UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

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

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2022

Date of reporting period: August 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

AUGUST 31, 2022

2022 Annual Report

iShares Trust

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

· iShares MSCI China ETF | MCHI | NASDAQ

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

· iShares MSCI Indonesia ETF | EIDO | NYSE Arca

· iShares MSCI Peru ETF | EPU | NYSE Arca

· iShares MSCI Philippines ETF | EPHE | NYSE Arca

· iShares MSCI Poland ETF | EPOL | NYSE Arca

· iShares MSCI Qatar ETF | QAT | NASDAQ

· iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

· iShares MSCI UAE ETF | UAE | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(8.84)%		(11.23)%
U.S. small cap equities (Russell 2000® Index)		(9.31)		(17.88)
International equities (MSCI Europe, Australasia, Far East Index)		(13.97)		(19.80)
Emerging market equities (MSCI Emerging Markets Index)		(13.30)		(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36		0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71)		(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76)		(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72)		(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78)		(10.61)
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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	25
Disclosure of Expenses	25
Schedules of Investments	26
Financial Statements
Statements of Assets and Liabilities	62
Statements of Operations	65
Statements of Changes in Net Assets	68
Financial Highlights	73
Notes to Financial Statements	83
Report of Independent Registered Public Accounting Firm	94
Important Tax Information	95
Board Review and Approval of Investment Advisory Contract	96
Supplemental Information	104
Trustee and Officer Information	106
General Information	109
Glossary of Terms Used in this Report	110

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

4 2 0 2 2   I S H A R E S   A N 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 August 31, 2022    iShares^® MSCI Brazil Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.61	)%		(0.21	)%		(3.28	)%		(18.61	)%		(1.05	)%		(28.37	)%
Fund Market		(19.38	)		(0.37	)		(3.27	)		(19.38	)		(1.83	)		(28.28	)
Index		(18.53	)		0.65			(2.69	)		(18.53	)		3.29			(23.83	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      949.10	$      2.85		$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Brazil Small-Cap ETF

Portfolio Management Commentary

Small-capitalization Brazilian stocks declined during the reporting period amid high inflation, rising interest rates, and slowing economic growth. Rising commodities prices and a shift toward value stocks bolstered Brazilian stocks in the first quarter of 2022 as prices for Brazil’s primary exports – oil, metals, and agricultural commodities – rose. However, Brazilian markets later declined as slowing global growth and recessionary fears started to weigh on commodities prices. Small-capitalization stocks are generally more sensitive to economic shifts, and inflation tends to pressure their margins more than larger peers.

The consumer discretionary sector was the largest detractor from the Index’s return, pressured by inflation, supply-chain disruptions, and weakening consumer sentiment. Education services stocks declined after a pandemic rally as students returned to in-person learning, enrollment levels weakened, and investor sentiment shifted away from stay-at-home stocks. The consumer durables industry detracted as rising costs and interest rates pressured homebuilder stocks amid slowing home sales and weakening margins. Retailers declined amid rising interest rates and high levels of consumer debt, while inflation pressured margins and lowered expectations for sales growth.

Airlines and aerospace and defense stocks drove substantial detraction from the industrials sector. Air traffic failed to return to pre-pandemic levels, and revenue per passenger miles, a measure of demand, remained well below 2019 figures. High fuel costs weighed on airlines’ profits, while concerns surrounding financing led to analyst downgrades. Within aerospace and defense, aircraft manufacturer stocks declined amid continuing quarterly losses, exacerbated by a failed merger between two major players.

Conversely, the energy sector contributed to the Index’s return. Energy prices rose and remained historically high, which drove strong revenue and earnings growth for oil producers.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Discretionary		19.3%
Utilities		18.8
Consumer Staples		15.1
Industrials		14.8
Materials		7.8
Real Estate		7.5
Information Technology		4.5
Financials		4.5
Health Care		3.8
Energy		3.7
Communication Services		0.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Eneva SA		4.8%
Sendas Distribuidora SA		4.5
Embraer SA		2.9
Transmissora Alianca de Energia Eletrica SA		2.6
Metalurgica Gerdau SA (Preferred)		2.2
Sul America SA		2.1
Grupo De Moda Soma SA		2.1
3R Petroleum Oleo E Gas SA		2.1
Multiplan Empreendimentos Imobiliarios SA		2.1
Cielo SA		2.0

6 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI China ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(28.80	)%		(2.96	)%		4.04	%		(28.80	)%		(13.94	)%		48.61	%
Fund Market		(28.87	)		(2.99	)		3.98			(28.87	)		(14.07	)		47.72
Index		(28.19	)		(2.34	)		4.65			(28.19	)		(11.15	)		57.55

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      855.10	$      2.76		$      1,000.00	$      1,022.20	$      3.01		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI China ETF

Portfolio Management Commentary

Chinese equities declined sharply during the reporting period as economic growth slowed amid continuing pandemic-related restrictions, while a wide-ranging regulatory crackdown continued to raise uncertainty that pressured technology stocks and the property market, leading to a homebuyer boycott of mortgage payments. Unemployment rose and consumer spending weakened, while inflationary pressures and supply chain disruptions continued. Concerns about delisting from U.S. exchanges arising from audit requirements also weighed on Chinese stocks.

The consumer discretionary sector drove the majority of detraction from the Index’s return amid concerns surrounding slowing growth, as well as public health and regulatory restrictions, as government efforts to rein in large internet firms, which included billions of dollars in anti-trust fines, weighed on investor sentiment. The internet and direct marketing industry declined as market saturation and slowing consumption pressured earnings. Meanwhile, growth in cloud businesses stagnated amid competition from government-backed rivals. Automobile manufacturers also declined as vehicle sales slowed when pandemic-related lockdowns slowed production and car purchases.

The communication services sector detracted from the Index’s return. Media and entertainment stocks declined amid restrictions limiting video game use and advertising. Revenue growth slowed for media and videogaming firms, constraining earnings and raising concerns about future growth. China also temporarily suspended and subsequently resumed the approval of new video games but excluded titles from two of the country’s largest gaming companies.

In the healthcare sector, stocks in the pharmaceuticals, biotechnology, and life sciences industry declined as acquisition and initial public offering activity slowed. Tighter regulations that included drug price reductions and fears about potential U.S. de-listing created headwinds for the healthcare sector. In addition, pharmaceutical companies with exposure to COVID-19 vaccines also declined, as competitors introduced a COVID-19 pill.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Discretionary		31.2%
Communication Services		18.4
Financials		14.8
Health Care		6.0
Consumer Staples		5.8
Industrials		5.8
Information Technology		5.5
Real Estate		3.7
Materials		3.5
Utilities		2.7
Energy		2.6

TEN LARGEST HOLDINGS

Security Percent of   
Total Investments^(a)

Tencent Holdings Ltd.	12.3%
Alibaba Group Holding Ltd.	8.6
Meituan, Class B	5.0
JD.com Inc., Class A	3.3
China Construction Bank Corp., Class H	2.8
Baidu Inc.	1.9
Ping An Insurance Group Co. of China Ltd., Class H	1.8
NetEase Inc.	1.8
Pinduoduo Inc.	1.7
Wuxi Biologics Cayman Inc.	1.5

^(a) Excludes money market funds.

8 2 0 2 2  I S H A R E S   A N 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 August 31, 2022    iShares^® MSCI China Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(32.33	)%		(2.55	)%		4.49	%		(32.33	)%		(12.10	)%		55.10	%
Fund Market		(32.09	)		(2.55	)		4.50			(32.09	)		(12.11	)		55.32
Index		(37.46	)		(4.41	)		3.00			(37.46	)		(20.20	)		34.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      813.40	$      2.65		$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI China Small-Cap ETF

Portfolio Management Commentary

Smaller-capitalization Chinese equities declined sharply during the reporting period as economic growth slowed amid ongoing pandemic-related restrictions, while a wide-ranging regulatory crackdown continued to raise uncertainty that pressured technology stocks and the property market, leading to a liquidity crisis. Unemployment rose and consumer spending weakened, while inflationary pressures and supply chain disruptions continued. Concerns about delisting from U.S. exchanges arising from audit requirements also weighed on Chinese stocks. Declining liquidity, COVID-19 lockdowns, and concerns about high valuations were especially challenging for smaller companies.

The real estate sector was the largest detractor from the Index’s return, as real estate development and management stocks declined sharply amid the property market crisis. The government’s crackdown on borrowing drove many developers to default, and home prices declined, leading to widespread mortgage boycotts. Companies tied to the property market, including developers, failed to meet obligations. Defaults (or warnings thereof) and ratings agency downgrades weighed on investor sentiment.

Regulatory issues also impacted the healthcare sector, which detracted substantially from the Index’s return amid drug price reductions, tighter research and development policies in China, drug approval setbacks, and fears about delisting. Acquisition and initial public offering activity slowed as investment in COVID-19 treatments receded, driving biotechnology and pharmaceuticals stocks lower.

Consumer discretionary stocks also declined amid public health and regulatory restrictions, along with weakening growth, high unemployment, slowing consumer spending, and delisting concerns. The internet and direct marketing retail industry declined as market saturation and slowing consumption pressured earnings.

Information technology stocks also detracted from the Index’s return, led by the software industry, amid the regulatory crackdown. Stocks that mine cryptocurrency or serve miners declined due to the sharp decline of cryptocurrency market and China’s ban on cryptocurrency mining in May 2021.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	18.4	%
Health Care	15.8
Real Estate	15.0
Industrials	12.0
Information Technology	11.5
Materials	7.0
Financials	6.4
Communication Services	5.4
Utilities	4.7
Consumer Staples	2.9
Energy	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
JinkoSolar Holding Co. Ltd.	2.8	%
China Conch Environment Protection Holdings Ltd.	1.7
Akeso Inc.	1.7
Haichang Ocean Park Holdings Ltd.	1.6
Koolearn Technology Holding Ltd.	1.5
Lifetech Scientific Corp.	1.4
Chindata Group Holdings Ltd.	1.3
Golden Solar New Energy Technology Holdings Ltd.	1.3
C&D International Investment Group Ltd.	1.2
COFCO Joycome Foods Ltd.	1.0

^(a) Excludes money market funds.

10 2 0 2 2  I S H A R E S   A N 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 August 31, 2022   (continued) iShares^® MSCI Indonesia ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.69	%		(0.63	)%		(0.18	)%		14.69	%		(3.12	)%		(1.76	)%
Fund Market		14.14			(0.77	)		(0.22	)		14.14			(3.80	)		(2.15	)
Index		15.49			(0.02	)		0.38			15.49			(0.08	)		3.84

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      1,004.40	$      2.93		$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Indonesia ETF

Portfolio Management Commentary

Stocks in Indonesia rose significantly during the reporting period as the Indonesian economy maintained a steady pace of growth. Improving consumer sentiment amid the relaxation of COVID-19 restrictions led to increases in private consumption, which makes up more than half of the country’s domestic output. To help keep energy costs low for consumers, the government doubled its spending on subsidies. Exports reached new all-time highs amid rising demand for commodities. This resulted in larger-than-expected trade surpluses, which helped stabilize the nation’s currency. The country’s central bank chose not to increase interest rates for much of the reporting period, favoring other tools to fight inflation, but it changed course in August 2022, raising its benchmark rate by 25 basis points amid accelerating inflation.

The financials sector contributed the most to the Index’s return, led by the banking industry. Indonesia’s largest banks reported notable increases in net profits in 2021 and the first half of 2022, reversing 2020 declines. Loan activity accelerated amid the country’s coronavirus pandemic recovery, as more corporate borrowers sought funds for working capital and investments, and consumer demand for mortgages and vehicle loans increased. Improving loan repayment rates also supported income growth, while enabling banks to reduce pandemic-era loan loss provisions.

Energy company stocks also contributed notably to the Index’s performance. Coal producers benefited from a surge in commodities prices amid the outbreak of war in Ukraine. Sales of coal gained an additional boost from European buyers seeking new sources of the raw material ahead of E.U. sanctions banning Russian coal imports.

On the downside, the materials sector detracted from the Index’s return, as the construction materials industry struggled with supply shortages and the rising costs of raw materials. Increased competition and production overcapacity also weighed on industry earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	43.6	%
Communication Services	13.0
Materials	10.7
Consumer Staples	10.5
Energy	7.6
Consumer Discretionary	5.9
Health Care	2.6
Real Estate	2.3
Industrials	1.9
Utilities	1.2
Information Technology	0.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bank Central Asia Tbk PT	18.9	%
Bank Rakyat Indonesia Persero Tbk PT	11.9
Telkom Indonesia Persero Tbk PT	8.8
Astra International Tbk PT	4.8
Bank Mandiri Persero Tbk PT	4.6
Bank Negara Indonesia Persero Tbk PT	3.3
Adaro Energy Indonesia Tbk PT	2.8
Charoen Pokphand Indonesia Tbk PT	2.3
Merdeka Copper Gold Tbk PT	2.2
Kalbe Farma Tbk PT	2.0

^(a) Excludes money market funds.

12 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Peru ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.24	%		(4.61	)%		(2.36	)%		0.24	%		(21.01	)%		(21.24	)%
Fund Market		0.47			(4.58	)		(2.26	)		0.47			(20.91	)		(20.45	)
Index		1.14			(4.38	)		(1.90	)		1.14			(20.06	)		(17.48	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      765.50	$      2.58		$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Peru ETF

Portfolio Management Commentary

Peruvian equities advanced slightly during the reporting period, as political and economic turbulence weighed on investor sentiment. Peru’s monthly economic output surpassed levels prior to the coronavirus pandemic for much of the reporting period. However, the country’s central bank had difficulty taming inflation, which accelerated at its fastest pace in 25 years. Rising food and fuel prices, exacerbated by Russia’s invasion of Ukraine, heightened social tensions across the country, leading to rioting and strikes. The government aimed to alleviate these economic pressures through increased social spending, direct payments to citizens, tax relief, and the provision of fertilizer supplies for farmers. Meanwhile, Peru’s government faced turmoil of its own with multiple cabinet reshuffles and presidential impeachment attempts.

The financials sector contributed the most to the Index’s return, driven by the diversified banks industry. Corporate loan activity at the country’s largest financial services holding company grew through much of the reporting period, overcoming government policies that limited banks’ control over commercial rates, a development that slowed credit demand elsewhere in the industry. Rising interest rates also boosted net income and profitability.

The consumer staples sector also contributed to the Index’s performance, most notably the food products industry. Shipments of sugar and molasses, among Peru’s top agricultural exports, increased, especially to the U.S.

On the downside, materials stocks detracted significantly from the Index’s return amid political and operational turmoil in the metals and mining industry. The potential for closures, costs related to physical site damages, and COVID-19-related employee absences weighed on profits at gold mining companies. Among silver miners, production decreased while costs associated with derivatives contracts and rising interest rates increased. Protests from indigenous communities led to shutdowns at copper mines representing a significant amount of the country’s copper production.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Materials	48.7	%
Financials	26.4
Consumer Staples	8.1
Industrials	5.7
Energy	3.7
Real Estate	2.6
Consumer Discretionary	2.6
Utilities	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Credicorp Ltd.	22.5	%
Southern Copper Corp.	20.1
Cia. de Minas Buenaventura SAA	4.6
Ferreycorp SAA	4.3
Alicorp SAA	4.2
Sociedad Minera Cerro Verde SAA	3.9
PetroTal Corp.	3.7
Unacem Corp. SAA	3.2
Volcan Cia. Minera SAA, Class B	2.9
InRetail Peru Corp.	2.7

^(a) Excludes money market funds.

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Fund Summary as of August 31, 2022    iShares^® MSCI Philippines ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(11.65	)%		(5.04	)%		(0.18	)%		(11.65	)%		(22.78	)%		(1.80	)%
Fund Market		(11.52	)		(5.22	)		(0.22	)		(11.52	)		(23.53	)		(2.17	)
Index		(10.89	)		(4.32	)		0.55			(10.89	)		(19.81	)		5.68

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      827.00	$      2.67		$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Philippines ETF

Portfolio Management Commentary

Philippine stocks declined substantially during the reporting period as a rapid rise in inflation and concerns over the Philippine government’s finances weighed on an otherwise robust economy. Amid a relaxation of coronavirus-related restrictions, the economy grew at one of the fastest rates among all Asian countries. Private consumption, a key driver of the economy, expanded sharply, then began to slow as prices rose. Higher global energy prices, stemming from Russia’s invasion of Ukraine, led to a deceleration in agricultural production and manufacturing. The government faced pressure to maintain economic growth amid a sizable budget deficit, which expanded in the wake of coronavirus pandemic support programs. Concerns over an economic slowdown diminished investor enthusiasm for Philippine stocks and the Philippine peso, which declined 12% relative to the U.S. dollar.

The industrials sector detracted the most from the Index’s return. Fortunes were mixed for stocks of industrial conglomerates, as macroeconomic uncertainty and currency depreciation outweighed otherwise solid demand for goods and services. Rising energy costs narrowed margins across conglomerates’ portfolios, especially input costs in the petrochemicals business. In contrast, businesses linked to consumer spending, such as brick-and-mortar retail and food production, strengthened. However, rapidly rising inflation slowed the pace of consumption late in the reporting period, clouding the outlook for continued growth.

Companies in the real estate sector also weighed on the Index’s performance, as revenue growth decelerated, namely in residential development. Leasing revenues from shopping centers, hotels, and resorts supported earnings. However, developers exhibited caution, opting to slow down capital expenditure and land acquisition plans.

On the upside, the energy sector contributed to the Index’s return, led by the coal and consumable fuels industry. Coal production hit record highs, while surging global demand for the raw material boosted prices and revenues.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	28.2	%
Real Estate	22.1
Financials	18.1
Consumer Staples	9.5
Communication Services	7.4
Consumer Discretionary	7.2
Utilities	5.2
Energy	1.3
Materials	1.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
SM Prime Holdings Inc.	12.7	%
BDO Unibank Inc.	7.1
Ayala Land Inc.	6.2
SM Investments Corp.	5.7
Ayala Corp.	5.0
Bank of the Philippine Islands	4.6
International Container Terminal Services Inc.	4.5
JG Summit Holdings Inc.	4.3
PLDT Inc.	4.2
Jollibee Foods Corp.	3.8

^(a) Excludes money market funds.

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Fund Summary as of August 31, 2022    iShares^® MSCI Poland ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(44.38	)%		(12.74	)%		(4.20	)%		(44.38	)%		(49.40	)%		(34.88	)%
Fund Market		(44.59	)		(12.83	)		(4.28	)		(44.59	)		(49.67	)		(35.42	)
Index		(44.31	)		(12.63	)		(3.97	)		(44.31	)		(49.09	)		(33.31	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      706.70	$      3.27		$      1,000.00	$      1,021.40	$      3.87		0.76	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Poland ETF

Portfolio Management Commentary

Stocks in Poland declined substantially for the reporting period, as accelerating inflation and the Polish government’s attempts to contain it weighed on the economy. War in neighboring Ukraine, looming energy shortages, and general economic weakness discouraged investors, driving Polish stock valuations down to record lows. Inflation reached a 25-year high, even as the Polish central bank executed 10 consecutive interest rate increases during the reporting period. Demand for goods and services decreased, both from domestic consumers and the country’s primary trading partners, and data signaled a contraction in manufacturing activity. The government sought to help consumers through tax reductions and mortgage relief yet failed to maintain voter confidence. The Polish zloty’s decline relative to the U.S. dollar diminished the value of Polish stocks in U.S. dollar terms.

The financials sector was the largest detractor from the Index’s return, as the diversified banking industry bore the brunt of government policies aimed at easing consumer woes. Higher interest rates made it increasingly difficult for homeowners to pay their mortgages, spurring officials to introduce a moratorium on payments. This measure significantly impacted Poland’s two largest banks, which represent approximately 40% of the domestic mortgage market, and soured investor sentiment amid concerns over revenue losses.

Stocks in the consumer discretionary sector weighed on the Index’s return, as political and macroeconomic headwinds constrained retail activity. Higher costs diminished profits in the internet and direct marketing retail industry, which revised growth expectations downward amid rising inflation. Textiles, apparel, and luxury goods companies faced a significant decline in income following their exit from the Russian market.

The communication services sector also detracted from the Index’s performance. Although revenues increased among video game companies in the interactive home entertainment industry, production delays and declining sales sapped investor sentiment.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	36.5	%
Energy	16.7
Consumer Discretionary	10.3
Consumer Staples	8.7
Communication Services	7.6
Materials	7.5
Utilities	6.2
Information Technology	3.1
Industrials	2.3
Health Care	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Polski Koncern Naftowy ORLEN SA	12.3	%
Powszechna Kasa Oszczednosci Bank Polski SA	9.9
Powszechny Zaklad Ubezpieczen SA	8.1
Dino Polska SA	8.0
Bank Polska Kasa Opieki SA	5.6
Polskie Gornictwo Naftowe i Gazownictwo SA	4.4
LPP SA	4.3
KGHM Polska Miedz SA	4.2
Allegro.eu SA	4.2
Santander Bank Polska SA	3.8

^(a) Excludes money market funds.

18 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Qatar ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		19.69	%		10.68	%		2.63	%		19.69	%		66.09	%		24.16	%
Fund Market		19.07			10.47			2.64			19.07			64.50			24.32
Index		20.20			11.59			3.37			20.20			73.06			31.81

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      1,024.50	$      2.96		$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 19

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Qatar ETF

Portfolio Management Commentary

Stocks in Qatar advanced considerably for the reporting period, as income from its key export, liquefied natural gas (“LNG”), rose sharply. Qatar is one of the world’s largest LNG exporters, and shipments of the product surged after the onset of the war in Ukraine. Demand for Qatari gas, which was relatively inexpensive compared to benchmark European prices, proved particularly strong. The Middle Eastern nation also increased shipments of crude oil, its second-largest export. Further, investors viewed Qatar’s status as host of soccer’s upcoming 2022 FIFA World Cup as a positive development for the domestic economy. As with other Persian Gulf countries, energy prices were a key catalyst for Qatar’s stock market, and the price of crude oil and natural gas both increased during the reporting period.

The financials sector contributed the most to the Index’s return for the reporting period. Banks, which represented approximately 49% of the Index on average, benefited from the rise in oil and gas prices as many of the businesses they finance are involved in the energy sector. Assets and earnings surged on the strength of increased deposits, financing, and investment activity. Loan-to-deposit ratios shrank, improving banks’ liquidity, and fee and commission revenue increased, reflecting improvement in banking service operations.

The industrials sector also contributed to the Index’s performance. The nation’s leading industrial conglomerate reported substantially higher earnings as it raised prices significantly for the fertilizers, petrochemicals, fuel additives, and steel products it sells. That helped the company overcome notably higher production costs and slightly weakened demand resulting from China’s COVID-19 lockdowns. Sales volumes also rose, aided by improved manufacturing efficiency.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	52.1	%
Industrials	15.2
Energy	8.5
Materials	7.8
Real Estate	6.0
Communication Services	4.4
Utilities	3.2
Consumer Staples	2.0
Health Care	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Qatar National Bank QPSC	21.5	%
Qatar Islamic Bank SAQ	13.4
Industries Qatar QSC	8.7
Masraf Al Rayan QSC	4.4
Commercial Bank PSQC (The)	4.4
Mesaieed Petrochemical Holding Co.	4.1
Qatar Gas Transport Co. Ltd.	3.8
Qatar Fuel QSC	3.5
Qatar International Islamic Bank QSC	3.4
Qatar Electricity & Water Co. QSC	3.2

^(a) Excludes money market funds.

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Fund Summary as of August 31, 2022  iShares^® MSCI Saudi Arabia ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		9.60	%		13.53	%		10.99	%		9.60	%		88.58	%		106.71	%
Fund Market		9.11			13.52			10.92			9.11			88.49			105.75
Index		10.79			14.34			11.88			10.79			95.47			118.33

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      974.40	$      3.68		$      1,000.00	$      1,021.50	$      3.77		0.74	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 21

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI Saudi Arabia ETF

Portfolio Management Commentary

Stocks in Saudi Arabia advanced for the reporting period. Prices for crude oil, which accounts for 70% of the nation’s exports and more than half of its government revenue, fluctuated dramatically during the reporting period, particularly after Russia’s invasion of Ukraine. Following the invasion, many global economies stopped accepting shipments of Russian oil and looked to other sources for supplies. Saudi Arabia’s government surplus rose 50% during the reporting period amid high oil prices and increased production. That helped the nation somewhat offset the impact of rising global inflation, slowing global economic growth, and rising interest rates.

The financials sector contributed the most to the Index’s return, as earnings in the banking industry, fueled by income from high oil prices, rose for the nation’s largest lenders. Increased financing, higher banking service fees, and higher investment income further supported earnings. Banks benefited from a strong domestic economy, which reached the highest growth rate in a decade as it recovered from the height of the coronavirus-driven economic slowdown. With oil prices elevated, bond rating services expected credit ratings to remain strong for Saudi Arabian lenders. In addition, Saudi Arabia’s central bank instituted a financial support package for banks aimed at improving liquidity and boosting lending.

The materials sector also contributed to the Index’s performance, driven by higher earnings and plans to increase capital at a state-owned mining company. Stocks in the energy sector also advanced, as a state-owned oil company posted substantially higher profits.

On the downside, the consumer discretionary sector detracted from the Index’s return, as sales fell for a large retailer amid rising costs. The communication services sector also declined as a state-owned telecommunications provider’s rising expenses weighed on earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	45.8	%
Materials	22.3
Energy	8.0
Communication Services	7.2
Health Care	3.8
Consumer Staples	3.7
Utilities	2.9
Consumer Discretionary	2.6
Real Estate	1.9
Industrials	1.6
Information Technology	0.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Al Rajhi Bank	14.0	%
Saudi National Bank (The)	12.1
Saudi Basic Industries Corp.	7.0
Saudi Arabian Oil Co.	6.9
Saudi Arabian Mining Co.	4.7
Saudi Telecom Co.	4.5
Riyad Bank	4.0
Alinma Bank	3.2
Saudi British Bank (The)	3.0
SABIC Agri-Nutrients Co.	2.6

^(a) Excludes money market funds.

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Fund Summary as of August 31, 2022    iShares^® MSCI UAE ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		13.30	%		2.49	%		(1.10	)%		13.30	%		13.10	%		(8.81	)%
Fund Market		13.79			2.67			(0.98	)		13.79			14.08			(7.85	)
Index		14.68			3.42			(0.34	)		14.68			18.33			(2.77	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$       1,000.00	$       944.50	$        2.89		$      1,000.00	$      1,022.20	$        3.01		0.59	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 23

Fund Summary as of August 31, 2022   (continued) iShares^® MSCI UAE ETF

Portfolio Management Commentary

Stocks in the United Arab Emirates (“U.A.E.”) advanced significantly for the reporting period as rising oil production and improving economic output outside of the energy sector boosted growth. Prices for crude oil and natural gas, which accounts for about 30% of the nation’s overall output, fluctuated dramatically during the reporting period, particularly after Russia’s invasion of Ukraine. Following the invasion, many global economies stopped accepting shipments of Russian oil and looked to other sources for supplies. The U.A.E. government relies on exports from the energy sector for a considerable majority of its revenue, and the country’s budgetary surplus increased significantly amid expanding production and high prices.

The financials sector contributed the most to the Index’s return, as earnings in the banking industry, supported by high oil prices and a growing economy, rose substantially for the nation’s largest lenders. Banks reported a significant increase in their net interest income, the difference between what they earn from lending and the interest they pay on deposits. Financing and customer deposits also increased along with asset levels, helping maintain capital and liquidity ratios comfortably within regulatory requirements. In addition, increased noninterest income from investment banking and trading helped boost earnings, as did the U.A.E.’s continued economic recovery from the height of the COVID-19 pandemic.

The real estate sector also contributed to the Index’s performance as property managers and developers experienced significant revenue and earnings gains, driven by ongoing and consistent demand in the international hub of Dubai. Sales and earnings also increased from new and existing property developments in the capital city of Abu Dhabi, where demand from expatriates and foreign investors continued to expand.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	45.4	%
Communication Services	24.2
Real Estate	11.6
Industrials	10.3
Consumer Discretionary	4.4
Energy	2.4
Consumer Staples	1.7
Health Care	0.0	(b)

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
First Abu Dhabi Bank PJSC	22.2	%
Emirates Telecommunications Group Co. PJSC	21.9
Emaar Properties PJSC	4.8
Aldar Properties PJSC	4.6
Emirates NBD Bank PJSC	4.5
Abu Dhabi Islamic Bank PJSC	4.5
Abu Dhabi Commercial Bank PJSC	4.4
Abu Dhabi National Oil Co. for Distribution PJSC	4.4
Dubai Islamic Bank PJSC	4.3
Dubai Investments PJSC	3.1

^(a) Excludes money market funds.

^(b)  Rounds to less than 0.1%.

24 2 0 2 2   I S H A R E S   A N 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 25

Schedule of Investments August 31, 2022 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Embraer SA(a)		909,144	$	2,415,110
Auto Components — 0.8%
Mahle-Metal Leve SA		49,605		231,701
Tupy SA		92,890		476,913
				708,614
Biotechnology — 0.3%
Blau Farmaceutica SA(a)		46,434		284,188
Commercial Services & Supplies — 1.5%
Ambipar Participacoes e Empreendimentos SA		58,207		306,229
GPS Participacoes e Empreendimentos SA(b)		346,221		905,083
				1,211,312
Communications Equipment — 0.7%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		106,340		564,569
Diversified Consumer Services — 3.2%
Anima Holding SA(a)		390,280		379,597
Cogna Educacao(a)		2,428,769		1,157,802
Cruzeiro do Sul Educacional SA		223,205		199,505
YDUQS Participacoes SA		380,119		899,443
				2,636,347
Electric Utilities — 7.1%
AES Brasil Energia SA		67,337		1,036
Alupar Investimento SA		189,688		1,037,333
Cia. Paranaense de Energia		88,873		590,220
Cia. Paranaense de Energia, New		219,263		276,481
EDP - Energias do Brasil SA		338,098		1,474,597
Infracommerce CXAAS SA		51,220		4,923
Light SA		336,023		365,579
Transmissora Alianca de Energia Eletrica SA		267,016		2,139,249
				5,889,418
Electrical Equipment — 0.2%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA		297,579		132,705
Food & Staples Retailing — 6.6%
Cia. Brasileira de Distribuicao		209,641		874,041
Grupo Mateus SA(a)		714,764		882,052
Sendas Distribuidora SA		1,044,657		3,622,765
				5,448,858
Food Products — 8.3%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		59,368		326,830
Camil Alimentos SA		162,743		313,136
Jalles Machado SA		134,064		193,788
M. Dias Branco SA		109,337		888,374
Marfrig Global Foods SA		447,323		1,130,689
Minerva SA		353,860		1,050,887
Sao Martinho SA		205,907		1,260,994
SLC Agricola SA		151,063		1,411,207
Tres Tentos Agroindustrial SA		159,332		334,136
				6,910,041
Health Care Providers & Services — 3.4%
CM Hospitalar SA		129,042		441,517
Fleury SA		247,222		748,927
Hospital Mater Dei SA		123,862		215,706
Instituto Hermes Pardini SA		59,069		222,656
Odontoprev SA		366,982		634,163

Security	Shares		Value
Health Care Providers & Services (continued)
Oncoclinicas do Brasil Servicos Medicos SA(a)		192,224	$	229,823
Qualicorp Consultoria e Corretora de Seguros SA		185,012		342,114
				2,834,906
Hotels, Restaurants & Leisure — 1.8%
CVC Brasil Operadora e Agencia de Viagens SA(a)		360,133		528,182
Smartfit Escola de Ginastica e Danca SA(a)		302,968		969,051
				1,497,233
Household Durables — 2.8%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		388,255		1,056,760
Ez Tec Empreendimentos e Participacoes SA		142,660		495,241
MRV Engenharia e Participacoes SA		406,773		803,006
				2,355,007
Independent Power and Renewable Electricity Producers — 7.5%
AES Brasil Energia SA		253,464		472,590
Auren Energia SA		323,819		956,693
Eneva SA(a)		1,330,615		3,964,426
Omega Energia SA(a)		368,642		796,466
				6,190,175
Insurance — 2.6%
IRB Brasil Resseguros S/A(a)		1,225,244		386,245
Sul America SA		365,558		1,735,599
				2,121,844
Interactive Media & Services — 0.2%
Meliuz SA(a)(b)		735,077		185,098
IT Services — 3.5%
Cielo SA		1,581,413		1,671,877
Infracommerce CXAAS SA(a)		161,934		177,423
Locaweb Servicos de Internet SA(a)(b)		572,035		1,028,088
				2,877,388
Machinery — 0.6%
Iochpe Maxion SA		179,599		469,504
Marine — 0.4%
Hidrovias do Brasil SA(a)		636,839		296,238
Metals & Mining — 0.8%
Bradespar SA		44,639		179,761
Cia. Brasileira de Aluminio		191,932		474,074
				653,835
Oil, Gas & Consumable Fuels — 3.7%
3R Petroleum Oleo E Gas SA(a)		235,648		1,693,618
Enauta Participacoes SA		138,272		444,127
Petroreconcavo SA		170,558		894,361
				3,032,106
Paper & Forest Products — 1.0%
Dexco SA		443,570		838,984
Professional Services — 0.4%
Boa Vista Servicos SA		273,899		358,010
Real Estate Management & Development — 7.5%
Aliansce Sonae Shopping Centers SA		188,202		635,974
BR Malls Participacoes SA		1,016,766		1,612,394
BR Properties SA		244,378		384,248
Iguatemi SA		234,097		885,559
Iguatemi SA		300,105		139,023
JHSF Participacoes SA		442,101		526,877
LOG Commercial Properties e Participacoes SA		59,645		306,686

26 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Multiplan Empreendimentos Imobiliarios SA		365,178	$	1,691,679
				6,182,440
Road & Rail — 2.9%
Movida Participacoes SA		186,735		493,184
SIMPAR SA		433,948		892,519
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		379,631		1,029,639
				2,415,342
Specialty Retail — 3.3%
Grupo SBF SA		126,270		531,788
Lojas Quero Quero S/A		229,254		297,452
Pet Center Comercio e Participacoes SA		445,734		927,899
Via S/A(a)		1,652,688		1,022,923
				2,780,062
Technology Hardware, Storage & Peripherals — 0.3%
Multilaser Industrial SA		264,318		243,873
Textiles, Apparel & Luxury Goods — 5.7%
Arezzo Industria e Comercio SA		85,222		1,513,631
Grendene SA		406,800		597,407
Grupo De Moda Soma SA		659,756		1,715,842
Guararapes Confeccoes SA		129,324		228,699
Vivara Participacoes SA		137,918		672,040
				4,727,619
Trading Companies & Distributors — 0.5%
Armac Locacao Logistica E Servicos SA		133,658		411,066
Transportation Infrastructure — 2.2%
EcoRodovias Infraestrutura e Logistica SA(a)		317,675		357,830
Santos Brasil Participacoes SA		670,595		1,038,943
Wilson Sons Holdings Brasil SA, NVS		254,039		432,155
				1,828,928
Water Utilities — 1.5%
Cia. de Saneamento de Minas Gerais-COPASA		246,754		640,316
Cia. de Saneamento do Parana		191,136		635,969
				1,276,285
Total Common Stocks — 84.2% (Cost: $63,645,742)				69,777,105
Preferred Stocks
Aerospace & Defense — 0.3%
Taurus Armas SA, Preference Shares, NVS		83,093		277,594
Airlines — 2.0%
Azul SA, Preference Shares, NVS(a)		368,903		1,169,308
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		240,189		466,306
				1,635,614
Banks — 1.9%
Banco ABC Brasil SA, Preference Shares, NVS		108,859		405,731

Security	Shares		Value
Banks (continued)
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		263,137	$	566,495
Banco Pan SA, Preference Shares, NVS		418,479		590,427
				1,562,653
Chemicals — 1.5%
Unipar Carbocloro SA, Class B, Preference Shares, NVS		63,370		1,248,544
Electric Utilities — 2.1%
Cia. Energetica do Ceara, Class A, Preference Shares, NVS		18,274		158,067
Cia. Paranaense de Energia, Preference Shares, NVS		1,155,568		1,548,191
				1,706,258
Machinery — 0.9%
Marcopolo SA, Preference Shares, NVS		623,910		314,210
Randon SA Implementos e Participacoes, Preference Shares, NVS		233,082		425,626
				739,836
Metals & Mining — 4.4%
Bradespar SA, Preference Shares, NVS		329,703		1,387,283
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS.		45,521		461,650
Metalurgica Gerdau SA, Preference Shares, NVS		935,474		1,792,764
				3,641,697
Textiles, Apparel & Luxury Goods — 1.4%
Alpargatas SA, Preference Shares, NVS		288,940		1,146,341
Water Utilities — 0.4%
Cia. de Saneamento do Parana, Preference Shares, NVS		537,770		365,928
Total Preferred Stocks — 14.9% (Cost: $10,751,935)				12,324,465
Total Long-Term Investments — 99.1% (Cost: $74,397,677)				82,101,570
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		40,000		40,000
Total Short-Term Securities — 0.0% (Cost: $40,000)				40,000
Total Investments in Securities — 99.1% (Cost: $74,437,677)				82,141,570
Other Assets Less Liabilities — 0.9%				723,522
Net Assets — 100.0%			$	82,865,092

^(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.

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  (continued) August 31, 2022 iShares^® MSCI Brazil Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	100,000	$	—		$(60,000)	(a)	$	—	$	—	$	40,000		40,000	$	718	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Brazil Index		13		09/16/22	$	636	$	27,055

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	27,055	$	—	$	—	$	—	$	27,055

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(92,537	)	$	—	$	—	$	—	$	(92,537	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	56,247		$	—	$	—	$	—	$	56,247

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	786,894

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.

28 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI Brazil Small-Cap 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	$	69,777,105	$	—	$	—	$	69,777,105
Preferred Stocks		12,324,465		—		—		12,324,465
Money Market Funds		40,000		—		—		40,000
	$	82,141,570	$	—	$	—	$	82,141,570
Derivative financial instruments(a)
Assets
Futures Contracts	$	27,055	$	—	$	—	$	27,055

^(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 29

Schedule of Investments August 31, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
AECC Aviation Power Co. Ltd., Class A		629,676	$	4,176,186
AVIC Electromechanical Systems Co. Ltd., Class A		1,001,800		1,604,033
AviChina Industry & Technology Co. Ltd., Class H(a)		10,089,000		4,910,654
Kuang-Chi Technologies Co. Ltd., Class A(b)		550,900		1,443,509
				12,134,382
Air Freight & Logistics — 0.7%
SF Holding Co. Ltd., Class A		1,101,883		7,851,087
YTO Express Group Co. Ltd., Class A		787,000		2,232,853
Yunda Holding Co. Ltd., Class A		787,557		1,912,918
ZTO Express Cayman Inc., ADR		1,570,548		40,912,775
				52,909,633
Airlines — 0.2%
Air China Ltd., Class A(b)		1,574,014		2,339,858
Air China Ltd., Class H(a)(b)		6,318,000		5,061,049
China Eastern Airlines Corp. Ltd., Class A(b)		3,148,096		2,231,079
China Southern Airlines Co. Ltd., Class A(b)		3,069,334		2,852,072
China Southern Airlines Co. Ltd., Class H(b)		4,744,000		2,560,618
				15,044,676
Auto Components — 0.5%
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		78,795		1,595,659
Fuyao Glass Industry Group Co. Ltd., Class A		393,598		2,222,086
Fuyao Glass Industry Group Co. Ltd., Class H(c)		2,203,600		10,515,219
Huayu Automotive Systems Co. Ltd., Class A		865,772		2,331,916
Huizhou Desay Sv Automotive Co. Ltd., Class A		157,900		3,479,731
Minth Group Ltd.		3,148,000		8,907,814
Ningbo Tuopu Group Co. Ltd., Class A		236,100		2,685,168
Sailun Group Co. Ltd., Class A		708,300		1,161,648
Shandong Linglong Tyre Co. Ltd., Class A		393,528		1,293,223
Shenzhen Kedali Industry Co. Ltd., Class A		78,700		1,269,534
				35,461,998
Automobiles — 5.1%
BYD Co. Ltd., Class A		408,469		16,896,804
BYD Co. Ltd., Class H		3,097,500		95,450,450
Chongqing Changan Automobile Co. Ltd., Class A		1,980,240		4,141,939
Dongfeng Motor Group Co. Ltd., Class H		10,102,000		6,405,152
Geely Automobile Holdings Ltd.		22,068,000		44,339,416
Great Wall Motor Co. Ltd., Class A		472,200		2,276,715
Great Wall Motor Co. Ltd., Class H		11,810,500		17,719,656
Guangzhou Automobile Group Co. Ltd., Class A		1,023,100		2,051,418
Guangzhou Automobile Group Co. Ltd., Class H		10,756,400		9,248,461
Li Auto Inc., ADR(a)(b)		2,043,134		58,780,965
NIO Inc., ADR(a)(b)		5,107,266		101,685,666
SAIC Motor Corp. Ltd., Class A		2,046,204		4,562,481
XPeng Inc., ADR(a)(b)		1,578,281		29,229,764
Yadea Group Holdings Ltd.(c)		4,722,000		9,006,727
				401,795,614
Banks — 9.2%
Agricultural Bank of China Ltd., Class A		19,124,100		7,882,618
Agricultural Bank of China Ltd., Class H		106,738,000		34,877,883
Bank of Beijing Co. Ltd., Class A		6,296,099		3,758,800
Bank of Chengdu Co. Ltd., Class A		1,101,893		2,495,727
Bank of China Ltd., Class A		8,027,400		3,528,866
Bank of China Ltd., Class H		294,338,000		102,714,575
Bank of Communications Co. Ltd., Class A		9,601,422		6,356,743
Bank of Communications Co. Ltd., Class H		30,727,200		17,507,398
Bank of Hangzhou Co. Ltd., Class A		1,652,728		3,421,039

Security	Shares		Value
Banks (continued)
Bank of Jiangsu Co. Ltd., Class A		4,249,815	$	4,446,825
Bank of Nanjing Co. Ltd., Class A		2,805,304		4,305,721
Bank of Ningbo Co. Ltd., Class A		1,549,432		6,661,116
Bank of Shanghai Co. Ltd., Class A		3,935,010		3,360,658
China CITIC Bank Corp. Ltd., Class H		32,268,800		13,833,957
China Construction Bank Corp., Class A		1,935,114		1,543,887
China Construction Bank Corp., Class H		357,487,000		220,992,345
China Everbright Bank Co. Ltd., Class A		10,545,800		4,373,555
China Everbright Bank Co. Ltd., Class H		7,148,000		2,191,309
China Merchants Bank Co. Ltd., Class A		4,800,725		24,246,516
China Merchants Bank Co. Ltd., Class H		14,565,650		74,490,349
China Minsheng Banking Corp. Ltd., Class A		8,578,370		4,465,366
China Minsheng Banking Corp. Ltd., Class H		19,289,660		6,136,005
China Zheshang Bank Co. Ltd., Class A(b)		4,524,200		2,125,725
Huaxia Bank Co. Ltd., Class A		3,935,061		2,923,022
Industrial & Commercial Bank of China Ltd., Class A		15,031,700		9,519,948
Industrial & Commercial Bank of China Ltd., Class H		207,891,000		105,617,538
Industrial Bank Co. Ltd., Class A		4,677,110		11,537,089
Ping An Bank Co. Ltd., Class A		4,492,355		8,256,488
Postal Savings Bank of China Co. Ltd., Class A		6,374,700		4,148,937
Postal Savings Bank of China Co. Ltd., Class H(a)(c)		28,354,000		16,926,522
Shanghai Pudong Development Bank Co. Ltd., Class A		7,004,324		7,356,837
				722,003,364
Beverages — 3.2%
Anhui Gujing Distillery Co. Ltd., Class A		89,496		3,296,041
Anhui Gujing Distillery Co. Ltd., Class B		472,580		7,215,790
Anhui Yingjia Distillery Co. Ltd., Class A		141,900		1,096,675
China Resources Beer Holdings Co. Ltd.		6,056,000		42,216,480
Chongqing Brewery Co. Ltd., Class A		157,400		2,537,261
Jiangsu King’s Luck Brewery JSC Ltd., Class A		314,803		2,100,827
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		314,876		7,469,099
JiuGui Liquor Co. Ltd., Class A		79,300		1,707,070
Kweichow Moutai Co. Ltd., Class A		282,355		78,490,119
Luzhou Laojiao Co. Ltd., Class A		335,300		11,334,186
Nongfu Spring Co. Ltd., Class H(c)		6,455,600		38,384,028
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		270,716		910,060
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		236,386		10,008,532
Sichuan Swellfun Co. Ltd., Class A		100,652		1,060,127
Tsingtao Brewery Co. Ltd., Class A		157,463		2,453,311
Tsingtao Brewery Co. Ltd., Class H(a)		2,234,000		21,694,304
Wuliangye Yibin Co. Ltd., Class A		868,977		20,940,810
				252,914,720
Biotechnology — 1.2%
3SBio Inc.(c)		5,799,000		3,855,514
BeiGene Ltd., ADR(a)(b)		176,354		30,272,928
Beijing Tiantan Biological Products Corp. Ltd., Class A		377,926		1,211,832
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		106,375		1,965,801
BGI Genomics Co. Ltd., Class A		157,499		1,372,886
Bloomage Biotechnology Corp. Ltd.		68,688		1,414,276
Chongqing Zhifei Biological Products Co. Ltd., Class A		393,540		5,339,463
Hualan Biological Engineering Inc., Class A		435,372		1,239,426
Imeik Technology Development Co. Ltd., Class A		33,000		2,657,452
Innovent Biologics Inc.(a)(b)(c)		3,687,000		15,542,644
Legend Biotech Corp., ADR(a)(b)		183,445		8,528,358
Shanghai Junshi Biosciences Co. Ltd., Class A(b)		157,400		1,202,378
Shanghai RAAS Blood Products Co. Ltd., Class A		2,124,900		1,793,229

30 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Shenzhen Kangtai Biological Products Co. Ltd., Class A		248,888	$	1,209,201
Walvax Biotechnology Co. Ltd., Class A		393,597		2,476,383
Zai Lab Ltd., ADR(a)(b)		328,179		15,165,152
				95,246,923
Building Products — 0.1%
Beijing New Building Materials PLC, Class A		472,270		1,789,763
China Lesso Group Holdings Ltd.		3,946,000		4,690,223
Guangdong Kinlong Hardware Products Co. Ltd., Class A		79,300		1,092,412
Zhuzhou Kibing Group Co. Ltd., Class A		629,600		1,027,013
				8,599,411
Capital Markets — 1.7%
Changjiang Securities Co. Ltd., Class A		2,282,336		1,871,536
China Cinda Asset Management Co. Ltd., Class H		28,447,000		3,906,420
China Galaxy Securities Co. Ltd., Class A		1,122,400		1,603,830
China Galaxy Securities Co. Ltd., Class H		11,821,000		6,462,715
China International Capital Corp. Ltd., Class A		314,702		1,891,320
China International Capital Corp. Ltd., Class H(c)		5,485,600		9,650,826
China Merchants Securities Co. Ltd., Class A		1,810,168		3,463,155
CITIC Securities Co. Ltd., Class A		2,834,646		7,974,330
CITIC Securities Co. Ltd., Class H		7,526,300		15,254,582
CSC Financial Co. Ltd., Class A		1,101,899		4,228,599
Dongxing Securities Co. Ltd., Class A		1,101,811		1,321,894
East Money Information Co. Ltd., Class A		2,924,176		9,331,710
Everbright Securities Co. Ltd., Class A		944,499		2,187,056
First Capital Securities Co. Ltd., Class A		1,259,289		1,117,741
Founder Securities Co. Ltd., Class A		2,597,109		2,606,145
GF Securities Co. Ltd., Class A		1,527,099		3,610,457
GF Securities Co. Ltd., Class H		3,786,200		4,945,938
Guosen Securities Co. Ltd., Class A		1,888,833		2,518,642
Guotai Junan Securities Co. Ltd., Class A		2,098,759		4,477,339
Guoyuan Securities Co. Ltd., Class A		1,401,370		1,480,462
Haitong Securities Co. Ltd., Class A		2,439,759		3,336,212
Haitong Securities Co. Ltd., Class H		8,827,600		5,779,605
Hithink RoyalFlush Information Network Co. Ltd., Class A		110,487		1,354,271
Huatai Securities Co. Ltd., Class A		2,203,693		4,174,980
Huatai Securities Co. Ltd., Class H(c)		4,881,600		6,524,853
Huaxi Securities Co. Ltd., Class A		1,180,573		1,364,373
Industrial Securities Co. Ltd., Class A(b)		2,455,492		2,196,795
Orient Securities Co. Ltd., Class A		2,100,321		2,621,828
Sealand Securities Co. Ltd., Class A		2,439,760		1,256,926
Shanxi Securities Co. Ltd., Class A		1,311,831		1,100,648
Shenwan Hongyuan Group Co. Ltd., Class A		6,734,079		4,061,441
Sinolink Securities Co. Ltd., Class A		865,726		1,078,416
SooChow Securities Co. Ltd., Class A		1,611,435		1,594,781
Western Securities Co. Ltd., Class A		1,810,130		1,691,609
Zheshang Securities Co. Ltd., Class A		1,023,100		1,611,905
Zhongtai Securities Co. Ltd.		1,259,200		1,346,530
				130,999,870
Chemicals — 1.2%
CNGR Advanced Material Co. Ltd.		78,700		1,057,503
Do-Fluoride New Materials Co. Ltd., Class A		236,100		1,380,188
Dongyue Group Ltd.		6,363,000		7,141,466
Guangzhou Tinci Materials Technology Co. Ltd., Class A		473,000		3,238,905
Hangzhou Oxygen Plant Group Co. Ltd., Class A		236,100		1,210,664
Hengli Petrochemical Co. Ltd., Class A		1,495,310		4,143,701
Hengyi Petrochemical Co. Ltd., Class A		1,416,676		1,851,184

Security	Shares		Value
Chemicals (continued)
Hoshine Silicon Industry Co. Ltd., Class A		157,400	$	2,546,031
Huafon Chemical Co. Ltd., Class A		1,380,300		1,497,024
Hubei Xingfa Chemicals Group Co. Ltd., Class A		314,800		1,753,404
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,570,970		1,615,332
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		944,400		1,157,228
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,024,800		2,841,098
Kingfa Sci & Tech Co. Ltd., Class A		944,400		1,464,440
LB Group Co. Ltd., Class A		629,600		1,595,640
Ningbo Shanshan Co. Ltd.		684,991		2,453,491
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,694,600		3,319,021
Qinghai Salt Lake Industry Co. Ltd., Class A(b)		787,000		3,167,369
Rongsheng Petrochemical Co. Ltd., Class A		2,437,492		4,976,005
Satellite Chemical Co. Ltd., Class A		611,831		1,935,818
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		629,670		2,652,218
Shanghai Putailai New Energy Technology Co. Ltd., Class A		314,800		2,870,293
Shenzhen Capchem Technology Co. Ltd., Class A		206,520		1,249,783
Shenzhen Dynanonic Co. Ltd.		13,200		609,519
Shenzhen Senior Technology Co. Ltd., Class A		292,697		971,759
Sinoma Science & Technology Co. Ltd., Class A		472,200		1,575,457
Skshu Paint Co. Ltd., Class A(b)		96,100		1,292,812
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		157,400		1,763,253
Tianqi Lithium Corp., Class A(b)		236,100		3,904,750
Tongkun Group Co. Ltd., Class A		708,364		1,458,560
Transfar Zhilian Co. Ltd., Class A		1,259,216		1,012,584
Wanhua Chemical Group Co. Ltd., Class A		787,073		10,054,691
Weihai Guangwei Composites Co. Ltd., Class A		157,400		1,725,650
Yunnan Energy New Material Co. Ltd., Class A		208,204		5,795,946
Yunnan Yuntianhua Co. Ltd.(b)		236,100		905,776
Zangge Mining Co. Ltd.		236,100		1,069,841
Zhejiang Juhua Co. Ltd., Class A		236,100		536,630
Zhejiang Yongtai Technology Co. Ltd., Class A		236,100		928,666
				90,723,700
Commercial Services & Supplies — 0.1%
Beijing Originwater Technology Co. Ltd., Class A		1,574,061		1,250,084
China Everbright Environment Group Ltd.		13,379,148		6,612,811
Shanghai M&G Stationery Inc., Class A		236,100		1,514,265
				9,377,160
Communications Equipment — 0.3%
BYD Electronic International Co. Ltd.(a)		2,367,500		6,255,239
Fiberhome Telecommunication Technologies Co. Ltd., Class A		348,877		724,449
Guangzhou Haige Communications Group Inc. Co., Class A		1,259,284		1,587,952
Yealink Network Technology Corp. Ltd., Class A		186,894		1,929,021
Zhongji Innolight Co. Ltd., Class A		236,177		998,723
ZTE Corp., Class A		895,056		3,159,726
ZTE Corp., Class H		2,833,240		5,981,844
				20,636,954
Construction & Engineering — 0.7%
China Communications Services Corp. Ltd., Class H		9,444,800		4,055,565
China Conch Venture Holdings Ltd.		6,301,500		12,860,016
China Energy Engineering Corp. Ltd.		6,735,700		2,196,978
China National Chemical Engineering Co. Ltd., Class A		1,574,095		1,955,582
China Railway Group Ltd., Class A		3,937,098		3,271,201
China Railway Group Ltd., Class H		16,353,000		9,361,978

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

Security	Shares		Value
Construction & Engineering (continued)
China State Construction Engineering Corp. Ltd., Class A		10,073,638	$	7,481,230
China State Construction International Holdings Ltd.		7,870,000		9,087,105
Metallurgical Corp. of China Ltd., Class A		5,587,700		2,588,524
Power Construction Corp. of China Ltd., Class A		4,013,797		4,467,688
Sichuan Road & Bridge Co. Ltd., Class A		1,023,100		1,575,968
				58,901,835
Construction Materials — 0.6%
Anhui Conch Cement Co. Ltd., Class A		1,133,591		5,223,441
Anhui Conch Cement Co. Ltd., Class H		4,328,500		16,495,276
China Jushi Co. Ltd., Class A		1,180,505		2,455,845
China National Building Material Co. Ltd., Class H		14,166,000		13,376,524
China Resources Cement Holdings Ltd.(a)		9,444,000		5,821,367
				43,372,453
Consumer Finance — 0.2%
360 DigiTech Inc.(a)		396,648		6,338,435
Lufax Holding Ltd., ADR		2,578,013		11,265,917
				17,604,352
Distributors — 0.0%
Wuchan Zhongda Group Co. Ltd., Class A		1,495,303		992,960
Diversified Consumer Services — 0.3%
New Oriental Education & Technology Group Inc.(b)		5,666,490		16,356,321
TAL Education Group, ADR(b)		1,655,364		9,568,004
				25,924,325
Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		3,069,382		1,498,617
Far East Horizon Ltd.		5,941,000		4,500,626
				5,999,243
Diversified Telecommunication Services — 0.3%
China Tower Corp. Ltd., Class H(c)		163,696,000		20,412,539
Electrical Equipment — 1.3%
Beijing Easpring Material Technology Co. Ltd., Class A		115,900		1,309,254
Contemporary Amperex Technology Co. Ltd., Class A(b)		511,270		35,438,372
Dongfang Electric Corp. Ltd., Class A		708,300		2,010,352
Eve Energy Co. Ltd., Class A		480,636		6,538,842
Fangda Carbon New Material Co. Ltd., Class A(b)		1,259,247		1,266,073
Ginlong Technologies Co. Ltd., Class A		110,300		3,639,616
Gotion High-tech Co. Ltd., Class A		431,400		2,130,030
Hongfa Technology Co. Ltd., Class A		302,491		1,643,157
Jiangsu Zhongtian Technology Co. Ltd., Class A		787,000		2,522,988
Ming Yang Smart Energy Group Ltd., Class A		472,200		1,824,655
NARI Technology Co. Ltd., Class A		1,603,012		6,337,341
Ningbo Orient Wires & Cables Co. Ltd.		220,531		2,280,331
Ningbo Ronbay New Energy Technology Co. Ltd.		110,180		1,635,504
Shanghai Electric Group Co. Ltd., Class A(b)		2,911,900		1,782,697
Sungrow Power Supply Co. Ltd., Class A		338,200		5,411,633
Sunwoda Electronic Co. Ltd., Class A		472,208		1,850,014
Suzhou Maxwell Technologies Co. Ltd., Class A		61,592		4,147,065
TBEA Co. Ltd., Class A		1,023,157		3,653,833
Titan Wind Energy Suzhou Co. Ltd., Class A		393,500		783,600
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		710,420		1,311,932
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,844,520		4,238,795
Zhejiang Chint Electrics Co. Ltd., Class A		550,968		2,511,604
Zhuzhou CRRC Times Electric Co. Ltd.		2,282,300		11,036,065
				105,303,753

Security	Shares		Value
Electronic Equipment, Instruments & Components — 1.3%
AAC Technologies Holdings Inc.(a)		2,754,500	$	5,103,051
Avary Holding Shenzhen Co. Ltd., Class A		436,100		1,862,003
BOE Technology Group Co. Ltd., Class A		8,893,100		4,747,771
Chaozhou Three-Circle Group Co. Ltd., Class A		526,377		2,057,279
China Zhenhua Group Science & Technology Co. Ltd., Class A		134,600		2,177,727
Foxconn Industrial Internet Co. Ltd., Class A		2,124,986		2,850,086
GoerTek Inc., Class A		787,000		3,687,762
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		157,419		1,536,781
Kingboard Holdings Ltd.		2,754,500		8,697,879
Kingboard Laminates Holdings Ltd.(a)		3,557,500		3,393,544
Lens Technology Co. Ltd., Class A		1,259,242		1,969,914
Lingyi iTech Guangdong Co., Class A(b)		2,118,413		1,680,290
Luxshare Precision Industry Co. Ltd., Class A		1,646,241		8,895,167
Maxscend Microelectronics Co. Ltd., Class A		125,752		1,841,224
Raytron Technology Co. Ltd., Class A		70,314		441,751
Shengyi Technology Co. Ltd., Class A		708,300		1,625,213
Shennan Circuits Co. Ltd., Class A		96,324		1,179,051
Sunny Optical Technology Group Co. Ltd.		2,676,900		36,546,242
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		393,500		1,464,792
Tianma Microelectronics Co. Ltd., Class A		944,436		1,285,962
Unisplendour Corp. Ltd., Class A		676,327		1,686,106
Westone Information Industry Inc., Class A		213,300		1,031,944
Wingtech Technology Co. Ltd., Class A		314,800		2,929,523
Wuhan Guide Infrared Co. Ltd., Class A		893,549		1,841,320
WUS Printed Circuit Kunshan Co. Ltd., Class A		865,718		1,491,485
Zhejiang Dahua Technology Co. Ltd., Class A		868,900		1,844,750
				103,868,617
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H		7,870,000		8,174,044
Offshore Oil Engineering Co. Ltd., Class A		1,214,698		789,760
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		236,192		1,296,358
				10,260,162
Entertainment — 2.6%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		629,600		1,844,311
Alibaba Pictures Group Ltd.(b)		47,220,000		3,714,664
Beijing Enlight Media Co. Ltd., Class A		821,100		1,095,036
Bilibili Inc., ADR(b)		143,406		3,579,414
Bilibili, Inc.(a)(b)		523,919		13,030,676
China Ruyi Holdings Ltd.(a)(b)		18,132,000		4,601,291
Giant Network Group Co. Ltd., Class A		1,101,871		1,367,428
iQIYI Inc., ADR(a)(b)		1,245,410		4,558,201
Kingsoft Corp. Ltd.		3,465,000		10,531,124
Kunlun Tech Co. Ltd., Class A		393,561		831,299
Mango Excellent Media Co. Ltd., Class A		472,280		1,888,896
NetEase Inc.		7,712,660		137,727,928
Perfect World Co. Ltd., Class A		571,300		1,218,479
Tencent Music Entertainment Group, ADR(a)(b)		2,576,638		13,166,620
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		2,203,698		1,452,960
				200,608,327
Food & Staples Retailing — 0.0%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		264,589		1,275,682
Yifeng Pharmacy Chain Co. Ltd., Class A		246,080		1,895,637
				3,171,319
Food Products — 2.1%
Angel Yeast Co. Ltd., Class A		236,111		1,655,323
Anjoy Foods Group Co. Ltd., Class A		79,300		1,775,390

32 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Beijing Dabeinong Technology Group Co. Ltd., Class A(b)		1,259,200	$	1,571,276
China Feihe Ltd.(c)		12,604,000		10,431,775
China Mengniu Dairy Co. Ltd.		12,129,000		54,923,474
Chongqing Fuling Zhacai Group Co. Ltd., Class A		236,123		1,035,965
Dali Foods Group Co. Ltd.(c)		7,783,000		3,558,015
Foshan Haitian Flavouring & Food Co. Ltd., Class A		856,129		9,961,069
Guangdong Haid Group Co. Ltd., Class A		427,597		3,769,466
Henan Shuanghui Investment & Development Co. Ltd., Class A		794,708		3,076,857
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,416,623		7,316,631
Jiangxi Zhengbang Technology Co. Ltd., Class A(b)		1,023,100		882,244
Juewei Food Co. Ltd., Class A		147,985		997,000
Muyuan Foods Co. Ltd., Class A		1,236,399		10,445,772
New Hope Liuhe Co. Ltd., Class A(b)		1,180,599		2,674,101
Tingyi Cayman Islands Holding Corp.(a)		7,870,000		13,974,956
Tongwei Co. Ltd., Class A		1,101,899		8,404,858
Uni-President China Holdings Ltd.		4,754,000		4,092,945
Want Want China Holdings Ltd.		17,315,000		12,197,056
Wens Foodstuffs Group Co. Ltd., Class A(b)		1,574,016		5,391,085
Yihai International Holding Ltd.		1,771,000		4,460,087
Yihai Kerry Arawana Holdings Co. Ltd., Class A		288,677		1,902,012
				164,497,357
Gas Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,967,500		5,852,179
China Gas Holdings Ltd.		11,175,400		15,814,333
China Resources Gas Group Ltd.		3,473,400		13,523,355
ENN Energy Holdings Ltd.		2,992,800		43,477,653
ENN Natural Gas Co. Ltd., Class A		523,200		1,550,120
Kunlun Energy Co. Ltd.		14,188,000		12,353,871
				92,571,511
Health Care Equipment & Supplies — 0.4%
Intco Medical Technology Co. Ltd., Class A		120,640		382,410
Jafron Biomedical Co. Ltd., Class A		236,120		1,600,392
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		333,900		1,316,565
Lepu Medical Technology Beijing Co. Ltd., Class A		451,851		1,235,089
Microport Scientific Corp.(a)(b)		2,422,300		4,813,301
Ovctek China Inc., Class A		192,440		1,183,287
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,316,000		12,637,795
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		269,095		11,582,036
				34,750,875
Health Care Providers & Services — 0.5%
Aier Eye Hospital Group Co. Ltd., Class A		1,635,083		6,933,626
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		112,894		1,087,125
Huadong Medicine Co. Ltd., Class A		472,280		2,868,384
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		1,259,200		6,796,503
Jinxin Fertility Group Ltd.(c)		5,979,000		3,893,385
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b)		1,101,825		768,315
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		526,997		1,315,677
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,069,300		4,462,125
Sinopharm Group Co. Ltd., Class H		5,041,200		11,230,750
Topchoice Medical Corp., Class A(b)		78,700		1,319,853
				40,675,743
Health Care Technology — 0.0%
Winning Health Technology Group Co. Ltd., Class A		671,356		684,775

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.4%
H World Group Ltd., ADR		727,188	$	27,364,084
Haidilao International Holding Ltd.(a)(b)(c)		3,935,000		9,259,440
Jiumaojiu International Holdings Ltd.(a)(c)		3,148,000		6,193,334
Shanghai Jinjiang International Hotels Co. Ltd., Class A		157,400		1,311,055
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,282,338		1,761,219
Songcheng Performance Development Co. Ltd., Class A		787,077		1,439,460
Tongcheng Travel Holdings Ltd.(a)(b)		4,652,400		9,528,861
Trip.com Group Ltd., ADR(a)(b)		2,039,904		52,466,331
Yum China Holdings Inc.		1,568,538		78,599,439
				187,923,223
Household Durables — 0.6%
Beijing Roborock Technology Co. Ltd., Class A		12,208		563,254
Ecovacs Robotics Co. Ltd., Class A		157,800		1,856,319
Gree Electric Appliances Inc. of Zhuhai, Class A		604,829		2,785,255
Haier Smart Home Co. Ltd., Class A		1,652,746		6,158,879
Haier Smart Home Co. Ltd., Class H		8,342,200		27,253,955
Jason Furniture Hangzhou Co. Ltd., Class A		302,250		2,111,291
Oppein Home Group Inc., Class A		157,420		2,966,820
TCL Technology Group Corp., Class A		3,698,900		2,213,089
Zhejiang Supor Co. Ltd., Class A		236,196		1,563,496
				47,472,358
Household Products — 0.1%
Vinda International Holdings Ltd.		1,574,000		4,401,914
Independent Power and Renewable Electricity Producers — 1.3%
CECEP Solar Energy Co. Ltd., Class A(b)		708,300		824,182
CECEP Wind Power Corp, Class A		1,180,500		849,879
CGN Power Co. Ltd., Class H(c)		37,060,000		8,813,846
China Longyuan Power Group Corp. Ltd., Class H		12,840,000		20,738,713
China National Nuclear Power Co. Ltd., Class A		4,328,576		3,978,531
China Power International Development Ltd.		20,793,000		11,607,751
China Resources Power Holdings Co. Ltd.		7,870,000		15,648,230
China Three Gorges Renewables Group Co. Ltd., Class A		6,499,826		5,721,581
China Yangtze Power Co. Ltd., Class A		5,433,541		18,818,069
GD Power Development Co. Ltd., Class A(b)		3,777,600		2,370,333
Huaneng Power International Inc., Class A(b)		1,652,700		1,948,621
Huaneng Power International Inc., Class H(a)(b)		15,414,000		7,877,556
SDIC Power Holdings Co. Ltd., Class A		1,810,196		2,917,613
Shenzhen Energy Group Co. Ltd., Class A		1,023,180		939,840
Sichuan Chuantou Energy Co. Ltd., Class A		1,217,062		2,320,568
				105,375,313
Industrial Conglomerates — 0.4%
China Baoan Group Co. Ltd., Class A		708,300		1,505,240
CITIC Ltd.		22,047,000		22,727,775
Fosun International Ltd.		8,678,500		6,405,877
				30,638,892
Insurance — 3.6%
China Life Insurance Co. Ltd., Class A		787,005		3,488,339
China Life Insurance Co. Ltd., Class H		26,801,000		38,425,204
China Pacific Insurance Group Co. Ltd., Class A		1,652,747		4,996,617
China Pacific Insurance Group Co. Ltd., Class H		9,455,200		20,029,106
China Taiping Insurance Holdings Co. Ltd.		4,744,124		4,843,635
New China Life Insurance Co. Ltd., Class A		587,576		2,441,888
New China Life Insurance Co. Ltd., Class H		2,811,100		6,616,441
People’s Insurance Co. Group of China Ltd. (The), Class H		32,278,000		9,975,953
PICC Property & Casualty Co. Ltd., Class H		25,206,462		27,264,074

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

Security	Shares		Value
Insurance (continued)
Ping An Insurance Group Co. of China Ltd., Class A		2,518,443	$	15,914,142
Ping An Insurance Group Co. of China Ltd., Class H		23,621,000		138,930,300
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		2,573,100		7,540,628
				280,466,327
Interactive Media & Services — 15.3%
Autohome Inc., ADR		280,414		9,985,542
Baidu Inc.(b)		8,264,356		147,523,518
JOYY Inc., ADR		167,966		5,092,729
Kanzhun Ltd., ADR(a)(b)		662,010		15,550,615
Kuaishou Technology(b)(c)		6,514,400		56,443,924
Tencent Holdings Ltd.		23,295,200		962,807,988
Weibo Corp., ADR(a)(b)		246,408		5,098,181
				1,202,502,497
Internet & Direct Marketing Retail — 19.4%
Alibaba Group Holding Ltd.(b)		56,585,368		675,094,066
Alibaba Health Information Technology Ltd.(a)(b)		16,988,000		9,735,208
JD Health International Inc.(a)(b)(c)		4,157,300		28,638,064
JD.com Inc., Class A		8,015,946		253,745,778
Meituan, Class B(b)(c)		16,369,600		393,152,077
Pinduoduo Inc., ADR(b)		1,880,548		134,083,073
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		1,870,300		5,063,147
Vipshop Holdings Ltd., ADR(a)(b)		1,600,117		18,577,359
				1,518,088,772
IT Services — 0.3%
Beijing Sinnet Technology Co. Ltd., Class A		787,096		1,053,974
Chinasoft International Ltd.		10,692,000		8,357,930
DHC Software Co. Ltd., Class A		1,416,628		1,187,684
GDS Holdings Ltd., ADR(b)		288,590		7,861,192
GDS Holdings Ltd., Class A(a)(b)		890,900		3,042,675
TravelSky Technology Ltd., Class H		3,148,000		5,486,595
				26,990,050
Life Sciences Tools & Services — 2.2%
Genscript Biotech Corp.(b)		4,722,000		15,167,972
Hangzhou Tigermed Consulting Co. Ltd., Class A		78,737		1,228,671
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		492,100		4,872,213
Pharmaron Beijing Co. Ltd., Class A		236,850		2,328,995
Pharmaron Beijing Co. Ltd., Class H(c)		740,200		4,896,190
WuXi AppTec Co. Ltd., Class A		647,317		8,358,250
WuXi AppTec Co. Ltd., Class H(c)		1,259,281		14,216,030
Wuxi Biologics Cayman Inc., New(b)(c)		13,379,000		118,030,850
				169,099,171
Machinery — 0.8%
China CSSC Holdings Ltd., Class A		1,259,200		4,548,366
CRRC Corp. Ltd., Class A		5,286,010		3,824,968
CRRC Corp. Ltd., Class H		13,928,000		5,207,532
Haitian International Holdings Ltd.		2,361,000		5,784,342
Jiangsu Hengli Hydraulic Co. Ltd., Class A		332,604		2,348,453
Ningbo Deye Technology Co. Ltd., NVS		47,400		2,511,742
North Industries Group Red Arrow Co. Ltd., Class A		393,500		1,734,045
Sany Heavy Equipment International Holdings Co. Ltd.(a)		5,346,000		5,537,732
Sany Heavy Industry Co. Ltd., Class A		2,013,093		4,570,693
Shenzhen Inovance Technology Co. Ltd., Class A		629,630		5,442,826
Sinotruk Hong Kong Ltd.		2,673,000		2,665,070
Weichai Power Co. Ltd., Class A		1,495,368		2,504,665
Weichai Power Co. Ltd., Class H		7,094,000		9,477,678
Wuxi Shangji Automation Co. Ltd., Class A		104,940		2,037,688
XCMG Construction Machinery Co. Ltd., Class A(b)		2,460,899		1,849,962

Security	Shares		Value
Machinery (continued)
Zhejiang Dingli Machinery Co. Ltd., Class A		174,709	$	989,161
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,888,816		1,570,787
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		5,780,200		2,605,692
				65,211,402
Marine — 0.5%
COSCO SHIPPING Holdings Co. Ltd., Class A		2,961,970		6,052,100
COSCO SHIPPING Holdings Co. Ltd., Class H		11,821,600		17,647,996
Orient Overseas International Ltd.(a)		504,500		14,062,912
				37,763,008
Media — 0.1%
China Literature Ltd.(b)(c)		1,418,800		5,749,419
Focus Media Information Technology Co. Ltd., Class A		3,698,938		3,229,915
				8,979,334
Metals & Mining — 1.7%
Aluminum Corp. of China Ltd., Class A		3,148,000		2,043,300
Aluminum Corp. of China Ltd., Class H		15,740,000		5,816,089
Baoshan Iron & Steel Co. Ltd., Class A		5,640,393		4,340,521
Chengtun Mining Group Co. Ltd., Class A		1,101,800		1,138,746
China Hongqiao Group Ltd.(a)		9,066,500		8,791,439
China Minmetals Rare Earth Co. Ltd., Class A(b)		286,050		1,083,981
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		944,400		4,098,946
CMOC Group Ltd., Class A		4,958,100		3,517,711
CMOC Group Ltd., Class H		13,023,000		5,807,171
Ganfeng Lithium Co. Ltd., Class A		360,141		4,439,419
Ganfeng Lithium Co. Ltd., Class H(c)		1,373,800		12,069,463
GEM Co. Ltd., Class A		1,416,600		1,705,591
Hunan Valin Steel Co. Ltd., Class A		1,694,600		1,089,455
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		11,568,992		3,355,723
Jiangxi Copper Co. Ltd., Class A		447,100		1,054,080
Jiangxi Copper Co. Ltd., Class H		4,722,000		5,799,434
MMG Ltd.(a)(b)		12,592,000		3,444,673
Shandong Gold Mining Co. Ltd., Class A		787,091		2,032,740
Shandong Gold Mining Co. Ltd., Class H(a)(c)		3,039,750		5,153,145
Shandong Nanshan Aluminum Co. Ltd., Class A		4,407,200		2,153,398
Shanxi Meijin Energy Co. Ltd., Class A		1,174,006		1,919,110
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,810,100		1,281,988
Shenghe Resources Holding Co. Ltd., Class A		391,958		978,184
Tianshan Aluminum Group Co. Ltd., Class A		1,101,800		1,215,857
Tongling Nonferrous Metals Group Co. Ltd., Class A		4,485,900		1,871,492
Western Superconducting Technologies Co. Ltd., Class A		94,256		1,385,532
YongXing Special Materials Technology Co. Ltd., Class A		157,400		3,042,099
Yunnan Aluminium Co. Ltd., Class A		1,101,800		1,599,450
Yunnan Tin Co. Ltd., Class A		629,600		1,258,980
Zhaojin Mining Industry Co. Ltd., Class H(b)		4,962,500		4,201,915
Zhejiang Huayou Cobalt Co. Ltd., Class A		352,476		3,793,552
Zijin Mining Group Co. Ltd., Class A		5,180,217		6,560,754
Zijin Mining Group Co. Ltd., Class H		21,290,000		24,057,125
				132,101,063
Oil, Gas & Consumable Fuels — 2.5%
China Coal Energy Co. Ltd., Class H		7,707,000		6,853,581
China Petroleum & Chemical Corp., Class A		7,634,188		4,718,451
China Petroleum & Chemical Corp., Class H		95,649,000		44,978,453
China Shenhua Energy Co. Ltd., Class A		1,407,186		6,167,143
China Shenhua Energy Co. Ltd., Class H		12,991,000		40,743,294
China Suntien Green Energy Corp. Ltd., Class H(a)		7,696,000		3,451,623

34 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Guanghui Energy Co. Ltd., Class A		1,562,845	$	2,866,040
Inner Mongolia Yitai Coal Co. Ltd., Class B		4,221,700		7,104,906
PetroChina Co. Ltd., Class A		5,003,592		3,876,700
PetroChina Co. Ltd., Class H		78,722,000		36,607,099
Shaanxi Coal Industry Co. Ltd., Class A		2,361,088		7,519,933
Shanxi Coking Coal Energy Group Co. Ltd., Class A		1,101,800		2,038,886
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		865,700		1,984,435
Yankuang Energy Group Co. Ltd., Class A		472,203		3,271,099
Yankuang Energy Group Co. Ltd., Class H(a)		5,920,000		23,433,783
				195,615,426
Paper & Forest Products — 0.1%
Chengxin Lithium Group Co. Ltd., Class A		236,100		1,806,403
Nine Dragons Paper Holdings Ltd.		6,296,000		4,940,283
				6,746,686
Personal Products — 0.2%
By-health Co. Ltd., Class A		472,200		1,271,046
Hengan International Group Co. Ltd.		2,361,000		11,298,589
Yunnan Botanee Bio-Technology Group Co. Ltd.		78,779		2,121,075
				14,690,710
Pharmaceuticals — 1.7%
Apeloa Pharmaceutical Co. Ltd., Class A		236,100		615,014
Asymchem Laboratories Tianjin Co. Ltd., Class A		52,220		1,293,636
Betta Pharmaceuticals Co. Ltd., Class A		112,898		738,901
CanSino Biologics Inc., Class H(a)(c)		472,200		2,947,259
Changchun High & New Technology Industry Group Inc., Class A		88,596		2,261,649
China Medical System Holdings Ltd.		4,733,000		7,004,744
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		236,117		1,346,227
China Traditional Chinese Medicine Holdings Co. Ltd.		11,082,000		4,778,928
CSPC Pharmaceutical Group Ltd.		33,076,400		33,553,483
Dong-E-E-Jiao Co. Ltd., Class A		236,479		1,168,069
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		629,695		2,476,461
Hansoh Pharmaceutical Group Co. Ltd.(c)		4,722,000		9,421,034
Humanwell Healthcare Group Co. Ltd., Class A		393,800		1,060,240
Hutchmed China Ltd., ADR(a)(b)		332,400		4,274,664
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,495,388		7,479,756
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		666,162		1,050,187
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		358,655		929,265
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		550,984		3,211,763
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,590,000		5,115,059
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		290,131		1,070,134
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		420,042		1,298,404
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		472,265		1,464,133
Sino Biopharmaceutical Ltd.		37,778,000		19,841,597
Yunnan Baiyao Group Co. Ltd., Class A		420,842		3,182,703
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		157,509		6,840,151
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		393,546		1,133,786
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		220,600		1,307,621
Zhejiang NHU Co. Ltd., Class A		944,451		3,065,106
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		116,606		779,653
				130,709,627
Real Estate Management & Development — 3.7%
A-Living Smart City Services Co. Ltd., Class A(c)		2,320,250		2,390,053

Security	Shares		Value
Real Estate Management & Development (continued)
China Evergrande Group(a)(b)(d)		11,096,000	$	1,530,696
China Jinmao Holdings Group Ltd.		19,920,000		4,194,583
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,282,333		4,815,964
China Overseas Land & Investment Ltd.		14,171,500		38,085,492
China Overseas Property Holdings Ltd.		4,645,000		4,929,429
China Resources Land Ltd.		12,108,665		49,575,859
China Resources Mixc Lifestyle Services Ltd.(a)(c)		2,483,600		11,262,553
China Vanke Co. Ltd., Class A		2,342,728		5,631,982
China Vanke Co. Ltd., Class H(a)		5,909,131		11,535,977
CIFI Holdings Group Co. Ltd.(a)		15,012,975		3,799,704
Country Garden Holdings Co. Ltd.(a)		29,130,727		8,599,267
Country Garden Services Holdings Co. Ltd.		7,568,000		14,872,353
Gemdale Corp., Class A		1,338,997		2,256,287
Greentown China Holdings Ltd.		3,541,500		6,682,051
Greentown Service Group Co. Ltd.		6,296,000		4,548,571
Hopson Development Holdings Ltd.		3,036,500		4,175,142
Jinke Properties Group Co. Ltd., Class A(b)		1,653,981		596,554
KE Holdings Inc., ADR(a)(b)		2,466,880		44,502,515
Longfor Group Holdings Ltd.(c)		6,695,000		21,730,383
Poly Developments and Holdings Group Co. Ltd., Class A		2,833,275		7,079,564
Seazen Group Ltd.(b)		7,870,000		2,612,392
Seazen Holdings Co. Ltd., Class A(b)		550,964		1,655,257
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		5,008,278		4,172,246
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		785,489		1,316,041
Shimao Group Holdings Ltd.(a)(d)		3,294,500		944,440
Sunac China Holdings Ltd.(a)(d)		9,076,000		2,312,740
Wharf Holdings Ltd. (The)(a)		4,733,000		17,824,299
Yuexiu Property Co. Ltd.		5,520,600		6,905,012
				290,537,406
Road & Rail — 0.1%
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		9,650,051		6,451,870
Daqin Railway Co. Ltd., Class A		3,355,900		3,129,118
				9,580,988
Semiconductors & Semiconductor Equipment — 1.6%
Advanced Micro-Fabrication Equipment Inc., Class A(b)		157,588		2,796,281
Amlogic Shanghai Co. Ltd.(b)		70,265		873,544
China Resources Microelectronics Ltd.		228,428		1,723,625
Daqo New Energy Corp., ADR(b)		225,159		15,011,351
Flat Glass Group Co. Ltd., Class A(b)		393,500		2,270,841
Flat Glass Group Co. Ltd., Class H(b)		1,574,000		5,184,257
GCL System Integration Technology Co. Ltd., Class A(b)		1,731,445		915,942
GigaDevice Semiconductor Inc., Class A		167,487		2,793,166
Hangzhou First Applied Material Co. Ltd., Class A		327,840		3,059,856
Hangzhou Lion Electronics Co. Ltd.		141,080		1,080,857
Hangzhou Silan Microelectronics Co. Ltd., Class A		314,800		1,795,966
Hua Hong Semiconductor Ltd.(a)(b)(c)		1,855,000		5,445,290
Ingenic Semiconductor Co. Ltd., Class A		157,800		1,851,143
JA Solar Technology Co. Ltd., Class A		550,950		5,198,809
JCET Group Co. Ltd., Class A		472,300		1,687,064
LONGi Green Energy Technology Co. Ltd., Class A		1,744,443		12,835,620
Montage Technology Co. Ltd., Class A		239,401		1,916,651
National Silicon Industry Group Co. Ltd., Class A(b)		396,629		1,177,000
NAURA Technology Group Co. Ltd., Class A		101,100		4,096,488
SG Micro Corp., Class A		65,100		1,499,858
Shenzhen SC New Energy Technology Corp., Class A		78,700		1,503,973

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

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
StarPower Semiconductor Ltd., Class A		22,000	$	1,256,251
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		708,398		4,908,600
Tianshui Huatian Technology Co. Ltd., Class A		865,729		1,198,307
TongFu Microelectronics Co. Ltd., Class A(b)		432,796		1,156,831
Trina Solar Co. Ltd.		496,187		5,104,191
Unigroup Guoxin Microelectronics Co. Ltd., Class A		161,139		3,626,031
Will Semiconductor Co. Ltd. Shanghai, Class A		250,845		3,384,824
Xinyi Solar Holdings Ltd.		18,888,000		25,975,133
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		369,493		4,036,089
				125,363,839
Software — 0.6%
360 Security Technology Inc., Class A		1,888,800		1,993,873
Beijing Kingsoft Office Software Inc., Class A		83,052		2,156,402
Beijing Shiji Information Technology Co. Ltd., Class A		446,245		840,525
Hundsun Technologies Inc., Class A		464,188		2,249,953
Iflytek Co. Ltd., Class A		509,862		2,753,785
Kingdee International Software Group Co. Ltd.(a)(b)		9,444,000		18,329,886
Ming Yuan Cloud Group Holdings Ltd.		2,361,000		1,935,125
NavInfo Co. Ltd., Class A		944,418		1,780,885
Sangfor Technologies Inc., Class A		90,100		1,253,899
Shanghai Baosight Software Co. Ltd., Class A		358,634		1,964,247
Shanghai Baosight Software Co. Ltd., Class B		1,759,155		5,327,824
Thunder Software Technology Co. Ltd., Class A		157,400		2,782,913
Yonyou Network Technology Co. Ltd., Class A		865,712		2,503,873
				45,873,190
Specialty Retail — 0.5%
China Meidong Auto Holdings Ltd.		1,948,000		3,961,362
China Tourism Group Duty Free Corp. Ltd., Class A		472,224		13,315,822
Pop Mart International Group Ltd.(a)(c)		2,144,600		5,542,289
Topsports International Holdings Ltd.(c)		6,296,000		4,969,402
Zhongsheng Group Holdings Ltd.(a)		2,361,000		11,163,676
				38,952,551
Technology Hardware, Storage & Peripherals — 1.4%
China Greatwall Technology Group Co. Ltd., Class A		787,000		1,030,073
Inspur Electronic Information Industry Co. Ltd., Class A		407,716		1,362,879
Lenovo Group Ltd.(a)		26,780,000		22,056,324
Ninestar Corp., Class A		368,826		2,350,989
Shenzhen Transsion Holding Co. Ltd., Class A		112,263		1,104,289
Xiaomi Corp., Class B(b)(c)		56,928,800		83,153,540
				111,058,094
Textiles, Apparel & Luxury Goods — 2.3%
ANTA Sports Products Ltd.		4,529,800		54,549,821
Bosideng International Holdings Ltd.		12,592,000		7,070,294
Li Ning Co. Ltd.		8,778,500		79,957,272
Shenzhou International Group Holdings Ltd.		3,071,500		32,101,186
Xtep International Holdings Ltd.		4,968,000		6,894,017
				180,572,590
Tobacco — 0.2%
RLX Technology Inc., ADR(a)(b)		1,821,551		2,604,818
Smoore International Holdings Ltd.(a)(c)		7,083,000		12,645,106
				15,249,924
Trading Companies & Distributors — 0.1%
Beijing United Information Technology Co. Ltd., Class A		134,050		1,917,470
BOC Aviation Ltd.(c)		788,100		6,308,333
COSCO SHIPPING Development Co. Ltd., Class A		1,495,300		618,949

Security	Shares		Value
Trading Companies & Distributors (continued)
Xiamen C & D Inc., Class A		609,088	$	1,033,101
				9,877,853
Transportation Infrastructure — 0.4%
Beijing Capital International Airport Co. Ltd., Class H(a)(b)		7,870,000		4,939,655
China Merchants Port Holdings Co. Ltd.		4,744,000		7,122,012
COSCO SHIPPING Ports Ltd.(a)		7,546,000		4,882,845
Jiangsu Expressway Co. Ltd., Class H		4,722,000		4,044,419
Shanghai International Airport Co. Ltd., Class A(b)		315,099		2,564,427
Shanghai International Port Group Co. Ltd., Class A		3,462,877		2,704,736
Shenzhen International Holdings Ltd.		4,722,000		4,070,396
Zhejiang Expressway Co. Ltd., Class H		5,970,000		4,548,600
				34,877,090
Water Utilities — 0.2%
Beijing Enterprises Water Group Ltd.		15,762,000		4,048,935
Guangdong Investment Ltd.		11,018,000		10,094,165
				14,143,100
Wireless Telecommunication Services — 0.0%
China United Network Communications Ltd., Class A		5,587,727		2,866,186
Total Common Stocks — 99.7% (Cost: $8,748,060,300)				7,821,177,135
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)(b)		82,699		—
Total Rights — 0.0% (Cost: $0)				—
Total Long-Term Investments — 99.7% (Cost: $8,748,060,300)				7,821,177,135
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		210,973,672		211,036,965
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		7,230,000		7,230,000
Total Short-Term Securities — 2.8% (Cost: $218,124,339)				218,266,965
Total Investments in Securities — 102.5% (Cost: $8,966,184,639)				8,039,444,100
Liabilities in Excess of Other Assets — (2.5)%				(198,377,758	)
Net Assets — 100.0%			$	7,841,066,342

^(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   A N 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  (continued) August 31, 2022 iShares^® MSCI China ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	148,079,490	$	62,939,345	(a)		$        —	$	(17,568	)	$	35,698	$	211,036,965		210,973,672	$	2,011,545	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,820,000		410,000	(a)		—		—			—		7,230,000		7,230,000		67,027			—
								$	(17,568	)	$	35,698	$	218,266,965			$	2,078,572		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		761		09/16/22	$	18,562	$	(1,158,614	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,158,614	$	—	$	—	$	—	$	1,158,614

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(9,628,710	)	$	—	$	—	$	—	$	(9,628,710	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	476,473		$	—	$	—	$	—	$	476,473

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	13,369,512

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 37

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI China 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	$	781,608,076	$	7,034,781,183		$	4,787,876	$	7,821,177,135
Rights		—		—			—		—
Money Market Funds		218,266,965		—			—		218,266,965
	$	999,875,041	$	7,034,781,183		$	4,787,876	$	8,039,444,100
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(1,158,614	)	$	—	$	(1,158,614	)

^(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   A N 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 August 31, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
EHang Holdings Ltd., ADR(a)(b)		21,280	$	139,384
Auto Components — 2.1%
Huazhong In-Vehicle Holdings Co. Ltd.(b)		320,000		101,928
Nexteer Automotive Group Ltd.		544,000		404,265
Prinx Chengshan Holdings Ltd.		96,000		85,497
Tianneng Power International Ltd.(b)		438,000		465,987
Wuling Motors Holdings Ltd.(b)		750,000		98,907
				1,156,584
Automobiles — 0.3%
Niu Technologies, ADR(a)(b)		19,616		117,892
Qingling Motors Co. Ltd., Class H		448,000		71,222
				189,114
Beverages — 0.3%
China Foods Ltd.		512,000		162,978
China Huiyuan Juice Group Ltd.(c)		81,000		—
				162,978
Biotechnology — 5.5%
Akeso Inc.(a)(d)		288,000		922,037
Alphamab Oncology(a)(b)(d)		268,000		269,755
Ascentage Pharma Group International(a)(b)(d)		99,200		206,090
Ascletis Pharma Inc.(a)(d)		256,000		107,743
Brii Biosciences Ltd.(a)(b)		160,000		160,286
Burning Rock Biotech Ltd., ADR(a)(b)		27,712		108,631
CARsgen Therapeutics Holdings Ltd., NVS(a)(d)		74,000		178,256
CStone Pharmaceuticals(a)(d)		336,000		205,317
Everest Medicines Ltd.(a)(d)		96,000		145,193
I-Mab, ADR(a)		29,024		177,917
Jacobio Pharmaceuticals Group Co. Ltd. (a)(d)		144,000		99,113
JW Cayman Therapeutics Co. Ltd.(a)(d)		160,000		124,233
Kintor Pharmaceutical Ltd. (a)(b)(d)		112,000		207,925
Shanghai Henlius Biotech Inc.(a)(d)		44,800		97,693
Untrade Cteg(c)		600,000		5,968
				3,016,157
Building Products — 0.6%
China State Construction Development Holdings Ltd.		384,000		102,012
Luoyang Glass Co. Ltd., Class H (a)		162,000		225,208
				327,220
Capital Markets — 2.4%
Bairong Inc. (a)(d)		128,000		152,964
China Everbright Ltd.		598,000		436,737
China Renaissance Holdings Ltd.(d)		124,800		141,187
Glory Sun Financial Group Ltd.(a)(b)		8,192,000		37,419
Noah Holdings Ltd., ADR(a)(b)		19,232		340,599
Up Fintech Holding Ltd., ADR(a)(b)		61,728		232,715
				1,341,621
Chemicals — 3.0%
China BlueChemical Ltd., Class H(b)		960,000		249,972
China Longevity Group Co. Ltd.(a)(c)		96,000		—
China XLX Fertiliser Ltd.		342,000		194,888
Fufeng Group Ltd.		960,600		539,771
Huabao International Holdings Ltd.(b)		608,000		310,900
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		249,693		173,455
Sinofert Holdings Ltd.		1,344,000		180,991
Untradelumena Newmat, NVS(c)		21,700		—
				1,649,977

Security	Shares		Value
Commercial Services & Supplies — 2.1%
Binjiang Service Group Co. Ltd.		53,500	$	147,921
China Conch Environment Protection Holdings Ltd.(a)		1,040,000		928,278
Dynagreen Environmental Protection Group Co. Ltd., Class H		224,000		82,206
				1,158,405
Communications Equipment — 0.1%
Eastern Communications Co. Ltd., Class B		188,800		78,495
Construction & Engineering — 1.7%
Changsha Broad Homes Industrial Group Co Ltd., Class H(a)(b)(d)		67,200		69,009
Greentown Management Holdings Co. Ltd.(d)		384,000		324,930
ReneSola Ltd., ADR(a)(b)		23,424		136,797
Sinopec Engineering Group Co. Ltd., Class H		928,000		414,602
				945,338
Construction Materials — 0.6%
Asia Cement China Holdings Corp.		304,000		152,007
MH Development Ltd.(c)		112,000		4,675
West China Cement Ltd.(b)		1,344,000		165,785
				322,467
Consumer Finance — 2.1%
Differ Group Auto Ltd.(b)		2,048,000		516,236
FinVolution Group, ADR		85,984		423,041
LexinFintech Holdings Ltd., ADR(a)		65,536		133,694
Yixin Group Ltd.(a)(b)(d)		832,000		103,392
				1,176,363
Containers & Packaging — 0.2%
Greatview Aseptic Packaging Co. Ltd.		448,000		85,619
Distributors — 0.6%
China Tobacco International HK Co. Ltd.		134,000		197,748
Xinhua Winshare Publishing and Media Co. Ltd., Class H		224,000		157,569
				355,317
Diversified Consumer Services — 5.4%
China East Education Holdings Ltd.(d)		352,000		148,749
China Education Group Holdings Ltd.		608,000		529,676
China Maple Leaf Educational Systems Ltd.(a)(c)		1,088,000		41,087
China New Higher Education Group Ltd.(d)		544,000		170,438
China Yuhua Education Corp. Ltd.(a)(d)		1,152,000		181,019
Fu Shou Yuan International Group Ltd.		736,000		470,242
Gaotu Techedu Inc., ADR(a)		84,288		148,347
Hope Education Group Co. Ltd.(d)		2,304,000		198,609
JH Educational Technology Inc.(a)		320,000		130,060
Koolearn Technology Holding Ltd.(a)(b)(d)		224,000		847,968
Youdao Inc., ADR(a)(b)		23,808		127,611
				2,993,806
Diversified Financial Services — 1.8%
CSSC Hong Kong Shipping Co. Ltd.		768,000		129,815
Genertec Universal Medical Group Co. Ltd.(d)		656,000		369,235
Haitong UniTrust International Leasing Co. Ltd., Class H(d)		896,000		84,478
International Alliance Financial Leasing Co. Ltd. (a)(b)(d)		483,000		255,032
National Agricultural Holdings Ltd.(b)(c)		108,900		139
SY Holdings Group Ltd.		256,000		171,238
				1,009,937
Electrical Equipment — 1.5%
China Fiber Optic Network System Group Ltd.(c)		181,600		—
China High Speed Transmission Equipment Group Co. Ltd.(a)(b)		256,000		144,728
Hangzhou Steam Turbine Co. Ltd., Class B		211,210		317,540
Harbin Electric Co. Ltd., Class H(a)		448,000		121,753

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  (continued) August 31, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Sun King Technology Group Ltd.(a)		768,000	$	217,974
Trony Solar Holdings Co. Ltd.(c)		216,000		—
				801,995
Electronic Equipment, Instruments & Components — 1.8%
Anxin-China Holdings Ltd.(c)		672,000		1
BOE Varitronix Ltd.		192,000		437,970
FIH Mobile Ltd. (a)		2,016,000		261,137
Hong Kong Aerospace Technology Group Ltd. (a)(b)		49,600		55,402
Truly International Holdings Ltd.		1,152,000		252,370
				1,006,880
Entertainment — 2.9%
Archosaur Games Inc.(a)(d)		128,000		63,385
CMGE Technology Group Ltd.(a)		704,000		173,697
DouYu International Holdings Ltd., ADR(a)(b)		91,520		137,280
Fire Rock Holdings Ltd.(a)(b)(c)		1,472,000		85,272
HUYA Inc., ADR(a)		52,480		172,659
iDreamSky Technology Holdings Ltd.(a)(d)		448,000		301,056
NetDragon Websoft Holdings Ltd.		160,000		348,123
Untrade SMI Holdings(c)		267,200		—
XD Inc.(a)		136,400		337,985
				1,619,457
Equity Real Estate Investment Trusts (REITs) — 0.8%
Yuexiu REIT		1,472,000		451,632
Food Products — 2.7%
Ausnutria Dairy Corp. Ltd.		234,000		188,125
China Modern Dairy Holdings Ltd.		1,984,000		262,463
China Youran Dairy Group Ltd.(a)(d)		480,000		145,320
COFCO Joycome Foods Ltd.		1,472,000		563,496
Zhou Hei Ya International Holdings Co. Ltd.(d)		608,000		303,749
				1,463,153
Gas Utilities — 0.5%
Towngas Smart Energy Co. Ltd.		608,000		266,728
Health Care Equipment & Supplies — 3.1%
AK Medical Holdings Ltd.(d)		362,000		313,862
Kangji Medical Holdings Ltd.		192,000		153,046
Lifetech Scientific Corp. (a)		2,368,000		772,236
Peijia Medical Ltd.(a)(d)		224,000		178,345
Untrade Hosa International Ltd.(c)		220,000		—
Venus MedTech Hangzhou Inc., Class H(a)(d)		160,000		278,469
				1,695,958
Health Care Providers & Services — 1.2%
China Resources Medical Holdings Co. Ltd.		528,000		313,235
IVD Medical Holding Ltd.(b)		256,000		77,769
New Horizon Health Ltd.(a)(d)		112,000		286,336
				677,340
Health Care Technology — 0.6%
Medlive Technology Co. Ltd.(d)		112,000		178,040
Yidu Tech Inc. (a)(d)		188,800		170,081
				348,121
Hotels, Restaurants & Leisure — 3.2%
China Travel International Investment Hong Kong Ltd.(a)		1,408,000		255,783
Haichang Ocean Park Holdings Ltd.(a)(b)(d)		896,000		875,268
Helens International Holdings Co. Ltd. (a)		160,000		247,147
Huangshan Tourism Development Co. Ltd., Class B		134,400		102,969
Nayuki Holdings Ltd.(a)		224,000		162,473
Xiabuxiabu Catering Management China Holdings Co. Ltd.(d)		320,000		150,670
				1,794,310

Security	Shares		Value
Household Durables — 1.8%
Konka Group Co. Ltd., Class B		428,800	$	117,128
Q Technology Group Co. Ltd.(a)		288,000		158,255
Skyworth Group Ltd.		946,000		470,007
TCL Electronics Holdings Ltd.(b)		544,000		259,889
				1,005,279
Independent Power and Renewable Electricity Producers — 3.2%
Beijing Energy International Holding Co. Ltd.(a)		4,928,000		151,331
Beijing Jingneng Clean Energy Co. Ltd., Class H		896,000		187,899
Canvest Environmental Protection Group Co. Ltd.		320,000		191,835
CGN New Energy Holdings Co. Ltd.		832,000		318,913
China Datang Corp. Renewable Power Co. Ltd., Class H		1,440,000		360,615
China Everbright Greentech Ltd.(d)		384,000		80,111
Concord New Energy Group Ltd.		4,060,000		372,005
GCL New Energy Holdings Ltd.(a)		7,424,000		82,968
				1,745,677
Industrial Conglomerates — 0.7%
Shanghai Industrial Holdings Ltd.		282,000		392,012
Interactive Media & Services — 2.0%
Hello Group Inc., ADR		95,648		492,587
Meitu Inc.(a)(d)		1,408,000		149,688
Sohu.com Ltd., ADR(a)(b)		18,208		324,467
Tongdao Liepin Group(a)		115,200		143,740
				1,110,482
Internet & Direct Marketing Retail — 1.4%
Baozun Inc., ADR(a)		36,224		307,903
Dada Nexus Ltd., ADR(a)(b)		41,120		266,046
Maoyan Entertainment(a)(b)(d)		256,000		214,984
				788,933
IT Services — 3.2%
Chindata Group Holdings Ltd., ADR(a)		83,072		701,128
Digital China Holdings Ltd.		544,000		242,665
Kingsoft Cloud Holdings Ltd., ADR(a)		69,472		238,984
Vnet Group Inc., ADR(a)		63,232		338,291
Yeahka Ltd.(a)(b)		131,200		269,564
				1,790,632
Life Sciences Tools & Services — 0.2%
Viva Biotech Holdings(a)(d)		496,000		116,872
Machinery — 2.7%
China Yuchai International Ltd.		9,504		79,168
CIMC Enric Holdings Ltd.		458,000		489,197
First Tractor Co. Ltd., Class H		256,000		102,534
Guizhou Zhongyida Co. Ltd.(a)		227,200		122,240
Lonking Holdings Ltd.(b)		1,216,000		205,896
Shanghai Highly Group Co. Ltd., Class B		160,084		79,402
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		134,400		146,824
Shanghai New Power Automotive Technology Co. Ltd., Class B		211,265		101,600
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		147,200		170,668
				1,497,529
Media — 0.5%
Joy Spreader Group Inc.(a)(b)		704,000		108,193
Mobvista Inc.(a)(d)		256,000		154,332
				262,525
Metals & Mining — 2.7%
China Metal Recycling Holdings Ltd.(c)		184,800		—
China Nonferrous Mining Corp Ltd.		832,000		355,715

40 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
China Oriental Group Co. Ltd.		704,000	$	129,697
China Zhongwang Holdings Ltd.(a)(b)(c)		1,271,200		148,159
Jinchuan Group International Resources Co. Ltd.		1,984,000		214,103
Shougang Fushan Resources Group Ltd.		1,088,000		345,100
Tiangong International Co. Ltd.		896,000		300,490
Untrade Real Gold Mining(c)		126,000		—
Youyuan International Holdings Ltd.(b)(c)		120,000		1,192
				1,494,456
Oil, Gas & Consumable Fuels — 0.9%
AAG Energy Holdings Ltd.(d)		640,000		120,815
CGN Mining Co. Ltd.(a)(b)		1,280,000		166,766
Sinopec Kantons Holdings Ltd.		640,000		195,331
				482,912
Paper & Forest Products — 0.5%
China Forestry Holdings Co. Ltd.(c)		306,000		1
Lee & Man Paper Manufacturing Ltd.		832,000		298,663
Qunxing Paper Holdings Co. Ltd.(c)		148,000		—
Superb Summit International Group Ltd.(c)		2,975		—
				298,664
Pharmaceuticals — 5.2%
Antengene Corp. Ltd.(a)(d)		192,000		101,296
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		160,000		199,083
China Animal Healthcare Ltd.(c)		140,000		—
China Shineway Pharmaceutical Group Ltd.		192,000		147,280
Grand Pharmaceutical Group Ltd., Class A		672,000		358,768
Hua Han Health Industry Holdings Ltd.(b)(c)		505,580		1
Hua Medicine(a)(d)		432,000		217,121
Luye Pharma Group Ltd. (a)(b)(d)		1,120,000		323,276
Ocumension Therapeutics(a)(b)(d)		192,000		337,268
Shanghai Haixin Group Co., Class B		284,863		94,439
Sihuan Pharmaceutical Holdings Group Ltd.		2,400,000		304,354
SSY Group Ltd.		872,000		410,626
Tianjin Pharmaceutical Da Re Tang Group Corp Ltd., Class S(b)		124,800		132,249
Tong Ren Tang Technologies Co. Ltd., Class H		352,000		248,824
				2,874,585
Real Estate Management & Development — 14.1%
Agile Group Holdings Ltd.		746,000		261,249
C&D International Investment Group Ltd.		328,000		655,990
C&D Property Management Group Co. Ltd.		256,000		116,826
Central China Management Co. Ltd.		833,038		81,586
Central China New Life Ltd.		192,000		82,892
China Aoyuan Group Ltd.(a)(b)(c)		896,000		89,052
China Merchants Land Ltd.		768,000		60,506
China Overseas Grand Oceans Group Ltd.		1,088,000		513,661
China SCE Group Holdings Ltd.		1,120,800		93,833
China South City Holdings Ltd.		2,944,000		185,093
CIFI Ever Sunshine Services Group Ltd.		502,000		310,844
Colour Life Services Group Co. Ltd.(a)(b)(c)		320,000		16,711
Cosmopolitan International Holdings Ltd.(a)		1,024,000		134,205
Dexin China Holdings Co. Ltd.		512,000		129,815
Excellence Commercial Property & Facilities Management Group Ltd.(b)		224,000		93,131
Ganglong China Property Group Ltd.(a)(b)		320,000		166,084
Gemdale Properties & Investment Corp. Ltd.		3,712,000		316,295
Greenland Hong Kong Holdings Ltd.		544,000		56,617
Guangzhou R&F Properties Co. Ltd., Class H		1,062,400		219,745
Jiayuan International Group Ltd.(a)(b)		960,000		26,422
Kaisa Group Holdings Ltd.(a)(b)(c)		2,048,000		91,327

Security	Shares		Value
Real Estate Management & Development (continued)
KWG Group Holdings Ltd.		800,000	$	143,929
KWG Living Group Holdings Ltd.		576,000		102,175
Midea Real Estate Holding Ltd.(d)		198,400		211,687
Nam Tai Property Inc.(a)(c)		12,672		38,519
Poly Property Group Co. Ltd.		1,056,000		214,639
Powerlong Commercial Management Holdings Ltd.		96,000		51,933
Powerlong Real Estate Holdings Ltd.		768,000		96,311
Radiance Holdings Group Co. Ltd.(b)		512,000		247,888
Redco Properties Group Ltd.(a)(b)(d)		576,000		130,574
Redsun Properties Group Ltd.(a)(b)		640,000		92,143
Road King Infrastructure Ltd.		146,000		76,360
Ronshine China Holdings Ltd.(a)		368,000		35,165
SCE Intelligent Commercial Management Holdings Ltd.		352,000		79,133
Shanghai Industrial Urban Development Group Ltd.		1,024,000		82,157
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		169,600		165,203
Shenzhen Investment Ltd.		1,664,000		304,715
Shimao Services Holdings Ltd.(a)(d)		621,000		159,073
Shoucheng Holdings Ltd.		1,601,600		272,293
Shui On Land Ltd.		2,288,000		287,799
Sino-Ocean Group Holding Ltd.		1,936,000		282,574
Skyfame Realty Holdings Ltd.(a)		2,112,000		14,486
SOHO China Ltd.(a)		1,328,000		236,494
Sunac Services Holdings Ltd.(d)		672,000		202,621
Sunkwan Properties Group Ltd.(a)(b)		448,000		49,159
Yincheng International Holding Co. Ltd.(a)(b)		256,000		72,409
Yuexiu Services Group Ltd., NVS		240,000		97,892
Yuzhou Group Holdings Co. Ltd.		1,472,907		63,621
Zhenro Properties Group Ltd.(a)(b)		1,248,000		57,778
Zhongliang Holdings Group Co. Ltd.(b)		464,000		39,018
Zhuguang Holdings Group Co. Ltd.(a)		1,408,000		179,393
				7,789,025
Semiconductors & Semiconductor Equipment — 2.8%
JinkoSolar Holding Co. Ltd., ADR(a)(b)		25,760		1,568,011
Software — 2.8%
Agora Inc., ADR(a)		43,200		178,848
AsiaInfo Technologies Ltd.(d)		115,200		165,201
China Youzan Ltd.(a)		9,472,000		151,083
Inspur International Ltd.(a)		384,000		124,510
Newborn Town Inc.(a)		384,000		100,650
OneConnect Financial Technology Co. Ltd., ADR(a)		74,976		80,974
Tuya Inc.(a)(b)		123,808		163,427
Weimob Inc.(a)(d)		1,216,000		560,305
				1,524,998
Specialty Retail — 1.1%
Boshiwa International Holding Ltd.(c)		67,000		—
China Harmony Auto Holding Ltd.		496,000		130,312
GOME Retail Holdings Ltd.(a)(b)		8,544,000		266,329
Mulsanne Group Holding Ltd.(a)(d)		176,000		86,557
Pou Sheng International Holdings Ltd.		1,376,000		138,325
				621,523
Technology Hardware, Storage & Peripherals — 0.6%
Canaan Inc.(a)		100,128		351,449
Textiles, Apparel & Luxury Goods — 2.2%
361 Degrees International Ltd.(a)		544,000		277,973
China Lilang Ltd.		288,000		140,636
Fuguiniao Co. Ltd.(c)		43,200		—
Golden Solar New Energy Technology Holdings Ltd. (a)(b)		529,200		690,721

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  (continued) August 31, 2022 iShares^® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
JNBY Design Ltd.		112,000	$	121,878
				1,231,208
Trading Companies & Distributors — 0.4%
China Aircraft Leasing Group Holdings Ltd.		144,000		95,249
CITIC Resources Holdings Ltd.		1,728,000		108,233
				203,482
Transportation Infrastructure — 2.0%
Anhui Expressway Co. Ltd., Class H		270,000		195,999
COSCO SHIPPING International Hong Kong Co. Ltd.		384,000		108,556
Hainan Meilan International Airport Co. Ltd., Class H(a)(b)		136,000		320,217
Sichuan Expressway Co. Ltd., Class H		448,000		106,625
Tianjin Port Development Holdings Ltd.		1,152,000		86,428
Yuexiu Transport Infrastructure Ltd.		640,000		306,231
				1,124,056
Water Utilities — 1.1%
China Everbright Water Ltd.		524,800		103,188
China Water Affairs Group Ltd.		528,000		480,943
				584,131
Total Long-Term Investments — 99.5% (Cost: $77,809,875)				55,092,797
Short-Term Securities
Money Market Funds — 17.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		9,609,632		9,612,515

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		60,000	$	60,000
Total Short-Term Securities — 17.5% (Cost: $ 9,666,738)				9,672,515
Total Investments in Securities — 117.0% (Cost: $ 87,476,613)				64,765,312
Liabilities in Excess of Other Assets — (17.0)%				(9,427,786	)
Net Assets — 100.0%			$	55,337,526

^(a) Non-income producing security.

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

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

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,118,371	$	—			$(12,500,522)	(a)	$	(7,439	)	$	2,105	$	9,612,515		9,609,632	$	632,120	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		10,000	(a)		—			—			—		60,000		60,000		292			—
									$	(7,439	)	$	2,105	$	9,672,515			$	632,412		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		8		09/16/22	$	195	$	(16,870	)

42 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI China Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	16,870	$	—	$	—	$	—	$	16,870

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	20,334		$	—	$	—	$	—	$	20,334
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(13,192	)	$	—	$	—	$	—	$	(13,192	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	342,097

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	$	9,683,134	$	44,887,559		$	522,104	$	55,092,797
Money Market Funds		9,672,515		—			—		9,672,515
	$	19,355,649	$	44,887,559		$	522,104	$	64,765,312
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(16,870	)	$	—	$	(16,870	)

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

See notes to financial statements.

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

Schedule of Investments August 31, 2022 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 4.8%
Astra International Tbk PT		45,623,230	$	21,407,290
Banks — 42.1%
Bank Aladin Syariah Tbk PT(a)		9,755,000		1,107,440
Bank BTPN Syariah Tbk PT		9,112,400		1,815,911
Bank Bukopin Tbk PT(a)		25,517,500		314,617
Bank Central Asia Tbk PT		151,039,590		83,407,510
Bank Jago Tbk PT(a)		11,324,800		6,417,093
Bank Mandiri Persero Tbk PT		34,466,460		20,510,470
Bank Negara Indonesia Persero Tbk PT		25,322,458		14,524,096
Bank Neo Commerce Tbk PT(a)		7,400,600		609,740
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		17,731,976		1,660,418
Bank Pembangunan Daerah Jawa Timur Tbk PT		25,425,400		1,233,370
Bank Rakyat Indonesia Persero Tbk PT		180,437,854		52,693,086
Bank Tabungan Negara Persero Tbk PT		21,198,226		2,147,685
				186,441,436
Capital Markets — 0.6%
MNC Kapital Indonesia Tbk PT(a)		38,425,500		297,722
Pacific Strategic Financial Tbk PT(a)		29,109,200		2,343,641
Pool Advista Indonesia Tbk PT(a)(b)		7,126,300		—
				2,641,363
Chemicals — 1.6%
Barito Pacific Tbk PT		101,679,200		5,612,963
Surya Esa Perkasa Tbk PT		17,005,600		1,275,517
				6,888,480
Construction & Engineering — 1.1%
PP Persero Tbk PT(a)		17,661,222		1,200,086
Waskita Karya Persero Tbk PT(a)		58,940,319		2,239,562
Wijaya Karya Persero Tbk PT(a)		17,213,970		1,239,518
				4,679,166
Construction Materials — 2.7%
Berkah Beton Sadaya Tbk PT		10,397,800		3,201,478
Indocement Tunggal Prakarsa Tbk PT		5,802,644		3,690,205
Semen Indonesia Persero Tbk PT		10,987,555		4,879,137
				11,770,820
Consumer Finance — 0.3%
BFI Finance Indonesia Tbk PT		15,406,200		1,296,301
Diversified Telecommunication Services — 11.2%
Inovisi Infracom Tbk PT(b)		9,476,400		—
Link Net Tbk PT(a)		6,313,200		2,020,394
Sarana Menara Nusantara Tbk PT		62,755,000		5,246,461
Telkom Indonesia Persero Tbk PT		127,728,990		39,114,546
Tower Bersama Infrastructure Tbk PT		17,512,070		3,324,756
				49,706,157
Electronic Equipment, Instruments & Components — 0.4%
Erajaya Swasembada Tbk PT		46,855,100		1,539,331
Metrodata Electronics Tbk PT		7,429,700		350,398
				1,889,729
Food & Staples Retailing — 1.5%
Sumber Alfaria Trijaya Tbk PT		44,719,800		6,563,167
Food Products — 6.1%
Astra Agro Lestari Tbk PT		503,300		310,222
Charoen Pokphand Indonesia Tbk PT		26,155,925		10,353,112
Cisarua Mountain Dairy PT TBK		2,010,900		592,059
Indofood CBP Sukses Makmur Tbk PT		8,818,854		4,935,872

Security	Shares		Value
Food Products (continued)
Indofood Sukses Makmur Tbk PT		16,146,030	$	6,773,507
Inti Agri Resources Tbk PT(a)(b)		190,840,700		—
Japfa Comfeed Indonesia Tbk PT		19,601,100		2,091,710
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		18,884,700		1,500,689
Sawit Sumbermas Sarana Tbk PT		5,648,600		534,939
				27,092,110
Gas Utilities — 1.2%
Perusahaan Gas Negara Tbk PT		44,141,207		5,461,014
Health Care Providers & Services — 0.7%
Medikaloka Hermina Tbk PT		12,650,800		1,271,426
Metro Healthcare Indonesia TBK PT(a)		38,554,300		1,241,634
Siloam International Hospitals Tbk PT		5,623,500		394,034
				2,907,094
Household Products — 1.9%
Unilever Indonesia Tbk PT		26,920,420		8,319,134
Insurance — 0.5%
Panin Financial Tbk PT		90,516,278		2,329,609
IT Services — 0.1%
M Cash Integrasi PT(a)		832,700		642,373
Marine — 0.3%
Trada Alam Minera Tbk PT(a)(b)		163,879,000		—
Transcoal Pacific Tbk PT		2,128,400		1,190,212
				1,190,212
Media — 0.8%
Media Nusantara Citra Tbk PT		26,747,500		1,647,272
MNC Vision Networks Tbk PT(a)		47,973,200		300,590
Surya Citra Media Tbk PT		99,897,100		1,520,101
				3,467,963
Metals & Mining — 4.7%
Adaro Minerals Indonesia Tbk PT(a)		19,998,800		2,306,402
Aneka Tambang Tbk		32,426,554		4,335,969
Bumi Resources Minerals Tbk PT(a)		94,888,900		1,585,477
Merdeka Copper Gold Tbk PT(a)		33,258,106		9,564,039
Timah Tbk PT		4,366,500		438,882
Vale Indonesia Tbk PT(a)		6,192,700		2,538,214
				20,768,983
Multiline Retail — 0.7%
Matahari Department Store Tbk PT		1,490,200		384,968
Mitra Adiperkasa Tbk PT(a)		41,861,300		2,844,270
				3,229,238
Oil, Gas & Consumable Fuels — 7.6%
Adaro Energy Indonesia Tbk PT		52,194,339		12,442,960
AKR Corporindo Tbk PT		45,393,800		3,668,722
Bukit Asam Tbk PT		16,193,000		4,633,299
Harum Energy Tbk PT		4,042,700		462,396
Indika Energy Tbk PT		4,021,900		776,979
Indo Tambangraya Megah Tbk PT		2,098,500		5,558,463
Medco Energi Internasional Tbk PT		41,670,286		2,415,380
Sekawan Intipratama Tbk PT(b)		30,572,100		—
Sugih Energy Tbk PT(a)(b)		39,886,700		—
United Tractors Tbk PT		1,587,496		3,614,834
				33,573,033
Paper & Forest Products — 1.7%
Indah Kiat Pulp & Paper Tbk PT		10,138,000		5,678,784

44 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI Indonesia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products (continued)
Pabrik Kertas Tjiwi Kimia Tbk PT		4,488,800	$	2,046,915
				7,725,699
Personal Products — 0.4%
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		34,302,937		1,640,902
Pharmaceuticals — 2.0%
Kalbe Farma Tbk PT		77,513,085		8,765,095
Real Estate Management & Development — 2.3%
Bumi Serpong Damai Tbk PT(a)		34,675,722		2,146,459
Ciputra Development Tbk PT		41,160,013		2,634,463
Hanson International Tbk PT(a)(b)		372,896,535		1
Lippo Karawaci Tbk PT(a)		133,861,542		1,036,608
Pakuwon Jati Tbk PT		79,392,877		2,587,806
Rimo International Lestari Tbk PT(a)(b)		54,096,000		—
Summarecon Agung Tbk PT		47,693,186		1,923,919
				10,329,256
Road & Rail — 0.1%
Adi Sarana Armada Tbk PT(a)		2,828,100		277,801
Software — 0.1%
Digital Mediatama Maxima Tbk PT(a)		3,614,300		334,930
Specialty Retail — 0.3%
Ace Hardware Indonesia Tbk PT		30,935,279		1,500,650
Tobacco — 0.6%
Gudang Garam Tbk PT		1,800,242		2,878,749
Transportation Infrastructure — 0.5%
Jasa Marga Persero Tbk PT(a)		9,785,008		2,266,385

Security	Shares		Value
Wireless Telecommunication Services — 0.9%
Smartfren Telecom Tbk PT(a)		208,497,600	$	1,390,806
XL Axiata Tbk PT		15,878,600		2,811,568
				4,202,374
Total Long-Term Investments — 99.8% (Cost: $533,347,273)				442,186,513
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		260,000		260,000
Total Short-Term Securities — 0.0% (Cost: $260,000)				260,000
Total Investments in Securities — 99.8% (Cost: $533,607,273)				442,446,513
Other Assets Less Liabilities — 0.2%				734,233
Net Assets — 100.0%			$	443,180,746

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	240,000	(a)	$	—	$	—	$	—	$	260,000		260,000	$	2,431	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		18		09/16/22	$	884	$	(6,758	)

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  (continued) August 31, 2022 iShares^® MSCI Indonesia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	6,758	$	—	$	—	$	—	$	6,758

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(271,380	)	$	—	$	—	$	—	$	(271,380	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,104	)	$	—	$	—	$	—	$	(7,104	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	939,760

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	$	35,274,175		$	406,912,337	$	1	$	442,186,513
Money Market Funds		260,000			—		—		260,000
	$	35,534,175		$	406,912,337	$	1	$	442,446,513
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(6,758	)	$	—	$	—	$	(6,758	)

^(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   A N 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 August 31, 2022 iShares^® MSCI Peru ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 26.3%
Banco BBVA Peru SA		7,466,789	$	2,795,096
Banco de Credito del Peru S.A., Class C		81,082		56,488
Credicorp Ltd.		221,858		28,595,278
Intercorp Financial Services Inc.		98,689		2,127,735
				33,574,597
Construction & Engineering — 1.4%
Aenza SAA(a)		7,953,697		1,757,472
Construction Materials — 5.3%
Cementos Pacasmayo SAA(a)		2,721,117		2,758,749
Unacem Corp. SAA		9,444,947		4,051,202
				6,809,951
Electric Utilities — 2.2%
Interconexion Electrica SA ESP		648,742		2,807,944
Food & Staples Retailing — 2.6%
InRetail Peru Corp.(b)		109,073		3,376,900
Food Products — 5.4%
Alicorp SAA		3,840,774		5,391,541
Casa Grande SAA		671,636		1,501,526
				6,893,067
Metals & Mining — 43.2%
Cia. de Minas Buenaventura SAA, ADR		1,091,051		5,804,391
Corp. Aceros Arequipa SA, NVS		3,757,852		1,367,628
Fortuna Silver Mines Inc.(a)		1,181,455		2,734,704

Security	Shares		Value
Metals & Mining (continued)
Hochschild Mining PLC		3,569,440	$	2,687,450
MMG Ltd.(a)		10,088,000		2,759,678
Pan American Silver Corp.		178,010		2,648,430
Sociedad Minera Cerro Verde SAA		173,174		4,933,727
Southern Copper Corp.		543,664		25,590,265
Volcan Cia. Minera SAA, Class B, NVS(a)		26,341,623		3,697,743
Wheaton Precious Metals Corp.		93,421		2,851,675
				55,075,691
Multiline Retail — 2.6%
Falabella SA		1,384,200		3,261,847
Oil, Gas & Consumable Fuels — 3.7%
PetroTal Corp.(a)		8,308,937		4,652,503
Real Estate Management & Development — 2.6%
Parque Arauco SA		3,117,966		3,296,434
Trading Companies & Distributors — 4.3%
Ferreycorp SAA		9,808,181		5,507,349
Total Investments in Securities — 99.6% (Cost: $185,145,539)				127,013,755
Other Assets Less Liabilities — 0.4%				516,248
Net Assets — 100.0%			$	127,530,003

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	540,000	$	—	$	(540,000	)(b)	$	—	$	—	$	—		—	$	1,819	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		4		09/16/22	$	196	$	(5,176	)

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  (continued) August 31, 2022 iShares^® MSCI Peru ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,176	$	—	$	—	$	—	$	5,176

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(168,991	)	$	—	$	—	$	—	$	(168,991	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(12,465	)	$	—	$	—	$	—	$	(12,465	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	970,834

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	$	121,566,627		$	5,447,128	$	—	$	127,013,755
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,176	)	$	—	$	—	$	(5,176	)

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

See notes to financial statements.

48 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® MSCI Philippines ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.2%
Cebu Air Inc.(a)		256,840	$	188,065
Banks — 16.4%
Bank of the Philippine Islands		2,976,755		5,025,919
BDO Unibank Inc.		3,377,004		7,722,015
Metropolitan Bank & Trust Co.		3,940,804		3,683,192
Security Bank Corp.		887,510		1,418,692
				17,849,818
Chemicals — 1.0%
D&L Industries Inc.		7,801,900		1,047,551
Diversified Financial Services — 1.7%
Metro Pacific Investments Corp.		27,414,050		1,819,048
Diversified Telecommunication Services — 1.1%
Converge Information and Communications Technology Solutions Inc.(a)		3,815,500		1,176,518
Electric Utilities — 2.8%
Manila Electric Co.		505,650		2,708,086
Synergy Grid & Development Phils Inc.		1,632,900		400,670
				3,108,756
Equity Real Estate Investment Trusts (REITs) — 1.2%
AREIT Inc.		359,300		245,798
Filinvest REIT Corp.		4,138,900		463,898
MREIT Inc.		1,258,400		344,610
RL Commercial REIT Inc.		2,094,000		228,807
				1,283,113
Food & Staples Retailing — 2.8%
Cosco Capital Inc.		8,623,600		662,350
Puregold Price Club Inc.		2,294,560		1,397,294
Robinsons Retail Holdings Inc.		910,690		973,046
				3,032,690
Food Products — 6.7%
Century Pacific Food Inc.		2,477,600		1,094,194
Monde Nissin Corp.(a)(b)		11,039,500		3,239,920
Universal Robina Corp.		1,367,848		2,968,871
				7,302,985
Hotels, Restaurants & Leisure — 5.0%
Bloomberry Resorts Corp.(a)		11,012,765		1,387,739
Jollibee Foods Corp.		964,011		4,108,886
				5,496,625
Independent Power and Renewable Electricity Producers — 2.0%
ACEN Corp.		16,525,428		2,200,717
Industrial Conglomerates — 23.4%
Aboitiz Equity Ventures Inc.		3,660,347		3,650,783
Alliance Global Group Inc.		8,032,339		1,434,424
Ayala Corp.		436,558		5,440,172
DMCI Holdings Inc.		9,196,600		1,553,795

Security	Shares		Value
Industrial Conglomerates (continued)
GT Capital Holdings Inc.		217,966	$	1,866,854
JG Summit Holdings Inc.		5,103,931		4,641,290
LT Group Inc.		4,451,300		698,814
SM Investments Corp.		418,766		6,181,382
				25,467,514
Oil, Gas & Consumable Fuels — 1.3%
Semirara Mining & Power Corp.		1,890,100		1,382,476
Real Estate Management & Development — 20.8%
Ayala Land Inc.		13,129,150		6,664,780
Megaworld Corp.		28,372,960		1,259,512
Robinsons Land Corp.		1,764,906		589,313
SM Prime Holdings Inc.		20,406,235		13,717,524
Vista Land & Lifescapes Inc.		12,171,900		436,344
				22,667,473
Specialty Retail — 2.1%
AllHome Corp.		4,599,300		361,548
Wilcon Depot Inc.		3,685,200		1,965,484
				2,327,032
Transportation Infrastructure — 4.5%
International Container Terminal Services Inc.		1,520,883		4,898,250
Water Utilities — 0.3%
Manila Water Co. Inc.		1,128,729		311,018
Wireless Telecommunication Services — 6.3%
Globe Telecom Inc.		60,890		2,271,899
PLDT Inc.		154,344		4,600,637
				6,872,536
Total Long-Term Investments — 99.6% (Cost: $148,318,878)				108,432,185
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		170,000		170,000
Total Short-Term Securities — 0.2% (Cost: $170,000)				170,000
Total Investments in Securities — 99.8% (Cost: $148,488,878)				108,602,185
Other Assets Less Liabilities — 0.2%				215,882
Net Assets — 100.0%			$	108,818,067

^(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.

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  (continued) August 31, 2022 iShares^® MSCI Philippines ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	140,000		$30,000	(a)	$	—	$	—	$	—	$	170,000		170,000	$	651	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		7		09/16/22	$	344	$	(4,160	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	4,160	$	—	$	—	$	—	$	4,160

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(16,044	)	$	—	$	—	$	—	$	(16,044	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(9,207	)	$	—	$	—	$	—	$	(9,207	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	296,599

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.

50 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI Philippines 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	$	4,032,724		$	104,399,461	$	—	$	108,432,185
Money Market Funds		170,000			—		—		170,000
	$	4,202,724		$	104,399,461	$	—	$	108,602,185
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(4,160	)	$	—	$	—	$	(4,160	)

^(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 51

Schedule of Investments August 31, 2022 iShares^® MSCI Poland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 24.5%
Alior Bank SA(a)		209,599	$	1,157,330
Bank Handlowy w Warszawie SA		132,238		1,668,857
Bank Millennium SA(a)		2,060,829		1,656,288
Bank Polska Kasa Opieki SA		532,362		7,364,754
mBank SA(a)(b)		48,800		2,241,927
Powszechna Kasa Oszczednosci Bank Polski SA		2,581,644		12,878,639
Santander Bank Polska SA		108,562		4,933,010
				31,900,805
Capital Markets — 1.1%
Warsaw Stock Exchange		123,976		906,673
XTB SA(b)(c)		125,240		581,433
				1,488,106
Chemicals — 1.7%
Ciech SA(a)		131,152		892,582
Grupa Azoty SA(a)		197,973		1,370,255
				2,262,837
Construction & Engineering — 1.9%
Budimex SA		45,006		2,418,466
Consumer Finance — 2.8%
KRUK SA		57,499		3,696,980
Diversified Telecommunication Services — 2.2%
Orange Polska SA(b)		2,230,921		2,842,977
Electric Utilities — 6.2%
Enea SA(a)		1,071,753		1,724,439
PGE Polska Grupa Energetyczna SA(a)		2,968,391		4,524,886
Tauron Polska Energia SA(a)(b)		3,873,123		1,897,616
				8,146,941
Entertainment — 2.8%
CD Projekt SA(b)		201,443		3,592,342
Food & Staples Retailing — 8.7%
Dino Polska SA(a)(c)		142,530		10,398,068
Eurocash SA(a)		368,425		901,940
				11,300,008
Health Care Providers & Services — 1.1%
Neuca SA		8,906		1,398,432
Hotels, Restaurants & Leisure — 1.0%
AmRest Holdings SE(a)(b)		314,903		1,328,221
Insurance — 8.1%
Powszechny Zaklad Ubezpieczen SA		1,761,425		10,543,586
Internet & Direct Marketing Retail — 4.2%
Allegro.eu SA (a)(b)(c)		1,042,039		5,465,686

Security	Shares		Value
Media — 2.6%
Cyfrowy Polsat SA		838,334	$	3,457,523
Metals & Mining — 5.7%
Jastrzebska Spolka Weglowa SA(a)		192,171		1,941,212
KGHM Polska Miedz SA		295,541		5,538,256
				7,479,468
Oil, Gas & Consumable Fuels — 16.7%
Polski Koncern Naftowy ORLEN SA		1,240,375		16,065,606
Polskie Gornictwo Naftowe i Gazownictwo SA(a)		4,809,038		5,712,793
				21,778,399
Professional Services — 0.4%
Grupa Pracuj SA(a)		51,756		539,584
Software — 3.1%
Asseco Poland SA(b)		202,090		3,080,882
LiveChat Software SA(b)		41,986		930,838
				4,011,720
Textiles, Apparel & Luxury Goods — 5.1%
CCC SA(a)(b)		132,685		1,064,120
LPP SA		3,105		5,590,933
				6,655,053
Total Long-Term Investments — 99.9% (Cost: $272,858,986)				130,307,134
Short-Term Securities
Money Market Funds — 5.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		5,615,606		5,617,290
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		1,140,000		1,140,000
Total Short-Term Securities — 5.2% (Cost: $6,753,677)				6,757,290
Total Investments in Securities — 105.1% (Cost: $279,612,663)				137,064,424
Liabilities in Excess of Other Assets — (5.1)%				(6,691,812	)
Net Assets — 100.0%			$	130,372,612

^(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.

52 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI Poland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,507,125	$	—		$(7,881,635	)(a)	$	(10,464	)	$	2,264	$	5,617,290		5,615,606	$	223,802	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,310,000		—		(1,170,000)	(a)		—			—		1,140,000		1,140,000		8,128			—
								$	(10,464	)	$	2,264	$	6,757,290			$	231,930		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		2		09/16/22	$	98	$	(439	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	439	$	—	$	—	$	—	$	439

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(240,116	)	$	—	$	—	$	—	$	(240,116	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	13,194		$	—	$	—	$	—	$	13,194

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	809,524

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 53

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Poland ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,450,287		$	126,856,847	$	—	$	130,307,134
Money Market Funds		6,757,290			—		—		6,757,290
	$	10,207,577		$	126,856,847	$	—	$	137,064,424
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(439	)	$	—	$	—	$	(439	)

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

See notes to financial statements.

54 2 0 2 2   I S H A R E S   A N 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   August 31, 2022 iShares^® MSCI Qatar ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.9%
Gulf Warehousing Co.		686,311	$	890,320
Banks — 49.6%
Commercial Bank PSQC (The)		2,137,334		4,246,701
Doha Bank QPSC		2,416,527		1,654,414
Masraf Al Rayan QSC		3,464,614		4,249,399
Qatar First Bank(a)		2,195,250		789,753
Qatar International Islamic Bank QSC		1,010,426		3,264,732
Qatar Islamic Bank SAQ		1,853,558		12,876,269
Qatar National Bank QPSC		3,686,901		20,641,741
				47,723,009
Chemicals — 4.1%
Mesaieed Petrochemical Holding Co.		5,551,783		3,916,177
Construction Materials — 1.6%
Qatar National Cement Co. QSC		697,477		938,913
Qatari Investors Group QSC		1,120,414		618,366
				1,557,279
Diversified Financial Services — 0.7%
Salam International Investment Ltd. QSC(a)		2,816,383		679,761
Diversified Telecommunication Services — 3.0%
Ooredoo QPSC		1,156,380		2,852,583
Energy Equipment & Services — 1.2%
Gulf International Services QSC(a)		2,028,734		1,158,522
Food & Staples Retailing — 1.1%
Al Meera Consumer Goods Co. QSC		206,871		1,026,810
Food Products — 0.9%
Baladna		1,971,036		899,613
Health Care Providers & Services — 0.8%
Medicare Group		374,981		760,689
Industrial Conglomerates — 11.6%
Aamal Co.		3,730,751		1,189,464
Industries Qatar QSC		1,687,342		8,303,102
Mannai Corp. QSC		286,213		948,265
Qatar Industrial Manufacturing Co. QSC		787,371		729,693
				11,170,524
Insurance — 1.7%
Qatar Insurance Co. SAQ		2,558,597		1,611,645

Security	Shares		Value
Marine — 2.6%
Qatar Navigation QSC		822,897	$	2,488,241
Metals & Mining — 2.1%
Qatar Aluminum Manufacturing Co.		3,996,998		2,035,544
Multi-Utilities — 3.2%
Qatar Electricity & Water Co. QSC		602,444		3,093,359
Oil, Gas & Consumable Fuels — 7.3%
Qatar Fuel QSC		651,232		3,363,332
Qatar Gas Transport Co. Ltd.		3,364,570		3,650,180
				7,013,512
Real Estate Management & Development — 6.0%
Barwa Real Estate Co.		2,733,918		2,731,554
Ezdan Holding Group QSC(a)		2,822,484		1,049,475
Mazaya Real Estate Development QPSC(a)		2,364,812		566,200
United Development Co. QSC		3,213,742		1,396,957
				5,744,186
Wireless Telecommunication Services — 1.4%
Vodafone Qatar QSC		3,062,468		1,366,616
Total Long-Term Investments — 99.8%     (Cost: $63,666,637)			95,988,390
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(b)(c)		50,000		50,000
Total Short-Term Securities — 0.1%     (Cost: $50,000)			50,000
Total Investments in Securities — 99.9%     (Cost: $63,716,637)			96,038,390
Other Assets Less Liabilities — 0.1%			114,662
Net Assets — 100.0%			$  96,153,052

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	30,000	(a)		$    —	$	—	$	—	$	50,000		50,000	$	518	$	—

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

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  (continued) August 31, 2022 iShares^® MSCI Qatar ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		2		09/16/22	$	98	$	(675	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	675	$	—	$	—	$	—	$	675

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$(12,875	)	$	—	$	—	$	—	$	(12,875	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$     (503	)	$	—	$	—	$	—	$	(503	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	161,296

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	$	19,365,231		$	76,623,159	$	—	$	95,988,390
Money Market Funds		50,000			—		—		50,000
	$	19,415,231		$	76,623,159	$	—	$	96,038,390
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(675	)	$	—	$	—	$	(675	)

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

See notes to financial statements.

56 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 43.7%
Al Rajhi Bank		6,606,541	$	158,159,173
Alinma Bank		3,573,598		36,003,147
Arab National Bank		2,297,410		18,314,116
Bank AlBilad(a)		1,826,199		24,536,766
Bank Al-Jazira		1,644,376		10,267,579
Banque Saudi Fransi		2,182,091		28,796,040
Riyad Bank		4,858,005		45,748,478
Saudi British Bank (The)		3,171,580		33,643,868
Saudi Investment Bank (The)		738,147		3,924,637
Saudi National Bank (The)		7,357,605		136,438,411
				495,832,215
Building Products — 0.2%
Saudi Ceramic Co.		239,835		2,754,402
Capital Markets — 0.1%
Saudi Tadawul Group Holding Co.		21,855		1,320,281
Chemicals — 14.3%
Advanced Petrochemical Co.		547,193		7,259,376
Alujain Corp.		111,032		1,840,215
Methanol Chemicals Co.(a)		58,875		582,412
National Industrialization Co.(a)		1,485,773		6,267,416
SABIC Agri-Nutrients Co.		633,523		29,245,880
Sahara International Petrochemical Co.		1,374,867		17,365,559
Saudi Basic Industries Corp.		2,977,066		79,086,458
Saudi Industrial Investment Group		1,128,564		7,654,157
Saudi Kayan Petrochemical Co.(a)		1,555,918		6,050,588
Yanbu National Petrochemical Co.		576,580		7,661,781
				163,013,842
Commercial Services & Supplies — 0.3%
Saudi Airlines Catering Co.(a)		191,799		3,859,628
Construction Materials — 3.1%
Arabian Cement Co./Saudi Arabia		278,482		2,928,035
City Cement Co.		371,593		2,388,441
Eastern Province Cement Co.		238,914		2,789,513
Najran Cement Co.		533,635		1,978,164
Northern Region Cement Co.		599,904		1,917,622
Qassim Cement Co. (The)		214,063		4,567,133
Riyadh Cement Co.		84,967		811,470
Saudi Cement Co.		348,182		5,142,025
Southern Province Cement Co.		301,049		4,645,142
Yamama Cement Co.(a)		490,701		3,850,650
Yanbu Cement Co.		376,735		3,992,249
				35,010,444
Consumer Finance — 0.0%
Nayifat Finance Co.		86,067		608,323
Diversified Consumer Services — 0.1%
Ataa Educational Co.		47,289		698,659
National Co. for Learning & Education Ltd.		47,289		733,406
				1,432,065
Diversified Telecommunication Services — 4.5%
Saudi Telecom Co.		4,632,951		51,437,381
Electric Utilities — 1.8%
Saudi Electricity Co.		3,144,179		21,046,704
Equity Real Estate Investment Trusts (REITs) — 0.2%
Jadwa REIT Saudi Fund		513,060		1,799,273

Security	Shares		Value
Food & Staples Retailing — 0.7%
Abdullah Al Othaim Markets Co.		202,362	$	6,890,738
Almunajem Foods Co.		34,961		645,865
				7,536,603
Food Products — 3.0%
Al Jouf Agricultural Development Co.		50,809		667,037
Almarai Co. JSC		992,831		13,973,260
Halwani Brothers Co.		45,423		856,945
National Agriculture Development Co. (The)(a)		286,237		2,334,135
Saudi Fisheries Co.(a)		66,139		636,215
Saudia Dairy & Foodstuff Co.		80,650		4,263,952
Savola Group (The)		1,085,286		9,401,289
Sinad Holding Co.(a)		459,220		1,948,287
				34,081,120
Gas Utilities — 0.3%
National Gas & Industrialization Co.		231,542		3,583,186
Health Care Providers & Services — 3.6%
Al Hammadi Holding		443,092		5,267,132
Dallah Healthcare Co.		182,293		5,725,826
Dr Sulaiman Al Habib Medical Services Group Co.		201,465		10,704,303
Middle East Healthcare Co.(a)		215,670		1,863,502
Mouwasat Medical Services Co.		199,420		12,780,865
National Medical Care Co.		138,691		2,314,821
Saudi Chemical Co. Holding		260,627		2,026,650
				40,683,099
Hotels, Restaurants & Leisure — 0.8%
Dur Hospitality Co.(a)		271,743		1,665,761
Herfy Food Services Co.(a)		140,299		1,637,272
Leejam Sports Co. JSC		120,260		2,674,136
Seera Group Holding(a)		718,618		3,431,084
				9,408,253
Independent Power and Renewable Electricity Producers — 0.6%
ACWA Power Co.		151,488		7,040,052
Industrial Conglomerates — 0.1%
Astra Industrial Group		68,979		946,817
Insurance — 1.7%
Al Rajhi Co. for Co-operative Insurance(a)		103,021		2,740,649
Bupa Arabia for Cooperative Insurance Co.		247,713		10,833,737
Co. for Cooperative Insurance (The)(a)		287,627		5,799,914
				19,374,300
IT Services — 0.2%
Al Moammar Information Systems Co.		29,137		795,306
Elm Co.		15,440		1,409,265
				2,204,571
Media — 0.8%
Arabian Contracting Services Co.		23,460		677,133
Saudi Research & Media Group(a)		150,968		8,462,388
				9,139,521
Metals & Mining — 4.7%
Saudi Arabian Mining Co.(a)		2,709,225		53,457,987
Oil, Gas & Consumable Fuels — 8.0%
Aldrees Petroleum and Transport Services Co.		191,767		3,566,168
Rabigh Refining & Petrochemical Co.(a)		1,827,068		8,403,959
Saudi Arabia Refineries Co.		22,710		638,008
Saudi Arabian Oil Co.(b)		7,807,585		77,771,226
				90,379,361

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  (continued) August 31, 2022 iShares^® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 0.1%
Middle East Paper Co.		42,944	$	675,026
Pharmaceuticals — 0.2%
Saudi Pharmaceutical Industries & Medical
Appliances Corp.		313,654		2,330,904
Professional Services — 0.2%
Maharah Human Resources Co.		105,330		1,831,421
Real Estate Management & Development — 1.8%
Arriyadh Development Co.		494,707		2,992,155
Dar Al Arkan Real Estate Development Co.(a)		2,307,694		8,652,193
Emaar Economic City(a)		1,894,652		5,076,906
Saudi Real Estate Co.(a)		889,196		3,288,462
				20,009,716
Road & Rail — 0.4%
Saudi Public Transport Co.(a)		402,087		1,833,783
Theeb Rent A Car Co.		40,126		712,607
United International Transportation Co.		211,784		2,597,546
				5,143,936
Specialty Retail — 1.7%
Fawaz Abdulaziz Al Hokair & Co.(a)		225,459		1,328,254
Jarir Marketing Co.		241,406		11,022,042
Saudi Automotive Services Co.		75,866		683,293
Saudi Co. For Hardware CJSC(a)		118,774		1,136,206
United Electronics Co.		153,772		4,886,165
				19,055,960
Thrifts & Mortgage Finance — 0.1%
Amlak International for Real Estate Finance Co.		127,740		624,195
Transportation Infrastructure — 0.4%
Saudi Ground Services Co.(a)		436,239		3,411,099
Saudi Industrial Services Co.		130,238		844,678
				4,255,777

Security	Shares		Value
Water Utilities — 0.1%
AlKhorayef Water & Power Technologies Co.		27,920	$	933,715
Wireless Telecommunication Services — 1.8%
Etihad Etisalat Co.		1,483,072		14,425,138
Mobile Telecommunications Co.(a)		1,981,408		6,088,275
				20,513,413
Total Long-Term Investments — 99.6% (Cost: $774,956,907)				1,131,323,491
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		3,600,000		3,600,000
Total Short-Term Securities — 0.3% (Cost: $3,600,000)				3,600,000
Total Investments in Securities — 99.9% (Cost: $778,556,907)				1,134,923,491
Other Assets Less Liabilities — 0.1%				679,476
Net Assets — 100.0%			$	1,135,602,967

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	3,190,000		$410,000	(a)	$	—	$	—	$	—	$	3,600,000		3,600,000	$	15,281	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		65		09/16/22	$	3,191	$	10,599

58 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI Saudi Arabia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	10,599	$	—	$	—	$	—	$	10,599

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(760,338	)	$	—	$	—	$	—	$	(760,338	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$ (36,035)		$	—	$	—	$	—	$	(36,035	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$2,904,964

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	$	18,952,989	$	1,112,370,502	$	—	$	1,131,323,491
Money Market Funds		3,600,000		—		—		3,600,000
	$	22,552,989	$	1,112,370,502	$	—	$	1,134,923,491
Derivative financial instruments(a)
Assets
Futures Contracts	$	10,599	$	—	$	—		$            10,599

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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.8%
Aramex PJSC		648,224	$	688,267
Airlines — 3.1%
Air Arabia PJSC		1,933,799		1,166,195
Banks — 39.9%
Abu Dhabi Commercial Bank PJSC		676,454		1,668,747
Abu Dhabi Islamic Bank PJSC		713,204		1,715,635
Dubai Islamic Bank PJSC		1,034,223		1,644,889
Emirates NBD Bank PJSC		473,551		1,717,896
First Abu Dhabi Bank PJSC		1,617,874		8,402,350
				15,149,517
Building Products — 2.2%
National Central Cooling Co. PJSC		266,895		207,814
Ras Al Khaimah Ceramics		763,835		612,748
				820,562
Capital Markets — 2.3%
Dubai Financial Market PJSC		1,461,910		709,252
SHUAA Capital PSC(a)		1,390,002		181,434
				890,686
Construction & Engineering — 0.2%
Arabtec Holding PJSC(a)(b)		2,433,366		7
Drake & Scull International PJSC(a)(b)		2,972,998		59,895
				59,902
Diversified Financial Services — 2.7%
Al Waha Capital PJSC		1,459,276		539,857
Amanat Holdings PJSC		1,563,295		424,806
Gulf General Investment Co.(a)(b)		7,295,803		59,092
				1,023,755
Diversified Telecommunication Services — 24.1%
Al Yah Satellite Communications Co.		1,159,914		858,894
Emirates Telecommunications Group Co. PJSC		1,186,754		8,309,960
				9,168,854
Energy Equipment & Services — 0.1%
Lamprell PLC(a)		326,153		33,342
Food Products — 1.7%
Agthia Group PJSC		487,722		663,911
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		112,588		1

Security	Shares		Value
Industrial Conglomerates — 3.1%
Dubai Investments PJSC		1,780,564	$	1,185,554
Oil, Gas & Consumable Fuels — 2.3%
Dana Gas PJSC		3,250,685		861,103
Real Estate Management & Development — 11.6%
Aldar Properties PJSC		1,323,843		1,733,734
Deyaar Development PJSC(a)		459,774		68,042
Emaar Development PJSC(a)		6,238		8,142
Emaar Properties PJSC		1,076,292		1,829,118
Eshraq Investments PJSC(a)		1,091,718		178,425
RAK Properties PJSC(a)		1,539,297		330,328
Union Properties PJSC(a)		3,295,878		237,354
				4,385,143
Specialty Retail — 4.4%
Abu Dhabi National Oil Co. for Distribution PJSC		1,379,537		1,666,888
Thrifts & Mortgage Finance — 0.4%
Amlak Finance PJSC(a)		924,757		166,319
Total Long-Term Investments — 99.9% (Cost: $34,020,158)				37,929,999
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		80,000		80,000
Total Short-Term Securities — 0.2% (Cost: $80,000)				80,000
Total Investments in Securities — 100.1% (Cost: $34,100,158)				38,009,999
Liabilities in Excess of Other Assets — (0.1)%				(43,515	)
Net Assets — 100.0%			$	37,966,484

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares		$ 70,000		$ 10,000(a)		$            —	$	—	$	—	$	80,000		80,000	$	340	$	—

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

60 2 0 2 2   I S H A R E S   A N 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  (continued) August 31, 2022 iShares^® MSCI UAE ETF

Derivative Financial Instruments Outstanding as of Period End Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		2		09/16/22	$	98	$	(2,635	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,635	$	—	$	—	$	—	$	2,635

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(25,263	)	$	—	$	—	$	—	$	(25,263	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,635	)	$	—	$	—	$	—	$	(2,635	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	65,150

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	$	10,764,397		$	27,046,607	$	118,995	$	37,929,999
Money Market Funds		80,000			—		—		80,000
	$	10,844,397		$	27,046,607	$	118,995	$	38,009,999
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,635	)	$	—	$	—	$	(2,635	)

^(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 61

Statements of Assets and Liabilities

August 31, 2022

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	82,101,570		$	7,821,177,135		$	55,092,797		$	442,186,513
Investments, at value — affiliated(c)		40,000			218,266,965			9,672,515			260,000
Cash		6,756			7,772			6,327			1,212
Foreign currency, at value(d)		452,021			29,660,724			123,048			862,614
Cash pledged for futures contracts		61,000			3,461,000			—			39,000
Receivables:
Investments sold		9,572,599			78,723,866			555,139			3,236,799
Securities lending income — affiliated		—			190,856			54,557			—
Variation margin on futures contracts		—			404,695			3,110			2,521
Dividends — unaffiliated		367,749			3,790,159			108,973			55,314
Dividends — affiliated		85			10,924			102			593
Total assets		92,601,780			8,155,694,096			65,616,568			446,644,566
LIABILITIES
Collateral on securities loaned, at value		—			210,821,019			9,618,380			—
Payables:
Investments purchased		—			99,909,482			632,854			3,242,780
Variation margin on futures contracts		13,418			—			—			—
Capital shares redeemed		9,676,799			—			—			—
Investment advisory fees		46,471			3,897,253			27,808			221,040
Total liabilities		9,736,688			314,627,754			10,279,042			3,463,820
NET ASSETS	$	82,865,092		$	7,841,066,342		$	55,337,526		$	443,180,746
NET ASSETS CONSIST OF
Paid-in capital	$	146,102,769		$	9,934,884,156		$	97,451,201		$	707,950,979
Accumulated loss		(63,237,677	)		(2,093,817,814	)		(42,113,675	)		(264,770,233	)
NET ASSETS	$	82,865,092		$	7,841,066,342		$	55,337,526		$	443,180,746
NET ASSET VALUE
Shares outstanding		6,100,000			157,400,000			1,600,000			18,500,000
Net asset value	$	13.58		$	49.82		$	34.59		$	23.96
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a)  Investments, at cost — unaffiliated	$	74,397,677		$	8,748,060,300		$	77,809,875		$	533,347,273
(b)  Securities loaned, at value	$	—		$	199,939,484		$	8,604,074		$	—
(c)   Investments, at cost — affiliated	$	40,000		$	218,124,339		$	9,666,738		$	260,000
(d)  Foreign currency, at cost	$	461,526		$	29,650,221		$	123,129		$	862,268

See notes to financial statements.

62 2 0 2 2   I S H A R E S   A N 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  (continued)

August 31, 2022

	iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	127,013,755		$	108,432,185		$	130,307,134		$	95,988,390
Investments, at value — affiliated(c)		—			170,000			6,757,290			50,000
Cash		356,733			8,608			6,752			1,217
Foreign currency, at value(d)		46,619			109,814			1,426,435			25,167
Cash pledged for futures contracts		16,000			16,000			13,000			—
Receivables:
Investments sold		4,576,330			1,283,265			2,768,929			477,055
Securities lending income — affiliated		—			—			7,725			—
Variation margin on futures contracts		1,031			980			2,148			—
Capital shares sold		—			14,113			—			—
Dividends — unaffiliated		70,435			240,210			559,766			33,211
Dividends — affiliated		558			339			2,182			105
Tax reclaims		—			—			171,249			—
Other assets		109,399			—			—			—
Total assets		132,190,860			110,275,514			142,022,610			96,575,145
LIABILITIES
Collateral on securities loaned, at value		—			—			5,621,382			—
Payables:
Investments purchased		4,596,828			1,404,357			2,958,405			372,428
Variation margin on futures contracts		—			—			—			675
Investment advisory fees		64,029			53,090			73,641			48,990
Professional fees		—			—			22,667			—
IRS compliance fee for foreign withholding tax claims		—			—			2,973,903			—
Total liabilities		4,660,857			1,457,447			11,649,998			422,093
NET ASSETS	$	127,530,003		$	108,818,067		$	130,372,612		$	96,153,052
NET ASSETS CONSIST OF
Paid-in capital	$	351,607,083		$	217,452,396		$	411,738,235		$	89,125,592
Accumulated earnings (loss)		(224,077,080	)		(108,634,329	)		(281,365,623	)		7,027,460
NET ASSETS	$	127,530,003		$	108,818,067		$	130,372,612		$	96,153,052
NET ASSET VALUE
Shares outstanding		5,000,000			4,100,000			10,350,000			4,250,000
Net asset value	$	25.51		$	26.54		$	12.60		$	22.62
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a)  Investments, at cost — unaffiliated	$	185,145,539		$	148,318,878		$	272,858,986		$	63,666,637
(b)  Securities loaned, at value	$	—		$	—		$	5,113,107		$	—
(c)   Investments, at cost — affiliated	$	—		$	170,000		$	6,753,677		$	50,000
(d)  Foreign currency, at cost	$	50,108		$	110,202		$	1,420,371		$	25,160

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 Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI Saudi Arabia ETF		iShares MSCI UAE ETF
ASSETS
Investments, at value — unaffiliated(a)	$	1,131,323,491	$	37,929,999
Investments, at value — affiliated(b)		3,600,000		80,000
Cash		8,006		3,310
Foreign currency, at value(c)		526,967		10,701
Cash pledged for futures contracts		140,000		3,000
Receivables:
Investments sold		9,464,565		1,211,621
Variation margin on futures contracts		9,100		—
Dividends — unaffiliated		617,662		—
Dividends — affiliated		5,857		86
Total assets		1,145,695,648		39,238,717
LIABILITIES
Payables:
Investments purchased		9,371,786		1,253,268
Variation margin on futures contracts		—		198
Investment advisory fees		720,895		18,767
Total liabilities		10,092,681		1,272,233
NET ASSETS	$	1,135,602,967	$	37,966,484
NET ASSETS CONSIST OF
Paid-in capital	$	923,029,463	$	74,899,918
Accumulated earnings (loss)		212,573,504		(36,933,434	)
NET ASSETS	$	1,135,602,967	$	37,966,484
NET ASSET VALUE
Shares outstanding		25,500,000		2,350,000
Net asset value	$	44.53	$	16.16
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)  Investments, at cost — unaffiliated	$	774,956,907	$	34,020,158
(b)  Investments, at cost — affiliated	$	3,600,000	$	80,000
(c)   Foreign currency, at cost	$	527,265	$	11,315

See notes to financial statements.

64 2 0 2 2   I S H A R E S   A N 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

Year Ended August 31, 2022

	iShares MSCI Brazil Small-Cap ETF			iShares MSCI China ETF			iShares MSCI China Small-Cap ETF			iShares MSCI Indonesia ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	3,941,799		$	164,001,301		$	2,077,866		$	16,328,179
Dividends — affiliated		718			76,783			1,415			2,431
Interest — unaffiliated		—			654			—			—
Securities lending income — affiliated — net		—			2,001,789			630,997			—
Foreign taxes withheld		(207,810	)		(11,852,294	)		(30,398	)		(2,828,242	)
Total investment income		3,734,707			154,228,233			2,679,880			13,502,368
EXPENSES
Investment advisory fees		575,686			38,307,240			398,809			2,524,878
Commitment fees		1,094			43,057			—			—
Professional fees		217			217			217			217
Total expenses		576,997			38,350,514			399,026			2,525,095
Net investment income		3,157,710			115,877,719			2,280,854			10,977,273
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,601,706	)		(418,513,455	)		(14,721,774	)		(14,605,421	)
Investments — affiliated		—			(17,568	)		(7,439	)		—
In-kind redemptions — unaffiliated(a)		—			11,129,093			723,287			25,491,111
Futures contracts		(92,537	)		(9,628,710	)		20,334			(271,380	)
Foreign currency transactions		122,915			(52,101	)		(2,076	)		(121,765	)
		(6,571,328	)		(417,082,741	)		(13,987,668	)		10,492,545
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(14,466,160	)		(1,965,493,072	)		(15,119,155	)		24,832,771
Investments — affiliated		—			35,698			2,105			—
Futures contracts		56,247			476,473			(13,192	)		(7,104	)
Foreign currency translations		36,456			1,825			(407	)		(9,227	)
		(14,373,457	)		(1,964,979,076	)		(15,130,649	)		24,816,440
Net realized and unrealized gain (loss)		(20,944,785	)		(2,382,061,817	)		(29,118,317	)		35,308,985
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,787,075	)	$	(2,266,184,098	)	$	(26,837,463	)	$	46,286,258
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 65

Statements of Operations  (continued)

Year Ended August 31, 2022

	iShares MSCI Peru ETF			iShares MSCI Philippines ETF			iShares MSCI Poland ETF			iShares MSCI Qatar ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	7,984,365		$	2,997,648		$	7,107,261		$	3,354,608
Dividends — affiliated		1,819			651			9,465			518
Securities lending income — affiliated — net		—			—			222,465			—
Foreign taxes withheld		(258,398	)		(714,250	)		(1,063,751	)		—
Foreign withholding tax claims		—			—			1,947,187			—
IRS Compliance fee for foreign withholding tax claims		—			—			(537,807	)		—
Total investment income		7,727,786			2,284,049			7,684,820			3,355,126
EXPENSES
Investment advisory fees		905,332			711,308			1,317,330			560,286
Commitment fees		—			—			—			1,039
Professional fees		217			217			166,816			217
Total expenses		905,549			711,525			1,484,146			561,542
Net investment income		6,822,237			1,572,524			6,200,674			2,793,584
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(22,123,706	)		(8,257,257	)		(18,808,218	)		1,540,849
Investments — affiliated		—			—			(10,464	)		—
In-kind redemptions — unaffiliated(a)		16,183,790			2,557,141			4,722,168			—
Futures contracts		(168,991	)		(16,044	)		(240,116	)		(12,875	)
Foreign currency transactions		(33,526	)		(13,425	)		(320,960	)		(99,474	)
		(6,142,433	)		(5,729,585	)		(14,657,590	)		1,428,500
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(4,948,236	)		(12,121,066	)		(116,053,216	)		12,485,480
Investments — affiliated		—			—			2,264			—
Futures contracts		(12,465	)		(9,207	)		13,194			(503	)
Foreign currency translations		(6,683	)		(6,942	)		156			(234	)
		(4,967,384	)		(12,137,215	)		(116,037,602	)		12,484,743
Net realized and unrealized gain (loss)		(11,109,817	)		(17,866,800	)		(130,695,192	)		13,913,243
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,287,580	)	$	(16,294,276	)	$	(124,494,518	)	$	16,706,827
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

66 2 0 2 2   I S H A R E S   A N 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  (continued)

Year Ended August 31, 2022

	iShares MSCI Saudi Arabia ETF			iShares MSCI UAE ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	27,910,401		$	1,234,015
Dividends — affiliated		15,281			340
Foreign taxes withheld		(1,248,310	)		—
Total investment income		26,677,372			1,234,355
EXPENSES
Investment advisory fees		8,596,197			204,211
Commitment fees		12,437			399
Professional fees		217			217
Total expenses		8,608,851			204,827
Net investment income		18,068,521			1,029,528
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(18,220,022	)		(339,365	)
In-kind redemptions — unaffiliated(a)		—			(1,022	)
Futures contracts		(760,338	)		(25,263	)
Foreign currency transactions		(247,732	)		(7,088	)
		(19,228,092	)		(372,738	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		78,673,760			1,415,312
Futures contracts		(36,035	)		(2,635	)
Foreign currency translations		(765	)		(571	)
		78,636,960			1,412,106
Net realized and unrealized gain		59,408,868			1,039,368
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	77,477,389		$	2,068,896
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 67

Statements of Changes in Net Assets

	iShares MSCI Brazil Small-Cap ETF							iShares MSCI China ETF
	Year Ended 08/31/22			Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,157,710			$	2,487,826		$	115,877,719		$	61,419,028
Net realized gain (loss)		(6,571,328	)			6,485,872			(417,082,741	)		89,362,120
Net change in unrealized appreciation (depreciation)		(14,373,457	)			18,749,589			(1,964,979,076	)		(537,758,595	)
Net increase (decrease) in net assets resulting from operations		(17,787,075	)			27,723,287			(2,266,184,098	)		(386,977,447	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,944,573	)			(2,361,269	)		(86,873,082	)		(64,101,259	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,379,242	)			(14,760,639	)		4,011,654,506			514,643,583
NET ASSETS
Total increase (decrease) in net assets		(25,110,890	)			10,601,379			1,658,597,326			63,564,877
Beginning of year		107,975,982				97,374,603			6,182,469,016			6,118,904,139
End of year	$	82,865,092			$	107,975,982		$	7,841,066,342		$	6,182,469,016

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

See notes to financial statements.

68 2 0 2 2   I S H A R E S   A N 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 China Small-Cap ETF							iShares MSCI Indonesia ETF
	Year Ended 08/31/22			Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,280,854			$	2,147,257		$	10,977,273		$	4,335,677
Net realized gain (loss)		(13,987,668	)			16,601,968			10,492,545			(19,687,162	)
Net change in unrealized appreciation (depreciation)		(15,130,649	)			(8,325,517	)		24,816,440			46,416,147
Net increase (decrease) in net assets resulting from operations		(26,837,463	)			10,423,708			46,286,258			31,064,662
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,772,602	)			(2,247,618	)		(9,891,151	)		(4,987,704	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,873,258	)			28,655,679			54,827,919			5,989,055
NET ASSETS
Total increase (decrease) in net assets		(33,483,323	)			36,831,769			91,223,026			32,066,013
Beginning of year		88,820,849				51,989,080			351,957,720			319,891,707
End of year	$	55,337,526			$	88,820,849		$	443,180,746		$	351,957,720

^(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 69

Statements of Changes in Net Assets (continued)

	iShares MSCI Peru ETF							iShares MSCI Philippines ETF
	Year Ended 08/31/22			Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,822,237			$	3,460,080		$	1,572,524		$	1,131,105
Net realized loss		(6,142,433	)			(17,601,355	)		(5,729,585	)		(10,531,238	)
Net change in unrealized appreciation (depreciation)		(4,967,384	)			(9,103,638	)		(12,137,215	)		23,537,100
Net increase (decrease) in net assets resulting from operations		(4,287,580	)			(23,244,913	)		(16,294,276	)		14,136,967
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,147,129	)			(2,273,885	)		(1,785,174	)		(1,185,812	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		44,102,942				39,083,845			1,854,320			(6,414,725	)
NET ASSETS
Total increase (decrease) in net assets		31,668,233				13,565,047			(16,225,130	)		6,536,430
Beginning of year		95,861,770				82,296,723			125,043,197			118,506,767
End of year	$	127,530,003			$	95,861,770		$	108,818,067		$	125,043,197

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

See notes to financial statements.

70 2 0 2 2   I S H A R E S   A N 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 Poland ETF						iShares MSCI Qatar ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,200,674		$	2,087,648		$	2,793,584		$	1,764,915
Net realized gain (loss)		(14,657,590	)		(13,048,272	)		1,428,500			(341,109	)
Net change in unrealized appreciation (depreciation)		(116,037,602	)		79,176,026			12,484,743			9,448,605
Net increase (decrease) in net assets resulting from operations		(124,494,518	)		68,215,402			16,706,827			10,872,411
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,548,741	)		(2,299,648	)		(3,375,217	)		(1,877,384	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(24,730,364	)		(35,363,332	)		(3,412,513	)		(9,984,547	)
NET ASSETS
Total increase (decrease) in net assets		(153,773,623	)		30,552,422			9,919,097			(989,520	)
Beginning of year		284,146,235			253,593,813			86,233,955			87,223,475
End of year	$	130,372,612		$	284,146,235		$	96,153,052		$	86,233,955

^(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 71

Statements of Changes in Net Assets (continued)

		iShares MSCI Saudi Arabia ETF							iShares MSCI UAE ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	18,068,521			$	14,061,663		$	1,029,528		$	752,809
Net realized gain (loss)			(19,228,092	)			1,956,363			(372,738	)		(1,734,153	)
Net change in unrealized appreciation (depreciation)			78,636,960				244,575,468			1,412,106			5,887,761
Net increase in net assets resulting from operations			77,477,389				260,593,494			2,068,896			4,906,417
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(16,207,813	)			(9,483,509	)		(1,475,334	)		(741,238	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			175,649,734				130,945,034			13,655,392			(18,624,637	)
NET ASSETS
Total increase (decrease) in net assets			236,919,310				382,055,019			14,248,954			(14,459,458	)
Beginning of year			898,683,657				516,628,638			23,717,530			38,176,988
End of year		$	1,135,602,967			$	898,683,657		$	37,966,484		$	23,717,530

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

See notes to financial statements.

72 2 0 2 2   I S H A R E S   A N 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 Brazil Small-Cap ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	17.42			$	13.62			$	16.92			$	11.87			$	16.19
Net investment income(a)			0.46				0.37				0.23				0.50				0.40
Net realized and unrealized gain (loss)(b)			(3.71	)			3.79				(3.30	)			5.15				(4.01	)
Net increase (decrease) from investment operations			(3.25	)			4.16				(3.07	)			5.65				(3.61	)
Distributions from net investment income(c)			(0.59	)			(0.36	)			(0.23	)			(0.60	)			(0.71	)
Net asset value, end of year		$	13.58			$	17.42			$	13.62			$	16.92			$	11.87
Total Return(d)
Based on net asset value			(18.61	)%			30.34	%			(18.40	)%			48.35	%			(22.95	)%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			3.18	%			2.26	%			1.51	%			3.26	%			2.55	%
Supplemental Data
Net assets, end of year (000)		$	82,865			$	107,976			$	97,375			$	106,588			$	48,679
Portfolio turnover rate(f)			52	%(g)			40	%(g)			65	%(g)			47	%(g)			67	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  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”).
(g)   Portfolio turnover rate excluding cash creations was as follows:			32	%			39	%			26	%			30	%			25	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

74 2 0 2 2   I S H A R E S   A N 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)

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

^(a)  Based on average shares outstanding.

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

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

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

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

^(f) 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a) Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

76 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a) Based on average shares outstanding.

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

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

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

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

^(f) 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 77

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

78 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

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

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

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

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

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

^(g)  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 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares MSCI Qatar ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	19.60			$	17.62			$	17.44			$	17.82			$	16.19
Net investment income(a)			0.63				0.37				0.56				0.64				0.66
Net realized and unrealized gain (loss)(b)			3.20				2.03				0.11				(0.26	)			1.71
Net increase from investment operations			3.83				2.40				0.67				0.38				2.37
Distributions(c)
From net investment income			(0.81	)			(0.42	)			(0.45	)			(0.76	)			(0.74	)
Return of capital			—				—				(0.04	)			—				—
Total distributions			(0.81	)			(0.42	)			(0.49	)			(0.76	)			(0.74	)
Net asset value, end of year		$	22.62			$	19.60			$	17.62			$	17.44			$	17.82
Total Return(d)
Based on net asset value			19.69	%			13.70	%			4.10	%			1.98	%			14.96	%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			2.89	%			1.98	%			3.31	%			3.48	%			4.09	%
Supplemental Data
Net assets, end of year (000)		$	96,153			$	86,234			$	87,223			$	50,576			$	55,253
Portfolio turnover rate(f)			38	%(g)			26	%(g)			24	%(g)			33	%(g)			58	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  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”).
(g)   Portfolio turnover rate excluding cash creations was as follows:			12	%			9	%			14	%			23	%			22	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares MSCI Saudi Arabia ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	41.22			$	28.70			$	30.21			$	29.72			$	26.15
Net investment income(a)			0.69				0.71				0.57				1.11				1.28
Net realized and unrealized gain (loss)(b)			3.23				12.27				(1.26	)			0.12				2.92
Net increase (decrease) from investment operations			3.92				12.98				(0.69	)			1.23				4.20
Distributions from net investment income(c)			(0.61	)			(0.46	)			(0.82	)			(0.74	)			(0.63	)
Net asset value, end of year		$	44.53			$	41.22			$	28.70			$	30.21			$	29.72
Total Return(d)
Based on net asset value			9.60	%			45.37	%			(2.21	)%			4.14	%			16.23	%
Ratios to Average Net Assets(e)
Total expenses			0.74	%			0.74	%			0.74	%			0.74	%			0.74	%
Net investment income			1.56	%			2.06	%			2.03	%			3.46	%			4.31	%
Supplemental Data
Net assets, end of year (000)		$	1,135,603			$	898,684			$	516,629			$	646,591			$	257,099
Portfolio turnover rate(f)			36	%(g)			13	%(g)			64	%(g)			82	%(g)			20	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  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”).
(g)   Portfolio turnover rate excluding cash creations was as follows:			8	%			6	%			20	%			14	%			10	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Notes to Financial Statements  

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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  (continued)

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements  (continued)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China
Barclays Bank PLC	$	311,212	$	(311,212	)	$	—		$	—
Barclays Capital, Inc.		5,183,161		(5,183,161	)		—			—
BNP Paribas SA		34,158,003		(34,158,003	)		—			—
BofA Securities, Inc.		15,450,659		(15,450,659	)		—			—
Citigroup Global Markets, Inc.		22,416,718		(22,416,718	)		—			—
Credit Suisse Securities (USA) LLC		515,226		(515,226	)		—			—
Goldman Sachs & Co. LLC		22,309,374		(22,309,374	)		—			—
HSBC Bank PLC		3,419,503		(3,419,503	)		—			—
J.P. Morgan Securities LLC		8,120,546		(8,120,546	)		—			—
Macquarie Bank Ltd.		1,208,791		(1,208,791	)		—			—
Morgan Stanley		77,558,959		(77,558,959	)		—			—
Scotia Capital (USA), Inc.		47,784		(47,784	)		—			—
SG Americas Securities LLC		5,870,332		(5,870,332	)		—			—
State Street Bank & Trust Co.		566,580		(566,580	)		—			—
UBS AG		1,265,246		(1,265,246	)		—			—
UBS Securities LLC		22,692		(22,692	)		—			—
Virtu Americas LLC		241,534		(238,669	)		—			2,865	(b)
Wells Fargo Bank N.A.		1,273,164		(1,252,743	)		—			20,421	(b)
	$	199,939,484	$	(199,916,198	)	$	—		$	23,286

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  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China Small-Cap
Barclays Capital, Inc.	$	308,042	$	(308,042	)	$	—		$	—
BNP Paribas SA		555,714		(555,714	)		—			—
BofA Securities, Inc.		1,481,064		(1,481,064	)		—			—
Citigroup Global Markets, Inc.		628,347		(628,347	)		—			—
Credit Suisse Securities (USA) LLC		122,555		(122,555	)		—			—
Goldman Sachs & Co. LLC		703,088		(703,088	)		—			—
HSBC Bank PLC		119,316		(119,316	)		—			—
J.P. Morgan Securities LLC		1,954,308		(1,954,308	)		—			—
Jefferies LLC		103,479		(103,479	)		—			—
Macquarie Bank Ltd.		2,881		(2,881	)		—			—
Morgan Stanley		1,311,535		(1,311,535	)		—			—
Nomura Securities International, Inc.		4,958		(4,958	)		—			—
Scotia Capital (USA), Inc.		321,206		(314,950	)		—			6,256	(b)
SG Americas Securities LLC		254,953		(254,953	)		—			—
UBS AG		459,030		(459,030	)		—			—
UBS Securities LLC		126,082		(124,618	)		—			1,464	(b)
Wells Fargo Bank N.A.		147,516		(147,516	)		—			—
	$	8,604,074	$	(8,596,354	)	$	—		$	7,720
MSCI Poland
BofA Securities, Inc.	$	504,234	$	(504,234	)	$	—		$	—
Goldman Sachs & Co. LLC		4,098,824		(4,098,824	)		—			—
J.P. Morgan Securities LLC		238,295		(238,295	)		—			—
Morgan Stanley		239,177		(239,177	)		—			—
UBS AG		32,577		(32,577	)		—			—
	$	5,113,107	$	(5,113,107	)	$	—		$	—

^(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 August 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.

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Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru, iShares MSCI Philippines, iShares MSCI Poland, iShares MSCI Qatar and iShares MSCI UAE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

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

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

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

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

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

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

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

iShares ETF	Fees Paid to BTC
MSCI China	$	513,554
MSCI China Small-Cap		144,340
MSCI Poland		54,471

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  (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 year ended August 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 China	$	28,563,201	$	56,184,308	$	(71,017,150	)
MSCI China Small-Cap		17,839,425		5,153,654		1,094,302
MSCI Peru		1,827,084		2,683,794		(2,109,798	)
MSCI Poland		8,912,193		1,637,844		(1,177,741	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Small-Cap	$	51,456,707	$	55,732,399
MSCI China		4,223,361,143		538,697,043
MSCI China Small-Cap		47,064,229		44,546,079
MSCI Indonesia		77,166,748		66,260,377
MSCI Peru		46,055,768		36,662,211
MSCI Philippines		16,496,080		16,203,485
MSCI Poland		25,240,637		24,610,435
MSCI Qatar		36,383,458		40,419,327
MSCI Saudi Arabia		581,269,671		410,635,262
MSCI UAE		31,045,236		17,934,872

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI China	$	401,440,447	$	31,335,075
MSCI China Small-Cap		497,434		6,639,894
MSCI Indonesia		259,756,707		215,717,281
MSCI Peru		240,506,401		206,504,752
MSCI Philippines		114,785,243		113,026,461
MSCI Poland		121,207,554		145,517,486
MSCI UAE		87,831		6,563

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 August 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  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
MSCI China	$	7,434,364		$	(7,434,364	)
MSCI China Small-Cap		(553,693	)		553,693
MSCI Indonesia		23,294,698			(23,294,698	)
MSCI Peru		14,475,630			(14,475,630	)
MSCI Philippines		143,328			(143,328	)
MSCI Poland		1,117,379			(1,117,379	)
MSCI UAE		(31,680	)		31,680

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Brazil Small-Cap
Ordinary income	$	3,944,573	$	2,361,269
MSCI China
Ordinary income	$	86,873,082	$	64,101,259
MSCI China Small-Cap
Ordinary income	$	3,772,602	$	2,247,618
MSCI Indonesia
Ordinary income	$	9,891,151	$	4,987,704
MSCI Peru
Ordinary income	$	8,147,129	$	2,273,885
MSCI Philippines
Ordinary income	$	1,785,174	$	1,185,812
MSCI Poland
Ordinary income	$	4,548,741	$	2,299,648
MSCI Qatar
Ordinary income	$	3,375,217	$	1,877,384
MSCI Saudi Arabia
Ordinary income	$	16,207,813	$	9,483,509
MSCI UAE
Ordinary income	$	1,475,334	$	741,238

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
MSCI Brazil Small-Cap	$	650,667	$	(59,632,998	)	$	(4,255,346	)	$	—		$	(63,237,677	)
MSCI China		99,933,561		(943,741,690	)		(1,250,009,685	)		—			(2,093,817,814	)
MSCI China Small-Cap		971,547		(16,247,124	)		(26,838,098	)		—			(42,113,675	)
MSCI Indonesia		2,913,537		(174,454,845	)		(93,228,925	)		—			(264,770,233	)
MSCI Peru		385,798		(161,123,009	)		(63,339,869	)		—			(224,077,080	)
MSCI Philippines		195,345		(67,914,213	)		(40,915,461	)		—			(108,634,329	)
MSCI Poland		2,169,577		(139,112,019	)		(144,423,181	)		—			(281,365,623	)
MSCI Qatar		486,504		(16,705,358	)		23,246,314			—			7,027,460
MSCI Saudi Arabia		6,864,180		(79,260,119	)		284,969,443			—			212,573,504
MSCI UAE		—		(36,780,655	)		(119,507	)		(33,272	)		(36,933,434	)

^(a) Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 89

Notes to Financial Statements  (continued)

For the year ended August 31, 2022, the iShares MSCI Qatar ETF utilized $1,301,280 of its capital loss carryforwards.

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 August 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 Brazil Small-Cap	$	86,437,611	$	16,610,423	$	(20,906,464	)	$	(4,296,041	)
MSCI China		9,289,466,667		493,657,498		(1,743,680,065	)		(1,250,022,567	)
MSCI China Small-Cap		91,603,192		3,974,796		(30,812,676	)		(26,837,880	)
MSCI Indonesia		535,675,049		21,928,686		(115,157,222	)		(93,228,536	)
MSCI Peru		190,342,205		1,333,668		(64,662,118	)		(63,328,450	)
MSCI Philippines		149,516,219		820,378		(41,734,412	)		(40,914,034	)
MSCI Poland		281,482,929		317,664		(144,736,169	)		(144,418,505	)
MSCI Qatar		72,791,819		23,742,683		(496,112	)		23,246,571
MSCI Saudi Arabia		849,953,192		297,213,683		(12,243,384	)		284,970,299
MSCI UAE		38,128,892		8,108,809		(8,227,702	)		(118,893	)

9. LINE OF CREDIT

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

During the year ended August 31, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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. Although vaccines have been developed and approved for use by various governments, 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

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Notes to Financial Statements  (continued)

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 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.

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

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Notes to Financial Statements  (continued)

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil Small-Cap
Shares sold		1,550,000		$	20,799,927			50,000		$	1,032,617
Shares redeemed		(1,650,000	)		(24,179,169	)		(1,000,000	)		(15,793,256	)
		(100,000	)	$	(3,379,242	)		(950,000	)	$	(14,760,639	)
MSCI China
Shares sold		71,000,000		$	4,051,227,026			12,600,000		$	1,029,902,450
Shares redeemed		(800,000	)		(39,572,520	)		(6,000,000	)		(515,258,867	)
		70,200,000		$	4,011,654,506			6,600,000		$	514,643,583
MSCI China Small-Cap
Shares sold		100,000		$	4,311,829			1,200,000		$	67,193,631
Shares redeemed		(150,000	)		(7,185,087	)		(700,000	)		(38,537,952	)
		(50,000	)	$	(2,873,258	)		500,000		$	28,655,679
MSCI Indonesia
Shares sold		11,350,000		$	273,842,673			6,350,000		$	136,719,963
Shares redeemed		(9,350,000	)		(219,014,754	)		(6,100,000	)		(130,730,908	)
		2,000,000		$	54,827,919			250,000		$	5,989,055
MSCI Peru
Shares sold		8,450,000		$	262,036,259			4,650,000		$	150,213,900
Shares redeemed		(7,000,000	)		(217,933,317	)		(3,700,000	)		(111,130,055	)
		1,450,000		$	44,102,942			950,000		$	39,083,845
MSCI Philippines
Shares sold		3,750,000		$	115,441,475			1,150,000		$	36,356,001
Shares redeemed		(3,750,000	)		(113,587,155	)		(1,500,000	)		(42,770,726	)
		—		$	1,854,320			(350,000	)	$	(6,414,725	)
MSCI Poland
Shares sold		5,750,000		$	122,087,777			5,200,000		$	94,082,451
Shares redeemed		(7,700,000	)		(146,818,141	)		(6,800,000	)		(129,445,783	)
		(1,950,000	)	$	(24,730,364	)		(1,600,000	)	$	(35,363,332	)
MSCI Qatar
Shares sold		1,200,000		$	26,058,936			900,000		$	16,893,879
Shares redeemed		(1,350,000	)		(29,471,449	)		(1,450,000	)		(26,878,426	)
		(150,000	)	$	(3,412,513	)		(550,000	)	$	(9,984,547	)
MSCI Saudi Arabia
Shares sold		10,850,000		$	493,999,432			5,350,000		$	178,705,972
Shares redeemed		(7,150,000	)		(318,349,698	)		(1,550,000	)		(47,760,938	)
		3,700,000		$	175,649,734			3,800,000		$	130,945,034
MSCI UAE
Shares sold		1,350,000		$	23,345,364			1,600,000		$	21,193,301
Shares redeemed		(600,000	)		(9,689,972	)		(3,500,000	)		(39,817,938	)
		750,000		$	13,655,392			(1,900,000	)	$	(18,624,637	)

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  (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 Poland 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 Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

Management 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 93

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Brazil Small-Cap ETF

iShares MSCI China ETF

iShares MSCI China Small-Cap ETF

iShares MSCI Indonesia ETF

iShares MSCI Peru ETF

iShares MSCI Philippines ETF

iShares MSCI Poland ETF

iShares MSCI Qatar ETF

iShares MSCI Saudi Arabia ETF

iShares MSCI UAE ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend   Income
MSCI China	$	118,987,966
MSCI China Small-Cap		247,877
MSCI Indonesia		15,996,118
MSCI Peru		2,785,432
MSCI Philippines		2,961,813
MSCI Poland		6,764,778

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
MSCI Brazil Small-Cap	$	3,944,465	$	231,596
MSCI China		187,391,524		11,844,995
MSCI China Small-Cap		2,078,111		30,398
MSCI Indonesia		16,327,877		2,796,554
MSCI Peru		6,465,455		275,858
MSCI Philippines		3,193,169		729,801
MSCI Poland		7,107,295		—
MSCI Qatar		3,355,186		—
MSCI Saudi Arabia		27,916,171		1,258,570
MSCI UAE		1,234,008		—

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
MSCI China		0.39	%
MSCI Peru		26.66	%

I M P O R T A N T   T A X   I N F O R M A T I O N 95

Board Review and Approval of Investment Advisory Contract  

iShares MSCI Brazil Small-Cap ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Peru ETF, iShares MSCI Philippines ETF, iShares MSCI Qatar ETF, iShares MSCI UAE ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract  (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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 97

Board Review and Approval of Investment Advisory Contract  (continued)

iShares MSCI China ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Poland ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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 99

Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Saudi Arabia ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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 101

Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

102 2 0 2 2   I S H A R E S   A N 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)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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 103

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil Small-Cap(a)	$	0.581480	$	—	$	0.011953	$	0.593433		98	%		—	%		2	%		100	%
MSCI China(a)		0.787987		—		0.001482		0.789469		100			—			0	(b)		100
MSCI Indonesia		0.498567		—		—		0.498567		100			—			—			100
MSCI Peru		1.753977		—		—		1.753977		100			—			—			100
MSCI Philippines		0.446593		—		—		0.446593		100			—			—			100
MSCI Qatar(a)		0.771092		—		0.042833		0.813925		95			—			5			100
MSCI UAE		0.649031		—		—		0.649031		100			—			—			100

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

^(b)  Rounds to less than 1%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI China ETF and iShares MSCI Philippines ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

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Supplemental Information  (unaudited) (continued)

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI China		$521,035		$243,618		$277,417		661		$63,776		$6,591
MSCI Philippines		11,032		5,158		5,874		661		1,350		140

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI China ETF and iShares MSCI Philippines ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L   I N F O R M A T I O N 105

Trustee and Officer Information  (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information  (unaudited) (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 107

Trustee and Officer Information  (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 109

Glossary of Terms Used in this Report

Portfolio Abbreviations

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

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Want to know more?

iShares.com   |   1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-AR-806-0822

AUGUST 31, 2022

2022 Annual Report

iShares Trust

· iShares MSCI Denmark ETF | EDEN | Cboe BZX

· iShares MSCI Finland ETF | EFNL | Cboe BZX

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

· iShares MSCI Ireland ETF | EIRL | NYSE Arca

· iShares MSCI Kuwait ETF | KWT | Cboe BZX

· iShares MSCI New Zealand ETF | ENZL | NASDAQ

· iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	19
Disclosure of Expenses	19
Schedules of Investments	20
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	54
Report of Independent Registered Public Accounting Firm	65
Important Tax Information	66
Board Review and Approval of Investment Advisory Contract	67
Supplemental Information	77
Trustee and Officer Information	78
General Information	81
Glossary of Terms Used in this Report	82

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summary as of August 31, 2022 iShares^® MSCI Denmark ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(24.07	)%		6.66	%		12.94	%		(24.07	)%		38.07	%		237.66	%
Fund Market		(24.10	)		6.59			12.99			(24.10	)		37.60			239.06
Index		(23.44	)		7.04			13.28			(23.44	)		40.52			247.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        883.10	$         2.52			$       1,000.00	$       1,022.50	$         2.70		0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Denmark ETF

Portfolio Management Commentary

Stocks in Denmark declined significantly for the reporting period. Economic output slowed considerably in the first half of 2022 amid production constraints, rising inflation, and weaker consumer demand. However, a strengthening labor market helped stabilize the economy. Denmark’s stock market, which consists mainly of higher-valuation growth stocks, fell as cautious investors favored lower-valuation stocks. The declining value of the Danish krone relative to the U.S. dollar also diminished the value of Danish stocks in U.S. dollar terms.

The industrials sector detracted the most from the Index’s return. As interest rates rose, investors grew more concerned about the prospect of a global economic downturn, which weighed on Denmark’s air freight and logistics industry. Global rates for shipping freight steadily decreased from previous record highs amid weakened demand and expected increases in global shipping capacity. The electrical equipment industry also declined, as a large wind turbine manufacturer encountered rising raw material costs and supply chain disruptions, exacerbated by the war in Ukraine, even as that conflict boosted demand for non-fossil fuel energy alternatives. Profit margins fell as the company could not raise prices quickly enough to compensate.

The healthcare sector also detracted significantly from the Index’s return, driven by healthcare equipment and supplies companies. Supply chain issues led to considerable trouble securing production components, which pressured industry earnings despite strong demand for products such as hearing aids. Coronavirus pandemic-related shutdowns in China exacerbated supply problems and reduced demand for wound care products. The utilities sector also detracted as the electric utilities industry faced some of the lowest average wind speeds in decades in its European wind power projects, which forced customers to rely on other sources for power generation.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Health Care	42.0	%
Industrials	25.6
Financials	10.7
Consumer Staples	6.2
Materials	5.2
Utilities	4.3
Information Technology	2.5
Consumer Discretionary	2.1
Energy	1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Novo Nordisk A/S, Class B	24.1	%
DSV A/S	7.7
Vestas Wind Systems A/S	6.7
Genmab A/S	6.2
Orsted A/S	4.3
Coloplast A/S, Class B	3.7
Carlsberg A/S, Class B	3.7
Novozymes A/S, Class B	3.3
AP Moller - Maersk A/S, Class B	2.7
Danske Bank A/S	2.7

6 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Finland ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(28.85	)%		1.45	%		8.26	%		(28.85	)%		7.49	%		121.24	%
Fund Market		(28.84	)		1.44			8.28			(28.84	)		7.42			121.47
Index		(29.33	)		0.93			7.75			(29.33	)		4.73			111.00

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
$      1,000.00	$      894.30	$       2.91		$     1,000.00	$    1,022.10	$    3.11		0.61%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Finland ETF

Portfolio Management Commentary

Stocks in Finland declined significantly for the reporting period amid rising global inflation, geopolitical tensions, and slowing economic growth. Russia’s invasion of neighboring Ukraine sharply curbed trade with Russia, raised security concerns within Finland (leading it to apply for membership in the North Atlantic Treaty Organization), and weakened Finland’s overall economic outlook. Although employment rates in Finland remained relatively strong, ongoing effects from the war in Ukraine and rising inflation, which reached a 38-year high in June 2022, led to recession concerns.

The industrials sector detracted the most from the Index’s performance, driven by machinery companies navigating ongoing global supply chain constraints, including substantially higher ocean freight shipping costs and parts shortages. The industry also faced headwinds from coronavirus pandemic-related shutdowns in China. For example, a large manufacturer of escalators and elevators experienced reduced demand for its products from Chinese property developers. Continued lockdowns exacerbated the ongoing liquidity problems in China’s real estate market, where sales and construction declined. Despite cost reduction efforts, supply constraints and deteriorating demand weighed on the company’s revenue and earnings outlook.

The information technology sector also detracted from the Index’s performance. Global semiconductor shortages constrained the communications equipment industry, limiting its ability to meet increased demand for 5G equipment. The utilities sector also detracted, as the Finnish government prompted the electric utilities industry to sell its power plants in Russia, leading companies to write off those assets, which weighed on profitability. In addition, the materials sector detracted, as stocks of paper and forest product companies declined late in the reporting period. Demand for pulp and timber weakened and supply-chain bottlenecks persisted, weighing on the industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Materials	19.3	%
Information Technology	17.4
Industrials	17.3
Financials	11.9
Energy	10.9
Communication Services	6.1
Health Care	4.5
Consumer Discretionary	3.9
Consumer Staples	3.8
Utilities	2.8
Real Estate	2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nokia OYJ	14.5	%
Sampo OYJ, Class A	11.3
Neste OYJ	10.9
UPM-Kymmene OYJ	9.3
Kone OYJ, Class B	4.5
Elisa OYJ	4.4
Stora Enso OYJ, Class R	4.4
Kesko OYJ, Class B	3.5
Orion OYJ, Class B	3.2
Metso Outotec OYJ	3.2

^(a)  Excludes money market funds.

8 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Germany Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(37.52	)%		0.02	%		8.79	%		(37.52	)%		0.09	%		132.16	%
Fund Market		(37.70	)		(0.10	)		8.77			(37.70	)		(0.49	)		131.86
Index		(37.55	)		(0.10	)		8.71			(37.55	)		(0.50	)		130.53

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$	730.90	$	2.57		$	1,000.00	$	1,022.20	$	3.01		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Germany Small-Cap ETF

Portfolio Management Commentary

Small-capitalization German equities declined sharply during the reporting period. The war in Ukraine disrupted supply chains and contributed to record-high inflation as prices for commodities and energy soared. Germany’s economic growth slowed in 2022 despite the lifting of many coronavirus-related restrictions. Rising inflation led the ECB to increase interest rates in July 2022 for the first time in 11 years, further weakening business confidence and the economic outlook. The declining value of the euro relative to the U.S. dollar also diminished the value of German stocks in U.S. dollar terms.

The healthcare sector detracted the most from the Index’s performance, particularly pharmaceuticals, biotechnology, and life sciences companies whose valuations depend upon the success of drugs in development. Stock prices for many healthcare companies dropped as cash inflows from mergers and acquisitions or licensing deals grew scarce. In addition, the stock price of a German life sciences tools and services company fell after a partnership with a global pharmaceutical company dissolved following disappointing drug test performance.

The industrials sector also detracted significantly from the Index’s performance. Companies in the sector lowered their earnings outlooks as coronavirus-related lockdowns in major Chinese cities constrained the supply of critical parts, hindering production and raising costs. Disruption to the supply of natural gas to Germany after Russia’s invasion of Ukraine forced some industrial companies to seek alternative sources of energy.

Information technology (“IT”) stocks also detracted from the Index’s performance. Bottlenecks in the supply chain network and slowing sales to public sector businesses negatively impacted the IT services industry. Real estate stocks also declined, as rising interest rates increased the cost of borrowing for real estate companies, while higher mortgage rates made housing less affordable.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	23.7	%
Materials	14.2
Information Technology	13.5
Health Care	10.6
Communication Services	9.5
Consumer Discretionary	8.9
Financials	6.8
Real Estate	5.1
Consumer Staples	3.4
Utilities	2.5
Energy	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
K+S AG	4.2	%
Evotec SE	3.0
CTS Eventim AG & Co. KGaA	3.0
Hugo Boss AG	3.0
LANXESS AG	2.7
AIXTRON SE	2.6
Freenet AG	2.6
thyssenkrupp AG	2.5
Encavis AG	2.5
Aareal Bank AG	1.9

^(a)  Excludes money market funds.

10 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Ireland ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(30.16	)%		0.62	%		8.92	%		(30.16	)%		3.16	%		135.06	%
Fund Market		(30.63	)		0.61			8.84			(30.63	)		3.07			133.29
Index		(29.78	)		1.02			9.38			(29.78	)		5.21			145.06

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        817.10	$      2.29			$      1,000.00	$      1,022.70	$      2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Ireland ETF

Portfolio Management Commentary

Stocks in Ireland fell significantly for the reporting period as the country faced its highest rate of inflation in almost four decades. Economic growth slowed considerably late in the reporting period as consumer spending and investment eased and labor costs rose. Many central banks around the world, including the ECB, increased interest rates in response to rising global inflation. Those increases and the war in Ukraine prompted recession concerns as households’ real income and consumer spending were projected to decline. The declining value of the euro relative to the U.S. dollar also diminished the value of Irish stocks in U.S. dollar terms.

The consumer discretionary sector detracted the most from the Index’s return. Slowing growth in European gaming demand drove the decline in the hotel, restaurants, and leisure industry. Investors grew concerned about the large sums of money the industry spent on marketing and advertising, which, along with costs related to merger activity, constrained profitability.

The materials sector also weighed on the Index’s return, particularly the construction materials industry. Demand for building materials fell in the wake of Russia’s invasion of Ukraine. Concerns about slowing global economic growth clouded the industry’s outlook as housing markets cooled and rising costs delayed or reduced large infrastructure projects.

Industrials stocks also detracted from the Index’s return. In the trading companies and distributors industry earnings declined from previous highs attained amid the coronavirus pandemic-related increase in home improvement projects. Persistent inflation raised investors’ concern that consumer demand for building, plumbing, and other household materials would diminish. Similarly, in the building products industry, orders and order backlogs fell as demand for building insulation and related products weakened.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Materials	27.9	%
Consumer Discretionary	25.7
Industrials	14.0
Consumer Staples	13.4
Financials	9.9
Health Care	7.3
Real Estate	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
CRH PLC	22.3	%
Flutter Entertainment PLC, Class DI	19.4
Bank of Ireland Group PLC	4.9
Ryanair Holdings PLC	4.7
Glanbia PLC	4.7
AIB Group PLC	4.6
Kerry Group PLC, Class A	4.5
Grafton Group PLC	4.4
Smurfit Kappa Group PLC	4.3
Kingspan Group PLC	4.3

^(a)  Excludes money market funds.

12 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Kuwait ETF

Investment Objective

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

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		16.26	%		26.22	%		16.26	%		59.31	%
Fund Market		15.92			26.30			15.92			59.51
Index		17.46			27.33			17.46			62.02

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,011.40	$         3.75			$      1,000.00	$      1,021.50	$      3.77		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Kuwait ETF

Portfolio Management Commentary

Stocks in Kuwait advanced for the reporting period as rising global crude oil prices benefited the country’s economy and the government’s fiscal budget. Crude oil production constitutes approximately 60% of the country’s economic output and 95% of its export revenue. As oil prices rose, Kuwait’s finance ministry proposed a budget for fiscal year 2022 that projected a 74% decrease over the prior year’s record deficit. In addition, the April 2022 resignation of the country’s entire government, beset with infighting on budgetary matters, raised expectations that the country would move ahead with long-delayed plans to significantly boost oil production. However, political standoffs continued, and Kuwait dissolved its parliament in August 2022 with the budget still not approved.

Kuwait’s financials sector, which represented approximately 67% of the Index on average during the reporting period, contributed the most to the Index’s return. Banks in Kuwait rely heavily on large depositors, including many government-related institutions, for their loan commitments. The banking industry’s health ordinarily reflects development in global oil markets and geopolitics that, in turn, affect the ability of Kuwaiti authorities to support it. Amid high oil prices, private sector bank deposit volumes rose, and credit at Kuwaiti banks reached a record high in early 2022. Consumer loans also increased significantly. Bank earnings increased sharply, and the outlook improved as oil prices remained relatively high and the negative impacts of the COVID-19 pandemic on the global economy receded.

The industrials sector also contributed to the Index’s performance. The electrical equipment industry gained as sales costs fell for power and telecommunications cables. Preferential government contracts with relatively high profit margins favored domestic suppliers, boosting industry profitability. In addition, a large industrial conglomerate advanced, as it successfully raised capital from existing shareholders for future investment.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	65.4	%
Industrials	13.2
Real Estate	7.9
Communication Services	4.4
Materials	2.5
Consumer Discretionary	2.3
Consumer Staples	1.6
Utilities	1.4
Energy	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
National Bank of Kuwait SAKP	22.0	%
Kuwait Finance House KSCP	20.8
Ahli United Bank BSC	4.9
Agility Public Warehousing Co. KSC	4.4
Mobile Telecommunications Co. KSCP	4.3
Gulf Bank KSCP	3.4
Mabanee Co. KPSC	3.3
National Industries Group Holding SAK	3.2
Boubyan Petrochemicals Co. KSCP	2.5
Humansoft Holding Co. KSC	2.3

^(a)  Excludes money market funds.

14 2 0 2 2   I S H A R E S   A N 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 August 31, 2022   iShares^® MSCI New Zealand ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(23.96	)%		3.25	%		8.17	%		(23.96	)%		17.31	%		119.28	%
Fund Market		(24.16	)		2.96			8.10			(24.16	)		15.73			117.96
Index		(23.05	)		3.85			8.70			(23.05	)		20.80			130.23

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$       873.10	$        2.36			$     1,000.00	$       1,022.70	$         2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 15

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI New Zealand ETF

Portfolio Management Commentary

Stocks in New Zealand declined significantly for the reporting period amid rising inflation and slowing economic growth. Exports of goods and services, which comprise approximately one quarter of the nation’s economic output, declined substantially. Coronavirus pandemic-related lockdowns in China, New Zealand’s largest trade partner, disrupted supply chains across that country. In early 2022, New Zealand experienced its first significant wave of COVID-19 cases. Extended border closures weighed on tourism and international education. Domestic retail sales declined in the first two quarters of 2022, raising recession concerns. Nevertheless, the Bank of New Zealand continued raising interest rates to address inflation. A strong U.S. dollar also weighed on the Index’s performance, as the value of foreign currency-denominated investments diminished.

The healthcare sector detracted the most from the Index’s return, driven by the healthcare equipment industry. During the height of the coronavirus pandemic, global demand for healthcare equipment, such as breathing aids and respiratory masks used for treating COVID-19 patients, increased sharply. Production at a large manufacturer of respiratory equipment accelerated dramatically to meet that demand. However, during the reporting period, hospitals’ needs for that equipment decreased markedly as hospitalizations declined in most parts of the world. In turn, the company’s profits and stock price dropped sharply. Meanwhile, revenue and earnings outlooks dimmed as hospitals’ product inventories remained plentiful. At the same time, higher operating costs, including elevated freight and pandemic-related employee absenteeism expenses, further pressured profits.

The industrials sector also weighed on the Index’s performance. Within the transportation industry, airport and airline earnings declined amid New Zealand’s strict pandemic travel restrictions. Pandemic-related restrictions also disrupted the building products industry, particularly early in the reporting period.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Utilities	23.0	%
Health Care	22.0
Industrials	17.5
Communication Services	16.6
Real Estate	9.4
Consumer Staples	6.0
Consumer Discretionary	3.6
Information Technology	1.9

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Fisher & Paykel Healthcare Corp. Ltd.	13.3	%
Spark New Zealand Ltd.	11.9
Auckland International Airport Ltd.	11.1
Meridian Energy Ltd.	7.7
a2 Milk Co. Ltd. (The)	5.2
Chorus Ltd.	4.6
Contact Energy Ltd.	4.5
Fletcher Building Ltd.	4.5
Infratil Ltd.	4.5
Ryman Healthcare Ltd.	4.4

^(a)  Excludes money market funds.

16 2 0 2 2   I S H A R E S   A N 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 August 31, 2022  iShares^® MSCI Norway ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.50	)%		3.52	%		2.35	%		(6.50	)%		18.89	%		26.19	%
Fund Market		(7.38	)		3.36			2.28			(7.38	)		17.95			25.24
Index		(5.86	)		4.02			2.73			(5.86	)		21.77			30.88

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)		Expenses Paid During the Period(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)		Expenses Paid During the Period(a)	Annualized Expense Ratio
	$      1,000.00	$      910.60	$	2.55		$    1,000.00	$    1,022.50	$	2.70	0.53	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 17

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Norway ETF

Portfolio Management Commentary

Stocks in Norway declined for the reporting period as slowing global economic growth and supply chain issues outweighed the benefits from sharp increases in oil and gas prices and rising exports, which comprise approximately 40% of the country’s economic output. Norway’s central bank raised interest rates aggressively as global price pressures weighed on the economy. The declining value of the Norwegian krone relative to the U.S. dollar also diminished the value of Norwegian stocks in U.S. dollar terms.

The communication services sector detracted the most from the Index’s return. The media and entertainment industry declined amid weaker-than-expected revenue in classified advertising. Publishers of classified advertisements in Norway typically rely heavily on car manufacturers’ placements, but semiconductor shortages limited global automobile production and related advertising. The telecommunications industry weakened as rising inflation and growing economic uncertainty increased pressure to lower costs amid continued investment in 5G networks.

The information technology sector also detracted from the Index’s performance, driven by declines in the semiconductor industry as limited supplies of silicon wafers pressured companies’ ability to address order backlogs. Software and services stocks declined as disappointing earnings amplified investors’ concerns about generally high industry valuations. The consumer staples sector also detracted as global consumption of salmon dropped amid a decline in salmon populations.

On the upside, the energy sector contributed substantially to the Index’s performance. The integrated oil and gas industry advanced amid surging global energy prices. Russia responded to European sanctions over the war in Ukraine by reducing gas shipments to the E.U., and many large global economies shunned Russian oil. Norwegian crude oil and natural gas helped fill the ensuing supply gap in Europe. The industry also benefited from lower shipping costs as deliveries to Europe replaced shipments to Asia.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Energy	33.6	%
Financials	17.7
Consumer Staples	14.7
Industrials	11.2
Materials	10.3
Communication Services	7.5
Information Technology	2.9
Other (each representing less than 1%)	2.1

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Equinor ASA	21.5	%
DNB Bank ASA	10.0
Aker BP ASA	6.3
Mowi ASA	5.1
Norsk Hydro ASA	4.7
Telenor ASA	4.2
Yara International ASA	3.8
Orkla ASA	3.6
TOMRA Systems ASA	3.1
Gjensidige Forsikring ASA	2.3

^(a)  Excludes money market funds.

18 2 0 2 2   I S H A R E S   A N 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 19

Schedule of Investments August 31, 2022 iShares^® MSCI Denmark ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 7.6%
DSV A/S		91,146	$	13,468,465
Banks — 6.5%
Danske Bank A/S		347,920		4,645,740
Jyske Bank A/S, Registered(a)		41,074		2,055,955
Ringkjoebing Landbobank A/S		18,865		2,014,219
Spar Nord Bank A/S		111,055		1,257,427
Sydbank AS		49,918		1,442,423
				11,415,764
Beverages — 4.9%
Carlsberg A/S, Class B		49,403		6,414,986
Royal Unibrew A/S		30,389		2,276,740
				8,691,726
Biotechnology — 8.0%
Bavarian Nordic A/S(a)(b)		60,911		2,294,881
Genmab A/S(a)		30,337		10,798,945
Zealand Pharma A/S(a)		59,501		1,059,336
				14,153,162
Building Products — 0.8%
Rockwool A/S, Class B		6,891		1,418,404
Chemicals — 5.1%
Chr Hansen Holding A/S		56,123		3,270,124
Novozymes A/S, Class B		101,071		5,800,828
			9,070,952
Commercial Services & Supplies — 1.1%
ISS A/S(a)		111,296		1,948,737
Construction & Engineering — 0.5%
Per Aarsleff Holding A/S		30,128		867,110
Electric Utilities — 4.3%
Orsted A/S(c)		77,722		7,585,859
Electrical Equipment — 7.6%
NKT A/S(a)		34,558		1,764,085
Vestas Wind Systems A/S		466,896		11,682,251
				13,446,336
Energy Equipment & Services — 0.8%
Drilling Co. of 1972 A/S (The)(a)		30,142		1,430,335
Food Products — 0.7%
Schouw & Co. A/S		16,578		1,208,824
Health Care Equipment & Supplies — 6.9%
Ambu A/S, Class B(b)		138,978		1,397,264
Coloplast A/S, Class B		57,478		6,565,769
Demant A/S(a)		60,990		1,878,750
GN Store Nord AS		80,272		2,270,303
				12,112,086
Insurance — 4.2%
Alm Brand A/S		868,444		1,272,488
Topdanmark AS		34,707		1,821,464
Tryg A/S		189,982		4,292,791
				7,386,743
IT Services — 0.3%
Trifork Holding AG(b)		22,255		526,934
Life Sciences Tools & Services — 0.9%
Chemometec A/S		14,844		1,588,002

Security	Shares		Value
Machinery — 1.1%
FLSmidth & Co. A/S		51,765	$	1,432,862
Nilfisk Holding A/S(a)		21,042		470,657
				1,903,519
Marine — 5.9%
AP Moller - Maersk A/S, Class A		1,139		2,660,826
AP Moller - Maersk A/S, Class B, NVS		1,975		4,738,328
D/S Norden A/S		38,495		1,794,800
Dfds A/S		36,258		1,254,629
				10,448,583
Oil, Gas & Consumable Fuels — 0.5%
TORM PLC, Class A		48,464		939,741
Pharmaceuticals — 25.8%
ALK-Abello AS(a)		99,632		1,852,342
H Lundbeck AS		281,005		1,103,592
H Lundbeck AS, Class A(a)		99,077		379,400
Novo Nordisk A/S, Class B		395,416		42,275,427
				45,610,761
Road & Rail — 0.3%
NTG Nordic Transport Group A/S, Class A(a)		13,746		532,473
Software — 2.2%
cBrain A/S		18,714		423,654
Netcompany Group A/S(a)(c)		33,061		1,344,247
SimCorp A/S		28,802		2,103,303
				3,871,204
Specialty Retail — 0.4%
Matas A/S		63,078		646,882
Textiles, Apparel & Luxury Goods — 1.8%
Pandora A/S		51,469		3,092,082
Tobacco — 0.6%
Scandinavian Tobacco Group A/S, Class A(c)		64,838		971,685
Trading Companies & Distributors — 0.4%
Solar A/S, Class B		9,521		769,761
Total Long-Term Investments — 99.2% (Cost: $192,274,637)				175,106,130
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		3,636,586		3,637,677
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		160,000		160,000
Total Short-Term Securities — 2.2% (Cost: $3,796,384)				3,797,677
Total Investments in Securities — 101.4% (Cost: $196,071,021)				178,903,807
Liabilities in Excess of Other Assets — (1.4)%				(2,388,087	)
Net Assets — 100.0%			$	176,515,720

^(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.

20 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Denmark ETF

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,386,728	$	251,552	(a)	$	—	$	(1,930	)	$	1,327	$	3,637,677		3,636,586	$	35,296	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		70,000	(a)		—		—			—		160,000		160,000		495			—
								$	(1,930	)	$	1,327	$	3,797,677			$	35,791		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMX Copenhagen 25 Index		61		09/16/22	$	1,357	$	(83,571	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	83,571	$	—	$	—	$	—	$	83,571

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(119,091	)	$	—	$	—	$	—	$	(119,091	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(76,311	)	$	—	$	—	$	—	$	(76,311	)

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   (continued) August 31, 2022 iShares^® MSCI Denmark ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,232,812

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	$	4,171,566	$	170,934,564		$	—	$	175,106,130
Money Market Funds		3,797,677		—			—		3,797,677
	$	7,969,243	$	170,934,564		$	—	$	178,903,807
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(83,571	)	$	—	$	(83,571	)

^(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   A N 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 August 31, 2022 iShares^® MSCI Finland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Finnair OYJ(a)(b)		186,625	$	76,493
Auto Components — 0.9%
Nokian Renkaat OYJ		20,656		214,373
Banks — 0.6%
Aktia Bank OYJ		13,906		143,661
Beverages — 0.3%
Anora Group OYJ		9,461		77,098
Building Products — 0.7%
Uponor OYJ		10,395		155,762
Chemicals — 1.0%
Kemira OYJ		19,539		235,186
Commercial Services & Supplies — 0.5%
Caverion OYJ		24,568		120,185
Communications Equipment — 14.4%
Nokia OYJ		645,980		3,255,329
Containers & Packaging — 2.3%
Huhtamaki OYJ		14,700		514,752
Diversified Telecommunication Services — 4.4%
Elisa OYJ		18,539		991,434
Electric Utilities — 2.8%
Fortum OYJ		61,102		628,523
Electrical Equipment — 0.4%
Kempower OYJ(a)		4,291		79,354
Entertainment — 0.7%
Remedy Entertainment OYJ		2,825		65,140
Rovio Entertainment OYJ(c)		15,449		93,075
				158,215
Food & Staples Retailing — 3.5%
Kesko OYJ, Class B		37,146		781,463
Health Care Equipment & Supplies — 0.8%
Revenio Group OYJ		3,912		176,963
Health Care Providers & Services — 0.4%
Oriola OYJ, Class B		52,535		99,783
Household Durables — 0.5%
YIT OYJ		31,697		103,721
Insurance — 11.2%
Sampo OYJ, Class A		55,863		2,527,260
IT Services — 1.6%
TietoEVRY OYJ		14,514		371,391
Leisure Products — 0.3%
Harvia OYJ		4,166		67,485
Machinery — 14.9%
Cargotec OYJ, Class B		6,653		226,262
Kone OYJ, Class B		24,986		999,252
Konecranes OYJ		9,744		229,075
Metso Outotec OYJ		90,711		709,464

Security	Shares		Value
Machinery (continued)
Valmet OYJ		25,299	$	641,263
Wartsila OYJ Abp		68,129		561,740
				3,367,056
Media — 0.9%
Sanoma OYJ		15,144		206,551
Metals & Mining — 1.1%
Outokumpu OYJ		59,500		238,593
Multiline Retail — 0.8%
Puuilo OYJ		14,200		67,727
Tokmanni Group Corp.		9,485		113,241
				180,968
Oil, Gas & Consumable Fuels — 10.7%
Neste OYJ		49,245		2,429,591
Paper & Forest Products — 14.7%
Metsa Board OYJ, Class B		30,772		264,553
Stora Enso OYJ, Class R		66,185		985,228
UPM-Kymmene OYJ		61,062		2,074,538
				3,324,319
Pharmaceuticals — 3.2%
Orion OYJ, Class B		15,994		725,169
Professional Services — 0.4%
Talenom OYJ(b)		7,439		81,128
Real Estate Management & Development — 2.0%
Citycon OYJ		18,013		127,646
Kojamo OYJ		19,974		334,415
				462,061
Software — 1.2%
F-Secure Oyj(a)		27,447		69,054
QT Group OYJ(a)(b)		2,781		140,998
WithSecure OYJ(a)		36,237		60,910
				270,962
Specialty Retail — 0.8%
Kamux Corp.		9,988		60,963
Musti Group OYJ		6,611		130,715
				191,678
Textiles, Apparel & Luxury Goods — 0.5%
Marimekko OYJ		6,754		66,605
Spinnova OYJ(a)		7,443		51,120
				117,725
Total Long-Term Investments — 98.8% (Cost: $28,833,011)				22,374,232
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		143,748		143,791

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

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		40,000	$	40,000
Total Short-Term Securities — 0.8% (Cost: $183,725)				183,791
Total Investments in Securities — 99.6% (Cost: $29,016,736)				22,558,023
Other Assets Less Liabilities — 0.4%				94,382
Net Assets — 100.0%			$	22,652,405

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	143,228	$	579	(a)	$	—		$	(82	)	$	66	$	143,791		143,748	$	3,928	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		165,000		—			(125,000	)(a)		—			—		40,000		40,000		235			—
									$	(82	)	$	66	$	183,791			$	4,163		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		7		09/16/22	$	246	$	(1,394	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,394	$	—	$	—	$	—	$	1,394

^(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).

24 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Finland ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(6,523	)	$	—	$	—	$	—	$	(6,523	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(9,404	)	$	—	$	—	$	—	$	(9,404	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	257,971

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	$	466,483	$	21,907,749		$	—	$	22,374,232
Money Market Funds		183,791		—			—		183,791
	$	650,274	$	21,907,749		$	—	$	22,558,023
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(1,394	)	$	—	$	(1,394	)

^(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 August 31, 2022 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Hensoldt AG		8,350	$	185,690
OHB SE		1,197		42,511
				228,201
Auto Components — 1.1%
ElringKlinger AG		6,445		45,233
Vitesco Technologies Group AG(a)		4,547		222,055
				267,288
Biotechnology — 1.1%
CureVac NV(a)(b)		12,759		127,178
MorphoSys AG(a)(b)		7,787		135,666
				262,844
Building Products — 0.4%
Steico SE		1,285		98,779
Capital Markets — 2.0%
AURELIUS Equity Opportunities SE & Co. KGaA		6,426		149,216
Deutsche Beteiligungs AG		3,225		90,198
flatexDEGIRO AG(a)		14,911		143,490
MLP SE		16,238		89,751
				472,655
Chemicals — 6.9%
K+S AG, Registered		43,490		990,771
LANXESS AG		18,639		628,908
				1,619,679
Commercial Services & Supplies — 2.9%
Befesa SA(b)(c)		9,089		374,072
Bilfinger SE(b)		6,993		207,632
Cewe Stiftung & Co. KGaA		1,274		100,737
				682,441
Construction & Engineering — 1.2%
HOCHTIEF AG(b)		5,618		277,376
Diversified Financial Services — 1.4%
GRENKE AG(b)		6,354		152,775
Hypoport SE(a)		886		173,017
				325,792
Electrical Equipment — 3.9%
Energiekontor AG		1,442		126,671
Nordex SE(a)(b)		28,457		273,631
PNE AG		7,833		129,678
SGL Carbon SE(a)		13,802		93,800
Varta AG(b)		4,133		289,959
				913,739
Electronic Equipment, Instruments & Components — 1.3%
Basler AG(b)		2,488		61,394
Jenoptik AG		11,705		247,705
				309,099
Entertainment — 3.5%
Borussia Dortmund GmbH & Co. KGaA(a)(b)		17,466		68,429
CTS Eventim AG & Co. KGaA(a)		13,088		703,659
Media and Games Invest SE(a)		25,491		53,789
				825,877
Equity Real Estate Investment Trusts (REITs) — 0.6%
Hamborner REIT AG		15,670		128,480
Food & Staples Retailing — 1.8%
METRO AG(a)		28,640		228,007

Security	Shares		Value
Food & Staples Retailing (continued)
Shop Apotheke Europe NV(a)(b)(c)		3,308	$	184,418
				412,425
Food Products — 1.6%
KWS Saat SE & Co. KGaA		2,632		160,147
Suedzucker AG		16,238		222,675
				382,822
Health Care Equipment & Supplies — 1.3%
Draegerwerk AG & Co. KGaA		682		27,586
Eckert & Ziegler Strahlen- und Medizintechnik AG		3,376		133,034
Stratec SE		1,794		152,914
				313,534
Health Care Providers & Services — 1.3%
Medios AG(a)		3,269		80,127
Synlab AG		15,148		222,077
				302,204
Health Care Technology — 1.0%
CompuGroup Medical SE & Co. KgaA		6,105		229,609
Hotels, Restaurants & Leisure — 0.4%
Zeal Network SE		3,063		90,554
Independent Power and Renewable Electricity Producers — 2.5%
Encavis AG		27,347		584,442
Industrial Conglomerates — 0.6%
Indus Holding AG		4,593		102,532
MBB SE(b)		470		45,523
				148,055
Insurance — 0.4%
Wuestenrot & Wuerttembergische AG		5,288		86,113
Internet & Direct Marketing Retail — 0.8%
About You Holding SE(a)(b)		8,400		61,097
Bike24 Holding AG(a)(b)		4,522		13,951
Global Fashion Group SA(a)(b)		22,411		31,485
Takkt AG(b)		7,485		75,820
				182,353
IT Services — 4.0%
Adesso SE		741		89,786
CANCOM SE		8,759		245,295
Datagroup SE		944		62,043
GFT Technologies SE		3,900		129,647
Kontron AG(b)		9,725		147,958
Nagarro SE(a)		1,878		188,722
Secunet Security Networks AG		372		80,946
				944,397
Leisure Products — 0.2%
Tonies SE(a)		9,098		38,766
Life Sciences Tools & Services — 4.6%
Evotec SE(a)		32,166		707,120
Gerresheimer AG(b)		7,135		373,225
				1,080,345
Machinery — 6.4%
Deutz AG		26,149		98,469
Duerr AG		11,793		259,762
Heidelberger Druckmaschinen AG(a)(b)		59,195		86,323
JOST Werke AG(c)		3,047		112,926
Krones AG		3,230		266,004
Norma Group SE		7,211		113,384

26 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Germany Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Pfeiffer Vacuum Technology AG		788	$	103,993
Stabilus SE		5,612		287,046
Vossloh AG		1,982		67,767
Wacker Neuson SE		6,379		105,610
				1,501,284
Media — 2.7%
ProSiebenSat.1 Media SE		39,707		306,931
Stroeer SE & Co. KGaA		7,729		328,469
				635,400
Metals & Mining — 5.1%
Aurubis AG		7,151		432,968
Salzgitter AG(b)		6,836		168,060
thyssenkrupp AG(a)		106,089		591,751
				1,192,779
Oil, Gas & Consumable Fuels — 1.8%
CropEnergies AG		5,957		97,591
VERBIO Vereinigte BioEnergie AG		5,025		322,519
				420,110
Pharmaceuticals — 0.8%
Dermapharm Holding SE		4,282		198,611
Professional Services — 0.7%
Amadeus Fire AG		1,293		128,989
Bertrandt AG		1,263		43,109
				172,098
Real Estate Management & Development — 4.5%
ADLER Group SA(a)(b)(c)		16,045		45,005
Deutsche EuroShop AG(b)		2,809		67,178
DIC Asset AG		9,447		96,704
Grand City Properties SA		22,019		261,244
Instone Real Estate Group SE(b)(c)		10,706		94,770
PATRIZIA SE		10,475		132,638
TAG Immobilien AG		39,879		367,903
				1,065,442
Road & Rail — 1.3%
Sixt SE		3,105		303,630
Semiconductors & Semiconductor Equipment — 4.7%
AIXTRON SE		25,743		603,297
Elmos Semiconductor SE		1,797		76,233
PVA TePla AG(a)		4,481		75,266
Siltronic AG		3,408		233,541
SMA Solar Technology AG(a)(b)		2,367		119,096
				1,107,433
Software — 3.4%
Atoss Software AG		904		119,920
Northern Data AG(a)(b)		1,086		25,201
Software AG(b)		11,770		320,148
TeamViewer AG(a)(c)		34,266		342,899
				808,168
Specialty Retail — 2.6%
Auto1 Group SE(a)(b)(c)		19,580		205,108
Ceconomy AG		36,151		52,304
Fielmann AG		5,726		212,787
Hornbach Holding AG & Co. KGaA		2,000		141,072
				611,271
Textiles, Apparel & Luxury Goods — 3.0%
Hugo Boss AG		12,797		697,464

Security	Shares		Value
Thrifts & Mortgage Finance — 3.0%
Aareal Bank AG(a)		13,601	$	434,653
Deutsche Pfandbriefbank AG(c)		30,556		263,703
				698,356
Trading Companies & Distributors — 1.2%
BayWa AG		3,127		135,282
Kloeckner & Co. SE		16,920		152,693
				287,975
Transportation Infrastructure — 1.9%
Fraport AG Frankfurt Airport Services Worldwide(a)		8,404		363,380
Hamburger Hafen und Logistik AG		5,947		72,732
				436,112
Wireless Telecommunication Services — 3.3%
1&1 AG		10,049		161,510
Freenet AG		27,643		602,513
				764,023
Total Common Stocks — 94.2% (Cost: $32,374,433)				22,108,025
Preferred Stocks
Auto Components — 0.6%
Schaeffler AG, Preference Shares, NVS(b)		28,353		147,716
Chemicals — 1.8%
Fuchs Petrolub SE, Preference Shares, NVS		15,792		427,389
Construction Materials — 0.4%
STO SE & Co. KGaA, Preference Shares, NVS		573		89,622
Health Care Equipment & Supplies — 0.4%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,940		91,787
Household Durables — 0.2%
Einhell Germany AG, Preference Shares, NVS		380		54,075
Machinery — 1.2%
Jungheinrich AG, Preference Shares, NVS		10,907		266,281
Road & Rail — 1.0%
Sixt SE, Preference Shares, NVS		3,766		225,095
Total Preferred Stocks — 5.6% (Cost: $1,792,998)				1,301,965
Total Long-Term Investments — 99.8% (Cost: $34,167,431)				23,409,990
Short-Term Securities
Money Market Funds — 10.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		2,476,399		2,477,142
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		10,000		10,000
Total Short-Term Securities — 10.6% (Cost: $2,485,853)				2,487,142
Total Investments in Securities — 110.4% (Cost: $36,653,284)				25,897,132
Liabilities in Excess of Other Assets — (10.4)%				(2,433,466	)
Net Assets — 100.0%			$	23,463,666

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   (continued) August 31, 2022 iShares^® MSCI Germany Small-Cap 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)  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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,634,912	$	—		$	(1,156,845	)(a)	$	(1,404	)	$	479	$	2,477,142		2,476,399	$	106,119	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		0	(a)		—			—			—		10,000		10,000		73			—
									$	(1,404	)	$	479	$	2,487,142			$	106,192		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		1		09/16/22	$	35	$	372

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	372	$	—	$	—	$	—	$	372

^(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).

28 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Germany Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(25,635	)	$	—	$	—	$	—	$	(25,635	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(894	)	$	—	$	—	$	—	$	(894	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	61,616

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	$	799,388	$	21,308,637	$	—	$	22,108,025
Preferred Stocks		54,075		1,247,890		—		1,301,965
Money Market Funds		2,487,142		—		—		2,487,142
	$	3,340,605	$	22,556,527	$	—	$	25,897,132
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	372	$	—	$	372

^(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 29

Schedule of Investments August 31, 2022 iShares^® MSCI Ireland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 4.7%
Ryanair Holdings PLC, ADR(a)		31,380	$	2,281,640
Banks — 9.7%
AIB Group PLC		985,751		2,236,101
Bank of Ireland Group PLC		384,449		2,368,801
Permanent TSB Group Holdings PLC(a)		51,126		78,610
				4,683,512
Beverages — 2.4%
C&C Group PLC(a)		578,815		1,155,810
Building Products — 4.3%
Kingspan Group PLC		36,760		2,081,306
Construction Materials — 22.2%
CRH PLC		292,064		10,785,222
Containers & Packaging — 4.3%
Smurfit Kappa Group PLC		62,396		2,092,111
Equity Real Estate Investment Trusts (REITs) — 1.8%
Irish Residential Properties REIT PLC		680,563		867,727
Food Products — 11.0%
Dole PLC		28,738		260,079
Glanbia PLC		177,763		2,262,227
Kerry Group PLC, Class A		21,008		2,166,381
Origin Enterprises PLC		175,384		657,421
				5,346,108
Health Care Providers & Services — 2.5%
Uniphar PLC(a)		351,409		1,200,705
Hotels, Restaurants & Leisure — 21.6%
Dalata Hotel Group PLC(a)		303,576		1,063,324

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Flutter Entertainment PLC, Class DI(a)		74,964	$	9,392,911
				10,456,235
Household Durables — 4.1%
Cairn Homes PLC(a)		1,017,455		1,015,334
Glenveagh Properties PLC(a)(b)		962,391		980,696
				1,996,030
Insurance — 0.2%
FBD Holdings PLC		9,492		96,821
Life Sciences Tools & Services — 4.2%
ICON PLC(a)		9,643		2,023,391
Marine — 0.5%
Irish Continental Group PLC		57,407		240,522
Metals & Mining — 1.3%
Kenmare Resources PLC		125,172		646,358
Pharmaceuticals — 0.6%
GH Research PLC(a)		19,709		306,475
Trading Companies & Distributors — 4.5%
Grafton Group PLC		256,888		2,156,319
Total Investments in Securities — 99.9% (Cost: $53,734,086)				48,416,292
Other Assets Less Liabilities — 0.1%				62,754
Net Assets — 100.0%			$	48,479,046

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	30,000	$	—	$	(30,000	)(b)	$	—	$	—	$	—		—	$	131	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		3		09/16/22	$	106	$	(1,417	)

30 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Ireland ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,417	$	—	$	—	$	—	$	1,417

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(35,952	)	$	—	$	—	$	—	$	(35,952	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,417	)	$	—	$	—	$	—	$	(1,417	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	84,736

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	$	9,547,530	$	38,868,762		$	—	$	48,416,292
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(1,417	)	$	—	$	(1,417	)

^(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 31

Schedule of Investments August 31, 2022 iShares^® MSCI Kuwait ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 4.4%
Agility Public Warehousing Co. KSC		468,086	$	1,277,010
Airlines — 1.6%
Jazeera Airways Co. KSCP		77,553		471,312
Banks — 60.4%
Ahli United Bank BSC		1,449,692		1,432,426
Ahli United Bank KSCP		48,900		44,112
Al Ahli Bank of Kuwait KSCP		551,553		626,009
Boubyan Bank KSCP		16,241		44,023
Burgan Bank SAK		735,640		580,063
Gulf Bank KSCP		858,866		975,204
Kuwait Finance House KSCP		2,064,948		6,027,543
Kuwait International Bank KSCP		614,409		428,503
Kuwait Projects Co. Holding KSCP		884,544		462,762
National Bank of Kuwait SAKP		1,864,244		6,377,227
Warba Bank KSCP(a)		721,600		585,158
				17,583,030
Capital Markets — 1.2%
Boursa Kuwait Securities Co. KPSC		38,760		289,462
Noor Financial Investment Co. KSC		99,703		63,535
				352,997
Chemicals — 2.5%
Boubyan Petrochemicals Co. KSCP		244,777		728,225
Construction & Engineering — 0.6%
Combined Group Contracting Co. SAK		119,244		177,463
Diversified Consumer Services — 2.3%
Humansoft Holding Co. KSC		59,361		666,743
Diversified Financial Services — 3.6%
A’ayan Leasing & Investment Co. KSCP		666,613		287,467
Alimtiaz Investment Group KSC		1,273,038		386,593
National Investments Co. KSCP		403,226		377,119
				1,051,179
Electrical Equipment — 1.6%
Gulf Cable & Electrical Industries Co. KSCP		96,146		451,744
Energy Equipment & Services — 1.3%
Heavy Engineering & Ship Building Co. KSCP		153,103		373,354
Food Products — 1.6%
Mezzan Holding Co. KSCC		192,328		264,995

Security	Shares		Value
Food Products (continued)
Qurain Petrochemical Industries Co.		190,983	$	195,841
				460,836
Independent Power and Renewable Electricity Producers — 1.4%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		636,648		415,407
Industrial Conglomerates — 3.1%
National Industries Group Holding SAK		1,008,862		915,954
Real Estate Management & Development — 7.9%
Commercial Real Estate Co. Ksc		1,345,768		480,055
Kuwait Real Estate Co. KSC		939,627		381,506
Mabanee Co. KPSC		355,685		955,938
National Real Estate Co. KPSC(a)		898,995		486,724
				2,304,223
Trading Companies & Distributors — 1.9%
ALAFCO Aviation Lease & Finance Co. KSCP(a)		366,481		230,428
Integrated Holding Co. KCSC		234,444		313,475
			543,903
Wireless Telecommunication Services — 4.3%
Mobile Telecommunications Co. KSCP		641,844		1,260,062
Total Long-Term Investments — 99.7% (Cost: $23,196,452)				29,033,442
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(b)(c)		50,000		50,000
Total Short-Term Securities — 0.2% (Cost: $50,000)				50,000
Total Investments in Securities — 99.9% (Cost: $23,246,452)				29,083,442
Other Assets Less Liabilities — 0.1%				32,500
Net Assets — 100.0%			$	29,115,942

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,000	$	40,000	(a)	$	—	$	—	$	—	$	50,000		50,000	$	143	$	—

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

32 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Kuwait ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1		09/16/22	$	49	$	(1,783	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,783	$	—	$	—	$	—	$	1,783

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,945	)	$	—	$	—	$	—	$	(2,945	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,783	)	$	—	$	—	$	—	$	(1,783	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	9,819

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	$	459,430		$	28,574,012	$	—	$	29,033,442
Money Market Funds		50,000			—		—		50,000
	$	509,430		$	28,574,012	$	—	$	29,083,442
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,783	)	$	—	$	—	$	(1,783	)

^(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 August 31, 2022 iShares^® MSCI New Zealand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 1.8%
Air New Zealand Ltd.(a)		5,116,139	$	2,114,135
Building Products — 4.5%
Fletcher Building Ltd.		1,522,138		5,196,219
Diversified Telecommunication Services — 16.6%
Chorus Ltd.		1,087,710		5,326,935
Spark New Zealand Ltd.		4,149,474		13,726,108
				19,053,043
Electric Utilities — 15.4%
Contact Energy Ltd.		1,087,526		5,225,283
Genesis Energy Ltd.		1,372,991		2,481,294
Infratil Ltd.		939,798		5,190,102
Mercury NZ Ltd.		1,357,319		4,803,544
				17,700,223
Equity Real Estate Investment Trusts (REITs) — 9.4%
Argosy Property Ltd.		2,357,564		1,912,384
Goodman Property Trust		2,742,683		3,644,629
Kiwi Property Group Ltd.		4,047,299		2,520,331
Precinct Properties New Zealand Ltd.		3,342,149		2,735,084
				10,812,428
Food Products — 6.0%
a2 Milk Co. Ltd. (The)(a)		1,572,687		5,982,403
Synlait Milk Ltd.(a)		439,572		933,498
				6,915,901
Health Care Equipment & Supplies — 13.2%
Fisher & Paykel Healthcare Corp. Ltd.		1,274,086		15,252,957
Health Care Providers & Services — 8.7%
Oceania Healthcare Ltd.(b)		2,141,965		1,294,315
Ryman Healthcare Ltd.		900,683		5,040,232
Summerset Group Holdings Ltd.		552,062		3,721,044
				10,055,591

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.8%
SKYCITY Entertainment Group Ltd.		1,884,242	$	3,277,839
Independent Power and Renewable Electricity Producers — 7.7%
Meridian Energy Ltd.		2,891,676		8,821,908
IT Services — 1.9%
Pushpay Holdings Ltd.(a)(b)		2,803,609		2,182,971
Multiline Retail — 0.8%
Warehouse Group Ltd. (The)		453,716		913,324
Transportation Infrastructure — 11.1%
Auckland International Airport Ltd.(a)		2,775,178		12,798,463
Total Long-Term Investments — 99.9% (Cost: $146,695,109)				115,095,002
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(c)(d)(e)		437,744		437,876
Total Short-Term Securities — 0.4% (Cost: $437,578)				437,876
Total Investments in Securities — 100.3% (Cost: $147,132,687)				115,532,878
Liabilities in Excess of Other Assets — (0.3)%				(385,867	)
Net Assets — 100.0%			$	115,147,011

^(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 year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,794,552	$	—	$	(6,356,583	)(a)	$	(391	)	$	298	$	437,876		437,744	$	74,148	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		50,000		—		(50,000	)(a)		—			—		—		—		192			—
								$	(391	)	$	298	$	437,876			$	74,340		$	—

^(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.

34 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI New Zealand ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(256,025	)	$	—	$	—	$	—	$	(256,025	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(447	)	$	—	$	—	$	—	$	(447	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	105,748

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	$	913,324	$	114,181,678	$	—	$	115,095,002
Money Market Funds		437,876		—		—		437,876
	$  1,351,200		$114,181,678		$                —		$115,532,878

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Kongsberg Gruppen ASA		17,046	$	582,643
Airlines — 0.3%
Norwegian Air Shuttle ASA(a)		121,092		102,771
Banks — 12.8%
DNB Bank ASA		176,777		3,361,237
SpareBank 1 Nord Norge		18,130		163,643
SpareBank 1 Oestlandet		7,707		87,822
SpareBank 1 SMN		24,680		300,493
SpareBank 1 SR-Bank ASA		34,179		390,962
				4,304,157
Biotechnology — 0.3%
Nykode Therapeutics AS(a)(b)		24,512		91,112
Chemicals — 5.5%
Bewi ASA(a)		8,594		48,502
Borregaard ASA		18,158		276,941
Elkem ASA(c)		60,034		238,908
Yara International ASA		30,463		1,288,508
				1,852,859
Commercial Services & Supplies — 3.7%
Aker Carbon Capture ASA(a)		61,855		132,460
Aker Horizons Holding AS(a)		44,090		79,035
TOMRA Systems ASA		45,134		1,028,453
				1,239,948
Construction & Engineering — 0.6%
Veidekke ASA		20,523		209,596
Containers & Packaging — 0.1%
Elopak ASA		23,012		46,312
Diversified Telecommunication Services — 4.2%
Telenor ASA		129,321		1,415,159
Electrical Equipment — 1.2%
NEL ASA(a)(b)		277,632		407,428
Energy Equipment & Services — 3.4%
Aker Solutions ASA		46,776		183,446
Borr Drilling Ltd.(a)(b)		25,257		98,413
BW Offshore Ltd.		23,792		64,466
Odfjell Drilling Ltd.(a)		16,902		45,910
Subsea 7 SA		45,289		406,555
TGS ASA		22,299		339,347
				1,138,137
Entertainment — 0.3%
Kahoot! ASA(a)(b)		49,890		99,062
Food Products — 14.7%
Austevoll Seafood ASA		17,342		185,888
Bakkafrost P/F		9,584		560,816
Grieg Seafood ASA		9,705		117,422
Leroy Seafood Group ASA		56,876		380,028
Mowi ASA		83,292		1,707,630
Norway Royal Salmon ASA(a)		2,407		60,309
Orkla ASA		143,063		1,197,996
Salmar ASA		11,222		742,081
				4,952,170

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.7%
Scatec ASA(c)		22,648	$	229,732
Industrial Conglomerates — 1.6%
Aker ASA, Class A		4,945		388,906
Bonheur ASA		3,974		148,762
				537,668
Insurance — 4.8%
Gjensidige Forsikring ASA		38,101		773,162
Protector Forsikring ASA		11,515		137,886
Storebrand ASA		89,494		716,316
				1,627,364
Interactive Media & Services — 1.3%
Adevinta ASA(a)		54,912		444,273
IT Services — 0.5%
Atea ASA		15,988		176,048
Machinery — 0.3%
Hexagon Composites ASA(a)		22,291		63,099
Hexagon Purus ASA(a)		13,880		34,052
				97,151
Marine — 1.7%
Golden Ocean Group Ltd.(b)		24,814		233,873
MPC Container Ships AS		50,646		104,414
Stolt-Nielsen Ltd.		4,878		104,240
Wallenius Wilhelmsen ASA		20,107		113,201
				555,728
Media — 1.7%
Schibsted ASA, Class A		13,901		254,399
Schibsted ASA, Class B		18,507		317,413
				571,812
Metals & Mining — 4.6%
Norsk Hydro ASA		227,683		1,564,432
Multiline Retail — 0.5%
Europris ASA(c)		30,153		180,897
Oil, Gas & Consumable Fuels — 30.1%
Aker BP ASA		60,224		2,109,697
BW Energy Ltd.(a)		16,568		41,315
BW LPG Ltd.(c)		15,810		102,770
DNO ASA		83,436		118,547
Equinor ASA		185,834		7,212,335
Flex LNG Ltd.		5,659		187,034
Frontline Ltd./Bermuda(a)		22,944		268,590
Hafnia Ltd.		21,972		98,055
				10,138,343
Professional Services — 0.1%
Meltwater Holding BV(a)(b)		24,990		23,924
Real Estate Management & Development — 0.6%
Entra ASA(c)		12,117		157,560
Selvaag Bolig ASA		7,922		32,684
				190,244
Semiconductors & Semiconductor Equipment — 1.8%
Nordic Semiconductor ASA(a)		33,097		505,990
REC Silicon ASA(a)(b)		51,972		107,092
				613,082
Software — 0.6%
Crayon Group Holding ASA(a)(c)		13,193		142,783

36 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Norway ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
LINK Mobility Group Holding ASA(a)		33,338	$	26,630
Volue ASA(a)		9,363		29,629
				199,042
Total Long-Term Investments — 99.7% (Cost: $38,457,967)				33,591,094
Short-Term Securities
Money Market Funds — 2.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		860,226		860,484
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		10,000		10,000
Total Short-Term Securities — 2.6% (Cost: $870,129)				870,484
Total Investments in Securities — 102.3% (Cost: $39,328,096)				34,461,578
Liabilities in Excess of Other Assets — (2.3)%				(771,465	)
Net Assets — 100.0%			$	33,690,113

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	775,553	$	85,353	(a)	$	—		$	(777	)	$	355	$	860,484		860,226	$	28,208	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		—			(10,000	)(a)		—			—		10,000		10,000		108			—
									$	(777	)	$	355	$	870,484			$	28,316		$	—

^(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		2		09/16/22	$	70	$	(5,467	)

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   (continued) August 31, 2022 iShares^® MSCI Norway ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,467	$	—	$	—	$	—	$	5,467

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	15,357		$	—	$	—	$	—	$	15,357
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(5,234	)	$	—	$	—	$	—	$	(5,234	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	90,311

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	$	538,889	$	33,052,205		$	—	$	33,591,094
Money Market Funds		870,484		—			—		870,484
	$	1,409,373	$	33,052,205		$	—	$	34,461,578
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(5,467	)	$	—	$	(5,467	)

^(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   A N 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

August 31, 2022

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	175,106,130		$	22,374,232		$	23,409,990		$	48,416,292
Investments, at value — affiliated(c)		3,797,677			183,791			2,487,142			—
Cash		698			5,735			6,119			9,545
Foreign currency, at value(d)		92,468			7,982			46,649			39,774
Foreign currency collateral pledged for futures contracts(e)		122,691			23,114			4,020			12,060
Receivables:
Investments sold		2,712,408			842,250			145,549			4,805,385
Securities lending income — affiliated		2,560			425			10,951			—
Dividends — unaffiliated		28,107			—			5,219			45,690
Dividends — affiliated		214			85			15			16
Tax reclaims		1,161,402			356,828			1,035			28,120
Total assets		183,024,355			23,794,442			26,116,689			53,356,882
LIABILITIES
Collateral on securities loaned, at value		3,639,257			143,781			2,476,311			—
Payables:
Investments purchased		2,792,219			856,749			163,456			4,808,644
Variation margin on futures contracts		4,487			6,986			540			1,444
Capital shares redeemed		—			—			—			45,376
Investment advisory fees		72,672			10,284			12,716			22,372
Professional fees		—			22,667			—			—
IRS compliance fee for foreign withholding tax claims		—			101,570			—			—
Total liabilities		6,508,635			1,142,037			2,653,023			4,877,836
NET ASSETS	$	176,515,720		$	22,652,405		$	23,463,666		$	48,479,046
NET ASSETS CONSIST OF
Paid-in capital	$	198,145,472		$	33,784,130		$	36,639,805		$	67,987,149
Accumulated loss		(21,629,752	)		(11,131,725	)		(13,176,139	)		(19,508,103	)
NET ASSETS	$	176,515,720		$	22,652,405		$	23,463,666		$	48,479,046
NET ASSET VALUE
Shares outstanding		2,050,000			650,000			450,000			1,150,000
Net asset value	$	86.11		$	34.85		$	52.14		$	42.16
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	192,274,637		$	28,833,011		$	34,167,431		$	53,734,086
(b) Securities loaned, at value	$	3,453,067		$	118,689		$	2,340,863		$	—
(c)  Investments, at cost — affiliated	$	3,796,384		$	183,725		$	2,485,853		$	—
(d) Foreign currency, at cost	$	88,596		$	7,106		$	46,964		$	40,796
(e) Foreign currency collateral pledged, at cost	$	128,620		$	24,448		$	4,178		$	12,537

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(continued)

August 31, 2022

	iShares MSCI Kuwait ETF		iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	29,033,442	$	115,095,002		$	33,591,094
Investments, at value — affiliated(c)		50,000		437,876			870,484
Cash		2,974		8,307			6,998
Foreign currency, at value(d)		37,582		73,592			94,602
Cash pledged for futures contracts		1,920		—			—
Foreign currency collateral pledged for futures contracts(e)		—		—			12,059
Receivables:
Investments sold		1,138,100		1,114,413			189,968
Securities lending income — affiliated		—		82			1,717
Variation margin on futures contracts		1,220		—			—
Dividends — unaffiliated		33,192		—			1,624
Dividends — affiliated		30		28			15
Tax reclaims		—		—			3,774
Total assets		30,298,460		116,729,300			34,772,335
LIABILITIES
Collateral on securities loaned, at value		—		438,410			860,900
Payables:
Investments purchased		1,164,112		1,087,144			204,312
Variation margin on futures contracts		—		—			1,363
Capital shares redeemed		—		3,338			—
Investment advisory fees		18,406		53,397			15,647
Total liabilities		1,182,518		1,582,289			1,082,222
NET ASSETS	$	29,115,942	$	115,147,011		$	33,690,113
NET ASSETS CONSIST OF
Paid-in capital	$	23,191,568	$	179,952,743		$	49,725,034
Accumulated earnings (loss)		5,924,374		(64,805,732	)		(16,034,921	)
NET ASSETS	$	29,115,942	$	115,147,011		$	33,690,113
NET ASSET VALUE
Shares outstanding		800,000		2,450,000			1,300,000
Net asset value	$	36.39	$	47.00		$	25.92
Shares authorized		Unlimited		Unlimited			Unlimited
Par value		None		None			None
(a) Investments, at cost — unaffiliated	$	23,196,452	$	146,695,109		$	38,457,967
(b) Securities loaned, at value	$	—	$	414,117		$	754,516
(c)  Investments, at cost — affiliated	$	50,000	$	437,578		$	870,129
(d) Foreign currency, at cost	$	37,631	$	74,955		$	96,921
(e) Foreign currency collateral pledged, at cost	$	—	$	343		$	12,321

See notes to financial statements.

40 2 0 2 2   I S H A R E S   A N 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

Year Ended August 31, 2022

	iShares MSCI Denmark ETF			iShares MSCI Finland ETF			iShares MSCI Germany Small-Cap ETF			iShares MSCI Ireland ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	3,539,740		$	1,189,128		$	764,346		$	1,062,976
Dividends — affiliated		753			246			332			131
Securities lending income — affiliated — net		35,038			3,917			105,860			—
Foreign taxes withheld		(527,225	)		(453	)		(83,171	)		(23,728	)
IRS Compliance fee for foreign withholding tax claims		—			32,533			—			—
Total investment income		3,048,306			1,225,371			787,367			1,039,379
EXPENSES
Investment advisory fees		849,111			140,558			206,140			340,648
Professional fees		217			9,717			217			217
Total expenses		849,328			150,275			206,357			340,865
Net investment income		2,198,978			1,075,096			581,010			698,514
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,215,609	)		(2,446,681	)		(161,577	)		(3,915,818	)
Investments — affiliated		(1,930	)		(82	)		(1,404	)		—
In-kind redemptions — unaffiliated(a)		3,492,307			(747,556	)		441,471			5,779,679
Futures contracts		(119,091	)		(6,523	)		(25,635	)		(35,952	)
Foreign currency transactions		(34,110	)		(4,963	)		(17,609	)		(41,420	)
		1,121,567			(3,205,805	)		235,246			1,786,489
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(49,217,029	)		(8,069,436	)		(15,946,355	)		(26,710,977	)
Investments — affiliated		1,327			66			479			—
Futures contracts		(76,311	)		(9,404	)		(894	)		(1,417	)
Foreign currency translations		(169,641	)		(48,727	)		(672	)		(7,125	)
		(49,461,654	)		(8,127,501	)		(15,947,442	)		(26,719,519	)
Net realized and unrealized loss		(48,340,087	)		(11,333,306	)		(15,712,196	)		(24,933,030	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(46,141,109	)	$	(10,258,210	)	$	(15,131,186	)	$	(24,234,516	)

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

See notes to financial statements.

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

Statements of Operations  (continued)

Year Ended August 31, 2022

	iShares MSCI Kuwait ETF			iShares MSCI New Zealand ETF			iShares MSCI Norway ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	674,759		$	3,550,854		$	2,270,472
Dividends — affiliated		143			212			212
Securities lending income — affiliated — net		—			74,128			28,104
Foreign taxes withheld		—			(481,029	)		(508,329	)
Total investment income		674,902			3,144,165			1,790,459
EXPENSES
Investment advisory fees		157,959			640,990			242,357
Commitment fees		216			—			—
Professional fees		—			217			217
Total expenses		158,175			641,207			242,574
Net investment income		516,727			2,502,958			1,547,885
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		993,328			(6,487,103	)		(2,389,899	)
Investments — affiliated		—			(391	)		(777	)
In-kind redemptions — unaffiliated(a)		—			1,750,191			6,624,211
Futures contracts		(2,945	)		(256,025	)		15,357
Foreign currency transactions		(20,187	)		(144,456	)		(11,928	)
		970,196			(5,137,784	)		4,236,964
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,966,067			(33,244,664	)		(8,681,265	)
Investments — affiliated		—			298			355
Futures contracts		(1,783	)		(447	)		(5,234	)
Foreign currency translations		(38	)		(5,799	)		2,413
		1,964,246			(33,250,612	)		(8,683,731	)
Net realized and unrealized gain (loss)		2,934,442			(38,388,396	)		(4,446,767	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,451,169		$	(35,885,438	)	$	(2,898,882	)

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

See notes to financial statements.

42 2 0 2 2   I S H A R E S   A N 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 Denmark ETF						iShares MSCI Finland ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,198,978		$	1,236,501		$	1,075,096		$	796,078
Net realized gain (loss)		1,121,567			25,780,084			(3,205,805	)		5,459,015
Net change in unrealized appreciation (depreciation)		(49,461,654	)		23,679,075			(8,127,501	)		2,768,929
Net increase (decrease) in net assets resulting from operations		(46,141,109	)		50,695,660			(10,258,210	)		9,024,022
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,119,208	)		(1,262,684	)		(1,184,601	)		(1,012,192	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		57,908,228			7,535,488			2,896,784			(11,952,774	)
NET ASSETS
Total increase (decrease) in net assets		9,647,911			56,968,464			(8,546,027	)		(3,940,944	)
Beginning of year		166,867,809			109,899,345			31,198,432			35,139,376
End of year	$	176,515,720		$	166,867,809		$	22,652,405		$	31,198,432

^(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 43

Statements of Changes in Net Assets (continued)

	iShares MSCI Germany Small-Cap ETF						iShares MSCI Ireland ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	581,010		$	515,265		$	698,514		$	382,349
Net realized gain		235,246			2,938,871			1,786,489			897,808
Net change in unrealized appreciation (depreciation)		(15,947,442	)		8,182,752			(26,719,519	)		21,766,178
Net increase (decrease) in net assets resulting from operations		(15,131,186	)		11,636,888			(24,234,516	)		23,046,335
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(680,980	)		(638,366	)		(817,439	)		(400,086	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(3,365,971	)		(219,216	)		(9,098,537	)		6,863,827
NET ASSETS
Total increase (decrease) in net assets		(19,178,137	)		10,779,306			(34,150,492	)		29,510,076
Beginning of year		42,641,803			31,862,497			82,629,538			53,119,462
End of year	$	23,463,666		$	42,641,803		$	48,479,046		$	82,629,538

^(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   A N 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 Kuwait ETF						iShares MSCI New Zealand ETF
		Year Ended 08/31/22			Period From 09/01/20 to 08/31/21	(a)		Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	516,727		$	304,140		$	2,502,958		$	2,806,128
Net realized gain (loss)		970,196			248,230			(5,137,784	)		23,039,126
Net change in unrealized appreciation (depreciation)		1,964,246			3,870,920			(33,250,612	)		(15,378,739	)
Net increase (decrease) in net assets resulting from operations		3,451,169			4,423,290			(35,885,438	)		10,466,515
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(1,532,424	)		(314,726	)		(3,416,129	)		(3,787,802	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		8,535,177			14,553,456			11,592,502			(31,025,621	)
NET ASSETS
Total increase (decrease) in net assets		10,453,922			18,662,020			(27,709,065	)		(24,346,908	)
Beginning of period		18,662,020			—			142,856,076			167,202,984
End of period	$	29,115,942		$	18,662,020		$	115,147,011		$	142,856,076

^(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 45

Statements of Changes in Net Assets (continued)

	iShares MSCI Norway ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,547,885		$	889,347
Net realized gain (loss)		4,236,964			(293,143	)
Net change in unrealized appreciation (depreciation)		(8,683,731	)		6,244,495
Net increase (decrease) in net assets resulting from operations		(2,898,882	)		6,840,699
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,471,431	)		(908,885	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,807,097	)		8,572,191
NET ASSETS
Total increase (decrease) in net assets		(12,177,410	)		14,504,005
Beginning of year		45,867,523			31,363,518
End of year	$	33,690,113		$	45,867,523

^(a)  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   A N 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 Denmark ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	115.08			$	84.54			$	60.99			$	67.75			$	67.57
Net investment income(a)			1.37				0.76				0.50				0.97				0.90
Net realized and unrealized gain (loss)(b)			(28.97	)			30.62				23.52				(5.99	)			0.77
Net increase (decrease) from investment operations			(27.60	)			31.38				24.02				(5.02	)			1.67
Distributions from net investment income(c)			(1.37	)			(0.84	)			(0.47	)			(1.74	)			(1.49	)
Net asset value, end of year		$	86.11			$	115.08			$	84.54			$	60.99			$	67.75
Total Return(d)
Based on net asset value			(24.07	)%			37.21	%			39.52	%			(7.41	)%			2.58	%
Ratios to Average Net Assets(e)
Total expenses			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Net investment income			1.37	%			0.77	%			0.71	%			1.59	%			1.34	%
Supplemental Data
Net assets, end of year (000)		$	176,516			$	166,868			$	109,899			$	33,544			$	40,649
Portfolio turnover rate(f)			12	%			11	%			21	%			14	%			13	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 MSCI Finland ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	52.00			$	41.34			$	35.63			$	41.83			$	39.79
Net investment income(a)			1.73				1.10				0.85				1.30				1.39
Net realized and unrealized gain (loss)(b)			(16.54	)			10.93				6.25				(5.98	)			2.16
Net increase (decrease) from investment operations			(14.81	)			12.03				7.10				(4.68	)			3.55
Distributions from net investment income(c)			(2.34	)			(1.37	)			(1.39	)			(1.52	)			(1.51	)
Net asset value, end of year		$	34.85			$	52.00			$	41.34			$	35.63			$	41.83
Total Return(d)
Based on net asset value			(28.85	)%			29.37	%			20.61	%			(11.24	)%			9.08	%
Ratios to Average Net Assets(e)
Total expenses			0.57	%			0.55	%			0.53	%			0.53	%			0.53	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.53	%			0.53	%			0.53	%			N/A
Net investment income			4.05	%			2.39	%			2.36	%			3.40	%			3.38	%
Supplemental Data
Net assets, end of year (000)		$	22,652			$	31,198			$	35,139			$	26,725			$	39,735
Portfolio turnover rate(f)			20	%			12	%			22	%			16	%			11	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

48 2 0 2 2   I S H A R E S   A N 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 Germany Small-Cap ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	85.28			$	63.72			$	52.75			$	63.43			$	57.18
Net investment income(a)			1.19				0.99				0.38				1.07				1.33
Net realized and unrealized gain (loss)(b)			(32.86	)			21.79				10.74				(10.06	)			6.19
Net increase (decrease) from investment operations			(31.67	)			22.78				11.12				(8.99	)			7.52
Distributions from net investment income(c)			(1.47	)			(1.22	)			(0.15	)			(1.69	)			(1.27	)
Net asset value, end of year		$	52.14			$	85.28			$	63.72			$	52.75			$	63.43
Total Return(d)
Based on net asset value			(37.52	)%			35.96	%			21.12	%			(14.08	)%			13.22	%
Ratios to Average Net Assets(e)
Total expenses			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net investment income			1.66	%			1.30	%			0.69	%			1.95	%			2.09	%
Supplemental Data
Net assets, end of year (000)		$	23,464			$	42,642			$	31,862			$	36,927			$	60,260
Portfolio turnover rate(f)			27	%			24	%			25	%			13	%			14	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 MSCI Ireland ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	61.21			$	42.50			$	39.39			$	46.25			$	43.80
Net investment income(a)			0.52				0.32				0.43				0.61				0.61
Net realized and unrealized gain (loss)(b)			(18.92	)			18.74				3.34				(6.80	)			2.62
Net increase (decrease) from investment operations			(18.40	)			19.06				3.77				(6.19	)			3.23
Distributions from net investment income(c)			(0.65	)			(0.35	)			(0.66	)			(0.67	)			(0.78	)
Net asset value, end of year		$	42.16			$	61.21			$	42.50			$	39.39			$	46.25
Total Return(d)
Based on net asset value			(30.16	)%			44.90	%			9.59	%			(13.44	)%			7.38	%
Ratios to Average Net Assets(e)
Total expenses			0.50	%			0.50	%			0.51	%			0.49	%			0.47	%
Net investment income			1.02	%			0.62	%			1.06	%			1.49	%			1.31	%
Supplemental Data
Net assets, end of year (000)		$	48,479			$	82,630			$	53,119			$	55,151			$	69,381
Portfolio turnover rate(f)			33	%			40	%			47	%			24	%			20	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kuwait ETF
		Year Ended 08/31/22				Period From
								09/01/20	(a)
						to 08/31/21
Net asset value, beginning of period			$	33.93			$	25.22
Net investment income(b)				0.87				0.66
Net realized and unrealized gain(c)				4.38				8.62
Net increase from investment operations				5.25				9.28
Distributions from net investment income(d)				(2.79	)			(0.57	)
Net asset value, end of period			$	36.39			$	33.93
Total Return(e)
Based on net asset value				16.26	%			37.03	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.74	%			0.74	%(h)
Net investment income				2.42	%			2.24	%(h)
Supplemental Data
Net assets, end of period (000)			$	29,116			$	18,662
Portfolio turnover rate(i)				26	%			16	%(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 MSCI New Zealand ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	63.49			$	60.80			$	51.80			$	49.11			$	46.26
Net investment income(a)			1.06				1.04				1.06				1.58				1.71
Net realized and unrealized gain (loss)(b)			(16.12	)			2.97				9.49				2.70				2.86
Net increase (decrease) from investment operations			(15.06	)			4.01				10.55				4.28				4.57
Distributions from net investment income(c)			(1.43	)			(1.32	)			(1.55	)			(1.59	)			(1.72	)
Net asset value, end of year		$	47.00			$	63.49			$	60.80			$	51.80			$	49.11
Total Return(d)
Based on net asset value			(23.96	)%			6.58	%			20.71	%			9.00	%			10.02	%
Ratios to Average Net Assets(e)
Total expenses			0.50	%			0.50	%			0.51	%			0.50	%			0.47	%
Net investment income			1.95	%			1.64	%			1.96	%			3.16	%			3.58	%
Supplemental Data
Net assets, end of year (000)		$	115,147			$	142,856			$	167,203			$	165,751			$	142,406
Portfolio turnover rate(f)			12	%			16	%			12	%			15	%			14	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

52 2 0 2 2   I S H A R E S   A N 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 Norway ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	28.67			$	22.40			$	22.63			$	27.67			$	25.07
Net investment income(a)			0.97				0.69				0.34				0.67				0.72
Net realized and unrealized gain (loss)(b)			(2.79	)			6.30				(0.15	)			(4.91	)			2.56
Net increase (decrease) from investment operations			(1.82	)			6.99				0.19				(4.24	)			3.28
Distributions from net investment income(c)			(0.93	)			(0.72	)			(0.42	)			(0.80	)			(0.68	)
Net asset value, end of year		$	25.92			$	28.67			$	22.40			$	22.63			$	27.67
Total Return(d)
Based on net asset value			(6.50	)%			31.42	%			1.04	%			(15.42	)%			13.21	%
Ratios to Average Net Assets(e)
Total expenses			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Net investment income			3.39	%			2.61	%			1.58	%			2.66	%			2.67	%
Supplemental Data
Net assets, end of year (000)		$	33,690			$	45,868			$	31,364			$	22,632			$	30,434
Portfolio turnover rate(f)			27	%			12	%			16	%			13	%			13	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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

Notes to Financial Statements  

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
MSCI Denmark	Non-diversified
MSCI Finland	Non-diversified
MSCI Germany Small-Cap	Diversified
MSCI Ireland	Non-diversified
MSCI Kuwait	Non-diversified
MSCI New Zealand	Non-diversified
MSCI Norway	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

54 2 0 2 2   I S H A R E S   A N 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  (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

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 55

Notes to Financial Statements  (continued)

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Denmark
Barclays Capital, Inc.	$	196,946	$	(196,946	)	$	—		$	—
BNP Paribas SA		2,271,899		(2,271,899	)		—			—
Citigroup Global Markets, Inc.		79,999		(79,999	)		—			—
J.P. Morgan Securitiaes LLC		10,104		(10,104	)		—			—
Morgan Stanley		894,119		(894,119	)		—			—
	$	3,453,067	$	(3,453,067	)	$	—		$	—
MSCI Finland
BofA Securities, Inc.	$	18,276	$	(18,276	)	$	—		$	—
J.P. Morgan Securities LLC		30,243		(30,243	)		—			—
Morgan Stanley		70,170		(70,170	)		—			—
	$	118,689	$	(118,689	)	$	—		$	—
MSCI Germany Small-Cap
Barclays Capital, Inc.	$	166,953	$	(166,953	)	$	—		$	—
BNP Paribas SA		23,936		(23,936	)		—			—
BofA Securities, Inc.		207,344		(207,344	)		—			—
Citigroup Global Markets, Inc.		1,540		(1,540	)		—			—
Goldman Sachs & Co. LLC		768,486		(768,486	)		—			—
J.P. Morgan Securities LLC		72,791		(72,791	)		—			—
Morgan Stanley		994,483		(994,483	)		—			—
Scotia Capital (USA), Inc.		60,777		(60,777	)		—			—
UBS AG		44,553		(44,553	)		—			—
	$	2,340,863	$	(2,340,863	)	$	—		$	—
MSCI New Zealand
Morgan Stanley	$	414,117	$	(414,117	)	$	—		$	—

56 2 0 2 2   I S H A R E S   A N 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  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Norway
Barclays Capital, Inc.	$	23,684	$	(23,684	)	$	—		$	—
Goldman Sachs & Co. LLC		36,991		(36,991	)		—			—
Morgan Stanley		693,841		(693,841	)		—			—
	$	754,516	$	(754,516	)	$	—		$	—

^(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 following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI Denmark		0.53%
MSCI Finland		0.53
MSCI Germany Small-Cap		0.59
MSCI Kuwait		0.74
MSCI Norway		0.53

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 57

Notes to Financial Statements  (continued)

For its investment advisory services to each of the iShares MSCI Ireland and iShares MSCI New Zealand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

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

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

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

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

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

iShares ETF	Fees Paid     to BTC
MSCI Denmark	$	9,001
MSCI Finland		914
MSCI Germany Small-Cap		24,359
MSCI New Zealand		17,801
MSCI Norway		6,149

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  (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 year ended August 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 Denmark	$	4,380,804	$	1,360,652	$	(106,164	)
MSCI Finland		2,781,446		1,986,233		(1,040,027	)
MSCI Germany Small-Cap		1,900,399		3,043,072		532,061
MSCI Ireland		1,951,296		2,279,436		(545,808	)
MSCI New Zealand		1,750,101		953,036		(226,808	)
MSCI Norway		368,886		1,189,519		(292,491	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Denmark	$	19,367,811	$	20,693,813
MSCI Finland		5,338,062		5,639,492
MSCI Germany Small-Cap		9,687,989		9,239,987
MSCI Ireland		22,316,000		22,964,149
MSCI Kuwait		13,099,412		5,674,861
MSCI New Zealand		15,163,141		15,981,506
MSCI Norway		13,413,644		12,398,594

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Denmark	$	72,501,210	$	15,225,521
MSCI Finland		25,367,416		22,383,485
MSCI Germany Small-Cap		—		3,013,078
MSCI Ireland		8,972,650		18,041,547
MSCI New Zealand		33,307,842		21,871,496
MSCI Norway		28,723,490		37,268,459

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 August 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  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to certain deemed distributions, undistributed capital gains and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated   Earnings (Loss)
MSCI Denmark	$	3,371,669		$	(3,371,669	)
MSCI Finland		(940,033	)		940,033
MSCI Germany Small-Cap		285,082			(285,082	)
MSCI Ireland		5,253,236			(5,253,236	)
MSCI Kuwait		102,935			(102,935	)
MSCI New Zealand		437,575			(437,575	)
MSCI Norway		6,224,135			(6,224,135	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Denmark
Ordinary income	$	2,119,208	$	1,262,684
MSCI Finland
Ordinary income	$	1,184,601	$	1,012,192
MSCI Germany Small-Cap
Ordinary income	$	680,980	$	638,366
MSCI Ireland
Ordinary income	$	817,439	$	400,086

iShares ETF	Year Ended 08/31/22		Period Ended 08/31/21
MSCI Kuwait
Ordinary income	$	1,532,424	$	314,726

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI New Zealand
Ordinary income	$	3,416,129	$	3,787,802
MSCI Norway
Ordinary income	$	1,471,431	$	908,885

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
MSCI Denmark	$	91,295	$	—	$	(3,263,163	)	$	(18,457,884	)	$	—		$	(21,629,752	)
MSCI Finland		2,164		—		(4,540,781	)		(6,593,108	)		—			(11,131,725	)
MSCI Germany Small-Cap		68,385		—		(1,407,194	)		(11,837,330	)		—			(13,176,139	)
MSCI Ireland		—		—		(13,345,548	)		(5,991,071	)		(171,484	)		(19,508,103	)
MSCI Kuwait		516,266		551,923		—			4,856,185			—			5,924,374
MSCI New Zealand		—		—		(30,477,459	)		(33,609,622	)		(718,651	)		(64,805,732	)
MSCI Norway		80,735		—		(10,926,515	)		(5,189,141	)		—			(16,034,921	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended August 31, 2022, the iShares MSCI Germany Small-Cap ETF utilized $222,218 of its capital loss carryforwards.

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Notes to Financial Statements  (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 August 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 Denmark	$	197,131,506	$	15,806,750	$	(34,118,020	)	$	(18,311,270	)
MSCI Finland		29,105,972		7,361		(6,555,310	)		(6,547,949	)
MSCI Germany Small-Cap		37,733,635		1,310,849		(13,147,352	)		(11,836,503	)
MSCI Ireland		54,401,565		2,516,918		(8,502,191	)		(5,985,273	)
MSCI Kuwait		24,227,216		5,042,302		(186,076	)		4,856,226
MSCI New Zealand		149,140,794		2,559,166		(36,167,082	)		(33,607,916	)
MSCI Norway		39,647,692		2,341,923		(7,528,037	)		(5,186,114	)

9. LINE OF CREDIT

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

During the year ended August 31, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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. Although vaccines have been developed and approved for use by various governments, 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.

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  (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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 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.

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Notes to Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Denmark
Shares sold		750,000		$	73,265,705			1,000,000		$	91,288,280
Shares redeemed		(150,000	)		(15,357,477	)		(850,000	)		(83,752,792	)
		600,000		$	57,908,228			150,000		$	7,535,488
MSCI Finland
Shares sold		600,000		$	25,593,046			350,000		$	15,197,344
Shares redeemed		(550,000	)		(22,696,262	)		(600,000	)		(27,150,118	)
		50,000		$	2,896,784			(250,000	)	$	(11,952,774	)
MSCI Germany Small-Cap
Shares sold		—		$	—			100,000		$	7,312,000
Shares redeemed		(50,000	)		(3,365,971	)		(100,000	)		(7,531,216	)
		(50,000	)	$	(3,365,971	)		—		$	(219,216	)
MSCI Ireland
Shares sold		150,000		$	9,005,153			200,000		$	11,938,016
Shares redeemed		(350,000	)		(18,103,690	)		(100,000	)		(5,074,189	)
		(200,000	)	$	(9,098,537	)		100,000		$	6,863,827

	Year Ended 08/31/22						Period Ended 08/31/21
iShares ETF	Shares			Amount			Shares		Amount
MSCI Kuwait
Shares sold		300,000		$	10,365,554			550,000	$	14,553,456
Shares redeemed		(50,000	)		(1,830,377	)		—		—
		250,000		$	8,535,177			550,000	$	14,553,456

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI New Zealand
Shares sold		650,000		$	33,480,693			1,100,000		$	70,195,179
Shares redeemed		(450,000	)		(21,888,191	)		(1,600,000	)		(101,220,800	)
		200,000		$	11,592,502			(500,000	)	$	(31,025,621	)
MSCI Norway
Shares sold		1,150,000		$	33,999,245			700,000		$	19,084,489
Shares redeemed		(1,450,000	)		(41,806,342	)		(500,000	)		(10,512,298	)
		(300,000	)	$	(7,807,097	)		200,000		$	8,572,191

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

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Finland ETF is 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

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  (continued)

has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the seven funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Denmark ETF⁽¹⁾

iShares MSCI Finland ETF⁽¹⁾

iShares MSCI Germany Small-Cap ETF⁽¹⁾

iShares MSCI Ireland ETF⁽¹⁾

iShares MSCI Kuwait ETF⁽²⁾

iShares MSCI New Zealand ETF⁽¹⁾

iShares MSCI Norway ETF⁽¹⁾

⁽¹⁾ Statements of operations for the year ended August 31, 2022 and statements of changes in net assets for each of the two years in the period ended August 31, 2022.

⁽²⁾ Statement of operations for the year ended August 31, 2022, and statements of changes in net assets for the year ended August 31, 2022 and the period September 1, 2020 (commencement of operations) to August 31, 2021.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 65

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
MSCI Denmark	$	3,535,328
MSCI Finland		1,133,801
MSCI Germany Small-Cap		669,805
MSCI Ireland		1,014,850
MSCI New Zealand		3,174,717
MSCI Norway		2,066,301

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2022:

iShares ETF	20% Rate Long-Term     Capital Gain Dividends
MSCI Kuwait	$	10,117

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source   Income Earned		Foreign        Taxes Paid
MSCI Denmark	$	3,543,882	$	525,837
MSCI Finland		1,161,899		—
MSCI Germany Small-Cap		765,073		81,442
MSCI Ireland		1,063,790		24,465
MSCI Kuwait		674,859		—
MSCI New Zealand		3,551,084		529,595
MSCI Norway		2,270,627		508,329

66 2 0 2 2   I S H A R E S   A N 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

iShares MSCI Denmark ETF, iShares MSCI Norway ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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 67

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Finland ETF, iShares MSCI Kuwait ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

68 2 0 2 2   I S H A R E S   A N 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)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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 69

Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Germany Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

70 2 0 2 2   I S H A R E S   A N 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)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Ireland ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI New Zealand ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 Denmark(a)	$	1.308073	$	—	$	0.058240	$	1.366313		96	%		—	%		4	%		100	%
MSCI Finland(a)		2.338422		—		0.001524		2.339946		100			—			0	(b)		100
MSCI Germany Small-Cap(a)		1.368334		—		0.103416		1.471750		93			—			7			100
MSCI Ireland(a)		0.616824		—		0.031751		0.648575		95			—			5			100
MSCI Kuwait(a)		2.374096		—		0.412129		2.786225		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%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L   I N F O R M A T I O N 77

Trustee and Officer Information (unaudited) 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 79

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 81

Glossary of Terms Used in this Report

Portfolio Abbreviations
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-AR-808-0822

        

AUGUST 31, 2022

2022 Annual Report

iShares Trust

·  iShares MSCI India ETF | INDA | Cboe BZX

·  iShares MSCI India Small-Cap ETF | SMIN | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		20
Consolidated Statements of Operations		21
Consolidated Statements of Changes in Net Assets		22
Consolidated Financial Highlights		23
Notes to Financial Statements		25
Report of Independent Registered Public Accounting Firm		32
Important Tax Information		33
Board Review and Approval of Investment Advisory Contract		34
Supplemental Information		38
Trustee and Officer Information		40
General Information		43
Glossary of Terms Used in this Report		44

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summary as of August 31, 2022 iShares^® MSCI India ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.79	)%(a)		6.78	%		8.19	%		(5.79	)%(a)		38.83	%		119.81	%
Fund Market		(5.73	)		6.77			8.15			(5.73	)		38.73			118.93
Index		(3.17	)		8.61			9.47			(3.17	)		51.10			147.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning      Account Value      (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning    Account Value    (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          987.20	$        3.61			$      1,000.00	$      1,021.60	$        3.67		0.72	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI India ETF

Portfolio Management Commentary

Indian equities declined during the reporting period as inflation weakened the country’s recovery from the coronavirus pandemic, which slowed economic growth well into 2021. Early in the reporting period, Indian stocks advanced as accommodative monetary policy increased liquidity and, despite a resurgence of COVID-19 cases, India’s economic growth was among the world’s strongest as domestic demand improved and foreign inflows rose. Later in the reporting period, rising commodities prices and India’s heavy reliance on imported oil helped drive inflation, raising concerns about an economic slowdown despite strong growth data. Foreign outflows surged. Unemployment remained high and the central bank started to tighten monetary policy.

The information technology sector was the largest detractor from the Index’s return. The IT services industry, which benefited from the increasing role of digital technology in business as companies pursued digitization and increased demand for outsourced services, declined sharply late in the reporting period as higher costs weighed on profits, leading to uncertainty about the sustainability of demand after the pandemic-related surge in technology spending.

The financials sector also detracted from the Index’s return. Thrifts and mortgage financing companies declined despite strong loan, profit, and earnings growth, improving asset quality, and lower provisioning costs. However, relatively low overall asset quality and persistent inflation weighed on investor sentiment, especially after the Russian invasion of Ukraine and resulting sanctions dimmed the economic outlook for Russia’s major trading partners, including India.

In contrast, the utilities sector contributed substantially to the Index’s return. Electricity demand rose sharply and the supply of coal failed to keep pace, raising power prices. A series of companies under a multi-sector conglomerate with roots in commodities trading drove gains, rallying sharply as the conglomerate continued to expand.

Automobiles stocks in the consumer discretionary sector also drove contribution. Demand for vehicles increased and supply chain issues showed signs of easing, driving strong sales growth.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Financials	24.4%
Information Technology	14.8
Energy	12.8
Materials	9.3
Consumer Staples	9.2
Consumer Discretionary	8.9
Utilities	7.1
Industrials	5.6
Health Care	4.6
Communication Services	2.7
Real Estate	0.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Reliance Industries Ltd.	10.8%
Infosys Ltd.	6.7
ICICI Bank Ltd.	6.1
Housing Development Finance Corp. Ltd.	5.6
Tata Consultancy Services Ltd.	3.9
Hindustan Unilever Ltd.	2.9
Bajaj Finance Ltd.	2.6
Axis Bank Ltd.	2.3
Bharti Airtel Ltd.	2.2
Larsen & Toubro Ltd.	1.8

^(a) Excludes money market funds.

6 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® MSCI India Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns							Cumulative Total Returns
	1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(4.78	)%(a)		4.73	%	11.26%		(4.78	)%(a)		25.99	%	190.69%
Fund Market		(5.48	)		4.62		11.13		(5.48	)		25.36		187.35
Index		(3.03	)		6.57		12.66		(3.03	)		37.46		229.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning      Account Value      (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning    Account Value    (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized     Expense     Ratio
	$       1,000.00	$          989.80	$        3.71			$      1,000.00	$      1,021.50	$        3.77		0.74%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summary as of August 31, 2022(continued) iShares^® MSCI India Small-Cap ETF

Portfolio Management Commentary

Indian small-capitalization equities declined during the reporting period as inflation weakened the country’s recovery from the coronavirus pandemic. Early in the reporting period, Indian stocks advanced as accommodative monetary policy increased liquidity and, despite a resurgence of COVID-19 cases, India’s economic growth was among the world’s strongest as domestic demand improved. Later in the reporting period, rising commodities prices and India’s heavy reliance on imported oil helped drive inflation, raising concerns about an economic slowdown. Small-capitalization stocks are generally more sensitive to economic and market shifts, and inflation tends to pressure their margins more than larger peers.

The healthcare sector was the largest detractor from the Index’s return, led by the pharmaceuticals industry. Rising costs pressured margins, leading to analyst downgrades and lowered guidance. COVID-19 test demand waned along with case numbers, weighing on sector earnings.

In the materials sector, which also detracted substantially from the Index’s return, construction materials and chemicals stocks declined amid rising costs. Concerns surrounding global growth also weighed on the sector.

In contrast, the industrials sector was a leading contributor to the Index’s return as manufacturing activity continued to rebound from the pandemic. Capital goods stocks benefited from rising business spending and strong order volumes, while fewer public health restrictions led to a resurgence of demand in the commercial and professional services industry.

The utilities sector also contributed to the Index’s return as regulatory issues receded. Electricity demand rose sharply and the supply of coal failed to keep pace, raising the price of power and coal. The real estate sector also bolstered the Index’s return, with stocks advancing as residential sales volumes rose and price increases outweighed increasing costs, while commercial developers benefited from reopening demand.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Materials	19.2%
Industrials	18.3
Consumer Discretionary	16.2
Financials	15.4
Health Care	9.2
Information Technology	6.7
Communication Services	4.9
Real Estate	4.3
Consumer Staples	2.7
Utilities	2.2
Energy	0.9

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Crompton Greaves Consumer Electricals Ltd.	1.3%
Tube Investments of India Ltd.	1.3
Ashok Leyland Ltd.	1.2
Indian Hotels Co. Ltd. (The)	1.2
Zee Entertainment Enterprises Ltd.	1.2
Voltas Ltd.	1.2
Laurus Labs Ltd.	1.1
Astral Ltd.	1.0
Max Healthcare Institute Ltd.	1.0
TVS Motor Co. Ltd.	1.0

^(a) Excludes money market funds.

8 2 0 2 2   I S H A R E S   A N 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

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

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Bharat Electronics Ltd.		5,498,134	$	21,008,272
Airlines — 0.3%
InterGlobe Aviation Ltd.(a)(b)		434,584		10,852,640
Auto Components — 0.9%
Balkrishna Industries Ltd.		348,972		8,864,963
Bharat Forge Ltd.		1,155,646		10,638,498
MRF Ltd.		8,607		9,174,382
Samvardhana Motherson International Ltd.		6,112,204		9,322,761
				38,000,604
Automobiles — 5.4%
Bajaj Auto Ltd.		313,407		15,963,027
Eicher Motors Ltd.		616,969		25,749,347
Hero MotoCorp Ltd.		495,960		17,470,286
Mahindra & Mahindra Ltd.		3,924,677		63,699,979
Maruti Suzuki India Ltd.		544,941		61,467,930
Tata Motors Ltd.(b)		7,488,372		43,609,224
				227,959,793
Banks — 11.7%
AU Small Finance Bank Ltd.(a)		748,146		5,883,597
Axis Bank Ltd.		10,249,570		95,520,749
Bandhan Bank Ltd.(a)		2,888,209		9,967,722
ICICI Bank Ltd.		23,198,848		254,383,367
Kotak Mahindra Bank Ltd.		2,507,269		59,482,875
State Bank of India		8,055,299		53,035,843
Yes Bank Ltd.(b)		50,882,548		10,429,153
				488,703,306
Beverages — 0.3%
United Spirits Ltd.(b)		1,311,718		13,258,688
Biotechnology — 0.2%
Biocon Ltd.		1,883,237		7,286,670
Chemicals — 3.9%
Asian Paints Ltd.		1,729,954		72,829,023
Berger Paints India Ltd.		1,096,354		9,169,202
PI Industries Ltd.		342,168		14,630,844
Pidilite Industries Ltd.		687,999		23,485,190
SRF Ltd.		668,866		21,107,947
UPL Ltd.		2,200,360		21,075,166
				162,297,372
Commercial Services & Supplies — 0.2%
Indian Railway Catering & Tourism Corp. Ltd.		1,083,112		9,500,391
Construction & Engineering — 1.8%
Larsen & Toubro Ltd.		3,105,165		74,111,700
Construction Materials — 2.4%
ACC Ltd.		339,054		9,715,386
Ambuja Cements Ltd.		2,688,338		13,785,358
Grasim Industries Ltd.		1,184,773		24,692,368
Shree Cement Ltd.		48,847		13,409,496
UltraTech Cement Ltd.		455,653		37,880,651
				99,483,259
Consumer Finance — 3.9%
Bajaj Finance Ltd.		1,224,588		110,520,658
Cholamandalam Investment and Finance Co. Ltd.		1,852,507		18,149,209
Muthoot Finance Ltd.		542,289		7,104,675

Security	Shares		Value
Consumer Finance (continued)
SBI Cards & Payment Services Ltd.		1,064,092	$	12,201,164
Shriram Transport Finance Co. Ltd.		854,591		14,343,720
				162,319,426
Diversified Financial Services — 6.5%
Bajaj Finserv Ltd.		172,351		36,132,558
Housing Development Finance Corp. Ltd.		7,768,139		235,183,615
Piramal Enterprises Ltd.		3,588		47,343
				271,363,516
Diversified Telecommunication Services — 0.2%
Indus Towers Ltd.		3,043,533		7,568,515
Electric Utilities — 2.9%
Adani Transmission Ltd.(b)		1,257,691		61,675,287
Power Grid Corp. of India Ltd.		14,156,385		40,530,738
Tata Power Co. Ltd. (The)		6,489,216		19,028,748
				121,234,773
Electrical Equipment — 0.5%
Havells India Ltd.		1,130,512		19,571,033
Food & Staples Retailing — 1.0%
Avenue Supermarts Ltd.(a)(b)		730,351		41,054,660
Food Products — 2.4%
Britannia Industries Ltd.		489,158		22,888,371
Marico Ltd.		2,329,578		15,293,356
Nestle India Ltd.		152,284		37,915,498
Tata Consumer Products Ltd.		2,495,360		25,220,763
				101,317,988
Gas Utilities — 1.8%
Adani Total Gas Ltd.		1,240,010		57,830,903
GAIL India Ltd.		7,013,758		11,913,765
Indraprastha Gas Ltd.		1,418,256		7,415,100
				77,159,768
Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		454,221		24,404,559
Hotels, Restaurants & Leisure — 0.3%
Jubilant Foodworks Ltd.		1,786,713		13,609,817
Independent Power and Renewable Electricity Producers — 2.3%
Adani Green Energy Ltd.(b)		1,428,767		43,171,392
Adani Power Ltd.(b)		3,481,249		17,777,520
NTPC Ltd.		17,491,741		35,855,583
				96,804,495
Industrial Conglomerates — 0.3%
Siemens Ltd.		321,420		11,540,420
Insurance — 2.2%
HDFC Life Insurance Co. Ltd.(a)		4,290,181		30,744,321
ICICI Lombard General Insurance Co. Ltd.(a)		1,085,527		17,437,374
ICICI Prudential Life Insurance Co. Ltd.(a)		1,621,625		11,971,486
SBI Life Insurance Co. Ltd.(a)		2,031,404		33,570,443
				93,723,624
Interactive Media & Services — 0.4%
Info Edge India Ltd.		319,659		17,195,396
Internet & Direct Marketing Retail — 0.2%
Zomato Ltd.(b)		10,660,074		7,620,092
IT Services — 14.4%
HCL Technologies Ltd.		4,895,349		56,941,897

10 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® MSCI India ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Infosys Ltd.		15,180,141	$	279,786,551
Larsen & Toubro Infotech Ltd.(a)		237,271		13,577,439
Mindtree Ltd.		260,193		10,587,242
Mphasis Ltd.		381,287		10,030,695
Tata Consultancy Services Ltd.		4,125,494		164,531,239
Tech Mahindra Ltd.		2,629,870		35,039,146
Wipro Ltd.		6,164,834		31,565,069
				602,059,278
Life Sciences Tools & Services — 0.6%
Divi’s Laboratories Ltd.		599,023		27,045,146
Metals & Mining — 3.0%
Hindalco Industries Ltd.		6,061,605		32,875,718
Jindal Steel & Power Ltd.		1,842,277		9,912,781
JSW Steel Ltd.		3,260,477		27,039,578
Tata Steel Ltd.		33,069,035		44,398,564
Vedanta Ltd.		3,346,643		11,215,970
				125,442,611
Oil, Gas & Consumable Fuels — 12.8%
Bharat Petroleum Corp. Ltd.		3,903,567		15,990,523
Coal India Ltd.		6,953,050		20,316,718
Hindustan Petroleum Corp. Ltd.		2,882,374		8,748,709
Indian Oil Corp. Ltd.		12,745,754		11,373,145
Oil & Natural Gas Corp. Ltd.		11,354,893		19,656,608
Petronet LNG Ltd.		3,384,725		9,337,639
Reliance Industries Ltd.		13,729,555		449,780,838
				535,204,180
Personal Products — 4.2%
Colgate-Palmolive India Ltd.		552,357		11,597,803
Dabur India Ltd.		2,792,394		20,360,221
Godrej Consumer Products Ltd.(b)		1,845,940		21,263,165
Hindustan Unilever Ltd.		3,708,752		122,781,801
				176,002,990
Pharmaceuticals — 3.2%
Aurobindo Pharma Ltd.		1,190,720		8,106,693
Cipla Ltd.		2,184,667		28,309,637
Dr. Reddy’s Laboratories Ltd.		525,242		27,757,085
Lupin Ltd.		923,497		7,717,149
Piramal Pharma Ltd., NVS		2,143,944		5,759,859
Sun Pharmaceutical Industries Ltd.		4,328,203		48,303,678
Torrent Pharmaceuticals Ltd.		458,209		8,853,867
				134,807,968
Real Estate Management & Development — 0.6%
DLF Ltd.		2,792,744		13,490,426
Godrej Properties Ltd.(b)		564,541		9,846,582
				23,337,008

Security	Shares		Value
Road & Rail — 0.2%
Container Corp. of India Ltd.		1,237,368	$	10,733,530
Software — 0.4%
Tata Elxsi Ltd.		154,567		17,241,007
Specialty Retail — 0.3%
Trent Ltd.		818,191		14,310,230
Textiles, Apparel & Luxury Goods — 1.7%
Page Industries Ltd.		27,682		17,636,672
Titan Co. Ltd.		1,601,533		51,896,543
				69,533,215
Tobacco — 1.3%
ITC Ltd.		13,338,413		53,304,027
Trading Companies & Distributors — 1.2%
Adani Enterprises Ltd.		1,285,324		51,006,474
Transportation Infrastructure — 0.6%
Adani Ports & Special Economic Zone Ltd.		2,381,650		24,918,013
Wireless Telecommunication Services — 2.1%
Bharti Airtel Ltd.		9,907,410		89,745,700
Total Long-Term Investments — 99.7% (Cost: $3,997,305,344)				4,173,642,154
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		39,580,000		39,580,000
Total Short-Term Securities — 1.0% (Cost: $39,580,000)				39,580,000
Total Investments in Securities — 100.7% (Cost: $4,036,885,344)				4,213,222,154
Liabilities in Excess of Other Assets — (0.7)%				(27,603,849	)
Net Assets — 100.0%			$	4,185,618,305

^(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.

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(continued) August 31, 2022 iShares^® MSCI India ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	138,250,000	$	—		$(98,670,000)	(a)	$	—	$	—	$	39,580,000		39,580,000	$	437,827	$	—

^(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
SGX Nifty 50 Index		543		09/29/22	$	18,713	$	(452,971	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	452,971	$	—	$	—	$	—	$	452,971

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,519,502	)	$	—	$	—	$	—	$	(2,519,502	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(520,405	)	$	—	$	—	$	—	$	(520,405	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	16,075,950

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   A N 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(continued) August 31, 2022 iShares^® MSCI India 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	$	—	$	4,173,642,154		$	—	$	4,173,642,154
Money Market Funds		39,580,000		—			—		39,580,000
	$	39,580,000	$	4,173,642,154		$	—	$	4,213,222,154
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(452,971	)	$	—	$	(452,971	)

^(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

Consolidated Schedule of Investments August 31, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Bharat Dynamics Ltd.		48,827	$	496,848
Air Freight & Logistics — 0.6%
Allcargo Logistics Ltd.		81,147		360,513
Blue Dart Express Ltd.		6,374		680,174
Mahindra Logistics Ltd.(a)		43,922		263,944
TCI Express Ltd.		15,251		335,738
Transport Corp. of India Ltd.		30,427		270,673
				1,911,042
Airlines — 0.1%
SpiceJet Ltd.(b)		327,337		188,554
Auto Components — 5.0%
Apollo Tyres Ltd.		422,983		1,319,656
Asahi India Glass Ltd.		80,597		639,743
Ceat Ltd.		29,563		512,134
Endurance Technologies Ltd.(a)		37,413		698,402
Exide Industries Ltd.		509,178		1,016,777
Mahindra CIE Automotive Ltd.		151,499		517,580
Minda Corp. Ltd.		77,679		217,193
Motherson Sumi Wiring India Ltd.		1,682,572		1,709,456
Sundaram Clayton Ltd.		6,749		397,917
Sundram Fasteners Ltd.		125,953		1,313,456
Suprajit Engineering Ltd.		91,379		386,557
Tube Investments of India Ltd.		141,357		3,985,659
UNO Minda Ltd.		228,271		1,638,676
Varroc Engineering Ltd.(a)(b)		51,934		221,980
ZF Commercial Vehicle Control Systems India Ltd.		6,309		758,228
				15,333,414
Automobiles — 1.0%
TVS Motor Co. Ltd.		253,131		3,098,621
Banks — 3.7%
Canara Bank		483,291		1,441,251
City Union Bank Ltd.		482,329		1,079,390
Equitas Small Finance Bank Ltd.(a)(b)		510,394		290,378
Federal Bank Ltd.		2,073,326		3,006,769
IDFC First Bank Ltd.(b)		4,058,614		2,470,502
Indian Bank		331,790		798,419
Karur Vysya Bank Ltd. (The)		521,196		442,796
RBL Bank Ltd.(a)(b)		590,937		892,008
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,554,476)(b)(c)		4,044,378		791,013
				11,212,526
Beverages — 0.5%
Radico Khaitan Ltd.		106,834		1,391,043
Building Products — 2.1%
Astral Ltd.		120,433		3,131,512
Blue Star Ltd.		76,854		1,054,327
Cera Sanitaryware Ltd.		6,026		375,517
Kajaria Ceramics Ltd.		106,031		1,537,540
Prince Pipes and Fittings Ltd.		51,238		373,474
				6,472,370
Capital Markets — 3.6%
Angel One Ltd.		33,411		537,831
BSE Ltd.		88,416		715,489
Central Depository Services India Ltd.		68,206		1,053,141
CRISIL Ltd.		19,453		795,350
Dhani Services Ltd.(b)		342,442		276,559

Security	Shares		Value
Capital Markets (continued)
Edelweiss Financial Services Ltd.		689,166	$	521,987
ICICI Securities Ltd.(a)		107,423		669,603
IDFC Ltd.		1,488,538		1,268,038
IIFL Wealth Management Ltd.		47,292		987,457
Indian Energy Exchange Ltd.(a)		584,826		1,165,529
JM Financial Ltd.		578,437		459,325
Motilal Oswal Financial Services Ltd.		49,513		474,574
Multi Commodity Exchange of India Ltd.		33,184		531,651
Nippon Life India Asset Management Ltd.(a)		165,074		620,746
Tata Investment Corp. Ltd.		20,095		401,845
UTI Asset Management Co. Ltd.		59,054		605,366
				11,084,491
Chemicals — 13.7%
Aarti Industries Ltd.		265,574		2,740,576
Advanced Enzyme Technologies Ltd.		60,780		203,562
Akzo Nobel India Ltd.		12,042		292,120
Alkyl Amines Chemicals		16,966		626,297
Atul Ltd.		19,705		2,253,706
Balaji Amines Ltd.		13,030		559,198
BASF India Ltd.		14,500		599,137
Bayer CropScience Ltd.		17,959		1,224,507
Carborundum Universal Ltd.		139,104		1,464,016
Castrol India Ltd.		527,012		750,441
Chambal Fertilisers and Chemicals Ltd.		221,036		962,652
Chemplast Sanmar Ltd.(b)		95,098		498,568
Clean Science and Technology		28,299		609,602
Coromandel International Ltd.		156,377		2,053,113
Deepak Fertilisers & Petrochemicals Corp. Ltd.		72,082		814,736
Deepak Nitrite Ltd.		90,839		2,229,130
EID Parry India Ltd.		106,302		703,222
Fine Organic Industries Ltd.		10,187		784,839
Finolex Industries Ltd.		332,755		628,669
Galaxy Surfactants Ltd.		14,168		579,125
GHCL Ltd.		82,959		616,995
Gujarat Alkalies & Chemicals Ltd.		24,075		265,539
Gujarat Fluorochemicals Ltd.		36,581		1,516,694
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		103,510		963,277
Gujarat State Fertilizers & Chemicals Ltd.		265,390		520,373
Indigo Paints Ltd.		12,528		261,637
Jubilant Ingrevia Ltd.		95,708		555,722
Kansai Nerolac Paints Ltd.		179,463		1,132,664
Laxmi Organic Industries Ltd.		87,191		357,134
Linde India Ltd.		28,400		1,212,194
Navin Fluorine International Ltd.		42,904		2,286,066
NOCIL Ltd.		131,831		432,472
PCBL Ltd.		224,595		383,873
Polyplex Corporation Ltd.		21,013		562,092
Privi Specility Chemical Ltd.		10,626		183,760
Rain Industries Ltd.		246,410		606,681
Rallis India Ltd.		103,900		292,205
Rashtriya Chemicals & Fertilizers Ltd.		187,512		230,653
Rossari Biotech Ltd.		17,948		219,763
Sharda Cropchem Ltd.		36,801		237,608
Solar Industries India Ltd.		36,160		1,503,913
Sumitomo Chemical India Ltd.		132,974		811,909
Supreme Industries Ltd.		84,601		2,076,470
Supreme Petrochem Ltd.		43,752		425,900
Tata Chemicals Ltd.		186,684		2,623,386

14 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Vinati Organics Ltd.(b)		34,106	$	935,971
				41,792,167
Commercial Services & Supplies — 0.1%
SIS Ltd.(b)		48,258		272,625
Communications Equipment — 0.4%
Sterlite Technologies Ltd.		238,462		508,464
Tejas Networks Ltd.(a)(b)		80,691		613,091
				1,121,555
Construction & Engineering — 2.9%
Dilip Buildcon Ltd.(a)		59,572		178,304
Engineers India Ltd.		333,618		282,628
IRB Infrastructure Developers Ltd.		160,881		472,443
Kalpataru Power Transmission Ltd.		90,457		460,977
KEC International Ltd.		171,122		868,701
KNR Constructions Ltd.		187,305		607,608
NBCC India Ltd.		832,881		356,344
NCC Ltd./India		526,921		457,491
PNC Infratech Ltd.		153,772		542,465
Praj Industries Ltd.		146,794		763,492
Sterling and Wilson Renewable Energy Ltd.(b)		51,752		190,994
Voltas Ltd.		286,484		3,567,187
				8,748,634
Construction Materials — 2.5%
Birla Corp. Ltd.		36,148		437,236
Dalmia Bharat Ltd.		99,831		1,910,338
HeidelbergCement India Ltd.		77,026		183,677
India Cements Ltd. (The)		164,328		465,301
JK Cement Ltd.		46,315		1,563,510
JK Lakshmi Cement Ltd.		79,149		465,108
Nuvoco Vistas Corp. Ltd.(b)		142,722		638,711
Prism Johnson Ltd.(b)		164,873		258,923
Ramco Cements Ltd. (The)		141,636		1,336,430
Rhi Magnesita India Ltd.		53,292		391,845
				7,651,079
Consumer Finance — 2.3%
Cholamandalam Financial Holdings Ltd.		125,039		1,044,067
CreditAccess Grameen Ltd.(b)		62,304		771,217
Mahindra & Mahindra Financial Services Ltd.		739,044		1,882,263
Manappuram Finance Ltd.		676,448		888,694
MAS Financial Services Ltd.(a)		21,122		197,660
Paisalo Digital Ltd.		316,248		295,917
Poonawalla Fincorp Ltd.		305,684		1,155,763
Shriram City Union Finance Ltd.		31,172		740,975
				6,976,556
Containers & Packaging — 0.1%
EPL Ltd.		188,221		400,040
Diversified Financial Services — 2.0%
Aditya Birla Capital Ltd.(b)		611,556		863,774
L&T Finance Holdings Ltd.		988,986		971,338
Piramal Enterprises Ltd.		158,128		2,086,479
REC Ltd.		1,578,377		2,143,139
				6,064,730
Diversified Telecommunication Services — 1.3%
HFCL Ltd.		916,818		841,842
Tata Communications Ltd.		151,850		2,270,928
Tata Teleservices Maharashtra Ltd.(b)		650,862		888,342
				4,001,112

Security	Shares		Value
Electric Utilities — 0.7%
CESC Ltd.		794,558	$	806,491
Torrent Power Ltd.		192,057		1,393,942
				2,200,433
Electrical Equipment — 3.6%
Amara Raja Batteries Ltd.		125,139		793,860
Bharat Heavy Electricals Ltd.(b)		1,159,544		847,102
CG Power and Industrial Solutions Ltd.(b)		768,225		2,139,106
Finolex Cables Ltd.		81,385		467,299
Graphite India Ltd.		90,999		465,932
HEG Ltd.		17,726		277,280
Hitachi Energy India Ltd.		14,178		660,298
KEI Industries Ltd.		78,014		1,421,653
Olectra Greentech Ltd.(b)		54,491		418,857
Polycab India Ltd.		59,783		1,833,693
Suzlon Energy Ltd.(b)		6,077,889		616,980
Triveni Turbine Ltd.		109,887		279,831
V-Guard Industries Ltd.		231,573		654,825
				10,876,716
Electronic Equipment, Instruments & Components — 0.4%
Redington India Ltd.		728,635		1,359,539
Entertainment — 0.8%
Chennai Super Kings Cricket Ltd.(d)		206,787		26
Inox Leisure Ltd.(b)		88,933		557,003
Nazara Technologies Ltd.(b)		22,294		181,508
PVR Ltd.(b)		60,957		1,384,785
Saregama India Ltd.		90,568		452,981
				2,576,303
Equity Real Estate Investment Trusts (REITs) — 1.4%
Brookfield India Real Estate Trust(a)		155,640		655,261
Embassy Office Parks REIT		568,179		2,587,372
Mindspace Business Parks REIT(a)		197,478		914,678
				4,157,311
Food & Staples Retailing — 0.1%
Medplus Health Services Ltd.(b)		47,593		435,787
Food Products — 1.2%
Avanti Feeds Ltd.		53,857		311,252
Balrampur Chini Mills Ltd.		163,071		711,171
Bombay Burmah Trading Co.		22,953		259,852
CCL Products India Ltd.		98,450		588,958
Gujarat Ambuja Exports Ltd.		90,833		309,448
Kaveri Seed Co. Ltd.		27,333		155,656
Shree Renuka Sugars Ltd.(b)		850,557		493,793
Triveni Engineering & Industries Ltd.		95,312		278,763
Zydus Wellness Ltd.		21,130		422,738
				3,531,631
Gas Utilities — 1.1%
Gujarat Gas Ltd.		229,237		1,348,946
Gujarat State Petronet Ltd.		375,770		1,132,482
Mahanagar Gas Ltd.		72,366		786,307
				3,267,735
Health Care Equipment & Supplies — 0.1%
Poly Medicure Ltd.		38,020		403,841
Health Care Providers & Services — 3.2%
Aster DM Healthcare Ltd.(a)(b)		164,793		454,429
Dr Lal PathLabs Ltd.(a)		49,962		1,591,720
Fortis Healthcare Ltd.(b)		603,371		2,212,882

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

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

Security	Shares		Value
Health Care Providers & Services (continued)
Krishna Institute Of Medical Sciences Ltd.(a)(b)		37,309	$	560,456
Max Healthcare Institute Ltd.(b)		645,786		3,121,008
Metropolis Healthcare Ltd.(a)		33,997		605,915
Narayana Hrudayalaya Ltd.		95,285		833,080
Thyrocare Technologies Ltd.(a)		21,581		166,672
Vijaya Diagnostic Centre Pvt Ltd.(b)		55,451		245,229
				9,791,391
Hotels, Restaurants & Leisure — 2.7%
Chalet Hotel Ltd.(b)		81,011		325,036
Delta Corp. Ltd.		84,044		219,584
Devyani International Ltd.(b)		320,946		730,864
Easy Trip Planners Ltd.		57,021		275,653
EIH Ltd.(b)		210,165		418,548
Indian Hotels Co. Ltd. (The)		1,040,600		3,682,277
Lemon Tree Hotels Ltd.(a)(b)		579,365		501,776
Mahindra Holidays & Resorts India Ltd.(b)		81,811		267,677
Restaurant Brands Asia Ltd.(b)		361,858		593,021
Sapphire Foods India Ltd.(b)		29,607		493,475
Westlife Development Ltd.(b)		94,070		757,517
				8,265,428
Household Durables — 3.6%
Amber Enterprises India Ltd.(b)		22,372		629,631
Bajaj Electricals Ltd.		61,206		943,779
Crompton Greaves Consumer Electricals Ltd.		801,773		4,079,712
Dixon Technologies India Ltd.		39,522		2,009,709
Johnson Controls-Hitachi Air Conditioning India Ltd.(b)		9,072		180,471
Orient Electric Ltd.		168,831		547,234
Sheela Foam Ltd.(b)		19,494		726,831
Symphony Ltd.		23,001		267,993
TTK Prestige Ltd.		55,348		662,363
Whirlpool of India Ltd.		42,249		960,500
				11,008,223
Household Products — 0.2%
Jyothy Labs Ltd.		195,728		461,413
Independent Power and Renewable Electricity Producers — 0.4%
Jaiprakash Power Ventures Ltd.(b)		4,088,488		382,359
RattanIndia Enterprises Ltd.(b)		454,559		289,921
Reliance Power Ltd.(b)		3,183,161		661,272
				1,333,552
Industrial Conglomerates — 0.5%
3M India Ltd.(b)		3,751		1,091,094
Godrej Industries Ltd.(b)		66,835		400,621
				1,491,715
Insurance — 1.4%
Max Financial Services Ltd.(b)		298,805		3,070,666
PB Fintech Ltd.(b)		179,623		1,118,602
				4,189,268
Interactive Media & Services — 0.3%
Brightcom Group Ltd.		1,343,955		681,225
Just Dial Ltd.(b)		22,836		167,430
				848,655
Internet & Direct Marketing Retail — 0.1%
CarTrade Tech Ltd.(b)		25,095		200,518
IT Services — 3.3%
Coforge Ltd.		36,517		1,609,547
Computer Age Management Services Ltd.		39,107		1,118,240
eClerx Services Ltd.		20,350		534,251

Security	Shares		Value
IT Services (continued)
Firstsource Solutions Ltd.		417,782	$	555,539
Happiest Minds Technologies Ltd.		78,250		994,547
Infibeam Avenues Ltd.		1,267,677		249,641
Mastek Ltd.		18,041		422,747
NIIT Ltd.		98,064		421,938
Persistent Systems Ltd.		66,170		2,877,735
Sonata Software Ltd.		83,054		735,380
Vakrangee Ltd.		720,156		248,429
Zensar Technologies Ltd.		134,919		383,324
				10,151,318
Life Sciences Tools & Services — 0.4%
Syngene International Ltd.(a)		159,072		1,188,484
Machinery — 6.8%
AIA Engineering Ltd.		56,536		1,838,426
Ashok Leyland Ltd.		1,955,089		3,739,561
BEML Ltd.		25,071		575,425
Cochin Shipyard Ltd.(a)		53,592		252,033
Cummins India Ltd.		166,156		2,467,616
ESAB India Ltd.		6,279		254,411
GMM Pfaudler Ltd.		26,286		543,882
Greaves Cotton Ltd.		121,310		255,628
Grindwell Norton Ltd.		58,992		1,617,975
ISGEC Heavy Engineering Ltd.		39,944		238,169
Jamna Auto Industries Ltd.		236,968		343,734
KSB Ltd.		16,149		384,529
Lakshmi Machine Works Ltd.		4,287		642,578
MTAR Technologies Ltd.		14,429		294,228
Schaeffler India Ltd.		62,460		2,363,933
SKF India Ltd.		32,926		1,998,035
Thermax Ltd.		55,551		1,672,238
Timken India Ltd.		30,058		1,132,054
				20,614,455
Marine — 0.1%
Shipping Corp. of India Ltd.		189,770		278,716
Media — 2.0%
Affle India Ltd.(b)		70,997		1,142,514
Network18 Media & Investments Ltd.(b)		213,507		186,459
Sun TV Network Ltd.		104,491		652,653
TV18 Broadcast Ltd.(b)		598,834		302,707
Zee Entertainment Enterprises Ltd.		1,151,487		3,668,581
				5,952,914
Metals & Mining — 2.1%
APL Apollo Tubes Ltd.(b)		183,358		2,156,256
Godawari Power and Ispat Ltd.		57,488		210,530
Hindustan Copper Ltd.		256,170		375,785
Jindal Stainless Hisar Ltd.(b)		124,889		379,223
Jindal Stainless Ltd.(b)		199,482		317,355
Lloyds Metals & Energy Ltd.		100,258		173,468
National Aluminium Co. Ltd.		1,100,238		1,095,627
Ratnamani Metals & Tubes Ltd.		37,346		869,246
Usha Martin Ltd.		159,987		282,015
Welspun Corp. Ltd.		156,158		437,852
				6,297,357
Multiline Retail — 0.3%
Shoppers Stop Ltd.(b)		50,806		393,803
V-Mart Retail Ltd.		12,999		474,096
				867,899

16 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® MSCI India Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.9%
Aegis Logistics Ltd.		188,001	$	687,464
Great Eastern Shipping Co. Ltd. (The)		123,612		879,311
Gujarat Mineral Development Corp. Ltd.		108,083		222,732
Oil India Ltd.		361,112		869,517
				2,659,024
Paper & Forest Products — 0.7%
Century Plyboards India Ltd.		74,547		622,455
Century Textiles & Industries Ltd.		67,397		721,535
Greenpanel Industries Ltd.		64,877		362,027
JK Paper Ltd.		101,541		527,614
				2,233,631
Personal Products — 0.7%
Emami Ltd.		264,429		1,600,720
Gillette India Ltd.		8,732		601,340
				2,202,060
Pharmaceuticals — 5.4%
Aarti Drugs Ltd.		50,301		271,369
Ajanta Pharma Ltd.		51,200		878,075
Alembic Pharmaceuticals Ltd.		78,418		634,585
AstraZeneca Pharma India Ltd.		6,542		252,383
Caplin Point Laboratories Ltd.		29,867		290,784
Eris Lifesciences Ltd.(a)		54,286		468,954
FDC Ltd./India(b)		68,660		225,987
GlaxoSmithKline Pharmaceuticals Ltd.		45,130		823,350
Glenmark Pharmaceuticals Ltd.		187,524		868,526
Granules India Ltd.		198,207		754,624
Hikal Ltd.		58,607		249,392
Ipca Laboratories Ltd.		185,832		2,102,806
JB Chemicals & Pharmaceuticals Ltd.		46,257		1,029,400
Jubilant Pharmova Ltd.		84,898		371,564
Laurus Labs Ltd.(a)		465,244		3,349,020
Natco Pharma Ltd.		109,243		840,120
Procter & Gamble Health Ltd.		10,025		528,843
Sanofi India Ltd.		10,711		830,412
Shilpa Medicare Ltd.		41,308		202,516
Strides Pharma Science Ltd.		76,910		316,394
Sun Pharma Advanced Research Co. Ltd.(b)		71,632		204,522
Suven Pharmaceuticals Ltd.		135,634		830,730
Wockhardt Ltd.(b)		68,470		204,729
				16,529,085
Professional Services — 0.4%
Quess Corp. Ltd.(a)		98,482		700,842
TeamLease Services Ltd.(b)		14,716		623,437
				1,324,279
Real Estate Management & Development — 2.9%
Brigade Enterprises Ltd.		153,382		974,076
Indiabulls Real Estate Ltd.(b)		575,139		618,266
Mahindra Lifespace Developers Ltd.		102,436		661,895
NESCO Ltd.		28,888		207,417
Oberoi Realty Ltd.		169,514		2,118,827
Phoenix Mills Ltd. (The)		130,804		2,287,607
Prestige Estates Projects Ltd.		186,884		1,061,294
Sobha Ltd.		50,944		441,146
Sunteck Realty Ltd.		69,159		409,467
				8,779,995
Semiconductors & Semiconductor Equipment — 0.1%
Borosil Renewables Ltd.(b)		60,551		423,455

Security	Shares		Value
Software — 2.3%
Birlasoft Ltd.		223,269	$	883,297
CE Info Systems Ltd.		14,479		243,461
Cyient Ltd.		110,209		1,154,033
Intellect Design Arena Ltd.		107,247		787,198
KPIT Technologies Ltd.		219,099		1,513,750
Oracle Financial Services Software Ltd.		28,753		1,135,939
Route Mobile Ltd.		33,643		631,784
Tanla Platforms Ltd.		88,214		780,858
				7,130,320
Specialty Retail — 0.1%
Go Fashion India Ltd.(b)		25,000		360,579
Textiles, Apparel & Luxury Goods — 3.3%
Aditya Birla Fashion and Retail Ltd.(b)		437,414		1,661,243
Alok Industries Ltd.(b)		1,646,526		395,329
Bata India Ltd.		68,480		1,655,538
Garware Technical Fibres Ltd.		12,359		538,138
Indo Count Industries Ltd.		93,934		191,104
KPR Mill Ltd.		113,826		856,053
LUX Industries Ltd.		9,888		223,832
Rajesh Exports Ltd.		78,494		578,377
Raymond Ltd.		44,433		529,370
Relaxo Footwears Ltd.		66,315		827,342
Trident Ltd.		1,663,766		753,763
Vaibhav Global Ltd.		65,843		284,348
Vardhman Textiles Ltd.		153,951		635,556
VIP Industries Ltd.		84,601		624,401
Welspun India Ltd.		330,871		317,227
				10,071,621
Thrifts & Mortgage Finance — 2.4%
Aavas Financiers Ltd.(b)		63,095		1,785,888
Aptus Value Housing Finance India Ltd.(b)		132,025		591,894
Can Fin Homes Ltd.		70,946		558,114
Home First Finance Company India Ltd.(a)(b)		35,314		425,527
IIFL Finance Ltd.		177,037		758,314
Indiabulls Housing Finance Ltd.(b)		438,819		740,109
LIC Housing Finance Ltd.		402,982		2,047,608
PNB Housing Finance Ltd.(a)(b)		77,940		338,054
				7,245,508
Tobacco — 0.1%
Godfrey Phillips India Ltd.		16,939		235,133
Trading Companies & Distributors — 0.4%
Apollo Tricoat Tubes Ltd.(b)		28,099		326,045
IndiaMART Intermesh Ltd.(a)		18,189		993,783
				1,319,828
Transportation Infrastructure — 0.5%
GMR Infrastructure Ltd.(b)		2,813,998		1,256,651
Gujarat Pipavav Port Ltd.		351,278		381,451
				1,638,102
Wireless Telecommunication Services — 0.5%
Vodafone Idea Ltd.(b)		12,834,877		1,439,168
Total Long-Term Investments — 99.6% (Cost: $214,066,225)				303,559,797

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

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

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		1,770,000	$	1,770,000
Total Short-Term Securities — 0.6% (Cost: $1,770,000)				1,770,000
Total Investments in Securities — 100.2% (Cost: $215,836,225)				305,329,797
Liabilities in Excess of Other Assets — (0.2)%				(529,896	)
Net Assets — 100.0%			$	304,799,901

^(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)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $791,013, representing 0.3% of its net assets as of period end, and an original cost of $3,554,476.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,290,000	$	—	$	(5,520,000	)(a)	$	—	$	—	$	1,770,000		1,770,000	$	17,569	$	—

^(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
SGX Nifty 50 Index		37		09/29/22	$	1,275	$	(38,002	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	38,002	$	—	$	—	$	—	$	38,002

^(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).

18 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® MSCI India Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(248,608	)	$	—	$	—	$	—	$	(248,608	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(49,006	)	$	—	$	—	$	—	$	(49,006	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,137,132

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	$	1,184,259	$	302,375,512		$	26	$	303,559,797
Money Market Funds		1,770,000		—			—		1,770,000
	$	2,954,259	$	302,375,512		$	26	$	305,329,797
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(38,002	)	$	—	$	(38,002	)

^(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 19

Statements of Assets and Liabilities

August 31, 2022

	iShares MSCI India ETF		iShares MSCI India Small-Cap ETF (Consolidated)
ASSETS
Investments, at value — unaffiliated(a)	$	4,173,642,154	$	303,559,797
Investments, at value — affiliated(b)		39,580,000		1,770,000
Cash		—		4,011
Foreign currency, at value(c)		14,177,544		286,898
Cash pledged for futures contracts		26,000		46,000
Receivables:
Investments sold		12,301,010		3,691,781
Capital shares sold		12,427,599		—
Dividends — unaffiliated		4,425,446		255,025
Dividends — affiliated		50,327		7,080
Other assets		—		147,468
Total assets		4,256,630,080		309,768,060
LIABILITIES
Bank overdraft		21,954		—
Deferred foreign capital gain tax		29,998,706		4,739,617
Payables:
Investments purchased		30,251,505		—
Variation margin on futures contracts		456,483		38,422
Investment advisory fees		2,258,199		190,120
Other liabilities		8,024,928		—
Total liabilities		71,011,775		4,968,159
NET ASSETS	$	4,185,618,305	$	304,799,901
NET ASSETS CONSIST OF
Paid-in capital	$	3,185,268,379	$	275,520,833
Accumulated earnings		1,000,349,926		29,279,068
NET ASSETS	$	4,185,618,305	$	304,799,901
NET ASSET VALUE
Shares outstanding		96,850,000		5,600,000
Net asset value	$	43.22	$	54.43
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	3,997,305,344	$	214,066,225
(b) Investments, at cost — affiliated	$	39,580,000	$	1,770,000
(c)  Foreign currency, at cost	$	14,173,530	$	285,778

See notes to financial statements.

20 2 0 2 2   I S H A R E S   A N 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 Statements of Operations

Year Ended August 31, 2022

	iShares MSCI India ETF			iShares MSCI India Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	78,893,106		$	3,591,556
Dividends — affiliated		437,827			17,569
Foreign taxes withheld		(17,155,608	)		(703,137	)
Total investment income		62,175,325			2,905,988
EXPENSES
Investment advisory fees		34,710,970			2,625,875
Commitment fees		43,057			3,824
Professional fees		217			217
Mauritius income taxes		295			295
Interest expense		1,820,328			—
Total expenses		36,574,867			2,630,211
Net investment income		25,600,458			275,777
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		2,105,981,898			30,172,750
Futures contracts		(2,519,502	)		(248,608	)
Foreign currency transactions		(21,959,227	)		(666,991	)
		2,081,503,169			29,257,151
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(2,522,935,749	)		(53,499,633	)
Futures contracts		(520,405	)		(49,006	)
Foreign currency translations		(143,934	)		(6,671	)
		(2,523,600,088	)		(53,555,310	)
Net realized and unrealized loss		(442,096,919	)		(24,298,159	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(416,496,461	)	$	(24,022,382	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(148,141,012	)	$	(4,198,016	)
(b) Net of reduction in deferred foreign capital gain tax of	$	147,715,180		$	4,015,952

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

Consolidated Statements of Changes in Net Assets

		iShares MSCI India ETF						iShares MSCI India Small-Cap ETF
	Year Ended 08/31/22				Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	25,600,458		$	16,931,383		$	275,777		$	(33,382	)
Net realized gain			2,081,503,169			6,980,789			29,257,151			20,967,516
Net change in unrealized appreciation (depreciation)			(2,523,600,088	)		1,743,084,666			(53,555,310	)		110,021,003
Net increase (decrease) in net assets resulting from operations			(416,496,461	)		1,766,996,838			(24,022,382	)		130,955,137
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income			(374,889,807	)		(8,540,172	)		(5,222,073	)		(268,669	)
Return of capital			—			—			—			(1,270	)
Decrease in net assets resulting from distributions to shareholders			(374,889,807	)		(8,540,172	)		(5,222,073	)		(269,939	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(1,373,587,175	)		1,498,302,314			4,578,598			5,010,592
NET ASSETS
Total increase (decrease) in net assets			(2,164,973,443	)		3,256,758,980			(24,665,857	)		135,695,790
Beginning of year			6,350,591,748			3,093,832,768			329,465,758			193,769,968
End of year		$	4,185,618,305		$	6,350,591,748		$	304,799,901		$	329,465,758

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

See notes to financial statements.

22 2 0 2 2   I S H A R E S   A N 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 Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI India ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	48.79		$	33.37		$	32.38		$	35.68		$	34.20
Net investment income(a)		0.21			0.14			0.14			0.29			0.25
Net realized and unrealized gain (loss)(b)		(2.87	)		15.35			0.96			(3.00	)		1.54
Net increase (decrease) from investment operations		(2.66	)		15.49			1.10			(2.71	)		1.79
Distributions(c)
From net investment income		(2.91	)		(0.07	)		(0.11	)		(0.49	)		(0.31	)
Return of capital		—			—			—			(0.10	)		—
Total distributions		(2.91	)		(0.07	)		(0.11	)		(0.59	)		(0.31	)
Net asset value, end of year	$	43.22		$	48.79		$	33.37		$	32.38		$	35.68
Total Return(d)
Based on net asset value		(5.66	)%		46.54	%		3.40	%		(7.61	)%		5.26	%
Ratios to Average Net Assets(e)
Total expenses		0.68	%		0.65	%		0.69	%		0.69	%		0.68	%
Net investment income		0.47	%		0.35	%		0.43	%		0.86	%		0.72	%
Supplemental Data
Net assets, end of year (000)	$	4,185,618		$	6,350,592		$	3,093,833		$	4,899,749		$	5,082,120
Portfolio turnover rate(f)		95	%(g)		25	%(g)		25	%(g)		9	%(g)		10	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)   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”).
(g) Portfolio turnover rate excluding cash creations was as follows:		91	%		17	%		19	%		6	%		5	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 23

Consolidated Financial Highlights(continued)

(For a share outstanding throughout each period)

		iShares MSCI India Small-Cap ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	57.80			$	34.60			$	33.39			$	44.10			$	46.27
Net investment income (loss)(a)			0.04				(0.01	)			0.15				0.10				(0.00	)(b)
Net realized and unrealized gain (loss)(c)			(2.64	)			23.26				1.88				(10.60	)			(1.06	)
Net increase (decrease) from investment operations			(2.60	)			23.25				2.03				(10.50	)			(1.06	)
Distributions(d)
From net investment income			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(0.63	)
Return of capital			—				(0.00	)(b)			—				—				(0.48	)
Total distributions			(0.77	)			(0.05	)			(0.82	)			(0.21	)			(1.11	)
Net asset value, end of year		$	54.43			$	57.80			$	34.60			$	33.39			$	44.10
Total Return(e)
Based on net asset value			(4.61	)%			67.25	%			6.35	%			(23.88	)%			(2.36	)%
Ratios to Average Net Assets(f)
Total expenses			0.74	%			0.74	%			0.81	%			0.76	%			0.77	%
Net investment income (loss)			0.08	%			(0.01	)%			0.45	%			0.28	%			(0.00	)%(g)
Supplemental Data
Net assets, end of year (000)		$	304,800			$	329,466			$	193,770			$	270,433			$	282,264
Portfolio turnover rate(h)			56	%(i)			55	%(i)			32	%(i)			24	%(i)			49	%(i)
(a)  Based on average shares outstanding.
(b)  Rounds to less than $0.01.
(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e)  Where applicable, assumes the reinvestment of distributions.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)  Rounds to less than 0.01%.
(h)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(i)  Portfolio turnover rate excluding cash creations was as follows:			37	%			37	%			28	%			19	%			31	%

See notes to financial statements.

24 2 0 2 2   I S H A R E S   A N 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

1. ORGANIZATION

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

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

iShares ETF	Diversification     Classification
MSCI India	Non-diversified
MSCI India Small-Cap	Diversified

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of the iShares MSCI India ETF and iShares MSCI India Small-Cap ETF as of period end were $0 and $302,909,156, which is 0.0% and 99.4% of each Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective August 8, 2022, iShares MSCI India ETF transferred all of the assets of MSCI India’s wholly owned Mauritius Subsidiary to MSCI India through on-exchange transactions in India. MSCI India recognized a net realized gain of $1,964,159,904 as a result of this transaction. After the transfer, MSCI India began making new investments in India directly. On August 29, 2022, MSCI India’s Subsidiary was dissolved.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

Each Fund 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, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests

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    (continued)

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. Each 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, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each 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”), each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each 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 each Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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Notes to Financial Statements    (continued)

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the 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 Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI India ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $4 billion		0.6500	%
Over $4 billion, up to and including $6 billion		0.6175
Over $6 billion, up to and including $8 billion		0.5867
Over $8 billion		0.5573

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

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    (continued)

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

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

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

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

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

6. PURCHASES AND SALES

For the year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI India	$	5,117,529,831	$	6,904,024,169
MSCI India Small-Cap		195,615,191		199,263,016

There were no in-kind transactions for the year ended August 31, 2022.

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 August 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.

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI India
Ordinary income	$	374,889,807	$	8,540,172
MSCI India Small-Cap
Ordinary income	$	5,222,073	$	268,669
Return of capital		—		1,270
	$	5,222,073	$	269,939

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)	Qualified Late-Year Losses	(c)		Total
MSCI India	$	(337,313,909	)	$	1,611,007,634		$    (273,343,799	)	$	1,000,349,926
MSCI India Small-Cap		(28,005,798	)		63,042,070		(5,757,204	)		29,279,068

^(a)  Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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Notes to Financial Statements    (continued)

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
MSCI India	$	318,675,919
MSCI India Small-Cap		34,199,603

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 August 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 India	$	2,571,696,372	$	1,735,756,051	$	(94,683,240	)	$	1,641,072,811
MSCI India Small-Cap		237,511,605		99,993,576		(32,213,386	)		67,780,190

8. LINE OF CREDIT

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

During the year ended August 31, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

Effective April 21, 2022, the Funds, along with certain other iShares funds (“Mauritius Participating Funds”), are parties to a $1.50 billion 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 each 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. For the year ended August 31, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI India	$	1,094,400,000	$	54,824,110		2.22	%

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.

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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 29

Notes to Financial Statements    (continued)

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

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

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

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    (continued)

Transactions in capital shares were as follows:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI India
Shares sold		7,750,000		$	344,412,931			44,850,000		$	1,805,890,047
Shares redeemed		(41,050,000	)		(1,718,000,106	)		(7,400,000	)		(307,587,733	)
		(33,300,000	)	$	(1,373,587,175	)		37,450,000		$	1,498,302,314
MSCI India Small-Cap
Shares sold		1,100,000		$	67,453,633			1,000,000		$	49,353,215
Shares redeemed		(1,200,000	)		(62,875,035	)		(900,000	)		(44,342,623	)
		(100,000	)	$	4,578,598			100,000		$	5,010,592

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.

11. 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:

Subsequent to year-end, iShares MSCI India Small Cap Index Fund began transferring the assets of iShares MSCI India Small Cap Index Fund’s wholly owned Mauritius Subsidiary to iShares MSCI India Small Cap Index Fund through on-exchange transactions in India.

N O T E S   T O    F I N A N C I A L   S T A T E M E N T S 31

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related consolidated statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the consolidated financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the five years in the period ended August 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI India ETF⁽¹⁾

iShares MSCI India Small-Cap ETF⁽²⁾

⁽¹⁾ Statement of assets and liabilities, including the schedule of investments as of August 31, 2022 and the related consolidated statement of operations for the year ended August 31, 2022 and consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2022.

⁽²⁾ Consolidated statement of assets and liabilities, including the consolidated schedule of investments as of August 31, 2022 and the related consolidated statement of operations for the year ended August 31, 2022 and consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2022.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
MSCI India	$	73,526,541
MSCI India Small-Cap		2,974,775

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI India	$	78,908,337	$	165,139,162
MSCI India Small-Cap		3,593,401		4,889,403

I M P O R T A N T   T A X   I N F O R M A T I O N 33

Board Review and Approval of Investment Advisory Contract

iShares MSCI India ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI India Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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 35

Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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 37

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI India	$	2.909494	$	—	$	—	$	2.909494		100	%		—	%		—	%		100	%
MSCI India Small-Cap		0.767952		—		—		0.767952		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI India ETF (the “Fund”) be marketed to United Kingdom and EU investors in the Netherlands and Ireland.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

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Supplemental Information(unaudited) (continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker     Remuneration
MSCI India		$526,909		$246,364		$280,545		661		$64,495		$6,666

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI India ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L   I N F O R M A T I O N 39

Trustee and Officer Information  (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

		Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 41

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 43

Glossary of Terms Used in this Report

Portfolio Abbreviations
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-AR-809-0822

  AUGUST 31, 2022

2022 Annual Report

iShares Trust

·  iShares Currency Hedged MSCI Canada ETF | HEWC | NYSE Arca

·  iShares Currency Hedged MSCI Eurozone ETF | HEZU | NYSE Arca

·  iShares Currency Hedged MSCI Germany ETF | HEWG | NASDAQ

·  iShares Currency Hedged MSCI Japan ETF | HEWJ | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	13
Disclosure of Expenses	13
Schedules of Investments	14
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
Report of Independent Registered Public Accounting Firm	42
Important Tax Information	43
Board Review and Approval of Investment Advisory Contract	44
Supplemental Information	46
Trustee and Officer Information	47
General Information	50
Glossary of Terms Used in this Report	51

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summary as of August 31, 2022 iShares^® Currency Hedged MSCI Canada ETF

Investment Objective

The iShares Currency Hedged MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Canadian equities while mitigating exposure to fluctuations between the value of the Canadian dollar and the U.S. dollar, as represented by the MSCI Canada 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Canada ETF.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.60	)%		8.26	%		7.11	%		(3.60	)%		48.72	%		63.65	%
Fund Market		(3.72	)		8.35			7.12			(3.72	)		49.31			63.76
Index		(3.51	)		8.13			7.15			(3.51	)		47.84			64.02

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         923.70	$        0.15			$      1,000.00	$      1,025.10	$        0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D   S U M M A R Y 5

Fund Summary as of August 31, 2022(continued) iShares^® Currency Hedged MSCI Canada ETF

Portfolio Management Commentary

Stocks in Canada declined in U.S. dollar terms for the reporting period. The war in Ukraine disrupted supply chains, which contributed to soaring inflation as prices for commodities and oil climbed, sending stocks lower. Canada’s central bank raised interest rates four times during the second half of the reporting period to curb the highest inflation since 1983. The country’s economy grew steadily during the reporting period, boosted by stronger consumer consumption as coronavirus-related restrictions eased.

Stocks in the information technology sector detracted the most from the Index’s performance. The software and services industry declined as e-commerce dropped sharply amid easing restrictions and consumers returning to in-store shopping. Rising interest rates and supply chain shortages also weighed on the industry, in addition to investors’ concerns about the impact of inflation on consumer spending.

The financials sector also detracted from the Index’s performance as bank stocks dropped on concerns about the economy’s resilience amid rising interest rates. Some banks increased their expenses for loans expected to become delinquent, while revenues from services such as commercial and personal banking dropped. The capital markets industry declined despite continued growth in assets under management. In addition, stocks in the materials sector retreated, driven primarily by a decline in the metals and mining industry as costs for energy and raw materials rose.

On the upside, stocks in the energy sector contributed to the Index’s performance in U.S. dollar terms. Rising oil and natural gas prices strengthened the revenues and profits of Canadian energy companies. Strong cash flows allowed the oil, gas, and consumable fuels industry to reduce debt levels while also rewarding shareholders by buying back stock and increasing dividend payments.

In terms of currency performance during the reporting period, the Canadian dollar depreciated by approximately 3% relative to the U.S. dollar. Sharply rising interest rates in the U.S. and a slowdown in Canada’s housing sector pressured the Canadian dollar.

The Canadian dollar’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the Canadian dollar’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Canadian equities measured in Canadian dollars.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of Net Assets
Investment Companies		99.6	%
Forward foreign currency exchange contracts, net cumulative appreciation		2.5
Other assets less liabilities		(2.1	)

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of Total Investment(a)
Financials		36.5	%
Energy		19.6
Industrials		11.8
Materials		10.6
Information Technology		5.7
Consumer Staples		4.7
Utilities		4.2
Consumer Discretionary		3.7
Communication Services		2.5
Other (each representing less than 1%)		0.7

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 2022 iShares^® Currency Hedged MSCI Eurozone ETF

Investment Objective

The iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Eurozone ETF.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(13.50	)%		4.88	%		5.84	%		(13.50	)%		26.92	%		58.74	%
Fund Market		(13.50	)		4.89			5.83			(13.50	)		26.97			58.69
Index		(13.74	)		4.90			6.01			(13.74	)		27.04			60.86

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was July 9, 2014. The first day of secondary market trading was July 10, 2014.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        931.70	$        0.15			$      1,000.00	$      1,025.10	$        0.15		0.03	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D   S U M M A R Y 7

Fund Summary as of August 31, 2022(continued) iShares^® Currency Hedged MSCI Eurozone ETF

Portfolio Management Commentary

Stocks in the eurozone declined sharply in U.S. dollar terms during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to high inflation across the eurozone as commodities and energy prices soared. Many nations imposed sanctions against Russia while some companies halted Russian business operations. Rising inflation, which led the ECB to raise interest rates in July 2022 for the first time in 11 years, weakened business confidence and the economic outlook.

German equities detracted the most from the Index’s performance, led by the consumer discretionary sector. Textiles, apparel, and luxury goods companies reported weaker earnings due to the lingering effects of coronavirus-related shutdowns of shoe manufacturing plants in Vietnam. Slowing sales in China and growing competition from local brands also weakened the outlook for textiles, apparel, and luxury goods companies. Stocks in Germany’s industrials sector fell as supply chain disruptions and escalating input prices drove lower earnings outlooks. Information technology stocks also declined as many firms discontinued business operations in Russia and the economic outlook across Europe weakened.

Stocks in France also detracted from the Index’s return. Coronavirus-related lockdowns in China disrupted production of a French industrials company with Chinese operations and limited the supply of critical parts. The aerospace and defense industry was also negatively impacted by shortages in the supply of key parts, including engines and microchips. In the consumer discretionary sector, China’s lockdowns shuttered stores and led to declining sales of luxury brand products in the apparel, accessories, and luxury goods industry. The economic downturn in the U.S., where growth turned negative in the first two quarters of 2022, also weighed on sales of French luxury goods.

Stocks in the Netherlands also detracted from the Index’s performance. A global supply shortage of microprocessors slowed production for semiconductor equipment manufacturers, while the slowing worldwide economy diminished the sales outlook for many products that use microprocessors.

In terms of currency performance during the reporting period, the euro depreciated by approximately 15% relative to the U.S. dollar. Higher interest rates in the U.S. and geopolitical uncertainty due to the Eurozone’s proximity to the war in Ukraine pressured the euro.

The euro’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the euro’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of European equities measured in euros.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Short-term Investments		0.5
Forward foreign currency exchange contracts, net cumulative appreciation		1.7
Other assets less liabilities		(2.1	)

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of Total Investment(a)
Consumer Discretionary		16.5	%
Industrials		15.4
Financials		14.5
Information Technology		12.9
Consumer Staples		8.6
Health Care		7.7
Utilities		6.6
Materials		6.5
Energy		5.2
Communication Services		4.9
Real Estate		1.2

^(a)  Excludes money market funds.

8 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® Currency Hedged MSCI Germany ETF

Investment Objective

The iShares Currency Hedged MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Germany ETF.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(21.88	)%		1.33	%		3.75	%		(21.88	)%		6.84	%		37.16	%
Fund Market		(21.85	)		1.34			3.75			(21.85	)		6.87			37.13
Index		(21.92	)		1.64			4.02			(21.92	)		8.46			40.30

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        878.60	$        0.19			$      1,000.00	$      1,025.00	$        0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D   S U M M A R Y 9

Fund Summary as of August 31, 2022(continued) iShares^® Currency Hedged MSCI Germany ETF

Portfolio Management Commentary

Stocks in Germany declined sharply in U.S. dollar terms during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to record-high inflation as prices for commodities and energy soared. Many nations, including Germany, imposed sanctions against Russia while some companies suspended Russian business operations. Germany’s economic growth slowed despite the lifting of many coronavirus-related restrictions. Rising inflation rates led the ECB to raise interest rates in July 2022 for the first time in 11 years, further weakening business confidence and the economic outlook.

The consumer discretionary sector detracted the most from the Index’s performance. Sales in the apparel, accessories, and luxury goods industry weakened after coronavirus-related restrictions forced the shutdown of shoe manufacturing plants in Vietnam. Stocks of automobile manufacturers also declined, as a global shortage of microprocessors forced automakers to curtail vehicle production while rising commodities prices, stemming from the war in Ukraine, increased costs.

The industrials sector also detracted notably from the Index’s return. Germany’s industrial production contracted over most of the reporting period, particularly in the second half. Supply chain disruptions and escalating input prices negatively affected the earnings outlook for the industrial conglomerates industry. In addition, sanctions against Russia forced a production halt in the country while also negatively affecting business operations in other areas.

The information technology sector further detracted from the Index’s performance, as many firms in the sector discontinued business operations in Russia and as the economic outlook across Europe weakened. The cost of investments in infrastructure to support cloud computing, such as computer servers and data centers, led to lower profit margins.

In terms of currency performance during the reporting period, the euro depreciated by approximately 15% relative to the U.S. dollar. Higher interest rates in the U.S. and geopolitical uncertainty due to the Eurozone’s proximity to the war in Ukraine pressured the euro.

The euro’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the euro’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of German equities measured in euros.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Short-term Investments		0.0	(a)
Forward foreign currency exchange contracts, net cumulative appreciation		1.8
Other assets less liabilities		(1.7	)

^(a) Rounds to less than 0.1%.

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of Total Investment(a)
Industrials		17.4	%
Financials		16.6
Consumer Discretionary		16.4
Health Care		12.9
Information Technology		12.6
Communication Services		7.0
Materials		6.8
Utilities		4.4
Consumer Staples		3.2
Real Estate		2.7

^(a)  Excludes money market funds.

10 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® Currency Hedged MSCI Japan ETF

Investment Objective

The iShares Currency Hedged MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the MSCI Japan 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Japan ETF.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.43	%		7.48	%		8.10	%		2.43	%		43.44	%		95.12	%
Fund Market		2.49			7.48			8.10			2.49			43.42			95.09
Index		3.36			8.22			8.42			3.36			48.42			100.21

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        1,050.10	$        0.05			$      1,000.00	$      1,025.20	$        0.05		0.01	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D   S U M M A R Y 11

Fund Summary as of August 31, 2022(continued) iShares^® Currency Hedged MSCI Japan ETF

Portfolio Management Commentary

Stocks in Japan declined in U.S. dollar terms during the reporting period, as supply chain disruptions, rising energy costs, and slowing exports restricted growth. The industrials sector detracted the most from the Index’s performance amid a notable slowdown in industrial production. Although currency weakness has historically aided industrial exporters, recent increases in offshore production limited the benefits. Japanese exports to China, the country’s largest export market, slowed amid China’s coronavirus pandemic-related restrictions, which idled factories and warehouses and slowed deliveries of goods. Industrial machinery stocks detracted notably as Japan’s industrial production fell significantly amid ongoing parts and labor shortages. Professional services companies that rely heavily on internet technology also declined, despite strong earnings growth, as their close identification with the information technology sector made them vulnerable to its stock price volatility.

The information technology sector detracted meaningfully from the Index’s return, most notably the technology hardware and equipment industry. A decline in demand for sensors and smart technology among retailers and automobile manufacturers amid changes in consumer purchasing behavior and reduced automobile production negatively affected makers of electronic equipment and instruments.

Consumer discretionary stocks also detracted notably from performance. Consumer electronics companies declined as production slowed amid the global semiconductor shortage and investor concerns about the risk of recession and the outlook for profits. Automobile manufacturers also declined as cost pressures outweighed strong vehicle sales.

In terms of currency performance during the reporting period, the Japanese yen depreciated by approximately 21% against the U.S. dollar. The widening gap between U.S. and Japanese interest rates pressured the Japanese yen, as some U.S. dollar-denominated investments became more attractive to investors.

The Japanese yen’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the Japanese yen’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Japanese equities measured in Japanese yen.

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of Net Assets
Investment Companies	99.7	%
Short-term Investments	0.4
Forward foreign currency exchange contracts, net cumulative appreciation	4.2
Other assets less liabilities	(4.3	)

SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector	Percent of Total Investment(a)
Industrials	22.6	%
Consumer Discretionary	19.0
Information Technology	13.5
Financials	10.2
Health Care	9.8
Communication Services	8.4
Consumer Staples	6.5
Materials	4.6
Real Estate	3.5
Utilities	1.1
Energy	0.9

^(a) Excludes money market funds.

12 2 0 2 2   I S H A R E S   A N 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 13

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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.6%
iShares MSCI Canada ETF(a)		627,536	$	21,141,688
Total Investments in Securities — 99.6% (Cost: $21,942,302)				21,141,688
Other Assets Less Liabilities — 0.4%				77,753
Net Assets — 100.0%			$	21,219,441

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	420,000	$	—	$	(420,000	)(b)	$	—	$	—		$	—		—	$	817	$	—
iShares MSCI Canada ETF		16,587,362		13,185,295		(6,531,226	)		922,039		(3,021,782	)		21,141,688		627,536		401,394		—
								$	922,039	$	(3,021,782	)	$	21,141,688			$	402,211	$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	23,015,938	CAD	29,495,000	Morgan Stanley & Co. International PLC		09/06/22	$	558,419
USD	722,920	CAD	947,000	Bank of America N.A.		10/04/22		2,045
USD	20,987,221	CAD	27,492,000	Morgan Stanley & Co. International PLC		10/04/22		59,760
								620,224
CAD	29,495,000	USD	22,550,153	Morgan Stanley & Co. International PLC		09/06/22		(92,633	)
CAD	378,000	USD	288,241	Bank of America N.A.		10/04/22		(500	)
								(93,133	)
								$527,091

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	620,224	$	—	$	—	$	620,224

14 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Canada ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	93,133	$	—	$	—	$	93,133

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	385,300	$	—	$	—	$	385,300
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	384,115	$	—	$	—	$	384,115

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	20,182,029
Average amounts sold — in USD	$	39,879,657

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	$	620,224	$	93,133
Total derivative assets and liabilities in the Statement of Assets and Liabilities		620,224		93,133
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		620,224		93,133

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	2,045	$	(500	)	$	—	$	—		$	1,545
Morgan Stanley & Co. International PLC		618,179		(92,633	)		—		(450,000	)		75,546
	$	620,224	$	(93,133	)	$	—	$	(450,000	)	$	77,091
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities
Bank of America N.A.	$	500	$	(500	)	$	—	$	—		$	—
Morgan Stanley & Co. International PLC		92,633		(92,633	)		—		—			—
	$	93,133	$	(93,133	)	$	—	$	—		$	—

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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Canada ETF

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

^(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.

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	$	21,141,688	$	—		$	—	$	21,141,688
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	620,224		$	—	$	620,224
Liabilities
Forward Foreign Currency Exchange Contracts		—		(93,133	)		—		(93,133	)
	$	—	$	527,091		$	—	$	527,091

^(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.

16 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® Currency Hedged MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Eurozone ETF(a)		9,985,558	$	352,789,764
Total Investment Companies (Cost: $477,664,279)				352,789,764
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(a)(b)		1,610,000		1,610,000
Total Short-Term Securities — 0.5% (Cost: $1,610,000)				1,610,000
Total Investments in Securities — 100.4% (Cost: $479,274,279)				354,399,764
Liabilities in Excess of Other Assets — (0.4)%				(1,261,722	)
Net Assets — 100.0%			$	353,138,042

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,160,000	$	450,000	(a)	$	—		$	—	$	—		$	1,610,000		1,610,000	$	6,237	$	—
iShares MSCI Eurozone ETF		744,520,226		403,157,224			(623,138,064	)		19,547,147		(191,296,769	)		352,789,764		9,985,558		17,612,000		—
									$	19,547,147	$	(191,296,769	)	$	354,399,764			$	17,618,237	$	—

^(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)
EUR	4,697,000	USD	4,707,518	Bank of America N.A.		09/06/22	$	13,966
USD	30,869,254	EUR	30,207,000	BNP Paribas SA		09/06/22		504,797
USD	59,471,833	EUR	58,187,302	Morgan Stanley & Co. International PLC		09/06/22		981,223
USD	291,438,005	EUR	285,149,043	State Street Bank and Trust Co.		09/06/22		4,802,588
USD	3,279,520	EUR	3,174,000	UBS AG		09/06/22		88,975
USD	58,632,958	EUR	58,187,302	Morgan Stanley & Co. International PLC		10/04/22		34,553
USD	303,867,034	EUR	301,631,043	State Street Bank and Trust Co.		10/04/22		104,914
								6,531,016
EUR	11,213,000	USD	11,436,287	Barclays Bank PLC		09/06/22		(164,838	)
EUR	66,000	USD	67,771	BNP Paribas SA		09/06/22		(1,427	)
EUR	1,117,000	USD	1,143,954	JPMorgan Chase Bank N.A.		09/06/22		(21,131	)

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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Eurozone ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	58,187,302	USD	58,525,370	Morgan Stanley & Co. International PLC		09/06/22	$	(34,760	)
EUR	301,631,043	USD	303,305,095	State Street Bank and Trust Co.		09/06/22		(101,764	)
EUR	4,737,000	USD	4,853,184	UBS AG		09/06/22		(91,492	)
USD	4,787,622	EUR	4,798,000	Barclays Bank PLC		09/06/22		(35,388	)
USD	56,740	EUR	57,000	JPMorgan Chase Bank N.A.		09/06/22		(557	)
USD	75,767	EUR	76,000	State Street Bank and Trust Co.		09/06/22		(630	)
EUR	6,093,000	USD	6,138,764	UBS AG		10/04/22		(2,716	)
								(454,703	)
								$6,076,313

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	6,531,016	$	—	$	—	$	6,531,016
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	454,703	$	—	$	—	$	454,703

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	84,053,100	$	—	$	—	$	84,053,100
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,585,261	$	—	$	—	$	2,585,261

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	574,219,532
Average amounts sold — in USD	$	1,123,298,125

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	6,531,016	$	454,703
Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,531,016		454,703
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		6,531,016		454,703

18 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Eurozone ETF

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	13,966	$	—		$	—	$	—		$	13,966
BNP Paribas SA		504,797		(1,427	)		—		—			503,370
Morgan Stanley & Co. International PLC		1,015,776		(34,760	)		—		(981,016	)		—
State Street Bank and Trust Co.		4,907,502		(102,394	)		—		—			4,805,108
UBS AG		88,975		(88,975	)		—		—			—
	$	6,531,016	$	(227,556	)	$	—	$	(981,016	)	$	5,322,444
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	(c)(d)
Barclays Bank PLC	$	200,226	$	—		$	—	$	—		$	200,226
BNP Paribas SA		1,427		(1,427	)		—		—			—
JPMorgan Chase Bank N.A.		21,688		—			—		—			21,688
Morgan Stanley & Co. International PLC		34,760		(34,760	)		—		—			—
State Street Bank and Trust Co.		102,394		(102,394	)		—		—			—
UBS AG		94,208		(88,975	)		—		—			5,233
	$	454,703	$	(227,556	)	$	—	$	—		$	227,147

^(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	$	352,789,764	$	—		$	—	$	352,789,764
Money Market Funds		1,610,000		—			—		1,610,000
	$	354,399,764	$	—		$	—	$	354,399,764
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	6,531,016		$	—	$	6,531,016
Liabilities
Forward Foreign Currency Exchange Contracts		—		(454,703	)		—		(454,703	)
	$	—	$	6,076,313		$	—	$	6,076,313

^(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 19

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

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Germany ETF(a)		1,659,661	$	36,246,996
Total Investment Companies (Cost: $55,900,307)				36,246,996
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(a)(b)		10,000		10,000
Total Short-Term Securities — 0.0% (Cost: $10,000)				10,000
Total Investments in Securities — 99.9% (Cost: $55,910,307)				36,256,996
Other Assets Less Liabilities — 0.1%				23,568
Net Assets — 100.0%			$	36,280,564

^(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 year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	—	$	(20,000	)(a)	$	—		$	—		$	10,000		10,000	$	338	$	—
iShares MSCI Germany ETF		63,381,021		293,474,260		(298,660,515	)		(2,776,222	)		(19,171,548	)		36,246,996		1,659,661		1,865,279		—
								$	(2,776,222	)	$	(19,171,548	)	$	36,256,996			$	1,865,617	$	—

^(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)
EUR	31,000	USD	31,137	Citibank N.A.		09/06/22	$	25
USD	36,938,926	EUR	36,127,150	BNP Paribas SA		09/06/22		623,459
USD	6,426,659	EUR	6,287,850	Morgan Stanley & Co. International PLC		09/06/22		106,033
USD	6,336,009	EUR	6,287,850	Morgan Stanley & Co. International PLC		10/04/22		3,734
USD	30,819,937	EUR	30,593,150	State Street Bank and Trust Co.		10/04/22		10,641
								743,892
EUR	12,000	USD	12,306	Bank of America N.A.		09/06/22		(244	)
EUR	6,733,000	USD	6,840,165	JPMorgan Chase Bank N.A.		09/06/22		(72,069	)
EUR	6,299,850	USD	6,336,796	Morgan Stanley & Co. International PLC		09/06/22		(4,107	)
EUR	30,593,150	USD	30,762,942	State Street Bank and Trust Co.		09/06/22		(10,322	)
USD	1,256,808	EUR	1,254,000	Bank of America N.A.		09/06/22		(3,729	)

20 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Germany ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	464,000	USD	467,563	Toronto Dominion Bank		10/04/22	$	(284	)
EUR	58,000	USD	58,429	UBS AG		10/04/22		(19	)
								(90,774	)
								$653,118

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	743,892	$	—	$	—	$	743,892
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	90,774	$	—	$	—	$	90,774

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	8,395,733	$	—	$	—	$	8,395,733
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	378,920	$	—	$	—	$	378,920

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	67,608,476
Average amounts sold — in USD	$	119,927,042

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	$	743,892	$	90,774
Total derivative assets and liabilities in the Statement of Assets and Liabilities		743,892		90,774
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		743,892		90,774

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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Germany ETF

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
BNP Paribas SA	$	623,459	$	—		$	—	$	—	$	623,459
Citibank N.A.		25		—			—		—		25
Morgan Stanley & Co. International PLC		109,767		(4,107	)		—		—		105,660
State Street Bank and Trust Co.		10,641		(10,322	)		—		—		319
	$	743,892	$	(14,429	)	$	—	$	—	$	729,463
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(d)
Bank of America N.A.	$	3,973	$	—		$	—	$	—	$	3,973
JPMorgan Chase Bank N.A.		72,069		—			—		—		72,069
Morgan Stanley & Co. International PLC		4,107		(4,107	)		—		—		—
State Street Bank and Trust Co.		10,322		(10,322	)		—		—		—
Toronto Dominion Bank		284		—			—		—		284
UBS AG		19		—			—		—		19
	$	90,774	$	(14,429	)	$	—	$	—	$	76,345

^(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	$	36,246,996	$	—		$	—	$	36,246,996
Money Market Funds		10,000		—			—		10,000
	$	36,256,996	$	—		$	—	$	36,256,996
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	743,892		$	—	$	743,892
Liabilities
Forward Foreign Currency Exchange Contracts		—		(90,774	)		—		(90,774	)
	$	—	$	653,118		$	—	$	653,118

^(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.

22 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® Currency Hedged MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.7%
iShares MSCI Japan ETF(a)		8,649,761	$	463,540,692
Total Investment Companies (Cost: $581,370,513)				463,540,692
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(a)(b)		1,710,000		1,710,000
Total Short-Term Securities — 0.4% (Cost: $1,710,000)				1,710,000
Total Investments in Securities — 100.1% (Cost: $583,080,513)				465,250,692
Liabilities in Excess of Other Assets — (0.1)%				(499,860	)
Net Assets — 100.0%			$	464,750,832

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	210,000	$	1,500,000	(a)	$	—		$	—		$	—		$	1,710,000		1,710,000	$	6,987	$	—
iShares MSCI Japan ETF		534,387,175		1,009,080,677			(938,679,654	)		(12,540,033	)		(128,707,473	)		463,540,692		8,649,761		15,045,704		—
									$	(12,540,033	)	$	(128,707,473	)	$	465,250,692			$	15,052,691	$	—

^(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)
USD	3,897,031	JPY	525,583,000	BNP Paribas SA		09/06/22	$	112,777
USD	31,398,744	JPY	4,185,938,000	Citibank N.A.		09/06/22		1,259,543
USD	29,293,488	JPY	3,937,380,000	JPMorgan Chase Bank N.A.		09/06/22		943,931
USD	48,226,436	JPY	6,428,727,900	Morgan Stanley & Co. International PLC		09/06/22		1,938,908
USD	480,803,621	JPY	64,107,845,100	State Street Bank and Trust Co.		09/06/22		19,220,289
USD	67,007	JPY	8,934,000	Toronto Dominion Bank		09/06/22		2,681
USD	19,864,693	JPY	2,746,792,000	Citibank N.A.		10/04/22		42,666
USD	46,120,749	JPY	6,377,401,900	Morgan Stanley & Co. International PLC		10/04/22		98,684

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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Japan ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	400,515,462	JPY	55,394,893,100	State Street Bank and Trust Co.		10/04/22	$	762,179
								24,381,658
JPY	1,518,661,000	USD	11,366,866	Bank of New York		09/06/22		(432,344	)
JPY	2,743,165,000	USD	20,624,321	JPMorgan Chase Bank N.A.		09/06/22		(873,241	)
JPY	6,377,401,900	USD	46,017,184	Morgan Stanley & Co. International PLC		09/06/22		(99,209	)
JPY	7,813,263,000	USD	57,564,534	Natwest Markets PLC		09/06/22		(1,308,206	)
JPY	60,607,106,100	USD	438,473,192	State Street Bank and Trust Co.		09/06/22		(2,095,554	)
JPY	134,811,000	USD	985,539	UBS AG		09/06/22		(14,885	)
JPY	261,000	USD	1,887	Morgan Stanley & Co. International PLC		10/04/22		(3	)
								(4,823,442	)
								$19,558,216

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	24,381,658	$	—	$	—	$	24,381,658
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	4,823,442	$	—	$	—	$	4,823,442

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	107,931,965	$	—	$	—	$	107,931,965
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	18,139,823	$	—	$	—	$	18,139,823

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	594,574,699
Average amounts sold — in USD	$	1,125,479,386

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   A N 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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Japan ETF

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	24,381,658	$	4,823,442
Total derivative assets and liabilities in the Statement of Assets and Liabilities		24,381,658		4,823,442
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		24,381,658		4,823,442

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	(b)(c)
BNP Paribas SA	$	112,777	$	—		$	—	$	—		$	112,777
Citibank N.A.		1,302,209		—			—		—			1,302,209
JPMorgan Chase Bank N.A.		943,931		(873,241	)		—		—			70,690
Morgan Stanley & Co. International PLC		2,037,592		(99,212	)		—		(1,920,000	)		18,380
State Street Bank and Trust Co.		19,982,468		(2,095,554	)		—		—			17,886,914
Toronto Dominion Bank		2,681		—			—		—			2,681
	$	24,381,658	$	(3,068,007	)	$	—	$	(1,920,000	)	$	19,393,651
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	(d)
Bank of New York	$	432,344	$	—		$	—	$	—		$	432,344
JPMorgan Chase Bank N.A.		873,241		(873,241	)		—		—			—
Morgan Stanley & Co. International PLC		99,212		(99,212	)		—		—			—
Natwest Markets PLC		1,308,206		—			—		—			1,308,206
State Street Bank and Trust Co.		2,095,554		(2,095,554	)		—		—			—
UBS AG		14,885		—			—		—			14,885
	$	4,823,442	$	(3,068,007	)	$	—	$	—		$	1,755,435

^(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.

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   (continued) August 31, 2022 iShares^® Currency Hedged MSCI Japan 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	$	463,540,692	$	—		$	—	$	463,540,692
Money Market Funds		1,710,000		—			—		1,710,000
	$	465,250,692	$	—		$	—	$	465,250,692
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	24,381,658		$	—	$	24,381,658
Liabilities
Forward Foreign Currency Exchange Contracts		—		(4,823,442	)		—		(4,823,442	)
	$	—	$	19,558,216		$	—	$	19,558,216

^(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.

26 2 0 2 2   I S H A R E S   A N 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

August 31, 2022

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
ASSETS
Investments, at value — affiliated(a)	$	21,141,688		$	354,399,764		$	36,256,996		$	465,250,692
Cash		458,087			1,072			7,862			642,790
Receivables:
Capital shares sold		—			—			27,811			79,119
Dividends — affiliated		14			1,288			21			1,736
Unrealized appreciation on forward foreign currency exchange contracts		620,224			6,531,016			743,892			24,381,658
Total assets		22,220,013			360,933,140			37,036,582			490,355,995
LIABILITIES
Cash received as collateral for OTC derivatives		450,000			1,430,000			—			1,920,000
Payables:
Investments purchased		456,871			5,805,903			664,293			18,463,432
Capital shares redeemed		—			94,963			—			395,592
Investment advisory fees		568			9,529			951			2,697
Unrealized depreciation on forward foreign currency exchange contracts		93,133			454,703			90,774			4,823,442
Total liabilities		1,000,572			7,795,098			756,018			25,605,163
NET ASSETS	$	21,219,441		$	353,138,042		$	36,280,564		$	464,750,832
NET ASSETS CONSIST OF
Paid-in capital	$	21,786,914		$	434,502,465		$	90,862,331		$	530,247,953
Accumulated loss		(567,473	)		(81,364,423	)		(54,581,767	)		(65,497,121	)
NET ASSETS	$	21,219,441		$	353,138,042		$	36,280,564		$	464,750,832
NET ASSET VALUE
Shares outstanding		700,000			11,400,000			1,450,000			12,000,000
Net asset value	$	30.31		$	30.98		$	25.02		$	38.73
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a)  Investments, at cost — affiliated	$	21,942,302		$	479,274,279		$	55,910,307		$	583,080,513

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

Year Ended August 31, 2022

	iShares Currency Hedged MSCI Canada ETF			iShares Currency Hedged MSCI Eurozone ETF			iShares Currency Hedged MSCI Germany ETF			iShares Currency Hedged MSCI Japan ETF
INVESTMENT INCOME
Dividends — affiliated	$	402,211		$	17,618,237		$	1,865,617		$	15,052,691
Total investment income		402,211			17,618,237			1,865,617			15,052,691
EXPENSES
Investment advisory fees		124,610			3,258,033			280,058			3,036,767
Commitment fees		—			5,390			570			6,412
Professional fees		217			217			217			217
Interest expense		—			—			—			8,205
Total expenses		124,827			3,263,640			280,845			3,051,601
Less:
Investment advisory fees waived		(118,798	)		(3,105,994	)		(261,524	)		(3,012,924	)
Total expenses after fees waived		6,029			157,646			19,321			38,677
Net investment income		396,182			17,460,591			1,846,296			15,014,014
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated		(43,411	)		(7,153,553	)		(1,853,603	)		(6,601,222	)
In-kind redemptions — affiliated(a)		965,450			26,700,700			(922,619	)		(5,938,811	)
Forward foreign currency exchange contracts		385,300			84,053,100			8,395,733			107,931,965
Foreign currency transactions		—			—			3,393			—
		1,307,339			103,600,247			5,622,904			95,391,932
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		(3,021,782	)		(191,296,769	)		(19,171,548	)		(128,707,473	)
Forward foreign currency exchange contracts		384,115			2,585,261			378,920			18,139,823
		(2,637,667	)		(188,711,508	)		(18,792,628	)		(110,567,650	)
Net realized and unrealized loss		(1,330,328	)		(85,111,261	)		(13,169,724	)		(15,175,718	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(934,146	)	$	(67,650,670	)	$	(11,323,428	)	$	(161,704	)
(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

28 2 0 2 2   I S H A R E S   A N 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 Canada ETF						iShares Currency Hedged MSCI Eurozone ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	396,182		$	216,856		$	17,460,591		$	15,085,514
Net realized gain (loss)		1,307,339			(97,038	)		103,600,247			33,361,588
Net change in unrealized appreciation (depreciation)		(2,637,667	)		2,839,398			(188,711,508	)		125,904,966
Net increase (decrease) in net assets resulting from operations		(934,146	)		2,959,216			(67,650,670	)		174,352,068
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(630,468	)		(217,525	)		(17,477,602	)		(15,122,753	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		6,214,372			2,272,139			(306,403,605	)		15,471,012
NET ASSETS
Total increase (decrease) in net assets		4,649,758			5,013,830			(391,531,877	)		174,700,327
Beginning of year		16,569,683			11,555,853			744,669,919			569,969,592
End of year	$	21,219,441		$	16,569,683		$	353,138,042		$	744,669,919

^(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 29

Statements of Changes in Net Assets  (continued)

	iShares Currency Hedged MSCI Germany ETF						iShares Currency Hedged MSCI Japan ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,846,296		$	1,850,036		$	15,014,014		$	5,002,260
Net realized gain		5,622,904			6,348,167			95,391,932			46,915,341
Net change in unrealized appreciation (depreciation)		(18,792,628	)		5,384,005			(110,567,650	)		20,601,765
Net increase (decrease) in net assets resulting from operations		(11,323,428	)		13,582,208			(161,704	)		72,519,366
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,848,200	)		(1,854,347	)		(15,018,714	)		(5,002,254	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(13,942,180	)		(24,290,125	)		(55,467,158	)		220,624,947
NET ASSETS
Total increase (decrease) in net assets		(27,113,808	)		(12,562,264	)		(70,647,576	)		288,142,059
Beginning of year		63,394,372			75,956,636			535,398,408			247,256,349
End of year	$	36,280,564		$	63,394,372		$	464,750,832		$	535,398,408

^(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   A N 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 Currency Hedged MSCI Canada ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	32.49			$	25.68			$	26.41			$	26.79			$	24.70
Net investment income(a)			0.64				0.53				0.71				0.59				0.56
Net realized and unrealized gain (loss)(b)			(1.75	)			6.80				0.30				0.30				2.10
Net increase (decrease) from investment operations			(1.11	)			7.33				1.01				0.89				2.66
Distributions(c)
From net investment income			(0.67	)			(0.52	)			(1.37	)			(0.64	)			(0.57	)
From net realized gain			(0.40	)			—				(0.37	)			(0.63	)			—
Total distributions			(1.07	)			(0.52	)			(1.74	)			(1.27	)			(0.57	)
Net asset value, end of year		$	30.31			$	32.49			$	25.68			$	26.41			$	26.79
Total Return(d)
Based on net asset value			(3.60	)%			28.81	%			4.08	%			3.84	%			10.82	%
Ratios to Average Net Assets(e)
Total expenses			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			1.97	%			1.84	%			2.75	%			2.31	%			2.12	%
Supplemental Data
Net assets, end of year (000)		$	21,219			$	16,570			$	11,556			$	38,290			$	5,357
Portfolio turnover rate(f)			10	%			10	%			15	%			12	%			10	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 Currency Hedged MSCI Eurozone ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	37.33			$	28.36			$	29.86			$	29.76			$	28.83
Net investment income(a)			1.18				0.83				0.35				0.76				0.79
Net realized and unrealized gain (loss)(b)			(6.17	)			9.00				(0.64	)			0.24				1.03
Net increase (decrease) from investment operations			(4.99	)			9.83				(0.29	)			1.00				1.82
Distributions(c)
From net investment income			(1.36	)			(0.86	)			(0.38	)			(0.90	)			(0.89	)
From net realized gain			(0.00	)(d)			—				(0.83	)			(0.00	)(d)			—
Return of capital			—				—				(0.00	)(d)			—				—
Total distributions			(1.36	)			(0.86	)			(1.21	)			(0.90	)			(0.89	)
Net asset value, end of year		$	30.98			$	37.33			$	28.36			$	29.86			$	29.76
Total Return(e)
Based on net asset value			(13.50	)%			35.04	%			(1.21	)%			3.41	%			6.36	%
Ratios to Average Net Assets(f)
Total expenses			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.03	%			0.03	%			0.03	%			0.03	%			0.03	%
Net investment income			3.32	%			2.52	%			1.18	%			2.63	%			2.61	%
Supplemental Data
Net assets, end of year (000)		$	353,138			$	744,670			$	569,970			$	868,987			$	1,660,448
Portfolio turnover rate(g)			6	%			14	%			10	%			5	%			11	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

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

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

See notes to financial statements.

32 2 0 2 2   I S H A R E S   A N 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 Germany ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	33.37			$	28.13			$	26.21			$	27.64			$	26.82
Net investment income(a)			1.06				0.85				0.21				0.55				0.53
Net realized and unrealized gain (loss)(b)			(8.32	)			5.31				2.06				(1.25	)			1.02
Net increase (decrease) from investment operations			(7.26	)			6.16				2.27				(0.70	)			1.55
Distributions(c)
Distributions from net investment income			(1.09	)			(0.92	)			(0.35	)			(0.73	)			(0.73	)
Return of capital			—				—				(0.00	)(d)			(0.00	)(d)			—
Total distributions			(1.09	)			(0.92	)			(0.35	)			(0.73	)			(0.73	)
Net asset value, end of year		$	25.02			$	33.37			$	28.13			$	26.21			$	27.64
Total Return(e)
Based on net asset value			(21.88	)%			22.12	%			8.71	%			(2.65	)%			5.83	%
Ratios to Average Net Assets(f)
Total expenses			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Total expenses after fees waived			0.04	%			0.03	%			0.02	%			0.04	%			0.06	%
Net investment income			3.49	%			2.78	%			0.77	%			2.09	%			1.87	%
Supplemental Data
Net assets, end of year (000)		$	36,281			$	63,394			$	75,957			$	154,620			$	330,346
Portfolio turnover rate(g)			9	%			16	%			12	%			5	%			11	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

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

^(g)  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 Currency Hedged MSCI Japan ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	38.66			$	31.50			$	29.13			$	32.36			$	29.56
Net investment income(a)			1.02				0.51				0.72				0.45				0.46
Net realized and unrealized gain (loss)(b)			(0.09	)			7.06				2.35				(3.04	)			2.81
Net increase (decrease) from investment operations			0.93				7.57				3.07				(2.59	)			3.27
Distributions(c)
Distributions from net investment income			(0.86	)			(0.41	)			(0.70	)			(0.64	)			(0.47	)
From net realized gain			(0.00	)(d)			—				—				—				—
Total distributions			(0.86	)			(0.41	)			(0.70	)			(0.64	)			(0.47	)
Net asset value, end of year		$	38.73			$	38.66			$	31.50			$	29.13			$	32.36
Total Return(e)
Based on net asset value			2.43	%			24.08	%			10.52	%			(8.06	)%			11.07	%
Ratios to Average Net Assets(f)
Total expenses			0.53	%			0.53	%			0.53	%			0.53	%			0.53	%
Total expenses after fees waived			0.01	%			0.00	%(g)			0.00	%(g)			0.00	%(g)			0.01	%
Net investment income			2.62	%			1.38	%			2.31	%			1.47	%			1.41	%
Supplemental Data
Net assets, end of year (000)		$	464,751			$	535,398			$	247,256			$	329,138			$	1,004,834
Portfolio turnover rate(h)			6	%			7	%			9	%			9	%			9	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Rounds to less than $0.01.

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

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

^(g)  Rounds to less than 0.01%.

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

See notes to financial statements.

34 2 0 2 2   I S H A R E S   A N 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

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Currency Hedged MSCI Canada	Diversified
Currency Hedged MSCI Eurozone	Diversified
Currency Hedged MSCI Germany	Diversified
Currency Hedged MSCI Japan	Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

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

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

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

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

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

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

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Notes to Financial Statements(continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

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Notes to Financial Statements(continued)

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI Canada		0.62%
Currency Hedged MSCI Eurozone		0.62
Currency Hedged MSCI Germany		0.53
Currency Hedged MSCI Japan		0.53

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

For the iShares Currency Hedged MSCI Canada ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Canada ETF (“EWC”), after taking into account any fee waivers by EWC, plus 0.03%.

For the iShares Currency Hedged MSCI Eurozone ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Eurozone ETF (“EZU”), after taking into account any fee waivers by EZU, plus 0.03%.

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(continued)

For the iShares Currency Hedged MSCI Germany ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%.

For the iShares Currency Hedged MSCI Japan ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds, provided that the waiver be no greater than the Fund’s investment advisory fee of 0.53%. BFA has also contractually agreed to waive an additional portion of its investment advisory fee for the Fund through December 31, 2025 such that the Fund’s total annual operating expenses after fee waiver will be equal to the greater of the acquired fund fees and expenses or 0.48%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI Canada	$	118,798
Currency Hedged MSCI Eurozone		3,105,994
Currency Hedged MSCI Germany		261,524
Currency Hedged MSCI Japan		3,012,924

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

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

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

6. PURCHASES AND SALES

For the year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Canada	$	2,527,806	$	2,023,632
Currency Hedged MSCI Eurozone		118,574,402		33,607,161
Currency Hedged MSCI Germany		13,403,674		4,734,765
Currency Hedged MSCI Japan		160,415,923		33,321,468

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Currency Hedged MSCI Canada	$	10,657,489	$	4,507,593
Currency Hedged MSCI Eurozone		284,582,822		589,530,904
Currency Hedged MSCI Germany		280,070,586		293,925,749
Currency Hedged MSCI Japan		848,664,753		905,358,187

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 August 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(continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to distributions paid in excess of taxable income, certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated    Earnings (Loss)
Currency Hedged MSCI Canada	$	965,450		$	(965,450)
Currency Hedged MSCI Eurozone		26,555,064			(26,555,064)
Currency Hedged MSCI Germany		(2,698,590	)		2,698,590
Currency Hedged MSCI Japan		8,311,788			(8,311,788)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
Currency Hedged MSCI Canada
Ordinary income	$	611,347	$	217,525
Long-term capital gains		19,121		—
	$	630,468	$	217,525
Currency Hedged MSCI Eurozone
Ordinary income	$	17,477,602	$	15,122,753
Currency Hedged MSCI Germany
Ordinary income	$	1,848,200	$	1,854,347
Currency Hedged MSCI Japan
Ordinary income	$	15,018,714	$	5,002,254

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Currency Hedged MSCI Canada	$	—	$	305,705	$	—		$	(873,178	)	$	(567,473)
Currency Hedged MSCI Eurozone		21,613,844		23,067,180		—			(126,045,447	)		(81,364,423)
Currency Hedged MSCI Germany		—		—		(34,845,855	)		(19,735,912	)		(54,581,767)
Currency Hedged MSCI Japan		22,735,084		30,732,976		—			(118,965,181	)		(65,497,121)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts.

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
Currency Hedged MSCI Canada	$	258,109
Currency Hedged MSCI Eurozone		35,252,249
Currency Hedged MSCI Germany		8,716,627
Currency Hedged MSCI Japan		52,181,274

As of August 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 Canada	$	22,014,866	$	620,224	$	(1,493,402	)	$	(873,178)
Currency Hedged MSCI Eurozone		480,445,211		6,531,016		(132,576,463	)		(126,045,447)
Currency Hedged MSCI Germany		55,992,908		743,892		(20,479,804	)		(19,735,912)
Currency Hedged MSCI Japan		584,215,873		24,381,658		(143,346,839	)		(118,965,181)

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Notes to Financial Statements(continued)

8. LINE OF CREDIT

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

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

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted    Average    Interest Rates
Currency Hedged MSCI Japan	$	32,050,000	$	439,041		1.84%

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.

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. Although vaccines have been developed and approved for use by various governments, 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.

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.

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Notes to Financial Statements(continued)

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:

	Year Ended 08/31/22					Year Ended 08/31/21
iShares ETF	Shares			Amount		Shares			Amount
Currency Hedged MSCI Canada
Shares sold	330,000		$	10,691,502		190,000		$	6,100,407
Shares redeemed	(140,000	)		(4,477,130	)	(130,000	)		(3,828,268	)
	190,000		$	6,214,372		60,000		$	2,272,139
Currency Hedged MSCI Eurozone
Shares sold	8,300,000		$	287,220,148		16,600,000		$	546,988,458
Shares redeemed	(16,850,000	)		(593,623,753	)	(16,750,000	)		(531,517,446	)
	(8,550,000	)	$	(306,403,605	)	(150,000	)	$	15,471,012
Currency Hedged MSCI Germany
Shares sold	9,700,000		$	283,625,278		10,850,000		$	325,501,335
Shares redeemed	(10,150,000	)		(297,567,458	)	(11,650,000	)		(349,791,460	)
	(450,000	)	$	(13,942,180	)	(800,000	)	$	(24,290,125	)
Currency Hedged MSCI Japan
Shares sold	22,300,000		$	859,549,528		16,600,000		$	599,727,410
Shares redeemed	(24,150,000	)		(915,016,686	)	(10,600,000	)		(379,102,463	)
	(1,850,000	)	$	(55,467,158	)	6,000,000		$	220,624,947

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.

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 41

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI Canada ETF

iShares Currency Hedged MSCI Eurozone ETF

iShares Currency Hedged MSCI Germany ETF

iShares Currency Hedged MSCI Japan ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend   Income
Currency Hedged MSCI Canada	$	369,815
Currency Hedged MSCI Eurozone		17,551,047
Currency Hedged MSCI Germany		1,816,820
Currency Hedged MSCI Japan		13,534,224

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
Currency Hedged MSCI Canada	$	486,802	$	84,583
Currency Hedged MSCI Germany		2,072,359		205,376
Currency Hedged MSCI Japan		16,428,721		1,371,557

iShares ETF	20% Rate Long-Term   Capital Gain Dividends
Currency Hedged MSCI Canada	$	19,121
Currency Hedged MSCI Eurozone		3,452,817
Currency Hedged MSCI Japan		14,329,805

I M P O R T A N T   T A X   I N F O R M A T I O N 43

Board Review and Approval of Investment Advisory Contract

iShares Currency Hedged MSCI Canada ETF, iShares Currency Hedged MSCI Eurozone ETF, iShares Currency Hedged MSCI Germany ETF, iShares Currency Hedged MSCI Japan ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract  (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Canada(a)	$	0.731306	$	—	$	0.337545	$	1.068851		68	%		—	%		32	%		100	%
Currency Hedged MSCI Eurozone		1.355972		—		—		1.355972		100			—			—			100
Currency Hedged MSCI Germany		1.094719		—		—		1.094719		100			—			—			100
Currency Hedged MSCI Japan		0.864742		—		—		0.864742		100			—			—			100

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 47

Trustee and Officer Information (unaudited)(continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Trustee and Officer Information (unaudited)(continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 49

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

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 51

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-AR-801-0822

AUGUST 31, 2022

2022 Annual Report

iShares Trust

· iShares Currency Hedged MSCI United Kingdom ETF | HEWU | NYSE Arca

· iShares MSCI United Kingdom ETF | EWU | NYSE Arca

· iShares MSCI United Kingdom Small-Cap ETF | EWUS | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		23
Statements of Operations		24
Statements of Changes in Net Assets		25
Financial Highlights		27
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		39
Important Tax Information		40
Board Review and Approval of Investment Advisory Contract		41
Supplemental Information		45
Trustee and Officer Information		47
General Information		50
Glossary of Terms Used in this Report		51

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summary as of August 31, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF

Investment Objective

The iShares Currency Hedged MSCI United Kingdom ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization United Kingdom equities while mitigating exposure to fluctuations between the value of the British pound and the U.S. dollar, as represented by the MSCI United Kingdom 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI United Kingdom ETF.

Performance

	Average Annual Total Returns							Cumulative Total Returns
		1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV		9.18	%	4.11	%	5.76	%		9.18	%	22.30	%	49.42	%
Fund Market		9.19		4.11		5.76			9.19		22.32		49.49
Index		9.83		4.82		6.33			9.83		26.53		55.24

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,019.90	$	0.00		$	1,000.00	$	1,025.20	$	0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

F U N D   S U M M A R Y 5

Fund Summaryas of August 31, 2022(continued) iShares^® Currency Hedged MSCI United Kingdom ETF

Portfolio Management Commentary

Stocks in the U.K. declined for the reporting period in U.S. dollar terms, as the country’s economy contracted in the second quarter of 2022 and inflation reached 40-year highs. The Bank of England raised interest rates multiple times and warned of a prolonged recession.

The industrials sector was the largest detractor from the Index’s return, as industrial production grew at a relatively slow pace. A multinational construction rental company with operations in the U.S. declined sharply despite benefiting from the relatively strong U.S. housing market. In addition, a multinational consumer credit rating agency declined despite strong earnings, as lower mortgage refinancing activity and declining consumer spending clouded the earnings outlook.

The financials sector also detracted from the Index’s performance. The insurance industry generally benefited from higher interest rates, but rising inflation led to uncertainty about cost increases and demand for insurance products. A large multinational insurer declined sharply as slower growth abroad and outflows from mutual funds weighed on earnings growth.

The consumer discretionary and consumer staples sectors also detracted from the Index’s return, as high inflation drove up input costs and tempered demand. Household durables stocks declined, as the cooling housing market and rising cost of living weighed on sales of big-ticket items. The personal products industry also weakened, largely driven by a multinational consumer products company, as inflation increased production expenses and sapped consumer demand. On the upside, the energy sector was a relatively large contributor in U.S. dollar terms due to rising oil and gas prices.

In terms of currency performance during the reporting period, the British pound depreciated by approximately 15% relative to the U.S. dollar. Rising interest rates in the U.S. along with high inflation and energy costs in Britain pressured the British pound.

The British pound’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the British pound’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of British equities measured in British pounds.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies	99.7	%
Short-term Investments	4.4
Forward foreign currency exchange contracts, net cumulative appreciation	6.4
Other assets less liabilities	(10.5	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total  Investment(a)
Consumer Staples		20.8	%
Financials		17.4
Energy		14.2
Health Care		13.0
Industrials		10.5
Materials		8.9
Consumer Discretionary		5.2
Utilities		4.0
Communication Services		3.9
Real Estate		1.1
Information Technology		1.0

^(a) Excludes money market funds.

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Fund Summaryas of August 31, 2022 iShares^® MSCI United Kingdom ETF

Investment Objective

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

Performance

	Average Annual Total Returns							Cumulative Total Returns
		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		(8.50	)%	0.80	%	2.48	%		(8.50	)%	4.08	%	27.79	%
Fund Market		(8.36	)	0.76		2.43			(8.36	)	3.84		27.08
Index		(7.66	)	1.45		3.07			(7.66	)	7.45		35.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	873.70	$	2.36		$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summaryas of August 31, 2022(continued) iShares^® MSCI United Kingdom ETF

Portfolio Management Commentary

Stocks in the U.K. declined for the reporting period in U.S. dollar terms, as the country’s economy contracted in the second quarter of 2022 and inflation reached 40-year highs. The Bank of England raised interest rates multiple times and warned of a prolonged recession. In addition, comparatively high interest rates in the U.S. and the U.K.’s dependence on foreign imports led to a sharp depreciation in the British pound relative to the U.S. dollar, which detracted from the Index’s return in U.S. dollar terms.

The industrials sector was the largest detractor from the Index’s return, as industrial production grew at a relatively slow pace. A multinational construction rental company with operations in the U.S. declined sharply despite benefiting from the relatively strong U.S. housing market. In addition, a multinational consumer credit rating agency declined despite strong earnings, as lower mortgage refinancing activity and declining consumer spending clouded the earnings outlook.

The financials sector also detracted from the Index’s performance. The insurance industry generally benefited from higher interest rates, but rising inflation led to uncertainty about cost increases and demand for insurance products. A large multinational insurer declined sharply as slower growth abroad and outflows from mutual funds weighed on earnings growth.

The consumer discretionary and consumer staples sectors also detracted from the Index’s return, as high inflation drove up input costs and tempered demand. Household durables stocks declined, as the cooling housing market and rising cost of living weighed on sales of big-ticket items. The personal products industry also weakened, largely driven by a multinational consumer products company, as inflation increased production expenses and sapped consumer demand. On the upside, the energy sector was a relatively large contributor due to rising oil and gas prices.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Staples	20.8	%
Financials	17.4
Energy	14.2
Health Care	13.0
Industrials	10.5
Materials	8.9
Consumer Discretionary	5.2
Utilities	4.0
Communication Services	3.9
Real Estate	1.1
Information Technology	1.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Shell PLC	9.5	%
AstraZeneca PLC	9.2
HSBC Holdings PLC	5.9
Unilever PLC	5.6
Diageo PLC	4.8
BP PLC	4.8
British American Tobacco PLC	4.2
GSK PLC	3.1
Rio Tinto PLC	3.0
Reckitt Benckiser Group PLC	2.7

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Fund Summaryas of August 31, 2022 iShares^® MSCI United Kingdom Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns							Cumulative Total Returns
		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		(36.56	)%	(2.44	)%	3.81	%		(36.56	)%	(11.60	)%	45.40	%
Fund Market		(36.66	)	(2.45	)	3.70			(36.66	)	(11.65	)	43.82
Index		(36.05	)	(1.79	)	4.48			(36.05	)	(8.62	)	54.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	766.60	$	2.63		$	1,000.00	$	1,022.20	$	3.01		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summaryas of August 31, 2022(continued) iShares^® MSCI United Kingdom Small-Cap ETF

Portfolio Management Commentary

Small-capitalization stocks in the U.K. declined for the reporting period, as the country’s economy slipped into contraction in the second quarter of 2022 and inflation reached 40-year highs. The Bank of England raised interest rates to the highest levels in 13 years and warned of a prolonged recession. The declining value of the British pound relative to the U.S. dollar also diminished the value of U.K. stocks in U.S. dollar terms.

The consumer discretionary sector detracted the most from the Index’s return. Internet and direct marketing retail companies experienced declining sales due to a reduction in online spending by consumers. Additionally, persistent supply chain problems affected international deliveries from online retailers. In the restaurants industry, disruptions to supply precipitated by the war in Ukraine increased prices for energy and wheat, weighing on the profitability of makers of baked goods.

Industrials stocks also detracted from the Index’s performance, particularly in the trading companies and distributors industry. The costs of raw materials rose, pressuring sellers of building materials. Additionally, the U.K. housing market cooled as interest rates rose, weakening the prospects for new home construction. Retailers of home improvement materials were further impacted as worsening inflation led to a reduction in consumer spending on discretionary home renovation projects.

Financials stocks were another source of weakness for the Index’s return, driven by capital markets companies. Challenges for asset managers during the reporting period included increased market volatility, outflows from higher-growth stocks, and negative publicity surrounding the suspension of investments in Russia. In the real estate sector, office real estate investment trusts declined significantly as the increase in remote working during the coronavirus pandemic led to higher office vacancies and prompted investors to question the future viability of office investments.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	21.8	%
Financials	16.0
Real Estate	13.0
Consumer Discretionary	12.9
Information Technology	8.2
Health Care	6.9
Communication Services	5.9
Materials	4.5
Consumer Staples	4.0
Utilities	3.4
Energy	3.4

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Meggitt PLC	1.9	%
RS GROUP PLC	1.6
Rightmove PLC	1.6
Avast PLC	1.5
Centrica PLC	1.4
Intermediate Capital Group PLC	1.2
Dechra Pharmaceuticals PLC	1.2
Weir Group PLC (The)	1.2
DS Smith PLC	1.1
HomeServe PLC	1.1

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments August 31, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.7%
iShares MSCI United Kingdom ETF(a)		546,282	$	15,793,013
Total Investment Companies (Cost: $17,851,040)				15,793,013
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(a)(b)		700,000		700,000
Total Short-Term Securities — 4.4% (Cost: $700,000)				700,000
Total Investments in Securities — 104.1% (Cost: $18,551,040)				16,493,013
Liabilities in Excess of Other Assets — (4.1)%			(654,899)
Net Assets — 100.0%			$  15,838,114

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	700,000	(a)	$	—		$	—	$	—		$	700,000		700,000	$	1,573	$	—
iShares MSCI United Kingdom ETF		8,253,193		22,033,423			(12,506,349	)		8,262		(1,995,516	)		15,793,013		546,282		686,595		—
									$	8,262	$	(1,995,516	)	$	16,493,013			$	688,168	$	—

^(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)
USD	23,266,281		GBP	19,105,000	Morgan Stanley & Co. International PLC		09/06/22	$	1,070,376
USD	16,086,029		GBP	13,816,000	Morgan Stanley & Co. International PLC		10/04/22		26,243
									1,096,619
GBP	19,105,000		USD	22,285,614	Morgan Stanley & Co. International PLC		09/06/22		(89,709	)
GBP	67,000		USD	77,944	JPMorgan Chase Bank N.A.		10/04/22		(63	)
									(89,772	)
									$1,006,847

12 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,096,619	$	—	$	—	$	1,096,619
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	89,772	$	—	$	—	$	89,772

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,833,302	$	—	$	—	$	1,833,302
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	915,285	$	—	$	—	$	915,285

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	14,379,791
Average amounts sold — in USD	$	27,861,354

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	$	1,096,619	$	89,772
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,096,619		89,772
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,096,619		89,772

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset	(a)	Non-Cash Collateral Received			Cash Collateral Received				Net Amount of Derivative Assets	(b)
Morgan Stanley & Co. International PLC		$	1,096,619	$	(89,709	)		$	—		$	—	$	1,006,910
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset	(a)	Non-Cash Collateral Pledged			Cash Collateral Pledged				Net Amount of Derivative Liabilities	(c)
JPMorgan Chase Bank N.A.		$	63	$	—			$	—		$	—	$	63
Morgan Stanley & Co. International PLC			89,709		(89,709	)			—			—		—
		$	89,772	$	(89,709	)		$	—		$	—	$	63

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(continued) August 31, 2022 iShares^® Currency Hedged MSCI United Kingdom ETF

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

^(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 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	$	15,793,013	$	—		$	—	$	15,793,013
Money Market Funds		700,000		—			—		700,000
	$	16,493,013	$	—		$	—	$	16,493,013
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,096,619		$	—	$	1,096,619
Liabilities
Forward Foreign Currency Exchange Contracts		—		(89,772	)		—		(89,772	)
	$	—	$	1,006,847		$	—	$	1,006,847

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 2   I S H A R E S   A N 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 August 31, 2022 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
BAE Systems PLC		4,946,331	$	44,547,152
Rolls-Royce Holdings PLC(a)		13,048,795		11,629,326
				56,176,478
Banks — 10.6%
Barclays PLC		26,241,327		50,034,103
HSBC Holdings PLC		31,501,158		193,002,637
Lloyds Banking Group PLC		109,142,757		55,308,733
NatWest Group PLC, NVS		8,385,527		23,929,487
Standard Chartered PLC		3,953,639		27,383,499
				349,658,459
Beverages — 4.9%
Coca-Cola HBC AG, Class DI		315,897		7,208,561
Diageo PLC		3,584,566		155,736,437
				162,944,998
Capital Markets — 3.0%
3i Group PLC		1,523,839		21,449,996
abrdn PLC		3,304,161		5,615,263
Hargreaves Lansdown PLC		560,731		5,308,539
London Stock Exchange Group PLC		516,513		48,449,712
Schroders PLC		195,039		6,066,909
St. James’s Place PLC		848,239		10,857,410
				97,747,829
Chemicals — 0.7%
Croda International PLC		218,708		17,047,182
Johnson Matthey PLC		290,966		6,788,472
				23,835,654
Commercial Services & Supplies — 0.5%
Rentokil Initial PLC		2,921,104		17,641,923
Diversified Financial Services — 0.3%
M&G PLC		4,036,785		9,161,219
Diversified Telecommunication Services — 0.6%
BT Group PLC		10,896,460		19,061,181
Electric Utilities — 1.0%
SSE PLC		1,673,315		32,065,266
Electronic Equipment, Instruments & Components — 0.4%
Halma PLC		595,002		14,312,747
Equity Real Estate Investment Trusts (REITs) — 1.1%
British Land Co. PLC (The)		1,375,500		6,861,283
Land Securities Group PLC		1,097,768		8,279,815
Segro PLC		1,893,587		20,664,671
				35,805,769
Food & Staples Retailing — 1.5%
J Sainsbury PLC		2,735,546		6,456,869
Ocado Group PLC(a)		906,232		7,616,085
Tesco PLC		11,831,200		34,171,700
				48,244,654
Food Products — 0.3%
Associated British Foods PLC		558,599		9,865,415
Health Care Equipment & Supplies — 0.5%
Smith & Nephew PLC		1,365,687		16,064,220
Health Care Providers & Services — 0.0%
NMC Health PLC, NVS(b)		122,262		1

Security	Shares		Value
Hotels, Restaurants & Leisure — 3.0%
Compass Group PLC		2,795,854	$	60,141,767
Entain PLC		922,012		13,565,219
InterContinental Hotels Group PLC		287,373		15,600,378
Whitbread PLC		314,446		9,113,702
				98,421,066
Household Durables — 0.9%
Barratt Developments PLC		1,607,092		7,956,370
Berkeley Group Holdings PLC		173,809		7,357,869
Persimmon PLC		499,669		8,549,888
Taylor Wimpey PLC		5,585,255		7,006,895
			30,871,022
Household Products — 2.6%
Reckitt Benckiser Group PLC		1,120,688		86,474,060
Industrial Conglomerates — 0.9%
DCC PLC		154,785		8,908,552
Melrose Industries PLC		6,862,242		10,828,973
Smiths Group PLC		587,724		10,153,422
			29,890,947
Insurance — 3.3%
Admiral Group PLC		281,299		6,919,619
Aviva PLC		4,434,076		21,510,780
Legal & General Group PLC		9,357,342		27,408,310
Phoenix Group Holdings PLC		1,173,237		8,194,573
Prudential PLC		4,308,868		45,222,273
			109,255,555
Interactive Media & Services — 0.3%
Auto Trader Group PLC(c)		1,477,329		11,154,836
Machinery — 0.4%
Spirax-Sarco Engineering PLC		115,626		14,115,203
Media — 1.2%
Informa PLC		2,296,678		14,530,260
Pearson PLC		1,050,199		10,510,368
WPP PLC		1,711,557		14,741,721
			39,782,349
Metals & Mining — 7.7%
Anglo American PLC		1,991,511		63,996,140
Antofagasta PLC		619,660		7,884,486
Glencore PLC		15,452,008		84,484,782
Rio Tinto PLC		1,762,151		97,288,880
			253,654,288
Multi-Utilities — 2.2%
National Grid PLC		5,715,157		71,164,280
Multiline Retail — 0.4%
Next PLC		205,418		13,833,221
Oil, Gas & Consumable Fuels — 14.0%
BP PLC		30,281,347		154,735,440
Shell PLC		11,657,895		308,561,630
			463,297,070
Paper & Forest Products — 0.4%
Mondi PLC		757,317		12,855,774
Personal Products — 6.2%
Haleon PLC(a)		7,960,119		23,936,571
Unilever PLC		3,999,448		181,424,247
			205,360,818

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(continued) August 31, 2022 iShares^® MSCI United Kingdom ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 12.3%
AstraZeneca PLC		2,428,407	$	300,375,341
GSK PLC		6,374,313		101,893,475
Hikma Pharmaceuticals PLC		260,006		3,962,669
				406,231,485
Professional Services — 4.1%
Experian PLC		1,443,131		43,792,485
Intertek Group PLC		252,944		11,609,774
RELX PLC		3,017,002		79,121,215
				134,523,474
Software — 0.6%
AVEVA Group PLC		187,391		6,076,804
Sage Group PLC (The)		1,591,810		13,194,021
				19,270,825
Specialty Retail — 0.4%
JD Sports Fashion PLC		4,066,003		5,318,457
Kingfisher PLC		3,182,406		8,548,794
				13,867,251
Textiles, Apparel & Luxury Goods — 0.4%
Burberry Group PLC		625,291		12,648,818
Tobacco — 5.0%
British American Tobacco PLC		3,375,778		135,209,198
Imperial Brands PLC		1,415,056		31,119,685
				166,328,883
Trading Companies & Distributors — 2.8%
Ashtead Group PLC		693,062		34,048,634
Bunzl PLC		529,235		17,551,636
Ferguson PLC		336,062		38,918,708
				90,518,978

Security	Shares		Value
Water Utilities — 0.8%
Severn Trent PLC		391,424	$	12,643,613
United Utilities Group PLC		1,063,698		13,036,996
				25,680,609
Wireless Telecommunication Services — 1.7%
Vodafone Group PLC		41,870,921		56,058,958
Total Long-Term Investments — 98.7% (Cost: $4,112,544,533)				3,257,845,583
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		120,000		120,000
Total Short-Term Securities — 0.0% (Cost: $120,000)				120,000
Total Investments in Securities — 98.7% (Cost: $4,112,664,533)				3,257,965,583
Other Assets Less Liabilities — 1.3%				41,876,432
Net Assets — 100.0%			$	3,299,842,015

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,420,000	$	—	$	(1,300,000	)(a)	$	—	$	—	$	120,000		120,000	$	8,491	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		493		09/16/22	$	41,805	$	(104,944	)

16 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® MSCI United Kingdom ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	104,944	$	—	$	—	$	—	$	104,944

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,153,160		$	—	$	—	$	—	$	1,153,160
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(196,244	)	$	—	$	—	$	—	$	(196,244	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	28,737,361

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	$	23,936,571	$	3,233,909,011		$	1	$	3,257,845,583
Money Market Funds		120,000		—			—		120,000
	$	24,056,571	$	3,233,909,011		$	1	$	3,257,965,583
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(104,944	)	$	—		$ (104,944)

^(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 August 31, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.3%
Avon Protection PLC		3,738	$	34,979
Babcock International Group PLC(a)		31,572		120,414
Chemring Group PLC		35,404		128,733
Meggitt PLC(a)		97,209		900,937
QinetiQ Group PLC		71,937		290,670
Senior PLC(a)		51,317		77,738
				1,553,471
Air Freight & Logistics — 0.8%
Royal Mail PLC		94,858		302,658
Wincanton PLC		15,667		61,478
				364,136
Airlines — 0.8%
easyJet PLC(a)		37,781		156,976
JET2 PLC(a)		19,949		197,556
				354,532
Auto Components — 0.1%
TI Fluid Systems PLC(b)		41,275		69,955
Automobiles — 0.1%
Aston Martin Lagonda Global Holdings PLC(a)(b)		8,594		44,368
Banks — 1.5%
Bank of Georgia Group PLC		4,625		107,410
Close Brothers Group PLC		18,592		219,952
TBC Bank Group PLC		5,183		106,814
Virgin Money UK PLC		160,863		278,147
				712,323
Beverages — 1.3%
AG Barr PLC		11,775		68,944
Britvic PLC		33,247		302,032
C&C Group PLC(a)		48,142		96,133
Fevertree Drinks PLC		13,045		138,010
				605,119
Biotechnology — 1.5%
Abcam PLC(a)		26,954		397,728
Avacta Group PLC(a)(c)		30,907		45,096
Genus PLC		8,133		237,715
Oxford Biomedica PLC(a)		8,807		46,756
				727,295
Building Products — 0.6%
Genuit Group PLC		30,932		128,919
Tyman PLC		24,018		64,174
Volution Group PLC		24,787		100,301
				293,394
Capital Markets — 8.6%
AJ Bell PLC		38,365		130,851
Alpha FX Group PLC		3,924		82,965
Ashmore Group PLC		57,667		135,878
Brewin Dolphin Holdings PLC		33,829		201,212
Bridgepoint Group PLC(b)		81,748		237,797
CMC Markets PLC(b)		15,897		42,383
IG Group Holdings PLC		50,915		483,182
Impax Asset Management Group PLC		10,546		76,548
IntegraFin Holdings PLC		37,026		115,533
Intermediate Capital Group PLC		36,016		569,332
Investec PLC		86,511		417,276
IP Group PLC		127,769		103,901
JTC PLC(b)		16,417		145,716

Security	Shares		Value
Capital Markets (continued)
Jupiter Fund Management PLC		54,135	$	61,128
Liontrust Asset Management PLC		8,060		85,603
Man Group PLC/Jersey		164,300		464,290
Ninety One PLC		50,665		116,244
Numis Corp. PLC(c)		7,656		21,727
Polar Capital Holdings PLC(c)		8,611		45,768
Quilter PLC(b)		165,842		202,773
Rathbones Group PLC		7,266		152,105
TP ICAP Group PLC		98,302		175,308
				4,067,520
Chemicals — 1.1%
Elementis PLC(a)		71,192		91,401
Essentra PLC		37,027		85,230
Synthomer PLC		46,312		105,738
Victrex PLC		10,753		218,118
				500,487
Commercial Services & Supplies — 3.4%
Biffa PLC(b)		37,943		177,371
Finablr PLC(a)(b)(d)		61,710		1
HomeServe PLC		37,583		517,810
Johnson Service Group PLC(a)		55,214		61,695
Marlowe PLC(a)		10,263		76,781
Mitie Group PLC		177,171		148,795
Renewi PLC(a)		9,797		88,210
Restore PLC		15,093		76,642
Serco Group PLC		149,252		302,728
Smart Metering Systems PLC		15,673		165,505
				1,615,538
Communications Equipment — 0.5%
Spirent Communications PLC		75,990		227,305
Construction & Engineering — 1.1%
Balfour Beatty PLC		77,732		284,630
Keller Group PLC		9,134		74,595
Kier Group PLC(a)		54,527		45,354
Morgan Sindall Group PLC		5,228		104,376
				508,955
Construction Materials — 1.1%
Breedon Group PLC		189,375		131,119
Forterra PLC(b)		27,776		85,228
Ibstock PLC(b)		51,171		112,471
Marshalls PLC		28,261		109,601
RHI Magnesita NV		3,205		67,162
				505,581
Consumer Finance — 0.1%
Provident Financial PLC		29,188		58,491
Containers & Packaging — 1.1%
DS Smith PLC		170,374		527,986
Distributors — 0.9%
Inchcape PLC		46,745		410,475
Diversified Financial Services — 1.0%
Burford Capital Ltd.		22,992		215,081
Plus500 Ltd.		12,192		240,256
				455,337
Diversified Telecommunication Services — 0.5%
Gamma Communications PLC		10,208		127,683

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

Security	Shares		Value
Diversified Telecommunication Services (continued)
Helios Towers PLC(a)		91,010	$	130,424
				258,107
Electrical Equipment — 0.6%
Ceres Power Holdings PLC(a)		15,421		115,828
ITM Power PLC(a)(c)		52,953		120,678
Luceco PLC(b)		10,424		9,485
Volex PLC		14,323		44,509
				290,500
Electronic Equipment, Instruments & Components — 1.4%
Renishaw PLC		4,526		193,591
Spectris PLC		13,424		434,042
Strix Group PLC(c)		25,539		43,909
				671,542
Energy Equipment & Services — 0.6%
Hunting PLC		17,155		57,495
John Wood Group PLC(a)		86,431		129,400
Petrofac Ltd.(a)		54,085		74,957
				261,852
Entertainment — 0.2%
Cineworld Group PLC(a)(c)		116,670		4,578
Frontier Developments PLC(a)(c)		2,943		49,876
Team17 Group PLC(a)		13,551		62,812
				117,266
Equity Real Estate Investment Trusts (REITs) — 10.8%
Assura PLC		367,150		277,877
Balanced Commercial Property Trust Ltd.		89,936		111,083
Big Yellow Group PLC		21,674		333,867
Capital & Counties Properties PLC		90,387		125,611
Civitas Social Housing PLC		76,681		63,336
Custodian Reit PLC		51,934		61,780
Derwent London PLC		12,491		352,392
Empiric Student Property PLC		76,002		85,113
Great Portland Estates PLC		26,921		155,369
Hammerson PLC		451,526		114,068
Home Reit PLC		98,649		134,999
Impact Healthcare Reit PLC		39,222		52,217
LondonMetric Property PLC		115,541		291,535
LXI REIT PLC		234,007		400,157
Picton Property Income Ltd. (The)		69,150		72,700
Primary Health Properties PLC		157,181		249,094
PRS REIT PLC (The)		65,278		77,805
Regional REIT Ltd.(b)		50,482		40,562
Safestore Holdings PLC		26,164		334,943
Shaftesbury PLC		23,925		114,410
Supermarket Income Reit PLC		153,750		216,120
Target Healthcare REIT PLC		77,785		99,941
Tritax Big Box REIT PLC		231,851		447,298
UK Commercial Property REIT Ltd.		95,289		78,288
UNITE Group PLC (The)		42,271		515,371
Urban Logistics REIT PLC		58,681		115,889
Warehouse REIT PLC		49,383		88,806
Workspace Group PLC		17,961		108,735
				5,119,366
Food & Staples Retailing — 0.7%
Marks & Spencer Group PLC(a)		242,918		343,268
Food Products — 1.9%
Bakkavor Group PLC(b)		21,268		19,741
Cranswick PLC		6,617		236,913

Security	Shares		Value
Food Products (continued)
Greencore Group PLC(a)		65,297	$	64,515
Hotel Chocolat Group PLC(a)		7,561		11,946
Premier Foods PLC		80,751		100,938
Tate & Lyle PLC		49,903		441,902
				875,955
Health Care Equipment & Supplies — 1.3%
Advanced Medical Solutions Group PLC		26,439		92,450
ConvaTec Group PLC(b)		202,551		511,024
				603,474
Health Care Providers & Services — 1.2%
CVS Group PLC		8,813		185,684
Mediclinic International PLC		50,396		292,847
Spire Healthcare Group PLC(a)(b)		34,354		92,555
				571,086
Health Care Technology — 0.5%
Craneware PLC		3,261		59,855
EMIS Group PLC		7,092		155,133
				214,988
Hotels, Restaurants & Leisure — 3.8%
888 Holdings PLC		47,488		68,076
Carnival PLC(a)		18,108		151,761
Domino’s Pizza Group PLC		48,903		134,073
Greggs PLC		12,629		269,952
Gym Group PLC (The)(a)(b)		19,857		33,310
J D Wetherspoon PLC(a)		11,782		65,984
Marston’s PLC(a)		77,591		32,774
Mitchells & Butlers PLC(a)		32,951		58,931
On the Beach Group PLC(a)(b)		20,229		30,029
Patisserie Holdings PLC, NVS(d)		6,053		—
Playtech PLC(a)		28,319		147,000
Rank Group PLC(a)		25,590		22,385
Restaurant Group PLC (The)(a)		94,520		44,866
SSP Group PLC(a)		98,179		240,580
Trainline PLC(a)(b)		59,367		238,418
TUI AG(a)(c)		143,893		220,640
Young & Co’s Brewery PLC, Series A		2,699		36,873
				1,795,652
Household Durables — 2.4%
Bellway PLC		15,356		363,083
Countryside Partnerships PLC(a)(b)		58,840		164,777
Crest Nicholson Holdings PLC		32,238		87,614
Redrow PLC		36,959		217,114
Victoria PLC(a)(c)		7,965		31,794
Vistry Group PLC		27,571		247,266
				1,111,648
Independent Power and Renewable Electricity Producers — 0.9%
ContourGlobal PLC(b)		24,951		74,584
Drax Group PLC		49,682		366,482
				441,066
Insurance — 3.6%
Beazley PLC		75,639		510,387
Direct Line Insurance Group PLC		163,380		389,131
Hiscox Ltd.		43,055		449,053
Just Group PLC		129,883		108,457
Lancashire Holdings Ltd.		30,335		174,059
Sabre Insurance Group PLC(b)		30,590		40,796
Saga PLC(a)		13,709		23,873
				1,695,756

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(continued) August 31, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services — 1.9%
Moneysupermarket.com Group PLC		66,814	$	152,732
Rightmove PLC		104,082		731,592
Trustpilot Group PLC(a)(b)		27,857		20,623
				904,947
Internet & Direct Marketing Retail — 1.0%
AO World PLC(a)(c)		52,471		27,528
ASOS PLC(a)(c)		8,543		68,730
Auction Technology Group PLC(a)		11,288		108,185
boohoo Group PLC(a)		123,250		59,649
Deliveroo PLC(a)(b)		109,786		103,153
Moonpig Group PLC(a)		27,210		61,570
THG PLC(a)		89,639		57,167
				485,982
IT Services — 2.7%
Capita PLC(a)		207,617		62,383
Computacenter PLC		9,943		285,305
Kainos Group PLC		9,945		157,353
Keywords Studios PLC		9,036		260,424
NCC Group PLC		38,006		86,890
Network International Holdings PLC(a)(b)		62,372		174,478
Softcat PLC		16,066		240,919
				1,267,752
Leisure Products — 0.7%
Games Workshop Group PLC		4,064		334,646
Life Sciences Tools & Services — 0.4%
Ergomed PLC(a)		4,877		63,185
Oxford Nanopore Technologies PLC(a)		40,971		130,039
				193,224
Machinery — 3.6%
Bodycote PLC		23,779		151,624
IMI PLC		32,380		430,663
Judges Scientific PLC		651		57,476
Morgan Advanced Materials PLC		35,649		109,953
Rotork PLC		106,648		305,953
Vesuvius PLC		27,150		109,571
Weir Group PLC (The)		32,181		541,979
				1,707,219
Marine — 0.3%
Clarkson PLC		3,420		119,533
Media — 2.8%
Ascential PLC(a)		54,634		128,692
Euromoney Institutional Investor PLC		13,521		227,910
Future PLC		14,224		256,713
ITV PLC		449,080		334,196
Next Fifteen Communications Group PLC		10,259		102,101
Reach PLC		36,797		31,590
S4 Capital PLC(a)		35,313		54,275
Tremor International Ltd.(a)(c)		11,266		43,027
YouGov PLC		13,190		153,228
				1,331,732
Metals & Mining — 1.2%
Atalaya Mining PLC		14,148		36,570
Centamin PLC		143,860		150,868
Central Asia Metals PLC		21,540		57,553
Ferrexpo PLC		36,011		61,943
Greatland Gold PLC(a)		501,704		46,102
Hill & Smith Holdings PLC		9,963		120,362

Security	Shares		Value
Metals & Mining (continued)
Hochschild Mining PLC		37,429	$	28,180
Pan African Resources PLC		213,890		45,432
SolGold PLC(a)(c)		140,327		32,441
				579,451
Multi-Utilities — 1.7%
Centrica PLC(a)		733,284		643,139
Telecom Plus PLC		7,835		177,001
				820,140
Multiline Retail — 1.1%
B&M European Value Retail SA		117,928		505,698
Oil, Gas & Consumable Fuels — 2.8%
Capricorn Energy PLC(a)		39,982		107,850
Diversified Energy Co. PLC		105,704		162,582
Energean PLC(a)		15,422		231,830
EnQuest PLC(a)		186,031		64,550
Genel Energy PLC		18,716		30,852
Gulf Keystone Petroleum Ltd		26,930		75,398
Harbour Energy PLC		57,449		316,974
Pantheon Resources PLC(a)(c)		89,681		138,819
Serica Energy PLC		25,047		108,428
Tullow Oil PLC(a)		140,617		78,970
				1,316,253
Personal Products — 0.1%
PZ Cussons PLC		29,240		65,934
Pharmaceuticals — 1.9%
Alliance Pharma PLC		63,551		69,988
Dechra Pharmaceuticals PLC		13,442		543,634
Indivior PLC(a)		87,300		292,516
				906,138
Professional Services — 1.5%
Hays PLC		205,842		279,097
Pagegroup PLC		40,660		204,226
RWS Holdings PLC		38,703		155,026
SThree PLC		15,618		63,755
				702,104
Real Estate Management & Development — 2.1%
CLS Holdings PLC(c)		22,404		48,697
Grainger PLC		92,178		287,197
Helical PLC		13,508		61,200
IWG PLC(a)		94,127		175,446
Savills PLC		17,844		195,971
Sirius Real Estate Ltd		146,468		138,333
Watkin Jones PLC		28,211		62,072
				968,916
Road & Rail — 1.0%
Firstgroup PLC		93,355		124,336
Go-Ahead Group PLC (The)(a)		5,123		91,901
National Express Group PLC(a)		64,208		130,313
Redde Northgate PLC		28,568		113,667
				460,217
Semiconductors & Semiconductor Equipment — 0.1%
Alphawave IP Group PLC(a)		33,799		52,693
Software — 3.4%
Argo Blockchain PLC(a)		56,042		27,162
Avast PLC(b)		83,779		688,096
Bytes Technology Group PLC		26,856		130,098

20 2 0 2 2   I S H A R E S   A N 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(continued) August 31, 2022 iShares^® MSCI United Kingdom Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Darktrace PLC(a)		26,226	$	155,438
FD Technologies PLC(a)		2,917		53,948
GB Group PLC		29,777		154,137
Kape Technologies PLC(a)		20,117		66,604
Learning Technologies Group PLC		73,856		97,810
Micro Focus International PLC		41,505		249,895
				1,623,188
Specialty Retail — 2.1%
Currys PLC		133,531		98,351
Dunelm Group PLC		13,917		111,312
Frasers Group PLC(a)		20,890		194,509
Halfords Group PLC		26,786		40,493
Pets at Home Group PLC		61,852		227,776
WH Smith PLC(a)		16,235		269,124
Wickes Group PLC		32,564		45,169
				986,734
Textiles, Apparel & Luxury Goods — 0.7%
Coats Group PLC		180,840		126,040
Dr. Martens PLC		74,592		203,353
				329,393
Thrifts & Mortgage Finance — 1.1%
OSB Group PLC		55,153		351,640
Paragon Banking Group PLC		30,122		187,232
				538,872
Trading Companies & Distributors — 4.8%
Diploma PLC		15,477		450,289
Grafton Group PLC		27,894		234,142
Howden Joinery Group PLC		71,382		471,968
RS GROUP PLC		58,383		734,436
SIG PLC(a)		90,271		35,077
Travis Perkins PLC		26,055		256,245
Yellow Cake PLC(a)(b)		21,707		105,833
				2,287,990

Security	Shares		Value
Water Utilities — 0.8%
Penno Group PLC		32,968	$	356,957
Wireless Telecommunication Services — 0.4%
Airtel Africa PLC(b)		116,052		178,165
Total Long-Term Investments — 99.5% (Cost: $71,154,951)				46,997,672
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		684,987		685,192
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		20,000		20,000
Total Short-Term Securities — 1.5% (Cost: $704,597)				705,192
Total Investments in Securities — 101.0% (Cost: $71,859,548)				47,702,864
Liabilities in Excess of Other Assets — (1.0)%			(462,944)
Net Assets — 100.0%			$  47,239,920

^(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 year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,279,475	$	—	$	(1,593,514	)(a)	$	(813	)	$	44	$	685,192		684,987	$	56,564	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		—		(30,000	)(a)		—			—		20,000		20,000		144			—
								$	(813	)	$	44	$	705,192			$	56,708		$	—

^(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 21

Schedule of Investments(continued) August 31, 2022 iShares^® MSCI United Kingdom Small-Cap 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
FTSE 250 Index		5		09/16/22	$	222	$	(12,294	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	12,294	$	—	$	—	$	—	$	12,294

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(74,252	)	$	—	$	—	$	—	$	(74,252	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(46,794	)	$	—	$	—	$	—	$	(46,794	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$539,413

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	$	12,766,840	$	34,230,831		$	1	$	46,997,672
Money Market Funds		705,192		—			—		705,192
	$	13,472,032	$	34,230,831		$	1	$	47,702,864
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(12,294	)	$	—	$	(12,294	)

^(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   A N 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

August 31, 2022

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	—		$	3,257,845,583		$	46,997,672
Investments, at value — affiliated(c)		16,493,013			120,000			705,192
Cash		966			2,279			8,130
Foreign currency, at value(d)		—			7,224,847			71,601
Foreign currency collateral pledged for futures contracts(e)		—			2,565,360			15,102
Receivables:
Investments sold		262,199			11,344,671			171,353
Securities lending income — affiliated		—			—			2,015
Dividends — unaffiliated		—			33,246,933			133,382
Dividends — affiliated		437			836			51
Tax reclaims		—			101,425			22,664
Unrealized appreciation on forward foreign currency exchange contracts		1,096,619			—			—
Total assets		17,853,234			3,312,451,934			48,127,162
LIABILITIES
Cash received as collateral for OTC derivatives		690,000			—			—
Collateral on securities loaned, at value		—			—			686,282
Payables:
Investments purchased		969,852			10,567,464			174,120
Variation margin on futures contracts		—			532,253			1,173
Capital shares redeemed		265,496			—			—
Investment advisory fees		—			1,510,202			25,667
Unrealized depreciation on forward foreign currency exchange contracts		89,772			—			—
Total liabilities		2,015,120			12,609,919			887,242
NET ASSETS	$	15,838,114		$	3,299,842,015		$	47,239,920
NET ASSETS CONSIST OF
Paid-in capital	$	22,161,181		$	4,680,864,658		$	84,980,480
Accumulated loss		(6,323,067	)		(1,381,022,643	)		(37,740,560	)
NET ASSETS	$	15,838,114		$	3,299,842,015		$	47,239,920
NET ASSET VALUE
Shares outstanding		660,000			114,200,000			1,550,000
Net asset value	$	24.00		$	28.90		$	30.48
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	—		$	4,112,544,533		$	71,154,951
(b) Securities loaned, at value	$	—		$	—		$	579,076
(c)  Investments, at cost — affiliated	$	18,551,040		$	120,000		$	704,597
(d) Foreign currency, at cost	$	—		$	7,432,548		$	72,742
(e) Foreign currency collateral pledged, at cost	$	—		$	2,735,340		$	16,261

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 Operations

Year Ended August 31, 2022

	iShares Currency Hedged MSCI United Kingdom ETF			iShares MSCI United Kingdom ETF			iShares MSCI United Kingdom Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	148,980,863		$	2,430,926
Dividends — affiliated		688,168			8,491			267
Securities lending income — affiliated — net		—			—			56,441
Foreign taxes withheld		—			(362,104	)		(53,063	)
Total investment income		688,168			148,627,250			2,434,571
EXPENSES
Investment advisory fees		94,905			16,873,143			508,497
Professional fees		217			217			217
Total expenses		95,122			16,873,360			508,714
Less:
Investment advisory fees waived		(95,122	)		—			—
Total expenses after fees waived		—			16,873,360			508,714
Net investment income		688,168			131,753,890			1,925,857
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(49,778,617	)		(4,129,877	)
Investments — affiliated		(164,882	)		—			(813	)
In-kind redemptions — unaffiliated(a)		—			251,619,889			1,853,126
In-kind redemptions — affiliated(a)		173,144			—			—
Futures contracts		—			1,153,160			(74,252	)
Forward foreign currency exchange contracts		1,833,302			—			—
Foreign currency transactions		—			(2,960,266	)		(31,615	)
		1,841,564			200,034,166			(2,383,431	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—			(676,150,540	)		(37,482,994	)
Investments — affiliated		(1,995,516	)		—			44
Futures contracts		—			(196,244	)		(46,794	)
Forward foreign currency exchange contracts		915,285			—			—
Foreign currency translations		—			(1,105,637	)		(10,705	)
		(1,080,231	)		(677,452,421	)		(37,540,449	)
Net realized and unrealized gain (loss)		761,333			(477,418,255	)		(39,923,880	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,449,501		$	(345,664,365	)	$	(37,998,023	)
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Currency Hedged MSCI United Kingdom ETF							iShares MSCI United Kingdom ETF
		Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	688,168		$	243,737		$	131,753,890		$	121,383,125
Net realized gain (loss)			1,841,564			(1,213,157	)		200,034,166			37,132,219
Net change in unrealized appreciation (depreciation)			(1,080,231	)		3,026,264			(677,452,421	)		562,344,983
Net increase (decrease) in net assets resulting from operations			1,449,501			2,056,844			(345,664,365	)		720,860,327
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(688,249	)		(243,738	)		(144,252,025	)		(95,207,591	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			6,810,679			(3,967,299	)		210,576,943			762,464,858
NET ASSETS
Total increase (decrease) in net assets			7,571,931			(2,154,193	)		(279,339,447	)		1,388,117,594
Beginning of year			8,266,183			10,420,376			3,579,181,462			2,191,063,868
End of year		$	15,838,114		$	8,266,183		$	3,299,842,015		$	3,579,181,462

^(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 MSCI United Kingdom Small-Cap ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,925,857			$	1,778,892
Net realized gain (loss)		(2,383,431	)			340,262
Net change in unrealized appreciation (depreciation)		(37,540,449	)			26,611,588
Net increase (decrease) in net assets resulting from operations		(37,998,023	)			28,730,742
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,896,752	)			(1,264,047	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(41,424,975	)			42,435,550
NET ASSETS
Total increase (decrease) in net assets		(83,319,750	)			69,902,245
Beginning of year		130,559,670				60,657,425
End of year	$	47,239,920			$	130,559,670

^(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 Currency Hedged MSCI United Kingdom ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	22.96			$	18.95			$	23.43			$	23.83			$	23.84
Net investment income(a)			1.08				0.59				0.74				0.92				1.11
Net realized and unrealized gain (loss)(b)			1.00				4.04				(4.46	)			(0.26	)			(0.05	)
Net increase (decrease) from investment operations			2.08				4.63				(3.72	)			0.66				1.06
Distributions from net investment income(c)			(1.04	)			(0.62	)			(0.76	)			(1.06	)			(1.07	)
Net asset value, end of year		$	24.00			$	22.96			$	18.95			$	23.43			$	23.83
Total Return(d)
Based on net asset value			9.18	%			24.59	%			(16.34	)%			2.92	%			4.42	%
Ratios to Average Net Assets(e)
Total expenses			0.62	%			0.62	%			0.62	%			0.62	%			0.62	%
Total expenses after fees waived			0.00	%(f)			0.00	%(f)			0.00	%(f)			0.00	%			0.00	%
Net investment income			4.50	%			2.82	%			3.31	%			3.96	%			4.62	%
Supplemental Data
Net assets, end of year (000)		$	15,838			$	8,266			$	10,420			$	35,146			$	22,643
Portfolio turnover rate(g)			12	%			15	%			15	%			11	%			17	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Rounds to less than 0.01%.

^(g)  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 MSCI United Kingdom ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	33.05		$	26.88		$	30.27		$	33.62		$	33.76
Net investment income(a)		1.26			1.20			0.90			1.49			1.29
Net realized and unrealized gain (loss)(b)		(3.95	)		5.87			(3.30	)		(3.39	)		0.06
Net increase (decrease) from investment operations		(2.69	)		7.07			(2.40	)		(1.90	)		1.35
Distributions from net investment income(c)		(1.46	)		(0.90	)		(0.99	)		(1.45	)		(1.49	)
Net asset value, end of year	$	28.90		$	33.05		$	26.88		$	30.27		$	33.62
Total Return(d)
Based on net asset value		(8.50	)%		26.46	%		(8.25	)%		(5.64	)%		3.90	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%
Net investment income		3.90	%		3.91	%		3.12	%		4.64	%		3.66	%
Supplemental Data
Net assets, end of year (000)	$	3,299,842		$	3,579,181		$	2,191,064		$	2,000,722		$	1,986,971
Portfolio turnover rate(f)		7	%		9	%		4	%		11	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f) 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 United Kingdom Small-Cap ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	50.22			$	35.68			$	35.95			$	42.65			$	39.92
Net investment income(a)			0.92				0.86				0.72				1.05				1.15
Net realized and unrealized gain (loss)(b)			(18.83	)			14.32				0.03				(6.69	)			2.93
Net increase (decrease) from investment operations			(17.91	)			15.18				0.75				(5.64	)			4.08
Distributions from net investment income(c)			(1.83	)			(0.64	)			(1.02	)			(1.06	)			(1.35	)
Net asset value, end of year		$	30.48			$	50.22			$	35.68			$	35.95			$	42.65
Total Return(d)
Based on net asset value			(36.56	)%			42.88	%			1.90	%			(13.17	)%			10.22	%
Ratios to Average Net Assets(e)
Total expenses			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%
Net investment income			2.23	%			1.94	%			1.99	%			2.76	%			2.68	%
Supplemental Data
Net assets, end of year (000)		$	47,240			$	130,560			$	60,657			$	61,109			$	57,571
Portfolio turnover rate(f)			17	%			15	%			25	%			20	%			20	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 29

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Currency Hedged MSCI United Kingdom		Diversified
MSCI United Kingdom		Non-diversified
MSCI United Kingdom Small-Cap		Diversified

Currently the iShares Currency Hedged MSCI United Kingdom ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI United Kingdom ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI United Kingdom ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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Notes to Financial Statements(continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

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Notes to Financial Statements (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI United Kingdom Small-Cap
Barclays Capital, Inc.	$	75,080	$	(75,080	)	$	—		$	—
BofA Securities, Inc.		153,226		(153,226	)		—			—
J.P. Morgan Securities LLC		255,228		(255,228	)		—			—
Jefferies LLC		39,763		(39,763	)		—			—
Morgan Stanley		51,430		(51,430	)		—			—
Scotia Capital (USA), Inc.		4,349		(3,326	)		—			1,023	(b)
	$	579,076	$	(578,053	)	$	—		$	1,023

^(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 August 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).

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Notes to Financial Statements (continued)

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

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

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

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 (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI United Kingdom		0.62	%
MSCI United Kingdom Small-Cap		0.59

For its investment advisory services to the iShares MSCI United Kingdom ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

For the iShares Currency Hedged MSCI United Kingdom ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI United Kingdom ETF (“EWU”), after taking into account any fee waivers by EWU, plus 0.03%. BFA has also contractually agreed to an additional reduction in its investment advisory fee of 0.03% through December 31, 2025.

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

iShares ETF	Amounts Waived
Currency Hedged MSCI United Kingdom	$	95,122

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 (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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
MSCI United Kingdom Small-Cap	$	12,669

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 year ended August 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 United Kingdom	$	18,179,481	$	5,720,041	$	(1,482,701	)
MSCI United Kingdom Small-Cap		931,120		1,298,445		(199,162	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI United Kingdom	$	4,404,612	$	1,708,321
MSCI United Kingdom		271,307,039		221,281,722
MSCI United Kingdom Small-Cap		15,592,005		14,347,668

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI United Kingdom	$	17,628,812	$	10,798,028
MSCI United Kingdom		1,370,435,571		1,210,812,496
MSCI United Kingdom Small-Cap		1,845,634		42,806,176

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 August 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
Currency Hedged MSCI United Kingdom	$	87,399	$	(87,399	)
MSCI United Kingdom		245,762,032		(245,762,032	)
MSCI United Kingdom Small-Cap		258,954		(258,954	)

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Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

iShares ETF		Year Ended 08/31/22		Year Ended 08/31/21
Currency Hedged MSCI United Kingdom
Ordinary income	$	688,249	$	243,738
MSCI United Kingdom
Ordinary income	$	144,252,025	$	95,207,591
MSCI United Kingdom Small-Cap
Ordinary income	$	3,896,752	$	1,264,047

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses	)(b)		Qualified Late-Year Losses			Total
Currency Hedged MSCI United Kingdom	$	—	$	(4,113,809	)	$	(2,209,258	)	$	—		$	(6,323,067	)
MSCI United Kingdom		31,261,239		(533,266,947	)		(879,016,935	)		—			(1,381,022,643	)
MSCI United Kingdom Small-Cap		—		(12,550,279	)		(24,945,070	)		(245,211	)		(37,740,560	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended August 31, 2022, the iShares Currency Hedged MSCI United Kingdom ETF utilized $2,748,587 of its capital loss carryforwards.

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 August 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 United Kingdom	$	18,702,271	$	1,096,619	$	(3,305,877	)	$	(2,209,258	)
MSCI United Kingdom		4,135,728,113		35,056,662		(912,819,192	)		(877,762,530	)
MSCI United Kingdom Small-Cap		72,637,433		1,470,770		(26,405,339	)		(24,934,569	)

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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Notes to Financial Statements(continued)

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

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

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Notes to Financial Statements (continued)

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI United Kingdom
Shares sold		760,000		$	17,906,170			60,000		$	1,246,734
Shares redeemed		(460,000	)		(11,095,491	)		(250,000	)		(5,214,033	)
		300,000		$	6,810,679			(190,000	)	$	(3,967,299	)
MSCI United Kingdom
Shares sold		43,500,000		$	1,432,434,045			40,300,000		$	1,197,285,969
Shares redeemed		(37,600,000	)		(1,221,857,102	)		(13,500,000	)		(434,821,111	)
		5,900,000		$	210,576,943			26,800,000		$	762,464,858
MSCI United Kingdom Small-Cap
Shares sold		50,000		$	1,854,361			1,300,000		$	58,198,236
Shares redeemed		(1,100,000	)		(43,279,336	)		(400,000	)		(15,762,686	)
		(1,050,000	)	$	(41,424,975	)		900,000		$	42,435,550

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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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares Currency Hedged MSCI United Kingdom ETF

iShares MSCI United Kingdom ETF

iShares MSCI United Kingdom Small-Cap ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
Currency Hedged MSCI United Kingdom	$	675,047
MSCI United Kingdom		144,968,044
MSCI United Kingdom Small-Cap		1,972,316

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Currency Hedged MSCI United Kingdom	$	690,541	$	2,707
MSCI United Kingdom		148,983,703		569,743
MSCI United Kingdom Small-Cap		2,406,085		53,543

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
MSCI United Kingdom Small-Cap		1.56	%

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Board Review and Approval of Investment Advisory Contract

iShares Currency Hedged MSCI United Kingdom ETF, iShares MSCI United Kingdom Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI United Kingdom ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract(continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract(continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 United Kingdom	$	1.037382	$	—	$	—	$	1.037382		100	%		—	%		—	%		100	%
MSCI United Kingdom		1.456044		—		—		1.456044		100			—			—			100
MSCI United Kingdom Small-Cap		1.829031		—		—		1.829031		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI United Kingdom ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

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Supplemental Information (unaudited)(continued)

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI United Kingdom		$263,688		$123,292		$140,397		661		$32,276		$3,336

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI United Kingdom ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Trustee and Officer Information(unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information(unaudited) (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Trustee and Officer Information(unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviations
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
Currency Abbreviations
GBP	British Pound
USD	United States Dollar

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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-AR-813-0822

            

AUGUST 31, 2022

2022 Annual Report

iShares Trust

·  iShares Emergent Food and AgTech Multisector ETF | IVEG | NASDAQ

·  iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ

·  iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ

·  iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	12
Disclosure of Expenses	12
Schedules of Investments	13
Financial Statements
Statements of Assets and Liabilities	34
Statements of Operations	35
Statements of Changes in Net Assets	36
Financial Highlights	38
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	52
Important Tax Information	53
Board Review and Approval of Investment Advisory Contract	54
Supplemental Information	60
Trustee and Officer Information	62
General Information	65
Glossary of Terms Used in this Report	66

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summaryas of August 31, 2022 iShares^® Emergent Food and AgTech Multisector ETF

Investment Objective

The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as representd by the Morningstar Global Food Innovation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		(12.00)	%
Fund Market		(11.54)
Index		(11.74)

For the fiscal period ended August 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/25/22)	(a)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(b)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$        1,000.00		$        880.00		$        1.55			$      1,000.00		$      1,022.80		$        2.40		0.47	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 128/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Materials	50.7%
Consumer Staples	23.6
Industrials	16.2
Health Care	6.3
Information Technology	3.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	63.5%
Germany	9.1
United Kingdom	6.2
Norway	5.6
Canada	5.5
France	3.7
Japan	3.0
Denmark	1.9
Other (each representing less than 1%)	1.5

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summaryas of August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF

Investment Objective

The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada that have positive environmental, social and governance characteristics, as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI EAFE Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(20.54	)%		1.89	%		5.75	%		(20.54	)%		9.82	%		41.25	%
Fund Market		(20.60	)		1.77			5.75			(20.60	)		9.18			41.23
Index		(20.18	)		2.03			5.92			(20.18	)		10.56			42.63

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE Extended ESG Focus Index.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        857.90		$        0.94			$      1,000.00		$      1,024.20		$        1.02		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

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Fund Summaryas of August 31, 2022 (continued) iShares^® ESG Aware MSCI EAFE ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Countries around the world continued to advance measures to address ESG-related issues, including Japan, which published a draft code of conduct for ESG evaluation and data provision in July 2022. The U.K. Parliament passed laws requiring companies to provide a sustainability statement on climate-related disclosures in their annual reports. Similarly, French regulators issued a new decree that added biodiversity-related requirements to the climate disclosures for financial institutions.

With a negative global macro backdrop, the Index, which includes developed market stocks outside of North America, declined significantly for the reporting period. Japanese stocks detracted the most from the Index’s return. The country’s recovery from the COVID-19 pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen, which dropped to a two-decade low against the U.S. dollar. High costs for energy and certain commodities strained Japan’s import-dependent energy system, widening a trade deficit as imports surged. In the industrials sector, capital goods stocks declined as factory output slowed and costs rose, while lockdowns in China and supply disruptions weighed on Japanese producers.

Stocks in Europe, including Germany, France, the Netherlands, and Switzerland also declined, as economic growth slowed and inflation rose. The war in Ukraine weighed on European stocks, as sanctions against Russia created uncertainty surrounding energy supplies, exacerbated supply chain issues, and led many companies to suspend or exit their Russian operations.

In terms of relative performance, the Index slightly underperformed the broader market, as represented by the MSCI EAFE Index, while tracking it relatively closely. Relative to the broader market, the ESG security selection process leads to overweight positions in stocks with higher ESG ratings and underweight positions in stocks with lower ESG characteristics. Due to the ESG selection process, the Index held overweights to Information Technology, Industrials, and Financials which detracted from relative performance. Conversely, modest underweights to Health Care and Communication Services contributed positively to relative performance.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	17.8%
Industrials	15.1
Health Care	12.7
Consumer Discretionary	11.2
Consumer Staples	10.8
Information Technology	8.6
Materials	7.5
Energy	5.7
Communication Services	4.6
Utilities	3.0
Real Estate	3.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan	22.8%
United Kingdom	15.0
Switzerland	11.0
France	10.6
Australia	8.4
Germany	7.2
Netherlands	4.4
Sweden	3.2
Hong Kong	2.9
Denmark	2.9
Spain	2.4
Italy	1.8
Singapore	1.7
Finland	1.3
Norway	1.2
Other (each representing less than 1%)	3.2

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summaryas of August 31, 2022 iShares^® ESG MSCI EM Leaders ETF

Investment Objective

The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV(a)		(25.25	)%		(2.12	)%		(25.25	)%		(5.37	)%
Fund Market		(25.93	)		(2.48	)		(25.93	)		(6.26	)
Index		(24.48	)		(1.33	)		(24.48	)		(3.37	)

^(a)  Includes payments received from an affiliate, which impacted the Fund’s total returns. Excluding the payments, the Fund at the NAV’s 1 Year and Since Inception annual total returns would have been -26.07% and -2.55% respectively.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        852.30		$        0.75			$      1,000.00		$      1,024.40		$        0.82		0.16	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

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Fund Summaryas of August 31, 2022   (continued) iShares^® ESG MSCI EM Leaders ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Globally, fund flows to ESG-focused investments slowed in the second quarter of 2022 while remaining net positive. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandated disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. India released a proposal for regulating ESG impact ratings that would require ratings providers to be accredited by Indian authorities.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary sector detracted substantially from the Index’s return amid the government’s campaign to rein in large online companies, which included billions of dollars in antitrust fines. The internet and direct marketing retail industry weakened as competitive advantages eroded. Automobiles stocks, including those of electric car makers, declined along with vehicle sales as pandemic-related restrictions slowed production. The communication services sector was also negatively impacted by government fines.

South Korean stocks also declined, as sales in the communication services sector decreased amid business normalization following strong pandemic-related growth. Russian stocks further detracted from the Index’s performance. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market the ESG selection process favors stocks with higher ESG ratings, resulting in an overweight to consumer discretionary and financials which was a drag on performance, and an underweight to information technology, which contributed positively. Security selection in the energy sector detracted from the Index’s relative performance.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	23.5%
Consumer Discretionary	14.9
Communication Services	13.2
Information Technology	12.7
Materials	8.3
Consumer Staples	6.5
Industrials	6.0
Energy	5.7
Health Care	4.4
Utilities	2.9
Real Estate	1.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
China	31.5%
India	15.7
Taiwan	14.5
South Korea	7.8
South Africa	6.2
Brazil	4.8
Thailand	3.0
Malaysia	2.3
United Arab Emirates	2.3
Saudi Arabia	2.3
Indonesia	2.1
Mexico	1.9
Qatar	1.2
Other (each representing less than 1%)	4.4

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summaryas of August 31, 2022 iShares^® MSCI Global Sustainable Development Goals ETF

Investment Objective

The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCI ACWI Sustainable Impact Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(19.93	)%		8.92	%		9.75	%		(19.93	)%		53.27	%		80.87	%
Fund Market		(19.91	)		8.84			9.79			(19.91	)		52.71			81.28
Index		(20.23	)		8.97			9.90			(20.23	)		53.65			82.26

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        909.70		$        2.36			$      1,000.00		$      1,022.70		$        2.50		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

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Fund Summaryas of August 31, 2022  (continued) iShares^® MSCI Global Sustainable Development Goals ETF

Portfolio Management Commentary

The coronavirus pandemic reversed years of progress toward achieving the U.N. sustainable development goals (“SDGs”), lowering global life expectancy and disrupting essential health services. Furthermore, the war in Ukraine exacerbated food, energy, humanitarian, and refugee crises, delaying the transition to a more sustainable global economy. Despite these ongoing challenges, many countries continued to monitor their SDG implementation, with 44 nations presenting voluntary progress reviews to the U.N. in 2022, including 11 countries that presented for the first time.

With a negative global macro backdrop, the Index, which includes stocks oriented toward social and environmental challenges, declined significantly for the reporting period. Within China, the real estate sector detracted substantially from the Index’s return. Tighter credit and investor concerns about the sector’s level of indebtedness amid slowing economic growth drove steep declines. The real estate management and development industry was also negatively affected by multiple credit downgrades and the resignation of financial auditors covering several subsidiaries.

Japanese stocks also detracted from the Index’s return amid slowing industrial production and a steep decline in the value of the Japanese yen relative to the U.S. dollar. In the industrials sector, the unprofitable operation of some local routes weighed on the earnings of the railroads industry.

Stocks in several European countries, including Belgium and Denmark, also detracted from the Index’ return. The declining value of the euro relative to the U.S. dollar diminished the value of Eurozone stocks in U.S. dollar terms. The Belgian materials sector was also pressured by falling demand for cathode materials due to semiconductor shortages curtailing customer orders. Supply chain disruptions and higher costs negatively impacted a Danish manufacturer of wind turbines in the industrials sector.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCI ACWI Index. The positive-impact security selection process leads to overweight and underweight positions in stocks with higher or lower sustainable impact attributes, respectively. For example, significant overweights to real estate detracted from performance, while an underweight to information technology was beneficial.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Staples	20.0%
Health Care	19.9
Real Estate	16.3
Industrials	16.0
Materials	13.9
Consumer Discretionary	4.9
Utilities	3.9
Information Technology	3.8
Communication Services	1.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	25.7%
Japan	15.2
China	11.2
Denmark	7.9
United Kingdom	6.2
Canada	5.6
Hong Kong	5.5
Switzerland	4.7
Belgium	4.2
Sweden	2.5
Germany	2.0
Taiwan	1.8
Chile	1.5
France	1.4
Australia	1.1
Other (each representing less than 1%)	3.5

^(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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

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Schedule of Investments   August 31, 2022 iShares^® Emergent Food and AgTech Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.4%
Nufarm Ltd./Australia		6,361	$	22,967
Canada — 5.5%
Nutrien Ltd.		3,125		286,886
Denmark — 1.9%
Chr Hansen Holding A/S		1,735		101,093
France — 3.7%
Danone SA		3,671		193,169
Germany — 9.0%
BASF SE		3,420		144,662
Bayer AG, Registered		4,410		233,236
GEA Group AG		2,772		96,429
				474,327
Japan — 3.0%
Kubota Corp.		10,000		155,302
Netherlands — 0.5%
Corbion NV		1,002		28,451
Norway — 5.6%
Austevoll Seafood ASA		1,493		16,003
Bakkafrost P/F		841		49,212
Grieg Seafood ASA		945		11,434
Mowi ASA		7,588		155,567
Salmar ASA		952		62,953
				295,169
Philippines — 0.6%
Monde Nissin Corp.(a)(b)		100,000		29,349
United Kingdom — 6.1%
CNH Industrial NV		12,748		155,208
Croda International PLC		1,735		135,234
Genus PLC		1,112		32,502
				322,944
United States — 63.2%
AGCO Corp.		1,033		112,297
Archer-Daniels-Midland Co.		3,545		311,570
Beyond Meat Inc.(b)(c)		1,025		25,010
Corteva Inc.		4,949		304,017
Deere & Co.		671		245,083

Security	Shares		Value
United States (continued)
Diversey Holdings Ltd.(b)		860	$	5,272
Ecolab Inc.		1,024		167,762
Exponent Inc.		873		81,940
FMC Corp.		2,125		229,670
Hain Celestial Group Inc. (The)(b)		1,511		30,613
Ingredion Inc.		1,118		97,344
International Flavors & Fragrances Inc.		1,594		176,105
International Paper Co.		4,764		198,278
Kellogg Co.		3,507		255,099
Mosaic Co. (The)		6,111		329,200
Neogen Corp.(b)(c)		1,825		38,142
Packaging Corp. of America		1,581		216,471
Sealed Air Corp.		2,465		132,642
Sotera Health Co.(b)		1,673		28,290
Trimble Inc.(b)		2,669		168,814
Westrock Co.		4,300		174,537
				3,328,156
Total Long-Term Investments — 99.5% (Cost: $6,015,974)				5,237,813
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		65,128		65,147
Total Short-Term Securities — 1.2% (Cost: $65,141)				65,147
Total Investments in Securities — 100.7% (Cost: $6,081,115)				5,302,960
Liabilities in Excess of Other Assets — (0.7)%				(37,711	)
Net Assets — 100.0%			$	5,265,249

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 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    04/25/22(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	65,132	(b)	$	—		$	9	$	6	$	65,147		65,128	$	900	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—		—			0	(b)		—		—		—		—		9			—
									$	9	$	6	$	65,147			$	909		$	—

^(a)  Commencement of operations.

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   (continued) August 31, 2022 iShares^® Emergent Food and AgTech Multisector ETF

Affiliates (continued)

^(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.

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini S&P 500 Index		1		09/16/22	$	20	$	278

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	—	$	—	$	278	$	—	$	—	$	—	$	278

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

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,941	)	$	—	$	—	$	—	$	(1,941	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	278		$	—	$	—	$	—	$	278

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	20,219

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.

14 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® Emergent Food and AgTech Multisector 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	$	3,647,544	$	1,590,269	$	—	$	5,237,813
Money Market Funds		65,147		—		—		65,147
	$	3,712,691	$	1,590,269	$	—	$	5,302,960
Derivative financial instruments(a)
Assets
Futures Contracts	$	278	$	—	$	—	$	278

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

See notes to financial statements.

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   August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.4%
APA Group		1,421,195	$	10,716,979
Aristocrat Leisure Ltd.		332,727		8,030,841
ASX Ltd.		214,984		11,444,086
Australia & New Zealand Banking Group Ltd.		1,374,464		21,247,212
BlueScope Steel Ltd.		596,083		6,687,945
Brambles Ltd.		1,727,006		14,534,872
Cochlear Ltd.		75,261		10,956,268
Coles Group Ltd.		983,017		11,765,899
Commonwealth Bank of Australia		736,949		48,699,215
Computershare Ltd.		570,560		9,515,627
CSL Ltd.		215,048		43,013,385
Dexus		1,731,077		10,239,276
Evolution Mining Ltd.		3,824,257		6,145,781
Fortescue Metals Group Ltd.		1,094,990		13,608,065
Goodman Group		651,048		8,657,626
GPT Group (The)		2,271,546		6,543,626
James Hardie Industries PLC		268,479		6,085,177
Lendlease Corp. Ltd.		930,324		6,482,976
Lottery Corp. Ltd. (The)(a)		2,167,926		6,516,116
Macquarie Group Ltd.		185,773		22,228,341
Mineral Resources Ltd.		161,093		6,863,757
Mirvac Group		5,260,050		7,491,004
National Australia Bank Ltd.		1,199,921		24,881,719
Newcrest Mining Ltd.		539,632		6,487,271
Orica Ltd.		619,819		6,483,396
QBE Insurance Group Ltd.		799,617		6,555,865
Ramsay Health Care Ltd.		131,817		6,424,217
REA Group Ltd.		80,806		6,968,586
Rio Tinto Ltd.		213,103		13,534,890
Rio Tinto PLC		556,093		30,702,060
Santos Ltd.		1,767,220		9,433,920
SEEK Ltd.		421,585		5,948,009
South32 Ltd.		3,147,020		8,665,971
Stockland		2,919,805		7,182,323
Transurban Group		2,937,849		27,872,732
Vicinity Centres		4,956,519		6,489,120
Wesfarmers Ltd.		446,498		14,282,997
Westpac Banking Corp.		930,291		13,654,363
Woodside Energy Group Ltd.		1,232,465		28,628,327
Woolworths Group Ltd.		488,849		12,051,461
				533,721,301
Austria — 0.4%
Erste Group Bank AG		286,372		6,439,861
OMV AG		275,007		11,080,655
Verbund AG		61,578		5,884,249
				23,404,765
Belgium — 0.7%
Anheuser-Busch InBev SA/NV		456,993		22,070,258
KBC Group NV		259,979		12,399,047
UCB SA		90,189		6,337,294
Umicore SA		216,794		6,891,026
				47,697,625
Denmark — 2.9%
AP Moller - Maersk A/S, Class A		5,175		12,089,355
Carlsberg A/S, Class B		83,783		10,879,234
Coloplast A/S, Class B		56,974		6,508,196
DSV A/S		66,369		9,807,217
Genmab A/S(a)		31,353		11,160,606

Security	Shares		Value
Denmark (continued)
Novo Nordisk A/S, Class B		872,430	$	93,274,806
Novozymes A/S, Class B		114,108		6,549,068
Orsted A/S(b)		119,628		11,675,988
Pandora A/S		101,375		6,090,265
Vestas Wind Systems A/S		568,946		14,235,654
			182,270,389
Finland — 1.3%
Kesko OYJ, Class B		296,704		6,241,946
Neste OYJ		300,615		14,831,386
Nokia OYJ		2,778,237		14,000,550
Nordea Bank Abp		904,535		8,386,709
Orion OYJ, Class B		140,158		6,354,776
Sampo OYJ, Class A		156,857		7,096,261
Stora Enso OYJ, Class R		426,010		6,341,573
UPM-Kymmene OYJ		326,085		11,078,507
Wartsila OYJ Abp		841,769		6,940,592
			81,272,300
France — 10.5%
Air Liquide SA		178,204		22,331,253
Airbus SE		87,620		8,586,155
Alstom SA(c)		302,195		6,192,955
AXA SA		1,140,717		26,865,734
BNP Paribas SA		513,149		23,846,132
Capgemini SE		74,043		12,793,000
Cie. de Saint-Gobain		168,536		6,788,249
Cie. Generale des Etablissements Michelin SCA		857,197		20,848,117
Covivio		120,225		6,711,872
Danone SA		464,813		24,458,594
Dassault Systemes SE		367,171		14,159,280
Edenred		143,287		7,247,367
Eiffage SA(c)		72,742		6,398,016
Engie SA		836,282		9,932,605
EssilorLuxottica SA		155,877		23,215,919
Gecina SA		100,569		8,950,431
Hermes International		13,681		17,522,149
Kering SA		45,409		22,784,077
Klepierre SA		306,688		6,290,863
Legrand SA		83,477		6,039,951
L’Oreal SA		130,624		44,862,056
LVMH Moet Hennessy Louis Vuitton SE		121,288		78,263,117
Orange SA		752,770		7,623,586
Pernod Ricard SA		123,299		22,623,935
Publicis Groupe SA		130,072		6,350,804
Remy Cointreau SA(c)		34,632		6,422,946
Safran SA		103,351		10,537,097
Sanofi		451,033		36,871,859
Schneider Electric SE		367,152		43,638,714
Societe Generale SA		686,701		15,138,603
Teleperformance		21,514		6,127,341
Thales SA		52,982		6,387,551
TotalEnergies SE		1,304,452		66,043,995
Unibail-Rodamco-Westfield(a)(c)		117,948		6,063,642
Valeo		350,694		6,698,853
Vinci SA		115,001		10,609,237
Vivendi SE		747,901		6,779,314
Worldline SA/France(a)(b)		172,895		7,407,285
				670,412,654
Germany — 6.9%
adidas AG		104,100		15,436,274

16 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Allianz SE, Registered		261,617	$	44,222,797
BASF SE		331,512		14,022,577
Bayer AG, Registered		121,670		6,431,524
Bayerische Motoren Werke AG		167,542		12,344,269
Beiersdorf AG		69,661		7,031,581
Brenntag SE		94,869		6,220,320
Carl Zeiss Meditec AG, Bearer		50,505		6,285,801
Commerzbank AG(a)		986,299		6,562,760
Deutsche Bank AG, Registered		898,680		7,497,580
Deutsche Boerse AG		133,072		22,499,080
Deutsche Post AG, Registered		361,780		13,204,655
Deutsche Telekom AG, Registered		493,225		9,295,925
E.ON SE		1,386,956		11,830,170
GEA Group AG		179,706		6,251,399
HeidelbergCement AG		135,922		6,137,894
HelloFresh SE(a)		235,184		5,639,269
Henkel AG & Co. KGaA		145,557		9,103,040
Infineon Technologies AG		803,273		19,655,179
LEG Immobilien SE		81,846		6,185,407
Mercedes-Benz Group AG		424,799		23,816,648
Merck KGaA		116,432		20,000,687
MTU Aero Engines AG		44,801		7,901,209
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		85,069		20,324,751
Puma SE		142,032		8,681,503
Rheinmetall AG		39,358		6,247,884
SAP SE		653,016		55,616,957
Siemens AG, Registered		373,494		37,832,750
Symrise AG		58,707		6,142,759
Telefonica Deutschland Holding AG		2,478,676		6,434,503
Vonovia SE		304,912		8,254,433
Zalando SE(a)(b)		248,706		5,758,252
				442,869,837
Hong Kong — 2.9%
AIA Group Ltd.		6,318,200		60,788,896
BOC Hong Kong Holdings Ltd.		4,103,500		14,123,428
Galaxy Entertainment Group Ltd.		1,136,000		6,349,879
Hang Lung Properties Ltd.		3,944,000		6,558,911
Hang Seng Bank Ltd.		560,800		8,780,234
Hong Kong Exchanges & Clearing Ltd.		598,900		24,132,390
MTR Corp. Ltd.		3,715,500		19,028,263
Sands China Ltd.(a)		3,115,200		6,965,888
Sun Hung Kai Properties Ltd.		659,500		7,747,951
Swire Pacific Ltd., Class A		1,401,500		9,693,864
Swire Properties Ltd.		5,385,000		12,410,922
Techtronic Industries Co. Ltd.		504,500		5,950,191
				182,530,817
Ireland — 0.8%
CRH PLC		507,127		18,726,983
Flutter Entertainment PLC, Class DI(a)		67,644		8,475,723
Kerry Group PLC, Class A		157,870		16,279,827
Kingspan Group PLC		108,493		6,142,740
				49,625,273
Israel — 0.7%
Bank Hapoalim BM		1,027,420		10,651,725
Bank Leumi Le-Israel BM		764,472		8,081,402
CyberArk Software Ltd.(a)(c)		45,379		6,547,282
Elbit Systems Ltd.		32,473		6,932,539
Isracard Ltd.		1		4

Security	Shares		Value
Israel (continued)
Nice Ltd.(a)		35,779	$	7,644,608
Wix.com Ltd.(a)		95,821		6,064,511
				45,922,071
Italy — 1.7%
Amplifon SpA		230,514		6,007,406
Assicurazioni Generali SpA		629,456		9,232,072
Enel SpA		5,308,765		24,946,267
Eni SpA		933,124		11,022,923
Ferrari NV		32,285		6,232,372
Intesa Sanpaolo SpA		15,676,972		26,987,752
Moncler SpA		135,571		6,031,789
Prysmian SpA		210,200		6,449,514
Terna - Rete Elettrica Nazionale		948,663		6,744,245
UniCredit SpA		824,168		8,065,216
				111,719,556
Japan — 22.7%
Aeon Co. Ltd.		382,700		7,464,847
Ajinomoto Co. Inc.		454,400		12,559,544
Asahi Group Holdings Ltd.		355,400		11,915,937
Asahi Kasei Corp.		1,454,500		10,629,177
Astellas Pharma Inc.		1,158,500		16,424,957
Azbil Corp.		339,500		9,673,503
Bridgestone Corp.		359,500		13,795,518
Central Japan Railway Co.		57,900		6,816,566
Chugai Pharmaceutical Co. Ltd.		431,300		11,131,021
Dai Nippon Printing Co. Ltd.		306,200		6,445,153
Daifuku Co. Ltd.		106,300		6,201,333
Dai-ichi Life Holdings Inc.		500,500		8,647,642
Daiichi Sankyo Co. Ltd.		898,000		26,986,506
Daikin Industries Ltd.		142,000		24,788,525
Denso Corp.		246,600		13,459,599
East Japan Railway Co.		146,800		7,603,747
Eisai Co. Ltd.		168,000		6,849,893
ENEOS Holdings Inc.		3,669,800		13,867,895
FANUC Corp.		121,300		19,541,330
Fast Retailing Co. Ltd.		29,800		17,425,002
FUJIFILM Holdings Corp.		246,000		12,488,628
Fujitsu Ltd.		145,700		17,144,986
Hankyu Hanshin Holdings Inc.		518,100		15,537,051
Hitachi Construction Machinery Co. Ltd.		301,700		6,252,253
Hitachi Ltd.		491,100		24,536,358
Honda Motor Co. Ltd.		977,400		26,020,601
Hoya Corp.		186,500		19,018,667
Hulic Co. Ltd.		843,700		6,393,522
Ibiden Co. Ltd.		274,000		8,696,497
Idemitsu Kosan Co. Ltd.		341,900		9,014,964
Inpex Corp.		1,155,300		13,279,743
ITOCHU Corp.		1,195,700		32,906,526
Japan Post Holdings Co. Ltd.		945,200		6,520,728
JFE Holdings Inc.		612,100		6,576,128
JSR Corp.		282,100		6,292,755
Kao Corp.		248,700		10,768,779
KDDI Corp.		1,262,400		38,630,858
Keio Corp.		166,900		6,391,276
Keyence Corp.		70,900		26,621,092
Kikkoman Corp.		100,300		6,133,195
Kirin Holdings Co. Ltd.		747,500		12,305,171
Komatsu Ltd.		588,100		12,302,308
Kubota Corp.		604,900		9,394,235

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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kyocera Corp.		169,500	$	9,421,449
Kyowa Kirin Co. Ltd.		312,100		6,995,632
Lixil Corp.		347,300		6,097,281
M3 Inc.		187,300		5,999,566
Marubeni Corp.		1,329,400		13,855,382
Mazda Motor Corp.		774,900		6,862,594
Mitsubishi Chemical Group Corp.		1,476,500		7,751,563
Mitsubishi Corp.		653,400		21,392,725
Mitsubishi Estate Co. Ltd.		476,900		6,422,347
Mitsubishi Heavy Industries Ltd.		214,400		8,265,249
Mitsubishi UFJ Financial Group Inc.		5,680,200		29,445,857
Mizuho Financial Group Inc.		905,600		10,369,459
MS&AD Insurance Group Holdings Inc.		368,600		10,997,520
Murata Manufacturing Co. Ltd.		276,400		14,883,148
Nidec Corp.		93,000		6,178,174
Nintendo Co. Ltd.		59,608		24,400,341
Nippon Express Holdings Inc.		117,100		6,443,159
Nippon Paint Holdings Co. Ltd.		834,900		6,439,032
Nippon Steel Corp.		514,800		8,131,835
Nippon Telegraph & Telephone Corp.		313,400		8,494,479
Nippon Yusen KK		98,600		7,520,632
Nitto Denko Corp.		139,600		8,603,934
Nomura Holdings Inc.		2,770,500		10,031,677
Nomura Research Institute Ltd.		343,400		9,242,195
NTT Data Corp.		444,500		6,255,163
Obayashi Corp.		922,800		6,382,627
Olympus Corp.		297,300		6,331,669
Omron Corp.		294,700		15,508,961
Ono Pharmaceutical Co. Ltd.		276,700		6,604,874
Oriental Land Co. Ltd./Japan		105,400		15,713,817
ORIX Corp.		728,700		11,977,916
Panasonic Holdings Corp.		1,225,600		9,944,989
Recruit Holdings Co. Ltd.		725,200		23,054,538
Renesas Electronics Corp.(a)		661,700		6,265,337
Resona Holdings Inc.		2,064,600		7,600,296
SCSK Corp.		395,500		6,490,840
Secom Co. Ltd.		98,800		6,294,470
Sekisui Chemical Co. Ltd.		500,200		6,819,381
Sekisui House Ltd.		692,600		11,777,403
Seven & i Holdings Co. Ltd.		212,600		8,445,638
SG Holdings Co. Ltd.		450,600		7,473,981
Shin-Etsu Chemical Co. Ltd.		121,200		14,075,288
Shionogi & Co. Ltd.		194,100		9,476,909
SoftBank Corp.		1,785,400		19,573,753
SoftBank Group Corp.		535,600		21,215,935
Sompo Holdings Inc.		292,200		12,528,434
Sony Group Corp.		733,000		58,275,918
Sumitomo Chemical Co. Ltd.		3,862,800		15,205,238
Sumitomo Metal Mining Co. Ltd.		271,100		8,530,600
Sumitomo Mitsui Financial Group Inc.		336,800		10,158,986
Sumitomo Mitsui Trust Holdings Inc.		313,100		9,738,408
Suntory Beverage & Food Ltd.		213,700		7,805,744
Sysmex Corp.		182,900		11,180,123
Takeda Pharmaceutical Co. Ltd.		642,194		17,750,273
TDK Corp.		235,800		8,244,091
Terumo Corp.		451,400		14,490,690
TIS Inc.		224,800		6,401,568
Tokio Marine Holdings Inc.		297,000		16,459,551
Tokyo Electron Ltd.		87,700		27,505,958
Tokyo Gas Co. Ltd.		359,300		6,740,900

Security	Shares		Value
Japan (continued)
Tokyu Corp.		655,100	$	7,787,660
Toray Industries Inc.		2,461,500		14,046,396
TOTO Ltd.		201,800		6,955,805
Toyota Motor Corp.		5,132,300		76,805,151
West Japan Railway Co.		182,400		7,098,712
Yamaha Corp.		168,900		6,588,597
Yamaha Motor Co. Ltd.		659,100		13,659,378
Yaskawa Electric Corp.		200,200		6,519,090
Yokogawa Electric Corp.		396,800		6,925,475
				1,444,385,777
Netherlands — 4.4%
Adyen NV(a)(b)		9,800		15,122,817
Akzo Nobel NV		180,144		11,349,316
Argenx SE(a)		26,161		9,851,231
ASM International NV		23,131		6,289,071
ASML Holding NV		217,148		105,993,273
Heineken NV		151,456		13,612,723
ING Groep NV		1,814,499		15,903,069
Koninklijke Ahold Delhaize NV		605,123		16,645,004
Koninklijke DSM NV		123,331		15,726,643
Koninklijke KPN NV		3,962,307		12,608,441
NN Group NV		157,535		6,474,368
Prosus NV		429,595		26,553,030
Stellantis NV		518,527		6,907,054
Wolters Kluwer NV		174,285		17,043,821
				280,079,861
New Zealand — 0.3%
Meridian Energy Ltd.		2,196,159		6,700,029
Spark New Zealand Ltd.		2,230,294		7,377,623
Xero Ltd.(a)		111,360		6,551,210
				20,628,862
Norway — 1.2%
DNB Bank ASA		389,299		7,442,939
Equinor ASA		730,368		28,346,044
Kongsberg Gruppen ASA		186,391		6,370,964
Mowi ASA		294,900		6,045,959
Norsk Hydro ASA		1,015,698		6,978,962
Orkla ASA		1,248,682		10,456,346
Telenor ASA		918,572		10,051,929
				75,693,143
Portugal — 0.2%
Galp Energia SGPS SA		1,489,139		16,081,183
Singapore — 1.7%
Capitaland Investment Ltd./Singapore		4,357,900		11,473,375
City Developments Ltd.		1,918,800		11,140,942
DBS Group Holdings Ltd.		934,900		21,767,729
Keppel Corp. Ltd.		3,332,400		17,306,885
Oversea-Chinese Banking Corp. Ltd.		1,543,200		13,301,059
Sea Ltd., ADR(a)(c)		98,355		6,098,010
Singapore Exchange Ltd.		813,100		5,517,705
Singapore Telecommunications Ltd.		3,495,800		6,562,866
United Overseas Bank Ltd.		630,400		12,292,456
				105,461,027
South Korea — 0.1%
Delivery Hero SE(a)(b)		130,585		5,446,105
Spain — 2.3%
Amadeus IT Group SA(a)		210,273		11,100,180

18 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Banco Bilbao Vizcaya Argentaria SA		4,147,831	$	18,612,118
Banco Santander SA		7,406,323		17,928,459
CaixaBank SA		2,217,850		6,696,800
Cellnex Telecom SA(b)		197,503		7,691,304
Endesa SA		399,047		6,844,461
Iberdrola SA		3,458,010		36,003,749
Industria de Diseno Textil SA		691,696		14,934,705
Naturgy Energy Group SA		314,699		8,677,712
Red Electrica Corp. SA		248,322		4,540,015
Repsol SA		783,650		10,178,108
Telefonica SA		1,623,812		6,701,496
				149,909,107
Sweden — 3.2%
Alfa Laval AB		229,336		6,115,798
Alleima AB, NVS		91,808		368,610
Assa Abloy AB, Class B		431,705		8,743,740
Atlas Copco AB, Class A		974,034		9,887,440
Atlas Copco AB, Class B		818,596		7,453,962
Boliden AB		632,323		20,248,340
Epiroc AB, Class A		505,935		7,741,218
EQT AB		277,313		6,211,210
Essity AB, Class B		522,205		11,584,211
Evolution AB(b)		80,205		6,416,662
H & M Hennes & Mauritz AB, Class B		556,608		5,780,557
Holmen AB, Class B		152,468		6,541,567
Investor AB, Class A		559,314		9,296,189
Nibe Industrier AB, Class B		843,817		7,902,128
Sandvik AB		459,040		7,156,663
Skandinaviska Enskilda Banken AB, Class A		631,189		6,292,130
SKF AB, Class B		436,920		6,550,553
Svenska Cellulosa AB SCA, Class B		603,788		9,046,860
Svenska Handelsbanken AB, Class A		930,080		7,617,511
Swedbank AB, Class A		497,068		6,424,554
Tele2 AB, Class B		863,460		9,195,646
Telefonaktiebolaget LM Ericsson, Class B		1,611,789		12,053,639
Telia Co. AB		4,036,976		14,209,080
Volvo AB, Class A		778,344		12,953,651
				205,791,919
Switzerland — 10.9%
ABB Ltd., Registered		1,010,023		27,839,885
Alcon Inc.		209,350		13,784,220
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		948		10,026,394
Coca-Cola HBC AG, Class DI		269,043		6,139,383
Credit Suisse Group AG, Registered		1,371,698		7,078,130
Geberit AG, Registered		23,769		10,982,350
Givaudan SA, Registered		6,058		19,328,503
Holcim AG		178,702		7,921,056
Julius Baer Group Ltd.		132,064		6,410,677
Kuehne + Nagel International AG, Registered		53,624		12,393,094
Logitech International SA, Registered		121,934		6,066,939
Lonza Group AG, Registered		55,686		29,698,441
Nestle SA, Registered		1,357,372		158,843,644
Novartis AG, Registered		975,702		78,922,604
Partners Group Holding AG		6,998		6,754,844
Roche Holding AG, Bearer		16,618		6,347,386
Roche Holding AG, NVS		327,199		105,437,050
SGS SA, Registered		7,105		15,646,515
Sika AG, Registered		61,910		13,929,421

Security	Shares		Value
Switzerland (continued)
Sonova Holding AG, Registered		39,028	$	10,282,847
STMicroelectronics NV		401,391		13,988,545
Straumann Holding AG, Registered		58,126		6,369,606
Swiss Life Holding AG, Registered		20,231		10,574,275
Swiss Re AG		220,690		17,159,896
Swisscom AG, Registered		16,976		8,777,098
Temenos AG, Registered		79,984		6,550,217
UBS Group AG, Registered		1,915,731		30,358,045
VAT Group AG(b)		24,960		5,968,098
Zurich Insurance Group AG		91,356		40,552,868
				694,132,031
United Kingdom — 14.9%
3i Group PLC		519,771		7,316,446
Anglo American PLC		707,666		22,740,468
Antofagasta PLC		520,158		6,618,434
Ashtead Group PLC		208,900		10,262,804
Associated British Foods PLC		349,279		6,168,615
AstraZeneca PLC		743,835		92,006,691
BAE Systems PLC		1,884,546		16,972,410
Barclays PLC		8,516,202		16,237,766
Barratt Developments PLC		1,329,396		6,581,556
Berkeley Group Holdings PLC		146,015		6,181,264
BP PLC		7,744,086		39,571,706
British Land Co. PLC (The)		1,300,731		6,488,319
BT Group PLC		3,875,083		6,778,684
Bunzl PLC		196,453		6,515,199
Burberry Group PLC		355,010		7,181,388
CNH Industrial NV		712,110		8,669,987
Coca-Cola Europacific Partners PLC		164,535		8,090,186
Compass Group PLC		493,909		10,624,503
Croda International PLC		147,042		11,461,180
DCC PLC		108,694		6,255,814
Diageo PLC		1,365,358		59,319,870
Entain PLC		426,867		6,280,335
Experian PLC		196,759		5,970,744
Ferguson PLC		160,539		18,591,720
GSK PLC		1,831,421		29,275,288
HSBC Holdings PLC		9,923,577		60,800,194
Informa PLC		1,036,858		6,559,830
InterContinental Hotels Group PLC		116,729		6,336,770
Intertek Group PLC		137,438		6,308,211
J Sainsbury PLC		3,395,794		8,015,291
Johnson Matthey PLC		260,304		6,073,103
Kingfisher PLC		2,583,372		6,939,629
Legal & General Group PLC		5,315,169		15,568,502
Lloyds Banking Group PLC		36,978,239		18,738,940
London Stock Exchange Group PLC		161,704		15,168,083
Melrose Industries PLC		3,882,191		6,126,298
Mondi PLC		502,997		8,538,585
National Grid PLC		2,323,316		28,929,583
NatWest Group PLC, NVS		2,749,062		7,844,903
Next PLC		91,343		6,151,203
Pearson PLC		641,365		6,418,766
Prudential PLC		1,280,326		13,437,230
Reckitt Benckiser Group PLC		355,077		27,398,304
RELX PLC		1,140,927		29,920,938
Rentokil Initial PLC		1,043,465		6,301,977
Sage Group PLC (The)		1,088,575		9,022,862
Schroders PLC		227,935		7,090,176
Segro PLC		1,478,466		16,134,466

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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Shell PLC		3,272,287	$	87,052,466
Smiths Group PLC		354,090		6,117,200
SSE PLC		678,054		12,993,359
St. James’s Place PLC		557,785		7,139,616
Standard Chartered PLC		1,348,488		9,339,831
Tesco PLC		3,086,274		8,913,993
Unilever PLC		1,188,888		53,930,720
Vodafone Group PLC		11,879,660		15,905,104
WPP PLC		690,504		5,947,343
				953,324,853
Total Common Stocks — 99.1% (Cost: $6,736,789,085)				6,322,380,456
Preferred Stocks
Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		92,950		6,462,268
Sartorius AG, Preference Shares, NVS		14,755		6,147,304
				12,609,572
Total Preferred Stocks — 0.2% (Cost: $11,367,337)				12,609,572
Total Long-Term Investments — 99.3% (Cost: $6,748,156,422)				6,334,990,028

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		9,534,953	$	9,537,814
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		1,370,000		1,370,000
Total Short-Term Securities — 0.2% (Cost: $10,904,181)				10,907,814
Total Investments in Securities — 99.5% (Cost: $6,759,060,603)				6,345,897,842
Other Assets Less Liabilities — 0.5%				30,363,862
Net Assets — 100.0%			$	6,376,261,704

^(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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,009,959	$	—		$	(1,472,804	)(a)	$	(2,974	)	$	3,633	$	9,537,814		9,534,953	$	163,802	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,190,000		180,000	(a)		—			—			—		1,370,000		1,370,000		12,309			—
									$	(2,974	)	$	3,633	$	10,907,814			$	176,111		$	—

^(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		89		09/08/22	$	12,481	$	(1,237	)
SPI 200 Index		43		09/15/22		5,028		68,564

20 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EAFE ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		373		09/16/22	$	13,146	$	(411,347	)
FTSE 100 Index		107		09/16/22		9,030		(105,501	)
							$	(449,521	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	68,564	$	—	$	—	$	—	$	68,564
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	518,085	$	—	$	—	$	—	$	518,085

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,160,109	)	$	—	$	—	$	—	$	(2,160,109	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(911,649	)	$	—	$	—	$	—	$	(911,649	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	46,108,683

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   (continued) August 31, 2022 iShares^® ESG Aware 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
Common Stocks	$	27,168,599	$	6,295,211,857		$	—	$	6,322,380,456
Preferred Stocks		—		12,609,572			—		12,609,572
Money Market Funds		10,907,814		—			—		10,907,814
	$	38,076,413	$	6,307,821,429		$	—	$	6,345,897,842
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	68,564		$	—	$	68,564
Liabilities
Futures Contracts		—		(518,085	)		—		(518,085	)
	$	—	$	(449,521	)	$	—	$	(449,521	)

^(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   A N 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 August 31, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.0%
Americanas SA		11,000	$	34,549
Atacadao SA		9,263		35,165
Banco Bradesco SA		29,895		91,023
Banco Santander Brasil SA		7,807		44,074
CCR SA		26,313		69,748
Cia. de Saneamento Basico do Estado de Sao Paulo		6,857		64,782
Cosan SA		25,710		98,740
Energisa SA		3,246		26,387
Equatorial Energia SA		21,416		99,538
Hapvida Participacoes e Investimentos SA(a)		89,899		125,801
Hypera SA		8,429		69,783
Klabin SA		15,596		56,449
Localiza Rent a Car SA		14,882		173,982
Lojas Renner SA		18,529		94,276
Natura & Co. Holding SA		11,737		32,533
Petro Rio SA(b)		14,379		75,483
Raia Drogasil SA		22,717		95,018
Rede D’Or Sao Luiz SA(a)		7,084		45,385
Rumo SA		27,330		106,170
Telefonica Brasil SA		9,537		75,417
Tim SA		17,433		39,642
TOTVS SA		11,434		62,748
Ultrapar Participacoes SA		12,183		31,685
WEG SA		34,442		187,291
				1,835,669
Chile — 0.4%
Cencosud SA		30,869		43,156
Empresas CMPC SA		23,507		44,588
Empresas COPEC SA		8,472		73,079
Enel Americas SA		416,186		45,090
Falabella SA		12,313		29,015
				234,928
China — 31.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,500		13,182
3SBio Inc.(a)		38,000		25,265
AAC Technologies Holdings Inc.		15,000		27,789
Air China Ltd., Class A(b)		8,000		11,892
Air China Ltd., Class H(b)		36,000		28,838
Alibaba Group Holding Ltd.(b)		267,416		3,190,418
Alibaba Health Information Technology Ltd.(b)		104,000		59,599
A-Living Smart City Services Co. Ltd., Class A(a)		12,500		12,876
Angel Yeast Co. Ltd., Class A		1,700		11,918
Anjoy Foods Group Co. Ltd., Class A		400		8,955
Baidu Inc.(b)		10,250		182,968
Baidu Inc., ADR(b)		4,300		619,071
Baoshan Iron & Steel Co. Ltd., Class A		23,000		17,699
BBMG Corp., Class A		25,400		9,612
Beijing Capital International Airport Co. Ltd., Class H(b)		38,000		23,851
Beijing Enterprises Water Group Ltd.		92,000		23,633
BOC Aviation Ltd.(a)		4,300		34,419
BYD Co. Ltd., Class A		2,200		91,006
BYD Co. Ltd., Class H		16,500		508,453
By-health Co. Ltd., Class A		4,000		10,767
CanSino Biologics Inc., Class H(a)		1,200		7,530
CECEP Wind Power Corp, Class A		13,700		9,863
China Communications Services Corp. Ltd., Class H		40,000		17,176
China Conch Venture Holdings Ltd.		30,000		61,386

Security	Shares		Value
China (continued)
China Construction Bank Corp., Class H		1,902,000	$	1,175,784
China Eastern Airlines Corp. Ltd., Class A(b)		9,800		6,945
China Everbright Environment Group Ltd.		77,000		38,058
China Feihe Ltd.(a)		73,000		60,419
China Gas Holdings Ltd.		62,600		88,585
China Jushi Co. Ltd., Class A		4,078		8,484
China Lesso Group Holdings Ltd.		22,000		26,149
China Medical System Holdings Ltd.		28,000		41,439
China Mengniu Dairy Co. Ltd.		64,000		289,810
China Merchants Bank Co. Ltd., Class A		23,900		120,709
China Merchants Bank Co. Ltd., Class H		78,500		401,458
China Overseas Land & Investment Ltd.		77,000		206,935
China Resources Cement Holdings Ltd.		58,000		35,752
China Resources Gas Group Ltd.		18,700		72,807
China Resources Mixc Lifestyle Services Ltd.(a)		13,600		61,673
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,100		6,272
China Ruyi Holdings Ltd.(b)		108,000		27,407
China Southern Airlines Co. Ltd., Class A(b)		14,500		13,474
China Southern Airlines Co. Ltd., Class H(b)		46,000		24,829
China Suntien Green Energy Corp. Ltd., Class H		35,000		15,741
China Three Gorges Renewables Group Co. Ltd., Class A		35,300		31,073
China Vanke Co. Ltd., Class H		30,800		60,276
CIFI Holdings Group Co. Ltd.		63,400		16,046
CITIC Ltd.		111,000		114,427
CMOC Group Ltd., Class A		27,200		19,298
CMOC Group Ltd., Class H		75,000		33,444
Contemporary Amperex Technology Co. Ltd., Class A(b)		2,800		194,080
Country Garden Services Holdings Co. Ltd.		38,000		74,676
CSPC Pharmaceutical Group Ltd.		179,360		181,947
Dali Foods Group Co. Ltd.(a)		43,500		19,886
ENN Energy Holdings Ltd.		16,100		233,891
ENN Natural Gas Co. Ltd., Class A		4,700		13,925
Eve Energy Co. Ltd., Class A		1,900		25,849
Far East Horizon Ltd.		23,000		17,436
Fosun International Ltd.		42,000		30,983
Ganfeng Lithium Co. Ltd., Class A		2,120		26,133
Ganfeng Lithium Co. Ltd., Class H(a)		7,840		68,878
Genscript Biotech Corp.(b)		24,000		77,093
Gotion High-tech Co. Ltd., Class A		3,600		17,775
Greentown Service Group Co. Ltd.		30,000		21,674
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,600		6,292
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		1,100		10,593
Hansoh Pharmaceutical Group Co. Ltd.(a)		24,000		47,883
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,600		10,091
Hopson Development Holdings Ltd.		15,530		21,354
Huadong Medicine Co. Ltd., Class A		1,100		6,715
Huatai Securities Co. Ltd., Class A		11,800		22,356
Huatai Securities Co. Ltd., Class H(a)		35,200		47,049
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		42,352
Jafron Biomedical Co. Ltd., Class A		1,100		7,456
Jiangsu Eastern Shenghong Co. Ltd., Class A		4,500		12,476
Jiangsu Zhongtian Technology Co. Ltd., Class A		3,600		11,541
Jinxin Fertility Group Ltd.(a)		39,000		25,396
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		1,200		5,958
Kingdee International Software Group Co. Ltd.(b)		54,000		104,809
Kingfa Sci & Tech Co. Ltd., Class A		9,000		13,956

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   (continued) August 31, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Kunlun Energy Co. Ltd.		82,000	$	71,400
Lenovo Group Ltd.		148,000		121,895
Li Auto Inc., ADR(b)		10,952		315,089
Longfor Group Holdings Ltd.(a)		34,500		111,979
Meituan, Class B(a)(b)		87,300		2,096,702
Microport Scientific Corp.(b)		10,700		21,262
Ming Yang Smart Energy Group Ltd., Class A		3,800		14,684
NetEase Inc.		41,300		737,510
Orient Securities Co. Ltd., Class A		8,900		11,158
Ovctek China Inc., Class A		1,960		12,052
Pharmaron Beijing Co. Ltd., Class H(a)		4,200		27,782
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		12,200		33,027
Pop Mart International Group Ltd.(a)		13,400		34,630
Postal Savings Bank of China Co. Ltd., Class A		31,700		20,697
Postal Savings Bank of China Co. Ltd., Class H(a)		165,000		98,500
SF Holding Co. Ltd., Class A		6,300		44,888
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		54,000		73,255
Shanghai Electric Group Co. Ltd., Class A(b)		17,000		10,408
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,500		14,607
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		11,000		35,387
Shanghai M&G Stationery Inc., Class A		1,900		12,186
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		6,000		14,979
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		19,200		27,913
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,100		10,093
Shenzhen Inovance Technology Co. Ltd., Class A		3,750		32,417
Shenzhen International Holdings Ltd.		26,500		22,843
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,500		64,561
Sino Biopharmaceutical Ltd.		216,000		113,447
Sinopharm Group Co. Ltd., Class H		24,400		54,358
Sinotrans Ltd., Class A		12,100		6,585
Skshu Paint Co. Ltd., Class A(b)		600		8,072
Sungrow Power Supply Co. Ltd., Class A		1,900		30,402
Tencent Holdings Ltd.		76,100		3,145,270
Tongcheng Travel Holdings Ltd.(b)		26,800		54,891
Topchoice Medical Corp., Class A(b)		700		11,739
Uni-President China Holdings Ltd.		28,000		24,107
Unisplendour Corp. Ltd., Class A		4,100		10,221
Vinda International Holdings Ltd.		7,000		19,576
Vipshop Holdings Ltd., ADR(b)(c)		9,170		106,464
Want Want China Holdings Ltd.		95,000		66,920
Wharf Holdings Ltd. (The)		24,000		90,383
WuXi AppTec Co. Ltd., Class A		3,392		43,798
WuXi AppTec Co. Ltd., Class H(a)		7,460		84,216
Wuxi Biologics Cayman Inc., New(a)(b)		71,000		626,369
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		8,100		14,958
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		17,000		25,333
Xinyi Solar Holdings Ltd.		100,000		137,522
XPeng Inc., ADR(b)(c)		8,169		151,290
Yadea Group Holdings Ltd.(a)		22,000		41,963
Yihai International Holding Ltd.		11,000		27,702
Yum China Holdings Inc.		8,219		411,854
Yunnan Baiyao Group Co. Ltd., Class A		2,240		16,940
Yunnan Energy New Material Co. Ltd., Class A		900		25,054
Zhejiang Chint Electrics Co. Ltd., Class A		3,900		17,778
Zhejiang Expressway Co. Ltd., Class H		20,000		15,238
Zhejiang Huayou Cobalt Co. Ltd., Class A		2,210		23,785
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		900		5,335
Zhejiang Weixing New Building Materials Co. Ltd., Class A		1,800		5,424

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		12,900	$	10,728
				18,925,589
Colombia — 0.1%
Bancolombia SA		4,353		33,613
Interconexion Electrica SA ESP		10,143		43,902
				77,515
Czech Republic — 0.1%
Komercni Banka AS		1,617		37,872
Moneta Money Bank AS(a)		7,349		23,293
				61,165
Egypt — 0.1%
Commercial International Bank Egypt SAE		30,572		60,282
Greece — 0.2%
Alpha Services and Holdings SA(b)		62,141		57,387
Eurobank Ergasias Services and Holdings SA, Class A(b)		52,838		49,024
				106,411
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		8,627		59,443
OTP Bank Nyrt		4,518		96,084
				155,527
India — 15.6%
Adani Green Energy Ltd.(b)		6,502		196,463
Adani Total Gas Ltd.		5,531		257,952
Asian Paints Ltd.		7,563		318,393
Axis Bank Ltd.		45,763		426,488
Berger Paints India Ltd.		5,098		42,636
Britannia Industries Ltd.		2,130		99,666
Colgate-Palmolive India Ltd.		2,121		44,535
Dabur India Ltd.		12,061		87,941
Eicher Motors Ltd.		2,757		115,064
GAIL India Ltd.		31,116		52,854
Grasim Industries Ltd.		5,122		106,750
Havells India Ltd.		5,214		90,263
HCL Technologies Ltd.		22,048		256,459
Hero MotoCorp Ltd.		2,263		79,715
Hindalco Industries Ltd.		26,790		145,298
Hindustan Unilever Ltd.		16,507		546,480
Housing Development Finance Corp. Ltd.		34,344		1,039,779
ICICI Prudential Life Insurance Co. Ltd.(a)		6,924		51,116
Indraprastha Gas Ltd.		5,991		31,323
Info Edge India Ltd.		1,681		90,426
Infosys Ltd.		67,210		1,238,754
Kotak Mahindra Bank Ltd.		10,771		255,533
Lupin Ltd.		4,515		37,729
Mahindra & Mahindra Ltd.		16,923		274,671
Marico Ltd.		9,416		61,815
Nestle India Ltd.		646		160,840
PI Industries Ltd.		1,580		67,560
Piramal Pharma Ltd., NVS		9,872		26,522
Reliance Industries Ltd.		60,311		1,975,791
Shree Cement Ltd.		218		59,845
Shriram Transport Finance Co. Ltd.		3,784		63,512
Siemens Ltd.		1,423		51,092
State Bank of India		34,747		228,773
Tata Consultancy Services Ltd.		18,330		731,029
UPL Ltd.		9,868		94,516

24 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Zomato Ltd.(b)		43,898	$	31,379
				9,438,962
Indonesia — 2.1%
Aneka Tambang Tbk		160,600		21,475
Bank Central Asia Tbk PT		1,091,700		602,861
Bank Negara Indonesia Persero Tbk PT		148,900		85,404
Barito Pacific Tbk PT		596,000		32,901
Indah Kiat Pulp & Paper Tbk PT		59,800		33,497
Kalbe Farma Tbk PT		416,300		47,075
Merdeka Copper Gold Tbk PT(b)		247,057		71,046
Telkom Indonesia Persero Tbk PT		968,000		296,431
Tower Bersama Infrastructure Tbk PT		97,000		18,416
Unilever Indonesia Tbk PT		151,400		46,787
				1,255,893
Kuwait — 0.5%
Kuwait Finance House KSCP		102,965		300,553
Malaysia — 2.3%
AMMB Holdings Bhd		37,500		34,854
Axiata Group Bhd		55,600		37,704
CIMB Group Holdings Bhd		138,600		165,747
DiGi.Com Bhd		63,500		52,999
HAP Seng Consolidated Bhd		12,300		19,101
Hartalega Holdings Bhd		18,500		6,862
IHH Healthcare Bhd		36,400		50,238
Kuala Lumpur Kepong Bhd		8,700		44,982
Malayan Banking Bhd		94,200		188,447
Malaysia Airports Holdings Bhd(b)		17,663		23,080
Maxis Bhd		39,700		34,032
MISC Bhd		27,000		42,721
Nestle Malaysia Bhd		1,500		44,510
Petronas Dagangan Bhd		6,000		31,505
Petronas Gas Bhd		16,200		62,605
PPB Group Bhd		13,100		51,516
Press Metal Aluminium Holdings Bhd		70,700		74,935
Public Bank Bhd		295,200		309,972
QL Resources Bhd		26,900		30,654
RHB Bank Bhd		28,900		36,928
Sime Darby Bhd		55,000		28,022
Telekom Malaysia Bhd		22,700		30,177
Top Glove Corp. Bhd		73,500		13,160
				1,414,751
Mexico — 1.9%
Arca Continental SAB de CV		9,600		65,353
Cemex SAB de CV, NVS(b)		279,069		103,474
Coca-Cola Femsa SAB de CV		10,100		61,754
Fomento Economico Mexicano SAB de CV		37,800		236,915
Gruma SAB de CV, Class B		4,325		47,128
Grupo Aeroportuario del Sureste SAB de CV, Class B		3,945		83,557
Grupo Bimbo SAB de CV, Series A		28,100		92,363
Grupo Financiero Banorte SAB de CV, Class O		52,500		310,051
Grupo Televisa SAB, CPO		49,000		61,753
Industrias Penoles SAB de CV		3,030		24,904
Kimberly-Clark de Mexico SAB de CV, Class A		31,900		43,211
				1,130,463
Peru — 0.3%
Credicorp Ltd.		1,433		184,699
Philippines — 0.7%
Globe Telecom Inc.		560		20,894

Security	Shares		Value
Philippines (continued)
GT Capital Holdings Inc.		2,400	$	20,556
JG Summit Holdings Inc.		53,238		48,412
Monde Nissin Corp.(a)(b)		131,000		38,447
SM Investments Corp.		4,400		64,948
SM Prime Holdings Inc.		238,800		160,527
Universal Robina Corp.		18,150		39,394
				393,178
Poland — 0.7%
Bank Polska Kasa Opieki SA		2,897		40,077
CD Projekt SA		750		13,423
KGHM Polska Miedz SA		3,067		57,474
Polski Koncern Naftowy ORLEN SA		8,495		110,029
Polskie Gornictwo Naftowe i Gazownictwo SA(b)		39,067		46,409
Powszechna Kasa Oszczednosci Bank Polski SA		16,199		80,809
Powszechny Zaklad Ubezpieczen SA		11,010		65,904
Santander Bank Polska SA		586		26,707
				440,832
Qatar — 1.2%
Commercial Bank PSQC (The)		61,417		122,030
Qatar Fuel QSC		9,092		46,956
Qatar Gas Transport Co. Ltd.		48,581		52,705
Qatar National Bank QPSC		92,000		515,078
				736,769
Romania — 0.1%
NEPI Rockcastle SA		10,585		56,403
Russia — 0.0%
Gazprom PJSC(b)(d)		244,340		40
LUKOIL PJSC(d)		8,544		2
Mobile TeleSystems PJSC(d)		18,946		3
Moscow Exchange MICEX-RTS PJSC(b)(d)		30,360		5
Novatek PJSC(d)		18,630		3
Novolipetsk Steel PJSC(d)		31,136		5
PhosAgro PJSC(d)		910		—
Polymetal International PLC(d)		7,120		1
Polyus PJSC(d)		698		—
				59
Saudi Arabia — 2.3%
ACWA Power Co.		1,467		68,296
Bank AlBilad(b)		9,837		132,170
Dr Sulaiman Al Habib Medical Services Group Co.		1,629		86,553
Saudi Arabian Oil Co.(a)		48,629		484,393
Saudi Basic Industries Corp.		18,106		480,990
Saudi Electricity Co.		15,689		105,386
				1,357,788
South Africa — 6.2%
Absa Group Ltd.		16,002		165,735
Anglo American Platinum Ltd.		1,110		77,489
Aspen Pharmacare Holdings Ltd.		7,969		68,388
Bid Corp. Ltd.		6,806		129,157
Bidvest Group Ltd. (The)		5,885		73,851
Capitec Bank Holdings Ltd.		1,742		207,133
Clicks Group Ltd.		4,854		84,454
Discovery Ltd.(b)		9,141		65,495
FirstRand Ltd.		101,827		380,335
Gold Fields Ltd.		17,759		143,428
Growthpoint Properties Ltd.		60,378		44,908
Impala Platinum Holdings Ltd.		17,234		180,584
Kumba Iron Ore Ltd.		1,328		29,401

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   (continued) August 31, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Mr. Price Group Ltd.		5,639	$	61,086
MTN Group Ltd.		34,160		247,252
MultiChoice Group		8,107		54,718
Naspers Ltd., Class N		4,348		613,096
Nedbank Group Ltd.		9,159		108,108
Northam Platinum Holdings Ltd.(b)		6,902		64,955
Old Mutual Ltd.		84,517		50,181
Remgro Ltd.		9,746		72,271
Sanlam Ltd.		33,571		104,367
Sasol Ltd.(b)		11,305		217,425
Shoprite Holdings Ltd.		9,552		129,525
SPAR Group Ltd. (The)		3,178		29,051
Standard Bank Group Ltd.		27,132		242,114
Vodacom Group Ltd.		12,863		94,680
				3,739,187
South Korea — 7.7%
Amorepacific Corp.		516		47,029
AMOREPACIFIC Group		809		20,942
BGF retail Co. Ltd.		157		18,805
Celltrion Healthcare Co. Ltd.		1,672		89,476
CJ CheilJedang Corp.		167		50,657
CJ Corp.		323		18,793
CJ Logistics Corp.(b)		184		16,218
Coway Co. Ltd.		972		46,116
Doosan Bobcat Inc.		1,229		31,598
GS Engineering & Construction Corp.		1,349		30,175
Hana Financial Group Inc.		5,672		165,320
Hanwha Solutions Corp.(b)		2,446		95,374
HMM Co. Ltd.		5,076		83,653
Hyundai Engineering & Construction Co. Ltd.		1,723		61,611
Hyundai Glovis Co. Ltd.		391		51,232
Kakao Corp.		3,060		166,169
KB Financial Group Inc.		7,947		291,726
Korea Zinc Co. Ltd.		163		81,537
Korean Air Lines Co. Ltd.(b)		3,516		69,881
LG Chem Ltd.		995		465,756
LG Corp.		1,974		120,455
LG Display Co. Ltd.		4,836		55,889
LG Electronics Inc.		2,052		153,551
LG H&H Co. Ltd.		175		93,155
Lotte Chemical Corp.		386		50,120
NAVER Corp.		3,024		536,598
NCSoft Corp.		401		112,686
Netmarble Corp.(a)		1,023		48,231
POSCO Chemical Co. Ltd.		490		60,914
S-1 Corp.		203		8,833
Samsung Engineering Co. Ltd.(b)		3,133		54,474
Samsung Life Insurance Co. Ltd.		1,721		79,431
Samsung SDI Co. Ltd.		1,110		490,733
Samsung SDS Co. Ltd.		754		71,961
Samsung Securities Co. Ltd.		1,440		36,252
Shinhan Financial Group Co. Ltd.		9,055		245,331
SK Biopharmaceuticals Co. Ltd.(b)		524		27,860
SK Chemicals Co. Ltd.		307		22,255
SK IE Technology Co. Ltd.(a)(b)		492		30,264
SK Inc.		772		133,532
SK Innovation Co. Ltd.(b)		1,120		157,668
SKC Co. Ltd.		421		37,831
Woori Financial Group Inc.		10,797		97,669

Security	Shares		Value
South Korea (continued)
Yuhan Corp.		1,039	$	43,940
				4,671,701
Taiwan — 14.5%
Acer Inc.		58,000		41,657
Airtac International Group(b)		3,000		80,442
AUO Corp.		172,000		93,917
Cathay Financial Holding Co. Ltd.		159,000		231,317
Chailease Holding Co. Ltd.		27,877		178,990
China Airlines Ltd.		55,000		40,685
China Steel Corp.		235,000		222,561
Chunghwa Telecom Co. Ltd.		75,000		297,607
CTBC Financial Holding Co. Ltd.		355,000		271,914
Delta Electronics Inc.		39,000		333,904
E.Sun Financial Holding Co. Ltd.		259,525		239,129
Eva Airways Corp.		55,000		60,190
Evergreen Marine Corp. Taiwan Ltd.		52,000		149,017
Far Eastern New Century Corp.		64,000		68,580
Far EasTone Telecommunications Co. Ltd.		32,000		78,482
First Financial Holding Co. Ltd.		209,550		181,801
Fubon Financial Holding Co. Ltd.		143,800		269,632
Hotai Motor Co. Ltd.		6,000		120,226
Hua Nan Financial Holdings Co. Ltd.		176,650		134,080
MediaTek Inc.		30,000		649,102
Mega Financial Holding Co. Ltd.		220,500		258,630
momo.com Inc.		1,200		28,455
Nan Ya Plastics Corp.		96,000		215,635
President Chain Store Corp.		12,000		105,451
Shanghai Commercial & Savings Bank Ltd. (The)		74,000		120,450
SinoPac Financial Holdings Co. Ltd.		205,120		116,285
Taishin Financial Holding Co. Ltd.		225,800		112,071
Taiwan Cement Corp.		124,792		160,643
Taiwan Cooperative Financial Holding Co. Ltd.		193,880		175,091
Taiwan High Speed Rail Corp.		33,000		31,550
Taiwan Mobile Co. Ltd.		33,000		107,865
Taiwan Semiconductor Manufacturing Co. Ltd.		177,000		2,897,451
Uni-President Enterprises Corp.		96,000		207,462
United Microelectronics Corp.		232,000		308,668
Voltronic Power Technology Corp.		1,000		56,429
Wan Hai Lines Ltd.		2,260		6,370
Yang Ming Marine Transport Corp.		33,000		84,538
				8,736,277
Thailand — 3.0%
Advanced Info Service PCL, NVDR		23,800		125,214
Airports of Thailand PCL, NVDR(b)		84,400		168,188
Asset World Corp. PCL, NVDR		198,400		30,387
B Grimm Power PCL, NVDR		21,200		21,475
Bangkok Dusit Medical Services PCL, NVDR		198,100		158,767
Berli Jucker PCL, NVDR		24,000		22,055
BTS Group Holdings PCL, NVDR		159,600		36,739
Bumrungrad Hospital PCL, NVDR		10,800		63,950
Central Pattana PCL, NVDR		45,200		85,718
Charoen Pokphand Foods PCL, NVDR		83,400		59,423
CP ALL PCL, NVDR		118,600		199,907
Energy Absolute PCL, NVDR		34,000		79,380
Home Product Center PCL, NVDR		122,800		46,780
Indorama Ventures PCL, NVDR		34,000		40,267
Intouch Holdings PCL, NVDR		22,500		44,818
Krungthai Card PCL, NVDR		14,200		23,464
Minor International PCL, NVDR(b)		69,300		62,058

26 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Osotspa PCL, NVDR		24,200	$	20,720
PTT Exploration & Production PCL, NVDR		26,400		122,101
PTT Global Chemical PCL, NVDR		45,500		59,160
PTT Oil & Retail Business PCL, NVDR		37,100		27,696
SCB X PCL, NVS		18,300		55,318
SCG Packaging PCL, NVDR		21,500		33,397
Siam Cement PCL (The), NVDR		15,800		154,998
Thai Union Group PCL, NVDR		64,300		30,833
True Corp. PCL, NVDR		250,900		31,360
				1,804,173
Turkey — 0.3%
KOC Holding AS		16,159		40,315
Turk Hava Yollari AO(b)		10,573		42,405
Turkiye Is Bankasi AS, Class C		70,865		30,697
Turkiye Petrol Rafinerileri AS(b)		2,328		45,898
Turkiye Sise ve Cam Fabrikalari AS		27,573		37,559
				196,874
United Arab Emirates — 2.3%
Abu Dhabi Commercial Bank PJSC		56,201		138,643
Abu Dhabi Islamic Bank PJSC		27,490		66,128
Aldar Properties PJSC		80,846		105,878
Emirates NBD Bank PJSC		40,729		147,752
Emirates Telecommunications Group Co. PJSC		70,000		490,158
First Abu Dhabi Bank PJSC		88,943		461,921
				1,410,480
Total Common Stocks — 97.2% (Cost: $57,055,587)				58,726,128
Preferred Stocks
Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS		104,385		380,428
Cia. Energetica de Minas Gerais, Preference Shares, NVS		29,576		68,790
Gerdau SA, Preference Shares, NVS		24,039		107,756
Itau Unibanco Holding SA, Preference Shares, NVS		97,459		483,511
				1,040,485
Chile — 0.5%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		2,814		281,328

Security	Shares		Value
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		9,788	$	67,581
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		181		40,442
LG H&H Co. Ltd., Preference Shares, NVS		7		1,918
				42,360
Total Preferred Stocks — 2.4% (Cost: $1,228,608)				1,431,754
Total Long-Term Investments — 99.6% (Cost: $58,284,195)				60,157,882
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		116,865		116,900
Total Short-Term Securities — 0.2% (Cost: $116,889)				116,900
Total Investments in Securities — 99.8% (Cost: $58,401,084)				60,274,782
Other Assets Less Liabilities — 0.2%				119,261
Net Assets — 100.0%			$	60,394,043

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

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   (continued) August 31, 2022 iShares^® ESG MSCI EM Leaders ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,399,372	$	—	$	(1,280,394	)(a)	$	(2,089	)	$	11	$	116,900		116,865	$	14,257	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		2,330,000		—		(2,330,000	)(a)		—			—		—		—		236			—
								$	(2,089	)	$	11	$	116,900			$	14,493		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		4		09/16/22	$	196	$	(1,513	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,513	$	—	$	—	$	—	$	1,513

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(127,722	)	$	—	$	—	$	—	$	(127,722	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(21,373	)	$	—	$	—	$	—	$	(21,373	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	471,127

28 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG MSCI EM Leaders ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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	$	6,365,536		$	52,360,533	$	59	$	58,726,128
Preferred Stocks		1,389,394			42,360		—		1,431,754
Money Market Funds		116,900			—		—		116,900
	$	7,871,830		$	52,402,893	$	59	$	60,274,782
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,513	)	$	—	$	—	$	(1,513	)

^(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 29

Schedule of Investments   August 31, 2022 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.1%
CSL Ltd.		16,546	$	3,309,491
IDP Education Ltd.		18,396		362,155
Vicinity Centres		558,787		731,569
				4,403,215
Austria — 0.2%
Verbund AG		10,352		989,213
Belgium — 4.2%
Elia Group SA/NV		8,467		1,230,014
Umicore SA		514,211		16,344,739
				17,574,753
Canada — 5.6%
Northland Power Inc.		51,234		1,753,897
RioCan REIT		27,777		425,744
Saputo Inc.		178,606		4,535,356
West Fraser Timber Co. Ltd.		183,279		16,397,215
				23,112,212
Chile — 1.5%
Empresas CMPC SA		3,330,469		6,317,208
China — 11.2%
3SBio Inc.(a)		383,000		254,641
Anjoy Foods Group Co. Ltd., Class A		5,100		114,180
BeiGene Ltd., ADR(b)		981		168,398
Beijing Easpring Material Technology Co. Ltd., Class A		8,100		91,501
Beijing Enterprises Water Group Ltd.		5,932,000		1,523,809
CECEP Solar Energy Co. Ltd., Class A(b)		85,700		99,721
CECEP Wind Power Corp, Class A		74,200		53,419
Chacha Food Co. Ltd., Class A		6,000		41,022
China Conch Venture Holdings Ltd.		693,000		1,414,265
China Everbright Environment Group Ltd.		12,256,000		6,057,681
China Longyuan Power Group Corp. Ltd., Class H		1,333,000		2,153,014
China Medical System Holdings Ltd.		166,000		245,677
China Mengniu Dairy Co. Ltd.		1,182,000		5,352,424
China Railway Signal & Communication Corp. Ltd., Class A		287,136		183,738
China Three Gorges Renewables Group Co. Ltd., Class A		229,300		201,845
Chongqing Fuling Zhacai Group Co. Ltd., Class A		4,800		21,146
Contemporary Amperex Technology Co. Ltd., Class A(b)		34,600		2,398,278
CSPC Pharmaceutical Group Ltd.		765,520		776,562
Gotion High-tech Co. Ltd., Class A		20,600		101,712
Hansoh Pharmaceutical Group Co. Ltd.(a)		74,000		147,640
Henan Shuanghui Investment & Development Co. Ltd., Class A		125,900		487,445
Li Auto Inc., ADR(b)(c)		141,050		4,058,008
LONGi Green Energy Technology Co. Ltd., Class A		136,460		1,004,073
Ming Yang Smart Energy Group Ltd., Class A		112,600		435,104
NIO Inc., ADR(b)(c)		313,306		6,237,922
Riyue Heavy Industry Co. Ltd., Class A		14,500		49,710
Shanghai Junshi Biosciences Co. Ltd., Class A(b)		1,200		9,187
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		8,600		26,584
Shimao Group Holdings Ltd.(c)(d)		11,517,500		3,301,741
Sungrow Power Supply Co. Ltd., Class A		18,600		297,624
Tingyi Cayman Islands Holding Corp.		1,198,000		2,127,319
Titan Wind Energy Suzhou Co. Ltd., Class A		48,400		96,382
Vinda International Holdings Ltd.		249,000		696,364
Walvax Biotechnology Co. Ltd., Class A		2,500		15,729

Security	Shares		Value
China (continued)
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		259,600	$	479,403
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		217,304		323,818
Xinyi Solar Holdings Ltd.		1,114,000		1,531,994
XPeng Inc., ADR(b)		134,276		2,486,791
Yadea Group Holdings Ltd.(a)		758,000		1,445,807
Zai Lab Ltd., ADR(b)		695		32,116
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		700		4,690
				46,548,484
Denmark — 7.8%
Genmab A/S(b)		1,586		564,562
Novo Nordisk A/S, Class B		75,135		8,032,969
Orsted A/S(a)		53,381		5,210,117
Rockwool A/S, Class B		10,553		2,172,169
Vestas Wind Systems A/S		662,570		16,578,230
				32,558,047
France — 1.4%
Covivio		14,546		812,068
Gecina SA		4,924		438,226
Ipsen SA		5,205		498,832
Klepierre SA		82,593		1,694,169
Unibail-Rodamco-Westfield(b)		49,685		2,554,278
				5,997,573
Germany — 2.0%
LEG Immobilien SE		22,435		1,695,497
Vonovia SE		242,942		6,576,810
				8,272,307
Hong Kong — 5.5%
Henderson Land Development Co. Ltd.		292,000		976,775
Link REIT		177,400		1,372,902
MTR Corp. Ltd.		457,500		2,343,004
Sun Hung Kai Properties Ltd.		472,500		5,551,034
Swire Properties Ltd.		276,600		637,486
WH Group Ltd.(a)		17,469,000		11,902,032
				22,783,233
India — 0.6%
Adani Green Energy Ltd.(b)		4,837		146,154
Colgate-Palmolive India Ltd.		13,440		282,199
Godrej Consumer Products Ltd.(b)		21,622		249,061
Hindustan Unilever Ltd.		37,195		1,231,376
Marico Ltd.		42,796		280,950
Nestle India Ltd.		1,584		394,383
				2,584,123
Indonesia — 0.1%
Unilever Indonesia Tbk PT		676,900		209,180
Japan — 15.1%
Asahi Intecc Co. Ltd.		10,200		181,433
Central Japan Railway Co.		52,600		6,192,597
Chugai Pharmaceutical Co. Ltd.		41,200		1,063,293
Daiichi Sankyo Co. Ltd.		77,400		2,326,008
Daiwa House Industry Co. Ltd.		732,700		16,381,131
Daiwa House REIT Investment Corp.		158		365,264
East Japan Railway Co.		264,000		13,674,313
Eisai Co. Ltd.		37,700		1,537,149
Japan Metropolitan Fund Invest		847		672,668
Japan Real Estate Investment Corp.		109		504,842
Kyowa Kirin Co. Ltd.		17,600		394,499

30 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nippon Building Fund Inc.		132	$	657,487
Nippon Prologis REIT Inc.		195		490,568
Nisshin Seifun Group Inc.		179,500		2,020,080
Nissin Foods Holdings Co. Ltd.		25,100		1,795,814
Nomura Real Estate Master Fund Inc.		426		521,024
Ono Pharmaceutical Co. Ltd.		37,900		904,679
Open House Group Co. Ltd.		93,300		3,673,572
Shionogi & Co. Ltd.		18,600		908,143
Sysmex Corp.		11,200		684,622
Terumo Corp.		35,800		1,149,239
TOTO Ltd.		119,100		4,105,235
Unicharm Corp.		73,700		2,561,200
				62,764,860
Malaysia — 0.2%
PPB Group Bhd		61,000		239,884
QL Resources Bhd		340,400		387,898
				627,782
Mexico — 0.5%
Gruma SAB de CV, Class B		110,445		1,203,484
Kimberly-Clark de Mexico SAB de CV, Class A		684,700		927,479
				2,130,963
Netherlands — 0.3%
JDE Peet’s NV		37,540		1,157,555
Norway — 0.6%
Mowi ASA		87,064		1,784,962
Salmar ASA		11,324		748,827
				2,533,789
Saudi Arabia — 0.2%
ACWA Power Co.		2,830		131,750
Almarai Co. JSC		34,303		482,786
				614,536
Singapore — 0.6%
CapitaLand Integrated Commercial Trust		864,440		1,278,527
City Developments Ltd.		142,300		826,223
Mapletree Pan Asia Commercial Trust		264,600		347,947
				2,452,697
Spain — 0.2%
EDP Renovaveis SA		32,845		796,563
Sweden — 2.5%
Essity AB, Class B		302,414		6,708,529
Svenska Cellulosa AB SCA, Class B		200,698		3,007,160
Swedish Orphan Biovitrum AB(b)		22,978		507,844
				10,223,533
Switzerland — 4.6%
Geberit AG, Registered		6,731		3,110,026
Novartis AG, Registered		200,453		16,214,246
				19,324,272
Taiwan — 1.8%
Taiwan High Speed Rail Corp.		641,000		612,839
Uni-President Enterprises Corp.		3,138,000		6,781,411
				7,394,250
Thailand — 0.1%
BTS Group Holdings PCL, NVDR		2,623,000		603,796
United Kingdom — 6.1%
Berkeley Group Holdings PLC		48,991		2,073,940
Johnson Matthey PLC		671,271		15,661,295

Security	Shares		Value
United Kingdom (continued)
Land Securities Group PLC		96,998	$	731,599
Pearson PLC		540,704		5,411,353
United Utilities Group PLC		134,710		1,651,045
				25,529,232
United States — 25.6%
Abiomed Inc.(b)		1,809		469,037
Alexandria Real Estate Equities Inc.		13,689		2,099,893
Alnylam Pharmaceuticals Inc.(b)		1,857		383,786
Amgen Inc.		43,370		10,421,811
BioMarin Pharmaceutical Inc.(b)		11,366		1,013,847
Boston Properties Inc.		31,494		2,501,568
Citrix Systems Inc.		37,545		3,858,500
Colgate-Palmolive Co.		93,398		7,304,658
Dexcom Inc.(b)		17,537		1,441,717
Digital Realty Trust Inc.		74,573		9,219,460
Edwards Lifesciences Corp.(b)		26,430		2,381,343
Eli Lilly & Co.		29,475		8,878,754
Enphase Energy Inc.(b)		8,374		2,398,649
Healthpeak Properties Inc.		60,009		1,575,236
Horizon Therapeutics PLC(b)		30,606		1,812,181
Hormel Foods Corp.		100,027		5,029,358
Incyte Corp.(b)		20,605		1,451,210
Insulet Corp.(b)		2,283		583,238
Jazz Pharmaceuticals PLC(b)		11,896		1,846,497
Kimberly-Clark Corp.		123,216		15,712,504
Lucid Group Inc.(b)		1,972		30,250
Plug Power Inc.(b)		36,047		1,010,758
Regeneron Pharmaceuticals Inc.(b)		11,674		6,783,294
Rivian Automotive Inc., Class A(b)		1,588		51,943
Seagen Inc.(b)		3,720		573,959
SolarEdge Technologies Inc.(b)		9,547		2,634,686
Sun Communities Inc.		16,422		2,524,226
Vertex Pharmaceuticals Inc.(b)		15,409		4,341,640
VMware Inc., Class A		34,482		4,000,946
Xylem Inc./NY		45,888		4,180,397
				106,515,346
Total Long-Term Investments — 99.6% (Cost: $462,399,210)				414,018,722
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		7,676,182		7,678,485
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		60,000		60,000
Total Short-Term Securities — 1.8% (Cost: $7,736,645)				7,738,485
Total Investments in Securities — 101.4% (Cost: $470,135,855)				421,757,207
Liabilities in Excess of Other Assets — (1.4)%				(5,966,558	)
Net Assets — 100.0%			$	415,790,649

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

^(b)  Non-income producing security.

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

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   (continued) August 31, 2022 iShares^® MSCI Global Sustainable Development Goals ETF

^(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 year ended August 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 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,422,442	$	—	$	(14,741,951	)(a)	$	(3,846	)	$	1,840	$	7,678,485		7,676,182	$	903,705	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,070,000		—		(1,010,000	)(a)		—			—		60,000		60,000		2,346			—
								$	(3,846	)	$	1,840	$	7,738,485			$	906,051		$	—

^(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		11		09/16/22	$	1,005	$	(27,014	)
MSCI Emerging Markets Index		10		09/16/22		491		(9,633	)
S&P 500 E-Mini Index		2		09/16/22		396		(6,376	)
							$	(43,023	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	43,023	$	—	$	—	$	—	$	43,023

^(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).

32 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® MSCI Global Sustainable Development Goals ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(268,462	)	$	—	$	—	$	—	$	(268,462	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(59,660	)	$	—	$	—	$	—	$	(59,660	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,406,932

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	$	152,383,110		$	258,333,871	$	3,301,741	$	414,018,722
Money Market Funds		7,738,485			—		—		7,738,485
	$	160,121,595		$	258,333,871	$	3,301,741	$	421,757,207
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(43,023	)	$	—	$	—	$	(43,023	)

^(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

Statements of Assets and Liabilities

August 31, 2022

	iShares Emergent Food and AgTech Multisector ETF			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF		iShares MSCI Global Sustainable Development Goals ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	5,237,813		$	6,334,990,028		$	60,157,882	$	414,018,722
Investments, at value — affiliated(c)		65,147			10,907,814			116,900		7,738,485
Cash		8,545			623			5,041		5,047
Foreign currency, at value(d)		6,915			13,811,368			417,406		1,384,296
Cash pledged for futures contracts		1,557			—			15,000		74,000
Foreign currency collateral pledged for futures contracts(e)		—			3,109,528			—		—
Receivables:
Investments sold		—			325,401,567			3,107,186		26,171,093
Securities lending income — affiliated		619			9,659			57		3,796
Variation margin on futures contracts		279			—			1,555		—
Dividends — unaffiliated		9,026			17,214,037			98,803		947,674
Dividends — affiliated		—			2,464			19		495
Tax reclaims		2,662			10,892,030			30,361		307,874
Total assets		5,332,563			6,716,339,118			63,950,210		450,651,482
LIABILITIES
Collateral on securities loaned, at value		65,138			9,552,220			123,477		7,680,928
Deferred foreign capital gain tax		—			—			68,236		35,265
Payables:
Investments purchased		—			329,052,578			3,356,108		26,956,603
Variation margin on futures contracts		—			332,501			—		7,660
Investment advisory fees		2,176			1,138,612			8,346		180,377
Professional fees		—			1,503			—		—
Total liabilities		67,314			340,077,414			3,556,167		34,860,833
NET ASSETS	$	5,265,249		$	6,376,261,704		$	60,394,043	$	415,790,649
NET ASSETS CONSIST OF
Paid-in capital	$	6,038,739		$	7,176,230,939		$	58,740,439	$	497,599,232
Accumulated earnings (loss)		(773,490	)		(799,969,235	)		1,653,604		(81,808,583	)
NET ASSETS	$	5,265,249		$	6,376,261,704		$	60,394,043	$	415,790,649
NET ASSET VALUE
Shares outstanding		250,000			102,800,000			1,300,000		5,300,000
Net asset value	$	21.06		$	62.03		$	46.46	$	78.45
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Investments, at cost — unaffiliated	$	6,015,974		$	6,748,156,422		$	58,284,195	$	462,399,210
(b) Securities loaned, at value	$	62,487		$	9,098,730		$	125,879	$	7,459,452
(c)  Investments, at cost — affiliated	$	65,141		$	10,904,181		$	116,889	$	7,736,645
(d) Foreign currency, at cost	$	7,089		$	14,006,795		$	420,101	$	1,417,738
(e) Foreign currency collateral pledged, at cost	$	—		$	3,243,878		$	—	$	—

See notes to financial statements.

34 2 0 2 2   I S H A R E S   A N 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

Year Ended August 31, 2022

	iShares    Emergent    Food and    AgTech    Multisector    ETF(a)			iShares ESG Aware MSCI EAFE ETF			iShares ESG MSCI EM Leaders ETF			iShares MSCI Global Sustainable Development Goals ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	65,986		$	225,828,275		$	6,387,963		$	12,653,837
Dividends — affiliated		9			13,968			1,163			2,872
Non-cash dividends — unaffiliated		—			11,253,963			—			—
Securities lending income — affiliated — net		900			162,143			13,330			903,179
Foreign taxes withheld		(5,397	)		(22,963,688	)		(773,995	)		(1,067,767	)
Foreign withholding tax claims		—			17,734			—			—
Other foreign taxes		—			—			(16,609	)		—
Total investment income		61,498			214,312,395			5,611,852			12,492,121
EXPENSES
Investment advisory fees		8,904			14,090,293			508,747			2,396,296
Commitment fees		—			—			3,421			2,185
Professional fees		—			1,991			—			217
Interest expense		—			—			326			89
Total expenses		8,904			14,092,284			512,494			2,398,787
Net investment income		52,594			200,220,111			5,099,358			10,093,334
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(b)		(8,330	)		(252,342,036	)		53,602,441			(30,352,038	)
Investments — affiliated		9			(2,974	)		(2,089	)		(3,846	)
In-kind redemptions — unaffiliated(c)		—			19,456,016			14,435,940			12,269,865
Futures contracts		(1,941	)		(2,160,109	)		(127,722	)		(268,462	)
Foreign currency transactions		(321	)		(5,460,252	)		177,666			(39,603	)
Payments by affiliate		—			—			664,427			—
		(10,583	)		(240,509,355	)		68,750,663			(18,394,084	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(d)		(778,161	)		(1,576,981,438	)		(157,721,961	)		(104,328,726	)
Investments — affiliated		6			3,633			11			1,840
Futures contracts		278			(911,649	)		(21,373	)		(59,660	)
Foreign currency translations		(325	)		(1,459,364	)		(34,118	)		(64,058	)
		(778,202	)		(1,579,348,818	)		(157,777,441	)		(104,450,604	)
Net realized and unrealized loss		(788,785	)		(1,819,858,173	)		(89,026,778	)		(122,844,688	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(736,191	)	$	(1,619,638,062	)	$	(83,927,420	)	$	(112,751,354	)
(a) For the period from April 25, 2022 (commencement of operations) to August 31, 2022.
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	(4,085,266	)	$	(19,739	)
(c)  See Note 2 of the Notes to Financial Statements.
(d) Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	3,826,033		$	38,584

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 35

Statements of Changes in Net Assets

	iShares Emergent Food and AgTech Multisector ETF				iShares ESG Aware MSCI EAFE ETF
	Period From    04/25/22(a) to 08/31/22				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	52,594		$	200,220,111		$	115,531,804
Net realized gain (loss)			(10,583	)		(240,509,355	)		16,033,328
Net change in unrealized appreciation (depreciation)			(778,202	)		(1,579,348,818	)		895,583,648
Net increase (decrease) in net assets resulting from operations			(736,191	)		(1,619,638,062	)		1,027,148,780
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(37,299	)		(246,221,801	)		(109,833,351	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			6,038,739			1,547,452,980			2,751,834,650
NET ASSETS
Total increase (decrease) in net assets			5,265,249			(318,406,883	)		3,669,150,079
Beginning of period			—			6,694,668,587			3,025,518,508
End of period		$	5,265,249		$	6,376,261,704		$	6,694,668,587

^(a)  Commencement of operations.

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N 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 ESG MSCI EM Leaders ETF						iShares MSCI Global Sustainable Development Goals ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,099,358		$	13,585,956		$	10,093,334		$	4,476,779
Net realized gain (loss)		68,750,663			6,274,042			(18,394,084	)		31,553,900
Net change in unrealized appreciation (depreciation)		(157,777,441	)		147,282,364			(104,450,604	)		30,670,347
Net increase (decrease) in net assets resulting from operations		(83,927,420	)		167,142,362			(112,751,354	)		66,701,026
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,692,050	)		(14,341,619	)		(10,093,155	)		(3,512,120	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(726,515,865	)		81,760,096			(26,510,247	)		326,352,651
NET ASSETS
Total increase (decrease) in net assets		(822,135,335	)		234,560,839			(149,354,756	)		389,541,557
Beginning of year		882,529,378			647,968,539			565,145,405			175,603,848
End of year	$	60,394,043		$	882,529,378		$	415,790,649		$	565,145,405

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 37

Financial Highlights

(For a share outstanding throughout the period)

	iShares Emergent Food and AgTech Multisector ETF
	Period From
			04/25/22	(a)
	to 08/31/22
Net asset value, beginning of period		$	24.09
Net investment income(b)			0.21
Net realized and unrealized loss(c)			(3.09	)
Net decrease from investment operations			(2.88	)
Distributions from net investment income(d)			(0.15	)
Net asset value, end of period		$	21.06
Total Return(e)
Based on net asset value			(12.00	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.47	%(h)
Net investment income			2.78	%(h)
Supplemental Data
Net assets, end of period (000)		$	5,265
Portfolio turnover rate(i)			1	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(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.

38 2 0 2 2   I S H A R E S   A N 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 ESG Aware MSCI EAFE ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	80.85		$	65.21		$	62.01		$	65.51		$	64.28
Net investment income(a)		2.07			1.84			1.53			2.12			2.16
Net realized and unrealized gain (loss)(b)		(18.37	)		15.47			2.85			(3.92	)		0.83
Net increase (decrease) from investment operations		(16.30	)		17.31			4.38			(1.80	)		2.99
Distributions from net investment income(c)		(2.52	)		(1.67	)		(1.18	)		(1.70	)		(1.76	)
Net asset value, end of year	$	62.03		$	80.85		$	65.21		$	62.01		$	65.51
Total Return(d)
Based on net asset value		(20.54	)%		26.69	%		7.12	%		(2.68	)%		4.64	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims		0.20	%		N/A			N/A			N/A			N/A
Net investment income		2.84	%		2.45	%		2.47	%		3.39	%		3.22	%
Supplemental Data
Net assets, end of year (000)	$	6,376,262		$	6,694,669		$	3,025,519		$	917,780		$	360,309
Portfolio turnover rate(f)		27	%		25	%		30	%		26	%		24	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares ESG MSCI EM Leaders ETF
											Period From
		Year Ended					Year Ended						02/05/20	(a)
	08/31/22					08/31/21					to 08/31/20
Net asset value, beginning of period			$	63.49				$	51.84			$	51.43
Net investment income(b)				0.96					1.01				0.79
Net realized and unrealized gain (loss)(c)				(16.79	)				11.67				(0.03	)
Net increase (decrease) from investment operations				(15.83	)				12.68				0.76
Distributions(d)
From net investment income				(0.90	)				(1.03	)			(0.35	)
From net realized gain				(0.30	)				—				—
Total distributions				(1.20	)				(1.03	)			(0.35	)
Net asset value, end of period			$	46.46				$	63.49			$	51.84
Total Return(e)
Based on net asset value				(25.25	)%(f)				24.68	%			1.54	%(g)
Ratios to Average Net Assets(h)
Total expenses				0.16	%				0.16	%			0.16	%(i)
Net investment income				1.60	%				1.66	%			3.04	%(i)
Supplemental Data
Net assets, end of period (000)			$	60,394				$	882,529			$	647,969
Portfolio turnover rate(j)				17	%				34	%			19	%(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)  Where applicable, assumes the reinvestment of distributions.

^(f)  Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding payments, the Fund’s total return would have been -26.07%.

^(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.

40 2 0 2 2   I S H A R E S   A N 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 Global Sustainable Development Goals ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	100.03			$	81.68			$	57.03			$	58.35			$	55.92
Net investment income(a)			1.81				1.12				1.19				1.02				1.32
Net realized and unrealized gain (loss)(b)			(21.60	)			18.09				24.32				(1.29	)			2.65
Net increase (decrease) from investment operations			(19.79	)			19.21				25.51				(0.27	)			3.97
Distributions from net investment income(c)			(1.79	)			(0.86	)			(0.86	)			(1.05	)			(1.54	)
Net asset value, end of year		$	78.45			$	100.03			$	81.68			$	57.03			$	58.35
Total Return(d)
Based on net asset value			(19.93	)%			23.60	%			45.10	%			(0.40	)%			7.16	%
Ratios to Average Net Assets(e)
Total expenses			0.49	%			0.49	%			0.49	%			0.49	%			0.49	%
Net investment income			2.06	%			1.19	%			1.82	%			1.79	%			2.26	%
Supplemental Data
Net assets, end of year (000)		$	415,791			$	565,145			$	175,604			$	54,174			$	37,928
Portfolio turnover rate(f)			54	%			70	%			47	%			43	%			36	%

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

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 41

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Emergent Food and AgTech Multisector(a)		Non-diversified
ESG Aware MSCI EAFE		Diversified
ESG MSCI EM Leaders		Non-diversified
MSCI Global Sustainable Development Goals(b)		Diversified

^(a)  The Fund commenced operations on April 25, 2022.

^(b)  Formerly the iShares MSCI Global Impact ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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 August 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.

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

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

42 2 0 2 2   I S H A R E S   A N 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   (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

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Notes to Financial Statements   (continued)

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Emergent Food and AgTech Multisector
BofA Securities, Inc.	$	37,745	$	(37,745	)	$	—		$	—
J.P. Morgan Securities LLC		24,742		(24,742	)		—			—
	$	62,487	$	(62,487	)	$	—		$	—
ESG Aware MSCI EAFE
BNP Paribas SA	$	1,557,594	$	(1,557,594	)	$	—		$	—
J.P. Morgan Securities LLC		6,183,667		(6,183,667	)		—			—
Morgan Stanley		1,101,705		(1,101,705	)		—			—
Scotia Capital (USA), Inc.		68,200		(68,200	)		—			—
Wells Fargo Bank N.A.		187,564		(187,564	)		—			—
	$	9,098,730	$	(9,098,730	)	$	—		$	—
ESG MSCI EM Leaders
BNP Paribas SA	$	9,167	$	(8,792	)	$	—		$	375	(b)
Morgan Stanley		11,316		(11,316	)		—			—
Scotia Capital (USA), Inc.		105,396		(96,744	)		—			8,652	(b)
	$	125,879	$	(116,852	)	$	—		$	9,027
MSCI Global Sustainable Development Goals
BNP Paribas SA	$	6,902,373	$	(6,902,373	)	$	—		$	—
HSBC Bank PLC		119,460		(119,460	)		—			—
Morgan Stanley		186,781		(186,781	)		—			—
Nomura Securities International, Inc.		250,838		(250,838	)		—			—
	$	7,459,452	$	(7,459,452	)	$	—		$	—

^(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 August 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   (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.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Emergent Food and AgTech Multisector		0.47	%
ESG Aware MSCI EAFE		0.20
ESG MSCI EM Leaders		0.16
MSCI Global Sustainable Development Goals		0.49

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,

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 45

Notes to Financial Statements   (continued)

will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

iShares ETF	Fees Paid to BTC
Emergent Food and AgTech Multisector	$	199
ESG Aware MSCI EAFE		41,475
ESG MSCI EM Leaders		3,831
MSCI Global Sustainable Development Goals		201,252

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 year ended August 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 MSCI EAFE	$	677,891,319	$	595,752,622	$	(85,009,893	)
ESG MSCI EM Leaders		8,526,988		2,409,509		(629,442	)
MSCI Global Sustainable Development Goals		55,386,407		56,844,693		(2,473,416	)

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.

As a result of certain taxes assessed to iShares ESG MSCI EM Leaders ETF in connection with a large redemption, BFA at its discretion made a voluntary contribution on January 11, 2022 to reimburse the Fund for such taxes. The Fund’s prior performance track record was adjusted from the redemption date of December 22, 2021 onward. The amount of the contribution is disclosed in the Statement of Operations as Payments by affiliate.

7. PURCHASES AND SALES

For the year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Emergent Food and AgTech Multisector	$	295,642	$	56,148
ESG Aware MSCI EAFE		2,046,028,993		1,891,234,269
ESG MSCI EM Leaders		51,536,538		634,644,453
MSCI Global Sustainable Development Goals		280,571,900		263,477,836

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emergent Food and AgTech Multisector	$	5,784,826	$	—
ESG Aware MSCI EAFE		1,425,638,145		58,262,469
ESG MSCI EM Leaders		2,334,734		150,567,330
MSCI Global Sustainable Development Goals		33,124,929		73,999,948

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   (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of August 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
ESG Aware MSCI EAFE	$	19,356,856	$	(19,356,856	)
ESG MSCI EM Leaders		57,811,079		(57,811,079	)
MSCI Global Sustainable Development Goals		10,816,463		(10,816,463	)

The tax character of distributions paid was as follows:

iShares ETF	Period Ended 08/31/22
Emergent Food and AgTech Multisector Ordinary income	$	37,299

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
ESG Aware MSCI EAFE
Ordinary income	$	246,221,801	$	109,833,351
ESG MSCI EM Leaders
Ordinary income	$	8,797,807	$	14,341,619
Long-term capital gains		2,894,243		—
	$	11,692,050	$	14,341,619
MSCI Global Sustainable Development Goals
Ordinary income	$	10,093,155	$	3,512,120

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring    Capital Loss    Carryforwards(a)			Net Unrealized    Gains (Losses)(b)			Qualified    Late-Year Losses(c)			Total
Emergent Food and AgTech Multisector	$	14,990	$	—	$	(8,113	)	$	(780,367	)	$	—		$	(773,490	)
ESG Aware MSCI EAFE		—		—		(349,991,271	)		(445,244,217	)		(4,733,747	)		(799,969,235	)
ESG MSCI EM Leaders		—		1,851,284		—			(197,680	)		—			1,653,604
MSCI Global Sustainable Development Goals		1,694,899		—		(31,101,981	)		(52,401,501	)		—			(81,808,583	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
ESG MSCI EM Leaders	$	6,867,953

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   (continued)

As of August 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)
Emergent Food and AgTech Multisector	$	6,083,002	$	36,828	$	(816,870	)	$	(780,042	)
ESG Aware MSCI EAFE		6,789,636,788		301,833,931		(745,516,552	)		(443,682,621	)
ESG MSCI EM Leaders		60,397,634		8,809,280		(8,932,143	)		(122,863	)
MSCI Global Sustainable Development Goals		474,066,392		19,272,009		(71,581,194	)		(52,309,185	)

9. LINE OF CREDIT

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

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

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG MSCI EM Leaders	$	960,000	$	22,877		1.64	%
MSCI Global Sustainable Development Goals		197,000		7,901		1.47

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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Notes to Financial Statements   (continued)

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

	Period Ended 08/31/22
iShares ETF	Shares		Amount
Emergent Food and AgTech Multisector
Shares sold		250,000	$	6,038,739

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EAFE
Shares sold		20,900,000		$	1,606,111,842			36,700,000		$	2,774,047,093
Shares redeemed		(900,000	)		(58,658,862	)		(300,000	)		(22,212,443	)
		20,000,000		$	1,547,452,980			36,400,000		$	2,751,834,650
ESG MSCI EM Leaders
Shares sold		350,000		$	25,549,181			2,150,000		$	128,332,687
Shares redeemed		(12,950,000	)		(752,065,046	)		(750,000	)		(46,572,591	)
		(12,600,000	)	$	(726,515,865	)		1,400,000		$	81,760,096
MSCI Global Sustainable Development Goals
Shares sold		600,000		$	54,530,456			4,450,000		$	414,947,808
Shares redeemed		(950,000	)		(81,040,703	)		(950,000	)		(88,595,157	)
		(350,000	)	$	(26,510,247	)		3,500,000		$	326,352,651

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

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Notes to Financial Statements   (continued)

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares ESG Aware MSCI EAFE ETF is able to pass through to shareholders as a foreign tax credit in the current year, the iShares ESG Aware MSCI EAFE 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.

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 51

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares Emergent Food and AgTech Multisector ETF⁽¹⁾

iShares ESG Aware MSCI EAFE ETF⁽²⁾

iShares ESG MSCI EM Leaders ETF⁽²⁾

iShares MSCI Global Sustainable Development Goals ETF⁽²⁾

⁽¹⁾  Statement of operations and statement of changes in net assets for the period April 25, 2022 (commencement of operations) to August 31, 2022.

⁽²⁾  Statements of operations for the year ended August 31, 2022 and statements of changes in net assets for each of the two years in the period ended August 31, 2022.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
Emergent Food and AgTech Multisector	$	64,998
ESG Aware MSCI EAFE		234,503,566
ESG MSCI EM Leaders		3,671,987
MSCI Global Sustainable Development Goals		7,525,643

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Business     Income
MSCI Global Sustainable Development Goals	$	28,409

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2022:

iShares ETF	20% Rate Long-Term     Capital Gain Dividends
ESG MSCI EM Leaders	$	46,849,146

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
ESG Aware MSCI EAFE	$	254,906,281	$	20,612,558
ESG MSCI EM Leaders		6,649,868		4,430,390
MSCI Global Sustainable Development Goals		10,351,202		835,784

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received     Deduction
Emergent Food and AgTech Multisector		55.29%
MSCI Global Sustainable Development Goals		17.68%

I M P O R T A N T   T A X   I N F O R M A T I O N 53

Board Review and Approval of Investment Advisory Contract

iShares Emergent Food and AgTech Multisector 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 December 9 – December 10, 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

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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.

iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic

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 55

Board Review and Approval of Investment Advisory Contract(continued)

comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and

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Board Review and Approval of Investment Advisory Contract(continued)

strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Global Sustainable Development Goals ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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Board Review and Approval of Investment Advisory Contract(continued)

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 and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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Board Review and Approval of Investment Advisory Contract(continued)

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information(unaudited)

Section 19(a) Notices

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

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 MSCI EAFE(a)	$	2.341008	$	—	$	0.175540	$	2.516548		93	%		—	%		7	%		100	%
ESG MSCI EM Leaders(a)		—		—		1.204838		1.204838		—			—			100			100
MSCI Global Sustainable Development Goals		1.794967		—		—		1.794967		100			—			—			100

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares ESG MSCI EM Leaders ETF (the “Fund”) to be marketed to EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

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Supplemental Information(unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker     Remuneration
ESG MSCI EM Leaders		$6,701		$3,133		$3,568		661		$820		$85

Disclosures under the EU Sustainable Finance Disclosure Regulation

The iShares ESG MSCI EM Leaders ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to EU investors as noted above. As a result, the Fund is subject to the EU Sustainable Finance Disclosure Regulation (“SFDR”), which incorporates disclosures prescribed by the EU’s taxonomy for environmentally sustainable economic activities (“Taxonomy Regulation”). The Fund is categorized under the SFDR as an “Article 8” fund – i.e., a fund that promotes environmental or social characteristics.

For the fiscal year ended August 31, 2022, certain environmental and social characteristics were promoted by the Fund through its investments in a portfolio that is primarily made up of the component securities of the Fund’s underlying index. The underlying index applies exclusionary screens based on certain environmental- and social-related characteristics and ratings. In addition, only securities of companies with an MSCI ESG Rating of “BB” or higher and an MSCI ESG Controversies Score of three or higher, both as determined by the index provider, are eligible for inclusion in the underlying index. Please refer to the Fund’s prospectus for additional information regarding the Fund’s investment strategy and the methodology of the underlying index. BFA or its affiliates carry out due diligence on index providers and engage with them on an ongoing basis regarding index methodologies, including their assessment of good governance criteria set out by SFDR.

The Taxonomy Regulation establishes a framework for defining “technical screening criteria” (“TSC”), which set out the conditions that an economic activity has to meet in order to qualify as environmentally sustainable. The TSC for two of the Taxonomy Regulation environmental objectives, climate change mitigation and climate change adaptation, came into effect on January 1, 2022, while the TSC for the other four objectives are not yet in force. The assessment of investments against the TSC requires the availability of multiple, specific data points. During the reporting period, there was insufficient reliable, timely and verifiable data available for BlackRock to be able to assess the Fund’s investments using the TSC; therefore, BlackRock cannot state that more than zero percent of the Fund’s investments are aligned with the environmental objectives set out in the Taxonomy Regulation.

BlackRock is keeping this situation under active review and where, in its discretion, it has assessed that it has sufficient reliable, timely and verifiable data to evaluate the Fund’s investments against the TSC, BlackRock will update the Fund’s prospectus with the descriptions referred to above. For further information, please refer to BlackRock’s corporate website.

S U P P L E M E N T A L   I N F O R M A T I O N 61

Trustee and Officer Information(unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information(unaudited) (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
		Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 65

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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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 Morningstar Inc. and MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©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-AR-817-0822

            

AUGUST 31, 2022

2022 Annual Report

iShares Trust

· iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

· iShares MSCI Japan Value ETF | EWJV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(8.84)	%		(11.23)	%
U.S. small cap equities (Russell 2000® Index)		(9.31)			(17.88)
International equities (MSCI Europe, Australasia, Far East Index)		(13.97)			(19.80)
Emerging market equities (MSCI Emerging Markets Index)		(13.30)			(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36			0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71)			(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76)			(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72)			(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78)			(10.61)

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
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
Report of Independent Registered Public Accounting Firm		30
Important Tax Information		31
Board Review and Approval of Investment Advisory Contract		32
Supplemental Information		36
Trustee and Officer Information		37
General Information		40
Glossary of Terms Used in this Report		41

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summary as of August 31, 2022 iShares^® MSCI China Multisector Tech ETF

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		(19.74	)%
Fund Market		(19.66	)
Index		(18.59	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was January 25, 2022. The first day of secondary market trading was January 27, 2022.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	851.20	$	2.75		$	1,000.00	$	1,022.20	$	3.01		0.59	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 5

Fund Summary as of August 31, 2022 (continued) iShares^® MSCI China Multisector Tech ETF

Portfolio Management Commentary

Chinese technology stocks declined significantly during the reporting period. Economic growth slowed dramatically late in the reporting period as coronavirus pandemic-related restrictions led to global supply-chain problems, constrained manufacturing output, and slower consumer spending. A regulatory crackdown on the nation’s technology companies weighed on the sector in addition to technology-related stocks in other sectors, including communication services and industrials. Concerns about delisting from U.S. exchanges arising from audit requirements and rising inflation also pressured Chinese stocks.

The information technology sector detracted the most from the Index’s return, driven by the technology hardware and equipment industry. As coronavirus cases increased, China reinstituted strict pandemic-related restrictions that forced manufacturing shutdowns across the country. The country’s manufacturing output contracted considerably in April 2022, reducing output of electrical components. Power outages stemming from a historic drought and heatwave late in the reporting period further affected production. At the same time, demand for consumer electronics decreased, which eased pressure on production facilities but also constrained suppliers’ profits. For instance, revenue and earnings for a large maker of optical components, including cell phone camera lenses, fell sharply as shipment volume of lenses for smartphones fell amid weakening consumer demand. Meanwhile, expected growth rates for lenses used in vehicle applications did not materialize.

The communication services sector also detracted from the Index’s performance. The interactive media and services industry declined as the government’s regulatory and pandemic-related restrictions had a negative impact on advertising income and commercial payments, which led to revenue declines. The industrials sector also detracted, driven by earnings declines and asset losses for a leading global maker of electric vehicle batteries.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Information Technology		36.5	%
Consumer Discretionary		27.4
Communication Services		23.5
Industrials		9.9
Financials		2.6
Health Care		0.1

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Pinduoduo Inc.		6.1	%
Meituan, Class B		4.4
NetEase Inc.		4.0
Alibaba Group Holding Ltd.		4.0
Tencent Holdings Ltd.		4.0
JD.com Inc., Class A		3.9
Xiaomi Corp., Class B		3.9
Kuaishou Technology		3.6
Sunny Optical Technology Group Co. Ltd.		3.4
Contemporary Amperex Technology Co. Ltd., Class A		3.3

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 2022 iShares^® MSCI Japan Value ETF

Investment Objective

The iShares MSCI Japan Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(11.57	)%		1.98	%		(11.57	)%		7.09	%
Fund Market		(12.09	)		1.87			(12.09	)		6.68
Index		(11.16	)		2.11			(11.16	)		7.54

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was March 5, 2019. The first day of secondary market trading was March 7, 2019.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses     Paid During     the Period(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses     Paid During     the Period(a)		Annualized    Expense    Ratio
$	1,000.00	$	890.90	$	0.71	$	1,000.00	$	1,024.40	$	0.77		0.15%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 7

Fund Summary as of August 31, 2022 (continued) iShares^® MSCI Japan Value ETF

Portfolio Management Commentary

Japanese value stocks declined during the reporting period, as supply chain disruptions, rising energy costs, and slowing exports restricted the country’s economic growth. The Bank of Japan kept short-term interest rates negative even as the Fed and other central banks raised interest rates. This difference led to a substantial decrease in the Japanese yen’s value relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars.

Consumer discretionary stocks detracted the most from the Index’s return, driven by the automobiles and components industry. Automobiles manufacturers declined as cost pressures outweighed strong vehicle sales and the export benefits of a weaker currency. The prospect of a pronounced slowdown in global economic growth and a corresponding reduction in demand weighed on earnings expectations for major automakers.

Communication services companies also weighed on the Index’s performance. In the wireless telecommunication services industry, a multinational conglomerate with substantial investments in the information technology sector, declined significantly as the value of its portfolio, including China-based internet companies, diminished.

Among industrials, Japanese railroads also detracted meaningfully as the ongoing coronavirus pandemic impeded demand for rail travel and negatively impacted revenues. Makers of construction machinery and heavy trucks further detracted as Japan’s industrial production fell significantly amid ongoing parts and labor shortages.

Real estate investment trusts (“REITs”) led detraction from the real estate sector, particularly office REITs. The coronavirus pandemic lessened the demand for office space in core urban areas such as central Tokyo as companies moved their offices to suburban areas to reduce commute time for employees.

In the financials sector, bank stocks declined notably. Major Japanese banks predicted slower profit growth in 2022, citing moves by central banks to raise interest rates and uncertainty related to the war in Ukraine.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of     Total Investments(a)
Consumer Discretionary		20.9	%
Industrials		20.6
Financials		17.4
Communication Services		11.1
Consumer Staples		7.1
Real Estate		5.4
Information Technology		5.4
Health Care		4.4
Materials		4.0
Energy		1.9
Utilities		1.8

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Toyota Motor Corp.		10.2	%
Mitsubishi UFJ Financial Group Inc.		4.0
KDDI Corp.		3.2
Hitachi Ltd.		3.1
SoftBank Group Corp.		3.1
Honda Motor Co. Ltd.		2.8
Takeda Pharmaceutical Co. Ltd.		2.7
Mitsubishi Corp.		2.6
Sumitomo Mitsui Financial Group Inc.		2.5
Nippon Telegraph & Telephone Corp.		2.1

^(a)  Excludes money market funds.

8 2 0 2 2    I  S H A R E S    A  N 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T    F U N D    P E R F O  R M A N C E / S H A R E H O L D E R    E X P E N S E S 9

Schedule of Investments   August 31, 2022 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Capital Markets — 1.0%
East Money Information Co. Ltd., Class A		21,760	$	69,441
Hithink RoyalFlush Information Network Co. Ltd., Class A		800		9,806
				79,247
Communications Equipment — 2.0%
BYD Electronic International Co. Ltd.		18,000		47,558
Fiberhome Telecommunication Technologies Co. Ltd., Class A		2,400		4,984
Guangzhou Haige Communications Group Inc. Co., Class A		4,000		5,044
Hengtong Optic-Electric Co. Ltd., Class A		3,600		8,729
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		1,200		5,234
Yealink Network Technology Corp. Ltd., Class A		1,600		16,514
Zhongji Innolight Co. Ltd., Class A		1,200		5,075
ZTE Corp., Class A		6,800		24,005
ZTE Corp., Class H		20,800		43,915
				161,058
Consumer Finance — 1.6%
360 DigiTech Inc.		2,876		45,958
Lufax Holding Ltd., ADR		18,732		81,859
				127,817
Diversified Consumer Services — 2.4%
New Oriental Education & Technology Group Inc.(a)		41,600		120,078
TAL Education Group, ADR(a)		12,028		69,522
				189,600
Electrical Equipment — 8.0%
Beijing Easpring Material Technology Co. Ltd., Class A		800		9,037
Contemporary Amperex Technology Co. Ltd., Class A(a)		3,800		263,395
Eve Energy Co. Ltd., Class A		3,200		43,535
Fangda Carbon New Material Co. Ltd., Class A(a)		7,200		7,239
Ginlong Technologies Co. Ltd., Class A		600		19,798
Gotion High-tech Co. Ltd., Class A		2,800		13,825
Hongfa Technology Co. Ltd., Class A		1,680		9,126
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,600		17,953
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		2,800		8,941
Ningbo Orient Wires & Cables Co. Ltd.		1,192		12,325
Ningbo Ronbay New Energy Technology Co. Ltd.		740		10,985
Pylon Technologies Co. Ltd., NVS		228		14,160
Sieyuan Electric Co. Ltd.		1,200		7,086
Sungrow Power Supply Co. Ltd., Class A		2,400		38,403
Sunwoda Electronic Co. Ltd., Class A		2,800		10,970
Suzhou Maxwell Technologies Co. Ltd., Class A		300		20,199
TBEA Co. Ltd., Class A		6,000		21,427
Zhejiang Chint Electrics Co. Ltd., Class A		3,600		16,411
Zhejiang HangKe Technology Inc. Co., Class A		800		7,156
Zhuzhou CRRC Times Electric Co. Ltd., NVS		948		8,423
Zhuzhou CRRC Times Electric Co. Ltd.		14,800		71,565
				631,959
Electronic Equipment, Instruments & Components — 9.6%
AAC Technologies Holdings Inc.(b)		20,000		37,052
Avary Holding Shenzhen Co. Ltd., Class A		3,200		13,663
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		400		6,845
BOE Technology Group Co. Ltd., Class A		63,200		33,741
Chaozhou Three-Circle Group Co. Ltd., Class A		3,200		12,507
China Railway Signal & Communication Corp. Ltd., Class A		12,000		7,679
China Zhenhua Group Science & Technology Co. Ltd., Class A		800		12,943
Foxconn Industrial Internet Co. Ltd., Class A		17,200		23,069
GoerTek Inc., Class A		5,600		26,241
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		1,200		11,715

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Huagong Tech Co. Ltd., Class A		1,600	$	4,878
Kingboard Holdings Ltd.		18,000		56,839
Kingboard Laminates Holdings Ltd.		26,000		24,802
Lens Technology Co. Ltd., Class A		7,800		12,202
Lingyi iTech Guangdong Co., Class A(a)		12,400		9,835
Luxshare Precision Industry Co. Ltd., Class A		11,600		62,678
Maxscend Microelectronics Co. Ltd., Class A		640		9,371
OFILM Group Co. Ltd., Class A(a)		6,000		5,547
Raytron Technology Co. Ltd., Class A		800		5,047
Shengyi Technology Co. Ltd., Class A		4,000		9,178
Shennan Circuits Co. Ltd., Class A		800		9,792
Shenzhen Sunlord Electronics Co. Ltd., Class A		1,200		4,306
Sunny Optical Technology Group Co. Ltd.		19,600		267,588
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		2,800		10,423
Tianma Microelectronics Co. Ltd., Class A		4,000		5,446
Unisplendour Corp. Ltd., Class A		4,800		11,967
Westone Information Industry Inc., Class A		1,200		5,806
Wingtech Technology Co. Ltd., Class A		2,000		18,612
Wuhan Guide Infrared Co. Ltd., Class A		5,360		11,045
WUS Printed Circuit Kunshan Co. Ltd., Class A		2,800		4,824
Xiamen Faratronic Co. Ltd.		400		10,254
Zhejiang Dahua Technology Co. Ltd., Class A		5,200		11,040
Zhuzhou Hongda Electronics Corp. Ltd.		800		5,363
				762,298
Entertainment — 8.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		3,600		10,546
Alibaba Pictures Group Ltd.(a)		40,000		3,147
Beijing Enlight Media Co. Ltd., Class A		4,800		6,401
Bilibili, Inc.(a)		5,040		125,352
China Ruyi Holdings Ltd.(a)		128,000		32,482
Giant Network Group Co. Ltd., Class A		4,000		4,964
iQIYI Inc., ADR(a)		9,420		34,477
Kingsoft Corp. Ltd.		26,400		80,237
Kunlun Tech Co. Ltd., Class A		1,600		3,380
Mango Excellent Media Co. Ltd., Class A		3,200		12,798
NetEase Inc.		18,000		321,433
Perfect World Co. Ltd., Class A		3,200		6,825
Tencent Music Entertainment Group, ADR(a)		824		4,211
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		12,400		8,176
				654,429
Health Care Technology — 0.1%
Winning Health Technology Group Co. Ltd., Class A		4,400		4,488
Household Durables — 3.9%
Beijing Roborock Technology Co. Ltd., Class A		200		9,228
Ecovacs Robotics Co. Ltd., Class A		800		9,411
Gree Electric Appliances Inc. of Zhuhai, Class A		4,800		22,104
Haier Smart Home Co. Ltd., Class A		10,400		38,755
Haier Smart Home Co. Ltd., Class H		62,400		203,861
Hangzhou Robam Appliances Co. Ltd., Class A		1,600		5,804
TCL Technology Group Corp., Class A		22,800		13,642
Xiamen Intretech Inc., Class A		400		1,178
Zhejiang Supor Co. Ltd., Class A		800		5,296
				309,279
Interactive Media & Services — 15.2%
Autohome Inc., ADR		2,056		73,214
Baidu Inc., ADR(a)		1,184		170,460
Baidu Inc.(a)		9,528		170,080

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Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI China Multisector Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
JOYY Inc., ADR		1,272	$	38,567
Kanzhun Ltd., ADR(a)		4,908		115,289
Kuaishou Technology(a)(c)		33,200		287,661
Tencent Holdings Ltd.		7,600		314,114
Weibo Corp., ADR(a)		1,908		39,477
				1,208,862
Internet & Direct Marketing Retail — 21.1%
Alibaba Group Holding Ltd.(a)		26,800		319,738
Alibaba Health Information Technology Ltd.(a)		8,000		4,585
JD Health International Inc.(a)(c)		5,200		35,821
JD.com Inc., Class A		9,800		310,220
Meituan, Class B(a)(c)		14,400		345,848
Pinduoduo Inc., ADR(a)		6,820		486,266
Ping An Healthcare and Technology Co. Ltd.(a)(c)		13,600		36,817
Vipshop Holdings Ltd., ADR(a)		11,840		137,462
				1,676,757
IT Services — 2.4%
Beijing Sinnet Technology Co. Ltd., Class A		2,800		3,749
Chinasoft International Ltd.		80,000		62,536
DHC Software Co. Ltd., Class A		5,200		4,360
GDS Holdings Ltd., ADR(a)		1,476		40,206
GDS Holdings Ltd., Class A(a)		10,992		37,541
TravelSky Technology Ltd., Class H		24,000		41,829
				190,221
Machinery — 1.9%
Haitian International Holdings Ltd.		16,000		39,199
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,000		14,122
Keda Industrial Group Co. Ltd.		3,200		8,385
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		680		7,149
Ningbo Deye Technology Co. Ltd., NVS		400		21,196
North Industries Group Red Arrow Co. Ltd., Class A		2,400		10,576
Riyue Heavy Industry Co. Ltd., Class A		1,600		5,485
Shenzhen Inovance Technology Co. Ltd., Class A		4,400		38,036
Wuxi Shangji Automation Co. Ltd., Class A		560		10,874
				155,022
Media — 0.0%
China Literature Ltd.(a)(c)		800		3,242
Semiconductors & Semiconductor Equipment — 11.6%
Advanced Micro-Fabrication Equipment Inc., Class A(a)		800		14,195
Amlogic Shanghai Co. Ltd.(a)		684		8,504
China Resources Microelectronics Ltd.		1,840		13,884
Daqo New Energy Corp., ADR(a)		1,624		108,272
Flat Glass Group Co. Ltd., Class A(a)		2,800		16,158
Flat Glass Group Co. Ltd., Class H(a)		12,000		39,524
GCL System Integration Technology Co. Ltd., Class A(a)		9,200		4,867
GigaDevice Semiconductor Inc., Class A		1,200		20,012
Hangzhou First Applied Material Co. Ltd., Class A		2,240		20,907
Hangzhou Lion Electronics Co. Ltd.		1,200		9,194
Hangzhou Silan Microelectronics Co. Ltd., Class A		2,400		13,692
Hua Hong Semiconductor Ltd.(a)(c)		16,000		46,967
Ingenic Semiconductor Co. Ltd., Class A		800		9,385
JA Solar Technology Co. Ltd., Class A		3,920		36,989
JCET Group Co. Ltd., Class A		3,200		11,430
LONGi Green Energy Technology Co. Ltd., Class A		12,320		90,651
Montage Technology Co. Ltd., Class A		1,600		12,810
National Silicon Industry Group Co. Ltd., Class A(a)		4,000		11,870
NAURA Technology Group Co. Ltd., Class A		800		32,415
SG Micro Corp., Class A		600		13,824

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Shenzhen SC New Energy Technology Corp., Class A		400	$	7,644
StarPower Semiconductor Ltd., Class A		400		22,841
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		5,200		36,032
Tianshui Huatian Technology Co. Ltd., Class A		5,600		7,751
TongFu Microelectronics Co. Ltd., Class A(a)		2,400		6,415
Trina Solar Co. Ltd.		3,584		36,868
Unigroup Guoxin Microelectronics Co. Ltd., Class A		1,119		25,180
Will Semiconductor Co. Ltd. Shanghai, Class A		2,020		27,257
Xinyi Solar Holdings Ltd.		136,000		187,030
Yangzhou Yangjie Electronic Technology Co. Ltd.		766		6,469
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,000		21,847
				920,884
Software — 4.3%
360 Security Technology Inc., Class A		12,800		13,512
Beijing Kingsoft Office Software Inc., Class A		800		20,772
Beijing Shiji Information Technology Co. Ltd., Class A		2,800		5,274
Hundsun Technologies Inc., Class A		3,120		15,123
Iflytek Co. Ltd., Class A		4,400		23,765
Kingdee International Software Group Co. Ltd.(a)		72,000		139,745
Ming Yuan Cloud Group Holdings Ltd.		20,000		16,393
NavInfo Co. Ltd., Class A		4,000		7,543
Sangfor Technologies Inc., Class A		800		11,133
Shanghai Baosight Software Co. Ltd., Class A		2,600		14,240
Shanghai Baosight Software Co. Ltd., Class B		13,520		40,947
Thunder Software Technology Co. Ltd., Class A		800		14,144
Yonyou Network Technology Co. Ltd., Class A		5,800		16,775
				339,366
Technology Hardware, Storage & Peripherals — 6.5%
China Greatwall Technology Group Co. Ltd., Class A		5,600		7,330
GRG Banking Equipment Co. Ltd., Class A		4,400		5,586
Inspur Electronic Information Industry Co. Ltd., Class A		2,400		8,022
Lenovo Group Ltd.		200,000		164,722
Ninestar Corp., Class A		2,000		12,748
Shenzhen Transsion Holding Co. Ltd., Class A		1,104		10,860
Xiaomi Corp., Class B(a)(c)		210,400		307,323
				516,591
Total Long-Term Investments — 99.8% (Cost: $9,628,108)				7,931,120
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		47,167		47,181
Total Short-Term Securities — 0.6% (Cost: $47,162)				47,181
Total Investments in Securities — 100.4% (Cost: $9,675,270)				7,978,301
Liabilities in Excess of Other Assets — (0.4)%				(34,623	)
Net Assets — 100.0%			$	7,943,678

^(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.

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  (continued) August 31, 2022 iShares^® MSCI China Multisector Tech ETF

^(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 period ended August 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    01/25/22(a)		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$47,180	(b)	$	—		$	(18	)	$	19	$	47,181		47,167	$	157	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—		—			0	(b)		—			—		—		—		29			—
									$	(18	)	$	19	$	47,181			$	186		$	—

^(a)  Commencement of operations.

^(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.

^(d)  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	$	1,459,399	$	6,471,721	$	—	$	7,931,120
Money Market Funds		47,181		—		—		47,181
	$	1,506,580	$	6,471,721	$	—	$	7,978,301

See notes to financial statements.

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Schedule of Investments   August 31, 2022 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.2%
Nippon Express Holdings Inc.		3,400	$	187,077
Airlines — 0.2%
ANA Holdings Inc.(a)		3,400		65,370
Japan Airlines Co. Ltd.(a)		6,800		124,374
				189,744
Auto Components — 2.2%
Aisin Corp.		7,000		208,143
Bridgestone Corp.		29,300		1,124,363
Sumitomo Electric Industries Ltd.		37,400		428,402
				1,760,908
Automobiles — 16.0%
Honda Motor Co. Ltd.		85,000		2,262,893
Isuzu Motors Ltd.		20,400		253,361
Mazda Motor Corp.		30,600		270,997
Nissan Motor Co. Ltd.		119,000		468,169
Subaru Corp.		30,600		556,228
Suzuki Motor Corp.		20,400		713,003
Toyota Motor Corp.		547,400		8,191,871
Yamaha Motor Co. Ltd.		10,200		211,388
				12,927,910
Banks — 10.2%
Chiba Bank Ltd. (The)		27,300		147,470
Concordia Financial Group Ltd.		57,800		183,298
Japan Post Bank Co. Ltd.		20,400		148,705
Mitsubishi UFJ Financial Group Inc.		615,400		3,190,201
Mizuho Financial Group Inc.		125,850		1,441,030
Resona Holdings Inc.		112,200		413,035
Shizuoka Bank Ltd. (The)		23,800		137,727
Sumitomo Mitsui Financial Group Inc.		68,000		2,051,102
Sumitomo Mitsui Trust Holdings Inc.		17,000		528,754
				8,241,322
Beverages — 2.0%
Asahi Group Holdings Ltd.		24,700		828,147
Kirin Holdings Co. Ltd.		40,800		671,640
Suntory Beverage & Food Ltd.		3,400		124,191
				1,623,978
Building Products — 0.9%
AGC Inc.		10,200		346,177
Lixil Corp.		17,000		295,621
TOTO Ltd.		3,400		117,194
				758,992
Capital Markets — 1.4%
Daiwa Securities Group Inc.		71,400		311,677
Nomura Holdings Inc.		149,600		541,685
SBI Holdings Inc/Japan		13,600		267,242
				1,120,604
Chemicals — 2.5%
Asahi Kasei Corp.		64,600		472,083
JSR Corp.		3,400		75,843
Mitsubishi Chemical Group Corp.		64,600		339,147
Mitsui Chemicals Inc.		10,200		229,149
Sumitomo Chemical Co. Ltd.		74,800		294,437
Toray Industries Inc.		71,500		408,010
Tosoh Corp.		13,600		175,846
				1,994,515

Security	Shares		Value
Commercial Services & Supplies — 0.9%
Dai Nippon Printing Co. Ltd.		13,600	$	286,264
Secom Co. Ltd.		3,400		216,612
Toppan Inc.		13,600		213,583
				716,459
Construction & Engineering — 1.1%
Kajima Corp.		20,500		215,712
Obayashi Corp.		34,000		235,164
Shimizu Corp.		27,200		149,150
Taisei Corp.		10,200		309,259
				909,285
Diversified Financial Services — 1.4%
Mitsubishi HC Capital Inc.		34,000		164,773
ORIX Corp.		61,200		1,005,967
				1,170,740
Diversified Telecommunication Services — 2.1%
Nippon Telegraph & Telephone Corp.		61,300		1,661,492
Electric Utilities — 1.0%
Chubu Electric Power Co. Inc.		20,400		207,444
Kansai Electric Power Co. Inc. (The)		37,400		362,467
Tokyo Electric Power Co. Holdings Inc.(a)		51,000		199,179
				769,090
Electrical Equipment — 1.5%
Fuji Electric Co. Ltd.		3,400		146,887
Mitsubishi Electric Corp.		102,000		1,031,234
				1,178,121
Electronic Equipment, Instruments & Components — 1.3%
Hirose Electric Co. Ltd.		600		85,019
Kyocera Corp.		16,800		933,807
Yokogawa Electric Corp.		3,400		59,341
				1,078,167
Entertainment — 0.1%
Toho Co. Ltd./Tokyo		2,100		79,755
Equity Real Estate Investment Trusts (REITs) — 2.2%
Daiwa House REIT Investment Corp.		105		242,739
GLP J-Reit		136		165,673
Japan Metropolitan Fund Invest		374		297,022
Japan Real Estate Investment Corp.		60		277,894
Nippon Building Fund Inc.		71		353,648
Nippon Prologis REIT Inc.		68		171,070
Nomura Real Estate Master Fund Inc.		238		291,089
				1,799,135
Food & Staples Retailing — 2.3%
Aeon Co. Ltd.		17,000		331,598
Seven & i Holdings Co. Ltd.		39,000		1,549,294
				1,880,892
Food Products — 0.5%
MEIJI Holdings Co. Ltd.		6,400		304,889
Nisshin Seifun Group Inc.		10,200		114,790
				419,679
Gas Utilities — 0.9%
Osaka Gas Co. Ltd.		20,400		343,605
Tokyo Gas Co. Ltd.		20,400		382,729
				726,334
Household Durables — 2.3%
Iida Group Holdings Co. Ltd.		6,800		103,583
Panasonic Holdings Corp.		115,600		938,023

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  (continued) August 31, 2022 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Sekisui Chemical Co. Ltd.		13,600	$	185,413
Sekisui House Ltd.		30,600		520,342
Sharp Corp./Japan		13,600		97,356
				1,844,717
Industrial Conglomerates — 3.1%
Hitachi Ltd.		50,100		2,503,098
Insurance — 4.3%
Dai-ichi Life Holdings Inc.		51,000		881,178
Japan Post Holdings Co. Ltd.		125,800		867,867
Japan Post Insurance Co. Ltd.		10,200		156,240
MS&AD Insurance Group Holdings Inc.		23,800		710,095
Sompo Holdings Inc.		16,400		703,170
T&D Holdings Inc.		13,600		148,528
				3,467,078
Interactive Media & Services — 0.2%
Z Holdings Corp.		47,600		139,938
Internet & Direct Marketing Retail — 0.1%
Rakuten Group Inc.		23,800		115,508
IT Services — 0.2%
Otsuka Corp.		3,400		109,902
SCSK Corp.		3,400		55,363
				165,265
Machinery — 1.7%
Hoshizaki Corp.		3,000		89,125
Kubota Corp.		34,000		528,028
Makita Corp.		6,800		159,894
NGK Insulators Ltd.		13,600		194,174
Toyota Industries Corp.		7,600		424,785
				1,396,006
Marine — 1.3%
Mitsui OSK Lines Ltd.		19,300		502,834
Nippon Yusen KK		7,700		587,311
				1,090,145
Media — 0.5%
Dentsu Group Inc.		10,200		328,491
Hakuhodo DY Holdings Inc.		6,800		60,666
				389,157
Metals & Mining — 1.4%
Hitachi Metals Ltd.(a)		3,600		54,168
JFE Holdings Inc.		27,200		292,225
Nippon Steel Corp.		40,800		644,481
Sumitomo Metal Mining Co. Ltd.		3,400		106,986
				1,097,860
Oil, Gas & Consumable Fuels — 1.9%
ENEOS Holdings Inc.		159,800		603,872
Idemitsu Kosan Co. Ltd.		10,292		271,372
Inpex Corp.		54,400		625,308
				1,500,552
Paper & Forest Products — 0.2%
Oji Holdings Corp.		40,800		162,787
Personal Products — 0.9%
Kao Corp.		17,000		736,105
Pharmaceuticals — 4.3%
Astellas Pharma Inc.		61,200		867,680
Kyowa Kirin Co. Ltd.		6,800		152,420

Security	Shares		Value
Pharmaceuticals (continued)
Shionogi & Co. Ltd.		6,800	$	332,009
Takeda Pharmaceutical Co. Ltd.		78,200		2,161,452
				3,513,561
Real Estate Management & Development — 3.2%
Daito Trust Construction Co. Ltd.		3,400		334,484
Daiwa House Industry Co. Ltd.		30,600		684,131
Hulic Co. Ltd.		20,400		154,590
Mitsubishi Estate Co. Ltd.		61,200		824,172
Nomura Real Estate Holdings Inc.		6,800		167,062
Sumitomo Realty & Development Co. Ltd.		17,000		415,750
				2,580,189
Road & Rail — 2.6%
Central Japan Railway Co.		7,500		882,975
East Japan Railway Co.		10,200		528,326
Kintetsu Group Holdings Co. Ltd.		6,800		230,905
West Japan Railway Co.		11,400		443,670
				2,085,876
Software — 0.3%
Trend Micro Inc/Japan		3,400		209,331
Specialty Retail — 0.3%
Hikari Tsushin Inc.		700		88,498
USS Co. Ltd.		6,800		119,998
				208,496
Technology Hardware, Storage & Peripherals — 3.6%
Brother Industries Ltd.		13,600		260,270
Canon Inc.		51,000		1,221,414
FUJIFILM Holdings Corp.		18,900		959,492
Ricoh Co. Ltd.		30,600		240,499
Seiko Epson Corp.		13,600		213,708
				2,895,383
Tobacco — 1.3%
Japan Tobacco Inc.		61,200		1,036,937
Trading Companies & Distributors — 6.9%
ITOCHU Corp.		21,600		594,448
Marubeni Corp.		81,600		850,458
Mitsubishi Corp.		64,600		2,115,045
Mitsui & Co. Ltd.		37,400		877,745
Sumitomo Corp.		57,800		812,991
Toyota Tsusho Corp.		10,200		357,083
				5,607,770
Wireless Telecommunication Services — 8.2%
KDDI Corp.		83,400		2,552,134
SoftBank Corp.		149,600		1,640,099
SoftBank Group Corp.		62,500		2,475,721
				6,667,954
Total Long-Term Investments — 99.7%     (Cost: $91,950,395)			80,607,912

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Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Japan Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(b)(c)		20,000	$	20,000
Total Short-Term Securities — 0.0% (Cost: $20,000)				20,000
Total Investments in Securities — 99.7% (Cost: $91,970,395)				80,627,912
Other Assets Less Liabilities — 0.3%				224,160
Net Assets — 100.0%			$	80,852,072

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$20,000	(a)	$	—	$	—	$	—	$	20,000		20,000	$	145	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		16		09/08/22	$	224	$	(214	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	214	$	—	$	—	$	—	$	214

^(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  (continued) August 31, 2022 iShares^® MSCI Japan Value ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(62,079	)	$	—	$	—	$	—	$	(62,079	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,647	)	$	—	$	—	$	—	$	(1,647	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	623,956

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	$	—	$	80,607,912		$	—	$	80,607,912
Money Market Funds		20,000		—			—		20,000
	$	20,000	$	80,607,912		$	—	$	80,627,912
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(214	)	$	—	$	(214	)

^(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

August 31, 2022

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	7,931,120		$	80,607,912
Investments, at value — affiliated(c)		47,181			20,000
Cash		5,516			2,360
Foreign currency, at value(d)		46,771			59,658
Foreign currency collateral pledged for futures contracts(e)		—			8,400
Receivables:
Investments sold		131,571			—
Securities lending income — affiliated		30			—
Variation margin on futures contracts		—			85
Dividends — unaffiliated		3,132			164,034
Dividends — affiliated		—			21
Tax reclaims		—			141
Total assets		8,165,321			80,862,611
LIABILITIES
Collateral on securities loaned, at value		47,180			—
Payables:
Investments purchased		170,490			—
Investment advisory fees		3,973			10,539
Total liabilities		221,643			10,539
NET ASSETS	$	7,943,678		$	80,852,072
NET ASSETS CONSIST OF
Paid-in capital	$	9,892,974		$	94,864,455
Accumulated loss		(1,949,296	)		(14,012,383	)
NET ASSETS	$	7,943,678		$	80,852,072
NET ASSET VALUE
Shares outstanding		400,000			3,400,000
Net asset value	$	19.86		$	23.78
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	9,628,108		$	91,950,395
(b) Securities loaned, at value	$	34,412		$	—
(c)  Investments, at cost — affiliated	$	47,162		$	20,000
(d) Foreign currency, at cost	$	46,932		$	60,834
(e) Foreign currency collateral pledged, at cost	$	—		$	8,764

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

Year Ended August 31, 2022

		iShares MSCI China Multisector Tech ETF	(a)		iShares MSCI Japan Value ETF
INVESTMENT INCOME
Dividends – unaffiliated	$	77,665		$	2,599,864
Dividends – affiliated		29			145
Securities lending income – affiliated – net		157			—
Foreign taxes withheld		(2,633	)		(259,797	)
Total investment income		75,218			2,340,212
EXPENSES
Investment advisory fees		29,192			121,675
Commitment fees		42			—
Total expenses		29,234			121,675
Net investment income		45,984			2,218,537
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments – unaffiliated		(278,214	)		(1,718,276	)
Investments – affiliated		(18	)		—
In-kind redemptions – unaffiliated(b)		—			840,289
Futures contracts		1,967			(62,079	)
Foreign currency transactions		(212	)		(174,136	)
		(276,477	)		(1,114,202	)
Net change in unrealized appreciation (depreciation) on:
Investments – unaffiliated		(1,696,988	)		(12,971,008	)
Investments – affiliated		19			—
Futures contracts		—			(1,647	)
Foreign currency translations		(147	)		(3,765	)
		(1,697,116	)		(12,976,420	)
Net realized and unrealized loss		(1,973,593	)		(14,090,622	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,927,609	)	$	(11,872,085	)

^(a)  For the period from January 25, 2022 (commencement of operations) to August 31, 2022.

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

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI China Multisector Tech ETF			iShares MSCI Japan Value ETF
		Period From 01/25/22 to 08/31/22	(a)		Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	45,984		$	2,218,537		$	607,492
Net realized loss		(276,477	)		(1,114,202	)		(111,985	)
Net change in unrealized appreciation (depreciation)		(1,697,116	)		(12,976,420	)		1,980,603
Net increase (decrease) in net assets resulting from operations		(1,927,609	)		(11,872,085	)		2,476,110
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(21,687	)		(2,495,878	)		(537,816	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,892,974			50,859,340			35,457,668
NET ASSETS
Total increase in net assets		7,943,678			36,491,377			37,395,962
Beginning of period		—			44,360,695			6,964,733
End of period	$	7,943,678		$	80,852,072		$	44,360,695

^(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 19

Financial Highlights

(For a share outstanding throughout the period)

	iShares   MSCI China Multisector       Tech ETF
		Period From 01/25/22(a) to 08/31/22
Net asset value, beginning of period			$24.81
Net investment income(b)			0.12
Net realized and unrealized loss(c)			(5.02	)
Net decrease from investment operations			(4.90	)
Distributions from net investment income(d)			(0.05	)
Net asset value, end of period			$19.86
Total Return(e)
Based on net asset value			(19.74	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.59	%(h)
Net investment income			0.93	%(h)
Supplemental Data
Net assets, end of period (000)			$7,944
Portfolio turnover rate(i)			17	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(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 Japan Value ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Period From 03/05/19(a) to 08/31/19
Net asset value, beginning of period		$	27.73			$	23.22			$	23.70			$	24.67
Net investment income(b)			0.72				0.65				0.71				0.46
Net realized and unrealized gain (loss)(c)			(3.88	)			4.36				(0.26	)			(0.97	)
Net increase (decrease) from investment operations			(3.16	)			5.01				0.45				(0.51	)
Distributions from net investment income(d)			(0.79	)			(0.50	)			(0.93	)			(0.46	)
Net asset value, end of period		$	23.78			$	27.73			$	23.22			$	23.70
Total Return(e)
Based on net asset value			(11.57	)%			21.62	%			1.71	%			(2.10	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.15	%			0.15	%			0.15	%			0.15	%(h)
Net investment income			2.74	%			2.39	%			2.98	%			3.83	%(h)
Supplemental Data
Net assets, end of period (000)		$	80,852			$	44,361			$	6,965			$	7,111
Portfolio turnover rate(i)			24	%			24	%			35	%			9	%(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 21

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
MSCI China Multisector Tech(a)		Non-diversified
MSCI Japan Value		Diversified

^(a)  The Fund commenced operations on January 25, 2022.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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Notes to Financial Statements  (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements  (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI China Multisector Tech
Barclays Capital, Inc.	$	34,412	$	(34,412	)	$	—		$	—

^(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.

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Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI China Multisector Tech		0.59	%
MSCI Japan Value		0.15

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

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

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

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

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

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

iShares ETF	Fees Paid to BTC
MSCI China Multisector Tech	$	51

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 period ended August 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 Japan Value	$	10,725,137	$	9,292,942	$	(311,504	)

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  (continued)

7. PURCHASES AND SALES

For the period ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI China Multisector Tech	$	9,458,947	$	1,398,953
MSCI Japan Value		19,397,386		18,752,458

For the period ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI China Multisector Tech	$	1,845,647	$	—
MSCI Japan Value		56,748,578		7,183,269

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 August 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI Japan Value	$	619,467	$	(619,467	)

The tax character of distributions paid was as follows:

iShares ETF	Period Ended 08/31/22
MSCI China Multisector Tech
Ordinary income		$	21,687

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Japan Value
Ordinary income	$	2,495,878		$    537,816

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards			Net Unrealized Gains (Losses)	(a)		Qualified Late-Year Losses	(b)		Total
MSCI China Multisector Tech	$	24,108	$	(274,665	)	$	(1,698,739	)	$	—		$	(1,949,296	)
MSCI Japan Value		—		(1,845,089	)		(11,996,286	)		(171,008	)		(14,012,383	)

^(a)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the timing and recognition of partnership income and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(b)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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  (continued)

As of August 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 China Multisector Tech	$	9,676,893	$	323,470	$	(2,022,062	)	$	(1,698,592	)
MSCI Japan Value		92,620,015		679,929		(12,672,246	)		(11,992,317	)

9. LINE OF CREDIT

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

During the year ended August 31, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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. Although vaccines have been developed and approved for use by various governments, 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.

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.

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Notes to Financial Statements  (continued)

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in 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.

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

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

LIBOR Transition Risk: The 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:

	Period Ended 08/31/22
iShares ETF	Shares		Amount
MSCI China Multisector Tech
Shares sold		400,000	$	9,892,974

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Notes to Financial Statements  (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Value
Shares sold		2,100,000		$	58,305,017			1,400,000		$	37,929,376
Shares redeemed		(300,000	)		(7,445,677	)		(100,000	)		(2,471,708	)
		1,800,000		$	50,859,340			1,300,000		$	35,457,668

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

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

12. SUBSEQUENT EVENTS

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

N O T E S    T O    F I N A N C I A L     S T A T E M E N T S 29

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI China Multisector Tech ETF⁽¹⁾

iShares MSCI Japan Value ETF ⁽²⁾

⁽¹⁾  Statement of operations and statement of changes in net assets for the period January 25, 2022 (commencement of operations) to August 31, 2022.

⁽²⁾  Statement of operations for the year ended August 31, 2022 and statements of changes in net assets for each of the two years in the period ended August 31, 2022.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
MSCI China Multisector Tech	$	33,288
MSCI Japan Value		2,373,565

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI China Multisector Tech	$	77,665	$	2,605
MSCI Japan Value		2,600,311		249,739

I M P O R T A N T    T A X    I N  F O R M A T I O N 31

Board Review and Approval of Investment Advisory Contract

iShares MSCI China Multisector Tech 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

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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.

iShares MSCI Japan Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic

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Board Review and Approval of Investment Advisory Contract  (continued)

comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and

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Board Review and Approval of Investment Advisory Contract  (continued)

strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

Section 19(a) Notices

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

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 Japan Value(a)	$	0.762413	$	—	$	0.029016	$	0.791429		96	%		—	%		4	%		100	%

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information  (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information  (unaudited)  (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Trustee and Officer Information  (unaudited)  (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information  

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ 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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations

ADR	American Depositary Receipt
NVS	Non-Voting Shares

G L O S S A R Y    O F    T E R M S     U S E D    I N    T H I S    R E P O R T 41

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©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-AR-819-0822

AUGUST 31, 2022

2022 Annual Report

iShares Trust

· iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

· iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, 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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)	%	(11.23)	%
U.S. small cap equities (Russell 2000® Index)	(9.31)		(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)		(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)		(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36		0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)		(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)		(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)		(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)		(10.61)
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Report of Independent Registered Public Accounting Firm		39
Important Tax Information		40
Board Review and Approval of Investment Advisory Contract		41
Supplemental Information		43
Trustee and Officer Information		44
General Information		47
Glossary of Terms Used in this Report		48

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Fund Summaryas of August 31, 2022   iShares^® ESG Advanced MSCI EAFE ETF

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(24.82	)%		1.82	%		(24.82	)%		4.08	%
Fund Market		(24.50	)		2.12			(24.50	)		4.75
Index		(24.49	)		2.11			(24.49	)		4.72

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning     Account Value     (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          847.80	$        0.56			$        1,000.00	$        1,024.60	$        0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summaryas of August 31, 2022   (continued) iShares^® ESG Advanced MSCI EAFE ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Countries around the world continued to advance measures to address ESG-related issues, including Japan, which published a draft code of conduct for ESG evaluation and data provision in July 2022. The U.K. Parliament passed laws requiring companies to provide a sustainability statement on climate-related disclosures in their annual reports. Similarly, French regulators issued a new decree that added biodiversity-related requirements to the climate disclosures for financial institutions.

With a negative global macro backdrop, the Index, which includes developed market stocks outside of North America, declined significantly for the reporting period. Japanese stocks detracted the most from the Index’s return. The country’s recovery from the pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen. In the industrials sector, capital goods stocks declined as factory output slowed and costs rose, while lockdowns in China and supply disruptions weighed on Japanese producers. The information technology sector was pressured by the widening gap between U.S. and Japanese interest rates.

Stocks in Europe, including Germany, the Netherlands, France, and Switzerland also declined, as economic growth slowed and inflation rose in both the Eurozone and Switzerland. The war in Ukraine also weighed on European stocks, as sanctions against Russia created uncertainty surrounding energy supplies, exacerbated supply chain issues, and led many companies to suspend or exit their Russian operations.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCI EAFE Index. Relative to the broader market, the ESG security selection process which overweights stocks with higher ESG ratings results in overweights and underweights to certain sectors that can materially affect performance. For example, significant overweights to Information Technology, Financials, and Industrials detracted from performance, while an underweight to Utilities was beneficial.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Financials		21.9%
Industrials		17.4
Information Technology		13.8
Health Care		13.1
Consumer Discretionary		8.9
Materials		6.9
Communication Services		6.5
Consumer Staples		6.0
Real Estate		4.8
Utilities		0.7

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
Japan		28.3%
United Kingdom		10.7
Switzerland		9.6
France		9.5
Netherlands		6.9
Germany		6.7
Australia		5.0
Hong Kong		4.2
Denmark		4.1
Sweden		4.1
Singapore		2.0
Spain		2.0
Finland		1.7
Italy		1.4
Israel		1.1
Other (each representing less than 1%)		2.7

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 2022    iShares^® ESG Advanced MSCI EM ETF

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(19.91	)%		1.62	%		(19.91	)%		3.10	%
Fund Market		(20.16	)		1.66			(20.16	)		3.19
Index		(19.55	)		2.27			(19.55	)		4.36

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          861.60	$        0.75			$        1,000.00	$        1,024.40	$        0.82		0.16	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summaryas of August 31, 2022   (continued) iShares^® ESG Advanced MSCI EM ETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandates disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. India released a proposal for regulating ESG impact ratings that would require ratings providers to be accredited by Indian authorities.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary sector detracted substantially from the Index’s return. Automobiles manufacturers, including electric car makers, declined as pandemic-related restrictions slowed production and kept customers home, constraining sales. In the internet and direct marketing retail industry, government pressure to limit food delivery fees weighed on investor sentiment. The life sciences tools and services industry in the healthcare sector declined after a Chinese biologics manufacturer appeared on a U.S. list of firms prohibited from receiving certain technology exports.

Taiwanese stocks also detracted from the Index’s return, as a weaker consumer demand outlook weighed on Taiwan’s semiconductors industry in the information technology sector. In South Korea’s communication services sector, subscription sales on messaging apps fell amid billing changes instituted by a large provider of smartphone operating systems.

In terms of relative performance, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market the ESG selection process favors stocks with higher ESG ratings, resulting in an overweight to Financials which was a drag on performance, and an underweight to Energy and Materials, which contributed positively. Communication Services contributed the most to outperformance due to a zero-weight exposure to Chinese conglomerate Tencent Holdings which underperformed the broader market.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Financials		33.7%
Consumer Discretionary		18.4
Information Technology		17.4
Communication Services		8.9
Consumer Staples		5.5
Health Care		5.0
Materials		4.6
Industrials		3.8
Real Estate		2.0
Utilities		0.7

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
China		31.4%
Taiwan		16.7
India		13.7
South Africa		6.3
South Korea		6.1
Brazil		4.9
Saudi Arabia		3.3
Indonesia		3.2
Thailand		2.9
Malaysia		2.3
United Arab Emirates		2.3
Qatar		1.2
Mexico		1.1
Other (each representing less than 1%)		4.6

^(a)  Excludes money market funds.

8 2 0 2 2   I S H A R E S   A N 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 9

Schedule of Investments   August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.9%
ASX Ltd.		9,138	$	486,436
Aurizon Holdings Ltd.		92,051		232,809
BlueScope Steel Ltd.		20,968		235,257
Brambles Ltd.		68,113		573,254
Cochlear Ltd.		3,114		453,327
Computershare Ltd.		25,806		430,385
CSL Ltd.		22,525		4,505,397
Dexus		54,445		322,041
Evolution Mining Ltd.		77,577		124,670
Fortescue Metals Group Ltd.		78,869		980,150
Goodman Group		78,010		1,037,376
GPT Group (The)		97,229		277,054
IDP Education Ltd.		10,179		200,390
James Hardie Industries PLC		20,425		462,940
Lendlease Corp. Ltd.		30,084		209,641
Medibank Pvt Ltd.		137,232		345,683
Mineral Resources Ltd.		8,004		341,030
Mirvac Group		182,168		259,431
Newcrest Mining Ltd.		41,201		495,304
Northern Star Resources Ltd.		51,219		270,705
Orica Ltd.		19,535		204,339
QBE Insurance Group Ltd.		68,507		561,672
Ramsay Health Care Ltd.		8,355		407,188
REA Group Ltd.		2,287		197,227
Reece Ltd.		9,129		98,834
Scentre Group		243,988		484,876
SEEK Ltd.		16,847		237,689
Sonic Healthcare Ltd.		21,505		497,303
Stockland		114,753		282,277
Suncorp Group Ltd.		59,348		438,300
Transurban Group		143,065		1,357,324
Vicinity Centres		181,957		238,220
WiseTech Global Ltd.		6,769		267,372
				17,515,901
Austria — 0.1%
Erste Group Bank AG		15,943		358,522
voestalpine AG		5,394		108,541
				467,063
Belgium — 0.6%
Ageas SA/NV		7,263		294,700
D’ieteren Group		1,326		199,897
Elia Group SA/NV		1,566		227,495
Groupe Bruxelles Lambert SA		4,514		341,241
KBC Group NV		11,537		550,228
Proximus SADP		7,314		93,100
Umicore SA		10,007		318,083
Warehouses De Pauw CVA		7,107		216,245
				2,240,989
Brazil — 0.1%
Yara International ASA		8,106		342,863
Denmark — 4.1%
AP Moller - Maersk A/S, Class A		140		327,055
AP Moller - Maersk A/S, Class B, NVS		212		508,621
Chr Hansen Holding A/S		4,831		281,488
Demant A/S(a)		4,581		141,114
DSV A/S		8,743		1,291,936
Genmab A/S(a)		3,070		1,092,816

Security	Shares		Value
Denmark (continued)
GN Store Nord AS		5,737	$	162,258
Novo Nordisk A/S, Class B		77,423		8,277,587
Novozymes A/S, Class B		9,348		536,515
Pandora A/S		4,185		251,421
Rockwool A/S, Class B		420		86,450
Tryg A/S		18,024		407,266
Vestas Wind Systems A/S		47,930		1,199,261
				14,563,788
Finland — 1.7%
Elisa OYJ		6,905		369,267
Kesko OYJ, Class B		12,974		272,942
Kone OYJ, Class B		16,079		643,039
Nokia OYJ		250,223		1,260,965
Nordea Bank Abp		160,873		1,491,590
Orion OYJ, Class B		5,080		230,328
Sampo OYJ, Class A		22,504		1,018,088
Stora Enso OYJ, Class R		25,051		372,909
Wartsila OYJ Abp		20,996		173,117
				5,832,245
France — 9.5%
Accor SA(a)		8,281		197,512
Aeroports de Paris(a)		1,380		188,964
Air Liquide SA		24,431		3,061,518
Amundi SA(b)		3,073		155,812
Arkema SA		2,835		239,335
AXA SA		88,044		2,073,579
BioMerieux		2,072		189,484
BNP Paribas SA		52,032		2,417,937
Bouygues SA		11,188		328,647
Bureau Veritas SA		14,010		347,727
Capgemini SE		7,580		1,309,657
Carrefour SA		28,429		474,494
Cie. Generale des Etablissements Michelin SCA		30,912		751,819
Covivio		2,214		123,602
Credit Agricole SA		57,024		524,830
Danone SA		30,360		1,597,552
Dassault Systemes SE		31,257		1,205,369
Edenred		11,536		583,484
Eiffage SA(c)		4,009		352,611
Eurazeo SE		2,081		124,277
Eurofins Scientific SE		6,511		450,484
Gecina SA		2,075		184,671
Getlink SE		21,548		405,771
Hermes International		1,486		1,903,217
Ipsen SA		1,877		179,886
Klepierre SA		10,276		210,784
Legrand SA		13,041		943,577
L’Oreal SA		11,285		3,875,768
Publicis Groupe SA		10,482		511,787
Sartorius Stedim Biotech		1,300		475,490
Schneider Electric SE		25,344		3,012,321
SEB SA		1,187		87,915
Societe Generale SA		37,385		824,168
Sodexo SA		4,218		322,592
Ubisoft Entertainment SA(a)		4,030		185,844
Unibail-Rodamco-Westfield(a)(c)		5,619		288,870
Valeo		9,835		187,865
Vinci SA		24,955		2,302,184
Vivendi SE		34,376		311,600

10 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Wendel SE		1,109	$	87,136
Worldline SA/France(a)(b)		10,979		470,370
				33,470,510
Germany — 6.4%
adidas AG		8,026		1,190,120
Aroundtown SA		44,107		128,642
Bayerische Motoren Werke AG		15,387		1,133,693
Bechtle AG		3,534		135,386
Beiersdorf AG		4,712		475,629
Brenntag SE		7,179		470,709
Carl Zeiss Meditec AG, Bearer		1,863		231,867
Commerzbank AG(a)		47,966		319,162
Continental AG		5,325		306,583
Covestro AG(b)		9,117		274,895
Daimler Truck Holding AG(a)		20,700		530,983
Deutsche Boerse AG		8,825		1,492,082
Deutsche Lufthansa AG, Registered(a)(c)		28,014		166,551
Deutsche Post AG, Registered		46,409		1,693,888
Evonik Industries AG		10,351		192,996
GEA Group AG		6,624		230,428
Hannover Rueck SE		2,902		427,714
HeidelbergCement AG		6,908		311,948
HelloFresh SE(a)		7,392		176,491
Henkel AG & Co. KGaA		5,184		324,204
Infineon Technologies AG		60,618		1,483,254
KION Group AG		3,036		121,309
Knorr-Bremse AG		3,391		164,345
LEG Immobilien SE		3,391		256,271
Merck KGaA		6,031		1,036,005
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,593		1,575,205
Nemetschek SE		2,484		146,333
Puma SE		5,350		327,011
Rational AG		210		113,266
SAP SE		48,783		4,164,141
Scout24 SE(b)		3,824		220,312
Siemens Healthineers AG(b)		13,317		652,150
Symrise AG		6,287		657,835
Telefonica Deutschland Holding AG		54,309		140,983
United Internet AG, Registered(d)		4,968		112,379
Vonovia SE		33,223		899,397
Zalando SE(a)(b)		10,713		248,037
				22,532,204
Hong Kong — 4.1%
AIA Group Ltd.		570,800		5,491,802
BOC Hong Kong Holdings Ltd.		176,000		605,757
Chow Tai Fook Jewellery Group Ltd.		82,800		166,652
CK Asset Holdings Ltd.		103,500		698,600
ESR Group Ltd.(a)(b)		96,600		270,490
Futu Holdings Ltd., ADR(a)		2,760		135,488
Hang Lung Properties Ltd.		92,000		152,997
Hang Seng Bank Ltd.		34,500		540,153
HKT Trust & HKT Ltd., Class SS		138,000		185,138
Hong Kong Exchanges & Clearing Ltd.		56,800		2,288,729
Link REIT		96,600		747,590
MTR Corp. Ltd.		72,500		371,296
New World Development Co. Ltd.		69,000		224,842
Sino Land Co. Ltd.		162,000		236,897
Sun Hung Kai Properties Ltd.		69,000		810,627

Security	Shares		Value
Hong Kong (continued)
Swire Pacific Ltd., Class A		34,500	$	238,903
Swire Properties Ltd.		41,400		95,415
Techtronic Industries Co. Ltd.		69,000		813,802
WH Group Ltd.(b)		379,500		258,562
Wharf Real Estate Investment Co. Ltd.		71,000		323,063
				14,656,803
Ireland — 0.7%
CRH PLC		36,544		1,349,482
Kerry Group PLC, Class A		7,666		790,531
Smurfit Kappa Group PLC		11,665		391,123
				2,531,136
Israel — 1.1%
Bank Hapoalim BM		59,424		616,075
Bank Leumi Le-Israel BM		72,908		770,727
Check Point Software Technologies Ltd.(a)		4,717		567,172
CyberArk Software Ltd.(a)		1,794		258,838
Israel Discount Bank Ltd., Class A		58,420		357,159
Mizrahi Tefahot Bank Ltd.		6,868		279,326
Nice Ltd.(a)		2,979		636,499
Wix.com Ltd.(a)		2,567		162,466
ZIM Integrated Shipping Services Ltd.		3,933		141,942
				3,790,204
Italy — 1.4%
Amplifon SpA		5,390		140,468
Assicurazioni Generali SpA		53,497		784,627
DiaSorin SpA		1,109		145,483
Ferrari NV		5,887		1,136,440
FinecoBank Banca Fineco SpA		28,399		307,058
Infrastrutture Wireless Italiane SpA(b)		15,600		144,579
Mediobanca Banca di Credito Finanziario SpA		29,082		230,210
Moncler SpA		9,269		412,394
Nexi SpA(a)(b)		24,722		202,831
Poste Italiane SpA(b)		24,655		197,043
Prysmian SpA		11,317		347,237
Recordati Industria Chimica e Farmaceutica SpA		4,842		197,554
Telecom Italia SpA/Milano(a)		463,135		95,526
Terna - Rete Elettrica Nazionale		71,286		506,787
				4,848,237
Japan — 28.2%
Advantest Corp.		7,500		424,765
Aeon Co. Ltd.		27,600		538,358
AGC Inc.(c)		6,900		234,179
Ajinomoto Co. Inc.		20,700		572,145
ANA Holdings Inc.(a)		7,000		134,584
Asahi Intecc Co. Ltd.		6,900		122,734
Asahi Kasei Corp.		59,600		435,544
Astellas Pharma Inc.		89,700		1,271,747
Azbil Corp.		6,900		196,604
Bridgestone Corp.		27,600		1,059,127
Brother Industries Ltd.		13,800		264,098
Canon Inc.		49,000		1,173,516
Capcom Co. Ltd.		6,900		188,333
Central Japan Railway Co.		6,900		812,337
Chiba Bank Ltd. (The)		20,700		111,818
Chugai Pharmaceutical Co. Ltd.		27,600		712,303
CyberAgent Inc.		20,700		201,810
Dai Nippon Printing Co. Ltd.		13,800		290,474
Daifuku Co. Ltd.		6,900		402,532
Dai-ichi Life Holdings Inc.		49,100		848,350

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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiichi Sankyo Co. Ltd.		82,800	$	2,488,288
Daikin Industries Ltd.		11,800		2,059,891
Daito Trust Construction Co. Ltd.		3,000		296,707
Daiwa House Industry Co. Ltd.		27,600		617,059
Daiwa House REIT Investment Corp.		69		159,514
Daiwa Securities Group Inc.		55,200		240,960
Denso Corp.		20,700		1,129,820
Dentsu Group Inc.		6,900		224,247
Disco Corp.		1,400		339,934
East Japan Railway Co.		13,800		714,794
Eisai Co. Ltd.		13,800		562,670
FANUC Corp.		8,900		1,433,783
Fast Retailing Co. Ltd.		2,600		1,520,302
FUJIFILM Holdings Corp.		17,500		888,419
Fujitsu Ltd.		9,000		1,059,059
GMO Payment Gateway Inc.		2,200		177,679
Hakuhodo DY Holdings Inc.		13,800		123,117
Hamamatsu Photonics KK		6,900		295,519
Hankyu Hanshin Holdings Inc.		13,800		413,842
Hirose Electric Co. Ltd.		1,300		184,207
Hitachi Construction Machinery Co. Ltd.		6,900		141,848
Hitachi Metals Ltd.(a)		13,900		209,150
Hoshizaki Corp.		6,900		204,988
Hoya Corp.		17,300		1,764,198
Hulic Co. Ltd.		14,000		106,091
Ibiden Co. Ltd.		6,900		218,999
Itochu Techno-Solutions Corp.		6,900		174,136
Japan Exchange Group Inc.		20,700		308,476
Japan Metropolitan Fund Invest		347		275,579
Japan Real Estate Investment Corp.		69		319,579
JFE Holdings Inc.		20,700		222,392
JSR Corp.		6,900		153,917
Kajima Corp.		20,700		217,816
Kao Corp.		21,300		922,296
KDDI Corp.		75,900		2,322,625
Keio Corp.		6,900		262,547
Keisei Electric Railway Co. Ltd.		6,900		192,484
Keyence Corp.		9,100		3,416,811
Kikkoman Corp.		6,900		421,925
Kintetsu Group Holdings Co. Ltd.		6,900		234,301
Kobayashi Pharmaceutical Co. Ltd.		2,000		113,343
Kobe Bussan Co. Ltd.		6,900		175,711
Komatsu Ltd.		41,400		866,036
Konami Group Corp.		4,800		243,598
Kubota Corp.		49,000		760,981
Kurita Water Industries Ltd.		6,900		268,461
Kyocera Corp.		13,800		767,056
Kyowa Kirin Co. Ltd.		13,800		309,323
Lixil Corp.		13,800		239,975
M3 Inc.		20,700		673,635
Mazda Motor Corp.		27,600		244,428
MEIJI Holdings Co. Ltd.		6,900		328,708
MINEBEA MITSUMI Inc.		13,800		237,182
MISUMI Group Inc.		13,900		341,191
Mitsubishi Chemical Group Corp.		56,100		294,523
Mitsubishi Electric Corp.		89,700		906,879
Mitsubishi Estate Co. Ltd.		56,100		755,491
Mitsubishi HC Capital Inc.		27,900		135,211
Mitsubishi UFJ Financial Group Inc.		558,900		2,897,308
Mitsui Chemicals Inc.		6,900		155,012

Security	Shares		Value
Japan (continued)
Mitsui Fudosan Co. Ltd.		42,100	$	852,130
MonotaRO Co. Ltd.		13,800		247,603
MS&AD Insurance Group Holdings Inc.		20,700		617,604
Murata Manufacturing Co. Ltd.		27,600		1,486,161
NEC Corp.		11,600		423,071
NGK Insulators Ltd.		6,900		98,515
Nidec Corp.		21,200		1,408,358
Nihon M&A Center Holdings Inc.		14,500		179,702
Nintendo Co. Ltd.		5,200		2,128,603
Nippon Building Fund Inc.		69		343,686
Nippon Paint Holdings Co. Ltd.		34,500		266,076
Nippon Prologis REIT Inc.		69		173,585
Nippon Telegraph & Telephone Corp.		55,200		1,496,156
Nippon Yusen KK		6,900		526,292
Nissan Chemical Corp.		6,900		351,146
Nissin Foods Holdings Co. Ltd.		2,100		150,247
Nitori Holdings Co. Ltd.		3,800		363,286
Nitto Denko Corp.		6,900		425,266
Nomura Holdings Inc.		138,000		499,683
Nomura Real Estate Holdings Inc.		7,000		171,975
Nomura Real Estate Master Fund Inc.		207		253,174
Nomura Research Institute Ltd.		13,800		371,410
NTT Data Corp.		28,100		395,433
Obayashi Corp.		28,100		194,356
Odakyu Electric Railway Co. Ltd.		13,800		188,522
Oji Holdings Corp.		35,100		140,045
Omron Corp.		6,900		363,121
Ono Pharmaceutical Co. Ltd.		13,800		329,408
Open House Group Co. Ltd.		6,900		270,052
Oriental Land Co. Ltd./Japan		9,200		1,371,604
Otsuka Corp.		6,900		223,035
Otsuka Holdings Co. Ltd.		20,700		676,115
Pan Pacific International Holdings Corp.		18,200		326,792
Persol Holdings Co. Ltd.		7,000		140,519
Rakuten Group Inc.		41,400		200,925
Recruit Holdings Co. Ltd.		69,000		2,193,551
Renesas Electronics Corp.(a)		55,200		522,664
Resona Holdings Inc.		96,600		355,608
Ricoh Co. Ltd.		27,600		216,921
Rohm Co. Ltd.		4,100		306,754
SCSK Corp.		6,900		112,355
Secom Co. Ltd.		9,500		605,238
Seiko Epson Corp.		13,800		216,851
Sekisui Chemical Co. Ltd.		13,800		188,140
Sekisui House Ltd.		28,100		477,830
SG Holdings Co. Ltd.		13,800		228,897
Sharp Corp./Japan		13,800		98,788
Shimadzu Corp.		13,800		403,044
Shimizu Corp.		27,600		151,344
Shin-Etsu Chemical Co. Ltd.		17,700		2,055,549
Shionogi & Co. Ltd.		13,800		673,783
Shiseido Co. Ltd.		20,700		781,918
Shizuoka Bank Ltd. (The)		21,000		121,524
SoftBank Corp.		131,100		1,437,280
SoftBank Group Corp.		55,200		2,186,556
Sompo Holdings Inc.		13,800		591,692
Sony Group Corp.		59,200		4,706,594
Square Enix Holdings Co. Ltd.		6,900		299,605
SUMCO Corp.		13,800		187,306
Sumitomo Chemical Co. Ltd.		69,000		271,606

12 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Metal Mining Co. Ltd.		13,800	$	434,239
Sumitomo Mitsui Financial Group Inc.		62,100		1,873,138
Sumitomo Realty & Development Co. Ltd.		14,700		359,502
Suntory Beverage & Food Ltd.		6,900		252,034
Sysmex Corp.		6,900		421,776
T&D Holdings Inc.		20,700		226,069
Taisei Corp.		6,900		209,205
TDK Corp.		20,700		723,718
Terumo Corp.		27,600		886,006
TIS Inc.		10,600		301,853
Tobu Railway Co. Ltd.		6,900		163,020
Tokio Marine Holdings Inc.		28,300		1,568,368
Tokyo Electron Ltd.		7,200		2,258,186
Tokyu Corp.		27,600		328,102
Toppan Inc.		13,800		216,724
Toray Industries Inc.		62,100		354,370
Tosoh Corp.		13,800		178,432
TOTO Ltd.		6,900		237,835
Trend Micro Inc/Japan		6,900		424,820
Unicharm Corp.		20,700		719,360
USS Co. Ltd.		13,800		243,527
Welcia Holdings Co. Ltd.		3,000		62,830
West Japan Railway Co.		6,900		268,537
Yakult Honsha Co. Ltd.		6,900		408,105
Yamaha Corp.		6,900		269,161
Yamaha Motor Co. Ltd.		13,800		285,995
Yamato Holdings Co. Ltd.		13,800		215,129
Yaskawa Electric Corp.		13,800		449,368
Yokogawa Electric Corp.		13,800		240,856
Z Holdings Corp.		119,700		351,903
ZOZO Inc.		6,900		152,512
				99,859,113
Netherlands — 6.9%
ABN AMRO Bank NV, CVA(b)		21,964		211,006
Adyen NV(a)(b)		1,019		1,572,464
AerCap Holdings NV(a)(c)		5,934		261,393
Akzo Nobel NV		8,317		523,982
Argenx SE(a)		2,586		973,789
ASM International NV		2,159		587,009
ASML Holding NV		19,045		9,296,157
Euronext NV(b)		4,128		305,071
EXOR NV		5,254		316,318
IMCD NV		2,776		382,965
ING Groep NV		182,128		1,596,250
JDE Peet’s NV		4,902		151,154
Just Eat Takeaway.com NV(a)(b)		7,821		130,106
Koninklijke Ahold Delhaize NV		48,661		1,338,509
Koninklijke DSM NV		8,109		1,034,025
NN Group NV		13,187		541,959
OCI NV		4,547		170,707
Prosus NV		38,799		2,398,145
QIAGEN NV(a)		10,486		475,608
Randstad NV		5,869		273,324
Universal Music Group NV		34,882		692,685
Wolters Kluwer NV		12,214		1,194,441
				24,427,067
New Zealand — 0.4%
Auckland International Airport Ltd.(a)		58,380		269,235
Fisher & Paykel Healthcare Corp. Ltd.		26,988		323,092

Security	Shares		Value
New Zealand (continued)
Mercury NZ Ltd.		36,989	$	130,904
Meridian Energy Ltd.		55,695		169,914
Spark New Zealand Ltd.		92,605		306,329
Xero Ltd.(a)		6,085		357,975
				1,557,449
Norway — 0.6%
Adevinta ASA(a)		13,602		110,049
DNB Bank ASA		43,472		826,576
Gjensidige Forsikring ASA		9,118		185,027
Mowi ASA		18,592		381,168
Orkla ASA		35,328		295,833
Telenor ASA		33,475		366,317
				2,164,970
Portugal — 0.1%
Jeronimo Martins SGPS SA		12,424		275,462
Singapore — 2.0%
Ascendas Real Estate Investment Trust		158,899		320,246
CapitaLand Integrated Commercial Trust		252,381		373,277
Capitaland Investment Ltd./Singapore		124,900		328,834
City Developments Ltd.		21,100		122,511
DBS Group Holdings Ltd.		85,000		1,979,096
Grab Holdings Ltd., Class A(a)		60,627		172,787
Oversea-Chinese Banking Corp. Ltd.		159,300		1,373,029
Singapore Airlines Ltd.(a)		56,000		212,624
Singapore Exchange Ltd.		34,500		234,117
Singapore Telecommunications Ltd.		387,100		726,725
United Overseas Bank Ltd.		55,200		1,076,370
UOL Group Ltd.		21,100		104,399
Venture Corp. Ltd.(c)		13,800		180,295
				7,204,310
South Korea — 0.1%
Delivery Hero SE(a)(b)		7,377		306,154
Spain — 2.0%
Acciona SA		1,242		243,266
ACS Actividades de Construccion y Servicios SA		10,948		243,917
Aena SME SA(a)(b)		3,745		459,967
Amadeus IT Group SA(a)		21,199		1,119,082
CaixaBank SA		205,923		621,785
Cellnex Telecom SA(b)		25,898		1,008,538
EDP Renovaveis SA		13,938		338,027
Ferrovial SA		23,700		594,275
Grifols SA(a)		12,903		155,978
Industria de Diseno Textil SA		51,434		1,110,534
Red Electrica Corp. SA		7,817		142,916
Telefonica SA		250,566		1,034,090
				7,072,375
Sweden — 4.0%
Alleima AB, NVS		10,173		40,846
Assa Abloy AB, Class B		47,371		959,451
Atlas Copco AB, Class A		127,109		1,290,286
Atlas Copco AB, Class B		69,525		633,080
Electrolux AB, Class B		9,833		124,339
Embracer Group AB(a)(c)		33,489		207,781
Epiroc AB, Class A		29,075		444,871
Epiroc AB, Class B		20,360		277,178
EQT AB		13,739		307,724
Essity AB, Class B		28,774		638,301
Fastighets AB Balder, Class B(a)		27,417		151,402

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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Getinge AB, Class B		11,152	$	206,552
H & M Hennes & Mauritz AB, Class B		35,986		373,727
Hexagon AB, Class B		90,811		928,001
Holmen AB, Class B		4,479		192,169
Husqvarna AB, Class B		20,016		134,676
Industrivarden AB, Class A		6,230		138,069
Industrivarden AB, Class C		7,345		161,134
Indutrade AB		13,051		241,652
Investment AB Latour, Class B		6,348		125,051
Investor AB, Class A		20,359		338,381
Investor AB, Class B		88,625		1,396,837
Kinnevik AB, Class B(a)		10,492		149,312
Lifco AB, Class B		10,352		160,799
Nibe Industrier AB, Class B		70,481		660,036
Sagax AB, Class B		9,091		195,520
Sandvik AB		49,625		773,679
Skandinaviska Enskilda Banken AB, Class A		76,214		759,754
SKF AB, Class B		17,074		255,983
Svenska Cellulosa AB SCA, Class B		27,746		415,732
Svenska Handelsbanken AB, Class A		68,866		564,024
Swedish Orphan Biovitrum AB(a)		7,797		172,324
Tele2 AB, Class B		27,395		291,750
Telia Co. AB		125,861		442,997
Volvo Car AB, Class B(a)(c)		28,471		173,429
				14,326,847
Switzerland — 9.6%
ABB Ltd., Registered		75,997		2,094,752
Adecco Group AG, Registered		7,628		241,812
Alcon Inc.		23,539		1,549,877
Bachem Holding AG, Class A		1,745		120,835
Baloise Holding AG, Registered		2,298		331,644
Clariant AG, Registered(a)		9,319		172,060
Coca-Cola HBC AG, Class DI		9,601		219,088
Geberit AG, Registered		1,694		782,704
Givaudan SA, Registered		449		1,432,568
Julius Baer Group Ltd.		10,025		484,405
Kuehne + Nagel International AG, Registered		2,564		592,569
Logitech International SA, Registered		7,910		393,569
Lonza Group AG, Registered		3,458		1,844,220
Novartis AG, Registered		100,983		8,168,315
Partners Group Holding AG		1,069		1,031,856
Schindler Holding AG, Participation Certificates, NVS		2,277		397,631
Schindler Holding AG, Registered		552		93,289
SGS SA, Registered		303		667,262
SIG Group AG		14,007		329,290
Sika AG, Registered		6,725		1,513,089
Sonova Holding AG, Registered		2,565		675,810
STMicroelectronics NV		31,675		1,103,879
Straumann Holding AG, Registered		5,325		583,528
Swiss Life Holding AG, Registered		1,457		761,540
Swiss Prime Site AG, Registered		3,665		315,198
Swiss Re AG		14,233		1,106,696
Swisscom AG, Registered		1,247		644,736
Temenos AG, Registered		3,044		249,286
UBS Group AG, Registered		164,634		2,608,908
VAT Group AG(b)		1,247		298,166
Zurich Insurance Group AG		7,028		3,119,725
				33,928,307

Security	Shares		Value
United Kingdom — 10.6%
3i Group PLC		45,900	$	646,102
abrdn PLC		103,935		176,632
Admiral Group PLC		7,884		193,937
Antofagasta PLC		18,496		235,341
Ashtead Group PLC		21,254		1,044,163
Auto Trader Group PLC(b)		43,472		328,243
AVEVA Group PLC		5,737		186,042
Aviva PLC		128,833		625,000
Barratt Developments PLC		49,555		245,336
Berkeley Group Holdings PLC		5,058		214,121
British Land Co. PLC (The)		42,022		209,615
Bunzl PLC		15,531		515,073
Burberry Group PLC		18,151		367,171
CNH Industrial NV		47,683		580,544
Coca-Cola Europacific Partners PLC		9,945		488,996
Compass Group PLC		83,598		1,798,281
Croda International PLC		6,348		494,794
Ferguson PLC		10,008		1,159,008
Halma PLC		17,757		427,144
Hikma Pharmaceuticals PLC		7,042		107,325
HSBC Holdings PLC		941,992		5,771,437
Informa PLC		68,935		436,127
InterContinental Hotels Group PLC		8,791		477,230
Intertek Group PLC		7,529		345,570
J Sainsbury PLC		83,602		197,331
JD Sports Fashion PLC		121,572		159,020
Kingfisher PLC		97,783		262,671
Land Securities Group PLC		33,655		253,840
Legal & General Group PLC		267,953		784,853
Lloyds Banking Group PLC		3,270,840		1,657,517
London Stock Exchange Group PLC		15,489		1,452,892
M&G PLC		121,580		275,918
Mondi PLC		22,082		374,851
NatWest Group PLC, NVS		249,326		711,493
Next PLC		6,082		409,573
Ocado Group PLC(a)		25,211		211,876
Pearson PLC		30,719		307,435
Persimmon PLC		15,253		260,996
Phoenix Group Holdings PLC		35,820		250,188
Prudential PLC		128,349		1,347,044
Reckitt Benckiser Group PLC		33,328		2,571,641
RELX PLC		90,560		2,374,946
Rentokil Initial PLC		90,122		544,289
Sage Group PLC (The)		47,818		396,349
Schroders PLC		6,094		189,561
Segro PLC		57,454		626,994
Severn Trent PLC		13,190		426,058
Spirax-Sarco Engineering PLC		3,381		412,740
St. James’s Place PLC		25,425		325,438
Standard Chartered PLC		118,303		819,384
Taylor Wimpey PLC		163,254		204,808
United Utilities Group PLC		33,541		411,088
Vodafone Group PLC		1,259,559		1,686,363
Whitbread PLC		9,799		284,008
WPP PLC		51,546		443,968
				37,708,365
Total Common Stocks — 99.2% (Cost: $424,983,269)				351,622,362

14 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,548	$	177,147
Henkel AG & Co. KGaA, Preference Shares, NVS		8,060		520,141
Sartorius AG, Preference Shares, NVS		1,158		482,452
				1,179,740
Total Preferred Stocks — 0.3% (Cost: $1,514,963)				1,179,740
Total Long-Term Investments — 99.5% (Cost: $426,498,232)				352,802,102
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		1,630,636		1,631,126
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		30,000		30,000
Total Short-Term Securities — 0.5% (Cost: $1,660,521)				1,661,126
Total Investments in Securities — 100.0% (Cost: $428,158,753)				354,463,228
Liabilities in Excess of Other Assets — (0.0)%				(30,764	)
Net Assets — 100.0%			$	354,432,464

^(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)  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 year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	27,552	$	1,603,634	(a)	$	—	$	(665	)	$	605	$	1,631,126		1,630,636	$	7,965	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		10,000	(a)		—		—			—		30,000		30,000		544			—
								$	(665	)	$	605	$	1,661,126			$	8,509		$	—

^(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		53		09/08/22	$	743	$	6,350

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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EAFE ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		26		09/16/22	$	917	$	(19,479	)
							$	(13,129	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	6,350	$	—	$	—	$	—	$	6,350
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	19,479	$	—	$	—	$	—	$	19,479

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(108,861	)	$	—	$	—	$	—	$	(108,861	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(14,867	)	$	—	$	—	$	—	$	(14,867	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,525,897

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.

16 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced 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
Common Stocks	$	2,229,928	$	349,392,434		$	—	$	351,622,362
Preferred Stocks		—		1,179,740			—		1,179,740
Money Market Funds		1,661,126		—			—		1,661,126
	$	3,891,054	$	350,572,174		$	—	$	354,463,228
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	6,350		$	—	$	6,350
Liabilities
Futures Contracts		—		(19,479	)		—		(19,479	)
	$	—	$	(13,129	)	$	—	$	(13,129	)

^(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 August 31, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.9%
Americanas SA		7,511	$	23,591
Atacadao SA		6,100		23,157
B3 SA - Brasil, Bolsa, Balcao		75,410		171,768
Banco Bradesco SA		19,128		58,240
Banco do Brasil SA		10,640		85,265
Banco Santander Brasil SA		4,830		27,268
CCR SA		15,030		39,840
Cia. de Saneamento Basico do Estado de Sao Paulo		4,240		40,058
Energisa SA		2,370		19,266
Hypera SA		5,059		41,883
Localiza Rent a Car SA		9,160		107,087
Lojas Renner SA		12,380		62,990
Natura & Co. Holding SA		10,960		30,379
Rede D’Or Sao Luiz SA(a)		4,920		31,521
Rumo SA		16,030		62,272
Telefonica Brasil SA		6,000		47,447
Tim SA		10,620		24,149
TOTVS SA		6,660		36,549
WEG SA		20,850		113,380
				1,046,110
Chile — 0.4%
Banco de Chile		566,750		53,769
Banco de Credito e Inversiones SA		715		21,061
Banco Santander Chile		798,571		32,076
Falabella SA		10,190		24,013
				130,919
China — 31.3%
360 Security Technology Inc., Class A		5,489		5,794
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,000		5,859
3SBio Inc.(a)		15,000		9,973
AAC Technologies Holdings Inc.		10,000		18,526
Agricultural Bank of China Ltd., Class A		63,000		25,967
Agricultural Bank of China Ltd., Class H		354,000		115,674
Alibaba Group Holding Ltd.(b)		157,000		1,873,095
Alibaba Health Information Technology Ltd.(b)		60,000		34,384
A-Living Smart City Services Co. Ltd., Class A(a)		7,500		7,726
Baidu Inc.(b)		27,240		486,250
Bank of China Ltd., Class A		23,000		10,111
Bank of China Ltd., Class H		980,000		341,989
Bank of Communications Co. Ltd., Class A		28,000		18,538
Bank of Communications Co. Ltd., Class H		110,000		62,675
Bank of Hangzhou Co. Ltd., Class A		4,000		8,280
Bank of Nanjing Co. Ltd., Class A		8,000		12,279
Bank of Ningbo Co. Ltd., Class A		5,000		21,495
Bank of Shanghai Co. Ltd., Class A		9,000		7,686
BeiGene Ltd., ADR(b)		580		99,563
Beijing Enterprises Water Group Ltd.		40,000		10,275
Beijing Shiji Information Technology Co. Ltd., Class A		1,428		2,690
Beijing Sinnet Technology Co. Ltd., Class A		1,100		1,473
Bosideng International Holdings Ltd.		40,000		22,460
BYD Electronic International Co. Ltd.		10,000		26,421
CanSino Biologics Inc., Class H(a)		2,000		12,483
China CITIC Bank Corp. Ltd., Class H		110,000		47,158
China Conch Venture Holdings Ltd.		20,000		40,816
China Construction Bank Corp., Class A		6,000		4,787
China Construction Bank Corp., Class H		1,190,000		735,638
China Everbright Bank Co. Ltd., Class A		28,000		11,612

Security	Shares		Value
China (continued)
China Everbright Bank Co. Ltd., Class H		40,000	$	12,263
China Feihe Ltd.(a)		40,000		33,106
China Galaxy Securities Co. Ltd., Class A		6,000		8,574
China Galaxy Securities Co. Ltd., Class H		35,000		19,135
China International Capital Corp. Ltd., Class A		400		2,404
China International Capital Corp. Ltd., Class H(a)		20,000		35,186
China Jushi Co. Ltd., Class A		3,171		6,597
China Lesso Group Holdings Ltd.		10,000		11,886
China Life Insurance Co. Ltd., Class A		2,000		8,889
China Life Insurance Co. Ltd., Class H		90,000		129,346
China Medical System Holdings Ltd.		20,000		29,600
China Mengniu Dairy Co. Ltd.		40,000		181,131
China Minsheng Banking Corp. Ltd., Class A		24,976		13,001
China Minsheng Banking Corp. Ltd., Class H		75,000		23,857
China Railway Signal & Communication Corp. Ltd., Class A		4,200		2,688
China Resources Land Ltd.		40,000		164,358
China Resources Mixc Lifestyle Services Ltd.(a)		8,000		36,278
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,000		5,702
China Ruyi Holdings Ltd.(b)		40,000		10,151
China Southern Airlines Co. Ltd., Class A(b)		6,900		6,412
China Southern Airlines Co. Ltd., Class H(b)		20,000		10,795
China Three Gorges Renewables Group Co. Ltd., Class A		21,000		18,486
China Vanke Co. Ltd., Class A		8,000		19,232
China Vanke Co. Ltd., Class H		20,000		39,045
China Zheshang Bank Co. Ltd., Class A(b)		11,000		5,168
CIFI Holdings Group Co. Ltd.		41,600		10,529
CMOC Group Ltd., Class A		20,000		14,190
CMOC Group Ltd., Class H		30,000		13,377
Contemporary Amperex Technology Co. Ltd., Class A(b)		1,700		117,834
Country Garden Services Holdings Co. Ltd.		20,000		39,303
CSC Financial Co. Ltd., Class A		3,000		11,513
CSPC Pharmaceutical Group Ltd.		100,000		101,442
Dali Foods Group Co. Ltd.(a)		25,000		11,429
Dongfeng Motor Group Co. Ltd., Class H		40,000		25,362
Far East Horizon Ltd.		20,000		15,151
Fuyao Glass Industry Group Co. Ltd., Class A		1,700		9,597
Fuyao Glass Industry Group Co. Ltd., Class H(a)		8,000		38,175
GDS Holdings Ltd., ADR(b)		250		6,810
GDS Holdings Ltd., Class A(b)		9,000		30,738
Geely Automobile Holdings Ltd.		70,000		140,645
GEM Co. Ltd., Class A		3,800		4,575
Genscript Biotech Corp.(b)		14,000		44,971
Great Wall Motor Co. Ltd., Class A		2,000		9,643
Great Wall Motor Co. Ltd., Class H		40,000		60,013
Greentown Service Group Co. Ltd.		20,000		14,449
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,024		4,027
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		400		3,852
Guolian Securities Co. Ltd., Class A		2,000		3,198
Haitong Securities Co. Ltd., Class A		10,000		13,674
Haitong Securities Co. Ltd., Class H		28,000		18,332
Hangzhou Robam Appliances Co. Ltd., Class A		1,000		3,628
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		2,000		19,802
Hansoh Pharmaceutical Group Co. Ltd.(a)		20,000		39,903
Hopson Development Holdings Ltd.		9,900		13,612
Huadong Medicine Co. Ltd., Class A		1,700		10,325
Huatai Securities Co. Ltd., Class A		6,000		11,367
Huatai Securities Co. Ltd., Class H(a)		18,000		24,059
Huaxia Bank Co. Ltd., Class A		9,000		6,685

18 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hundsun Technologies Inc., Class A		1,378	$	6,679
Hygeia Healthcare Holdings Co. Ltd.(a)(b)		4,000		21,590
Industrial & Commercial Bank of China Ltd., Class A		47,000		29,766
Industrial & Commercial Bank of China Ltd., Class H		693,000		352,074
Industrial Bank Co. Ltd., Class A		15,000		37,001
Industrial Securities Co. Ltd., Class A(b)		8,060		7,211
Jafron Biomedical Co. Ltd., Class A		700		4,745
Jinxin Fertility Group Ltd.(a)		20,000		13,024
Jiumaojiu International Holdings Ltd.(a)		10,000		19,674
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		1,000		1,576
Keda Industrial Group Co. Ltd.		1,000		2,620
Kingdee International Software Group Co. Ltd.(b)		30,000		58,227
Legend Biotech Corp., ADR(b)		600		27,894
Lenovo Group Ltd.		80,000		65,889
Li Auto Inc., ADR(b)(c)		6,750		194,197
Longfor Group Holdings Ltd.(a)		25,000		81,144
LONGi Green Energy Technology Co. Ltd., Class A		5,600		41,205
Meituan, Class B(a)(b)		54,000		1,296,929
Microport Scientific Corp.(b)		8,000		15,897
Ming Yang Smart Energy Group Ltd., Class A		2,000		7,728
Ming Yuan Cloud Group Holdings Ltd.		10,000		8,196
NetEase Inc.		26,075		465,631
NIO Inc., ADR(b)		16,930		332,894
Orient Securities Co. Ltd., Class A		5,400		6,741
Ovctek China Inc., Class A		1,000		6,149
People’s Insurance Co. Group of China Ltd. (The), Class H		100,000		30,906
Pharmaron Beijing Co. Ltd., Class A		1,000		9,852
Pharmaron Beijing Co. Ltd., Class H(a)		2,000		13,229
Ping An Healthcare and Technology Co. Ltd.(a)(b)		6,000		16,243
Pop Mart International Group Ltd.(a)		8,000		20,674
Postal Savings Bank of China Co. Ltd., Class A		17,000		11,064
Postal Savings Bank of China Co. Ltd., Class H(a)		100,000		59,697
Sangfor Technologies Inc., Class A		700		9,742
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		32,000		43,410
Shanghai Electric Group Co. Ltd., Class A(b)		9,483		5,806
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		2,000		11,658
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		5,000		16,085
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,000		4,993
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		9,000		13,084
Shanghai Pudong Development Bank Co. Ltd., Class A		21,000		22,057
Shengyi Technology Co. Ltd., Class A		2,000		4,589
Shenzhen Inovance Technology Co. Ltd., Class A		2,050		17,721
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,000		43,041
Shenzhou International Group Holdings Ltd.		10,000		104,513
Sino Biopharmaceutical Ltd.		130,000		68,278
Sinopharm Group Co. Ltd., Class H		16,000		35,645
Sungrow Power Supply Co. Ltd., Class A		1,000		16,001
Sunny Optical Technology Group Co. Ltd.		9,000		122,872
TCL Technology Group Corp., Class A		11,000		6,581
Titan Wind Energy Suzhou Co. Ltd., Class A		1,000		1,991
Tongcheng Travel Holdings Ltd.(b)		16,000		32,771
Topsports International Holdings Ltd.(a)		20,000		15,786
Transfar Zhilian Co. Ltd., Class A		3,000		2,412
Trip.com Group Ltd., ADR(b)(c)		6,730		173,096
Unisplendour Corp. Ltd., Class A		2,000		4,986
Vipshop Holdings Ltd., ADR(b)		5,370		62,346
Want Want China Holdings Ltd.		60,000		42,265
Wharf Holdings Ltd. (The)		20,000		75,319
WuXi AppTec Co. Ltd., Class A		2,060		26,599
WuXi AppTec Co. Ltd., Class H(a)		4,040		45,608

Security	Shares		Value
China (continued)
Wuxi Biologics Cayman Inc., New(a)(b)		45,000	$	396,994
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,000		3,693
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		10,000		14,902
Xinyi Solar Holdings Ltd.		60,000		82,513
XPeng Inc., ADR(b)		5,190		96,119
Yadea Group Holdings Ltd.(a)		20,000		38,148
Yonyou Network Technology Co. Ltd., Class A		3,000		8,677
Yum China Holdings Inc.		5,190		260,071
Yunnan Baiyao Group Co. Ltd., Class A		1,540		11,647
Zhejiang Expressway Co. Ltd., Class H		20,000		15,238
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		700		4,149
Zhejiang Weixing New Building Materials Co. Ltd., Class A		700		2,109
Zhongsheng Group Holdings Ltd.		10,000		47,284
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		5,000		4,158
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		18,000		8,114
				11,096,594
Colombia — 0.1%
Bancolombia SA		3,530		27,258
Interconexion Electrica SA ESP		5,190		22,464
				49,722
Czech Republic — 0.1%
Komercni Banka AS		960		22,484
Moneta Money Bank AS(a)		3,920		12,425
				34,909
Egypt — 0.1%
Commercial International Bank Egypt SAE		20,445		40,492
Greece — 0.3%
Alpha Services and Holdings SA(b)		28,059		25,913
Eurobank Ergasias Services and Holdings SA, Class A(b)		33,799		31,359
Hellenic Telecommunications Organization SA		2,386		37,958
National Bank of Greece SA(b)		7,040		22,720
				117,950
Hungary — 0.3%
OTP Bank Nyrt		2,810		59,760
Richter Gedeon Nyrt		1,670		33,671
				93,431
India — 13.7%
Adani Green Energy Ltd.(b)		3,900		117,842
Apollo Hospitals Enterprise Ltd.		1,240		66,623
Asian Paints Ltd.		4,740		199,548
AU Small Finance Bank Ltd.(a)		2,110		16,594
Axis Bank Ltd.		28,031		261,235
Bajaj Auto Ltd.		850		43,294
Bajaj Finance Ltd.		3,360		303,244
Bandhan Bank Ltd.(a)		7,750		26,747
Berger Paints India Ltd.		2,989		24,998
Bharti Airtel Ltd.		27,060		245,121
Britannia Industries Ltd.		1,340		62,700
Cholamandalam Investment and Finance Co. Ltd.		5,150		50,455
Colgate-Palmolive India Ltd.		1,550		32,545
Dabur India Ltd.		7,410		54,029
Eicher Motors Ltd.		1,670		69,698
Havells India Ltd.		3,050		52,801
HCL Technologies Ltd.		13,370		155,518
HDFC Life Insurance Co. Ltd.(a)		11,680		83,701
Hero MotoCorp Ltd.		1,380		48,611

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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Hindustan Unilever Ltd.		10,160	$	336,357
ICICI Lombard General Insurance Co. Ltd.(a)		3,042		48,865
ICICI Prudential Life Insurance Co. Ltd.(a)		4,440		32,778
Info Edge India Ltd.		881		47,392
Infosys Ltd.		41,522		765,296
Kotak Mahindra Bank Ltd.		6,880		163,222
Mahindra & Mahindra Ltd.		10,680		173,343
Marico Ltd.		6,290		41,293
Mphasis Ltd.		1,040		27,360
Nestle India Ltd.		410		102,081
PI Industries Ltd.		950		40,621
Piramal Pharma Ltd., NVS		5,600		15,045
SBI Cards & Payment Services Ltd.		2,980		34,169
Shriram Transport Finance Co. Ltd.		2,370		39,779
Siemens Ltd.		890		31,955
State Bank of India		22,130		145,703
Tata Consultancy Services Ltd.		11,272		449,545
Tata Elxsi Ltd.		430		47,964
Tech Mahindra Ltd.		7,200		95,929
Titan Co. Ltd.		4,430		143,551
Trent Ltd.		2,280		39,877
Wipro Ltd.		16,830		86,173
Zomato Ltd.(b)		28,933		20,682
				4,844,284
Indonesia — 3.2%
Bank Central Asia Tbk PT		685,000		378,273
Bank Mandiri Persero Tbk PT		229,000		136,274
Bank Negara Indonesia Persero Tbk PT		93,000		53,342
Bank Rakyat Indonesia Persero Tbk PT		842,047		245,902
Barito Pacific Tbk PT		346,000		19,100
Kalbe Farma Tbk PT		249,700		28,236
Sumber Alfaria Trijaya Tbk PT		206,000		30,256
Telkom Indonesia Persero Tbk PT		610,000		186,801
Tower Bersama Infrastructure Tbk PT		60,000		11,391
Unilever Indonesia Tbk PT		93,000		28,740
				1,118,315
Kuwait — 0.6%
Gulf Bank KSCP		20,000		22,709
Kuwait Finance House KSCP		63,098		184,182
				206,891
Malaysia — 2.3%
AMMB Holdings Bhd		22,100		20,541
Axiata Group Bhd		32,000		21,700
CIMB Group Holdings Bhd		84,000		100,453
DiGi.Com Bhd		37,000		30,881
HAP Seng Consolidated Bhd		8,000		12,423
Hong Leong Bank Bhd		8,000		37,236
IHH Healthcare Bhd		21,000		28,984
Inari Amertron Bhd		38,000		22,617
Kuala Lumpur Kepong Bhd		5,000		25,852
Malayan Banking Bhd		59,000		118,029
Maxis Bhd		28,000		24,002
MR DIY Group M Bhd(a)		29,000		14,000
Nestle Malaysia Bhd		1,000		29,674
PPB Group Bhd		8,000		31,460
Press Metal Aluminium Holdings Bhd		46,200		48,967
Public Bank Bhd		179,000		187,957
RHB Bank Bhd		19,000		24,278
Sime Darby Bhd		32,000		16,304

Security	Shares		Value
Malaysia (continued)
Telekom Malaysia Bhd		14,000	$	18,611
				813,969
Mexico — 1.1%
Arca Continental SAB de CV		5,000		34,038
Coca-Cola Femsa SAB de CV		7,000		42,799
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,400		50,833
Grupo Financiero Banorte SAB de CV, Class O		32,000		188,984
Grupo Televisa SAB, CPO		30,000		37,808
Industrias Penoles SAB de CV		1,700		13,973
Kimberly-Clark de Mexico SAB de CV, Class A		18,000		24,382
				392,817
Peru — 0.3%
Credicorp Ltd.		890		114,712
Philippines — 0.7%
Bank of the Philippine Islands		22,200		37,482
BDO Unibank Inc.		25,100		57,395
Converge Information and Communications Technology Solutions Inc.(b)		27,000		8,326
Globe Telecom Inc.		300		11,194
GT Capital Holdings Inc.		1,200		10,278
Monde Nissin Corp.(a)(b)		75,000		22,011
SM Prime Holdings Inc.		141,000		94,783
				241,469
Poland — 0.7%
Allegro.eu SA (a)(b)		4,570		23,970
Bank Polska Kasa Opieki SA		2,264		31,320
CD Projekt SA		870		15,515
KGHM Polska Miedz SA		1,760		32,981
LPP SA		10		18,006
mBank SA(b)		194		8,913
Orange Polska SA		8,080		10,297
Powszechna Kasa Oszczednosci Bank Polski SA		11,110		55,423
Powszechny Zaklad Ubezpieczen SA		7,640		45,732
Santander Bank Polska SA		450		20,448
				262,605
Qatar — 1.2%
Commercial Bank PSQC (The)		39,620		78,722
Ooredoo QPSC		9,490		23,410
Qatar National Bank QPSC		56,970		318,956
				421,088
Romania — 0.1%
NEPI Rockcastle SA		5,720		30,479
Russia — 0.0%
Magnit PJSC(d)		693		—
Moscow Exchange MICEX-RTS PJSC(b)(d)		12,190		2
Novolipetsk Steel PJSC(d)		15,750		3
PhosAgro PJSC(d)		563		—
PhosAgro PJSC, New(d)		11		—
Polymetal International PLC(d)		3,451		1
Polyus PJSC(d)		329		—
TCS Group Holding PLC, GDR(b)(d)		1,183		—
VK Co. Ltd.(b)(d)		1,337		—
				6
Saudi Arabia — 3.3%
Al Rajhi Bank		24,180		578,864
Almarai Co. JSC		3,020		42,504
Bank AlBilad(b)		6,143		82,537

20 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Dr Sulaiman Al Habib Medical Services Group Co.		1,080	$	57,383
Etihad Etisalat Co.		4,550		44,302
Saudi Basic Industries Corp.		11,070		294,077
Saudi Investment Bank (The)		6,030		32,083
Savola Group (The)		3,350		29,019
				1,160,769
South Africa — 6.3%
Absa Group Ltd.		9,960		103,157
Anglo American Platinum Ltd.		650		45,376
Aspen Pharmacare Holdings Ltd.		4,650		39,905
Bid Corp. Ltd.		4,110		77,995
Bidvest Group Ltd. (The)		3,560		44,675
Capitec Bank Holdings Ltd.		1,080		128,418
Clicks Group Ltd.		2,920		50,805
Discovery Ltd.(b)		6,270		44,924
FirstRand Ltd.		62,320		232,772
Foschini Group Ltd. (The)		4,180		31,031
Gold Fields Ltd.		11,060		89,324
Growthpoint Properties Ltd.		42,260		31,432
Impala Platinum Holdings Ltd.		10,360		108,556
Kumba Iron Ore Ltd.		800		17,711
Mr. Price Group Ltd.		3,250		35,207
MTN Group Ltd.		20,890		151,203
MultiChoice Group		4,680		31,587
Naspers Ltd., Class N		2,690		379,307
Nedbank Group Ltd.		5,680		67,044
Old Mutual Ltd.		59,080		35,000
Pepkor Holdings Ltd.(a)		20,750		24,362
Remgro Ltd.		6,600		48,942
Sanlam Ltd.		21,590		67,120
Shoprite Holdings Ltd.		6,210		84,208
SPAR Group Ltd. (The)		2,420		22,122
Standard Bank Group Ltd.		16,532		147,525
Vodacom Group Ltd.		7,670		56,456
Woolworths Holdings Ltd.		12,760		41,717
				2,237,881
South Korea — 6.0%
Amorepacific Corp.		360		32,811
AMOREPACIFIC Group		350		9,060
BGF retail Co. Ltd.		100		11,978
CJ CheilJedang Corp.		100		30,334
CJ Corp.		170		9,891
CJ ENM Co. Ltd.		130		9,554
Coway Co. Ltd.		690		32,737
DB Insurance Co. Ltd.		550		24,494
GS Engineering & Construction Corp.		830		18,566
Hana Financial Group Inc.		3,770		109,883
Hankook Tire & Technology Co. Ltd.		910		25,655
Hanon Systems		2,280		17,436
HYBE Co. Ltd.(b)		230		30,821
Hyundai Engineering & Construction Co. Ltd.		940		33,874
Kakao Corp.		3,850		209,069
KB Financial Group Inc.		4,820		176,937
LG Corp.		1,150		70,174
LG Display Co. Ltd.		2,880		33,284
LG Electronics Inc.		1,310		98,027
LG H&H Co. Ltd.		120		63,545
Lotte Chemical Corp.		217		28,176
Mirae Asset Securities Co. Ltd.		3,950		19,264

Security	Shares		Value
South Korea (continued)
NCSoft Corp.	200	$	56,202
Netmarble Corp.(a)	270		12,730
POSCO Chemical Co. Ltd.	337		41,894
Samsung Fire & Marine Insurance Co. Ltd.	380		55,227
Samsung Life Insurance Co. Ltd.	990		45,692
Samsung SDS Co. Ltd.	413		39,416
Samsung Securities Co. Ltd.	740		18,630
Shinhan Financial Group Co. Ltd.	5,750		155,787
SK Biopharmaceuticals Co. Ltd.(b)	380		20,203
SK Chemicals Co. Ltd.	145		10,511
SK Hynix Inc.	6,750		474,578
SKC Co. Ltd.	260		23,618
Woori Financial Group Inc.	6,808		61,585
Yuhan Corp.	620		26,220
			2,137,863
Taiwan — 16.6%
Accton Technology Corp.	7,000		64,460
Acer Inc.	40,000		28,729
ASE Technology Holding Co. Ltd.	40,000		111,280
Asustek Computer Inc.	10,000		83,210
AUO Corp.	100,000		54,603
Cathay Financial Holding Co. Ltd.	100,000		145,483
Chailease Holding Co. Ltd.	17,315		111,175
Chang Hwa Commercial Bank Ltd.	60,600		35,003
China Airlines Ltd.	30,000		22,192
China Development Financial Holding Corp.	190,000		83,010
China Steel Corp.	150,000		142,060
Chunghwa Telecom Co. Ltd.	50,000		198,404
Compal Electronics Inc.	50,000		37,228
CTBC Financial Holding Co. Ltd.	220,000		168,510
Delta Electronics Inc.	25,000		214,041
E Ink Holdings Inc.	10,000		77,758
E.Sun Financial Holding Co. Ltd.	160,232		147,639
Eclat Textile Co. Ltd.	2,000		29,273
Eva Airways Corp.	30,000		32,831
Evergreen Marine Corp. Taiwan Ltd.	30,000		85,972
Far Eastern New Century Corp.	40,000		42,862
Far EasTone Telecommunications Co. Ltd.	20,000		49,051
First Financial Holding Co. Ltd.	133,059		115,439
Fubon Financial Holding Co. Ltd.	90,143		169,023
Hotai Motor Co. Ltd.	3,000		60,113
Hua Nan Financial Holdings Co. Ltd.	105,037		79,725
Innolux Corp.	120,000		47,267
Lite-On Technology Corp.	20,000		43,041
MediaTek Inc.	19,000		411,098
Mega Financial Holding Co. Ltd.	133,250		156,292
Micro-Star International Co. Ltd.	10,000		37,436
President Chain Store Corp.	7,000		61,513
Shanghai Commercial & Savings Bank Ltd. (The)	40,000		65,108
SinoPac Financial Holdings Co. Ltd.	131,200		74,379
Taishin Financial Holding Co. Ltd.	137,941		68,464
Taiwan Cement Corp.	70,994		91,390
Taiwan Cooperative Financial Holding Co. Ltd.	120,165		108,520
Taiwan Mobile Co. Ltd.	20,000		65,373
Taiwan Semiconductor Manufacturing Co. Ltd.	108,180		1,706,639
Unimicron Technology Corp.	16,000		78,396
United Microelectronics Corp.	150,000		199,570
Vanguard International Semiconductor Corp.	10,000		24,175
Voltronic Power Technology Corp.	1,000		57,002
Win Semiconductors Corp.	4,000		23,233

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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
WPG Holdings Ltd.		20,000	$	33,635
Yageo Corp.		5,000		53,476
Yuanta Financial Holding Co. Ltd.		123,600		82,045
				5,877,126
Thailand — 2.9%
Advanced Info Service PCL, NVDR		15,000		78,917
Airports of Thailand PCL, NVDR(b)		54,000		107,609
Asset World Corp. PCL, NVDR		101,000		15,469
Bangkok Dusit Medical Services PCL, NVDR		129,000		103,387
Berli Jucker PCL, NVDR		17,000		15,623
BTS Group Holdings PCL, NVDR		111,000		25,551
Bumrungrad Hospital PCL, NVDR		8,000		47,370
Central Pattana PCL, NVDR		26,000		49,307
Charoen Pokphand Foods PCL, NVDR		51,000		36,338
CP ALL PCL, NVDR		74,500		125,574
Delta Electronics Thailand PCL, NVDR		4,000		57,316
Home Product Center PCL, NVDR		80,000		30,476
Indorama Ventures PCL, NVDR		23,000		27,239
Intouch Holdings PCL, NVDR		14,000		27,887
Kasikornbank PCL, NVDR		8,000		33,678
Krungthai Card PCL, NVDR		14,000		23,084
Minor International PCL, NVDR(b)		41,000		36,715
SCB X PCL, NVS		12,000		36,274
Siam Cement PCL (The), NVDR		10,000		98,100
Thai Union Group PCL, NVDR(c)		36,000		17,262
True Corp. PCL, NVDR		156,000		19,498
				1,012,674
Turkey — 0.3%
Akbank TAS		38,730		24,952
Haci Omer Sabanci Holding AS		12,510		17,508
Turk Hava Yollari AO(b)		6,860		27,513
Turkcell Iletisim Hizmetleri AS		14,630		17,288
Turkiye Is Bankasi AS, Class C		43,455		18,824
				106,085
United Arab Emirates — 2.2%
Abu Dhabi Commercial Bank PJSC		34,530		85,182
Abu Dhabi Islamic Bank PJSC		18,270		43,949
Emirates NBD Bank PJSC		23,540		85,396
Emirates Telecommunications Group Co. PJSC		42,850		300,047
First Abu Dhabi Bank PJSC		54,443		282,747
				797,321
Total Common Stocks — 97.0% (Cost: $38,735,536)				34,386,481
Preferred Stocks
Brazil — 1.9%
Banco Bradesco SA, Preference Shares, NVS		66,307		241,654

Security	Shares		Value
Brazil (continued)
Cia. Energetica de Minas Gerais, Preference Shares, NVS		17,230	$	40,074
Itau Unibanco Holding SA, Preference Shares, NVS		59,650		295,934
Itausa SA, Preference Shares, NVS		56,970		100,199
				677,861
Chile — 0.5%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,770		176,955
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		5,320		36,732
South Korea — 0.0%
LG H&H Co. Ltd., Preference Shares, NVS		20		5,451
Total Preferred Stocks — 2.5% (Cost: $772,642)				896,999
Total Long-Term Investments — 99.5% (Cost: $39,508,178)				35,283,480
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		288,571		288,657
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		50,000		50,000
Total Short-Term Securities — 0.9% (Cost: $338,635)				338,657
Total Investments in Securities — 100.4% (Cost: $39,846,813)				35,622,137
Liabilities in Excess of Other Assets — (0.4)%				(154,296	)
Net Assets — 100.0%			$	35,467,841

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

^(b)  Non-income producing security.

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

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

^(e)  Affiliate of the Fund.

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

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

22 2 0 2 2   I S H A R E S   A N 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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EM ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 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 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$288,768	(a)	$	—	$	(133	)	$	22	$	288,657		288,571	$	918	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		50,000	(a)		—		—			—		50,000		50,000		354			—
								$	(133	)	$	22	$	338,657			$	1,272		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		3		09/16/22	$	147	$	(503	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	503	$	—	$	—	$	—	$	503

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

	Commodity Contracts		Credit Contracts		Equity Contracts				Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	(13,715	)	$	—	$	—	$	—	$	(13,715	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	(503	)	$	—	$	—	$	—	$	(503	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	85,234

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   (continued) August 31, 2022 iShares^® ESG Advanced MSCI EM ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,839,989		$	30,546,486	$	6	$	34,386,481
Preferred Stocks		891,548			5,451		—		896,999
Money Market Funds		338,657			—		—		338,657
	$	5,070,194		$	30,551,937	$	6	$	35,622,137
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(503	)	$	—	$	—	$	(503	)

^(a)  Derivative financial instruments are futures contracts. Futures 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   A N 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

August 31, 2022

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	352,802,102		$	35,283,480
Investments, at value — affiliated(c)		1,661,126			338,657
Cash		9,537			64,886
Foreign currency, at value(d)		779,846			228,753
Cash pledged for futures contracts		140,000			5,000
Receivables:
Investments sold		9,776,879			1,166,998
Securities lending income — affiliated		1,995			92
Dividends — unaffiliated		618,200			41,116
Dividends — affiliated		94			93
Tax reclaims		348,244			706
Total assets		366,138,023			37,129,781
LIABILITIES
Collateral on securities loaned, at value		1,631,254			288,658
Deferred foreign capital gain tax		—			10,591
Payables:
Investments purchased		10,024,727			1,298,707
Variation margin on futures contracts		11,432			58
Bank borrowings		—			59,012
Investment advisory fees		38,146			4,914
Total liabilities		11,705,559			1,661,940
NET ASSETS	$	354,432,464		$	35,467,841
NET ASSETS CONSIST OF
Paid-in capital	$	442,340,401		$	41,105,302
Accumulated loss		(87,907,937	)		(5,637,461	)
NET ASSETS	$	354,432,464		$	35,467,841
NET ASSET VALUE
Shares outstanding		6,900,000			1,000,000
Net asset value	$	51.37		$	35.47
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	426,498,232		$	39,508,178
(b) Securities loaned, at value	$	1,549,215		$	274,386
(c)  Investments, at cost — affiliated	$	1,660,521		$	338,635
(d) Foreign currency, at cost	$	793,237		$	229,520

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 Operations

Year Ended August 31, 2022

	iShares ESG Advanced MSCI EAFE ETF			iShares ESG Advanced MSCI EM ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	10,520,413		$	1,023,449
Dividends — affiliated		573			354
Securities lending income — affiliated — net		7,936			918
Foreign taxes withheld		(1,111,861	)		(134,399	)
Total investment income		9,417,061			890,322
EXPENSES
Investment advisory fees		395,881			49,345
Commitment fees		—			601
Interest expense		—			102
Total expenses		395,881			50,048
Net investment income		9,021,180			840,274
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(13,560,330	)		(1,563,807	)
Investments — affiliated		(665	)		(133	)
In-kind redemptions — unaffiliated(b)		774,668			—
Futures contracts		(108,861	)		(13,715	)
Foreign currency transactions		(250,663	)		(7,706	)
		(13,145,851	)		(1,585,361	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(94,571,440	)		(6,759,940	)
Investments — affiliated		605			22
Futures contracts		(14,867	)		(503	)
Foreign currency translations		(52,630	)		(1,276	)
		(94,638,332	)		(6,761,697	)
Net realized and unrealized loss		(107,784,183	)		(8,347,058	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(98,763,003	)	$	(7,506,784	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(26,827	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	61,267

See notes to financial statements.

26 2 0 2 2   I S H A R E S   A N 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 Advanced MSCI EAFE ETF						iShares ESG Advanced MSCI EM ETF
		Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Period From 10/06/20 to 08/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,021,180		$	2,217,358		$	840,274		$	213,296
Net realized gain (loss)		(13,145,851	)		2,107,377			(1,585,361	)		152,407
Net change in unrealized appreciation (depreciation)		(94,638,332	)		20,005,991			(6,761,697	)		2,524,590
Net increase (decrease) in net assets resulting from operations		(98,763,003	)		24,330,726			(7,506,784	)		2,890,293
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(9,431,637	)		(1,761,837	)		(523,636	)		(106,031	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		216,781,420			212,119,113			29,948,355			10,765,644
NET ASSETS
Total increase in net assets		108,586,780			234,688,002			21,917,935			13,549,906
Beginning of period		245,845,684			11,157,682			13,549,906			—
End of period	$	354,432,464		$	245,845,684		$	35,467,841		$	13,549,906

^(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 27

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Advanced MSCI EAFE ETF
									Period From
	Year Ended				Year Ended						06/16/20	(a)
	08/31/22				08/31/21				to 08/31/20
Net asset value, beginning of period		$	70.24			$	55.79			$	51.37
Net investment income(b)			1.65				1.36				0.18
Net realized and unrealized gain (loss)(c)			(18.86	)			13.91				4.24
Net increase (decrease) from investment operations			(17.21	)			15.27				4.42
Distributions from net investment income(d)			(1.66	)			(0.82	)			—
Net asset value, end of period		$	51.37			$	70.24			$	55.79
Total Return(e)
Based on net asset value			(24.82	)%			27.47	%			8.60	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.12	%			0.12	%			0.12	%(h)
Net investment income			2.73	%			2.06	%			1.64	%(h)
Supplemental Data
Net assets, end of period (000)		$	354,432			$	245,846			$	11,158
Portfolio turnover rate(i)			18	%			28	%			6	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

28 2 0 2 2   I S H A R E S   A N 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 ESG Advanced MSCI EM ETF
					Period From
	Year Ended						10/06/20	(a)
	08/31/22				to 08/31/21
Net asset value, beginning of period		$	45.17			$	35.39
Net investment income(b)			1.08				0.71
Net realized and unrealized gain (loss)(c)			(9.94	)			9.42
Net increase (decrease) from investment operations			(8.86	)			10.13
Distributions from net investment income(d)			(0.84	)			(0.35	)
Net asset value, end of period		$	35.47			$	45.17
Total Return(e)
Based on net asset value			(19.91	)%			28.74	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.16	%			0.16	%(h)
Net investment income			2.72	%			1.83	%(h)
Supplemental Data
Net assets, end of period (000)		$	35,468			$	13,550
Portfolio turnover rate(i)			31	%			51	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 29

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
ESG Advanced MSCI EAFE	Non-diversified
ESG Advanced MSCI EM	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

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Notes to Financial Statements  (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements  (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Advanced MSCI EAFE
BNP Paribas SA	$	349,005	$	(349,005	)	$	—		$	—
Citigroup Global Markets, Inc.		258,750		(258,750	)		—			—
Goldman Sachs & Co. LLC		149,286		(149,286	)		—			—
J.P. Morgan Securities LLC		302,341		(302,341	)		—			—
Macquarie Bank Ltd.		48,567		(48,567	)		—			—
Morgan Stanley		441,266		(441,266	)		—			—
	$	1,549,215	$	(1,549,215	)	$	—		$	—
ESG Advanced MSCI EM
Citigroup Global Markets, Inc.	$	168,800	$	(168,800	)	$	—		$	—
Credit Suisse Securities (USA) LLC		16,399		(16,399	)		—			—
Scotia Capital (USA), Inc.		89,187		(89,187	)		—			—
	$	274,386	$	(274,386	)	$	—		$	—

^(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

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Notes to Financial Statements  (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 of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
ESG Advanced MSCI EAFE		0.12%
ESG Advanced MSCI EM		0.16

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

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

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

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

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

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

iShares ETF	Fees Paid     to BTC
ESG Advanced MSCI EAFE	$	2,281
ESG Advanced MSCI EM		260

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

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  (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 year ended August 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 Advanced MSCI EAFE	$	26,359,070	$	22,104,759	$	(5,663,418)
ESG Advanced MSCI EM		1,669,909		1,204,051		(307,338)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Advanced MSCI EAFE	$	79,752,596	$	59,678,321
ESG Advanced MSCI EM		31,493,801		9,461,754

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
ESG Advanced MSCI EAFE	$	202,189,309	$	6,499,622
ESG Advanced MSCI EM		8,083,814		—

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 August 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated     Earnings (Loss)
ESG Advanced MSCI EAFE	$	762,675	$	(762,675)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
ESG Advanced MSCI EAFE
Ordinary income	$	9,431,637	$	1,761,837

iShares ETF	Year Ended 08/31/22		Period Ended 08/31/21
ESG Advanced MSCI EM
Ordinary income	$	523,636	$	106,031

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Notes to Financial Statements  (continued)

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
ESG Advanced MSCI EAFE	$	453,858	$	(12,048,286	)	$	(76,313,509	)	$	(87,907,937	)
ESG Advanced MSCI EM		509,465		(1,369,975	)		(4,776,951	)		(5,637,461	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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 August 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 Advanced MSCI EAFE	$	430,732,604	$	4,789,071	$	(81,052,097	)	$	(76,263,026	)
ESG Advanced MSCI EM		40,387,130		1,210,712		(5,975,735	)		(4,765,023	)

9. LINE OF CREDIT

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

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

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Advanced MSCI EM	$	180,000	$	5,022		1.93	%

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility

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  (continued)

in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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. Although vaccines have been developed and approved for use by various governments, 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

36 2 0 2 2   I S H A R E S   A N 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  (continued)

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 trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

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

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

LIBOR Transition Risk: The 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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Advanced MSCI EAFE
Shares sold		3,500,000		$	223,468,417			3,500,000		$	224,513,155
Shares redeemed		(100,000	)		(6,686,997	)		(200,000	)		(12,394,042	)
		3,400,000		$	216,781,420			3,300,000		$	212,119,113

	Year Ended 08/31/22				Period Ended 08/31/21
iShares ETF	Shares		Amount		Shares			Amount
ESG Advanced MSCI EM
Shares sold		700,000	$	29,948,355		400,000		$	15,095,471
Shares redeemed		—		—		(100,000	)		(4,329,827	)
		700,000	$	29,948,355		300,000		$	10,765,644

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  (continued)

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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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares ESG Advanced MSCI EAFE ETF⁽¹⁾

iShares ESG Advanced MSCI EM ETF⁽²⁾

⁽¹⁾ Statement of operations for the year ended August 31, 2022 and statements of changes in net assets for each of the two years in the period ended August 31, 2022.

⁽²⁾ Statement of operations for the year ended August 31, 2022 and statements of changes in net assets for the year ended August 31, 2022 and the period October 6, 2020 (commencement of operations) to August 31, 2021.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 39

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
ESG Advanced MSCI EAFE	$	9,968,507
ESG Advanced MSCI EM		524,165

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
ESG Advanced MSCI EAFE	$	11,072,971	$	966,516
ESG Advanced MSCI EM		1,055,638		159,899

40 2 0 2 2   I S H A R E S   A N 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

iShares ESG Advanced MSCI EAFE ETF, iShares ESG Advanced MSCI EM ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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 41

Board Review and Approval of Investment Advisory Contract(continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, 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 Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information(unaudited)

Section 19(a) Notices

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

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 Advanced MSCI EAFE(a)	$	1.658470	$	—	$	0.003752	$	1.662222		100	%		—	%		0	%(b)		100	%
ESG Advanced MSCI EM(a)		0.764861		—		0.070140		0.835001		92			—			8			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%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L   I N F O R M A T I O N 43

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (65)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (67)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (73)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
John E. Martinez (61)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 45

Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 47

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-AR-820-0822

        

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the thirty-four series of the registrant for which the fiscal year-end is August 31, 2022 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $516,300 for the fiscal year ended August 31, 2021 and $517,500 for the fiscal year ended August 31, 2022.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended August 31, 2021 and August 31, 2022 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $329,800 for the fiscal year ended August 31, 2021 and $329,800 for the fiscal year ended August 31, 2022. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended August 31, 2021 and August 31, 2022 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended August 31, 2022 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $329,800 for the fiscal year ended August 31, 2021 and $329,800 for the fiscal year ended August 31, 2022.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

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) (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: October 21, 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: October 21, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: October 21, 2022