,400		253,492
AIMS APAC REIT(b)		162,000		166,995
ARA LOGOS Logistics Trust		400,200		244,835
Ascendas India Trust		258,200		249,186
ComfortDelGro Corp. Ltd.		638,000		644,208
First Resources Ltd.		168,200		206,318
Frencken Group Ltd.		90,000		110,228
Golden Agri-Resources Ltd.		1,879,200		343,374
Haw Par Corp. Ltd.		34,800		299,872
Hutchison Port Holdings Trust, Class U		1,531,200		361,680
iFAST Corp. Ltd.		40,600		188,530
Japfa Ltd.		139,200		63,617
Kenon Holdings Ltd./Singapore		7,134		401,065
Keppel Pacific Oak US REIT		252,200		186,628
Lendlease Global Commercial REIT		264,200		160,941

Security	Shares		Value
Singapore (continued)
Raffles Medical Group Ltd.		272,600	$	258,283
Riverstone Holdings Ltd./Singapore(b)		156,000		81,409
Sasseur Real Estate Investment Trust		168,200		99,187
Sheng Siong Group Ltd.(b)		198,200		219,027
Silverlake Axis Ltd.(b)		246,200		43,075
Starhill Global REIT		432,400		199,100
Yangzijiang Shipbuilding Holdings Ltd.(b)		719,200		690,038
Yanlord Land Group Ltd.		179,800		153,716
				5,624,804
Spain — 0.9%
Atresmedia Corp. de Medios de Comunicacion SA		26,738		103,979
Faes Farma SA		94,266		362,824
Global Dominion Access SA(c)		28,112		138,862
Laboratorios Farmaceuticos Rovi SA		5,742		421,886
Lar Espana Real Estate Socimi SA		17,342		104,840
Mediaset Espana Comunicacion SA(a)		47,216		221,088
Miquel y Costas & Miquel SA		5,766		81,102
Neinor Homes SA(c)		13,274		161,653
Pharma Mar SA		4,292		270,132
				1,866,366
Sweden — 3.3%
AcadeMedia AB(c)		25,346		147,144
Arjo AB, Class B		63,568		635,294
Betsson AB, Class B		32,378		181,163
Bilia AB, Class A		21,024		315,529
Biotage AB		19,198		392,000
Bure Equity AB		16,356		564,352
Clas Ohlson AB, Class B		11,542		139,883
Creades AB, Class A		15,438		201,266
GARO AB		8,168		152,551
Hexatronic Group AB		8,526		345,716
HMS Networks AB		7,830		408,934
Inwido AB		15,196		265,918
Kambi Group PLC, Class B(a)		7,448		193,095
Kindred Group PLC		67,744		787,012
KNOW IT AB		5,916		216,087
LeoVegas AB(c)		22,886		83,515
Lime Technologies AB		3,002		94,264
Mekonomen AB(a)		11,774		173,794
New Wave Group AB, Class B		12,006		182,700
Nobia AB		36,366		198,712
Ratos AB, Class B		63,336		332,465
Svolder AB, NVS		25,056		192,389
SwedenCare AB		18,908		215,670
VNV Global AB(a)		24,824		214,664
				6,634,117
Switzerland — 7.5%
APG SGA SA(a)		420		86,117
Ascom Holding AG, Registered(a)		9,790		128,205
Autoneum Holding AG(a)		812		147,503
Belimo Holding AG, Registered		2,668		1,473,324
BKW AG		6,206		740,351
Bobst Group SA, Registered(a)		2,462		209,079
Bossard Holding AG, Class A, Registered		1,682		527,347
Bucher Industries AG, Registered		1,972		907,978
Burckhardt Compression Holding AG		870		411,486
Burkhalter Holding AG		1,260		87,295
Coltene Holding AG, Registered		840		99,895
Comet Holding AG, Registered		2,088		666,106

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) (continued) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Galenica AG(c)		14,732	$	1,040,432
Huber + Suhner AG, Registered		4,640		422,436
Inficon Holding AG, Registered		522		637,603
Interroll Holding AG, Registered		188		795,731
Intershop Holding AG		348		229,834
Kardex Holding AG, Registered		1,856		515,177
LEM Holding SA, Registered		120		300,254
Medacta Group SA(a)(c)		2,030		259,377
Medartis Holding AG(a)(c)		1,260		173,163
Metall Zug AG, Class B, Registered		58		119,236
Mobilezone Holding AG, Registered		12,134		189,622
Sensirion Holding AG(a)(c)		2,842		348,450
SFS Group AG		4,930		719,277
Siegfried Holding AG, Registered		1,160		939,162
Swissquote Group Holding SA, Registered		2,784		473,604
Tecan Group AG, Registered		3,596		1,748,419
TX Group AG(a)		754		118,635
Vetropack Holding AG, Registered		3,364		195,188
V-ZUG Holding AG(a)		600		74,022
Zehnder Group AG, Registered		2,958		270,752
				15,055,060
United Kingdom — 11.5%
888 Holdings PLC		109,562		378,188
Advanced Medical Solutions Group PLC		58,568		233,416
AG Barr PLC		26,490		176,351
Alliance Pharma PLC		137,322		200,198
Atalaya Mining PLC		22,946		127,143
Bakkavor Group PLC(c)		40,368		66,561
Bank of Georgia Group PLC		11,426		225,585
Bodycote PLC		56,376		606,282
Brewin Dolphin Holdings PLC		89,378		396,846
Centamin PLC		340,054		409,809
Central Asia Metals PLC		53,102		158,545
Civitas Social Housing PLC		179,800		233,349
Clipper Logistics PLC		23,066		209,705
CMC Markets PLC(c)		39,418		121,930
Craneware PLC		8,294		211,937
Currys PLC.		327,700		472,629
CVS Group PLC		19,836		526,079
dotdigital group PLC		80,916		160,943
EMIS Group PLC		16,530		291,673
Ergomed PLC(a)		11,052		168,881
Ferrexpo PLC		86,188		283,057
Halfords Group PLC		57,942		254,819
Helical PLC		31,958		184,815
IG Group Holdings PLC		113,564		1,250,205
Impax Asset Management Group PLC		25,404		375,813
Indivior PLC(a)		217,790		663,041
Investec PLC		207,060		1,182,126
IP Group PLC		297,946		391,591
Judges Scientific PLC		1,500		153,722
Jupiter Fund Management PLC		130,210		403,958
Just Group PLC(a)		303,688		353,395
Keller Group PLC		21,504		246,746
Luceco PLC(c)		23,426		94,707
Man Group PLC/Jersey		423,226		1,105,604
Morgan Sindall Group PLC		11,600		335,163
Naked Wines PLC(a)(b)		17,720		124,996
Numis Corp. PLC		23,426		101,465
Pagegroup PLC		96,686		762,918

Security	Shares		Value
United Kingdom (continued)
Patisserie Holdings PLC(d)		3,062	$	—
Pets at Home Group PLC		147,262		845,685
Picton Property Income Ltd. (The)		161,892		224,696
Polar Capital Holdings PLC		22,646		192,648
Premier Foods PLC		173,420		275,214
Reach PLC		86,942		305,183
Redde Northgate PLC		68,730		358,199
Renewi PLC(a)		24,148		217,570
Royal Mail PLC		236,988		1,416,159
S4 Capital PLC(a)		81,316		568,607
Sabre Insurance Group PLC(c)		75,388		230,154
Safestore Holdings PLC		58,058		995,426
Savills PLC		42,108		767,323
Serica Energy PLC		48,536		168,701
Spirent Communications PLC		180,206		601,806
SThree PLC		36,830		233,858
Strix Group PLC		62,112		204,659
Telecom Plus PLC		18,502		373,748
TORM PLC, Class A(a)		7,018		50,192
Tyman PLC		57,304		289,665
Victorian Plumbing Group PLC(a)		34,300		47,237
Volution Group PLC		58,290		394,954
Warehouse REIT PLC		117,276		262,769
Wickes Group PLC		78,332		216,175
Yellow Cake PLC(a)(c)		44,032		190,815
				23,075,634
Total Common Stocks — 99.2% (Cost: $175,356,310)				198,773,338
Preferred Stocks
Germany — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,462		143,027
Einhell Germany AG, Preference Shares, NVS		538		124,510
STO SE & Co. KGaA, Preference Shares, NVS		754		189,231
				456,768
Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		11,600		207,789
Total Preferred Stocks — 0.4% (Cost: $530,277)				664,557
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(e)(f)(g)		1,821,825		1,822,371
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		60,000		60,000
				1,882,371
Total Short-Term Investments — 0.9% (Cost: $1,881,934)				1,882,371
Total Investments in Securities — 100.5% (Cost: $177,768,521)				201,320,266
Other Assets, Less Liabilities — (0.5)%				(980,128	)
Net Assets — 100.0%			$	200,340,138

28 2 0 2 2   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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF

^(a) Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$2,331,769		$        —		$(508,987)(a)		$    (259)		$(152)		$1,822,371		1,821,825		$25,081(b)		$        —
BlackRock Cash Funds: Treasury, SL Agency Shares.		80,000		—		(20,000)(a)		—		—		60,000		60,000		4		—
								$    (259)		$(152)		$1,882,371				$25,085		$        —

^(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		12		03/18/22	$	564	$	(7,997	)
FTSE 100 Index		3		03/18/22		301		4,599
							$	(3,398	)

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:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	4,599
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	7,997

^(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).

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) January 31, 2022 iShares^® MSCI Intl Small-Cap Multifactor ETF

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	45,061
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,771	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	858,828

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
Investments
Assets
Common Stocks	$	45,706,644	$	153,066,694		$	—	$	198,773,338
Preferred Stocks		124,510		540,047			—		664,557
Money Market Funds		1,882,371		—			—		1,882,371
	$	47,713,525	$	153,606,741		$	—	$	201,320,266
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	4,599		$	—	$	4,599
Liabilities
Futures Contracts		—		(7,997	)		—		(7,997	)
	$	—	$	(3,398	)	$	—	$	(3,398	)

^(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 2   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) January 31, 2022 iShares^® MSCI USA Mid-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Huntington Ingalls Industries Inc.		267	$	49,982
Textron Inc.		1,366		92,970
				142,952
Air Freight & Logistics — 1.3%
Expeditors International of Washington Inc.		856		97,995
Auto Components — 1.8%
BorgWarner Inc.		1,596		69,985
Lear Corp.		397		66,426
				136,411
Building Products — 1.7%
A O Smith Corp.		885		67,632
Owens Corning		686		60,848
				128,480
Capital Markets — 2.1%
Franklin Resources Inc.		2,005		64,100
Invesco Ltd.		2,304		52,209
SEI Investments Co		797		46,712
				163,021
Chemicals — 5.0%
Celanese Corp.		628		97,786
CF Industries Holdings Inc.		1,431		98,553
Eastman Chemical Co.		782		93,003
Mosaic Co. (The)		2,465		98,477
				387,819
Communications Equipment — 2.1%
F5 Inc.(a)		401		83,256
Juniper Networks Inc.		2,162		75,281
				158,537
Consumer Finance — 1.9%
Ally Financial Inc.		2,137		101,978
Synchrony Financial		1,060		45,145
				147,123
Containers & Packaging — 2.6%
International Paper Co.		2,149		103,689
Packaging Corp. of America		632		95,198
				198,887
Distributors — 2.4%
LKQ Corp.		1,732		95,070
Pool Corp.		193		91,916
				186,986
Diversified Telecommunication Services — 1.2%
Liberty Global PLC, Class A(a)		1,058		28,693
Liberty Global PLC, Class C, NVS(a)		2,314		62,571
				91,264
Electric Utilities — 0.8%
NRG Energy Inc.		1,628		65,006
Electronic Equipment, Instruments & Components — 3.6%
Arrow Electronics Inc.(a)		477		59,148
Cognex Corp.		1,148		76,296
Keysight Technologies Inc.(a)		337		56,893
Zebra Technologies Corp., Class A(a)		168		85,532
				277,869
Equity Real Estate Investment Trusts (REITs) — 1.0%
Camden Property Trust		5		800

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Regency Centers Corp.		1,017	$	72,970
				73,770
Food Products — 1.7%
Bunge Ltd.		302		29,856
JM Smucker Co. (The)		721		101,358
				131,214
Gas Utilities — 0.8%
UGI Corp		1,391		63,082
Health Care Equipment & Supplies — 1.4%
Cooper Companies Inc. (The)		264		105,151
Health Care Providers & Services — 6.4%
DaVita Inc.(a)		453		49,091
Henry Schein Inc.(a)		929		69,954
Laboratory Corp. of America Holdings(a)		408		110,715
Molina Healthcare Inc.(a)		339		98,473
Quest Diagnostics Inc.		706		95,324
Universal Health Services Inc., Class B		505		65,680
				489,237
Health Care Technology — 1.8%
Cerner Corp.		1,486		135,523
Household Durables — 7.0%
DR Horton Inc.		538		48,000
Garmin Ltd.		676		84,108
Lennar Corp., Class A		1,089		104,664
Mohawk Industries Inc.(a)		390		61,569
Newell Brands Inc.		2,548		59,139
PulteGroup Inc.		1,727		90,996
Whirlpool Corp.		417		87,649
				536,125
Insurance — 4.6%
American Financial Group Inc./OH		479		62,404
Fidelity National Financial Inc.		1,804		90,832
Hartford Financial Services Group Inc. (The)		1,602		115,136
Lincoln National Corp.		1,188		83,136
				351,508
IT Services — 4.2%
Akamai Technologies Inc.(a)		861		98,626
EPAM Systems Inc.(a)		197		93,800
Jack Henry & Associates Inc.		492		82,562
Western Union Co. (The)		2,704		51,133
				326,121
Life Sciences Tools & Services — 3.8%
Bio-Rad Laboratories Inc., Class A(a)		134		80,364
Waters Corp.(a)		317		101,478
West Pharmaceutical Services Inc.		277		108,922
				290,764
Machinery — 1.9%
Pentair PLC		1,102		70,197
Snap-on Inc.		359		74,762
				144,959
Media — 3.5%
Discovery Inc., Class A(a)(b)		1,125		31,399
Discovery Inc., Class C, NVS(a)(b)		2,088		57,107
Fox Corp., Class A, NVS		2,152		87,392
Fox Corp., Class B		1,005		37,366

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) January 31, 2022 iShares^® MSCI USA Mid-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
News Corp., Class A, NVS		2,600	$	57,824
				271,088
Metals & Mining — 2.4%
Nucor Corp.		1,111		112,655
Steel Dynamics Inc.		1,357		75,341
				187,996
Oil, Gas & Consumable Fuels — 6.8%
Coterra Energy Inc.		4,898		107,266
Devon Energy Corp.		2,712		137,146
Diamondback Energy Inc.		885		111,652
Pioneer Natural Resources Co.		756		165,481
				521,545
Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC(a)		407		56,536
Professional Services — 1.1%
Robert Half International Inc.		744		84,265
Real Estate Management & Development — 1.7%
CBRE Group Inc., Class A(a)		1,254		127,080
Road & Rail — 2.7%
AMERCO		66		40,190
Knight-Swift Transportation Holdings Inc.		1,048		59,296
Old Dominion Freight Line Inc.		359		108,393
				207,879
Semiconductors & Semiconductor Equipment — 5.0%
Monolithic Power Systems Inc.		202		81,392
ON Semiconductor Corp.(a)		1,840		108,560
Qorvo Inc.(a)		662		90,880
Skyworks Solutions Inc.		712		104,322
				385,154
Software — 2.5%
Cadence Design Systems Inc.(a)		800		121,712
Citrix Systems Inc.		700		71,358
				193,070

Security	Shares		Value
Specialty Retail — 3.6%
Bath & Body Works Inc.		1,378	$	77,264
Best Buy Co. Inc.		892		88,558
Tractor Supply Co.		503		109,810
				275,632
Technology Hardware, Storage & Peripherals — 5.6%
Hewlett Packard Enterprise Co.		7,233		118,115
NetApp Inc.		1,219		105,456
Seagate Technology Holdings PLC		1,067		114,329
Western Digital Corp.(a)		1,853		95,874
				433,774
Trading Companies & Distributors — 1.3%
United Rentals Inc.(a)		310		99,237
Total Common Stocks — 99.9%     (Cost: $7,414,792)			7,673,060
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		65,818		65,838
Total Short-Term Investments — 0.8%     (Cost: $65,838)			65,838
Total Investments in Securities — 100.7%     (Cost: $7,480,630)			7,738,898
Other Assets, Less Liabilities — (0.7)%			(54,898)
Net Assets — 100.0%			$    7,684,000

(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	65,842	(a)	$	—	$	(4	)	$	—	$	65,838		65,818	$	74	(b)	$	—

^(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.

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.

32 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Mid-Cap Multifactor ETF

Fair Value Hierarchy as of Period End (continued)

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
Investments
Assets
Common Stocks	$	7,673,060	$	—	$	—	$	7,673,060
Money Market Funds		65,838		—		—		65,838
	$	7,738,898	$	—	$	—	$	7,738,898

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 33

Schedule of Investments (unaudited) January 31, 2022 iShares^® MSCI USA Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Huntington Ingalls Industries Inc.		11,463	$	2,145,874
Textron Inc.		63,889		4,348,285
				6,494,159
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		37,450		3,919,143
Expeditors International of Washington Inc		48,392		5,539,916
				9,459,059
Auto Components — 0.5%
BorgWarner Inc.		68,176		2,989,517
Lear Corp.		16,990		2,842,767
				5,832,284
Automobiles — 1.8%
General Motors Co.(a)		372,006		19,615,877
Tesla Inc.(a)		1,703		1,595,234
				21,211,111
Beverages — 0.2%
Molson Coors Beverage Co., Class B		54,111		2,578,930
Biotechnology — 3.7%
Biogen Inc.(a)		42,430		9,589,180
Gilead Sciences Inc.		356,991		24,518,142
Horizon Therapeutics PLC(a)		61,130		5,705,263
Regeneron Pharmaceuticals Inc.(a)		7,138		4,344,115
				44,156,700
Building Products — 1.7%
A O Smith Corp.		37,870		2,894,025
Johnson Controls International PLC		202,776		14,735,732
Owens Corning		29,308		2,599,620
				20,229,377
Capital Markets — 3.1%
FactSet Research Systems Inc.		10,767		4,542,490
Franklin Resources Inc.		85,749		2,741,396
Invesco Ltd.		98,788		2,238,536
Raymond James Financial Inc.		52,648		5,573,844
SEI Investments Co.		34,231		2,006,279
State Street Corp.		104,101		9,837,544
T Rowe Price Group Inc.		64,612		9,978,031
				36,918,120
Chemicals — 2.4%
Celanese Corp.		31,593		4,919,346
CF Industries Holdings Inc.		61,326		4,223,522
Corteva Inc.		209,041		10,050,691
Eastman Chemical Co.		38,707		4,603,423
Mosaic Co. (The)		105,309		4,207,095
				28,004,077
Commercial Services & Supplies — 0.2%
Rollins Inc.		63,203		1,949,813
Communications Equipment — 3.3%
Cisco Systems Inc.		575,122		32,017,042
F5 Inc.(a)		17,144		3,559,437
Juniper Networks Inc.		92,436		3,218,622
				38,795,101
Consumer Finance — 0.4%
Ally Financial Inc.		102,770		4,904,184

Security	Shares		Value
Containers & Packaging — 1.0%
International Paper Co.		105,831	$	5,106,346
Packaging Corp. of America		27,007		4,068,064
Sealed Air Corp.		34,392		2,335,905
				11,510,315
Distributors — 1.3%
Genuine Parts Co.		40,720		5,425,126
LKQ Corp.		79,588		4,368,585
Pool Corp.		11,425		5,441,156
				15,234,867
Diversified Telecommunication Services — 0.3%
Liberty Global PLC, Class A(a)		45,358		1,230,109
Liberty Global PLC, Class C, NVS(a)		98,808		2,671,768
				3,901,877
Electric Utilities — 1.6%
Exelon Corp.		278,409		16,133,801
NRG Energy Inc.		69,847		2,788,991
				18,922,792
Electronic Equipment, Instruments & Components — 2.0%
Arrow Electronics Inc.(a)		20,495		2,541,380
Cognex Corp.		50,239		3,338,884
IPG Photonics Corp.(a)		10,686		1,650,666
Keysight Technologies Inc.(a)		52,389		8,844,311
Zebra Technologies Corp., Class A(a)		15,207		7,742,188
				24,117,429
Entertainment — 1.4%
Electronic Arts Inc.		81,028		10,749,175
Take-Two Interactive Software Inc.(a)		33,201		5,423,051
				16,172,226
Equity Real Estate Investment Trusts (REITs) — 5.3%
AvalonBay Communities Inc.		39,748		9,707,654
Camden Property Trust		28,665		4,588,980
Duke Realty Corp.		107,753		6,225,968
Extra Space Storage Inc.		38,095		7,550,048
Mid-America Apartment Communities Inc.		33,042		6,829,121
Public Storage		44,904		16,099,431
Regency Centers Corp.		43,468		3,118,829
Weyerhaeuser Co.		213,484		8,631,158
				62,751,189
Food & Staples Retailing — 1.6%
Kroger Co. (The)		202,121		8,810,455
Walgreens Boots Alliance Inc.		209,337		10,416,609
				19,227,064
Food Products — 2.4%
Archer-Daniels-Midland Co.		159,264		11,944,800
Bunge Ltd.		40,286		3,982,674
JM Smucker Co. (The)		30,902		4,344,203
Tyson Foods Inc., Class A		83,968		7,631,852
				27,903,529
Gas Utilities — 0.6%
Atmos Energy Corp.		37,183		3,986,761
UGI Corp.		59,408		2,694,153
				6,680,914
Health Care Equipment & Supplies — 2.0%
ABIOMED Inc.(a)		12,937		3,827,670
Cooper Companies Inc. (The)		14,032		5,588,946
Hologic Inc.(a)		72,072		5,062,337

34 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
ResMed Inc.		41,477	$	9,481,642
				23,960,595
Health Care Providers & Services — 4.6%
Anthem Inc.		59,058		26,043,987
DaVita Inc.(a)		19,443		2,107,038
HCA Healthcare Inc.		13,106		3,146,095
Henry Schein Inc.(a)		39,706		2,989,862
Laboratory Corp. of America Holdings(a)		27,446		7,447,747
Molina Healthcare Inc.(a)		16,601		4,822,258
Quest Diagnostics Inc.		34,815		4,700,721
Universal Health Services Inc., Class B		21,562		2,804,354
				54,062,062
Health Care Technology — 0.6%
Cerner Corp.		84,170		7,676,304
Household Durables — 2.3%
DR Horton Inc.		96,891		8,644,615
Garmin Ltd.		43,836		5,454,075
Mohawk Industries Inc.(a)		16,677		2,632,798
Newell Brands Inc.		108,749		2,524,065
PulteGroup Inc.		73,780		3,887,468
Whirlpool Corp.		17,827		3,747,057
				26,890,078
Insurance — 2.1%
Allstate Corp. (The)		84,186		10,158,725
American Financial Group Inc./OH		581		75,693
Everest Re Group Ltd.		11,336		3,212,622
Fidelity National Financial Inc.		77,056		3,879,770
Hartford Financial Services Group Inc. (The)		98,890		7,107,224
				24,434,034
Interactive Media & Services — 2.4%
Alphabet Inc., Class A(a)		423		1,144,667
Alphabet Inc., Class C, NVS(a)		8,911		24,184,187
IAC/InterActiveCorp.(a)(b)		22,530		3,076,246
				28,405,100
Internet & Direct Marketing Retail — 2.5%
Amazon.com Inc.(a)		6,372		19,061,647
eBay Inc.		185,085		11,118,056
				30,179,703
IT Services — 2.8%
Akamai Technologies Inc.(a)		46,290		5,302,520
Cognizant Technology Solutions Corp., Class A		149,651		12,783,188
EPAM Systems Inc.(a)		16,123		7,676,805
Jack Henry & Associates Inc		21,042		3,531,058
Paychex Inc.		10,129		1,192,791
Western Union Co. (The)		116,004		2,193,636
				32,679,998
Life Sciences Tools & Services — 1.8%
Bio-Rad Laboratories Inc., Class A(a)		6,335		3,799,290
Bio-Techne Corp.		11,106		4,180,409
Waters Corp.(a)		17,484		5,596,978
West Pharmaceutical Services Inc.		21,064		8,282,786
				21,859,463
Machinery — 1.3%
Cummins Inc.		40,885		9,030,679
Pentair PLC		47,159		3,004,028
Snap-on Inc.		15,349		3,196,429
				15,231,136

Security	Shares		Value
Media — 1.3%
Discovery Inc., Class A(a)(b)		48,266	$	1,347,104
Discovery Inc., Class C, NVS(a)(b)		89,514		2,448,208
Fox Corp., Class A, NVS		91,948		3,734,008
Fox Corp., Class B		43,047		1,600,488
Interpublic Group of Companies Inc. (The)		111,910		3,977,281
News Corp., Class A, NVS		111,661		2,483,341
				15,590,430
Metals & Mining — 1.0%
Nucor Corp.		83,620		8,479,068
Steel Dynamics Inc.		58,035		3,222,103
				11,701,171
Multi-Utilities — 2.1%
Ameren Corp.		73,247		6,499,939
Consolidated Edison Inc.		100,619		8,698,513
Public Service Enterprise Group Inc.		143,946		9,576,727
				24,775,179
Multiline Retail — 2.1%
Target Corp.		110,737		24,409,757
Oil, Gas & Consumable Fuels — 4.0%
Coterra Energy Inc.		219,441		4,805,758
Devon Energy Corp		183,139		9,261,339
EOG Resources Inc.		166,238		18,532,212
Pioneer Natural Resources Co.		65,990		14,444,551
				47,043,860
Pharmaceuticals — 0.2%
Jazz Pharmaceuticals PLC(a)		17,458		2,425,091
Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		38,436		2,949,194
Robert Half International Inc.		31,833		3,605,406
				6,554,600
Real Estate Management & Development — 0.8%
CBRE Group Inc., Class A(a)		95,592		9,687,293
Road & Rail — 1.5%
AMERCO		2,800		1,705,060
JB Hunt Transport Services Inc.		23,992		4,619,420
Knight-Swift Transportation Holdings Inc.		44,802		2,534,897
Old Dominion Freight Line Inc.		28,027		8,462,192
				17,321,569
Semiconductors & Semiconductor Equipment — 6.8%
Intel Corp.		606,830		29,625,440
Micron Technology Inc.		320,525		26,369,592
Qorvo Inc.(a)		31,676		4,348,481
Skyworks Solutions Inc.		47,034		6,891,422
Texas Instruments Inc.		74,040		13,289,440
				80,524,375
Software — 8.4%
Bentley Systems Inc., Class B		50,106		2,012,758
Cadence Design Systems Inc.(a)		78,805		11,989,393
Citrix Systems Inc.		35,314		3,599,909
Fortinet Inc.(a)		39,528		11,749,303
Microsoft Corp.		131,745		40,970,060
NortonLifeLock Inc.		165,855		4,313,889
Oracle Corp.		305,553		24,798,681
				99,433,993
Specialty Retail — 3.3%
Advance Auto Parts Inc.		17,967		4,159,540

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) (continued) January 31, 2022 iShares^® MSCI USA Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
AutoZone Inc.(a)		6,138	$	12,192,216
Bath & Body Works Inc.		75,448		4,230,369
Best Buy Co. Inc.		64,213		6,375,067
Tractor Supply Co.		32,564		7,109,047
Ulta Beauty Inc.(a)		14,715		5,352,434
				39,418,673
Technology Hardware, Storage & Peripherals — 7.4%
Apple Inc.		316,043		55,237,996
Hewlett Packard Enterprise Co.		372,071		6,075,919
HP Inc.		342,030		12,562,762
NetApp Inc.		63,687		5,509,562
Seagate Technology Holdings PLC		58,349		6,252,095
Western Digital Corp.(a)		28,855		1,492,958
				87,131,292
Trading Companies & Distributors — 1.9%
Fastenal Co.		163,642		9,275,229
United Rentals Inc.(a)		20,621		6,601,194
WW Grainger Inc.		12,613		6,244,822
				22,121,245
Total Common Stocks — 99.8% (Cost: $976,430,933)				1,180,472,118

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		3,137,592	$	3,138,533
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,318,000		2,318,000
				5,456,533
Total Short-Term Investments — 0.4% (Cost: $5,456,533)				5,456,533
Total Investments in Securities — 100.2% (Cost: $981,887,466)				1,185,928,651
Other Assets, Less Liabilities — (0.2)%				(2,937,430	)
Net Assets — 100.0%			$	1,182,991,221

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	124,150	$	3,016,271	(a)	$	—		$	(1,888	)	$	—	$	3,138,533		3,137,592	$	8,228	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,488,000		—			(170,000	)(a)		—			—		2,318,000		2,318,000		60			—
									$	(1,888	)	$	—	$	5,456,533			$	8,288		$	—

^(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
S&P 500 E-Mini Index		8		03/18/22	$	1,802	$	(64,582	)
S&P Mid 400 E-Mini Index		2		03/18/22		526		(33,954	)
							$	(98,536	)

36 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Multifactor 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:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	98,536

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	189,825
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(155,822	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,596,048

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
Investments
Assets
Common Stocks	$	1,180,472,118		$	—	$	—	$	1,180,472,118
Money Market Funds		5,456,533			—		—		5,456,533
	$	1,185,928,651		$	—	$	—	$	1,185,928,651
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(98,536	)	$	—	$	—	$	(98,536	)

^(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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
National Presto Industries Inc.		5,377	$	442,258
Vectrus Inc.(a)		11,943		549,498
				991,756
Air Freight & Logistics — 0.3%
Atlas Air Worldwide Holdings Inc.(a)		7,401		594,522
Hub Group Inc., Class A(a)		34,333		2,599,695
				3,194,217
Auto Components — 0.5%
Gentherm Inc.(a)(b)		33,875		2,960,336
Standard Motor Products Inc.		20,436		978,272
XPEL Inc.(a)		16,942		1,056,503
				4,995,111
Automobiles — 0.2%
Winnebago Industries Inc.		32,630		2,105,288
Banks — 1.9%
Amalgamated Financial Corp.	14,277		242,852
Arrow Financial Corp.		16,359		578,781
Bancorp. Inc. (The)(a)		28,212		841,282
Bar Harbor Bankshares		15,279		466,621
Camden National Corp.		15,231		756,371
Capital City Bank Group Inc.		12,412		343,316
Community Trust Bancorp. Inc.		16,357		722,816
Customers Bancorp. Inc.(a)		30,840		1,797,972
First Community Bankshares Inc.		15,860		494,991
First Financial Corp./IN		11,302		507,347
First Foundation Inc.		38,950		1,018,543
First of Long Island Corp. (The)		24,164		529,433
Great Southern Bancorp. Inc.		11,095		658,377
Hilltop Holdings Inc.		66,367		2,192,102
HomeStreet Inc.		22,224		1,083,420
Independent Bank Corp./MI		20,836		510,065
Lakeland Bancorp. Inc.		51,729		979,230
Mercantile Bank Corp.		15,391		592,092
OFG Bancorp.		54,180		1,499,161
Republic Bancorp. Inc./KY, Class A		10,220		500,984
Univest Financial Corp.		29,978		903,237
Washington Trust Bancorp. Inc.		17,714		1,011,115
				18,230,108
Beverages — 0.2%
MGP Ingredients Inc.		13,462		1,018,535
National Beverage Corp.		23,848		1,065,290
				2,083,825
Biotechnology — 3.5%
2seventy bio Inc.(a)(b)		22,928		428,066
Alkermes PLC(a)		164,882		4,204,491
Anika Therapeutics Inc.(a)		14,721		468,128
Avid Bioservices Inc.(a)(b)		62,706		1,183,262
Catalyst Pharmaceuticals Inc.(a)		99,728		574,433
Celldex Therapeutics Inc.(a)		38,002		1,178,442
Eagle Pharmaceuticals Inc./DE(a)		11,347		521,281
Emergent BioSolutions Inc.(a)		49,102		2,297,974
Ideaya Biosciences Inc.(a)		27,424		454,416
Intellia Therapeutics Inc.(a)(b)		62,401		5,901,262
Ironwood Pharmaceuticals Inc.(a)(b)		158,174		1,763,640
Myriad Genetics Inc.(a)		76,989		2,024,041
Organogenesis Holdings Inc., Class A(a)		32,698		251,448

Security	Shares		Value
Biotechnology (continued)
Prothena Corp. PLC(a)		32,232	$	1,098,466
United Therapeutics Corp.(a)		45,894		9,264,622
Vanda Pharmaceuticals Inc.(a)		56,711		859,739
Vericel Corp.(a)(b)		39,987		1,422,737
				33,896,448
Building Products — 0.8%
Apogee Enterprises Inc.		26,099		1,165,320
Insteel Industries Inc.		19,729		746,348
Quanex Building Products Corp.		34,234		745,959
Simpson Manufacturing Co. Inc		41,435		4,673,454
				7,331,081
Capital Markets — 5.2%
Affiliated Managers Group Inc.		42,118		6,158,073
Artisan Partners Asset Management Inc., Class A		66,274		2,863,700
B. Riley Financial Inc.		15,515		955,259
BGC Partners Inc., Class A		297,551		1,255,665
BrightSphere Investment Group Inc.		60,867		1,313,510
Cowen Inc., Class A		26,612		843,068
Diamond Hill Investment Group Inc.		3,119		582,473
Donnelley Financial Solutions Inc.(a)		30,928		1,151,140
Evercore Inc., Class A		40,525		5,058,331
Federated Hermes Inc.		94,720		3,136,179
Houlihan Lokey Inc.		51,802		5,505,517
Janus Henderson Group PLC		158,547		5,850,384
Jefferies Financial Group Inc.		214,633		7,864,153
Moelis & Co., Class A		62,367		3,521,864
Piper Sandler Cos.		18,453		2,845,822
PJT Partners Inc., Class A		23,726		1,644,686
Victory Capital Holdings Inc., Class A(b)		16,330		533,501
				51,083,325
Chemicals — 1.8%
AdvanSix Inc.		28,726		1,209,077
American Vanguard Corp.		28,336		429,857
Chase Corp.		7,706		731,145
FutureFuel Corp.		26,795		209,001
Hawkins Inc.		19,463		726,359
Koppers Holdings Inc.(a)		21,532		643,376
Olin Corp.		130,731		6,624,140
Stepan Co.		21,370		2,354,119
Trinseo PLC		31,741		1,699,413
Tronox Holdings PLC, Class A		117,772		2,673,425
				17,299,912
Commercial Services & Supplies — 1.2%
ACCO Brands Corp.		97,443		793,186
Brady Corp., Class A, NVS		49,582		2,574,298
Deluxe Corp.		43,479		1,308,718
Ennis Inc.		26,620		503,917
GEO Group Inc. (The)		123,688		832,420
Healthcare Services Group Inc.		76,322		1,388,297
Heritage-Crystal Clean Inc.(a)		16,038		458,847
HNI Corp.		44,830		1,880,170
Interface Inc.		60,357		800,334
Kimball International Inc., Class B		37,407		367,337
Matthews International Corp., Class A		32,320		1,135,078
				12,042,602
Communications Equipment — 2.0%
ADTRAN Inc.		49,623		953,258
Calix Inc.(a)		58,397		2,936,201
Cambium Networks Corp.(a)(b)		9,462		228,791

38 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Ciena Corp.(a)		158,192	$	10,489,712
Clearfield Inc.(a)		11,896		766,935
Digi International Inc.(a)		34,769		776,739
NETGEAR Inc.(a)		31,134		861,478
NetScout Systems Inc.(a)		75,719		2,388,934
Ribbon Communications Inc.(a)		98,135		441,608
				19,843,656
Construction & Engineering — 0.6%
Argan Inc.		16,072		597,075
Construction Partners Inc., Class A(a)		29,521		774,631
IES Holdings Inc.(a)		9,570		471,801
MYR Group Inc.(a)		17,243		1,621,359
Primoris Services Corp.		54,920		1,412,542
Sterling Construction Co. Inc.(a)		28,692		729,064
Tutor Perini Corp.(a)		46,899		558,098
				6,164,570
Construction Materials — 0.0%
United State Lime & Minerals Inc.		2,318		293,204
Consumer Finance — 1.5%
Atlanticus Holdings Corp.(a)(b)		7,582		487,598
Curo Group Holdings Corp.		19,020		272,557
Encore Capital Group Inc.(a)		30,925		1,994,662
Enova International Inc.(a)(b)		37,688		1,518,073
Navient Corp.		171,540		2,989,942
OneMain Holdings Inc.		80,986		4,183,737
PROG Holdings Inc.(a)		67,960		2,705,487
World Acceptance Corp.(a)		4,111		776,897
				14,928,953
Containers & Packaging — 0.1%
Myers Industries Inc.		31,111		562,176
Distributors — 0.0%
Funko Inc., Class A(a)(b)		22,114		382,130
Diversified Consumer Services — 0.5%
American Public Education Inc.(a)		19,057		407,629
Graham Holdings Co., Class B		4,136		2,461,416
Perdoceo Education Corp.(a)		71,439		787,258
Stride Inc.(a)		42,515		1,491,001
				5,147,304
Diversified Financial Services — 0.1%
A-Mark Precious Metals Inc.		8,622		533,702
Diversified Telecommunication Services — 0.1%
ATN International Inc.		11,317		449,059
IDT Corp., Class B(a)		22,180		832,415
				1,281,474
Electrical Equipment — 1.7%
Acuity Brands Inc.(b)		36,489		6,988,738
Atkore Inc.(a)		47,114		5,077,947
AZZ Inc.		25,626		1,219,285
Encore Wire Corp.(b)		21,096		2,377,308
GrafTech International Ltd.		84,870		889,438
				16,552,716
Electronic Equipment, Instruments & Components — 4.9%
Avnet Inc.		101,698		4,104,531
Badger Meter Inc.		29,834		3,018,306
Benchmark Electronics Inc.		36,379		878,189
CTS Corp.		29,814		1,000,260

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ePlus Inc.(a)(b)		27,620	$	1,269,691
Fabrinet(a)		37,606		4,255,495
Insight Enterprises Inc.(a)		35,636		3,355,129
Jabil Inc.		141,595		8,706,677
Kimball Electronics Inc.(a)(b)		25,427		503,200
Knowles Corp.(a)		94,015		1,994,058
Methode Electronics Inc.		39,028		1,718,403
Napco Security Technologies Inc.(a)(b)		29,924		622,120
OSI Systems Inc.(a)		17,386		1,441,995
PC Connection Inc.		12,010		520,634
Plexus Corp.(a)		28,871		2,238,080
Sanmina Corp.(a)		66,527		2,516,051
ScanSource Inc.(a)(b)		25,991		810,399
TTM Technologies Inc.(a)		104,666		1,408,804
Vishay Intertechnology Inc.		135,631		2,808,918
Vishay Precision Group Inc.(a)		12,848		411,522
Vontier Corp.		133,783		3,760,640
				47,343,102
Energy Equipment & Services — 0.4%
Aspen Aerogels Inc.(a)(b)		27,018		802,435
Cactus Inc., Class A		59,323		2,874,793
RPC Inc.(a)		66,040		390,296
				4,067,524
Entertainment — 0.5%
Lions Gate Entertainment Corp., Class A(a)		59,483		932,694
Lions Gate Entertainment Corp., Class B, NVS(a)		122,974		1,792,961
World Wrestling Entertainment Inc., Class A		46,144		2,304,431
				5,030,086
Equity Real Estate Investment Trusts (REITs) — 2.4%
American Finance Trust Inc.		120,424		994,702
Brandywine Realty Trust		174,683		2,246,423
CorePoint Lodging Inc.(a)		41,714		655,327
Equity Commonwealth(a)		124,511		3,242,266
Franklin Street Properties Corp., Class C		104,103		577,772
Getty Realty Corp.		39,353		1,167,604
Industrial Logistics Properties Trust		66,769		1,531,013
LTC Properties Inc.		40,158		1,448,499
LXP Industrial Trust		283,819		4,226,065
One Liberty Properties Inc.		17,020		519,110
Piedmont Office Realty Trust Inc., Class A		126,868		2,253,176
Retail Opportunity Investments Corp.		124,115		2,299,851
RPT Realty		82,957		1,046,917
Saul Centers Inc.		14,443		713,195
Urstadt Biddle Properties Inc., Class A		30,707		604,621
				23,526,541
Food & Staples Retailing — 1.0%
Andersons Inc. (The)		32,326		1,231,621
Ingles Markets Inc., Class A		14,572		1,121,024
SpartanNash Co.		36,634		900,097
Sprouts Farmers Market Inc.(a)(b)		116,711		3,167,536
United Natural Foods Inc.(a)		57,606		2,233,961
Weis Markets Inc.		17,865		1,076,188
				9,730,427
Food Products — 0.3%
Fresh Del Monte Produce Inc.		36,417		1,013,485
John B Sanfilippo & Son Inc.		9,035		714,669
Seaboard Corp.		291		1,111,617
				2,839,771

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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities — 0.0%
Star Group LP		36,378	$	379,786
Health Care Equipment & Supplies — 4.2%
AngioDynamics Inc.(a)		39,304		850,146
Atrion Corp.		1,469		889,347
CONMED Corp.		29,621		4,075,257
Cutera Inc.(a)		15,545		565,993
Envista Holdings Corp.(a)(b)		164,830		7,127,249
Establishment Labs Holdings Inc.(a)(b)		19,412		1,016,024
Globus Medical Inc., Class A(a)(b)		80,024		5,340,001
Heska Corp.(a)		10,344		1,423,128
Inogen Inc.(a)		19,596		582,589
Integer Holdings Corp.(a)(b)		33,734		2,645,083
Lantheus Holdings Inc.(a)		67,196		1,707,450
LeMaitre Vascular Inc.		19,939		843,619
Meridian Bioscience Inc.(a)		41,974		875,158
Merit Medical Systems Inc.(a)		51,775		2,870,924
Natus Medical Inc.(a)		34,791		801,585
Neogen Corp.(a)		33,572		1,224,371
NuVasive Inc.(a)(b)		52,578		2,734,582
OraSure Technologies Inc.(a)(b)		73,388		649,484
Orthofix Medical Inc.(a)		20,091		610,766
STAAR Surgical Co.(a)		24,105		1,752,916
Surmodics Inc.(a)		14,143		646,052
Tactile Systems Technology Inc.(a)		20,187		318,349
Varex Imaging Corp.(a)		40,271		1,051,073
				40,601,146
Health Care Providers & Services — 5.5%
AMN Healthcare Services Inc.(a)(b)		48,306		4,895,330
Apollo Medical Holdings Inc.(a)(b)		31,109		1,601,491
Apria Inc.(a)		17,971		672,295
Chemed Corp.		16,077		7,538,666
Community Health Systems Inc.(a)		114,732		1,455,949
CorVel Corp.(a)		10,025		1,765,603
Cross Country Healthcare Inc.(a)(b)		36,896		793,633
Encompass Health Corp.		101,698		6,309,344
Fulgent Genetics Inc.(a)(b)		14,898		951,535
Hanger Inc.(a)		39,431		714,884
Joint Corp. (The)(a)		14,698		794,280
ModivCare Inc.(a)		12,877		1,492,831
National HealthCare Corp.		13,351		873,155
National Research Corp.		14,275		593,840
Owens & Minor Inc.		73,279		3,084,313
Patterson Companies Inc.		89,451		2,566,349
Premier Inc., Class A		125,489		4,796,190
Select Medical Holdings Corp.		110,029		2,555,974
Tenet Healthcare Corp.(a)		92,402		6,848,836
Tivity Health Inc.(a)		40,588		1,032,559
Triple-S Management Corp.(a)		24,261		873,153
U.S. Physical Therapy Inc.		13,193		1,276,687
				53,486,897
Health Care Technology — 1.8%
Allscripts Healthcare Solutions Inc.(a)		127,775		2,583,610
Computer Programs & Systems Inc.(a)		14,192		401,917
Evolent Health Inc., Class A(a)		89,187		2,114,624
HealthStream Inc.(a)		25,765		627,378
NextGen Healthcare Inc.(a)		58,429		1,128,264
Omnicell Inc.(a)		44,447		6,673,273
OptimizeRx Corp.(a)(b)		16,216		728,585

Security	Shares		Value
Health Care Technology (continued)
Vocera Communications Inc.(a)		35,480	$	2,803,275
				17,060,926
Hotels, Restaurants & Leisure — 0.1%
Chuy’s Holdings Inc.(a)		20,146		507,881
Household Durables — 1.7%
Century Communities Inc.		31,052		2,044,774
Ethan Allen Interiors Inc.		21,860		551,091
GoPro Inc., Class A(a)		119,236		1,056,431
Green Brick Partners Inc.(a)		33,609		795,861
Hovnanian Enterprises Inc., Class A(a)		5,102		494,282
La-Z-Boy Inc.		45,296		1,662,816
M/I Homes Inc.(a)		29,962		1,587,686
Meritage Homes Corp.(a)		38,391		3,917,034
Tri Pointe Homes Inc.(a)		116,296		2,769,008
Tupperware Brands Corp.(a)		50,197		774,038
Universal Electronics Inc.(a)		13,733		487,384
				16,140,405
Household Products — 0.2%
Central Garden & Pet Co.(a)		9,818		455,457
Central Garden & Pet Co., Class A, NVS(a)		41,056		1,778,956
				2,234,413
Insurance — 3.4%
American Equity Investment Life Holding Co.		85,135		3,502,454
American National Group Inc.		8,230		1,553,742
Assured Guaranty Ltd.		74,615		3,976,233
Donegal Group Inc., Class A		14,414		206,841
Employers Holdings Inc.		27,289		1,067,000
First American Financial Corp.		112,347		8,370,975
Genworth Financial Inc., Class A(a)		480,416		1,873,622
HCI Group Inc.		6,514		442,105
Independence Holding Co.		5,238		298,304
Mercury General Corp.		28,306		1,547,206
National Western Life Group Inc., Class A		2,445		522,912
Safety Insurance Group Inc.		15,320		1,261,296
SiriusPoint Ltd.(a)		90,895		769,881
Stewart Information Services Corp.		27,489		1,963,539
Universal Insurance Holdings Inc.		31,065		535,561
Unum Group		208,903		5,301,958
				33,193,629
Interactive Media & Services — 0.8%
TrueCar Inc.(a)		87,891		302,345
Yelp Inc.(a)(b)		75,203		2,597,512
Ziff Davis Inc.(a)(b)		46,802		4,917,018
				7,816,875
Internet & Direct Marketing Retail — 0.9%
1-800-Flowers.com Inc., Class A(a)(b)		28,084		478,271
Duluth Holdings Inc., Class B(a)(b)		21,204		319,756
PetMed Express Inc.		20,734		535,559
Qurate Retail Inc., Series A		407,913		2,867,628
Revolve Group Inc.(a)		38,874		1,917,266
Shutterstock Inc.		24,345		2,360,735
				8,479,215
IT Services — 2.8%
Alliance Data Systems Corp.		48,312		3,335,460
Brightcove Inc.(a)		31,239		294,584
Concentrix Corp.		45,363		9,117,509
Conduent Inc.(a)		173,882		822,462
CSG Systems International Inc.		33,479		1,900,603

40 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
EVERTEC Inc.		62,521	$	2,728,416
ExlService Holdings Inc.(a)		34,210		4,122,989
Grid Dynamics Holdings Inc.(a)(b)		41,257		1,099,499
Hackett Group Inc. (The)		25,820		494,195
Perficient Inc.(a)		33,658		3,528,032
				27,443,749
Leisure Products — 1.9%
Brunswick Corp./DE		79,224		7,192,747
Clarus Corp.		22,422		505,168
Johnson Outdoors Inc., Class A		5,917		533,832
Smith & Wesson Brands Inc.		48,969		836,390
Sturm Ruger & Co. Inc.		17,990		1,209,468
Vista Outdoor Inc.(a)		58,650		2,262,717
YETI Holdings Inc.(a)(b)		84,732		5,556,724
				18,097,046
Life Sciences Tools & Services — 0.5%
Medpace Holdings Inc.(a)(b)		29,289		5,197,626
Machinery — 1.1%
Astec Industries Inc.		21,986		1,391,494
Energy Recovery Inc.(a)(b)		37,214		728,650
Gorman-Rupp Co. (The)		18,348		735,938
Greenbrier Companies Inc. (The)		33,105		1,336,118
Hyster-Yale Materials Handling Inc.		4,929		221,263
Luxfer Holdings PLC		28,290		483,193
Mueller Industries Inc.		52,564		2,715,456
Omega Flex Inc.		3,103		440,502
REV Group Inc.		30,110		404,377
Shyft Group Inc. (The)(b)		32,514		1,363,637
Standex International Corp.		12,485		1,240,385
				11,061,013
Marine — 0.2%
Genco Shipping & Trading Ltd.		27,796		432,506
Matson Inc.		11,115		1,085,491
				1,517,997
Media — 1.3%
AMC Networks Inc., Class A(a)		28,276		1,205,406
John Wiley & Sons Inc., Class A		45,469		2,307,552
Scholastic Corp.		26,775		1,098,310
TechTarget Inc.(a)		25,875		2,146,072
TEGNA Inc.		214,657		4,155,760
Thryv Holdings Inc.(a)		20,702		671,366
WideOpenWest Inc.(a)		53,415		994,053
				12,578,519
Metals & Mining — 2.9%
Alcoa Corp.		190,990		10,831,043
Commercial Metals Co.		122,884		4,109,241
Reliance Steel & Aluminum Co.		64,894		9,920,995
Ryerson Holding Corp.		17,672		362,276
Schnitzer Steel Industries Inc., Class A		26,546		1,039,010
SunCoke Energy Inc.		84,644		579,811
Warrior Met Coal Inc.		52,533		1,376,365
				28,218,741
Mortgage Real Estate Investment — 0.2%
Ares Commercial Real Estate Corp.		45,521		668,704
Dynex Capital Inc.		30,975		498,078
Franklin BSP Realty Trust Inc.		32,460		437,236
				1,604,018

Security	Shares		Value
Multiline Retail — 0.3%
Big Lots Inc.		33,631	$	1,409,475
Dillard’s Inc., Class A(b)		6,126		1,554,289
				2,963,764
Oil, Gas & Consumable Fuels — 9.6%
Alto Ingredients Inc.(a)		70,186		363,563
Antero Resources Corp.(a)		288,715		5,638,604
Arch Resources Inc.		15,623		1,478,561
Berry Corp.		57,414		498,928
Brigham Minerals Inc., Class A		46,252		1,000,893
California Resources Corp.		41,854		1,783,817
Centennial Resource Development Inc./DE, Class A(a)(b)		185,621		1,449,700
Centrus Energy Corp., Class A(a)		11,704		508,539
Chesapeake Energy Corp.		78,014		5,318,214
Civitas Resources Inc.		51,632		2,813,944
CNX Resources Corp.(a)(b)		222,723		3,302,982
CONSOL Energy Inc.(a)		33,393		725,964
Denbury Inc.(a)		51,215		3,848,295
Dorian LPG Ltd.		32,742		389,302
Green Plains Inc.(a)		38,199		1,166,597
Gulfport Energy Corp.(a)		12,639		827,223
Hess Midstream LP		34,307		1,007,254
International Seaways Inc.		24,314		354,741
Marathon Oil Corp.		805,807		15,689,062
Matador Resources Co.(b)		119,558		5,352,612
Murphy Oil Corp.		157,855		4,988,218
Oasis Petroleum Inc.		19,121		2,589,557
Ovintiv Inc.		266,856		10,354,013
PDC Energy Inc.		100,825		5,975,898
Range Resources Corp.(a)		252,247		4,855,755
Renewable Energy Group Inc.(a)		44,999		1,811,660
REX American Resources Corp.(a)(b)		5,477		528,147
SM Energy Co.		117,692		3,861,475
Whiting Petroleum Corp.(a)		39,989		2,969,183
World Fuel Services Corp.		64,915		1,831,252
				93,283,953
Paper & Forest Products — 0.9%
Clearwater Paper Corp.(a)(b)		17,020		538,172
Louisiana-Pacific Corp.		97,328		6,466,472
Schweitzer-Mauduit International Inc.		32,048		970,093
Sylvamo Corp.(a)		36,163		1,077,296
				9,052,033
Personal Products — 0.6%
Medifast Inc.		11,393		2,263,903
Nu Skin Enterprises Inc., Class A		51,243		2,469,400
USANA Health Sciences Inc.(a)(b)		12,259		1,171,715
				5,905,018
Pharmaceuticals — 2.0%
Amphastar Pharmaceuticals Inc.(a)		39,167		904,366
ANI Pharmaceuticals Inc.(a)		11,616		469,519
Antares Pharma Inc.(a)		164,578		554,628
Atea Pharmaceuticals Inc.(a)(b)		16,895		120,630
BioDelivery Sciences International Inc.(a)		85,493		312,904
Collegium Pharmaceutical Inc.(a)		32,663		583,035
Corcept Therapeutics Inc.(a)(b)		112,550		2,112,563
Innoviva Inc.(a)		63,917		1,024,590
Oramed Pharmaceuticals Inc.(a)		29,842		267,384
Organon & Co.		259,148		8,269,413
Phibro Animal Health Corp., Class A		20,740		400,282
Prestige Consumer Healthcare Inc.(a)		51,160		2,887,982

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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
SIGA Technologies Inc.(a)(b)		45,945	$	299,102
Supernus Pharmaceuticals Inc.(a)		54,332		1,676,142
				19,882,540
Professional Services — 1.1%
Barrett Business Services Inc.		7,705		493,120
CRA International Inc.		7,514		639,141
Heidrick & Struggles International Inc.		19,915		871,679
ICF International Inc.		19,266		1,818,518
Kelly Services Inc., Class A, NVS		34,932		596,639
Kforce Inc.		19,907		1,367,014
Korn Ferry		56,889		3,776,292
Resources Connection Inc.		31,847		555,093
TrueBlue Inc.(a)		36,292		965,367
				11,082,863
Real Estate Management & Development — 2.3%
FRP Holdings Inc.(a)		6,243		352,605
Jones Lang LaSalle Inc.(a)		51,810		12,993,430
Marcus & Millichap Inc.(a)		24,282		1,136,640
Newmark Group Inc., Class A		178,159		2,727,614
RE/MAX Holdings Inc., Class A		20,852		620,556
Realogy Holdings Corp.(a)(b)		119,147		1,965,925
RMR Group Inc. (The), Class A		15,703		502,653
St Joe Co. (The)		33,114		1,606,360
Tejon Ranch Co.(a)(b)		21,502		374,350
				22,280,133
Road & Rail — 2.1%
ArcBest Corp.		26,133		2,311,202
Heartland Express Inc.		52,663		787,838
Marten Transport Ltd.		63,522		1,060,182
Ryder System Inc.		54,967		4,023,035
Saia Inc.(a)		26,903		7,647,985
Schneider National Inc., Class B		58,016		1,485,210
Werner Enterprises Inc.		62,481		2,786,028
				20,101,480
Semiconductors & Semiconductor Equipment — 3.7%
Alpha & Omega Semiconductor Ltd.(a)		21,542		970,036
Amkor Technology Inc.		112,386		2,474,740
Axcelis Technologies Inc.(a)		34,309		2,148,086
Cirrus Logic Inc.(a)		58,866		5,264,975
Diodes Inc.(a)		45,320		4,205,243
FormFactor Inc.(a)		79,388		3,393,043
Kulicke & Soffa Industries Inc.		63,339		3,464,010
Magnachip Semiconductor Corp.(a)		42,373		753,816
NeoPhotonics Corp.(a)		51,825		796,032
Photronics Inc.(a)		63,351		1,132,716
SiTime Corp.(a)(b)		12,651		2,948,821
SMART Global Holdings Inc.(a)		17,763		1,018,886
Synaptics Inc.(a)		35,740		7,517,909
				36,088,313
Software — 2.1%
A10 Networks Inc.		58,876		871,365
Agilysys Inc.(a)		23,871		908,530
American Software Inc./GA, Class A		32,016		736,048
ChannelAdvisor Corp.(a)		30,411		642,889
CommVault Systems Inc.(a)		42,205		2,847,149
Consensus Cloud Solutions Inc.(a)		15,334		869,438
Ebix Inc.		26,815		814,908
Manhattan Associates Inc.(a)		3,729		499,201
Mitek Systems Inc.(a)(b)		43,573		713,290

Security	Shares		Value
Software (continued)
Progress Software Corp.		44,727	$	2,035,526
SPS Commerce Inc.(a)		36,625		4,536,006
Teradata Corp.(a)		111,501		4,497,950
Xperi Holding Corp.		56,408		951,603
				20,923,903
Specialty Retail — 8.0%
Aaron’s Co. Inc. (The)		33,303		705,025
Abercrombie & Fitch Co., Class A(a)		62,893		2,452,827
Academy Sports & Outdoors Inc.(a)(b)		86,418		3,361,660
America’s Car-Mart Inc./TX(a)		6,702		636,154
Asbury Automotive Group Inc.(a)		21,987		3,539,247
AutoNation Inc.(a)(b)		47,564		5,184,476
Boot Barn Holdings Inc.(a)		30,197		2,777,218
Buckle Inc. (The)		30,542		1,149,601
Camping World Holdings Inc., Class A		41,897		1,390,980
Children’s Place Inc. (The)(a)(b)		14,239		1,007,409
Citi Trends Inc.(a)		8,983		437,652
Container Store Group Inc. (The)(a)(b)		33,494		341,639
Dick’s Sporting Goods Inc.		66,332		7,654,713
Foot Locker Inc.		95,256		4,256,038
Genesco Inc.(a)(b)		14,472		930,984
Group 1 Automotive Inc.		17,548		2,979,826
Haverty Furniture Companies Inc.		16,500		487,080
Hibbett Inc.		16,357		1,008,409
LL Flooring Holdings Inc.(a)(b)		29,462		425,431
MarineMax Inc.(a)		22,217		1,045,532
Murphy USA Inc.		25,082		4,932,626
ODP Corp. (The)(a)		54,504		2,410,712
Penske Automotive Group Inc.		32,833		3,336,818
Rent-A-Center Inc./TX		61,138		2,576,967
Sally Beauty Holdings Inc.(a)		115,520		1,983,478
Shoe Carnival Inc.		18,788		641,798
Signet Jewelers Ltd.		53,833		4,636,636
Sleep Number Corp.(a)		24,143		1,726,224
Sonic Automotive Inc., Class A		22,762		1,161,090
Sportsman’s Warehouse Holdings Inc.(a)		44,769		490,668
TravelCenters of America Inc.(a)		12,621		575,265
Williams-Sonoma Inc.		65,392		10,498,032
Winmark Corp.		2,964		638,505
Zumiez Inc.(a)(b)		22,404		1,007,060
				78,387,780
Technology Hardware, Storage & Peripherals — 0.6%
Avid Technology Inc.(a)		34,944		1,095,844
Super Micro Computer Inc.(a)		41,367		1,676,191
Xerox Holdings Corp.		155,055		3,273,211
				6,045,246
Textiles, Apparel & Luxury Goods — 1.3%
Crocs Inc.(a)(b)		63,770		6,544,077
G-III Apparel Group Ltd.(a)		44,488		1,208,739
Kontoor Brands Inc.		49,767		2,453,016
Movado Group Inc.		15,976		592,230
Oxford Industries Inc.		17,271		1,422,958
				12,221,020
Thrifts & Mortgage Finance — 1.1%
Hingham Institution For Savings (The)		1,535		595,319
MGIC Investment Corp.		346,807		5,264,530
Radian Group Inc.		189,663		4,246,555
TrustCo Bank Corp. NY		18,315		620,879
Waterstone Financial Inc.		21,769		444,523

42 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
WSFS Financial Corp.		1	$	52
				11,171,858
Tobacco — 0.1%
Universal Corp./VA		25,110		1,366,737
Trading Companies & Distributors — 2.1%
Boise Cascade Co.		40,195		2,822,493
Global Industrial Co.		13,458		470,492
GMS Inc.(a)		39,329		2,012,858
H&E Equipment Services Inc.		33,192		1,381,783
Herc Holdings Inc.		21,209		3,402,984
McGrath RentCorp.		24,710		1,883,149
Rush Enterprises Inc., Class A		44,104		2,329,573
Rush Enterprises Inc., Class B		5,740		291,248
Triton International Ltd.		68,889		4,162,273
Veritiv Corp.(a)		14,477		1,347,519
				20,104,372
Wireless Telecommunication Services — 0.2%
Telephone and Data Systems Inc.		98,835		1,956,933
U.S. Cellular Corp.(a)		13,702		419,555
				2,376,488
Total Common Stocks — 99.4% (Cost: $825,431,319)				970,338,392

Security	Shares		Value
Short-Term Investments
Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.08%(c)(d)(e)		41,903,951	$	41,916,522
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		7,070,000		7,070,000
				48,986,522
Total Short-Term Investments — 5.0% (Cost: $48,977,289)				48,986,522
Total Investments in Securities — 104.4% (Cost: $874,408,608)				1,019,324,914
Other Assets, Less Liabilities — (4.4)%				(42,996,645	)
Net Assets — 100.0%			$	976,328,269

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	38,591,999	$	3,333,526	(a)	$	—	$	(7,445	)	$	(1,558	)	$	41,916,522		41,903,951	$	34,999	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,340,000		730,000	(a)		—		—			—			7,070,000		7,070,000		212			—
								$	(7,445	)	$	(1,558	)	$	48,986,522			$	35,211		$	—

^(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
Russell 2000 E-Mini Index		9		03/18/22	$	911	$	(93,757	)
S&P Mid 400 E-Mini Index		3		03/18/22		789		(47,547	)
							$	(141,304	)

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) (continued) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Monthly	Goldman Sachs Bank USA(b)		02/27/23	$	749,529	$	54,255	(c)	$	719,548		0.1	%
	Monthly	HSBC Bank PLC(d)		02/10/23		2,065,018		23,546	(e)		2,126,215		0.2
	Monthly	JPMorgan Chase Bank NA(f)		02/08/23		1,392,684		(71,839	)(g)		1,331,812		0.1
							$	5,962		$	4,177,575

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $84,236 of net dividends and financing fees.

^(e)  Amount includes $(37,651) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(10,967) of net dividends, payable for referenced securities purchased and financing fees.

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

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

44 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of January 31, 2022 expiration 2/27/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		68	$	2,028		0.3	%
HomeStreet Inc.		772		37,635		5.2
Hope Bancorp Inc.		6,747		113,012		15.7
OFG Bancorp.		295		8,163		1.2
Preferred Bank/Los Angeles		1,107		86,412		12.0
				247,250
Commercial Services & Supplies
GEO Group Inc. (The)		4,153		27,950		3.9
Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		91		2,700		0.4
Insurance
Employers Holdings Inc.		1,639		64,085		8.9
Genworth Financial Inc., Class A(a)		7,402		28,868		4.0
				92,953
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		3,252		99,316		13.8
Oasis Petroleum Inc.		1,331		180,257		25.0
				279,573
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		2,039		69,122		9.6
Total Reference Entity — Long				719,548
Net Value of Reference Entity — Goldman Sachs Bank USA			$	719,548

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of January 31, 2022 expiration 2/10/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Bancorp. Inc. (The)(a)		893	$	26,629		1.2	%
Hope Bancorp Inc.		115,964		1,942,397		91.4
				1,969,026

	Shares		Value		% of Basket Value
Commercial Services & Supplies
GEO Group Inc. (The)		4,151	$	27,936		1.3
Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		1,371		40,678		1.9
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		2,181		66,608		3.1
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		648		21,967		1.1
Total Reference Entity — Long				2,126,215
Net Value of Reference Entity — HSBC Bank PLC			$	2,126,215

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of January 31, 2022 expiration 2/8/2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Banks
Hope Bancorp Inc.		2,953	$	49,463		3.7	%
Preferred Bank/Los Angeles		14,181		1,106,969		83.1
				1,156,432
Commercial Services & Supplies
GEO Group Inc. (The)		3,537		23,804		1.8
Insurance
Genworth Financial Inc., Class A(a)		30,985		120,842		9.1
Oil, Gas & Consumable Fuels
Green Plains Inc.(a)		670		20,462		1.5
Thrifts & Mortgage Finance
TrustCo Bank Corp. NY		303		10,272		0.8
Total Reference Entity — Long				1,331,812
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	1,331,812

^(a)  Non-income producing security.

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

	Premiums     Paid	Premiums     Received	Unrealized     Appreciation	Unrealized     Depreciation
Total Return Swaps	$—	$—	$77,801	$(71,839)

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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor 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:

	Equity Contracts
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	77,801
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	141,304
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	71,839
	$	213,143

^(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 January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(299,105	)
Swaps		1,458,601
	$	1,159,496
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(138,409	)
Swaps		(69,491	)
	$	(207,900	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,679,438
Total return swaps:
Average notional value	$	4,334,142

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	141,304
Swaps - OTC(a)		77,801		71,839
Total derivative assets and liabilities in the Statement of Assets and Liabilities		77,801		213,143
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(141,304	)
Total derivative assets and liabilities subject to an MNA		77,801		71,839

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

46 2 0 2 2   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) January 31, 2022 iShares^® MSCI USA Small-Cap Multifactor ETF

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		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets(a)
Goldman Sachs Bank USA	$	54,255	$	—	$	—	$	—	$	54,255
HSBC Bank PLC		23,546		—		—		—		23,546
	$	77,801	$	—	$	—	$	—	$	77,801
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities(b)
JPMorgan Chase Bank NA	$	71,839	$	—	$	—	$	—	$	71,839

^(a) Net amount represents the net amount receivable from the counterparty in the event of default.

^(b) 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
Investments
Assets
Common Stocks	$	970,338,392		$	—		$	—	$	970,338,392
Money Market Funds		48,986,522			—			—		48,986,522
	$	1,019,324,914		$	—		$	—	$	1,019,324,914
Derivative financial instruments(a)
Assets
Swaps	$	—		$	77,801		$	—	$	77,801
Liabilities
Futures Contracts		(141,304	)		—			—		(141,304	)
Swaps		—			(71,839	)		—		(71,839	)
	$	(141,304	)	$	5,962		$	—	$	(135,342	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

January 31, 2022

	iShares MSCI Global Multifactor ETF		iShares MSCI Intl Multifactor ETF			iShares MSCI Intl Small-Cap Multifactor ETF		iShares MSCI USA Mid-Cap Multifactor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	143,626,941	$	887,687,319		$	199,437,895	$	7,673,060
Affiliated(c)		919,037		2,052,903			1,882,371		65,838
Cash		2,515		414			7,676		8,986
Foreign currency, at value(d)		131,775		1,134,108			234,039		—
Cash pledged:
Futures contracts		9,000		—			—		—
Foreign currency collateral pledged:
Futures contracts(e)		—		280,257			72,295		—
Receivables:
Investments sold		1,453,055		22,442,965			298,262		—
Securities lending income — Affiliated		289		389			2,546		30
Variation margin on futures contracts		5,460		75,473			9,346		—
Capital shares sold		—		898,668			—		—
Dividends		126,339		843,290			177,227		3,421
Tax reclaims		38,368		1,433,869			110,691		—
Total assets		146,312,779		916,849,655			202,232,348		7,751,335
LIABILITIES
Collateral on securities loaned, at value		869,602		1,743,140			1,822,690		65,841
Deferred foreign capital gain tax		98,614		—			—		—
Payables:
Investments purchased		1,332,295		23,457,233			—		—
Investment advisory fees		44,043		230,059			69,520		1,494
Total liabilities		2,344,554		25,430,432			1,892,210		67,335
NET ASSETS	$	143,968,225	$	891,419,223		$	200,340,138	$	7,684,000
NET ASSETS CONSIST OF:
Paid-in capital	$	129,173,114	$	974,945,738		$	179,957,484	$	7,019,702
Accumulated earnings (loss)		14,795,111		(83,526,515	)		20,382,654		664,298
NET ASSETS	$	143,968,225	$	891,419,223		$	200,340,138	$	7,684,000
Shares outstanding		3,900,000		32,000,000			5,800,000		200,000
Net asset value	$	36.91	$	27.86		$	34.54	$	38.42
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Securities loaned, at value	$	884,189	$	1,672,943		$	1,777,244	$	66,269
(b) Investments, at cost — Unaffiliated	$	127,328,604	$	803,933,671		$	175,886,587	$	7,414,792
(c)  Investments, at cost — Affiliated	$	918,965	$	2,053,001		$	1,881,934	$	65,838
(d) Foreign currency, at cost	$	132,029	$	1,130,242		$	233,730	$	—
(e) Foreign currency collateral pledged, at cost	$	—	$	291,154		$	74,436	$	—

See notes to financial statements.

48 2 0 2 2   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) (continued)

January 31, 2022

	iShares MSCI USA Multifactor ETF		iShares MSCI USA Small-Cap Multifactor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,180,472,118	$	970,338,392
Affiliated(c)		5,456,533		48,986,522
Cash		3,905		—
Cash pledged:
Futures contracts		124,000		137,000
Receivables:
Investments sold		—		996,075
Securities lending income — Affiliated		2,154		5,163
Variation margin on futures contracts		44,006		49,160
Dividends		237,306		349,449
Unrealized appreciation on:
OTC swaps		—		77,801
Total assets		1,186,340,022		1,020,939,562
LIABILITIES
Bank overdraft		—		104,122
Collateral on securities loaned, at value		3,140,421		41,930,402
Payables:
Capital shares redeemed		—		2,227,340
Investment advisory fees		208,380		277,590
Unrealized depreciation on:
OTC swaps		—		71,839
Total liabilities		3,348,801		44,611,293
NET ASSETS	$	1,182,991,221	$	976,328,269
NET ASSETS CONSIST OF:
Paid-in capital	$	993,800,368	$	815,562,156
Accumulated earnings		189,190,853		160,766,113
NET ASSETS	$	1,182,991,221	$	976,328,269
Shares outstanding		27,000,000		18,300,000
Net asset value	$	43.81	$	53.35
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	3,263,363	$	42,144,281
(b) Investments, at cost — Unaffiliated	$	976,430,933	$	825,431,319
(c)  Investments, at cost — Affiliated	$	5,456,533	$	48,977,289

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 49

Statements of Operations (unaudited)

Six Months Ended January 31, 2022

	iShares MSCI Global Multifactor ETF			iShares MSCI Intl Multifactor ETF			iShares MSCI Intl Small-Cap Multifactor ETF			iShares MSCI USA Mid-Cap Multifactor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,359,172		$	13,902,780		$	2,936,925		$	41,714
Dividends — Affiliated		6			12			4			—
Securities lending income — Affiliated — net		9,721			167,996			25,081			74
Foreign taxes withheld		(70,850	)		(823,586	)		(223,151	)		—
Total investment income		1,298,049			13,247,202			2,738,859			41,788
EXPENSES
Investment advisory fees		246,223			1,377,272			411,085			7,595
Commitment fees		591			—			—			—
Miscellaneous		217			217			217			—
Interest expense		333			—			—			—
Total expenses		247,364			1,377,489			411,302			7,595
Net investment income		1,050,685			11,869,713			2,327,557			34,193
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(274,502	)		5,732,456			127,624			(94,003	)
Investments — Affiliated		(113	)		(138	)		(259	)		(4	)
In-kind redemptions — Unaffiliated		3,983,259			—			4,731,557			496,454
Futures contracts		10,413			114,698			45,061			—
Foreign currency transactions		(1,223	)		(304,241	)		(46,348	)		—
Net realized gain		3,717,834			5,542,775			4,857,635			402,447
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(7,662,838	)		(60,408,840	)		(17,661,394	)		(403,935	)
Investments — Affiliated		(7	)		(94	)		(152	)		—
Futures contracts		9,274			33,024			(2,771	)		—
Foreign currency translations		(328	)		(53,310	)		(14,451	)		—
Net change in unrealized appreciation (depreciation)		(7,653,899	)		(60,429,220	)		(17,678,768	)		(403,935	)
Net realized and unrealized loss		(3,936,065	)		(54,886,445	)		(12,821,133	)		(1,488	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,885,380	)	$	(43,016,732	)	$	(10,493,576	)	$	32,705
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(45,734	)	$	—		$	305		$	—
(b) Net of reduction in deferred foreign capital gain tax of	$	21,882		$	—		$	—		$	—

See notes to financial statements.

50 2 0 2 2   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 Operations (unaudited) (continued)

Six Months Ended January 31, 2022

	iShares MSCI USA Multifactor ETF			iShares MSCI USA Small-Cap Multifactor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	8,893,880		$	7,173,467
Dividends — Affiliated		60			212
Securities lending income — Affiliated — net		8,228			34,999
Foreign taxes withheld		—			(1,550	)
Total investment income		8,902,168			7,207,128
EXPENSES
Investment advisory fees		1,225,441			1,630,266
Miscellaneous		217			217
Total expenses		1,225,658			1,630,483
Net investment income		7,676,510			5,576,645
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(19,539,754	)		(18,112,960	)
Investments — Affiliated		(1,888	)		(7,445	)
In-kind redemptions — Unaffiliated		67,395,965			76,219,171
Futures contracts		189,825			(299,105	)
Swaps		—			1,458,601
Net realized gain		48,044,148			59,258,262
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(46,786,698	)		(88,321,297	)
Investments — Affiliated		—			(1,558	)
Futures contracts		(155,822	)		(138,409	)
Swaps		—			(69,491	)
Net change in unrealized appreciation (depreciation)		(46,942,520	)		(88,530,755	)
Net realized and unrealized gain (loss)		1,101,628			(29,272,493	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,778,138		$	(23,695,848	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 51

Statements of Changes in Net Assets

	iShares MSCI Global Multifactor ETF						iShares MSCI Intl Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,050,685		$	1,935,087		$	11,869,713		$	26,269,749
Net realized gain		3,717,834			8,942,210			5,542,775			52,637,996
Net change in unrealized appreciation (depreciation)		(7,653,899	)		15,360,776			(60,429,220	)		158,185,152
Net increase (decrease) in net assets resulting from operations		(2,885,380	)		26,238,073			(43,016,732	)		237,092,897
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,582,278	)		(1,828,740	)		(27,339,536	)		(28,041,263	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		14,972,658			(5,569,014	)		63,965,001			(221,453,861	)
NET ASSETS
Total increase (decrease) in net assets		10,505,000			18,840,319			(6,391,267	)		(12,402,227	)
Beginning of period		133,463,225			114,622,906			897,810,490			910,212,717
End of period	$	143,968,225		$	133,463,225		$	891,419,223		$	897,810,490

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

See notes to financial statements.

52 2 0 2 2   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 Changes in Net Assets (continued)

	iShares MSCI Intl Small-Cap Multifactor ETF						iShares MSCI USA Mid-Cap Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,327,557		$	3,663,763			$	34,193		$	37,016
Net realized gain		4,857,635			6,686,176				402,447			578,079
Net change in unrealized appreciation (depreciation)		(17,678,768	)		36,389,516				(403,935	)		518,343
Net increase (decrease) in net assets resulting from operations		(10,493,576	)		46,739,455				32,705			1,133,438
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,617,016	)		(4,357,227	)			(32,350	)		(35,421	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		21,631,625			30,163,833				2,060,210			1,845,390
NET ASSETS
Total increase in net assets		5,521,033			72,546,061				2,060,565			2,943,407
Beginning of period		194,819,105			122,273,044				5,623,435			2,680,028
End of period	$	200,340,138		$	194,819,105			$	7,684,000		$	5,623,435

^(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 53

Statements of Changes in Net Assets (continued)

	iShares MSCI USA Multifactor ETF						iShares MSCI USA Small-Cap Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,676,510		$	11,104,819		$	5,576,645		$	6,701,924
Net realized gain		48,044,148			75,403,464			59,258,262			56,429,952
Net change in unrealized appreciation (depreciation)		(46,942,520	)		190,471,099			(88,530,755	)		214,602,815
Net increase (decrease) in net assets resulting from operations		8,778,138			276,979,382			(23,695,848	)		277,734,691
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,214,336	)		(10,121,156	)		(8,600,316	)		(8,908,479	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		86,951,088			(3,635,649	)		(7,816,271	)		207,504,975
NET ASSETS
Total increase (decrease) in net assets		87,514,890			263,222,577			(40,112,435	)		476,331,187
Beginning of period		1,095,476,331			832,253,754			1,016,440,704			540,109,517
End of period	$	1,182,991,221		$	1,095,476,331		$	976,328,269		$	1,016,440,704

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

See notes to financial statements.

54 2 0 2 2   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

(For a share outstanding throughout each period)

	iShares MSCI Global Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period	$	38.13		$	29.39		$	29.23		$	30.57		$	27.77		$	23.58
Net investment income(a)		0.29			0.66			0.57			0.66			0.62			0.61
Net realized and unrealized gain (loss)(b)		(1.09	)		8.73			0.28			(1.36	)		2.74			4.06
Net increase (decrease) from investment operations		(0.80	)		9.39			0.85			(0.70	)		3.36			4.67
Distributions(c)
From net investment income		(0.42	)		(0.65	)		(0.69	)		(0.64	)		(0.56	)		(0.48	)
Total distributions		(0.42	)		(0.65	)		(0.69	)		(0.64	)		(0.56	)		(0.48	)
Net asset value, end of period	$	36.91		$	38.13		$	29.39		$	29.23		$	30.57		$	27.77
Total Return(d)
Based on net asset value		(2.13	)%(e)		32.16	%		2.90	%		(2.10	)%		12.14	%		19.97	%
Ratios to Average Net Assets(f)
Total expenses		0.35	%(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.37	%
Total expenses after fees waived		0.35	%(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.36	%
Net investment income		1.49	%(g)		1.92	%		2.00	%		2.30	%		2.05	%		2.38	%
Supplemental Data
Net assets, end of period (000)	$	143,968		$	133,463		$	114,623		$	112,537		$	67,250		$	23,601
Portfolio turnover rate(h)		27	%(e)		48	%		43	%		43	%		46	%		31	%

^(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 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	30.13		$	23.89		$	25.68		$	28.29		$	27.06		$	23.32
Net investment income(a)			0.38			0.79			0.60			0.86			0.83			0.69
Net realized and unrealized gain (loss)(b)			(1.78	)		6.35			(1.61	)		(2.66	)		1.28			3.65
Net increase (decrease) from investment operations			(1.40	)		7.14			(1.01	)		(1.80	)		2.11			4.34
Distributions(c)
From net investment income			(0.87	)		(0.90	)		(0.78	)		(0.81	)		(0.88	)		(0.60	)
Total distributions			(0.87	)		(0.90	)		(0.78	)		(0.81	)		(0.88	)		(0.60	)
Net asset value, end of period		$	27.86		$	30.13		$	23.89		$	25.68		$	28.29		$	27.06
Total Return(d)
Based on net asset value			(4.67	)%(e)		29.97	%		(4.03	)%		(6.26	)%		7.84	%		18.84	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.34	%
Total expenses after fees waived			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.32	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			N/A			N/A			0.30	%		N/A			N/A
Net investment income			2.59	%(g)		2.89	%		2.44	%		3.31	%		2.88	%		2.81	%
Supplemental Data
Net assets, end of period (000)		$	891,419		$	897,810		$	910,213		$	1,271,005		$	981,627		$	248,937
Portfolio turnover rate(h)			25	%(e)		45	%		40	%		44	%		39	%		45	%

^(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.

56 2 0 2 2   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 Intl Small-Cap Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	37.47		$	28.44		$	28.88		$	31.73		$	29.27		$	25.26
Net investment income(a)			0.42			0.78			0.68			0.77			0.65			0.69
Net realized and unrealized gain (loss)(b)			(2.35	)		9.15			(0.32	)		(2.97	)		2.49			3.98
Net increase (decrease) from investment operations			(1.93	)		9.93			0.36			(2.20	)		3.14			4.67
Distributions(c)
From net investment income			(1.00	)		(0.90	)		(0.80	)		(0.65	)		(0.68	)		(0.66	)
Total distributions			(1.00	)		(0.90	)		(0.80	)		(0.65	)		(0.68	)		(0.66	)
Net asset value, end of period		$	34.54		$	37.47		$	28.44		$	28.88		$	31.73		$	29.27
Total Return(d)
Based on net asset value			(5.17	)%(e)		35.22	%		1.16	%		(6.80	)%		10.75	%		18.91	%
Ratios to Average Net Assets(f)
Total expenses			0.40	%(g)		0.40	%		0.40	%		0.40	%		0.40	%		0.44	%
Net investment income			2.26	%(g)		2.31	%		2.44	%		2.67	%		2.03	%		2.57	%
Supplemental Data
Net assets, end of period (000)		$	200,340		$	194,819		$	122,273		$	77,964		$	44,417		$	17,563
Portfolio turnover rate(h)			26	%(e)		47	%		47	%		45	%		44	%		44	%

^(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 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA Mid-Cap Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Period From 06/04/19(a) to 07/31/19
Net asset value, beginning of period		$	37.49		$	26.80		$	27.21		$	25.57
Net investment income(b)			0.22			0.34			0.39			0.07
Net realized and unrealized gain (loss)(c)			0.93			10.68			(0.36	)		1.57
Net increase from investment operations			1.15			11.02			0.03			1.64
Distributions(d)
From net investment income			(0.22	)		(0.33	)		(0.44	)		—
Total distributions			(0.22	)		(0.33	)		(0.44	)		—
Net asset value, end of period		$	38.42		$	37.49		$	26.80		$	27.21
Total Return(e)
Based on net asset value			3.05	%(f)		41.42	%		0.23	%		6.41	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.25	%(h)		0.25	%		0.25	%		0.25	%(h)
Net investment income			1.13	%(h)		1.04	%		1.52	%		1.66	%(h)
Supplemental Data
Net assets, end of period (000)		$	7,684		$	5,623		$	2,680		$	2,721
Portfolio turnover rate(i)			28	%(f)		49	%		45	%		1	%(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.

58 2 0 2 2   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 USA Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	43.64		$	32.57		$	32.13		$	33.01		$	29.24		$	25.04
Net investment income(a)			0.28			0.46			0.57			0.58			0.55			0.54
Net realized and unrealized gain (loss)(b)			0.19			11.03			0.50			(0.55	)		3.76			4.12
Net increase from investment operations			0.47			11.49			1.07			0.03			4.31			4.66
Distributions(c)
From net investment income			(0.30	)		(0.42	)		(0.63	)		(0.91	)		(0.54	)		(0.46	)
Total distributions			(0.30	)		(0.42	)		(0.63	)		(0.91	)		(0.54	)		(0.46	)
Net asset value, end of period		$	43.81		$	43.64		$	32.57		$	32.13		$	33.01		$	29.24
Total Return(d)
Based on net asset value			1.06	%(e)		35.53	%		3.50	%		0.38	%		14.87	%		18.76	%
Ratios to Average Net Assets(f)
Total expenses			0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.23	%
Total expenses after fees waived			0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.21	%
Net investment income			1.25	%(g)		1.20	%		1.79	%		1.84	%		1.73	%		1.94	%
Supplemental Data
Net assets, end of period (000)		$	1,182,991		$	1,095,476		$	832,254		$	1,049,184		$	1,117,224		$	543,871
Portfolio turnover rate(h)			21	%(e)		43	%		42	%		45	%		46	%		49	%

^(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 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA Small-Cap Multifactor ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
Net asset value, beginning of period		$	54.65		$	37.38		$	40.96		$	42.97		$	36.56		$	31.38
Net investment income(a)			0.29			0.42			0.49			0.53			0.43			0.33
Net realized and unrealized gain (loss)(b)			(1.15	)		17.43			(3.53	)		(2.04	)		6.38			5.16
Net increase (decrease) from investment operations			(0.86	)		17.85			(3.04	)		(1.51	)		6.81			5.49
Distributions(c)
From net investment income			(0.44	)		(0.58	)		(0.54	)		(0.50	)		(0.40	)		(0.31	)
Total distributions			(0.44	)		(0.58	)		(0.54	)		(0.50	)		(0.40	)		(0.31	)
Net asset value, end of period		$	53.35		$	54.65		$	37.38		$	40.96		$	42.97		$	36.56
Total Return(d)
Based on net asset value			(1.59	)%(e)		48.13	%		(7.39	)%		(3.45	)%		18.73	%		17.57	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.34	%
Total expenses after fees waived			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.32	%
Net investment income			1.03	%(g)		0.87	%		1.31	%		1.31	%		1.07	%		0.94	%
Supplemental Data
Net assets, end of period (000)		$	976,328		$	1,016,441		$	540,110		$	258,075		$	161,132		$	49,354
Portfolio turnover rate(h)			24	%(e)		46	%		48	%		45	%		46	%		90	%

^(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 Global Multifactor	Diversified
MSCI Intl Multifactor	Diversified
MSCI Intl Small-Cap Multifactor	Diversified
MSCI USA Mid-Cap Multifactor	Non-diversified
MSCI USA Multifactor	Diversified
MSCI USA Small-Cap Multifactor	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 January 31, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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.

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 61

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Multifactor
Barclays Bank PLC	$	465,348	$	459,692		$	—	$	(5,656	)(b)
BofA Securities, Inc.		282,986		277,532			—		(5,454	)(b)
J.P. Morgan Securities LLC		135,855		131,813			—		(4,042	)(b)
	$	884,189	$	869,037		$	—	$	(15,152	)
MSCI Intl Multifactor
BofA Securities, Inc.	$	590,613	$	590,613		$	—	$	—
HSBC Bank PLC		30,221		30,221			—		—
Macquarie Bank Ltd.		1,052,109		1,052,109			—		—
	$	1,672,943	$	1,672,943		$	—	$	—
MSCI Intl Small-Cap Multifactor
BofA Securities, Inc.	$	373,757	$	373,757		$	—	$	—
Citigroup Global Markets, Inc.		28,876		28,876			—		—
Credit Suisse Securities (USA) LLC		945,483		945,483			—		—
Macquarie Bank Ltd.		427,516		427,516			—		—
SG Americas Securities LLC		1,612		1,612			—		—
	$	1,777,244	$	1,777,244		$	—	$	—
MSCI USA Mid-Cap Multifactor
Barclays Bank PLC	$	25,545	$	25,450		$	—	$	(95	)(b)
Citigroup Global Markets, Inc.		23,193		23,017			—		(176	)(b)
Goldman Sachs & Co. LLC		17,531		17,370			—		(161	)(b)
	$	66,269	$	65,837		$	—	$	(432	)
MSCI USA Multifactor
Barclays Bank PLC	$	1,120,600	$	1,114,017		$	—	$	(6,583	)(b)
BNP Paribas SA		1,775,020		1,659,751			—		(115,269	)(b)
Citigroup Global Markets, Inc.		362,635		359,689			—		(2,946	)(b)
SG Americas Securities LLC		5,108		5,075			—		(33	)(b)
	$	3,263,363	$	3,138,532		$	—	$	(124,831	)

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 63

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI USA Small-Cap Multifactor
Barclays Bank PLC	$	821,657	$	812,200		$	—	$	(9,457	)(b)
BofA Securities, Inc.		5,777,679		5,515,822			—		(261,857	)(b)
Citigroup Global Markets, Inc.		6,368,727		6,341,529			—		(27,198	)(b)
Goldman Sachs & Co. LLC		6,553,757		6,553,757			—		—
J.P. Morgan Securities LLC		5,175,867		4,965,696			—		(210,171	)(b)
Jefferies LLC		132,804		132,804			—		—
National Financial Services LLC		2,660,268		2,585,977			—		(74,291	)(b)
SG Americas Securities LLC		757,091		745,784			—		(11,307	)(b)
State Street Bank & Trust Co.		246,482		240,815			—		(5,667	)(b)
Toronto Dominion Bank		10,807,713		10,807,713			—		—
UBS AG		1,644,256		1,579,958			—		(64,298	)(b)
Wells Fargo Bank N.A.		942,019		942,019			—		—
Wells Fargo Securities LLC		255,961		253,705			—		(2,256	)(b)
	$	42,144,281	$	41,477,779		$	—	$	(666,502	)

^(a) Collateral received 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 statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2022. 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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). Total return swaps are entered into by the iShares MSCI USA Small-Cap Multifactor ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of

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Notes to Financial Statements (unaudited) (continued)

the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

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

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

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

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

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the 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 Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the 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 stands 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, 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 Fund, 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 Fee
MSCI Global Multifactor		0.35%
MSCI Intl Multifactor		0.30
MSCI Intl Small-Cap Multifactor		0.40
MSCI USA Mid-Cap Multifactor		0.25
MSCI USA Multifactor		0.20
MSCI USA Small-Cap Multifactor		0.30

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

For the iShares MSCI Global Multifactor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

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 65

Notes to Financial Statements (unaudited) (continued)

For six months ended January 31, 2022, there were no fees waived by BFA pursuant to this arrangement.

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 of iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Multifactor ETF and iShares MSCI USA Small-Cap Multifactor ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI Global Multifactor ETF, iShares MSCI Intl Multifactor ETF and iShares MSCI Intl Small-Cap Multifactor ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2022, each Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Global Multifactor	$	2,295
MSCI Intl Multifactor		37,113
MSCI Intl Small-Cap Multifactor		5,907
MSCI USA Mid-Cap Multifactor		28
MSCI USA Multifactor		3,378
MSCI USA Small-Cap Multifactor		14,922

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

66 2 0 2 2   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

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 January 31, 2022, 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 Global Multifactor	$	13,953,754	$	10,666,946	$	782,233
MSCI Intl Multifactor		70,966,282		38,735,219		(1,361,203)
MSCI Intl Small-Cap Multifactor		2,208,621		5,188,956		790,815
MSCI USA Mid-Cap Multifactor		514,133		582,139		(25,127)
MSCI USA Multifactor		112,450,776		129,529,906		(7,146,762)
MSCI USA Small-Cap Multifactor		7,666,108		13,674,240		(2,152,226)

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 January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Global Multifactor	$	41,316,275	$	37,635,217
MSCI Intl Multifactor		224,552,483		220,711,444
MSCI Intl Small-Cap Multifactor		59,241,059		51,939,910
MSCI USA Mid-Cap Multifactor		1,717,561		1,699,747
MSCI USA Multifactor		250,299,471		250,264,916
MSCI USA Small-Cap Multifactor		250,476,789		256,808,919

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Multifactor	$	24,619,773	$	13,479,041
MSCI Intl Multifactor		52,157,611		—
MSCI Intl Small-Cap Multifactor		19,589,854		7,153,112
MSCI USA Mid-Cap Multifactor		3,964,638		1,923,891
MSCI USA Multifactor		292,888,646		205,919,962
MSCI USA Small-Cap Multifactor		215,246,637		216,277,675

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Global Multifactor	$	4,907,863
MSCI Intl Multifactor		157,398,068
MSCI Intl Small-Cap Multifactor		4,542,317
MSCI USA Multifactor		62,264,903
MSCI USA Small-Cap Multifactor		39,237,676

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 67

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 January 31, 2022, 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 Global Multifactor	$	128,601,154	$	19,900,218	$	(3,949,145	)	$	15,951,073
MSCI Intl Multifactor		822,146,545		125,607,752		(58,009,994	)		67,597,758
MSCI Intl Small-Cap Multifactor		180,621,663		33,494,061		(12,798,856	)		20,695,205
MSCI USA Mid-Cap Multifactor		7,483,020		404,554		(148,676	)		255,878
MSCI USA Multifactor		982,923,265		224,343,322		(21,436,472	)		202,906,850
MSCI USA Small-Cap Multifactor		875,347,816		182,896,337		(39,054,581	)		143,841,756

9. LINE OF CREDIT

The iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, the iShares MSCI Global Multifactor 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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.

For the six months ended January 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted

average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted     Average     Interest Rates
MSCI Global Multifactor	$	1,814,200	$	59,159		1.10%

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.

68 2 0 2 2   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

Notes to Financial Statements (unaudited) (continued)

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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. 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 could 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.

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 69

Notes to Financial Statements (unaudited) (continued)

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Global Multifactor
Shares sold		800,000		$	30,533,495			850,000		$	31,730,641
Shares redeemed		(400,000	)		(15,560,837	)		(1,250,000	)		(37,299,655	)
Net increase (decrease)		400,000		$	14,972,658			(400,000	)	$	(5,569,014	)
MSCI Intl Multifactor
Shares sold		2,200,000		$	63,965,001			—		$	12,077
Shares redeemed		—			—			(8,300,000	)		(221,465,938	)
Net increase (decrease)		2,200,000		$	63,965,001			(8,300,000	)	$	(221,453,861	)
MSCI Intl Small-Cap Multifactor
Shares sold		800,000		$	28,716,029			1,000,000		$	33,521,503
Shares redeemed		(200,000	)		(7,084,404	)		(100,000	)		(3,357,670	)
Net increase		600,000		$	21,631,625			900,000		$	30,163,833
MSCI USA Mid-Cap Multifactor
Shares sold		100,000		$	3,978,765			100,000		$	3,703,836
Shares redeemed		(50,000	)		(1,918,555	)		(50,000	)		(1,858,446	)
Net increase		50,000		$	2,060,210			50,000		$	1,845,390
MSCI USA Multifactor
Shares sold		6,600,000		$	293,794,837			3,250,000		$	129,318,511
Shares redeemed		(4,700,000	)		(206,843,749	)		(3,700,000	)		(132,954,160	)
Net increase (decrease)		1,900,000		$	86,951,088			(450,000	)	$	(3,635,649	)
MSCI USA Small-Cap Multifactor
Shares sold		3,950,000		$	221,787,928			7,950,000		$	398,014,342
Shares redeemed		(4,250,000	)		(229,604,199	)		(3,800,000	)		(190,509,367	)
Net increase (decrease)		(300,000	)	$	(7,816,271	)		4,150,000		$	207,504,975

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

70 2 0 2 2   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

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.

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 71

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 Global Multifactor ETF, iShares MSCI Intl Multifactor ETF, iShares MSCI Intl Small-Cap Multifactor ETF, iShares MSCI USA Mid-Cap Multifactor ETF, iShares MSCI USA Multifactor ETF and iShares MSCI USA Small-Cap Multifactor 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

January 31, 2022

	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 Global Multifactor(a)	$	0.391953	$	—	$	0.024436	$	0.416389		94	%		—	%		6	%		100%
MSCI Intl Multifactor(a)		0.863117		—		0.008806		0.871923		99			—			1			100
MSCI Intl Small-Cap Multifactor(a)		0.864783		—		0.136779		1.001562		86			—			14			100
MSCI USA Mid-Cap Multifactor(a)		0.192812		—		0.022856		0.215668		89			—			11			100
MSCI USA Multifactor(a)		0.243846		—		0.053844		0.297690		82			—			18			100
MSCI USA Small-Cap Multifactor(a)		0.375272		—		0.068333		0.443605		85			—			15			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 73

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
Counterparty Abbreviations
HSBC	HSBC Bank PLC

GLOSSARY OF TERMS USED IN THIS REPORT 75

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.

^©2022 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-110-0122

JANUARY 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Aware Aggressive Allocation ETF | EAOA | Cboe BZX

· iShares ESG Aware Conservative Allocation ETF | EAOK | Cboe BZX

· iShares ESG Aware Growth Allocation ETF | EAOR | Cboe BZX

· iShares ESG Aware Moderate Allocation ETF | EAOM | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	3.44%	23.29%
U.S. small cap equities (Russell 2000® Index)	(8.41)	(1.21)
International equities (MSCI Europe, Australasia, Far East Index)	(3.43)	7.03
Emerging market equities (MSCI Emerging Markets Index)	(4.59)	(7.23)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.87)	(4.43)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(3.17)	(2.97)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(2.56)	(1.22)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(1.55)	2.05
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
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		13
Statements of Operations		14
Statements of Changes in Net Assets		15
Financial Highlights		17
Notes to Financial Statements		21
Statement Regarding Liquidity Risk Management Program		27
Supplemental Information		28
General Information		29

3

Fund Summary as of January 31, 2022 iShares^® ESG Aware Aggressive Allocation ETF

Investment Objective

The iShares ESG Aware Aggressive Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent an aggressive risk profile, as represented by the BlackRock ESG Aware Aggressive Allocation 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.18	)%		9.65	%		19.25	%		9.65	%		33.49	%
Fund Market		(1.15	)		9.47			19.29			9.47			33.57
Index		(1.12	)		9.74			19.47			9.74			33.72

The inception date of the Fund was 6/12/20. The first day of secondary market trading was 6/18/20.

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        988.20	$        0.10			$        1,000.00	$        1,025.10	$       0.10		0.02	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Equity	52.0	%
International Equity	27.6
Domestic Fixed Income	20.4

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares ESG Aware MSCI USA ETF	46.6	%
iShares ESG Aware U.S. Aggregate Bond ETF	20.4
iShares ESG Aware MSCI EAFE ETF	18.9
iShares ESG Aware MSCI EM ETF	8.7
iShares ESG Aware MSCI USA Small-Cap ETF	5.4

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2022 iShares^® ESG Aware Conservative Allocation ETF

Investment Objective

The iShares ESG Aware Conservative Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent a conservative risk profile, as represented by the BlackRock ESG Aware Conservative Allocation 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.47	)%		1.77	%		6.13	%		1.77	%		10.26	%
Fund Market		(2.47	)		1.69			6.16			1.69			10.30
Index		(2.44	)		1.83			6.24			1.83			10.40

The inception date of the Fund was 6/12/20. The first day of secondary market trading was 6/18/20.

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        975.30	$        0.30			$        1,000.00	$        1,024.90	$       0.31		0.06	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Fixed Income	70.5	%
Domestic Equity	19.3
International Equity	10.2

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares ESG Aware U.S. Aggregate Bond ETF	70.5	%
iShares ESG Aware MSCI USA ETF	17.3
iShares ESG Aware MSCI EAFE ETF	7.0
iShares ESG Aware MSCI EM ETF	3.2
iShares ESG Aware MSCI USA Small-Cap ETF	2.0

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of January 31, 2022 iShares^® ESG Aware Growth Allocation ETF

Investment Objective

The iShares ESG Aware Growth Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent a growth risk profile, as represented by the BlackRock ESG Aware Growth Allocation 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.59	)%		6.56	%		13.96	%		6.56	%		23.92	%
Fund Market		(1.59	)		6.41			13.98			6.41			23.96
Index		(1.64	)		6.63			14.13			6.63			24.10

The inception date of the Fund was 6/12/20. The first day of secondary market trading was 6/18/20.

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        984.10	$        0.20			$        1,000.00	$        1,025.00	$       0.20		0.04	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Fixed Income	40.6	%
Domestic Equity	38.8
International Equity	20.6

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares ESG Aware U.S. Aggregate Bond ETF	40.5	%
iShares ESG Aware MSCI USA ETF	34.8
iShares ESG Aware MSCI EAFE ETF	14.1
iShares ESG Aware MSCI EM ETF	6.5
iShares ESG Aware MSCI USA Small-Cap ETF	4.1

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2022 iShares^® ESG Aware Moderate Allocation ETF

Investment Objective

The iShares ESG Aware Moderate Allocation ETF (the “Fund”) seeks to track the investment results of an index composed of a portfolio of underlying equity and fixed income funds with positive environmental, social and governance characteristics intended to represent a moderate risk profile, as represented by the BlackRock ESG Aware Moderate Allocation 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 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(2.20	)%		3.39	%		8.72	%		3.39	%		14.71	%
Fund Market		(2.16	)		3.28			8.75			3.28			14.75
Index		(2.17	)		3.45			8.86			3.45			14.87

The inception date of the Fund was 6/12/20. The first day of secondary market trading was 6/18/20.

Past performance is no guarantee 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” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (08/01/21)	Ending Account Value (01/31/22)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$        1,000.00	$        978.00	$        0.25			$        1,000.00	$        1,025.00	$       0.26		0.05	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY ASSET CLASS

Asset Class	Percent of Total Investments	(a)
Domestic Fixed Income	60.5	%
Domestic Equity	25.8
International Equity	13.7

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
iShares ESG Aware U.S. Aggregate Bond ETF	60.6	%
iShares ESG Aware MSCI USA ETF	23.1
iShares ESG Aware MSCI EAFE ETF	9.3
iShares ESG Aware MSCI EM ETF	4.3
iShares ESG Aware MSCI USA Small-Cap ETF	2.7

^(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 by 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.

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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.

8 2 0 2 2    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)  January 31, 2022 iShares^® ESG Aware Aggressive Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 52.0%
iShares ESG Aware MSCI USA ETF(a)		98,148	$	9,953,189
iShares ESG Aware MSCI USA Small-Cap ETF(a)		31,239		1,163,340
				11,116,529
Domestic Fixed Income — 20.3%
iShares ESG Aware U.S. Aggregate Bond ETF(a)		80,942		4,353,870
International Equity — 27.6%
iShares ESG Aware MSCI EAFE ETF(a)		52,746		4,031,904
iShares ESG Aware MSCI EM ETF(a)		46,801		1,867,360
				5,899,264
Total Investment Companies — 99.9% (Cost: $20,773,593)				21,369,663

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		10,000	$	10,000
Total Short-Term Investments — 0.1% (Cost: $10,000)				10,000
Total Investments in Securities — 100.0% (Cost: $20,783,593)				21,379,663
Other Assets, Less Liabilities — 0.0%				1,833
Net Assets — 100.0%			$	21,381,496

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—	$	(10,000	)(a)	$	—		$	—		$	10,000		10,000	$	1	$	—
iShares ESG Aware MSCI EAFE ETF		3,969,646		759,497		(525,407	)		122,703			(294,535	)		4,031,904		52,746		59,039		—
iShares ESG Aware MSCI EM ETF		1,811,160		327,982		(161,754	)		(11,160	)		(98,868	)		1,867,360		46,801		38,827		—
iShares ESG Aware MSCI USA ETF		9,231,931		1,840,936		(1,158,534	)		388,650			(349,794	)		9,953,189		98,148		59,448		—
iShares ESG Aware MSCI USA Small-Cap ETF		1,109,388		209,368		(76,569	)		30,270			(109,117	)		1,163,340		31,239		6,345		—
iShares ESG Aware U.S. Aggregate Bond ETF		3,990,925		689,674		(162,664	)		(4,244	)		(159,821	)		4,353,870		80,942		21,914		—
								$	526,219		$	(1,012,135)		$	21,379,663			$	185,574	$	—

^(a)  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
Investments
Assets
Investment Companies	$	21,369,663	$	—	$	—	$	21,369,663
Money Market Funds		10,000		—		—		10,000
	$	21,379,663	$	—	$	—	$	21,379,663

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)  January 31, 2022 iShares^® ESG Aware Conservative Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 19.2%
iShares ESG Aware MSCI USA ETF(a)		73,707	$	7,474,627
iShares ESG Aware MSCI USA Small-Cap ETF(a)		23,460		873,651
				8,348,278
Domestic Fixed Income — 70.4%
iShares ESG Aware U.S. Aggregate Bond ETF(a)		567,328		30,516,573
International Equity — 10.2%
iShares ESG Aware MSCI EAFE ETF(a)		39,611		3,027,865
iShares ESG Aware MSCI EM ETF(a)		35,146		1,402,325
				4,430,190
Total Investment Companies — 99.8% (Cost: $44,662,739)				43,295,041

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		80,000	$	80,000
Total Short-Term Investments — 0.2% (Cost: $80,000)				80,000
Total Investments in Securities — 100.0% (Cost: $44,742,739)				43,375,041
Other Assets, Less Liabilities — 0.0%				313
Net Assets — 100.0%			$	43,375,354

^(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 January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	80,000	(a)	$	—		$	—		$	—		$	80,000		80,000	$	2	$	—
iShares ESG Aware MSCI EAFE ETF		412,200		3,025,960			(252,942	)		(2,061	)		(155,292	)		3,027,865		39,611		44,385		—
iShares ESG Aware MSCI EM ETF		191,386		1,389,942			(93,896	)		(8,527	)		(76,580	)		1,402,325		35,146		29,193		—
iShares ESG Aware MSCI USA ETF		962,310		7,524,855			(948,600	)		205,146			(269,084	)		7,474,627		73,707		44,855		—
iShares ESG Aware MSCI USA Small-Cap ETF		116,722		1,262,577			(447,720	)		31,564			(89,492	)		873,651		23,460		4,789		—
iShares ESG Aware U.S. Aggregate Bond ETF		3,903,609		28,127,012			(484,299	)		(12,072	)		(1,017,677	)		30,516,573		567,328		134,182		—
									$	214,050		$	(1,608,125)		$	43,375,041			$	257,406	$	—

^(a)  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
Investments
Assets
Investment Companies	$	43,295,041	$	—	$	—	$	43,295,041
Money Market Funds		80,000		—		—		80,000
	$	43,375,041	$	—	$	—	$	43,375,041

See notes to financial statements.

10     2 0 2 2    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) January 31, 2022 iShares^® ESG Aware Growth Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 38.8%
iShares ESG Aware MSCI USA ETF(a)		31,342	$	3,178,392
iShares ESG Aware MSCI USA Small-Cap ETF(a)		9,976		371,506
				3,549,898
Domestic Fixed Income — 40.5%
iShares ESG Aware U.S. Aggregate Bond ETF(a)		68,926		3,707,530
International Equity — 20.6%
iShares ESG Aware MSCI EAFE ETF(a)		16,844		1,287,555
iShares ESG Aware MSCI EM ETF(a)		14,945		596,306
				1,883,861
Total Investment Companies — 99.9% (Cost: 18,544,544)				9,141,289
Total Investments in Securities — 99.9% (Cost: $8,544,544)				9,141,289
Other Assets, Less Liabilities — 0.1%				8,499
Net Assets — 100.0%			$	9,149,788

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	370,000	$	—	$	(370,000	)(b)	$	—		$	—		$	—		—	$	1	$	—
iShares ESG Aware MSCI EAFE ETF		1,213,688		233,576		(106,656	)		1,136			(54,189	)		1,287,555		16,844		18,860		—
iShares ESG Aware MSCI EM ETF		563,602		109,896		(39,838	)		(1,610	)		(35,744	)		596,306		14,945		12,404		—
iShares ESG Aware MSCI USA ETF		2,775,397		555,095		(164,365	)		2,677			9,588			3,178,392		31,342		18,173		—
iShares ESG Aware MSCI USA Small-Cap ETF		325,664		70,850		—			—			(25,008	)		371,506		9,976		1,930		—
iShares ESG Aware U.S. Aggregate Bond ETF		2,562,736		1,273,273		—			—			(128,479	)		3,707,530		68,926		17,714		—
								$	2,203		$	(233,832	)	$	9,141,289			$	69,082	$	—

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

^(b)  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
Investments
Assets
Investment Companies	$	9,141,289	$	—	$	—	$	9,141,289

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) January 31, 2022 iShares^® ESG Aware Moderate Allocation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Domestic Equity — 25.7%
iShares ESG Aware MSCI USA ETF(a)		12,780	$	1,296,020
iShares ESG Aware MSCI USA Small-Cap ETF(a)		4,068		151,492
				1,447,512
Domestic Fixed Income — 60.3%
iShares ESG Aware U.S. Aggregate Bond ETF(a)		63,239		3,401,626
International Equity — 13.6%
iShares ESG Aware MSCI EAFE ETF(a)		6,868		524,990
iShares ESG Aware MSCI EM ETF(a)		6,094		243,150
				768,140
Total Investment Companies — 99.6% (Cost: $5,765,375)				5,617,278

Security	Shares		Value
Short-Term Investments
Money Market pFunds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)		20,000	$	20,000
Total Short-Term Investments — 0.4% (Cost: $20,000)				20,000
Total Investments in Securities — 100.0% (Cost: $5,785,375)				5,637,278
Other Assets, Less Liabilities — 0.0%				2,314
Net Assets — 100.0%			$	5,639,592

^(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 January 31, 2022 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	20,000	(a)	$	—		$	—		$	—		$	20,000		20,000	$	—	$	—
iShares ESG Aware MSCI EAFE ETF		570,445		368,547			(393,755	)		72,437			(92,684	)		524,990		6,868		7,696		—
iShares ESG Aware MSCI EM ETF		264,909		66,530			(73,132	)		(6,196	)		(8,961	)		243,150		6,094		5,062		—
iShares ESG Aware MSCI USA ETF		1,331,832		928,237			(979,811	)		264,645			(248,883	)		1,296,020		12,780		8,164		—
iShares ESG Aware MSCI USA Small-Cap ETF		161,526		92,706			(93,851	)		29,698			(38,587	)		151,492		4,068		876		—
iShares ESG Aware U.S. Aggregate Bond ETF		3,473,067		856,877			(795,015	)		(17,911	)		(115,392	)		3,401,626		63,239		18,314		—
									$	342,673		$	(504,507	)	$	5,637,278			$	40,112	$	—

^(a)  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
Investments
Assets
Investment Companies	$	5,617,278	$	—	$	—	$	5,617,278
Money Market Funds		20,000		—		—		20,000
	$	5,637,278	$	—	$	—	$	5,637,278

See notes to financial statements.

12 2 0 2 2   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)

January 31, 2022

	iShares ESG Aware Aggressive Allocation ETF		iShares ESG Aware Conservative Allocation ETF			iShares ESG Aware Growth Allocation ETF		iShares ESG Aware Moderate Allocation ETF
ASSETS
Investments in securities, at value:
Affiliated(a)	$	21,379,663	$	43,375,041		$	9,141,289	$	5,637,278
Cash		2,215		2,476			8,778		2,558
Receivables:
Securities lending income — Affiliated		5		2			3		2
Total assets		21,381,883		43,377,519			9,150,070		5,639,838
LIABILITIES
Payables:
Investment advisory fees		387		2,165			282		246
Total liabilities		387		2,165			282		246
NET ASSETS	$	21,381,496	$	43,375,354		$	9,149,788	$	5,639,592
NET ASSETS CONSIST OF:
Paid-in capital	$	20,261,955	$	44,540,764		$	8,555,706	$	5,452,718
Accumulated earnings (loss)		1,119,541		(1,165,410	)		594,082		186,874
NET ASSETS	$	21,381,496	$	43,375,354		$	9,149,788	$	5,639,592
Shares outstanding		650,000		1,600,000			300,000		200,000
Net asset value	$	32.89	$	27.11		$	30.50	$	28.20
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — Affiliated	$	20,783,593	$	44,742,739		$	8,544,544	$	5,785,375

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended January 31, 2022

	iShares ESG Aware Aggressive Allocation ETF			iShares ESG Aware Conservative Allocation ETF			iShares ESG Aware Growth Allocation ETF			iShares ESG Aware Moderate Allocation ETF
INVESTMENT INCOME
Dividends — Affiliated	$	185,574		$	257,406		$	69,082		$	40,112
Total investment income		185,574			257,406			69,082			40,112
EXPENSES
Investment advisory fees		19,232			34,012			7,924			5,292
Total expenses		19,232			34,012			7,924			5,292
Less:
Investment advisory fees waived		(17,028	)		(23,095	)		(6,354	)		(3,808	)
Total expenses after fees waived		2,204			10,917			1,570			1,484
Net investment income		183,370			246,489			67,512			38,628
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Affiliated		(14,815	)		(22,661	)		2,203			(24,077	)
In-kind redemptions — Affiliated		541,034			236,711			—			366,750
Net realized gain		526,219			214,050			2,203			342,673
Net change in unrealized appreciation (depreciation) on:
Investments — Affiliated		(1,012,135	)		(1,608,125	)		(233,832	)		(504,507	)
Net change in unrealized appreciation (depreciation)		(1,012,135	)		(1,608,125	)		(233,832	)		(504,507	)
Net realized and unrealized loss		(485,916	)		(1,394,075	)		(231,629	)		(161,834	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(302,546	)	$	(1,147,586	)	$	(164,117	)	$	(123,206	)

See notes to financial statements.

14 2 0 2 2  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 Changes in Net Assets

	iShares ESG Aware Aggressive Allocation ETF						iShares ESG Aware Conservative Allocation ETF
		Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	183,370		$	158,493		$	246,489		$	56,942
Net realized gain		526,219			442,494			214,050			190,927
Net change in unrealized appreciation (depreciation)		(1,012,135	)		1,424,458			(1,608,125	)		142,098
Net increase (decrease) in net assets resulting from operations		(302,546	)		2,025,445			(1,147,586	)		389,967
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(186,118	)		(160,003	)		(245,740	)		(61,043	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,729,509			14,264,094			39,174,340			1,372,773
NET ASSETS
Total increase in net assets		1,240,845			16,129,536			37,781,014			1,701,697
Beginning of period		20,140,651			4,011,115			5,594,340			3,892,643
End of period	$	21,381,496		$	20,140,651		$	43,375,354		$	5,594,340

^(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 15

Statements of Changes in Net Assets (continued)

	iShares ESG Aware Growth Allocation ETF						iShares ESG Aware Moderate Allocation ETF
		Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21			Six Months Ended 01/31/22 (unaudited	)		Year Ended 07/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	67,512		$	74,095		$	38,628		$	60,441
Net realized gain		2,203			164,855			342,673			258,057
Net change in unrealized appreciation (depreciation)		(233,832	)		677,321			(504,507	)		234,426
Net increase (decrease) in net assets resulting from operations		(164,117	)		916,271			(123,206	)		552,924
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(71,280	)		(76,617	)		(43,464	)		(64,015	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,574,184			3,006,428			(4,036	)		1,404,219
NET ASSETS
Total increase (decrease) in net assets		1,338,787			3,846,082			(170,706	)		1,893,128
Beginning of period		7,811,001			3,964,919			5,810,298			3,917,170
End of period	$	9,149,788		$	7,811,001		$	5,639,592		$	5,810,298

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

See notes to financial statements.

16 2 0 2 2   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

(For a share outstanding throughout each period)

	iShares ESG Aware Aggressive Allocation ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21					Period From 06/12/20 to 07/31/20	(a)
Net asset value, beginning of period		$	33.57			$	26.74		$	25.32
Net investment income(b)			0.29				0.49			0.10
Net realized and unrealized gain (loss)(c)			(0.68	)			6.78			1.44
Net increase (decrease) from investment operations			(0.39	)			7.27			1.54
Distributions(d)
From net investment income			(0.29	)			(0.44	)		(0.12	)
Total distributions			(0.29	)			(0.44	)		(0.12	)
Net asset value, end of period		$	32.89			$	33.57		$	26.74
Total Return(e)
Based on net asset value			(1.18	)%(f)			27.32	%		6.10	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.18	%(h)			0.18	%		0.18	%(h)
Total expenses after fees waived			0.02	%(h)			0.02	%		0.03	%(h)
Net investment income			1.72	%(h)			1.53	%		2.74	%
Supplemental Data
Net assets, end of period (000)		$	21,381			$	20,141		$	4,011
Portfolio turnover rate(i)			2	%(f)			5	%		0	%(f)(j)

^(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.

^(j)  Rounds to less than 0.01%.

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 ESG Aware Conservative Allocation ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21					Period From 06/12/20 to 07/31/20	(a)
Net asset value, beginning of period		$	27.97			$	25.95		$	25.14
Net investment income(b)			0.18				0.33			0.06
Net realized and unrealized gain (loss)(c)			(0.87	)			2.05			0.82
Net increase (decrease) from investment operations			(0.69	)			2.38			0.88
Distributions(d)
From net investment income			(0.17	)			(0.36	)		(0.07	)
Return of capital			—				—			(0.00	)(e)
Total distributions			(0.17	)			(0.36	)		(0.07	)
Net asset value, end of period		$	27.11			$	27.97		$	25.95
Total Return(f)
Based on net asset value			(2.47	)%(g)			9.23	%		3.50	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.18	%(i)			0.18	%		0.18	%(i)
Total expenses after fees waived			0.06	%(i)			0.06	%		0.06	%(i)
Net investment income			1.30	%(i)			1.21	%		1.63	%
Supplemental Data
Net assets, end of period (000)		$	43,375			$	5,594		$	3,893
Portfolio turnover rate(j)			2	%(g)			4	%		0	%(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)  Rounds to less than $0.01.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares ESG Aware Growth Allocation ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21					Period From 06/12/20 to 07/31/20	(a)
Net asset value, beginning of period		$	31.24			$	26.43		$	25.25
Net investment income(b)			0.24				0.40			0.08
Net realized and unrealized gain (loss)(c)			(0.73	)			4.81			1.20
Net increase (decrease) from investment operations			(0.49	)			5.21			1.28
Distributions(d)
From net investment income			(0.25	)			(0.40	)		(0.10	)
Total distributions			(0.25	)			(0.40	)		(0.10	)
Net asset value, end of period		$	30.50			$	31.24		$	26.43
Total Return(e)
Based on net asset value			(1.59	)%(f)			19.83	%		5.08	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.18	%(h)			0.18	%		0.18	%(h)
Total expenses after fees waived			0.04	%(h)			0.03	%		0.04	%(h)
Net investment income			1.53	%(h)			1.37	%		2.29	%
Supplemental Data
Net assets, end of period (000)		$	9,150			$	7,811		$	3,965
Portfolio turnover rate(i)			4	%(f)			15	%		0	%(f)(j)

^(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.

^(j)  Rounds to less than 0.01%.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 19

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares ESG Aware Moderate Allocation ETF
	Six Months Ended 01/31/22 (unaudited)				Year Ended 07/31/21					Period From 06/12/20 to 07/31/20	(a)
Net asset value, beginning of period		$	29.05			$	26.11		$	25.18
Net investment income(b)			0.19				0.35			0.06
Net realized and unrealized gain (loss)(c)			(0.82	)			2.96			0.95
Net increase (decrease) from investment operations			(0.63	)			3.31			1.01
Distributions(d)
From net investment income			(0.22	)			(0.37	)		(0.08	)
Return of capital			—				—			(0.00	)(e)
Total distributions			(0.22	)			(0.37	)		(0.08	)
Net asset value, end of period		$	28.20			$	29.05		$	26.11
Total Return(f)
Based on net asset value			(2.20	)%(g)			12.76	%		4.02	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.18	%(i)			0.18	%		0.18	%(i)
Total expenses after fees waived			0.05	%(i)			0.05	%		0.05	%(i)
Net investment income			1.31	%(i)			1.25	%		1.82	%
Supplemental Data
Net assets, end of period (000)		$	5,640			$	5,810		$	3,917
Portfolio turnover rate(j)			15	%(g)			4	%		0	%(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)  Rounds to less than $0.01.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
ESG Aware Aggressive Allocation	Diversified
ESG Aware Conservative Allocation	Diversified
ESG Aware Growth Allocation	Diversified
ESG Aware Moderate Allocation	Diversified

Each Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in other iShares funds (each, an “underlying fund” and collectively, the “underlying funds”). 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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 last traded price or 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.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued

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)

Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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.

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. 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. 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 Fund, BFA is entitled to an annual investment advisory fee of 0.18%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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Notes to Financial Statements (unaudited) (continued)

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

For each of the iShares ESG Aware Aggressive Allocation, iShares ESG Aware Conservative Allocation, iShares ESG Aware Growth Allocation and iShares ESG Aware Moderate Allocation ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through November 30, 2025, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
ESG Aware Aggressive Allocation	$	17,028
ESG Aware Conservative Allocation		23,095
ESG Aware Growth Allocation		6,354
ESG Aware Moderate Allocation		3,808

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.

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 January 31, 2022, 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 Conservative Allocation	$	72,412	$	—	$	—
ESG Aware Growth Allocation		—		72,408		1,262

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.

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)

6. PURCHASES AND SALES

For the six months ended January 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Aware Aggressive Allocation	$	386,414	$	366,358
ESG Aware Conservative Allocation		817,121		831,138
ESG Aware Growth Allocation		671,014		310,857
ESG Aware Moderate Allocation		859,579		877,242

For the six months ended January 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
ESG Aware Aggressive Allocation	$	3,441,045	$	1,718,571
ESG Aware Conservative Allocation		40,513,225		1,396,320
ESG Aware Growth Allocation		1,571,674		—
ESG Aware Moderate Allocation		1,453,318		1,458,322

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 January 31, 2022, 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 July 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG Aware Conservative Allocation	$	12,511
ESG Aware Growth Allocation		1,098
ESG Aware Moderate Allocation		2,866

As of January 31, 2022, 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 Aware Aggressive Allocation	$	20,783,593	$	834,801	$	(238,731	)	$	596,070
ESG Aware Conservative Allocation		44,742,739		—		(1,367,698	)		(1,367,698	)
ESG Aware Growth Allocation		8,544,544		703,166		(106,421	)		596,745
ESG Aware Moderate Allocation		5,785,375		8,955		(157,052	)		(148,097	)

8. 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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.

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Notes to Financial Statements (unaudited) (continued)

This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the 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.

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.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. 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 01/31/22						Year Ended 07/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware Aggressive Allocation
Shares sold		100,000		$	3,446,676			500,000		$	15,897,888
Shares redeemed		(50,000	)		(1,717,167	)		(50,000	)		(1,633,794	)
Net increase		50,000		$	1,729,509			450,000		$	14,264,094
ESG Aware Conservative Allocation
Shares sold		1,450,000		$	40,573,011			100,000		$	2,741,067
Shares redeemed		(50,000	)		(1,398,671	)		(50,000	)		(1,368,294	)
Net increase		1,400,000		$	39,174,340			50,000		$	1,372,773
ESG Aware Growth Allocation
Shares sold		50,000		$	1,574,184			150,000		$	4,441,118
Shares redeemed		—			—			(50,000	)		(1,434,690	)
Net increase		50,000		$	1,574,184			100,000		$	3,006,428
ESG Aware Moderate Allocation
Shares sold		50,000		$	1,455,321			100,000		$	2,823,915
Shares redeemed		(50,000	)		(1,459,357	)		(50,000	)		(1,419,696	)
Net increase (decrease)		—		$	(4,036	)		50,000		$	1,404,219

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.

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

Notes to Financial Statements (unaudited) (continued)

10. 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 ESG Aware Aggressive Allocation ETF, iShares ESG Aware Conservative Allocation ETF, iShares ESG Aware Growth Allocation ETF and iShares ESG Aware Moderate Allocation 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, 2021 (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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 27

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.

January 31, 2022

	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 Aware Aggressive Allocation(a)	$	0.289812	$	—	$	0.001966	$	0.291778		99	%		—	%		1	%		100	%
ESG Aware Conservative Allocation(a)		0.170268		—		0.002465		0.172733		99			—			1			100
ESG Aware Growth Allocation(a)		0.246609		—		0.002174		0.248783		99			—			1			100
ESG Aware Moderate Allocation(a)		0.214791		—		0.002527		0.217318		99			—			1			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 email 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 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 Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

© 2022 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-112-0122

(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/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: March 23, 2022

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/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: March 23, 2022

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

Date: March 23, 2022