UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

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

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: July 31, 2023

Date of reporting period: January 31, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Cybersecurity and Tech ETF | IHAK | NYSE Arca

· iShares Exponential Technologies ETF | XT | NASDAQ

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

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

· iShares Neuroscience and Healthcare ETF | IBRN | NYSE Arca

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

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

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

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

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

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S    P A G E    I S    N  O T    P A R T    O F    Y O U R    F U N D     R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		12
Disclosure of Expenses		12
Schedules of Investments		13
Financial Statements:
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		41
Financial Highlights		45
Notes to Financial Statements		53
Board Review and Approval of Investment Advisory Contract		64
Statement Regarding Liquidity Risk Management Program		66
Supplemental Information		67
General Information		68
Glossary of Terms Used in this Report		69

3

Fund Summary as of January 31, 2023      iShares^® Cybersecurity and Tech ETF

Investment Objective

The iShares Cybersecurity and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that are involved in cyber security and technology, including cyber security hardware, software, products, and services, as represented by the NYSE^® FactSet^® Global Cyber Security Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.81	)%		(15.17	)%		9.58	%		(15.17	)%		39.54	%
Fund Market		(6.83	)		(15.38	)		9.53			(15.38	)		39.33
Index		(6.56	)		(14.65	)		9.98			(14.65	)		41.35

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	931.90	$	2.29		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(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.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Software	63.4	%
Communications Equipment	12.8
Professional Services	12.8
IT Services	11.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	73.7	%
Israel	8.8
Japan	5.3
Taiwan	3.8
Canada	2.8
Germany	1.8
Denmark	1.7
Other (each representing less than 1%)	2.1

^(a) Excludes money market funds.

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Fund Summary as of January 31, 2023 iShares^® Exponential Technologies ETF

Investment Objective

The iShares Exponential Technologies ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of developed and emerging market companies that create or use exponential technologies, as represented by the Morningstar^® Exponential Technologies Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.07	%		(10.38	)%		8.12	%		11.03	%		(10.38	)%		47.75	%		127.94	%
Fund Market		2.07			(10.35	)		8.10			11.02			(10.35	)		47.61			127.84
Index		2.19			(9.43	)		8.46			11.34			(9.43	)		50.09			132.78

The inception date of the Fund was March 19, 2015. The first day of secondary market trading was March 23, 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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,020.70	$	2.39		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	52.1	%
Health Care	18.5
Industrials	8.7
Communication Services	4.6
Materials	4.0
Financials	3.9
Consumer Discretionary	3.9
Utilities	2.9
Real Estate	1.0
Consumer Staples	0.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	62.4	%
China	6.5
Japan	5.1
Australia	3.0
Netherlands	3.0
Canada	2.9
Germany	2.5
Switzerland	1.9
United Kingdom	1.8
Taiwan	1.5

^(a) Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of January 31, 2023 iShares^® Future Cloud 5G and Tech ETF

Investment Objective

The iShares Future Cloud 5G and Tech ETF (the “Fund”) (Formerly the iShares Cloud 5G and Tech ETF) seeks to track the investment results of an index composed of companies from developed and emerging markets that could benefit from providing products, services, and technologies related to cloud computing and 5G, as represented by the Morningstar^® Global Digital Infrastructure & Connectivity Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		4.30	%		(14.85	)%		(3.56	)%		(14.85	)%		(5.81	)%
Fund Market		4.28			(14.92	)		(3.62	)		(14.92	)		(5.92	)
Index		4.53			(14.29	)		(3.65	)		(14.29	)		(5.93	)

The inception date of the Fund was June 8, 2021. The first day of secondary market trading was June 10, 2021.

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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,043.00	$	2.42		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(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.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Semiconductors & Semiconductor Equipment	32.3	%
Communications Equipment	16.3
IT Services	15.2
Software	10.2
Equity Real Estate Investment Trusts (REITs)	7.3
Electronic Equipment, Instruments & Components	6.5
Technology Hardware, Storage & Peripherals	3.9
Consumer Finance	3.3
Chemicals	2.4
Media	1.5
Diversified Telecommunication Services	1.1

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	72.4	%
Taiwan	8.5
Japan	4.3
Netherlands	2.6
Germany	2.6
Finland	2.3
Sweden	2.1
Australia	1.8
China	1.4
United Kingdom	1.1
Other (each representing less than 1%)	0.9

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Fund Summary as of January 31, 2023      iShares^® Genomics Immunology and Healthcare ETF

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(14.73	)%		(25.46	)%		3.37	%		(25.46	)%		12.83	%
Fund Market		(14.91	)		(25.44	)		3.33			(25.44	)		12.67
Index		(14.42	)		(24.86	)		3.47			(24.86	)		13.21

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	852.70	$	2.19		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(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.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Biotechnology	78.6	%
Pharmaceuticals	15.9
Chemicals	3.4
Health Care Providers & Services	1.1
Life Sciences Tools & Services	1.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	63.4	%
Switzerland	7.1
France	5.9
China	5.5
Japan	4.5
Germany	4.1
Denmark	3.6
Taiwan	1.9
South Korea	1.8
Netherlands	1.4

^(a) Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary as of January 31, 2023      iShares^® Neuroscience and Healthcare ETF

Investment Objective

The iShares Neuroscience and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that could benefit from the growth and innovation in neuroscience, as represented by the NYSE^® FactSet^® Global Neuro Biopharma and MedTech 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	6.43%
Fund Market	6.61
Index	6.47

The inception date of the Fund was August 24, 2022. The first day of secondary market trading was August 26, 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 (08/24/22)	(a)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(b)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
$	1,000.00		$	1,064.30	$	2.13		$	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 160/365 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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Biotechnology	58.4	%
Pharmaceuticals	26.5
Health Care Equipment & Supplies	14.3
Life Sciences Tools & Services	0.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	80.0	%
South Korea	5.1
Switzerland	4.5
Canada	4.1
Ireland	3.5
China	1.9
Singapore	0.9

^(a) Excludes money market funds.

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Fund Summary as of January 31, 2023      iShares^® Robotics and Artificial Intelligence Multisector ETF

Investment Objective

The iShares Robotics and Artificial Intelligence Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in robotics technologies and artificial intelligence, as represented by the NYSE^® FactSet^® Global Robotics and Artificial Intelligence Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.24	%		(18.62	)%		6.08	%		(18.62	)%		31.19	%
Fund Market		5.62			(18.20	)		6.12			(18.20	)		31.42
Index		5.25			(18.18	)		6.33			(18.18	)		32.56

The inception date of the Fund was June 26, 2018. The first day of secondary market trading was June 28, 2018.

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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,052.40	$	2.43		$	1,000.00	$	1,022.80	$	2.40		0.47	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	54.7	%
Communication Services	20.1
Industrials	15.4
Consumer Discretionary	8.4
Other (each representing less than 1%)	1.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	50.4	%
China	13.2
Japan	10.2
Taiwan	7.3
Israel	2.6
France	2.5
South Korea	2.4
Sweden	2.1
Switzerland	1.8
Germany	1.7

^(a) Excludes money market funds.

F U N D    S U M M A R Y 9

Fund Summary as of January 31, 2023      iShares^® Self-Driving EV and Tech ETF

Investment Objective

The iShares Self-Driving EV and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that may benefit from growth and innovation in and around electric vehicles, battery technologies and autonomous driving technologies, as represented by the NYSE^® FactSet Global Autonomous Driving and Electric Vehicle Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.83	%		(15.82	)%		15.31	%		(15.82	)%		71.78	%
Fund Market		1.51			(16.00	)		15.23			(16.00	)		71.29
Index		1.72			(15.51	)		15.35			(15.51	)		71.76

The inception date of the Fund was April 16, 2019. The first day of secondary market trading was April 18, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          1,018.30	$          2.39			$          1,000.00	$      1,022.80	$        2.40		0.47	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	57.9	%
Materials	17.1
Industrials	16.6
Information Technology	8.4
Communication Services	0.0	(b)

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	36.3	%
China	17.0
South Korea	11.5
Germany	9.9
Australia	8.4
France	5.7
Switzerland	4.3
Sweden	3.9
Japan	1.3
Taiwan	0.7

^(a) Excludes money market funds.

^(b) Rounds to less than 0.1%.

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Fund Summary as of January 31, 2023      iShares^® Virtual Work and Life Multisector ETF

Investment Objective

The iShares Virtual Work and Life Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products, services and technologies that empower individuals to work remotely, and support an increasingly virtual way of life across entertainment, wellness and learning, as represented by the NYSE^® FactSet^® Global Virtual Work and Life Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		4.32	%		(23.33	)%		(19.05	)%		(23.33	)%		(39.05	)%
Fund Market		4.37			(23.60	)		(19.07	)		(23.60	)		(39.09	)
Index		4.95			(22.52	)		(18.77	)		(22.52	)		(38.47	)

The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$          1,043.20	$          2.42			$      1,000.00	$      1,022.80	$        2.40		0.47	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	38.9	%
Communication Services	32.6
Consumer Discretionary	24.0
Health Care	3.7
Consumer Staples	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
New Oriental Education & Technology Group Inc.	2.8	%
Spotify Technology SA	2.6
Delivery Hero SE	2.5
Tencent Holdings Ltd.	2.4
Five9 Inc.	2.2
PagerDuty Inc.	2.1
Smartsheet Inc., Class A	2.1
Match Group Inc.	2.1
Nexon Co. Ltd.	2.1
Netflix Inc.	2.0

^(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 (unaudited)  January 31, 2023      iShares^® Cybersecurity and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 12.8%
Accton Technology Corp.		2,286,000	$	18,681,817
ADTRAN Holdings Inc.		325,472		6,141,657
Calix Inc.(a)		268,469		14,132,208
Juniper Networks Inc.		638,513		20,623,970
Radware Ltd.(a)		172,167		3,667,157
				63,246,809
IT Services — 11.0%
Akamai Technologies Inc.(a)(b)		223,388		19,870,363
Change Inc.		159,100		2,952,493
Netcompany Group A/S(a)(c)		205,320		8,171,109
Okta Inc.(a)		322,071		23,707,646
				54,701,611
Professional Services — 12.8%
Booz Allen Hamilton Holding Corp.		193,248		18,288,991
CACI International Inc., Class A(a)		66,311		20,429,756
My EG Services Bhd		21,199,000		4,542,403
Science Applications International Corp.		191,510		19,874,908
				63,136,058
Software — 63.3%
A10 Networks Inc.		311,536		4,822,577
Absolute Software Corp.		236,032		2,749,612
Ahnlab Inc.(b)		27,443		2,097,651
Alarm.com Holdings Inc.(a)		220,972		11,844,099
BlackBerry Ltd.(a)		2,652,128		11,321,699
Check Point Software Technologies Ltd.(a)		157,051		19,976,887
Clear Secure Inc., Class A(b)		301,499		9,464,054
Crowdstrike Holdings Inc., Class A(a)		169,036		17,900,912
CyberArk Software Ltd.(a)		142,433		20,065,961
Darktrace PLC(a)		1,479,605		3,843,485
Digital Arts Inc.		49,600		2,215,489
Everbridge Inc.(a)(b)		183,269		5,857,277
ForgeRock Inc., Class A (a)		176,030		3,495,956
Fortinet Inc.(a)		391,178		20,474,257
KnowBe4 Inc., Class A(a)		386,335		9,615,878
OneSpan Inc.(a)		162,755		2,247,647
Palo Alto Networks Inc.(a)(b)		121,314		19,245,253

Security	Shares		Value
Software (continued)
Qualys Inc.(a)(b)		158,572	$	18,292,866
Rapid7 Inc.(a)		268,628		10,710,198
SentinelOne Inc., Class A(a)(b)		888,625		13,409,351
TeamViewer AG(a)(c)		633,946		8,930,344
Tenable Holdings Inc.(a)		500,868		20,149,920
Trend Micro Inc./Japan(a)		425,200		21,053,361
Varonis Systems Inc.(a)		497,928		12,866,460
VMware Inc., Class A(a)		173,447		21,242,054
Zscaler Inc.(a)(b)		162,512		20,177,490
				314,070,738
Total Long-Term Investments — 99.9% (Cost: $557,727,146)				495,155,216
Short-Term Securities
Money Market Funds — 7.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		28,935,347		28,952,708
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		9,820,000		9,820,000
Total Short-Term Securities — 7.8% (Cost: $38,770,683)				38,772,708
Total Investments — 107.7% (Cost: $596,497,829)				533,927,924
Liabilities in Excess of Other Assets — (7.7)%				(38,008,032	)
Net Assets — 100.0%			$	495,919,892

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	56,048,701	$	—		$	(27,118,528	)(a)	$	34,210	$	(11,675	)	$	28,952,708		28,935,347	$	42,345	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		510,000		9,310,000	(a)		—			—		—			9,820,000		9,820,000		17,266			1
									$	34,210	$	(11,675	)	$	38,772,708			$	59,611		$	1

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Cybersecurity and Tech ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		7		03/17/23	$	963	$          60,423

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)	$	—	$	—	$	60,423	$	—	$	—	$	—	$	60,423

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(138,694	)	$	—	$	—	$	—	$	(138,694	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	784		$	—	$	—	$	—	$	784

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	740,040

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Communications Equipment	$	44,564,992	$	18,681,817	$	—	$	63,246,809
IT Services		43,578,009		11,123,602		—		54,701,611
Professional Services		58,593,655		4,542,403		—		63,136,058
Software		275,930,408		38,140,330		—		314,070,738
Short-Term Securities
Money Market Funds		38,772,708		—		—		38,772,708
	$	461,439,772	$	72,488,152	$	—	$	533,927,924

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Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Cybersecurity and Tech ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	60,423	$	—	$	—	$	60,423

^(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 (unaudited)  January 31, 2023      iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 3.0%
IRESS Ltd.		2,296,979	$	16,209,593
Megaport Ltd.(a)(b)		3,545,381		14,746,095
Netwealth Group Ltd.		1,588,673		15,151,630
NEXTDC Ltd.(a)		2,457,854		17,369,855
Technology One Ltd.		1,646,711		17,026,000
WiseTech Global Ltd.		416,880		18,075,725
				98,578,898
Canada — 2.9%
Ballard Power Systems Inc.(a)(b)		2,720,620		17,809,628
BlackBerry Ltd.(a)		3,392,000		14,480,147
Boralex Inc., Class A		540,232		15,116,183
Brookfield Renewable Corp., Class A		481,553		15,168,078
Lithium Americas Corp.(a)(b)		624,266		15,698,726
Northland Power Inc.		534,173		14,348,460
				92,621,222
Cayman Islands — 0.4%
NIO Inc.(a)(b)		1,173,990		14,092,758
China — 6.4%
Baidu Inc.(a)		1,043,350		17,538,753
BYD Co. Ltd., Class A		379,600		16,219,095
China Longyuan Power Group Corp. Ltd., Class H		12,940,000		17,862,900
China Resources Power Holdings Co. Ltd.		8,410,000		17,517,617
Ganfeng Lithium Group Co. Ltd., Class A		1,276,060		15,010,703
GDS Holdings Ltd., Class A(a)		6,967,200		20,317,096
Genscript Biotech Corp.(a)		5,522,000		18,711,391
Innovent Biologics Inc.(a)(b)(c)		4,200,500		22,877,818
Li Auto Inc.(a)		1,321,200		16,166,505
Shanghai Junshi Biosciences Co. Ltd., Class A(a)		1,803,484		15,359,119
Tianqi Lithium Corp.(a)		1,814,400		16,818,462
XPeng Inc.(a)(b)		2,649,500		13,944,340
				208,343,799
Denmark — 1.0%
Orsted A/S(c)		162,787		14,496,505
Vestas Wind Systems A/S		568,429		16,633,139
				31,129,644
Finland — 1.0%
Nokia OYJ		3,088,528		14,644,304
Wartsila OYJ Abp		1,736,315		16,514,103
				31,158,407
France — 1.4%
Dassault Systemes SE		405,518		15,081,577
Sanofi		156,257		15,301,377
Worldline SA/France(a)(c)		336,701		15,274,738
				45,657,692
Germany — 2.5%
Infineon Technologies AG		460,026		16,565,746
Merck KGaA		82,631		17,247,419
SAP SE		138,936		16,469,468
Siemens AG, Registered		106,899		16,698,188
Vantage Towers AG, NVS(b)		433,704		15,182,346
				82,163,167
Israel — 0.5%
Nice Ltd.(a)		78,121		16,156,069
Italy — 1.0%
Infrastrutture Wireless Italiane SpA(c)		1,486,178		16,286,694

Security	Shares		Value
Italy (continued)
Nexi SpA(a)(c)		1,819,914	$	16,028,599
				32,315,293
Japan — 5.1%
Chugai Pharmaceutical Co. Ltd.		556,400		14,424,715
Denso Corp.		283,300		15,299,814
FANUC Corp.		97,200		17,174,225
Harmonic Drive Systems Inc.		558,900		18,824,266
Murata Manufacturing Co. Ltd.		278,300		15,902,197
Nabtesco Corp.		595,600		17,438,275
Taiyo Yuden Co. Ltd.		469,800		15,956,999
TDK Corp.		430,100		15,365,864
Tokyo Electron Ltd.		45,100		15,763,539
Yaskawa Electric Corp.		446,600		17,457,187
				163,607,081
Netherlands — 3.0%
Adyen NV(a)(c)		10,159		15,359,463
ASM International NV		53,610		18,131,221
ASML Holding NV		25,121		16,621,250
NXP Semiconductors NV		91,039		16,779,398
QIAGEN NV(a)		305,641		14,910,114
TomTom NV(a)(b)		2,039,730		14,496,766
				96,298,212
South Korea — 1.0%
Samsung Electro-Mechanics Co. Ltd.		146,259		17,082,022
Samsung SDI Co. Ltd.		27,798		15,578,057
				32,660,079
Spain — 1.1%
Amadeus IT Group SA(a)		281,890		17,760,184
Cellnex Telecom SA(c)		426,688		16,721,043
				34,481,227
Sweden — 1.5%
Sandvik AB		824,572		17,041,954
Swedish Orphan Biovitrum AB(a)		740,575		16,515,240
Telefonaktiebolaget LM Ericsson, Class B		2,349,858		13,630,258
				47,187,452
Switzerland — 1.9%
CRISPR Therapeutics AG(a)(b)		294,502		15,025,492
Novartis AG, Registered		163,828		14,811,532
Roche Holding AG, NVS		46,166		14,411,657
STMicroelectronics NV		396,713		18,680,544
				62,929,225
Taiwan — 1.5%
MediaTek Inc.		632,000		15,269,725
Taiwan Semiconductor Manufacturing Co. Ltd.		953,000		16,817,383
Yageo Corp.		935,000		16,971,114
				49,058,222
United Kingdom — 1.8%
AstraZeneca PLC		108,162		14,170,569
GSK PLC		816,321		14,338,691
Ocado Group PLC(a)(b)		1,781,344		14,255,006
Sage Group PLC (The)		1,532,770		14,726,347
				57,490,613
United States — 62.2%
AbbVie Inc.		90,159		13,320,992
Advanced Micro Devices Inc.(a)		212,612		15,977,792
AeroVironment Inc.(a)(b)		180,912		16,095,741
Agilent Technologies Inc.		97,018		14,754,497
Akamai Technologies Inc.(a)		166,440		14,804,838

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Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Albemarle Corp.		57,866	$	16,286,386
Alnylam Pharmaceuticals Inc.(a)(b)		64,433		14,587,631
Alphabet Inc., Class A(a)		157,069		15,524,700
Amazon.com Inc.(a)		168,452		17,372,455
American Tower Corp.		70,653		15,783,174
Analog Devices Inc.		89,857		15,407,780
Ansys Inc.(a)		61,260		16,317,214
Applied Materials Inc.		140,699		15,686,531
Aptiv PLC(a)		152,526		17,249,165
Arista Networks Inc.(a)		117,539		14,812,265
Atlassian Corp., NVS(a)(b)		118,836		19,206,274
Autodesk Inc.(a)		77,176		16,605,188
Biogen Inc.(a)(b)		51,010		14,838,809
BioMarin Pharmaceutical Inc.(a)(b)		143,772		16,584,100
Bio-Techne Corp.		184,710		14,713,999
Blackbaud Inc.(a)		263,772		16,409,256
Block Inc.(a)		244,274		19,962,071
Bloom Energy Corp., Class A(a)		743,786		18,542,585
Box Inc., Class A(a)		535,988		17,146,256
Bristol-Myers Squibb Co.		186,596		13,556,199
Broadcom Inc.		28,758		16,823,718
Broadridge Financial Solutions Inc.		104,756		15,751,112
Cadence Design Systems Inc.(a)		92,887		16,982,530
Celanese Corp.		146,376		18,033,523
ChargePoint Holdings Inc., Class A(a)(b)		1,384,733		16,810,659
Cisco Systems Inc.		309,799		15,077,917
Cloudflare Inc., Class A(a)(b)		336,783		17,819,189
Cogent Communications Holdings Inc.		270,496		18,547,911
Coinbase Global Inc., Class A(a)(b)		361,354		21,131,982
CoStar Group Inc.(a)		186,061		14,494,152
Coupa Software Inc.(a)(b)		243,434		19,455,245
Crowdstrike Holdings Inc., Class A(a)		131,750		13,952,325
Datadog Inc., Class A(a)		218,429		16,340,673
Digital Realty Trust Inc.		136,784		15,678,182
DISH Network Corp., Class A(a)(b)		1,031,783		14,847,357
DocuSign Inc.(a)		354,319		21,485,904
Dropbox Inc., Class A(a)(b)		675,568		15,693,445
DuPont de Nemours Inc.		213,559		15,792,688
Dynatrace Inc.(a)		413,252		15,881,274
Edwards Lifesciences Corp.(a)		205,423		15,755,944
Elastic NV(a)		286,869		16,879,372
Eli Lilly & Co.		40,068		13,789,402
Enphase Energy Inc.(a)		47,020		10,409,288
Envestnet Inc.(a)(b)		232,880		15,137,200
Exact Sciences Corp.(a)(b)		324,830		21,932,522
F5 Inc.(a)		100,312		14,812,070
FactSet Research Systems Inc.		33,065		13,984,511
First Solar Inc.(a)		96,328		17,107,853
Five9 Inc.(a)		231,045		18,201,725
Fortinet Inc.(a)		288,993		15,125,894
Gen Digital, Inc.		658,433		15,150,543
Gilead Sciences Inc.		169,828		14,255,362
Global Payments Inc.		150,979		17,018,353
Guardant Health Inc.(a)		308,966		9,710,801
Guidewire Software Inc.(a)(b)		247,221		18,106,466
Hubbell Inc.		60,426		13,832,116
HubSpot Inc.(a)		54,092		18,770,465
Illumina Inc.(a)		71,498		15,314,872
Incyte Corp.(a)		177,370		15,101,282
Intel Corp.		526,268		14,872,334

Security	Shares		Value
United States (continued)
Intellia Therapeutics Inc.(a)(b)		391,708	$	16,624,088
Intuit Inc.		38,391		16,226,724
Intuitive Surgical Inc.(a)		55,638		13,669,700
Ionis Pharmaceuticals Inc.(a)(b)		390,151		15,555,320
Jazz Pharmaceuticals PLC(a)		98,685		15,459,992
Johnson & Johnson		83,774		13,690,347
Keysight Technologies Inc.(a)		83,754		15,021,280
KLA Corp.		38,431		15,083,399
Lam Research Corp.		33,507		16,756,851
Livent Corp.(a)(b)		591,884		15,341,633
Lumen Technologies Inc.		2,737,070		14,369,617
Manhattan Associates Inc.(a)		126,209		16,452,605
MarketAxess Holdings Inc.		54,176		19,711,938
Marqeta Inc., Class A(a)		2,413,367		16,000,623
Merck & Co. Inc.		135,444		14,548,040
Meta Platforms Inc, Class A(a)		130,884		19,497,789
Microchip Technology Inc.		198,378		15,398,100
Micron Technology Inc.(b)		277,041		16,705,572
Microsoft Corp.		62,090		15,386,523
Moderna Inc.(a)(b)		83,277		14,661,749
MongoDB Inc., Class A(a)(b)		83,617		17,911,598
Monolithic Power Systems Inc.		40,509		17,279,519
Nvidia Corp.		92,534		18,078,368
Okta Inc.(a)		241,803		17,799,119
ON Semiconductor Corp.(a)		212,755		15,626,855
Oracle Corp.		189,162		16,733,271
Palantir Technologies Inc., Class A(a)(b)		2,107,933		16,399,719
Palo Alto Networks Inc.(a)		90,562		14,366,756
PerkinElmer Inc.		107,059		14,723,824
Plug Power Inc.(a)(b)		1,089,592		18,544,856
PTC Inc.(a)		122,642		16,541,953
Qorvo Inc.(a)		156,295		16,983,015
Qualcomm Inc.		125,840		16,763,146
Regeneron Pharmaceuticals Inc.(a)		19,489		14,781,822
RingCentral Inc., Class A(a)		421,967		16,469,372
Sabre Corp.(a)(b)		2,546,878		17,344,239
Salesforce Inc.(a)		114,371		19,210,897
SEI Investments Co.		245,912		15,352,286
ServiceNow Inc.(a)		38,409		17,481,088
Skyworks Solutions Inc.		161,776		17,741,974
Snowflake Inc., Class A(a)		108,521		16,977,025
SoFi Technologies Inc.(a)(b)		3,466,628		24,023,732
SolarEdge Technologies Inc.(a)		47,964		15,306,751
Splunk Inc.(a)		178,165		17,062,862
SunPower Corp.(a)		670,939		11,694,467
Sunrun Inc.(a)		519,441		13,650,909
Synopsys Inc.(a)		46,058		16,293,017
Teradyne Inc.		162,988		16,575,880
Tesla Inc.(a)(b)		85,703		14,845,474
Texas Instruments Inc.		85,675		15,182,467
Toast Inc., Class A(a)(b)		865,696		19,313,678
Tradeweb Markets Inc., Class A		231,632		17,265,849
Twilio Inc., Class A(a)		329,176		19,697,892
Tyler Technologies Inc.(a)		48,300		15,589,791
Veeva Systems Inc., Class A(a)		89,966		15,343,701
Vertex Pharmaceuticals Inc.(a)		46,889		15,149,836
VMware Inc., Class A(a)		125,780		15,404,277
Waters Corp.(a)		43,776		14,383,918

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Exponential Technologies ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zscaler Inc.(a)(b)		130,296	$	16,177,551
				2,009,648,703
Total Common Stocks — 99.2% (Cost: $2,925,175,019)				3,205,577,763
Preferred Stocks
Chile — 0.5%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		157,789		15,368,653
Total Preferred Stocks — 0.5% (Cost: $9,079,787)				15,368,653
Total Long-Term Investments — 99.7% (Cost: $2,934,254,806)				3,220,946,416
Short-Term Securities
Money Market Funds — 7.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		238,644,938		238,788,125

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		3,180,000	$	3,180,000
Total Short-Term Securities — 7.5% (Cost: $241,851,314)				241,968,125
Total Investments — 107.2% (Cost: $3,176,106,120)				3,462,914,541
Liabilities in Excess of Other Assets — (7.2)%				(231,567,640	)
Net Assets — 100.0%			$	3,231,346,901

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	164,930,879	$	73,733,977	(a)	$	—		$	30,867	$	92,402		$	238,788,125		238,644,938	$	515,331	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,890,000		—			(2,710,000	)(a)		—		—			3,180,000		3,180,000		48,266			1
BlackRock Inc.(c)		14,603,515		588,715			(15,900,340	)		5,205,181		(4,497,071	)		—		—		213,368			—
									$	5,236,048	$	(4,404,669	)	$	241,968,125			$	776,965		$	1

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		21		03/17/23	$	957	$	68,568
MSCI Emerging Markets Index		29		03/17/23		1,515		65,704
S&P 500 E-Mini Index		33		03/17/23		6,748		324,293
							$	458,565

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Exponential Technologies 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)	$	—	$	—	$	458,565	$	—	$	—	$	—	$	458,565

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(143,130	)	$	—	$	—	$	—	$	(143,130	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	52,797		$	—	$	—	$	—	$	52,797

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,141,619

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	98,578,898	$	—	$	98,578,898
Canada		92,621,222		—		—		92,621,222
Cayman Islands		—		14,092,758		—		14,092,758
China		—		208,343,799		—		208,343,799
Denmark		—		31,129,644		—		31,129,644
Finland		—		31,158,407		—		31,158,407
France		—		45,657,692		—		45,657,692
Germany		15,182,346		66,980,821		—		82,163,167
Israel		—		16,156,069		—		16,156,069
Italy		—		32,315,293		—		32,315,293
Japan		—		163,607,081		—		163,607,081
Netherlands		16,779,398		79,518,814		—		96,298,212
South Korea		—		32,660,079		—		32,660,079
Spain		—		34,481,227		—		34,481,227
Sweden		—		47,187,452		—		47,187,452
Switzerland		15,025,492		47,903,733		—		62,929,225
Taiwan		—		49,058,222		—		49,058,222
United Kingdom		—		57,490,613		—		57,490,613
United States		2,009,648,703		—		—		2,009,648,703
Preferred Stocks		—		15,368,653		—		15,368,653

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Exponential Technologies ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	241,968,125	$	—	$	—	$	241,968,125
	$	2,391,225,286	$	1,071,689,255	$	—	$	3,462,914,541
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	389,997	$	68,568	$	—	$	458,565

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2023      iShares^® Future Cloud 5G and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 2.4%
DuPont de Nemours Inc.		2,460	$	181,917
Communications Equipment — 16.3%
Arista Networks Inc.(a)		1,352		170,379
Ciena Corp.(a)		3,963		206,155
F5 Inc.(a)		1,155		170,547
Juniper Networks Inc.		5,360		173,128
Lumentum Holdings Inc.(a)		2,823		169,888
Nokia OYJ		35,494		168,295
Telefonaktiebolaget LM Ericsson, Class B		27,034		156,810
				1,215,202
Consumer Finance — 3.3%
SoFi Technologies Inc.(a)(b)		35,103		243,264
Diversified Telecommunication Services — 1.1%
JTOWER Inc.(a)(b)		300		14,369
NetLink NBN Trust		83,900		55,954
Tower Bersama Infrastructure Tbk PT		109,600		15,383
				85,706
Electronic Equipment, Instruments & Components — 6.5%
Murata Manufacturing Co. Ltd.		3,200		182,850
Quectel Wireless Solutions Co. Ltd., Class A		420		6,955
Taiyo Yuden Co. Ltd.		3,700		125,672
Yageo Corp.		9,142		165,936
				481,413
Equity Real Estate Investment Trusts (REITs) — 7.3%
American Tower Corp.		812		181,392
Crown Castle Inc.		1,236		183,064
SBA Communications Corp.		596		177,328
				541,784
IT Services — 15.1%
Akamai Technologies Inc.(a)		1,912		170,073
Cloudflare Inc., Class A(a)		3,875		205,026
Computacenter PLC		2,998		82,392
GDS Holdings Ltd., Class A(a)		28,300		82,526
Kyndryl Holdings Inc.(a)		8,707		116,587
Marqeta Inc., Class A(a)		16,810		111,450
NEXTDC Ltd.(a)		19,081		134,847
Twilio Inc., Class A(a)		3,788		226,674
				1,129,575
Media — 1.5%
DISH Network Corp., Class A(a)		7,946		114,343
Semiconductors & Semiconductor Equipment — 32.2%
Analog Devices Inc.		1,033		177,128
Broadcom Inc.		332		194,223
Diodes Inc.(a)(b)		1,872		166,964

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Infineon Technologies AG		5,294	$	190,639
Intel Corp.		6,064		171,369
MACOM Technology Solutions Holdings Inc., Class H(a)		2,015		135,045
MediaTek Inc.		7,000		169,127
NXP Semiconductors NV		1,047		192,973
Qorvo Inc.(a)		1,801		195,697
Qualcomm Inc.		1,453		193,554
SiTime Corp.(a)		478		55,080
Skyworks Solutions Inc.		1,868		204,863
Taiwan Semiconductor Manufacturing Co. Ltd.		11,000		194,115
Wolfspeed Inc.(a)		2,109		162,414
				2,403,191
Software — 10.2%
Confluent Inc., Class A(a)		5,983		138,207
Datadog Inc., Class A(a)		2,510		187,773
New Relic Inc.(a)		2,180		133,089
Nutanix Inc., Class A(a)		5,687		158,497
Teradata Corp.(a)		4,094		142,799
				760,365
Technology Hardware, Storage & Peripherals — 3.9%
Inspur Electronic Information Industry Co. Ltd., Class A		4,300		15,134
Pure Storage Inc., Class A(a)		5,975		172,916
Wiwynn Corp.		4,000		100,471
				288,521
Total Long-Term Investments — 99.8% (Cost: $8,222,941)				7,445,281
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(c)(d)(e)		150,445		150,536
Total Short-Term Securities — 2.0% (Cost: $150,536)				150,536
Total Investments — 101.8% (Cost: $8,373,477)				7,595,817
Liabilities in Excess of Other Assets — (1.8)%				(134,679	)
Net Assets — 100.0%			$	7,461,138

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Future Cloud 5G and Tech ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	133,722		$  16,728	(a)	$	—	$	86	$	—	$	150,536		150,445	$	227	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—		—		—		—		—		43			—
								$	86	$	—	$	150,536			$	270		$	—

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

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Chemicals	$	181,917	$	—	$	—	$	181,917
Communications Equipment		890,097		325,105		—		1,215,202
Consumer Finance		243,264		—		—		243,264
Diversified Telecommunication Services		—		85,706		—		85,706
Electronic Equipment, Instruments & Components		—		481,413		—		481,413
Equity Real Estate Investment Trusts (REITs)		541,784		—		—		541,784
IT Services		829,810		299,765		—		1,129,575
Media		114,343		—		—		114,343
Semiconductors & Semiconductor Equipment		1,849,310		553,881		—		2,403,191
Software		760,365		—		—		760,365
Technology Hardware, Storage & Peripherals		172,916		115,605		—		288,521
Short-Term Securities
Money Market Funds		150,536		—		—		150,536
	$	5,734,342	$	1,861,475	$	—	$	7,595,817

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2023      iShares^® Genomics Immunology and Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Canada — 0.8%
Arbutus Biopharma Corp.(a)		423,490	$	1,274,705
China — 5.5%
BeiGene Ltd.(a)		461,800		9,076,917
Denmark — 3.6%
Genmab A/S(a)		15,172		5,945,853
France — 5.9%
Sanofi		77,940		7,632,230
Valneva SE(a)(b)		316,183		2,157,720
				9,789,950
Germany — 4.1%
BioNTech SE, ADR		41,248		5,915,376
MorphoSys AG(a)(b)		45,410		912,309
				6,827,685
Japan — 4.5%
Takeda Pharmaceutical Co. Ltd.		239,100		7,516,675
Netherlands — 1.4%
CureVac NV(a)(b)		221,688		2,380,929
South Korea — 1.8%
ABLBio Inc.(a)		90,029		1,440,648
Geneone Life Science Inc.(a)		221,514		1,539,940
				2,980,588
Switzerland — 7.1%
CRISPR Therapeutics AG(a)(b)		99,746		5,089,041
Roche Holding AG, NVS		21,376		6,672,954
				11,761,995
Taiwan — 1.8%
Adimmune Corp.(a)		948,000		1,255,128
Medigen Vaccine Biologics Corp.(a)		730,815		1,791,126
				3,046,254
United States — 63.3%
Adicet Bio Inc.(a)(b)		87,411		799,811
Allogene Therapeutics Inc.(a)(b)		247,799		1,913,008
Arcturus Therapeutics Holdings Inc.(a)		30,313		640,514
Arcus Biosciences Inc.(a)		144,333		3,121,923
Atea Pharmaceuticals Inc.(a)		225,709		1,045,033
Beam Therapeutics Inc.(a)(b)		149,540		6,497,513
BioCryst Pharmaceuticals Inc.(a)		547,416		5,775,239
BioNano Genomics Inc.(a)(b)		900,322		1,629,583
Blueprint Medicines Corp.(a)(b)		143,091		6,688,073
Caribou Biosciences Inc.(a)(b)		157,483		1,135,452
Coherus Biosciences Inc.(a)		225,296		1,910,510
Editas Medicine Inc.(a)(b)		211,156		2,088,333
Exelixis Inc.(a)		402,614		7,094,059
Fate Therapeutics Inc.(a)		282,754		1,685,214

Security	Shares		Value
United States (continued)
Ginkgo Bioworks Holdings Inc.(a)(b)		2,919,382	$	5,692,795
ImmunityBio Inc.(a)(b)		256,433		974,445
Inovio Pharmaceuticals Inc.(a)(b)		760,420		1,262,297
Intellia Therapeutics Inc.(a)(b)		105,158		4,462,905
Invitae Corp.(a)(b)		735,318		1,735,350
Iovance Biotherapeutics Inc.(a)		438,804		3,492,880
Karyopharm Therapeutics Inc.(a)(b)		220,712		728,350
Ligand Pharmaceuticals Inc.(a)		49,320		3,437,604
MacroGenics Inc.(a)		182,898		1,055,321
Moderna Inc.(a)		38,396		6,760,000
NeoImmuneTech Inc.(a)		1,361,984		4,226,660
Nkarta Inc.(a)(b)		113,410		604,475
Ocugen Inc.(a)(b)		665,558		845,259
OmniAb Inc., 12.50 Earnout Shares(c)		19,498		—
OmniAb Inc., 15.00 Earnout Shares(c)		19,498		—
Prime Medicine Inc., NVS(a)(b)		36,585		643,164
Regeneron Pharmaceuticals Inc.(a)(b)		9,136		6,929,382
Sana Biotechnology Inc.(a)		108,834		496,283
Sangamo Therapeutics Inc.(a)(b)		168,049		586,491
SpringWorks Therapeutics Inc.(a)(b)		136,800		4,295,520
Twist Bioscience Corp.(a)		169,078		4,850,848
Vir Biotechnology Inc.(a)		247,571		7,315,723
Xencor Inc.(a)(b)		77,811		2,561,538
				104,981,555
Total Long-Term Investments — 99.8% (Cost: $230,186,557)				165,583,106
Short-Term Securities
Money Market Funds — 16.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		27,321,182		27,337,574
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		160,000		160,000
Total Short-Term Securities — 16.6% (Cost: $27,493,069)				27,497,574
Total Investments — 116.4% (Cost: $257,679,626)				193,080,680
Liabilities in Excess of Other Assets — (16.4)%				(27,159,098	)
Net Assets — 100.0%			$	165,921,582

^(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) Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Genomics Immunology and Healthcare ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	29,522,610	$	—	$	(2,200,460	)(a)	$	10,992	$	4,432	$	27,337,574		27,321,182	$	219,596	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		210,000		—		(50,000	)(a)		—		—		160,000		160,000		3,222			—
								$	10,992	$	4,432	$	27,497,574			$	222,818		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		2		03/17/23	$	270	$       (13,987)

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)	$	—	$	—	$	13,987	$	—	$	—	$	—	$	13,987

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	49,888		$	—	$	—	$	—	$	49,888
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(52,334	)	$	—	$	—	$	—	$	(52,334	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	336,995

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Genomics Immunology and Healthcare ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Canada	$	1,274,705		$	—	$	—	$	1,274,705
China		—			9,076,917		—		9,076,917
Denmark		—			5,945,853		—		5,945,853
France		—			9,789,950		—		9,789,950
Germany		5,915,376			912,309		—		6,827,685
Japan		—			7,516,675		—		7,516,675
Netherlands		2,380,929			—		—		2,380,929
South Korea		—			2,980,588		—		2,980,588
Switzerland		5,089,041			6,672,954		—		11,761,995
Taiwan		—			3,046,254		—		3,046,254
United States		100,754,895			4,226,660		—		104,981,555
Short-Term Securities
Money Market Funds		27,497,574			—		—		27,497,574
	$	142,912,520		$	50,168,160	$	—	$	193,080,680
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(13,987	)	$	—	$	—	$	(13,987)

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2023      iShares^® Neuroscience and Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 58.3%
ACADIA Pharmaceuticals Inc.(a)		13,804	$	262,690
Alector Inc.(a)		8,720		76,911
Alkermes PLC(a)		8,352		239,201
Anavex Life Sciences Corp.(a)(b)		10,800		117,396
Annexon Inc.(a)		4,908		35,043
Biogen Inc.(a)		728		211,775
Bioxcel Therapeutics Inc.(a)		2,712		77,346
Catalyst Pharmaceuticals Inc.(a)(b)		12,624		195,546
Cerevel Therapeutics Holdings Inc.(a)		7,340		250,661
Design Therapeutics Inc.(a)		4,524		35,513
Dyne Therapeutics Inc.(a)		4,024		58,750
Idorsia Ltd.(a)(b)		14,344		241,276
Karuna Therapeutics Inc.(a)		920		183,439
Neurocrine Biosciences Inc.(a)		1,712		189,912
Prothena Corp. PLC(a)		3,356		189,782
PTC Therapeutics Inc.(a)		5,184		237,894
Sarepta Therapeutics Inc.(a)		1,724		215,448
Vanda Pharmaceuticals Inc.(a)		7,792		59,843
Voyager Therapeutics Inc.(a)		3,904		36,854
Xenon Pharmaceuticals Inc.(a)		5,588		218,435
				3,133,715
Health Care Equipment & Supplies — 14.3%
Axogen Inc.(a)		5,716		54,131
Axonics Inc.(a)(b)		3,092		189,849
ClearPoint Neuro Inc.(a)		3,040		28,910
Integra LifeSciences Holdings Corp.(a)		3,840		220,032
Nevro Corp.(a)		4,756		174,640
Peijia Medical Ltd.(a)(c)		62,000		99,112
				766,674
Life Sciences Tools & Services — 0.8%
Cellivery Therapeutics Inc.(a)		4,196		44,854
Pharmaceuticals — 26.4%
Amylyx Pharmaceuticals Inc.(a)		5,556		217,740
Athira Pharma Inc.(a)		5,308		21,444

Security	Shares		Value
Pharmaceuticals (continued)
Cassava Sciences Inc.(a)(b)		5,580	$	156,240
Edgewise Therapeutics Inc.(a)		5,740		58,720
Harmony Biosciences Holdings Inc.(a)(b)		3,588		172,834
Intra-Cellular Therapies Inc.(a)		4,032		193,214
KemPharm Inc.(a)		4,480		24,461
Marinus Pharmaceuticals Inc.(a)		5,940		37,719
SK Biopharmaceuticals Co. Ltd.(a)		3,904		230,423
Supernus Pharmaceuticals Inc.(a)		5,808		238,186
WaVe Life Sciences Ltd.(a)		9,584		47,249
Xeris Biopharma Holdings Inc.(a)		18,168		22,528
				1,420,758
Total Long-Term Investments — 99.8% (Cost: $5,002,165)				5,366,001
Short-Term Securities
Money Market Funds — 12.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		684,970		685,381
Total Short-Term Securities — 12.8% (Cost: $685,224)				685,381
Total Investments — 112.6% (Cost: $5,687,389)				6,051,382
Liabilities in Excess of Other Assets — (12.6)%				(676,322	)
Net Assets — 100.0%			$	5,375,060

^(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 period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at   08/24/22(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	685,191	(b)	$	—	$	33	$	157	$	685,381		684,970	$	6,150	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—		0	(b)		—		—		—		—		—		420			—
								$	33	$	157	$	685,381			$	6,570		$	—

^(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.

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Neuroscience and Healthcare ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Biotechnology	$	2,892,439	$	241,276	$	—	$	3,133,715
Health Care Equipment & Supplies		667,562		99,112		—		766,674
Life Sciences Tools & Services		—		44,854		—		44,854
Pharmaceuticals		1,190,335		230,423		—		1,420,758
Short-Term Securities
Money Market Funds		685,381		—		—		685,381
	$	5,435,717	$	615,665	$	—	$	6,051,382

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2023      iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.7%
Megaport Ltd.(a)		418,104	$	1,738,995
Bermuda — 0.9%
AutoStore Holdings Ltd.(a)(b)(c)		1,025,218		2,367,517
Canada — 0.9%
ATS Corp.(a)		58,612		2,373,465
Cayman Islands — 0.9%
Credo Technology Group Holdings Ltd.(a)		132,114		2,289,536
China — 13.0%
Alibaba Group Holding Ltd.(a)		182,100		2,503,631
Baidu Inc.(a)		145,650		2,448,382
Hello Group Inc., ADR		346,809		3,554,792
iQIYI Inc., ADR(a)(c)		593,936		3,979,371
JOYY Inc., ADR		66,457		2,371,186
Kingsoft Cloud Holdings Ltd., ADR(a)		595,720		2,859,456
Kuaishou Technology(a)(b)		257,300		2,263,933
Meitu Inc.(a)(b)		13,786,500		3,421,077
Meituan, Class B(a)(b)		5,190		116,027
NetEase Inc.		143,800		2,551,316
Tencent Holdings Ltd.		51,900		2,529,031
Xiaomi Corp., Class B(a)(b)		1,525,800		2,524,053
ZTE Corp., Class H		931,200		2,248,873
				33,371,128
France — 2.5%
Atos SE(a)(c)		182,385		2,405,933
Dassault Systemes SE		51,581		1,918,344
Somfy SA		13,190		2,053,142
				6,377,419
Germany — 1.6%
Duerr AG		56,505		2,155,886
Nemetschek SE		37,670		2,014,002
				4,169,888
Guernsey — 0.9%
Genius Sports Ltd.(a)(c)		404,846		2,222,605
India — 0.7%
PB Fintech Ltd.(a)		333,884		1,755,851
Israel — 2.6%
Maytronics Ltd.(c)		168,500		2,053,963
Nano Dimension Ltd., ADR(a)		847,755		2,339,804
SatixFy Communications Ltd., NVS(c)		92,267		158,699
Stratasys Ltd.(a)(c)		144,447		2,069,925
				6,622,391
Italy — 0.8%
Stellantis NV		129,713		2,039,217
Japan — 10.1%
FANUC Corp.		13,200		2,332,302
Harmonic Drive Systems Inc.		74,400		2,505,861
Kawasaki Heavy Industries Ltd.		94,900		2,171,559
Kyocera Corp.		39,300		2,039,332
MINEBEA MITSUMI Inc.		120,300		2,097,153
Nidec Corp.		31,200		1,729,068
Oracle Corp. Japan		33,000		2,260,725
Ricoh Co. Ltd.		257,700		2,000,426
Sharp Corp./Japan(c)		268,500		2,231,790

Security	Shares		Value
Japan (continued)
Sony Group Corp.		24,200	$	2,162,307
Yamaha Motor Co. Ltd.		81,400		2,004,938
Yaskawa Electric Corp.		59,400		2,321,892
				25,857,353
Netherlands — 0.0%
Yandex NV, Class A(a)(d)		50,541		505
South Korea — 2.4%
AfreecaTV Co. Ltd.		29,637		1,926,760
Samsung Electronics Co. Ltd.		42,697		2,126,747
Samsung SDS Co. Ltd.		20,631		2,103,864
				6,157,371
Sweden — 2.0%
Spotify Technology SA(a)		24,701		2,784,297
Viaplay Group AB, Class B(a)		96,989		2,394,684
				5,178,981
Switzerland — 1.8%
ABB Ltd., Registered		63,007		2,193,630
STMicroelectronics NV		51,357		2,418,314
				4,611,944
Taiwan — 7.2%
Alchip Technologies Ltd.		67,000		1,905,899
Faraday Technology Corp.		342,000		1,956,279
Global Unichip Corp.		79,000		2,085,082
Hiwin Technologies Corp.		316,392		2,365,631
Holtek Semiconductor Inc.		834,000		2,033,398
HTC Corp.(a)		1,027,000		2,102,068
Nuvoton Technology Corp.		488,000		2,133,019
Via Technologies Inc.		809,000		1,896,963
Winbond Electronics Corp.		2,759,000		1,998,782
				18,477,121
United States — 49.9%
3D Systems Corp.(a)(c)		196,217		2,130,917
Adobe Inc.(a)		5,808		2,150,935
Advanced Micro Devices Inc.(a)		26,457		1,988,244
Alphabet Inc., Class A(a)		20,161		1,992,713
Altair Engineering Inc., Class A(a)(c)		39,770		2,111,786
Alteryx Inc., Class A(a)		44,770		2,484,287
Altra Industrial Motion Corp.		33,674		2,056,471
Amazon.com Inc.(a)		21,075		2,173,465
Ambarella Inc.(a)(c)		25,972		2,333,324
AMETEK Inc.		13,739		1,991,056
Analog Devices Inc.		11,764		2,017,173
Ansys Inc.(a)		7,727		2,058,164
Apple Inc.		13,689		1,975,186
Autodesk Inc.(a)		9,864		2,122,338
Bentley Systems Inc., Class B		49,249		1,923,173
Bumble Inc., Class A(a)(c)		80,070		2,061,802
CEVA Inc.(a)		73,472		2,433,393
Cognex Corp.		39,081		2,139,294
Desktop Metal Inc., Class A(a)(c)		1,030,740		1,731,643
Domo Inc., Class B(a)		130,338		2,021,542
Dropbox Inc., Class A(a)		85,030		1,975,247
Elastic NV(a)		35,405		2,083,230
FARO Technologies Inc.(a)		60,059		1,650,421
Freshworks Inc., Class A(a)(c)		130,596		2,113,043
fuboTV Inc.(a)(c)		777,987		1,999,427
GoDaddy Inc., Class A(a)		25,184		2,068,362
HubSpot Inc.(a)		6,526		2,264,587

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Robotics and Artificial Intelligence Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Informatica Inc., Class A(a)(c)		118,010	$	2,100,578
Intel Corp.		67,451		1,906,165
Intuitive Surgical Inc.(a)		7,286		1,790,097
iRobot Corp.(a)		37,514		1,688,130
Lattice Semiconductor Corp.(a)		27,869		2,112,192
Lumen Technologies Inc.		360,027		1,890,142
Marvell Technology Inc.		44,359		1,914,091
Matterport Inc., Class A(a)(c)		639,327		2,250,431
MaxLinear Inc.(a)		54,275		2,236,130
Meta Platforms Inc, Class A(a)		16,193		2,412,271
Microchip Technology Inc.		25,660		1,991,729
Microsoft Corp.		7,779		1,927,714
MicroStrategy Inc., Class A(a)(c)		9,642		2,427,181
MicroVision Inc.(a)(c)		646,172		1,621,892
Netflix Inc.(a)		6,191		2,190,747
Nvidia Corp.		11,755		2,296,574
Pegasystems Inc.		53,644		2,085,679
Peloton Interactive Inc., Class A(a)		150,597		1,947,219
Pinterest Inc., Class A(a)		80,441		2,114,794
Proto Labs Inc.(a)(c)		76,593		2,343,746
PTC Inc.(a)		15,686		2,115,728
Qualcomm Inc.		16,030		2,135,356
Regal Rexnord Corp.		15,744		2,191,565
Rumble Inc.(a)(c)		245,877		2,471,064
Salesforce Inc.(a)		13,723		2,305,052
Silicon Laboratories Inc.(a)		14,008		2,197,995
Snap Inc., Class A, NVS(a)(c)		202,390		2,339,628
Snowflake Inc., Class A(a)(c)		13,248		2,072,517
Splunk Inc.(a)		22,380		2,143,333
Sprinklr Inc.(a)		231,206		2,298,188
Sumo Logic Inc.(a)		254,980		3,016,413
Teradata Corp.(a)		57,037		1,989,451

Security	Shares		Value
United States (continued)
Texas Instruments Inc.		11,166	$	1,978,727
Vimeo Inc.(a)		268,642		1,219,635
				127,773,377
Total Long-Term Investments — 98.9% (Cost: $281,612,507)				253,384,664
Short-Term Securities
Money Market Funds — 10.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		25,661,616		25,677,013
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		130,000		130,000
Total Short-Term Securities — 10.1% (Cost: $25,800,982)				25,807,013
Total Investments — 109.0% (Cost: $307,413,489)				279,191,677
Liabilities in Excess of Other Assets — (9.0)%				(22,945,988	)
Net Assets — 100.0%			$	256,245,689

^(a) Non-income producing security.

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

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

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

^(e) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,896,442	$	4,766,896	(a)	$	—		$	7,848	$	5,827	$	25,677,013		25,661,616	$	525,462	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		200,000		—			(70,000	)(a)		—		—		130,000		130,000		2,765			—
									$	7,848	$	5,827	$	25,807,013			$	528,227		$	—

^(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 29

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Robotics and Artificial Intelligence Multisector ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		19		03/17/23	$	2,614	$        113,875

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)	$	—	$	—	$	113,875	$	—	$	—	$	—	$	113,875

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(38,260	)	$	—	$	—	$	—	$	(38,260	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	60,244		$	—	$	—	$	—	$	60,244

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,565,640

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	1,738,995	$	—	$	1,738,995
Bermuda		—		2,367,517		—		2,367,517
Canada		2,373,465		—		—		2,373,465
Cayman Islands		2,289,536		—		—		2,289,536
China		12,764,805		20,606,323		—		33,371,128
France		—		6,377,419		—		6,377,419
Germany		—		4,169,888		—		4,169,888
Guernsey		2,222,605		—		—		2,222,605
India		—		1,755,851		—		1,755,851
Israel		4,568,428		2,053,963		—		6,622,391

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Robotics and Artificial Intelligence Multisector ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Italy	$	—	$	2,039,217	$	—	$	2,039,217
Japan		—		25,857,353		—		25,857,353
Netherlands		—		—		505		505
South Korea		—		6,157,371		—		6,157,371
Sweden		2,784,297		2,394,684		—		5,178,981
Switzerland		—		4,611,944		—		4,611,944
Taiwan		—		18,477,121		—		18,477,121
United States		127,773,377		—		—		127,773,377
Short-Term Securities
Money Market Funds		25,807,013		—		—		25,807,013
	$	180,583,526	$	98,607,646	$	505	$	279,191,677
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	113,875	$	—	$	—	$	113,875

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2023      iShares^® Self-Driving EV and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.4%
Allkem Ltd.(a)		1,823,102	$	16,925,568
ARB Corp. Ltd.		56,768		1,289,880
Pilbara Minerals Ltd.(a)		5,398,195		18,364,216
Vulcan Energy Resources Ltd.(a)(b)		354,380		1,804,758
				38,384,422
China — 16.9%
BYD Co. Ltd., Class H		722,500		22,879,799
Ganfeng Lithium Co. Ltd., Class H(c)		1,637,680		14,957,229
Li Auto Inc.(a)		1,705,300		20,866,441
XPeng Inc.(a)(b)		3,546,200		18,663,680
				77,367,149
France — 5.7%
Faurecia SE(a)		125,578		2,495,673
Renault SA(a)		490,236		19,932,723
Valeo		170,889		3,734,737
				26,163,133
Germany — 1.8%
Continental AG		82,580		5,798,372
Hella GmbH & Co. KGaA		16,474		1,386,695
Vitesco Technologies Group AG(a)		14,281		989,877
				8,174,944
India — 0.3%
Samvardhana Motherson International Ltd.		1,468,182		1,360,156
Israel — 0.1%
Innoviz Technologies Ltd.(a)		97,445		543,743
Japan — 1.3%
GS Yuasa Corp.		336,700		5,891,929
Netherlands — 0.0%
Yandex NV, Class A(a)(d)		94,146		941
South Korea — 11.5%
Chunbo Co. Ltd.		19,664		3,831,072
Hyundai Mobis Co. Ltd.		48,369		8,087,638
LG Energy Solution(a)		39,553		16,823,873
Samsung SDI Co. Ltd.		32,170		18,028,135
SK IE Technology Co. Ltd.(a)(c)		103,458		5,687,455
				52,458,173
Sweden — 3.8%
Hexagon AB, Class B		1,533,522		17,579,532
Switzerland — 4.3%
ABB Ltd., Registered		564,514		19,653,923
Taiwan — 0.7%
Advanced Energy Solution Holding Co. Ltd.		126,000		3,338,666
United Kingdom — 0.6%
Polestar Automotive Holding U.K. PLC, Class A(b)		494,288		2,768,013
United States — 36.1%
Adient PLC(a)(b)		71,486		3,218,300
Aptiv PLC(a)		171,327		19,375,370
Aurora Innovation Inc., Class A(a)(b)		211,763		385,409
Autoliv Inc.		66,236		6,101,660
Blink Charging Co.(a)(b)		180,609		2,458,088
Canoo Inc.(a)(b)		814,742		977,690
ChargePoint Holdings Inc., Class A(a)(b)		845,820		10,268,255

Security	Shares		Value
United States (continued)
CTS Corp.		23,888	$	1,063,255
EVgo Inc.(a)(b)		302,151		2,081,820
Fisker Inc., Class A(a)(b)		781,383		5,821,303
Gentex Corp.		178,773		5,275,591
Gentherm Inc.(a)		25,083		1,866,928
Lear Corp.		45,093		6,573,658
Livent Corp.(a)		634,586		16,448,469
Lordstown Motors Corp., Class A(a)(b)		722,341		946,267
Lucid Group Inc.(a)(b)		1,750,600		20,464,514
Luminar Technologies Inc.(a)(b)		166,356		1,109,595
Methode Electronics Inc.		26,260		1,253,652
Microvast Holdings Inc.(a)(b)		564,484		920,109
Nikola Corp.(a)(b)		1,387,509		3,760,149
Proterra Inc.(a)(b)		744,682		3,797,878
QuantumScape Corp.(a)(b)		1,087,191		9,251,995
Rivian Automotive Inc., Class A(a)		566,692		10,993,825
Sensata Technologies Holding PLC		115,988		5,897,990
SES AI Corp.(a)(b)		803,430		2,651,319
Solid Power Inc.(a)		445,316		1,491,809
Stoneridge Inc.(a)		20,004		493,299
Tesla Inc.(a)		91,203		15,798,184
Visteon Corp.(a)		21,321		3,333,325
Workhorse Group Inc.(a)(b)		701,319		1,549,915
				165,629,621
Total Common Stocks — 91.5% (Cost: $409,092,675)				419,314,345
Preferred Stocks
Germany — 8.1%
Porsche Automobil Holding SE, Preference Shares, NVS		290,415		17,365,851
Volkswagen AG, Preference Shares, NVS		141,848		19,672,994
				37,038,845
Total Preferred Stocks — 8.1% (Cost: $39,830,017)				37,038,845
Total Long-Term Investments — 99.6% (Cost: $448,922,692)				456,353,190
Short-Term Securities
Money Market Funds — 13.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		58,953,017		58,988,389
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		670,000		670,000
Total Short-Term Securities — 13.0% (Cost: $59,645,365)				59,658,389
Total Investments — 112.6% (Cost: $508,568,057)				516,011,579
Liabilities in Excess of Other Assets — (12.6)%				(57,807,528	)
Net Assets — 100.0%			$	458,204,051

^(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.

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Self-Driving EV and Tech 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 six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,521,649	$	45,451,497	(a)	$	—	$	2,328	$	12,915	$	58,988,389		58,953,017	$	1,022,533	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		510,000	(a)		—		—		—		670,000		670,000		9,243			2
								$	2,328	$	12,915	$	59,658,389			$	1,031,776		$	2

^(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		13		03/17/23	$	592	$	54,018
S&P 500 E-Mini Index		3		03/17/23		614		33,149
							$	87,167

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)	$	—	$	—	$	87,167	$	—	$	—	$	—	$	87,167

^(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 33

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Self-Driving EV and Tech ETF

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	175,828	$	—	$	—	$	—	$	175,828
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	42,352	$	—	$	—	$	—	$	42,352

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,304,732

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	38,384,422	$	—	$	38,384,422
China		—		77,367,149		—		77,367,149
France		—		26,163,133		—		26,163,133
Germany		—		8,174,944		—		8,174,944
India		—		1,360,156		—		1,360,156
Israel		543,743		—		—		543,743
Japan		—		5,891,929		—		5,891,929
Netherlands		—		—		941		941
South Korea		—		52,458,173		—		52,458,173
Sweden		—		17,579,532		—		17,579,532
Switzerland		—		19,653,923		—		19,653,923
Taiwan		—		3,338,666		—		3,338,666
United Kingdom		2,768,013		—		—		2,768,013
United States		165,629,621		—		—		165,629,621
Preferred Stocks		—		37,038,845		—		37,038,845
Short-Term Securities
Money Market Funds		59,658,389		—		—		59,658,389
	$	228,599,766	$	287,410,872	$	941	$	516,011,579
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	33,149	$	54,018	$	—	$	87,167

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

See notes to financial statements.

34 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T   T O  S H A R E H O L D  E R S

Schedule of Investments (unaudited) January 31, 2023      iShares^® Virtual Work and Life Multisector ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communication Services — 32.5%
Activision Blizzard Inc.		749	$	57,351
Bandwidth Inc., Class A(a)		575		14,306
Bumble Inc., Class A(a)		1,446		37,235
Electronic Arts Inc.		428		55,075
fuboTV Inc.(a)(b)		3,204		8,234
Hello Group Inc., ADR		2,630		26,958
HUYA Inc., ADR(a)		1,520		8,360
iQIYI Inc., ADR(a)		6,813		45,647
JOYY Inc., ADR		949		33,860
Kahoot! ASA(a)		5,294		9,358
Match Group Inc.(a)		1,165		63,050
Meitu Inc.(a)(c)		66,000		16,378
Netflix Inc.(a)		177		62,633
Nexon Co. Ltd.		2,600		62,693
Nintendo Co. Ltd.		1,300		56,365
Paradox Interactive AB		532		9,455
Roku Inc.(a)		932		53,590
Rumble Inc.(a)(b)		1,724		17,326
Snap Inc., Class A, NVS(a)		5,394		62,355
Spotify Technology SA(a)		705		79,468
Take-Two Interactive Software Inc.(a)		522		59,106
Tencent Holdings Ltd.		1,500		73,093
Ubisoft Entertainment SA(a)		1,632		33,793
Viaplay Group AB, Class B(a)		1,380		34,073
XD Inc.(a)		4,400		14,994
				994,756
Consumer Discretionary — 24.0%
2U Inc.(a)		1,304		11,254
Alibaba Health Information Technology Ltd.(a)		60,000		53,587
Chegg Inc.(a)		1,904		39,527
Dada Nexus Ltd., ADR(a)(b)		4,416		57,452
Deliveroo PLC(a)(c)		13,748		15,756
Delivery Hero SE(a)(c)		1,259		76,115
DoorDash Inc., Class A(a)		1,026		59,426
Duolingo Inc, Class A(a)(b)		470		44,880
JD Health International Inc.(a)(c)		6,200		51,487
Just Eat Takeaway.com NV(a)(c)		2,379		61,030
Meituan, Class B(a)(c)		2,650		59,243
New Oriental Education & Technology Group Inc.(a)		19,900		84,472
Peloton Interactive Inc., Class A(a)		4,250		54,952
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		8,700		23,038
Zomato Ltd.(a)		67,594		41,419
				733,638
Consumer Staples — 0.8%
Shop Apotheke Europe NV(a)(c)		236		17,017
Zur Rose Group AG(a)(b)		198		7,470
				24,487
Health Care — 3.7%
GN Store Nord A/S		2,228		54,934
Teladoc Health Inc.(a)		1,939		57,007
				111,941
Information Technology — 38.8%
8x8 Inc.(a)		2,893		13,626

Security	Shares		Value
Information Technology (continued)
Asana Inc., Class A(a)		1,512	$	23,436
Box Inc., Class A(a)		1,951		62,412
Braze Inc., Class A(a)(b)		1,053		33,696
Cerence Inc.(a)		1,066		26,138
Cloudflare Inc., Class A(a)(b)		1,172		62,011
Consensus Cloud Solutions Inc.(a)		496		29,150
Dropbox Inc., Class A(a)		2,428		56,402
Esker SA		148		24,711
Everbridge Inc.(a)		1,069		34,165
Five9 Inc.(a)(b)		834		65,702
GB Group PLC		6,630		28,912
Gen Digital, Inc.		2,380		54,764
Instructure Holdings Inc.(a)		252		6,812
Justsystems Corp.		900		22,414
Life360 Inc.(a)(c)		10,305		40,959
LivePerson Inc.(a)(b)		1,902		24,498
Megaport Ltd.(a)		4,026		16,745
Microsoft Corp.		224		55,509
Mitek Systems Inc.(a)		1,177		11,605
Monday.com Ltd.(a)		425		55,331
Nice Ltd.(a)		282		58,320
PagerDuty Inc.(a)		2,173		64,734
PowerSchool Holdings Inc., Class A(a)		954		21,484
RingCentral Inc., Class A(a)		1,479		57,725
Smartsheet Inc., Class A(a)		1,494		64,556
Tyler Technologies Inc.(a)		166		53,580
Verint Systems Inc.(a)		1,416		53,766
WingArc1st Inc.		500		7,598
Zoom Video Communications Inc., Class A(a)		762		57,150
				1,187,911
Total Long-Term Investments — 99.8% (Cost: $5,362,052)				3,052,733
Short-Term Securities
Money Market Funds — 10.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		312,703		312,891
Total Short-Term Securities — 10.2% (Cost: $312,816)				312,891
Total Investments — 110.0% (Cost: $5,674,868)				3,365,624
Liabilities in Excess of Other Assets — (10.0)%				(305,863	)
Net Assets — 100.0%			$	3,059,761

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023      iShares^® Virtual Work and Life Multisector ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	456,546	$	—		$	(143,813	)(a)	$	100	$	58	$	312,891		312,703	$	1,450	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—			—		—		—		—		17			—
									$	100	$	58	$	312,891			$	1,467		$	—

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

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

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

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	87	$	—	$	—	$	—	$	87

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Communication Services	$	684,554	$	310,202	$	—	$	994,756
Consumer Discretionary		283,247		450,391		—		733,638
Consumer Staples		—		24,487		—		24,487
Health Care		57,007		54,934		—		111,941
Information Technology		988,252		199,659		—		1,187,911
Short-Term Securities
Money Market Funds		312,891		—		—		312,891
	$	2,325,951	$	1,039,673	$	—	$	3,365,624

See notes to financial statements.

36 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T   T O  S H A R E H O L D  E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares Cybersecurity and Tech ETF			iShares Exponential Technologies ETF		iShares Future Cloud 5G and Tech ETF			iShares Genomics Immunology and Healthcare ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	495,155,216		$	3,220,946,416	$	7,445,281		$	165,583,106
Investments, at value — affiliated(c)		38,772,708			241,968,125		150,536			27,497,574
Cash		2,562			227,125		7,294			1,292
Cash pledged for futures contracts		91,000			316,000		—			14,000
Foreign currency collateral pledged for futures contracts(d)		—			78,275		—			—
Foreign currency, at value(e)		811,126			4,801,778		8,914			74,998
Receivables:
Investments sold		163,664			—		—			—
Securities lending income — affiliated		4,875			187,640		102			34,641
Capital shares sold		—			529,318		—			—
Dividends — unaffiliated		23,779			1,308,199		1,923			—
Dividends — affiliated		3,275			6,871		7			615
Tax reclaims		2,804			1,336,117		386			117,188
Variation margin on futures contracts		13,867			96,293		—			3,381
Total assets		535,044,876			3,471,802,157		7,614,443			193,326,795
LIABILITIES
Collateral on securities loaned, at value		28,956,362			238,686,585		150,476			27,340,791
Payables:
Investments purchased		9,770,784			529,030		—			—
Capital shares redeemed		203,119			—		—			—
Investment advisory fees		194,719			1,198,707		2,829			64,422
Professional fees		—			40,934		—			—
Total liabilities		39,124,984			240,455,256		153,305			27,405,213
NET ASSETS	$	495,919,892		$	3,231,346,901	$	7,461,138		$	165,921,582
NET ASSETS CONSIST OF
Paid-in capital	$	601,319,465		$	2,968,892,886	$	8,815,055		$	293,067,518
Accumulated earnings (loss)		(105,399,573	)		262,454,015		(1,353,917	)		(127,145,936	)
NET ASSETS	$	495,919,892		$	3,231,346,901	$	7,461,138		$	165,921,582
NET ASSET VALUE
Shares outstanding		14,500,000			61,050,000		320,000			6,150,000
Net asset value	$	34.20		$	52.93	$	23.32		$	26.98
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	557,727,146		$	2,934,254,806	$	8,222,941		$	230,186,557
(b) Securities loaned, at value	$	28,691,328		$	238,556,483	$	149,950		$	26,502,861
(c)  Investments, at cost — affiliated	$	38,770,683		$	241,851,314	$	150,536		$	27,493,069
(d) Foreign currency collateral pledged, at cost	$	—		$	78,085	$	—		$	—
(e) Foreign currency, at cost	$	808,299		$	4,711,950	$	8,774		$	73,953

See notes to financial statements.

F I N A N C I A  L  S T A T E M E N T S 37

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2023

	iShares Neuroscience and Healthcare ETF		iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF			iShares Virtual Work and Life Multisector ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	5,366,001	$	253,384,664		$	456,353,190		$	3,052,733
Investments, at value — affiliated(c)		685,381		25,807,013			59,658,389			312,891
Cash		3,603		590			8,439			2,384
Cash pledged for futures contracts		—		192,000			33,000			—
Foreign currency collateral pledged for futures contracts(d)		—		—			59,794			—
Foreign currency, at value(e)		5,250		2,181,572			185,558			4,963
Receivables:
Securities lending income — affiliated		2,063		276,974			710,396			545
Dividends — unaffiliated		—		115,697			177,741			3,703
Dividends — affiliated		77		514			2,081			—
Tax reclaims		—		24,611			146,035			172
Variation margin on futures contracts		—		37,238			12,091			—
Total assets		6,062,375		282,020,873			517,346,714			3,377,391
LIABILITIES
Collateral on securities loaned, at value		685,191		25,679,272			58,976,113			312,865
Payables:
Investments purchased		—		—			—			3,612
Investment advisory fees		2,124		95,912			166,550			1,153
Total liabilities		687,315		25,775,184			59,142,663			317,630
NET ASSETS	$	5,375,060	$	256,245,689		$	458,204,051		$	3,059,761
NET ASSETS CONSIST OF
Paid-in capital	$	5,050,047	$	344,447,130		$	535,339,408		$	7,105,091
Accumulated earnings (loss)		325,013		(88,201,441	)		(77,135,357	)		(4,045,330	)
NET ASSETS	$	5,375,060	$	256,245,689		$	458,204,051		$	3,059,761
NET ASSETVALUE
Shares outstanding		200,000		8,600,000			11,100,000			200,000
Net asset value	$	26.88	$	29.80		$	41.28		$	15.30
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — unaffiliated	$	5,002,165	$	281,612,507		$	448,922,692		$	5,362,052
(b) Securities loaned, at value	$	644,528	$	25,329,765		$	58,236,250		$	313,422
(c)  Investments, at cost — affiliated	$	685,224	$	25,800,982		$	59,645,365		$	312,816
(d) Foreign currency collateral pledged, at cost	$	—	$	—		$	58,432		$	—
(e) Foreign currency, at cost	$	5,110	$	2,179,245		$	183,867		$	4,926

See notes to financial statements.

38 2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R T   T O  S H A R E H O L D  E R S

Statements of Operations (unaudited) 

Six Months Ended January 31, 2023

	iShares Cybersecurity and Tech ETF			iShares Exponential Technologies ETF			iShares Future Cloud 5G and Tech ETF			iShares Genomics Immunology and Healthcare ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,212,229		$	15,604,663		$	41,978		$	385,879
Dividends — affiliated		17,266			261,634			43			3,222
Interest — unaffiliated		100			1,889			34			166
Securities lending income — affiliated — net		42,345			515,331			227			219,596
Other income — unaffiliated		—			1,019			—			—
Foreign taxes withheld		(70,282	)		(1,006,204	)		(2,148	)		(33,560	)
Foreign withholding tax claims		—			413,095			—			—
Other foreign taxes		—			—			—			(15,348	)
Total investment income		1,201,658			15,791,427			40,134			559,955
EXPENSES
Commitment costs		601			6,470			20			127
Investment advisory		1,218,397			6,884,347			16,181			424,322
Professional		—			41,411			—			—
Total expenses		1,218,998			6,932,228			16,201			424,449
Net investment income (loss)		(17,340	)		8,859,199			23,933			135,506
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(12,273,325	)		6,857,945			(393,823	)		(38,209,936	)
Investments — affiliated		34,210			5,112,854			86			10,992
Capital gain distributions from underlying funds — affiliated		1			1			—			—
Foreign currency transactions		(12,218	)		(294,240	)		134			1,903
Futures contracts		(138,694	)		(143,130	)		—			49,888
In-kind redemptions — unaffiliated(b)		2,263,256			10,177,219			—			1,704,633
In-kind redemptions — affiliated(b)		—			123,194			—			—
		(10,126,770	)		21,833,843			(393,603	)		(36,442,520	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(26,690,623	)		40,114,033			678,042			5,646,555
Investments — affiliated		(11,675	)		(4,404,669	)		—			4,432
Foreign currency translations		(2,418	)		176,542			105			5,245
Futures contracts		784			52,797			—			(52,334	)
		(26,703,932	)		35,938,703			678,147			5,603,898
Net realized and unrealized gain (loss)		(36,830,702	)		57,772,546			284,544			(30,838,622	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(36,848,042	)	$	66,631,745		$	308,477		$	(30,703,116	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(864,535	)	$	—		$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	1,115,749		$	—		$	—

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 Operations (unaudited) (continued)

Six Months Ended January 31, 2023

	iShares Neuroscience and Healthcare ETF(a)			iShares Robotics and Artificial Intelligence Multisector ETF			iShares Self-Driving EV and Tech ETF			iShares Virtual Work and Life Multisector ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	1,018,755		$	5,379,462		$	3,216
Dividends — affiliated		420			2,765			9,243			17
Interest — unaffiliated		15			467			374			15
Securities lending income — affiliated — net		6,150			525,462			1,022,533			1,450
Foreign taxes withheld		—			(96,553	)		(574,374	)		(142	)
Total investment income		6,585			1,450,896			5,837,238			4,556
EXPENSES
Commitment costs		—			823			1,852			—
Investment advisory		10,452			560,125			1,022,660			7,561
Interest expense		—			1,260			516			—
Total expenses		10,452			562,208			1,025,028			7,561
Net investment income (loss)		(3,867	)		888,688			4,812,210			(3,005	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(35,471	)		(15,557,524	)		(72,013,732	)		(580,336	)
Investments — affiliated		33			7,848			2,328			100
Capital gain distributions from underlying funds — affiliated		—			—			2			—
Foreign currency transactions		185			(8,857	)		90,510			(204	)
Futures contracts		—			(38,260	)		175,828			87
In-kind redemptions — unaffiliated(b)		—			910,999			2,334,567			(389,200	)
		(35,253	)		(14,685,794	)		(69,410,497	)		(969,553	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		363,836			24,718,328			69,688,965			870,907
Investments — affiliated		157			5,827			12,915			58
Foreign currency translations		140			4,316			13,005			100
Futures contracts		—			60,244			42,352			—
		364,133			24,788,715			69,757,237			871,065
Net realized and unrealized gain (loss)		328,880			10,102,921			346,740			(98,488	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	325,013		$	10,991,609		$	5,158,950		$	(101,493	)

^(a)  For the period from August 24, 2022 (commencement of operations) to January 31, 2023.

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Cybersecurity and Tech ETF							iShares Exponential Technologies ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(17,340	)	$	3,801,354			$	8,859,199		$	27,596,886
Net realized gain (loss)			(10,126,770	)		12,489,986				21,833,843			89,057,717
Net change in unrealized appreciation (depreciation)			(26,703,932	)		(123,288,836	)			35,938,703			(850,719,765	)
Net increase (decrease) in net assets resulting from operations			(36,848,042	)		(106,997,496	)			66,631,745			(734,065,162	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(372,128	)		(4,167,125	)			(9,140,090	)		(31,230,965	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(6,748,535	)		34,658,872				14,213,319			10,360,369
NET ASSETS
Total increase (decrease) in net assets			(43,968,705	)		(76,505,749	)			71,704,974			(754,935,758	)
Beginning of period			539,888,597			616,394,346				3,159,641,927			3,914,577,685
End of period		$	495,919,892		$	539,888,597			$	3,231,346,901		$	3,159,641,927

^(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 41

Statements of Changes in Net Assets (continued)

	iShares Future Cloud 5G and Tech ETF								iShares Genomics Immunology and Healthcare ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22				Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	23,933			$	65,871			$	135,506		$	966,416
Net realized gain (loss)			(393,603	)			548,409				(36,442,520	)		(17,729,834	)
Net change in unrealized appreciation (depreciation)			678,147				(1,781,418	)			5,603,898			(117,898,157	)
Net increase (decrease) in net assets resulting from operations			308,477				(1,167,138	)			(30,703,116	)		(134,661,575	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(37,726	)			(63,758	)			—			(2,812,804	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			—				51,010				(2,709,541	)		8,990,520
NET ASSETS
Total increase (decrease) in net assets			270,751				(1,179,886	)			(33,412,657	)		(128,483,859	)
Beginning of period			7,190,387				8,370,273				199,334,239			327,818,098
End of period		$	7,461,138			$	7,190,387			$	165,921,582		$	199,334,239

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Neuroscience and Healthcare ETF				iShares Robotics and Artificial Intelligence Multisector ETF
	Period From 08/24/22(a) to 01/31/23 (unaudited)				Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	(3,867	)		$	888,688			$	1,042,005
Net realized loss			(35,253	)			(14,685,794	)			(15,447,483	)
Net change in unrealized appreciation (depreciation)			364,133				24,788,715				(127,618,290	)
Net increase (decrease) in net assets resulting from operations			325,013				10,991,609				(142,023,768	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			—				(491,447	)			(10,540,562	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			5,050,047				(15,261,531	)			(19,873,283	)
NET ASSETS
Total increase (decrease) in net assets			5,375,060				(4,761,369	)			(172,437,613	)
Beginning of period			—				261,007,058				433,444,671
End of period		$	5,375,060			$	256,245,689			$	261,007,058

^(a) Commencement of operations.

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

See notes to financial statements.

F I N A N C I A  L  S T A T E M E N T S 43

Statements of Changes in Net Assets (continued)

	iShares Self-Driving EV and Tech ETF						iShares Virtual Work and Life Multisector ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	4,812,210		$	5,946,133		$	(3,005	)	$	(4,780	)
Net realized loss		(69,410,497	)		(407,070	)		(969,553	)		(321,143	)
Net change in unrealized appreciation (depreciation)		69,757,237			(123,993,144	)		871,065			(3,180,036	)
Net increase (decrease) in net assets resulting from operations		5,158,950			(118,454,081	)		(101,493	)		(3,505,959	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,795,345	)		(9,781,417	)		(4,032	)(b)		(6,350	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(9,455,013	)		165,346,390			(1,240,169	)		(548,572	)
NET ASSETS
Total increase (decrease) in net assets		(8,091,408	)		37,110,892			(1,345,694	)		(4,060,881	)
Beginning of period		466,295,459			429,184,567			4,405,455			8,466,336
End of period	$	458,204,051		$	466,295,459		$	3,059,761		$	4,405,455

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

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Cybersecurity and Tech ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Period From 06/11/19(a) to 07/31/19
Net asset value, beginning of period		$	36.73			$	43.87			$	33.69			$	26.58			$	24.94
Net investment income(b)			(0.00	)(c)			0.26				0.02				0.33	(d)			0.00	(c)
Net realized and unrealized gain (loss)(e)			(2.51	)			(7.13	)			10.22				7.02				1.64
Net increase (decrease) from investment operations			(2.51	)			(6.87	)			10.24				7.35				1.64
Distributions(f)
From net investment income			(0.02	)			(0.27	)			(0.06	)			(0.15	)			—
From net realized gain			—				—				—				(0.09	)			—
Total distributions			(0.02	)			(0.27	)			(0.06	)			(0.24	)			—
Net asset value, end of period		$	34.20			$	36.73			$	43.87			$	33.69			$	26.58
Total Return(g)
Based on net asset value			(6.81	)%(h)			(15.73	)%			30.42	%			27.85	%			6.58	%(h)
Ratios to Average Net Assets(i)
Total expenses			0.47	%(j)			0.47	%			0.47	%			0.47	%			0.47	%(j)
Net investment income (loss)			(0.01	)%(j)			0.62	%			0.04	%			1.12	%(d)			0.06	%(j)
Supplemental Data
Net assets, end of period (000)		$	495,920			$	539,889			$	616,394			$	109,489			$	3,987
Portfolio turnover rate(k)			30	%			44	%			38	%			29	%			8	%(h)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Rounds to less than $0.01.

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

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

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

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

^(h)  Not annualized.

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

^(j) Annualized.

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

See notes to financial statements.

F I N A N C I A  L  H I G H L I G H T S 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Exponential Technologies ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	52.01		$	63.91		$	47.25		$	38.89		$	37.73		$	32.74
Net investment income(a)			0.15	(b)		0.44			0.52			0.44			0.55			0.47
Net realized and unrealized gain (loss)(c)			0.92			(11.84	)		16.61			8.47			1.16			4.91
Net increase (decrease) from investment operations			1.07			(11.40	)		17.13			8.91			1.71			5.38
Distributions from net investment income(d)			(0.15	)		(0.50	)		(0.47	)		(0.55	)		(0.55	)		(0.39	)
Net asset value, end of period		$	52.93		$	52.01		$	63.91		$	47.25		$	38.89		$	37.73
Total Return(e)
Based on net asset value			2.07	%(b)(f)		(17.91	)%		36.33	%		23.05	%		4.67	%		16.48	%
Ratios to Average Net Assets(g)
Total expenses			0.46	%(h)(i)		0.46	%		0.46	%		0.47	%		0.47	%		0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.46	%(h)		0.46	%		N/A			N/A			N/A			N/A
Net investment income			0.59	%(b)(h)		0.74	%		0.91	%		1.07	%		1.47	%		1.30	%
Supplemental Data
Net assets, end of period (000)		$	3,231,347		$	3,159,642		$	3,914,578		$	2,657,627		$	2,562,819		$	2,346,884
Portfolio turnover rate(j)			45	%		69	%		23	%		23	%		21	%		19	%

^(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 six months ended January 31, 2023:

• Net investment income per share by $0.01.

• Total return by 0.01%.

• Ratio of net investment income to average net assets by 0.02%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.47%.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Future Cloud 5G and Tech ETF
		Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22					Period From 06/08/21 to 07/31/21	(a)
Net asset value, beginning of period			$	22.47			$	26.16		$	25.07
Net investment income(b)				0.07				0.21			0.04
Net realized and unrealized gain (loss)(c)				0.90				(3.70	)		1.05
Net increase (decrease) from investment operations				0.97				(3.49	)		1.09
Distributions from net investment income(d)				(0.12	)			(0.20	)		—
Net asset value, end of period			$	23.32			$	22.47		$	26.16
Total Return(e)
Based on net asset value				4.30	%(f)			(13.46	)%		4.35	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)			0.47	%		0.47	%(h)
Net investment income				0.70	%(h)			0.80	%		1.09	%(h)
Supplemental Data
Net assets, end of period (000)			$	7,461			$	7,190		$	8,370
Portfolio turnover rate(i)				40	%			51	%		0	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A  L  H I G H L I G H T S 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Genomics Immunology and Healthcare ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Period From 06/11/19(a) to 07/31/19
Net asset value, beginning of period		$	31.64			$	50.05			$	37.28			$	27.61			$	24.46
Net investment income (loss)(b)			0.02				0.14				0.08				0.17				(0.01	)
Net realized and unrealized gain (loss)(c)			(4.68	)			(18.16	)			12.78				9.82				3.16
Net increase (decrease) from investment operations			(4.66	)			(18.02	)			12.86				9.99				3.15
Distributions(d)
From net investment income			—				(0.39	)			(0.09	)			(0.08	)			—
From net realized gain			—				—				—				(0.24	)			—
Total distributions			—				(0.39	)			(0.09	)			(0.32	)			—
Net asset value, end of period		$	26.98			$	31.64			$	50.05			$	37.28			$	27.61
Total Return(e)
Based on net asset value			(14.73	)%(f)			(36.11	)%			34.49	%			36.42	%			12.88	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.47	%(h)			0.47	%			0.47	%			0.47	%			0.47	%(h)
Net investment income (loss)			0.15	%(h)			0.35	%			0.16	%			0.54	%			(0.35	)%(h)
Supplemental Data
Net assets, end of period (000)		$	165,922			$	199,334			$	327,818			$	141,675			$	24,851
Portfolio turnover rate(i)			29	%			59	%			52	%			38	%			19	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h) Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

iShares Neuroscience and Healthcare ETF
	Period From 08/24/22 to 01/31/23 (unaudited	(a)   )

Net asset value, beginning of period	$25.25
Net investment loss(b)		(0.02	)
Net realized and unrealized gain(c)		1.65
Net increase from investment operations		1.63
Net asset value, end of period	$26.88
Total Return(d)
Based on net asset value		6.43	%(e)
Ratios to Average Net Assets(f)
Total expenses		0.47	%(g)
Net investment loss		(0.17	)%(g)
Supplemental Data
Net assets, end of period (000)	$	5,375
Portfolio turnover rate(h)		42	%

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

^(e)  Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A  L  H I G H L I G H T S 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Robotics and Artificial Intelligence Multisector ETF
		Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20				Year Ended 07/31/19					Period From 06/26/18 to 07/31/18	(a)
Net asset value, beginning of period			$	28.37			$	43.34			$	31.43			$	24.99			$	23.63		$	23.80
Net investment income(b)				0.10				0.11				0.17				0.11				0.24			0.03
Net realized and unrealized gain (loss)(c)				1.39				(14.03	)			12.00				6.44				1.30			(0.20	)
Net increase (decrease) from investment operations				1.49				(13.92	)			12.17				6.55				1.54			(0.17	)
Distributions from net investment income(d)				(0.06	)			(1.05	)			(0.26	)			(0.11	)			(0.18	)		—
Net asset value, end of period			$	29.80			$	28.37			$	43.34			$	31.43			$	24.99		$	23.63
Total Return(e)
Based on net asset value				5.24	%(f)			(32.79	)%			38.79	%			26.27	%			6.60	%		(0.71	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)			0.47	%			0.47	%			0.47	%			0.47	%		0.47	%(h)
Net investment income				0.75	%(h)			0.29	%			0.42	%			0.40	%			1.02	%		1.16	%(h)
Supplemental Data
Net assets, end of period (000)			$	256,246			$	261,007			$	433,445			$	157,172			$	44,978		$	9,454
Portfolio turnover rate(i)				22	%			58	%			42	%			34	%			35	%		0	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h) Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Self-Driving EV and Tech ETF
		Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22				Year Ended 07/31/21				Year Ended 07/31/20					Period From 04/16/19 to 07/31/19	(a)
Net asset value, beginning of period			$	40.90			$	49.91			$	29.69			$	24.08		$	25.39
Net investment income(b)				0.42				0.54				0.50				0.37			0.17
Net realized and unrealized gain (loss)(c)				0.29				(8.71	)			20.04				5.59			(1.30	)
Net increase (decrease) from investment operations				0.71				(8.17	)			20.54				5.96			(1.13	)
Distributions from net investment income(d)				(0.33	)			(0.84	)			(0.32	)			(0.35	)		(0.18	)
Net asset value, end of period			$	41.28			$	40.90			$	49.91			$	29.69		$	24.08
Total Return(e)
Based on net asset value				1.83	%(f)			(16.54	)%			69.28	%			24.91	%(g)		(4.40	)%(f)
Ratios to Average Net Assets(h)
Total expenses				0.47	%(i)			0.47	%			0.47	%			0.47	%		0.47	%(i)
Net investment income				2.21	%(i)			1.16	%			1.10	%			1.44	%		2.43	%(i)
Supplemental Data
Net assets, end of period (000)			$	458,204			$	466,295			$	429,185			$	32,660		$	26,493
Portfolio turnover rate(j)				74	%			41	%			24	%			19	%		2	%(f)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

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 Virtual Work and Life Multisector ETF
		Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22					Period From 09/29/20 to 07/31/21	(a)
Net asset value, beginning of period			$	14.68			$	28.22		$	25.22
Net investment loss(b)				(0.01	)			(0.02	)		(0.04	)
Net realized and unrealized gain (loss)(c)				0.65				(13.50	)		3.09
Net increase (decrease) from investment operations				0.64				(13.52	)		3.05
Distributions from net investment income(d)				(0.02	)(e)			(0.02	)		(0.05	)
Net asset value, end of period			$	15.30			$	14.68		$	28.22
Total Return(f)
Based on net asset value				4.32	%(g)			(47.89	)%		12.11	%(g)
Ratios to Average Net Assets(h)
Total expenses				0.47	%(i)			0.47	%		0.47	%(i)
Net investment loss				(0.19	)%(i)			(0.08	)%		(0.16	)%(i)
Supplemental Data
Net assets, end of period (000)			$	3,060			$	4,405		$	8,466
Portfolio turnover rate(j)				22	%			46	%		27	%(g)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾ Annualized.

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

See notes to financial statements.

52 2 0 2 3    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification    Classification
Cybersecurity and Tech		Non-diversified
Exponential Technologies		Diversified
Future Cloud 5G and Tech(a)		Non-diversified
Genomics Immunology and Healthcare		Non-diversified
Neuroscience and Healthcare(b)		Non-diversified
Robotics and Artificial Intelligence Multisector		Diversified
Self-Driving EV and Tech		Non-diversified
Virtual Work and Life Multisector		Non-diversified

^(a)  Formerly the iShares Cloud 5G and Tech ETF.

^(b) The Fund commenced operations on August 24, 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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 53

Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately 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.

54 2 0 2 3   I S H A R E S  S E M I - A N N U A L  R  E P O R T  T O  S H A R  E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair  Value(a)		Net Amount
Cybersecurity and Tech
Barclays Capital, Inc.	$	764,367	$	(764,367	)	$	—	$	—
BofA Securities, Inc.		3,272,260		(3,272,260	)		—		—
Goldman Sachs & Co. LLC		19,324,315		(19,324,315	)		—		—
HSBC Bank PLC		1,146,550		(1,146,550	)		—		—
J.P. Morgan Securities LLC		1,693,188		(1,692,046	)		—		1,142	(b)
Virtu Americas LLC		2,490,648		(2,490,648	)		—		—
	$	28,691,328	$	(28,690,186	)	$	—	$	1,142
Exponential Technologies
Barclays Bank PLC	$	20,075,486	$	(19,949,574	)	$	—	$	125,912	(b)
Barclays Capital, Inc.		3,311,924		(3,311,924	)		—		—
BNP Paribas SA		17,127,618		(16,931,452	)		—		196,166	(b)
BofA Securities, Inc.		26,479,484		(25,541,181	)		—		938,303	(b)
Citadel Clearing LLC		5,052,330		(5,052,330	)		—		—
Citigroup Global Markets, Inc.		36,431,915		(36,282,446	)		—		149,469	(b)
Goldman Sachs & Co. LLC		42,344,935		(42,344,935	)		—		—
J.P. Morgan Securities LLC		51,545,620		(51,545,620	)		—		—
Jefferies LLC		5,804,211		(5,715,563	)		—		88,648	(b)
National Financial Services LLC		96,889		(95,807	)		—		1,082	(b)
Nomura Securities International, Inc.		90,309		(90,309	)		—		—
Scotia Capital (USA), Inc.		6,487,331		(6,455,772	)		—		31,559	(b)
State Street Bank & Trust Co.		2,219,023		(2,196,639	)		—		22,384	(b)
Toronto-Dominion Bank		13,002,332		(13,002,332	)		—		—
UBS AG		5,960,924		(5,735,951	)		—		224,973	(b)
UBS Securities LLC		2,116,530		(2,116,530	)		—		—
Wells Fargo Bank N.A.		146,480		(146,480	)		—		—
Wells Fargo Securities LLC		263,142		(263,142	)		—		—
	$	238,556,483	$	(236,777,987	)	$	—	$	1,778,496
Future Cloud 5G and Tech
BNP Paribas SA	$	7,970	$	(7,970	)	$	—	$	—
BofA Securities, Inc.		14,082		(14,082	)		—		—
Citigroup Global Markets, Inc.		127,898		(127,891	)		—		7	(b)
	$	149,950	$	(149,943	)	$	—	$	7

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 (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Genomics Immunology and Healthcare
Barclays Capital, Inc.	$	945,416	$	(945,416	)	$	—		$	—
BNP Paribas SA		1,730,725		(1,730,725	)		—			—
Citigroup Global Markets, Inc.		8,765,159		(8,631,361	)		—			133,798	(b)
J.P. Morgan Securities LLC		10,210,768		(10,210,768	)		—			—
Jefferies LLC		1,861,220		(1,861,220	)		—			—
National Financial Services LLC		701,440		(701,440	)		—			—
Scotia Capital (USA), Inc.		466,525		(466,525	)		—			—
UBS AG		1,821,608		(1,821,608	)		—			—
	$	26,502,861	$	(26,369,063	)	$	—		$	133,798
Neuroscience and Healthcare
BofA Securities, Inc.	$	97,580	$	(94,331	)	$	—		$	3,249	(b)
J.P. Morgan Securities LLC		238,916		(238,916	)		—			—
Jefferies LLC		73,680		(73,680	)		—			—
Scotia Capital (USA), Inc.		24,085		(24,085	)		—			—
UBS AG		16,688		(16,581	)		—			107	(b)
Wells Fargo Bank N.A.		193,579		(193,579	)		—			—
	$	644,528	$	(641,172	)	$	—		$	3,356
Robotics and Artificial Intelligence Multisector
Barclays Capital, Inc.	$	1,569,663	$	(1,569,663	)	$	—		$	—
BMO Capital Markets Corp.		111,605		(111,605	)		—			—
BNP Paribas SA		2,669,293		(2,669,293	)		—			—
BofA Securities, Inc.		1,906,714		(1,884,187	)		—			22,527	(b)
Citigroup Global Markets, Inc.		608,011		(608,011	)		—			—
Goldman Sachs & Co. LLC		8,658,311		(8,658,311	)		—			—
HSBC Bank PLC		338,690		(338,690	)		—			—
ING Financial Markets LLC		20,100		(20,100	)		—			—
J.P. Morgan Securities LLC		3,564,508		(3,564,508	)		—			—
Jefferies LLC		2,069,440		(2,069,440	)		—			—
Macquarie Bank Ltd.		290,922		(290,922	)		—			—
RBC Capital Markets LLC		61,619		(61,270	)		—			349	(b)
Scotia Capital (USA), Inc.		190,589		(189,508	)		—			1,081	(b)
Toronto-Dominion Bank		2,092,379		(2,092,379	)		—			—
UBS AG		618,825		(618,825	)		—			—
UBS Securities LLC		185,776		(183,263	)		—			2,513	(b)
Wells Fargo Bank N.A.		373,320		(373,320	)		—			—
	$	25,329,765	$	(25,303,295	)	$	—		$	26,470
Self-Driving EV and Tech
Barclays Capital, Inc.	$	8,905,087	$	(8,848,332	)	$	—		$	56,755	(b)
BNP Paribas SA		1,144,218		(1,144,218	)		—			—
Citigroup Global Markets, Inc.		8,056,065		(8,056,065	)		—			—
ING Financial Markets LLC		481,185		(481,185	)		—			—
J.P. Morgan Securities LLC		21,444,676		(21,444,676	)		—			—
Jefferies LLC		1,547,154		(1,547,154	)		—			—
National Financial Services LLC		4,414,116		(4,414,116	)		—			—
Toronto-Dominion Bank		147,326		(147,326	)		—			—
UBS AG		10,273,762		(10,273,762	)		—			—
UBS Securities LLC		1,822,661		(1,789,841	)		—			32,820	(b)
	$	58,236,250	$	(58,146,675	)	$	—		$	89,575

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Virtual Work and Life Multisector
BMO Capital Markets Corp.	$	17,145	$	(17,145	)	$	—		$	—
BNP Paribas SA		7,003		(6,813	)		—			190	(b)
BofA Securities, Inc.		26,353		(25,633	)		—			720	(b)
Citadel Clearing LLC		44,403		(43,597	)		—			806	(b)
Citigroup Global Markets, Inc.		61,058		(58,859	)		—			2,199	(b)
J.P. Morgan Securities LLC		75,986		(75,986	)		—			—
Jefferies LLC		16,480		(16,480	)		—			—
UBS Securities LLC		64,994		(64,603	)		—			391	(b)
	$	313,422	$	(309,116	)	$	—		$	4,306

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

^(b)  The market value of the loaned securities is determined as of January 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Cybersecurity and Tech	0.47%
Future Cloud 5G and Tech	0.47
Genomics Immunology and Healthcare	0.47
Neuroscience and Healthcare	0.47
Robotics and Artificial Intelligence Multisector	0.47
Self-Driving EV and Tech	0.47
Virtual Work and Life Multisector	0.47

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 (unaudited) (continued)

For its investment advisory services to the iShares Exponential Technologies ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Net Assets	Investment Advisory Fees
First $2 billion	0.4700%
Over $2 billion, up to and including $3 billion	0.4465
Over $3 billion, up to and including $4 billion	0.4242
Over $4 billion	0.4030

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

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

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

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

Pursuant to the current securities lending agreement, each of iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Cybersecurity and Tech	$     15,936
Exponential Technologies	138,797
Future Cloud 5G and Tech	75
Genomics Immunology and Healthcare	52,197
Neuroscience and Healthcare	1,361
Robotics and Artificial Intelligence Multisector	114,206
Self-Driving EV and Tech	217,744
Virtual Work and Life Multisector	371

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

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Notes to Financial Statements (unaudited) (continued)

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

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
Cybersecurity and Tech	$	7,189,979	$	19,102,119	$	(16,579,228	)
Exponential Technologies		116,963,261		189,041,215		39,224,833
Future Cloud 5G and Tech		685,303		266,915		(36,116	)
Genomics Immunology and Healthcare		2,234,020		19,009,406		(3,157,750	)
Robotics and Artificial Intelligence Multisector		5,600,115		7,741,221		(2,941,090	)
Self-Driving EV and Tech		20,265,257		98,014,214		(9,635,597	)
Virtual Work and Life Multisector		83,048		125,117		(205,849	)

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases	Sales
Cybersecurity and Tech	$     156,852,079	$     158,008,819
Exponential Technologies	1,352,831,656	1,340,986,086
Future Cloud 5G and Tech	2,746,729	2,752,675
Genomics Immunology and Healthcare	50,728,547	52,042,698
Neuroscience and Healthcare	7,175,771	2,138,134
Robotics and Artificial Intelligence Multisector	50,740,990	52,302,651
Self-Driving EV and Tech	319,021,619	319,762,727
Virtual Work and Life Multisector	707,591	738,283

For the six months ended January 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases	In-kind   Sales
Cybersecurity and Tech	$     7,843,703	$   14,100,383
Exponential Technologies	61,059,443	57,433,688
Genomics Immunology and Healthcare	9,492,905	10,553,409
Robotics and Artificial Intelligence Multisector	—	13,229,277
Self-Driving EV and Tech	13,753,786	22,227,783
Virtual Work and Life Multisector	—	1,213,273

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Amounts
Cybersecurity and Tech	$   28,376,912
Exponential Technologies	32,238,557
Future Cloud 5G and Tech	172,000
Genomics Immunology and Healthcare	22,819,061
Robotics and Artificial Intelligence Multisector	39,652,685
Self-Driving EV and Tech	10,665,311
Virtual Work and Life Multisector	674,237

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

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized    Appreciation    (Depreciation)
Cybersecurity and Tech	$ 600,289,047	$35,685,561	$ (101,986,261)	$ (66,300,700)
Exponential Technologies	3,190,565,315	514,402,849	(241,595,058)	272,807,791
Future Cloud 5G and Tech	8,383,245	451,637	(1,239,065)	(787,428)
Genomics Immunology and Healthcare	260,737,321	13,027,332	(80,697,960)	(67,670,628)
Neuroscience and Healthcare	5,687,389	637,157	(273,164)	363,993
Robotics and Artificial Intelligence Multisector	314,133,698	27,175,435	(62,003,580)	(34,828,145)
Self-Driving EV and Tech	511,331,424	41,123,946	(36,356,624)	4,767,322
Virtual Work and Life Multisector	5,762,313	123,194	(2,519,883)	(2,396,689)

9. LINE OF CREDIT

The iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended January 31, 2023, the iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF and iShares Virtual Work and Life Multisector ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended January 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed	Average Borrowing	Weighted     Average     Interest Rates
Robotics and Artificial Intelligence Multisector	$   2,100,000	$     45,652	0.02%
Self-Driving EV and Tech	860,000	18,696	0.02

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.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
Cybersecurity and Tech
Shares sold		250,000		$	8,177,172			4,600,000		$	198,682,832
Shares redeemed		(450,000	)		(14,925,707	)		(3,950,000	)		(164,023,960	)
		(200,000	)	$	(6,748,535	)		650,000		$	34,658,872
Exponential Technologies
Shares sold		1,600,000		$	77,653,975			3,700,000		$	234,079,077
Shares redeemed		(1,300,000	)		(63,440,656	)		(4,200,000	)		(223,718,708	)
		300,000		$	14,213,319			(500,000	)	$	10,360,369
Future Cloud 5G and Tech
Shares sold		—		$	—			80,000		$	2,360,993
Shares redeemed		—			—			(80,000	)		(2,309,983	)
		—		$	—			—		$	51,010
Genomics Immunology and Healthcare
Shares sold		300,000		$	9,740,935			1,150,000		$	54,981,603
Shares redeemed		(450,000	)		(12,450,476	)		(1,400,000	)		(45,991,083	)
		(150,000	)	$	(2,709,541	)		(250,000	)	$	8,990,520

	Period Ended 01/31/23
iShares ETF	Shares		Amount
Neuroscience and Healthcare(a)
Shares sold	200,000	$	5,050,047

^(a) The Fund commenced operations on August 24, 2022.

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
Robotics and Artificial Intelligence Multisector
Shares sold		—		$	6,210			1,000,000		$	39,951,403
Shares redeemed		(600,000	)		(15,267,741	)		(1,800,000	)		(59,824,686	)
		(600,000	)	$	(15,261,531	)		(800,000	)	$	(19,873,283	)
Self-Driving EV and Tech
Shares sold		400,000		$	16,001,312			3,800,000		$	206,676,608
Shares redeemed		(700,000	)		(25,456,325	)		(1,000,000	)		(41,330,218	)
		(300,000	)	$	(9,455,013	)		2,800,000		$	165,346,390
Virtual Work and Life Multisector
Shares sold		—		$	(54	)		100,000		$	2,213,935
Shares redeemed		(100,000	)		(1,240,115	)		(100,000	)		(2,762,507	)
		(100,000	)	$	(1,240,169	)		—		$	(548,572	)

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

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

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Notes to Financial Statements (unaudited) (continued)

12. 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 Exponential Technologies ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

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 63

Board Review and Approval of Investment Advisory Contract

iShares Neuroscience and Healthcare ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further

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Board Review and Approval of Investment Advisory Contract (continued)

noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

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

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 65

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Neuroscience and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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

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

Supplemental Information (unaudited)

Section 19(a) Notices

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

January 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Virtual Work and Life Multisector(a)	$	—	$	—	$	0.020160	$	0.020160		—	%		—	%		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.

S U P P L E M E N T A L   I N F O R M A T I O N 67

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.

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

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 69

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iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or Morningstar Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

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

iS-SAR-701-0123

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares MSCI ACWI ETF | ACWI | NASDAQ

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

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

·  iShares MSCI Europe Financials ETF | EUFN | NASDAQ

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

·  iShares MSCI Kokusai ETF | TOK | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

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

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		91
Statements of Operations		93
Statements of Changes in Net Assets		95
Financial Highlights		98
Notes to Financial Statements		104
Statement Regarding Liquidity Risk Management Program		116
General Information		117
Glossary of Terms Used in this Report		118

3

Fund Summary as of January31,  2023 iShares^® MSCI ACWI ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.51	%		(8.12	)%		5.67	%		8.44	%		(8.12	)%		31.74	%		124.77	%
Fund Market		2.37			(8.07	)		5.69			8.44			(8.07	)		31.88			124.75
Index		2.45			(7.99	)		5.53			8.24			(7.99	)		30.88			120.73

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,025.10	$        1.63			$      1,000.00	$      1,023.60	$        1.63		0.32	%

^(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.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	20.6	%
Financials	15.2
Health Care	12.5
Consumer Discretionary	11.2
Industrials	10.0
Consumer Staples	7.3
Communication Services	7.1
Energy	5.4
Materials	5.1
Utilities	3.0
Real Estate	2.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	59.5	%
Japan	5.5
United Kingdom	4.0
China	3.8
Canada	3.2
France	3.1
Switzerland	2.7
Germany	2.1
Australia	2.1
Taiwan	1.6

^(a)  Excludes money market funds.

4 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.44	%		(8.52	)%		5.80	%		7.63	%		(8.52	)%		32.59	%		82.08	%
Fund Market		2.27			(8.72	)		5.76			7.61			(8.72	)		32.30			81.79
Index		2.30			(8.50	)		5.55			7.35			(8.50	)		31.01			78.13

The inception date of the Fund was December 8, 2014. The first day of secondary market trading was December 9, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,024.40	$        1.02			$      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.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	20.3	%
Financials	17.5
Health Care	12.4
Consumer Discretionary	10.7
Industrials	10.0
Communication Services	7.8
Consumer Staples	7.4
Materials	4.4
Energy	4.2
Real Estate	2.8
Utilities	2.5

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	58.8	%
Japan	5.7
China	4.2
Canada	3.8
United Kingdom	3.7
France	2.9
Switzerland	2.6
Australia	1.9
Germany	1.8
Taiwan	1.6

F U N D   S U M M A R Y 5

Fund Summary as of January31, 2023 iShares^® MSCI All Country Asia ex Japan ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.15	%		(11.84	)%		(1.16	)%		3.52	%		(11.84	)%		(5.65	)%		41.31	%
Fund Market		5.50			(11.72	)		(1.07	)		3.52			(11.72	)		(5.25	)		41.32
Index		5.10			(10.29	)		(0.52	)		4.21			(10.29	)		(2.59	)		51.11

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,051.50	$        3.62			$      1,000.00	$      1,021.70	$        3.57		0.70	%

^(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.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	22.2	%
Financials	20.6
Consumer Discretionary	15.7
Communication Services	10.2
Industrials	6.7
Materials	5.4
Consumer Staples	5.2
Health Care	4.0
Real Estate	3.9
Energy	3.4
Utilities	2.7

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	37.6	%
Taiwan	16.3
India	14.6
South Korea	13.3
Hong Kong	7.4
Singapore	3.8
Thailand	2.4
Indonesia	2.1
Malaysia	1.7
Philippines	0.8

^(a)  Excludes money market funds.

6 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January31, 2023 iShares^® MSCI Europe Financials ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.22	%		(0.34	)%		(0.80	)%		3.01	%		(0.34	)%		(3.93	)%		34.54	%
Fund Market		25.49			(0.20	)		(0.77	)		2.97			(0.20	)		(3.78	)		34.04
Index		25.40			(0.03	)		(0.87	)		3.11			(0.03	)		(4.26	)		35.81

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,252.20	$        2.95			$      1,000.00	$      1,022.60	$        2.65		0.52	%

^(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.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Banks	48.7	%
Insurance	30.6
Capital Markets	15.4
Diversified Financial Services	5.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	25.1	%
Switzerland	14.5
Germany	13.4
France	10.9
Sweden	9.1
Italy	7.2
Spain	6.9
Netherlands	5.2
Belgium	2.2
Finland	1.4

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of January31, 2023 iShares^® MSCI Europe Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.28	%		(13.65	)%		0.46	%		6.42	%		(13.65	)%		2.31	%		86.32	%
Fund Market		5.37			(13.74	)		0.48			6.38			(13.74	)		2.43			85.57
Index		5.23			(13.49	)		0.39			6.43			(13.49	)		1.98			86.53

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,052.80	$        2.22			$      1,000.00	$      1,023.00	$        2.19		0.43	%

^(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.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	26.1	%
Financials	15.4
Consumer Discretionary	9.8
Information Technology	9.1
Real Estate	8.8
Health Care	7.7
Materials	7.4
Communication Services	4.9
Consumer Staples	4.4
Energy	3.4
Utilities	3.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	29.4	%
Sweden	11.2
Germany	9.5
Switzerland	9.2
France	7.2
Italy	6.5
Netherlands	4.5
Norway	4.5
Spain	4.2
Denmark	4.1

^(a)  Excludes money market funds.

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January31, 2023 iShares^® MSCI Kokusai ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.17	%		(7.22	)%		7.27	%		9.59	%		(7.22	)%		42.01	%		149.83	%
Fund Market		2.84			(6.84	)		7.29			9.58			(6.84	)		42.18			149.60
Index		1.96			(7.50	)		7.00			9.33			(7.50	)		40.28			144.01

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,021.70	$        1.43			$      1,000.00	$      1,023.80	$        1.43		0.28	%

^(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.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	21.2	%
Financials	14.7
Health Care	13.8
Consumer Discretionary	10.2
Industrials	9.8
Consumer Staples	7.5
Communication Services	6.6
Energy	5.8
Materials	4.6
Utilities	3.1
Real Estate	2.7

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	71.6	%
United Kingdom	4.8
Canada	3.8
France	3.7
Switzerland	3.2
Germany	2.6
Australia	2.5
Netherlands	1.5
Sweden	1.0
Hong Kong	0.9

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.1%
Ampol Ltd.		100,778	$	2,185,459
APA Group		415,769		3,111,578
Aristocrat Leisure Ltd.		214,197		5,171,406
ASX Ltd.		72,287		3,537,373
Aurizon Holdings Ltd.		690,888		1,805,815
Australia & New Zealand Banking Group Ltd.		940,054		16,729,567
BHP Group Ltd.		1,621,813		56,799,348
BlueScope Steel Ltd.		158,701		2,164,123
Brambles Ltd.		539,257		4,585,599
Cochlear Ltd.		19,614		2,963,217
Coles Group Ltd.		456,502		5,741,711
Commonwealth Bank of Australia		544,725		42,522,356
Computershare Ltd.		167,279		2,817,288
CSL Ltd.		153,795		32,473,878
Dexus		422,313		2,448,595
Endeavour Group Ltd./Australia		428,628		2,012,648
Fortescue Metals Group Ltd.		546,501		8,632,285
Goodman Group		549,463		7,837,306
GPT Group (The)		849,451		2,753,526
IDP Education Ltd.(a)		71,534		1,591,878
IGO Ltd.		216,751		2,253,185
Insurance Australia Group Ltd.		503,431		1,748,301
James Hardie Industries PLC		144,264		3,237,071
Lendlease Corp. Ltd.		235,561		1,438,407
Lottery Corp. Ltd. (The)(b)		572,098		1,908,034
Macquarie Group Ltd.		114,530		15,279,325
Medibank Pvt Ltd.		1,101,895		2,295,559
Mineral Resources Ltd.		58,672		3,714,529
Mirvac Group		1,711,853		2,765,684
National Australia Bank Ltd.		1,027,220		23,178,325
Newcrest Mining Ltd.		275,894		4,383,706
Northern Star Resources Ltd.		436,214		3,886,894
Orica Ltd.		180,036		1,889,217
Origin Energy Ltd.		654,595		3,475,618
Pilbara Minerals Ltd.(b)		843,172		2,868,402
Qantas Airways Ltd.(b)		307,765		1,389,198
QBE Insurance Group Ltd.		528,271		5,154,295
Ramsay Health Care Ltd.		54,282		2,565,026
REA Group Ltd.		13,321		1,194,517
Reece Ltd.(a)		88,631		1,018,716
Rio Tinto Ltd.		93,517		8,391,959
Santos Ltd.		1,161,337		5,928,476
Scentre Group		1,825,846		3,961,732
SEEK Ltd.		149,645		2,591,693
Sonic Healthcare Ltd.		109,134		2,444,335
South32 Ltd.		1,689,146		5,420,349
Stockland		900,369		2,515,872
Suncorp Group Ltd.		408,862		3,634,514
Telstra Corp. Ltd.		1,406,401		4,064,756
Transurban Group		1,011,865		9,920,463
Treasury Wine Estates Ltd.		274,823		2,830,891
Vicinity Ltd.		1,477,810		2,162,096
Washington H Soul Pattinson & Co. Ltd.		67,452		1,373,790
Wesfarmers Ltd.		358,624		12,643,897
Westpac Banking Corp.		1,117,971		18,810,833
WiseTech Global Ltd.(a)		55,614		2,411,397
Woodside Energy Group Ltd.		609,545		15,783,480
Woolworths Group Ltd.		402,735		10,292,877

Security	Shares		Value
Australia (continued)
Xero Ltd.(a)(b)		49,059	$	2,703,958
				411,416,333
Austria — 0.1%
Erste Group Bank AG		97,686		3,706,611
OMV AG		61,042		3,057,608
Verbund AG		20,185		1,718,614
voestalpine AG		44,859		1,490,511
				9,973,344
Belgium — 0.3%
Ageas SA/NV		62,017		3,027,792
Anheuser-Busch InBev SA/NV		275,106		16,605,875
Argenx SE(b)		18,004		6,857,479
D’ieteren Group		6,728		1,285,824
Elia Group SA/NV		9,522		1,337,063
Groupe Bruxelles Lambert NV		54,143		4,631,675
KBC Group NV		78,216		5,793,246
Sofina SA(a)		3,865		918,216
Solvay SA		15,592		1,816,959
UCB SA		42,120		3,458,246
Umicore SA		70,209		2,654,215
Warehouses De Pauw CVA		91,809		2,911,436
				51,298,026
Brazil — 0.5%
Ambev SA		1,502,406		4,042,879
Atacadao SA		94,443		306,047
B3 SA - Brasil, Bolsa, Balcao		2,111,207		5,389,997
Banco Bradesco SA		90,907		226,001
Banco BTG Pactual SA		428,261		1,823,967
Banco do Brasil SA		274,016		2,196,965
Banco Santander Brasil SA		29,400		167,667
BB Seguridade Participacoes SA		187,167		1,392,977
BRF SA(b)		228,846		358,847
CCR SA		563,771		1,306,059
Centrais Eletricas Brasileiras SA		431,652		3,456,583
Cia. de Saneamento Basico do Estado de Sao Paulo		110,000		1,206,115
Cia. Siderurgica Nacional SA		191,583		698,203
Cosan SA		360,842		1,187,097
Energisa SA		20,142		167,642
Engie Brasil Energia SA		54,547		422,832
Equatorial Energia SA		346,331		1,911,667
Hapvida Participacoes e Investimentos SA(b)(c)		1,434,118		1,454,939
Hypera SA		239,456		2,188,751
JBS SA		334,602		1,323,564
Klabin SA		258,411		984,510
Localiza Rent a Car SA		207,968		2,425,740
Localiza Rent a Car SA, NVS		908		10,591
Lojas Renner SA		277,063		1,180,559
Magazine Luiza SA(b)		796,400		695,005
MercadoLibre Inc.(b)		14,536		17,177,046
Natura & Co. Holding SA		347,441		995,857
Petro Rio SA(b)		233,380		1,935,524
Petroleo Brasileiro SA		899,584		5,220,681
Raia Drogasil SA		353,267		1,727,955
Rede D’Or Sao Luiz SA(c)		118,831		746,746
Rumo SA		482,148		1,745,736
Sendas Distribuidora SA		306,498		1,186,432
Suzano SA		241,829		2,208,536
Telefonica Brasil SA		208,453		1,717,295
Tim SA		335,031		778,129

S C H E D U L E    O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
TOTVS SA		231,716	$	1,372,594
Ultrapar Participacoes SA		234,821		610,147
Vale SA		1,256,174		23,387,311
Vibra Energia SA		369,840		1,199,213
WEG SA		517,752		3,900,250
				102,434,656
Canada — 3.2%
Agnico Eagle Mines Ltd.		143,103		8,081,440
Air Canada(b)		52,213		886,077
Algonquin Power & Utilities Corp.		185,076		1,349,244
Alimentation Couche-Tard Inc.		287,648		13,135,540
AltaGas Ltd.		71,908		1,344,610
ARC Resources Ltd.		198,791		2,309,803
Bank of Montreal		216,901		21,827,849
Bank of Nova Scotia (The)		387,155		20,958,833
Barrick Gold Corp.		565,345		11,055,787
BCE Inc.		63,357		2,995,119
Brookfield Asset Management Ltd.(a)(b)		115,588		3,773,735
Brookfield Corp.		462,378		17,201,692
Brookfield Renewable Corp., Class A		39,332		1,238,889
BRP Inc.		9,025		753,106
CAE Inc.(b)		86,823		1,960,867
Cameco Corp.		146,345		4,094,866
Canadian Apartment Properties REIT		35,254		1,303,594
Canadian Imperial Bank of Commerce		296,300		13,526,182
Canadian National Railway Co.		191,456		22,789,674
Canadian Natural Resources Ltd.		386,205		23,705,507
Canadian Pacific Railway Ltd.		309,864		24,457,493
Canadian Tire Corp. Ltd., Class A, NVS		21,618		2,570,341
Canadian Utilities Ltd., Class A, NVS		108,309		3,010,234
CCL Industries Inc., Class B, NVS		71,584		3,347,993
Cenovus Energy Inc.(a)		453,228		9,054,000
CGI Inc.(b)		53,719		4,604,197
Constellation Software Inc./Canada		7,231		12,775,482
Descartes Systems Group Inc. (The)(b)		20,473		1,494,065
Dollarama Inc.		105,674		6,319,552
Element Fleet Management Corp.		103,573		1,463,434
Emera Inc.		39,917		1,589,420
Empire Co. Ltd., Class A, NVS		33,415		961,603
Enbridge Inc.		670,391		27,449,477
Fairfax Financial Holdings Ltd.		9,044		5,987,440
First Quantum Minerals Ltd.		209,974		4,871,592
FirstService Corp.		11,505		1,644,189
Fortis Inc.		127,982		5,258,559
Franco-Nevada Corp.		64,238		9,422,668
George Weston Ltd.		15,637		2,011,638
GFL Environmental Inc.		59,976		1,850,825
Gildan Activewear Inc.		75,911		2,380,224
Great-West Lifeco Inc.		50,422		1,337,336
Hydro One Ltd.(c)		58,036		1,586,825
iA Financial Corp. Inc.		21,307		1,315,203
Imperial Oil Ltd.		100,589		5,497,600
Intact Financial Corp.		50,796		7,369,247
Ivanhoe Mines Ltd., Class A(a)(b)		194,148		1,823,945
Keyera Corp.		58,279		1,329,351
Kinross Gold Corp.		513,973		2,391,111
Loblaw Companies Ltd.		40,839		3,658,644
Lundin Mining Corp.		142,943		1,081,835
Magna International Inc.		97,730		6,344,683
Manulife Financial Corp.		640,747		12,679,620

Security	Shares		Value
Canada (continued)
Metro Inc.		55,150	$	2,993,449
National Bank of Canada		95,162		7,148,504
Northland Power Inc.		73,204		1,966,338
Nutrien Ltd.		179,067		14,822,772
Nuvei Corp.(b)(c)		23,668		835,509
Onex Corp.		17,206		889,299
Open Text Corp.		116,650		3,912,735
Pan American Silver Corp.		76,897		1,401,490
Parkland Corp.		55,499		1,303,896
Pembina Pipeline Corp.		198,881		7,056,610
Power Corp. of Canada		218,294		5,921,033
Quebecor Inc., Class B		33,521		795,102
Restaurant Brands International Inc.		94,370		6,314,502
RioCan REIT		23,214		402,675
Ritchie Bros Auctioneers Inc.		36,730		2,221,108
Rogers Communications Inc., Class B, NVS		127,616		6,204,561
Royal Bank of Canada		453,046		46,361,838
Saputo Inc.		124,873		3,442,442
Shaw Communications Inc., Class B, NVS		158,524		4,718,012
Shopify Inc., Class A(b)		383,092		18,878,917
Sun Life Financial Inc.		194,913		9,794,358
Suncor Energy Inc.		463,393		16,083,190
TC Energy Corp.		312,501		13,464,870
Teck Resources Ltd., Class B		164,241		7,105,116
TELUS Corp.		199,018		4,288,336
TFI International Inc.		26,161		2,913,681
Thomson Reuters Corp.		64,560		7,679,950
TMX Group Ltd.		18,367		1,810,265
Toromont Industries Ltd.		14,864		1,187,400
Toronto-Dominion Bank (The)		586,044		40,548,052
Tourmaline Oil Corp.		102,094		4,758,069
Waste Connections Inc.(a)		86,354		11,476,447
West Fraser Timber Co. Ltd.		21,572		1,875,664
Wheaton Precious Metals Corp.		157,834		7,217,031
WSP Global Inc.		28,586		3,645,464
				624,670,925
Chile — 0.0%
Banco de Chile		12,857,790		1,405,038
Banco de Credito e Inversiones SA		34,569		1,042,079
Banco Santander Chile		23,731,034		997,642
Cia. Cervecerias Unidas SA		126,826		975,851
Cia. Sud Americana de Vapores SA		3,941,947		342,647
Empresas CMPC SA		411,029		706,770
Empresas COPEC SA		167,965		1,266,876
Enel Americas SA		10,346,594		1,369,747
Enel Chile SA		9,195,982		433,183
Falabella SA		218,063		506,964
				9,046,797
China — 3.8%
360 DigiTech Inc.		34,067		822,037
3SBio Inc.(c)		696,000		758,099
AAC Technologies Holdings Inc.(b)		220,500		587,587
Agricultural Bank of China Ltd., Class A		6,261,100		2,699,264
Agricultural Bank of China Ltd., Class H		8,868,000		3,191,886
Aier Eye Hospital Group Co. Ltd., Class A		342,302		1,672,348
Air China Ltd., Class H(b)		862,000		769,233
Alibaba Group Holding Ltd.(b)		4,850,476		66,687,542
Alibaba Health Information Technology Ltd.(a)(b)		1,652,000		1,475,425
Aluminum Corp. of China Ltd., Class H		1,516,000		810,141

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Anhui Conch Cement Co. Ltd., Class A		474,792	$	2,073,488
Anhui Conch Cement Co. Ltd., Class H		327,000		1,241,430
ANTA Sports Products Ltd.		357,400		5,421,260
Autohome Inc., ADR		24,127		841,067
AviChina Industry & Technology Co. Ltd., Class H		1,088,000		565,882
Baidu Inc.(b)		716,960		12,052,124
Bank of China Ltd., Class H		25,950,000		9,878,246
Bank of Communications Co. Ltd., Class A		4,697,400		3,376,757
Bank of Communications Co. Ltd., Class H		736,000		454,921
Bank of Ningbo Co. Ltd., Class A		456,915		2,226,780
Bank of Shanghai Co. Ltd., Class A		3,031,251		2,691,717
BeiGene Ltd.(b)		209,534		4,118,499
Beijing Capital International Airport Co. Ltd., Class H(b)		552,000		419,827
Beijing Enterprises Holdings Ltd.		82,000		278,456
Beijing Enterprises Water Group Ltd.		1,340,000		342,418
Beijing Kingsoft Office Software Inc., Class A		17,200		718,226
Bilibili Inc.(b)		66,408		1,657,326
BOC Aviation Ltd.(a)(c)		70,100		583,789
Bosideng International Holdings Ltd.		1,128,000		628,608
BYD Co. Ltd., Class A		65,700		2,807,151
BYD Co. Ltd., Class H		237,500		7,521,041
BYD Electronic International Co. Ltd.(a)		268,500		930,662
CGN Power Co. Ltd., Class H(c)		5,503,000		1,285,825
China Cinda Asset Management Co. Ltd., Class H		554,000		78,656
China CITIC Bank Corp. Ltd., Class H		2,139,000		1,031,961
China Coal Energy Co. Ltd., Class H		695,000		557,722
China Communications Services Corp. Ltd., Class H		582,000		221,474
China Conch Venture Holdings Ltd.		585,500		1,242,481
China Construction Bank Corp., Class H		31,345,260		20,289,497
China Everbright Bank Co. Ltd., Class A		6,009,000		2,735,044
China Everbright Environment Group Ltd.		1,206,000		536,289
China Evergrande Group(a)(b)(d)		740,000		100,714
China Feihe Ltd.(c)		1,317,000		1,263,580
China Galaxy Securities Co. Ltd., Class H		1,924,500		1,037,409
China Gas Holdings Ltd.		933,400		1,453,134
China Hongqiao Group Ltd.		680,500		791,506
China International Capital Corp. Ltd., Class H(a)(c)		828,400		1,851,164
China Jinmao Holdings Group Ltd.		1,386,000		318,357
China Lesso Group Holdings Ltd.		391,000		444,451
China Life Insurance Co. Ltd., Class H		2,377,000		4,375,515
China Literature Ltd.(b)(c)		121,000		634,391
China Longyuan Power Group Corp. Ltd., Class H		1,059,000		1,461,887
China Medical System Holdings Ltd.		460,000		794,059
China Meidong Auto Holdings Ltd.(a)		214,000		530,964
China Mengniu Dairy Co. Ltd.		1,081,000		5,214,606
China Merchants Bank Co. Ltd., Class A		769,400		4,717,456
China Merchants Bank Co. Ltd., Class H		1,096,288		7,110,663
China Merchants Port Holdings Co. Ltd.		444,000		622,410
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		884,222		1,948,074
China Minsheng Banking Corp. Ltd., Class A		4,642,400		2,401,568
China Minsheng Banking Corp. Ltd., Class H		13,500		5,047
China National Building Material Co. Ltd., Class H		1,060,000		972,610
China Oilfield Services Ltd., Class H		670,000		812,062
China Overseas Land & Investment Ltd.		1,217,000		3,286,229
China Overseas Property Holdings Ltd.		515,000		673,635
China Pacific Insurance Group Co. Ltd., Class A		734,097		2,815,456
China Pacific Insurance Group Co. Ltd., Class H		461,400		1,268,604
China Petroleum & Chemical Corp., Class H		8,111,200		4,379,799

Security	Shares		Value
China (continued)
China Power International Development Ltd.		2,104,000	$	904,525
China Railway Group Ltd., Class H		1,507,000		822,120
China Resources Beer Holdings Co. Ltd.		474,000		3,568,403
China Resources Cement Holdings Ltd.(a)		506,000		292,632
China Resources Gas Group Ltd.		284,000		1,194,287
China Resources Land Ltd.		866,000		4,150,351
China Resources Mixc Lifestyle Services Ltd.(c)		218,200		1,257,193
China Resources Power Holdings Co. Ltd.		612,000		1,274,766
China Ruyi Holdings Ltd.(b)		1,608,000		429,951
China Shenhua Energy Co. Ltd., Class A		380,500		1,603,348
China Shenhua Energy Co. Ltd., Class H		750,000		2,334,465
China Southern Airlines Co. Ltd., Class H(a)(b)		768,000		510,157
China State Construction Engineering Corp. Ltd., Class A		3,033,277		2,493,456
China State Construction International Holdings Ltd.		686,000		821,651
China Taiping Insurance Holdings Co. Ltd.		770,800		1,067,582
China Tourism Group Duty Free Corp. Ltd., Class A		48,592		1,539,035
China Tower Corp. Ltd., Class H(c)		13,654,000		1,551,379
China Traditional Chinese Medicine Holdings Co. Ltd.		1,174,000		562,477
China Vanke Co. Ltd., Class A		788,496		2,138,919
China Vanke Co. Ltd., Class H		2,500		5,054
China Yangtze Power Co. Ltd., Class A		1,118,610		3,446,286
Chinasoft International Ltd.		930,000		817,630
Chongqing Zhifei Biological Products Co. Ltd., Class A		58,100		845,249
CITIC Ltd.		1,441,000		1,686,219
CITIC Securities Co. Ltd., Class A		595,023		1,894,457
CITIC Securities Co. Ltd., Class H		628,525		1,437,948
CMOC Group Ltd., Class H		1,476,000		854,314
Contemporary Amperex Technology Co. Ltd., Class A		49,000		3,399,869
COSCO SHIPPING Holdings Co. Ltd., Class H		1,371,800		1,422,941
COSCO SHIPPING Ports Ltd.(a)		542,000		410,026
Country Garden Holdings Co. Ltd.(a)		3,232,866		1,213,072
Country Garden Services Holdings Co. Ltd.		655,000		1,770,767
CRRC Corp. Ltd., Class A		445,400		353,446
CSPC Pharmaceutical Group Ltd.		3,045,120		3,472,054
Dali Foods Group Co. Ltd.(a)(c)		1,218,000		543,142
Daqo New Energy Corp., ADR(a)(b)		23,415		1,065,617
Dongfeng Motor Group Co. Ltd., Class H		670,000		399,465
Dongyue Group Ltd.		508,000		608,163
East Money Information Co. Ltd., Class A		389,000		1,303,870
ENN Energy Holdings Ltd.		248,200		3,739,560
Eve Energy Co. Ltd., Class A		110,700		1,454,591
Far East Horizon Ltd.(a)		462,000		417,313
Flat Glass Group Co. Ltd., Class H		262,000		820,276
Foshan Haitian Flavouring & Food Co. Ltd., Class A		124,001		1,461,368
Fosun International Ltd.		744,000		690,763
Fuyao Glass Industry Group Co. Ltd., Class H(c)		237,200		1,167,393
Ganfeng Lithium Co. Ltd., Class H(a)(c)		134,840		1,231,518
Ganfeng Lithium Group Co. Ltd., Class A		29,500		347,018
GCL-Poly Energy Holdings Ltd.(a)(b)		6,388,000		1,769,023
GDS Holdings Ltd., Class A(a)(b)		327,988		956,448
Geely Automobile Holdings Ltd.(a)		1,865,000		3,025,588
Genscript Biotech Corp.(b)		464,000		1,572,272
GF Securities Co. Ltd., Class H		566,800		928,174
Great Wall Motor Co. Ltd., Class H		1,149,000		1,622,332
Greentown China Holdings Ltd.		259,000		381,862
Greentown Service Group Co. Ltd.		488,000		356,268
Guangdong Investment Ltd.		1,022,000		1,110,320
Guangzhou Automobile Group Co. Ltd., Class H		1,068,000		768,353

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
H World Group Ltd., ADR		73,976	$	3,512,380
Haidilao International Holding Ltd.(a)(b)(c)		398,000		1,085,231
Haier Smart Home Co. Ltd., Class H		878,200		3,238,905
Haitian International Holdings Ltd.		196,000		601,515
Haitong Securities Co. Ltd., Class H		892,800		615,876
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		65,100		853,960
Hansoh Pharmaceutical Group Co. Ltd.(c)		480,000		982,421
Hengan International Group Co. Ltd.		226,500		1,114,234
Hua Hong Semiconductor Ltd.(b)(c)		182,000		703,758
Huaneng Power International Inc., Class H(b)		1,992,000		972,573
Huatai Securities Co. Ltd., Class H(c)		645,400		835,676
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c)		143,800		1,141,286
Industrial & Commercial Bank of China Ltd., Class A		4,547,291		2,911,007
Industrial & Commercial Bank of China Ltd., Class H		17,803,260		9,523,297
Industrial Bank Co. Ltd., Class A		992,000		2,596,812
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		424,300		2,050,682
Inner Mongolia Yitai Coal Co. Ltd., Class B		515,400		774,630
Innovent Biologics Inc.(b)(c)		402,000		2,189,473
iQIYI Inc., ADR(a)(b)		110,496		740,323
JD Health International Inc.(b)(c)		397,700		3,302,633
JD.com Inc., Class A		694,576		20,624,290
Jiangsu Expressway Co. Ltd., Class H		524,000		516,077
Jiangsu Hengrui Medicine Co. Ltd., Class A		286,918		1,797,847
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		58,600		1,529,137
Jiangxi Copper Co. Ltd., Class H		375,000		645,770
Jiumaojiu International Holdings Ltd.(c)		307,000		786,589
JOYY Inc., ADR		20,970		748,210
Kanzhun Ltd., ADR(a)(b)		59,009		1,433,329
KE Holdings Inc., ADR(b)		212,202		3,891,785
Kingboard Holdings Ltd.		282,000		1,151,924
Kingboard Laminates Holdings Ltd.(a)		494,000		602,343
Kingdee International Software Group Co. Ltd.(a)(b)		864,000		1,885,689
Kingsoft Corp. Ltd.		335,800		1,236,429
Koolearn Technology Holding Ltd.(a)(b)(c)		129,500		1,051,833
Kuaishou Technology(b)(c)		562,900		4,952,849
Kunlun Energy Co. Ltd.		1,192,000		940,077
Kweichow Moutai Co. Ltd., Class A		23,232		6,371,307
Legend Biotech Corp., ADR(a)(b)		26,843		1,355,572
Lenovo Group Ltd.		2,474,000		1,984,318
Li Auto Inc.(b)		345,676		4,229,771
Li Ning Co. Ltd.		724,000		7,157,221
Longfor Group Holdings Ltd.(c)		555,000		1,833,782
LONGi Green Energy Technology Co. Ltd., Class A		237,020		1,699,540
Lufax Holding Ltd., ADR		261,768		798,392
Luxshare Precision Industry Co. Ltd., Class A		290,540		1,407,408
Luzhou Laojiao Co. Ltd., Class A		35,100		1,237,443
Meituan, Class B(b)(c)		1,630,720		36,456,175
Microport Scientific Corp.(a)(b)		300,200		941,975
Minth Group Ltd.		244,000		716,140
Muyuan Foods Co. Ltd., Class A		177,012		1,311,211
NAURA Technology Group Co. Ltd., Class A		12,900		450,427
NetEase Inc.		662,290		11,750,424
New China Life Insurance Co. Ltd., Class H		231,500		620,874
New Oriental Education & Technology Group Inc.(b)		492,430		2,090,276
Nine Dragons Paper Holdings Ltd.(a)		456,000		408,783
NIO Inc., ADR(a)(b)		423,859		5,115,978
Nongfu Spring Co. Ltd., Class H(a)(c)		563,600		3,190,430
Orient Overseas International Ltd.(a)		40,000		664,913

Security	Shares		Value
China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		2,442,000	$	823,258
PetroChina Co. Ltd., Class H		6,712,000		3,590,584
Pharmaron Beijing Co. Ltd., Class H(c)		109,800		804,825
PICC Property & Casualty Co. Ltd., Class H		1,996,000		1,876,543
Pinduoduo Inc., ADR(a)(b)		165,395		16,205,402
Ping An Bank Co. Ltd., Class A		1,025,100		2,285,564
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		211,200		559,257
Ping An Insurance Group Co. of China Ltd., Class A		615,800		4,669,517
Ping An Insurance Group Co. of China Ltd., Class H		1,857,000		14,424,622
Poly Developments and Holdings Group Co. Ltd., Class A		873,599		2,036,232
Pop Mart International Group Ltd.(a)(c)		153,600		498,053
Postal Savings Bank of China Co. Ltd., Class A		3,036,700		2,169,270
Postal Savings Bank of China Co. Ltd., Class H(c)		1,333,000		907,116
Rongsheng Petrochemical Co. Ltd., Class A		188,700		371,054
SAIC Motor Corp. Ltd., Class A		707,313		1,578,333
Sany Heavy Equipment International Holdings Co. Ltd.(a)		707,000		714,212
Sany Heavy Industry Co. Ltd., Class A		158,800		413,226
SF Holding Co. Ltd., Class A		246,800		2,154,747
Shaanxi Coal Industry Co. Ltd., Class A		591,100		1,714,616
Shandong Gold Mining Co. Ltd., Class H(a)(c)		312,500		602,681
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(a)		904,800		1,504,121
Shanghai Baosight Software Co. Ltd., Class B		301,677		945,552
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		256,000		825,455
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		169,000		704,450
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		346,100		277,362
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		419,200		739,131
Shanghai Pudong Development Bank Co. Ltd., Class A		3,123,865		3,414,338
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		32,100		1,390,113
Shenzhen International Holdings Ltd.		296,500		289,279
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		31,800		1,572,641
Shenzhou International Group Holdings Ltd.		225,700		2,842,379
Shimao Group Holdings Ltd.(a)(b)(d)		279,000		64,398
Sino Biopharmaceutical Ltd.		3,519,000		2,047,662
Sinopharm Group Co. Ltd., Class H		450,800		1,104,907
Smoore International Holdings Ltd.(a)(c)		536,000		808,002
Sunac China Holdings Ltd.(b)(d)		673,000		138,080
Sungrow Power Supply Co. Ltd., Class A		85,000		1,646,171
Sunny Optical Technology Group Co. Ltd.		239,200		3,228,516
TAL Education Group, ADR(b)		134,530		983,414
Tencent Holdings Ltd.		2,010,600		97,974,346
Tencent Music Entertainment Group, ADR(a)(b)		229,292		1,923,760
Tingyi Cayman Islands Holding Corp.		750,000		1,247,709
Tongcheng Travel Holdings Ltd.(b)		516,800		1,170,970
Tongwei Co. Ltd., Class A		221,000		1,386,615
Topsports International Holdings Ltd.(c)		512,000		482,439
TravelSky Technology Ltd., Class H		444,000		922,878
Trip.com Group Ltd., ADR(a)(b)		175,381		6,447,006
Tsingtao Brewery Co. Ltd., Class H		228,000		2,201,303
Uni-President China Holdings Ltd.		586,000		563,756
Vinda International Holdings Ltd.		204,000		562,988

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Vipshop Holdings Ltd., ADR(b)		137,835	$	2,132,307
Wanhua Chemical Group Co. Ltd., Class A		156,053		2,239,513
Want Want China Holdings Ltd.		1,672,000		1,088,974
Weibo Corp., ADR(b)		20,779		472,722
Weichai Power Co. Ltd., Class H(a)		649,000		980,046
Wens Foodstuffs Group Co. Ltd., Class A		745,116		2,226,448
Wuliangye Yibin Co. Ltd., Class A		108,600		3,380,221
WuXi AppTec Co. Ltd., Class A		144,259		2,004,382
WuXi AppTec Co. Ltd., Class H(c)		57,212		743,414
Wuxi Biologics Cayman Inc., New(b)(c)		1,173,500		9,799,195
Xiaomi Corp., Class B(b)(c)		4,850,800		8,024,431
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		319,600		326,531
Xinyi Solar Holdings Ltd.(a)		1,544,000		2,008,687
XPeng Inc.(b)		267,334		1,406,981
Xtep International Holdings Ltd.		442,500		590,011
Yadea Group Holdings Ltd.(a)(c)		446,000		1,016,816
Yankuang Energy Group Co. Ltd., Class H		576,000		1,852,445
Yihai International Holding Ltd.(a)		194,000		690,341
Yuexiu Property Co. Ltd.		399,000		580,428
Yum China Holdings Inc.		146,446		9,022,538
Zai Lab Ltd., ADR(a)(b)		34,306		1,445,655
Zhaojin Mining Industry Co. Ltd., Class H(b)		478,000		550,087
Zhejiang Expressway Co. Ltd., Class H		528,000		455,943
ZhongAn Online P&C Insurance Co. Ltd., Class H(b)(c)		208,900		696,251
Zhongsheng Group Holdings Ltd.		187,000		1,058,081
Zhuzhou CRRC Times Electric Co. Ltd.		216,100		1,151,239
Zijin Mining Group Co. Ltd., Class H		2,066,000		3,417,269
ZTE Corp., Class H		243,600		588,301
ZTO Express Cayman Inc., ADR		130,624		3,724,090
				735,669,672
Colombia — 0.0%
Interconexion Electrica SA ESP		26,649		108,673
Czech Republic — 0.0%
CEZ AS		79,432		3,225,082
Komercni Banka AS		48,322		1,630,935
				4,856,017
Denmark — 0.7%
AP Moller - Maersk A/S, Class A		2,214		4,717,922
AP Moller - Maersk A/S, Class B, NVS		437		950,602
Carlsberg A/S, Class B		34,456		4,891,429
Chr Hansen Holding A/S		37,200		2,746,659
Coloplast A/S, Class B		32,098		3,875,334
Danske Bank A/S		222,090		4,626,927
Demant A/S(b)		24,815		702,431
DSV A/S		64,617		10,689,592
Genmab A/S(b)		22,573		8,846,279
Novo Nordisk A/S, Class B		538,550		74,529,809
Novozymes A/S, Class B		71,692		3,730,604
Orsted A/S(c)		53,689		4,781,112
Pandora A/S		37,014		3,082,189
Tryg A/S		135,373		3,106,553
Vestas Wind Systems A/S		336,847		9,856,680
				141,134,122
Egypt — 0.0%
Commercial International Bank Egypt SAE		636,678		1,047,227
Finland — 0.2%
Elisa OYJ		32,204		1,834,762

Security	Shares		Value
Finland (continued)
Fortum OYJ		154,746	$	2,326,180
Kesko OYJ, Class B		92,662		2,158,420
Kone OYJ, Class B		88,084		4,803,756
Neste OYJ		143,082		6,839,646
Nokia OYJ		1,790,270		8,488,594
Orion OYJ, Class B		27,418		1,468,909
Sampo OYJ, Class A		161,918		8,500,610
Stora Enso OYJ, Class R		215,120		3,075,220
UPM-Kymmene OYJ		180,785		6,552,772
Wartsila OYJ Abp		187,010		1,778,653
				47,827,522
France — 3.1%
Accor SA(b)		76,675		2,488,714
Aeroports de Paris(b)		5,652		876,837
Air Liquide SA		174,697		27,816,333
Airbus SE		192,904		24,183,572
Alstom SA		99,433		2,956,657
Amundi SA(c)		12,544		821,255
ArcelorMittal SA		168,623		5,231,178
Arkema SA		28,719		2,906,011
AXA SA		589,379		18,388,048
BioMerieux		10,445		1,064,825
BNP Paribas SA		358,905		24,650,271
Bollore SE		77,745		435,012
Bouygues SA		88,029		2,900,022
Bureau Veritas SA		123,256		3,524,070
Capgemini SE		58,015		11,010,410
Carrefour SA		212,370		4,039,483
Cie. de Saint-Gobain		171,977		9,876,839
Cie. Generale des Etablissements Michelin SCA		251,624		7,956,302
Covivio		9,045		620,888
Credit Agricole SA		375,161		4,517,402
Danone SA		203,022		11,133,575
Dassault Systemes SE		174,229		6,479,732
Edenred		98,590		5,370,145
Eiffage SA		30,009		3,205,278
Electricite de France SA		147,922		1,942,963
Engie SA		612,498		8,697,388
EssilorLuxottica SA		96,754		17,752,359
Eurazeo SE		3,235		226,926
Eurofins Scientific SE		31,663		2,271,180
Euronext NV(c)		17,934		1,453,226
Gecina SA		5,927		702,051
Getlink SE		217,663		3,681,501
Hermes International		10,433		19,525,454
Ipsen SA		10,773		1,131,542
Kering SA		24,972		15,581,447
Klepierre SA		40,707		1,033,158
La Francaise des Jeux SAEM(c)		31,479		1,346,923
Legrand SA		95,733		8,535,943
L’Oreal SA		80,154		33,096,516
LVMH Moet Hennessy Louis Vuitton SE		89,449		78,086,796
Orange SA		634,458		6,714,311
Pernod Ricard SA		72,007		14,907,607
Publicis Groupe SA		91,066		6,423,762
Remy Cointreau SA		4,015		755,981
Renault SA(b)		72,879		2,963,220
Safran SA		109,783		15,786,302
Sanofi		371,259		36,355,324
Sartorius Stedim Biotech		7,802		2,721,558

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Schneider Electric SE		186,394	$	30,236,004
SEB SA		5,107		534,070
Societe Generale SA		251,823		7,495,907
Sodexo SA		15,854		1,571,652
Teleperformance		15,850		4,406,091
Thales SA		26,854		3,551,692
TotalEnergies SE		816,553		50,479,924
Ubisoft Entertainment SA(b)		34,617		716,799
Unibail-Rodamco-Westfield(a)(b)		41,889		2,710,858
Valeo		84,260		1,841,482
Veolia Environnement SA		238,297		7,073,240
Vinci SA		170,836		19,302,682
Vivendi SE		256,218		2,751,723
Wendel SE		17,652		1,869,136
Worldline SA/France(b)(c)		81,847		3,713,061
				602,400,618
Germany — 2.0%
adidas AG		56,122		9,036,551
Allianz SE, Registered		127,939		30,591,983
Aroundtown SA(a)		279,398		777,900
BASF SE		295,343		16,933,615
Bayer AG, Registered		319,231		19,870,513
Bayerische Motoren Werke AG		114,883		11,702,515
Bechtle AG		28,811		1,214,117
Beiersdorf AG		30,327		3,687,084
Brenntag SE		33,976		2,536,241
Carl Zeiss Meditec AG, Bearer		12,224		1,764,146
Commerzbank AG(b)		358,327		4,096,191
Continental AG		36,111		2,535,541
Covestro AG(c)		71,072		3,272,475
Daimler Truck Holding AG(b)		146,631		4,927,332
Delivery Hero SE(a)(b)(c)		53,862		3,256,328
Deutsche Bank AG, Registered		673,723		8,991,320
Deutsche Boerse AG		63,322		11,330,983
Deutsche Lufthansa AG, Registered(b)		138,276		1,464,994
Deutsche Post AG, Registered		320,020		13,779,003
Deutsche Telekom AG, Registered		1,061,426		23,647,297
E.ON SE		751,583		8,194,442
Evonik Industries AG		44,116		980,634
Fresenius Medical Care AG & Co. KGaA(a)		67,133		2,521,157
Fresenius SE & Co. KGaA		135,918		3,939,020
GEA Group AG		65,900		2,973,402
Hannover Rueck SE		12,410		2,520,080
HeidelbergCement AG		46,768		3,209,099
HelloFresh SE(a)(b)		58,433		1,420,581
Henkel AG & Co. KGaA		37,850		2,529,071
Infineon Technologies AG		430,021		15,485,252
Knorr-Bremse AG		14,044		923,084
LEG Immobilien SE		19,241		1,504,148
Mercedes-Benz Group AG		260,588		19,390,881
Merck KGaA		45,542		9,505,899
MTU Aero Engines AG		19,123		4,779,078
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		45,156		16,310,678
Nemetschek SE		23,236		1,242,297
Puma SE		36,979		2,525,236
Rational AG		1,398		919,581
Rheinmetall AG		13,997		3,270,505
RWE AG		211,243		9,404,300
SAP SE		336,481		39,886,445

Security	Shares		Value
Germany (continued)
Scout24 SE(c)		30,594	$	1,781,122
Siemens AG, Registered		244,948		38,262,169
Siemens Healthineers AG(c)		72,505		3,888,347
Symrise AG		37,068		3,940,686
Telefonica Deutschland Holding AG		210,293		619,391
United Internet AG, Registered(e)		24,593		570,960
Volkswagen AG		2,798		489,762
Vonovia SE		237,243		6,701,618
Zalando SE(b)(c)		73,477		3,426,601
				388,531,655
Greece — 0.0%
Alpha Services and Holdings SA(b)		521,293		710,253
Eurobank Ergasias Services and Holdings SA, Class A(b)		472,893		641,654
Hellenic Telecommunications Organization SA		56,482		890,396
JUMBO SA		65,225		1,171,291
OPAP SA		37,262		559,513
				3,973,107
Hong Kong — 0.7%
AIA Group Ltd.		3,966,000		44,846,118
BOC Hong Kong Holdings Ltd.		1,096,500		3,832,144
Budweiser Brewing Co. APAC Ltd.(a)(c)		567,000		1,789,065
Chow Tai Fook Jewellery Group Ltd.(a)		604,000		1,292,959
CK Asset Holdings Ltd.		681,516		4,357,279
CK Hutchison Holdings Ltd.		832,516		5,298,091
CK Infrastructure Holdings Ltd.		215,000		1,196,164
CLP Holdings Ltd.		541,500		4,023,307
ESR Group Ltd.(c)		779,000		1,559,625
Futu Holdings Ltd., ADR(a)(b)		23,708		1,203,418
Galaxy Entertainment Group Ltd.		788,000		5,485,502
Hang Lung Properties Ltd.		610,000		1,150,182
Hang Seng Bank Ltd.(a)		239,900		3,995,106
Henderson Land Development Co. Ltd.		299,003		1,104,516
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,345,500		930,054
HKT Trust & HKT Ltd., Class SS		1,215,000		1,591,864
Hong Kong & China Gas Co. Ltd.		3,946,040		3,961,902
Hong Kong Exchanges & Clearing Ltd.		364,600		16,398,825
Hongkong Land Holdings Ltd.(a)		365,600		1,787,335
Jardine Matheson Holdings Ltd.		40,700		2,163,432
Link REIT		689,200		5,516,605
MTR Corp. Ltd.(a)		432,500		2,314,527
New World Development Co. Ltd.		483,916		1,446,378
Power Assets Holdings Ltd.		450,000		2,546,175
Sands China Ltd.(b)		758,000		2,842,565
Sino Land Co. Ltd.		1,996,000		2,593,757
SITC International Holdings Co. Ltd.		441,000		963,408
Sun Hung Kai Properties Ltd.		429,500		6,091,006
Swire Pacific Ltd., Class A		142,500		1,305,854
Swire Properties Ltd.		195,800		550,307
Techtronic Industries Co. Ltd.(a)		415,000		5,350,090
WH Group Ltd.(c)		1,850,000		1,139,349
Wharf Real Estate Investment Co. Ltd.		476,200		2,726,085
Xinyi Glass Holdings Ltd.		547,000		1,164,632
				144,517,626
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		58,719		438,815
OTP Bank Nyrt		86,735		2,613,455

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hungary (continued)
Richter Gedeon Nyrt		14,254	$	321,875
				3,374,145
India — 1.4%
Adani Enterprises Ltd.		70,536		2,572,421
Adani Green Energy Ltd.(b)		71,884		1,080,501
Adani Ports & Special Economic Zone Ltd.		92,804		697,086
Adani Power Ltd.(b)		243,984		669,919
Adani Total Gas Ltd.		85,553		2,210,177
Adani Transmission Ltd.(b)		62,833		1,368,455
Ambuja Cements Ltd.		189,376		931,689
Apollo Hospitals Enterprise Ltd.		38,609		2,014,807
Asian Paints Ltd.		147,743		4,933,796
Aurobindo Pharma Ltd.		124,240		621,178
Avenue Supermarts Ltd.(b)(c)		53,246		2,287,001
Axis Bank Ltd.		679,253		7,259,670
Bajaj Auto Ltd.		20,243		946,594
Bajaj Finance Ltd.		96,530		6,978,003
Bajaj Finserv Ltd.		154,606		2,549,299
Bandhan Bank Ltd.(b)(c)		184,727		553,678
Bharat Electronics Ltd.		1,153,837		1,342,536
Bharat Forge Ltd.		59,083		632,828
Bharat Petroleum Corp. Ltd.		246,103		1,032,938
Bharti Airtel Ltd.		833,295		7,851,897
Biocon Ltd.		133,312		383,530
Britannia Industries Ltd.		39,180		2,070,680
Cholamandalam Investment and Finance Co. Ltd.		160,044		1,387,154
Cipla Ltd.		174,763		2,178,551
Coal India Ltd.		251,707		694,795
Colgate-Palmolive India Ltd.		32,670		580,488
Container Corp. of India Ltd.		90,484		696,866
Dabur India Ltd.		190,811		1,302,861
Divi’s Laboratories Ltd.		49,773		2,022,389
DLF Ltd.		194,177		848,560
Dr. Reddy’s Laboratories Ltd.		43,805		2,323,155
Eicher Motors Ltd.		51,413		2,055,296
GAIL India Ltd.		677,920		790,697
Godrej Consumer Products Ltd.(b)		94,801		1,059,758
Godrej Properties Ltd.(b)		39,457		572,388
Grasim Industries Ltd.		98,759		1,924,470
Havells India Ltd.		78,137		1,131,458
HCL Technologies Ltd.		384,293		5,299,247
HDFC Life Insurance Co. Ltd.(c)		324,503		2,299,651
Hero MotoCorp Ltd.		41,752		1,413,736
Hindalco Industries Ltd.		488,139		2,817,651
Hindustan Unilever Ltd.		283,079		8,931,247
Housing Development Finance Corp. Ltd.		579,900		18,668,377
ICICI Bank Ltd.		1,598,271		16,352,175
ICICI Lombard General Insurance Co. Ltd.(c)		50,179		694,267
Indian Hotels Co. Ltd. (The)		261,170		964,660
Indian Railway Catering & Tourism Corp. Ltd.		89,322		697,680
Indraprastha Gas Ltd.		104,676		544,958
Info Edge India Ltd.		29,885		1,348,677
Infosys Ltd.		1,113,624		20,975,433
InterGlobe Aviation Ltd.(b)(c)		39,590		1,029,583
ITC Ltd.		1,119,301		4,830,478
JSW Steel Ltd.		311,745		2,740,529
Jubilant Foodworks Ltd.		142,340		851,039
Kotak Mahindra Bank Ltd.		211,538		4,491,223
Larsen & Toubro Ltd.		226,206		5,888,685
LTIMindtree Ltd.(c)		30,540		1,641,391

Security	Shares		Value
India (continued)
Lupin Ltd.		100,262	$	904,436
Mahindra & Mahindra Ltd.		277,247		4,686,463
Marico Ltd.		148,901		907,698
Maruti Suzuki India Ltd.		46,462		5,064,902
Nestle India Ltd.		10,094		2,348,360
NTPC Ltd.		1,318,446		2,761,444
Oil & Natural Gas Corp. Ltd.		689,900		1,229,303
Page Industries Ltd.		1,783		873,875
PI Industries Ltd.		20,687		759,686
Pidilite Industries Ltd.		44,530		1,242,305
Power Grid Corp. of India Ltd.		826,550		2,193,453
Reliance Industries Ltd.		956,091		27,580,725
Samvardhana Motherson International Ltd.		510,553		472,988
SBI Life Insurance Co. Ltd.(c)		159,383		2,379,363
Shree Cement Ltd.		3,452		1,002,263
Shriram Finance Ltd.		73,228		1,155,220
Siemens Ltd.		19,968		715,633
SRF Ltd.		51,967		1,391,283
State Bank of India		653,803		4,439,999
Sun Pharmaceutical Industries Ltd.		326,029		4,127,991
Tata Consultancy Services Ltd.		310,807		12,828,140
Tata Consumer Products Ltd.		224,542		2,004,996
Tata Elxsi Ltd.		13,714		1,118,387
Tata Motors Ltd.(b)		587,347		3,271,000
Tata Power Co. Ltd. (The)		518,245		1,354,103
Tata Steel Ltd.		2,560,259		3,770,596
Tech Mahindra Ltd.		227,450		2,840,057
Titan Co. Ltd.		124,027		3,617,481
Trent Ltd.		69,964		1,026,062
Tube Investments of India Ltd.		41,486		1,328,548
TVS Motor Co. Ltd.		65,592		833,900
UltraTech Cement Ltd.		34,886		3,028,290
UPL Ltd.		188,621		1,749,457
Varun Beverages Ltd.		77,783		1,092,416
Vedanta Ltd.		221,160		903,648
Wipro Ltd.		466,447		2,284,058
Yes Bank Ltd.(b)		2,035,612		430,656
Zomato Ltd.(b)		853,074		522,737
				283,280,178
Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		4,744,900		940,179
Aneka Tambang Tbk		2,744,500		425,258
Astra International Tbk PT		8,246,500		3,313,046
Bank Central Asia Tbk PT		15,094,300		8,566,150
Bank Jago Tbk PT(b)		1,481,100		318,899
Bank Mandiri Persero Tbk PT		5,731,014		3,818,781
Bank Negara Indonesia Persero Tbk PT		3,694,288		2,264,565
Bank Rakyat Indonesia Persero Tbk PT		21,836,330		6,696,500
Barito Pacific Tbk PT		7,625,694		420,526
Charoen Pokphand Indonesia Tbk PT		3,027,345		1,177,721
Indah Kiat Pulp & Paper Tbk PT		682,500		380,337
Indofood Sukses Makmur Tbk PT		3,242,500		1,457,178
Kalbe Farma Tbk PT		8,902,700		1,225,719
Merdeka Copper Gold Tbk PT(b)		5,651,332		1,789,779
Semen Indonesia Persero Tbk PT		1,905,702		944,021
Sumber Alfaria Trijaya Tbk PT		7,452,200		1,408,706
Telkom Indonesia Persero Tbk PT		14,432,400		3,729,803
Unilever Indonesia Tbk PT		3,264,000		1,016,023

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
United Tractors Tbk PT		901,506	$	1,480,053
				41,373,244
Ireland — 0.2%
Bank of Ireland Group PLC		228,037		2,436,312
CRH PLC		283,170		13,230,423
Flutter Entertainment PLC, Class DI(b)		50,628		7,864,198
Kerry Group PLC, Class A		68,066		6,377,790
Kingspan Group PLC		35,332		2,272,414
Smurfit Kappa Group PLC		110,450		4,637,192
				36,818,329
Israel — 0.2%
Azrieli Group Ltd.		10,219		658,232
Bank Hapoalim BM		318,445		2,866,182
Bank Leumi Le-Israel BM		380,251		3,360,423
Bezeq The Israeli Telecommunication Corp. Ltd.		462,836		767,018
Check Point Software Technologies Ltd.(b)		31,285		3,979,452
CyberArk Software Ltd.(a)(b)		13,861		1,952,738
Elbit Systems Ltd.		9,213		1,546,716
ICL Group Ltd.		337,753		2,681,636
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		297,531		1,521,786
Mizrahi Tefahot Bank Ltd.		79,965		2,641,297
Nice Ltd.(b)		22,398		4,632,092
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		381,536		4,021,389
Tower Semiconductor Ltd.(b)		37,558		1,579,883
Wix.com Ltd.(b)		19,636		1,707,939
ZIM Integrated Shipping Services Ltd.(a)		26,723		506,401
				34,423,190
Italy — 0.6%
Amplifon SpA		34,862		962,653
Assicurazioni Generali SpA		332,694		6,494,622
DiaSorin SpA		8,340		1,085,699
Enel SpA		2,575,843		15,166,873
Eni SpA		786,793		12,107,349
Ferrari NV		42,559		10,634,820
FinecoBank Banca Fineco SpA		180,156		3,234,133
Infrastrutture Wireless Italiane SpA(c)		45,609		499,819
Intesa Sanpaolo SpA		5,106,336		13,425,935
Mediobanca Banca di Credito Finanziario SpA		273,213		2,937,025
Moncler SpA		42,539		2,662,416
Nexi SpA(b)(c)		172,714		1,521,151
Poste Italiane SpA(c)		103,000		1,100,455
Prysmian SpA		119,440		4,877,652
Recordati Industria Chimica e Farmaceutica SpA		61,253		2,683,401
Snam SpA		779,136		3,968,552
Stellantis NV		678,850		10,672,194
Telecom Italia SpA/Milano(a)(b)		3,379,017		972,846
Tenaris SA		186,548		3,305,770
Terna - Rete Elettrica Nazionale		698,924		5,529,789
UniCredit SpA		634,639		12,395,221
				116,238,375
Japan — 5.5%
Advantest Corp.		56,500		4,049,975
Aeon Co. Ltd.		190,800		3,911,719
AGC Inc.		58,300		2,148,111
Aisin Corp.		44,000		1,283,722
Ajinomoto Co. Inc.		144,200		4,754,071
ANA Holdings Inc.(b)		130,800		2,894,963
Asahi Group Holdings Ltd.		141,100		4,659,438

Security	Shares		Value
Japan (continued)
Asahi Intecc Co. Ltd.		77,900	$	1,366,692
Asahi Kasei Corp.		449,600		3,406,903
Astellas Pharma Inc.		602,100		8,862,991
Azbil Corp.		39,900		1,125,118
Bandai Namco Holdings Inc.		58,000		3,878,677
Bridgestone Corp.		170,900		6,380,242
Brother Industries Ltd.		80,500		1,250,348
Canon Inc.		374,600		8,313,252
Capcom Co. Ltd.		63,100		2,044,680
Central Japan Railway Co.		49,100		5,988,960
Chubu Electric Power Co. Inc.		166,400		1,792,306
Chugai Pharmaceutical Co. Ltd.		218,100		5,654,260
Concordia Financial Group Ltd.		347,300		1,526,162
CyberAgent Inc.		119,900		1,121,299
Dai Nippon Printing Co. Ltd.		63,600		1,501,573
Daifuku Co. Ltd.		33,200		1,828,115
Dai-ichi Life Holdings Inc.		338,300		7,937,453
Daiichi Sankyo Co. Ltd.		574,100		18,030,720
Daikin Industries Ltd.		80,800		14,034,522
Daito Trust Construction Co. Ltd.		17,400		1,719,443
Daiwa House Industry Co. Ltd.		223,300		5,362,552
Daiwa House REIT Investment Corp.		631		1,372,888
Daiwa Securities Group Inc.		468,600		2,211,369
Denso Corp.		132,200		7,139,553
Dentsu Group Inc.		66,500		2,141,890
Disco Corp.		9,000		2,703,893
East Japan Railway Co.		109,000		6,077,645
Eisai Co. Ltd.		81,100		5,017,653
ENEOS Holdings Inc.		1,023,980		3,666,049
FANUC Corp.		67,900		11,997,221
Fast Retailing Co. Ltd.		18,600		11,296,884
Fuji Electric Co. Ltd.		40,700		1,647,454
FUJIFILM Holdings Corp.		116,900		6,186,481
Fujitsu Ltd.		71,500		10,180,121
GLP J-REIT		1,334		1,509,502
GMO Payment Gateway Inc.		14,200		1,313,953
Hakuhodo DY Holdings Inc.		70,500		761,918
Hamamatsu Photonics KK		64,400		3,440,910
Hankyu Hanshin Holdings Inc.		66,400		1,973,569
Hikari Tsushin Inc.		6,500		927,799
Hirose Electric Co. Ltd.		9,200		1,197,695
Hitachi Construction Machinery Co. Ltd.		31,000		731,083
Hitachi Ltd.		335,200		17,578,708
Honda Motor Co. Ltd.		498,200		12,323,730
Hoshizaki Corp.		41,300		1,484,581
Hoya Corp.		118,000		12,976,686
Hulic Co. Ltd.		124,800		1,025,829
Ibiden Co. Ltd.		36,500		1,424,554
Idemitsu Kosan Co. Ltd.		65,400		1,635,050
Iida Group Holdings Co. Ltd.		36,200		603,471
Inpex Corp.		319,800		3,514,167
Isuzu Motors Ltd.		173,100		2,188,908
Ito En Ltd.		22,300		795,658
ITOCHU Corp.		365,200		11,803,928
Itochu Techno-Solutions Corp.		33,500		829,376
Japan Airlines Co. Ltd.(b)		42,000		890,718
Japan Exchange Group Inc.		174,400		2,669,116
Japan Metropolitan Fund Invest		2,328		1,799,740
Japan Post Bank Co. Ltd.		130,300		1,157,699
Japan Post Holdings Co. Ltd.		772,000		6,777,742

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Post Insurance Co. Ltd.		50,200	$	895,566
Japan Real Estate Investment Corp.		361		1,547,784
Japan Tobacco Inc.		359,600		7,332,929
JFE Holdings Inc.		154,000		2,030,590
JSR Corp.		63,100		1,419,760
Kajima Corp.		124,100		1,524,106
Kakaku.com Inc.		47,400		790,257
Kansai Electric Power Co. Inc. (The)		248,700		2,391,771
Kao Corp.		147,700		5,970,305
KDDI Corp.		529,600		16,546,522
Keio Corp.		29,800		1,093,793
Keisei Electric Railway Co. Ltd.		43,200		1,260,100
Keyence Corp.		63,600		29,279,453
Kikkoman Corp.		44,800		2,369,566
Kintetsu Group Holdings Co. Ltd.		51,600		1,680,353
Kirin Holdings Co. Ltd.		259,300		3,995,741
Kobayashi Pharmaceutical Co. Ltd.		18,400		1,320,975
Kobe Bussan Co. Ltd.		45,000		1,299,229
Koei Tecmo Holdings Co. Ltd.		68,200		1,240,296
Koito Manufacturing Co. Ltd.		62,800		1,059,321
Komatsu Ltd.		274,500		6,745,689
Konami Group Corp.		28,100		1,381,775
Kose Corp.		9,700		1,070,229
Kubota Corp.		338,800		5,091,584
Kurita Water Industries Ltd.		38,800		1,754,468
Kyocera Corp.		113,000		5,863,728
Kyowa Kirin Co. Ltd.		80,900		1,804,147
Lasertec Corp.		24,200		4,581,614
Lixil Corp.		77,400		1,336,216
M3 Inc.		141,000		3,855,350
Makita Corp.		62,900		1,675,457
Marubeni Corp.		490,700		6,020,190
Mazda Motor Corp.		173,300		1,379,466
McDonald’s Holdings Co. Japan Ltd.(a)		35,500		1,402,512
MEIJI Holdings Co. Ltd.		36,600		1,887,560
MINEBEA MITSUMI Inc.		128,800		2,245,331
MISUMI Group Inc.		107,800		2,713,052
Mitsubishi Chemical Group Corp.		384,600		2,158,162
Mitsubishi Corp.		393,900		13,190,117
Mitsubishi Electric Corp.		584,400		6,440,527
Mitsubishi Estate Co. Ltd.		343,500		4,415,046
Mitsubishi Heavy Industries Ltd.		94,800		3,717,104
Mitsubishi UFJ Financial Group Inc.		3,896,300		28,539,933
Mitsui & Co. Ltd.		451,600		13,323,434
Mitsui Chemicals Inc.		45,000		1,059,233
Mitsui Fudosan Co. Ltd.		259,700		4,867,724
Mitsui OSK Lines Ltd.		103,500		2,568,737
Mizuho Financial Group Inc.		772,290		12,063,517
MonotaRO Co. Ltd.		88,700		1,343,659
MS&AD Insurance Group Holdings Inc.		140,000		4,490,320
Murata Manufacturing Co. Ltd.		177,500		10,142,436
NEC Corp.		64,700		2,337,456
Nexon Co. Ltd.		152,000		3,665,107
NGK Insulators Ltd.		79,500		1,100,382
Nidec Corp.		140,300		7,775,264
Nihon M&A Center Holdings Inc.		119,400		1,220,674
Nintendo Co. Ltd.		353,500		15,326,971
Nippon Building Fund Inc.		505		2,207,033
Nippon Express Holdings Inc.		16,900		980,753
Nippon Paint Holdings Co. Ltd.		274,100		2,502,389

Security	Shares		Value
Japan (continued)
Nippon Prologis REIT Inc.		1,117	$	2,534,630
Nippon Sanso Holdings Corp.		55,200		900,360
Nippon Shinyaku Co. Ltd.		20,300		1,044,762
Nippon Steel Corp.		265,434		5,524,935
Nippon Telegraph & Telephone Corp.		388,300		11,643,377
Nippon Yusen KK		141,600		3,368,501
Nissan Chemical Corp.		39,700		1,874,223
Nissan Motor Co. Ltd.		736,900		2,647,637
Nisshin Seifun Group Inc.		71,500		895,573
Nissin Foods Holdings Co. Ltd.		30,500		2,384,418
Nitori Holdings Co. Ltd.		24,100		3,189,772
Nitto Denko Corp.		38,300		2,475,613
Nomura Holdings Inc.		1,031,700		4,117,339
Nomura Real Estate Holdings Inc.		26,300		579,664
Nomura Real Estate Master Fund Inc.		1,421		1,661,810
Nomura Research Institute Ltd.		121,600		2,919,321
NTT Data Corp.		194,600		3,018,513
Obayashi Corp.		190,500		1,477,656
Obic Co. Ltd.		20,600		3,302,729
Odakyu Electric Railway Co. Ltd.		78,200		1,028,124
Oji Holdings Corp.		194,000		801,753
Olympus Corp.		384,200		7,222,810
Omron Corp.		55,700		3,222,834
Ono Pharmaceutical Co. Ltd.		132,600		2,877,245
Open House Group Co. Ltd.		28,800		1,089,512
Oracle Corp. Japan		16,100		1,102,960
Oriental Land Co. Ltd./Japan		61,400		10,230,459
ORIX Corp.		394,500		6,936,486
Osaka Gas Co. Ltd.		119,600		1,929,971
Otsuka Corp.		30,800		1,013,306
Otsuka Holdings Co. Ltd.		125,300		4,019,675
Pan Pacific International Holdings Corp.		117,900		2,180,339
Panasonic Holdings Corp.		719,600		6,673,116
Persol Holdings Co. Ltd.		64,000		1,403,233
Rakuten Group Inc.(a)(b)		281,600		1,435,722
Recruit Holdings Co. Ltd.		460,500		14,809,800
Renesas Electronics Corp.(b)		384,200		3,951,920
Resona Holdings Inc.		708,200		3,918,983
Ricoh Co. Ltd.		195,100		1,514,486
Rohm Co. Ltd.		24,800		1,987,261
SBI Holdings Inc.		95,330		2,020,929
SCSK Corp.		53,300		868,119
Secom Co. Ltd.		87,900		5,236,709
Seiko Epson Corp.		85,400		1,324,383
Sekisui Chemical Co. Ltd.		129,800		1,818,275
Sekisui House Ltd.		256,700		4,851,440
Seven & i Holdings Co. Ltd.		234,900		11,090,310
SG Holdings Co. Ltd.		96,900		1,495,295
Sharp Corp./Japan		53,700		446,358
Shimadzu Corp.		75,900		2,332,487
Shimano Inc.		21,300		3,798,544
Shimizu Corp.		141,500		793,206
Shin-Etsu Chemical Co. Ltd.		122,200		18,015,092
Shionogi & Co. Ltd.		80,200		3,821,890
Shiseido Co. Ltd.		125,700		6,533,383
Shizuoka Financial Group Inc., NVS		145,500		1,232,623
SMC Corp.		20,600		10,462,957
SoftBank Corp.		924,000		10,572,494
SoftBank Group Corp.		375,400		17,772,207
Sompo Holdings Inc.		124,700		5,368,196

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sony Group Corp.		420,200	$	37,545,515
Square Enix Holdings Co. Ltd.		28,400		1,343,072
Subaru Corp.		180,700		2,969,197
SUMCO Corp.		102,000		1,511,310
Sumitomo Chemical Co. Ltd.		446,100		1,712,414
Sumitomo Corp.		380,600		6,831,743
Sumitomo Electric Industries Ltd.		238,800		2,869,459
Sumitomo Metal Mining Co. Ltd.		71,400		2,899,070
Sumitomo Mitsui Financial Group Inc.		452,200		19,653,093
Sumitomo Mitsui Trust Holdings Inc.		107,808		3,927,298
Sumitomo Realty & Development Co. Ltd.		80,300		1,957,483
Suntory Beverage & Food Ltd.		41,700		1,408,115
Suzuki Motor Corp.		117,700		4,412,830
Sysmex Corp.		49,700		3,299,337
T&D Holdings Inc.		185,100		2,962,756
Taisei Corp.		53,000		1,829,664
Takeda Pharmaceutical Co. Ltd.		476,334		14,974,687
TDK Corp.		120,900		4,319,305
Terumo Corp.		210,400		6,124,818
TIS Inc.		77,600		2,237,623
Tobu Railway Co. Ltd.		63,900		1,499,292
Toho Co. Ltd./Tokyo		35,500		1,311,137
Tokio Marine Holdings Inc.		615,500		12,891,465
Tokyo Electric Power Co. Holdings Inc.(b)		506,600		1,897,110
Tokyo Electron Ltd.		47,400		16,567,445
Tokyo Gas Co. Ltd.		127,400		2,667,717
Tokyu Corp.		146,100		1,878,756
Toppan Inc.		95,700		1,541,935
Toray Industries Inc.		470,800		2,892,618
Toshiba Corp.		123,200		4,231,507
Tosoh Corp.		64,600		845,188
TOTO Ltd.		37,700		1,465,131
Toyota Industries Corp.		68,900		4,194,124
Toyota Motor Corp.		3,431,100		50,388,149
Toyota Tsusho Corp.		56,400		2,388,097
Trend Micro Inc./Japan(b)		43,400		2,148,908
Unicharm Corp.		130,000		4,958,932
USS Co. Ltd.		66,100		1,087,224
Welcia Holdings Co. Ltd.		33,600		750,982
West Japan Railway Co.		58,100		2,433,141
Yakult Honsha Co. Ltd.		40,500		2,891,210
Yamaha Corp.		40,500		1,574,805
Yamaha Motor Co. Ltd.		91,300		2,248,781
Yamato Holdings Co. Ltd.		71,800		1,256,280
Yaskawa Electric Corp.		84,100		3,287,392
Yokogawa Electric Corp.		75,900		1,332,772
Z Holdings Corp.		761,100		2,214,587
ZOZO Inc.		39,200		1,016,190
				1,076,511,610
Kuwait — 0.1%
Agility Public Warehousing Co. KSC		687,376		1,339,378
Boubyan Bank KSCP		1,477,063		3,797,975
Kuwait Finance House KSCP		1,668,577		4,588,136
Mabanee Co. KPSC		358,036		1,006,304
Mobile Telecommunications Co. KSCP		1,561,300		2,840,098
National Bank of Kuwait SAKP		1,677,605		6,038,999
				19,610,890
Malaysia — 0.2%
Axiata Group Bhd		352,300		250,993

Security	Shares		Value
Malaysia (continued)
CIMB Group Holdings Bhd		2,109,400	$	2,849,066
Dialog Group Bhd		2,045,300		1,250,762
DiGi.Com Bhd(a)		2,115,500		2,092,228
Genting Bhd(a)		1,439,500		1,675,360
Genting Malaysia Bhd		423,900		283,017
Hartalega Holdings Bhd(a)		480,900		182,148
Hong Leong Bank Bhd(a)		317,300		1,528,557
Hong Leong Financial Group Bhd(a)		473,200		2,053,382
IHH Healthcare Bhd		1,586,000		2,205,065
Kuala Lumpur Kepong Bhd		81,700		411,010
Malayan Banking Bhd		1,017,200		2,086,265
Malaysia Airports Holdings Bhd(b)		590,700		979,186
Maxis Bhd		1,444,000		1,343,262
MISC Bhd		445,700		765,522
Petronas Chemicals Group Bhd(a)		600,100		1,177,660
Petronas Gas Bhd		557,900		2,199,819
PPB Group Bhd		189,500		781,856
Press Metal Aluminium Holdings Bhd		1,776,200		2,166,542
Public Bank Bhd(a)		3,739,150		3,722,016
Sime Darby Plantation Bhd		396,400		403,032
Telekom Malaysia Bhd		484,800		594,718
Tenaga Nasional Bhd		795,600		1,758,120
Top Glove Corp. Bhd(a)		1,424,100		278,311
				33,037,897
Mexico — 0.3%
America Movil SAB de CV, Series L, NVS		10,292,300		10,756,616
Banco del Bajio SA(c)		165,700		667,270
Cemex SAB de CV, NVS(b)		6,200,454		3,305,943
Coca-Cola Femsa SAB de CV		43,900		333,986
Fibra Uno Administracion SA de CV		606,100		820,772
Fomento Economico Mexicano SAB de CV		701,200		6,141,947
Gruma SAB de CV, Class B		45,110		656,126
Grupo Aeroportuario del Pacifico SAB de CV, Class B		89,300		1,541,676
Grupo Aeroportuario del Sureste SAB de CV, Class B		45,435		1,234,048
Grupo Bimbo SAB de CV, Series A(a)		348,300		1,739,049
Grupo Carso SAB de CV, Series A1		100,100		506,706
Grupo Financiero Banorte SAB de CV, Class O		911,100		7,557,139
Grupo Financiero Inbursa SAB de CV, Class O(a)(b)		545,800		1,173,888
Grupo Mexico SAB de CV, Series B		1,228,328		5,462,425
Grupo Televisa SAB, CPO		953,200		1,165,779
Industrias Penoles SAB de CV(b)		32,305		460,390
Kimberly-Clark de Mexico SAB de CV, Class A		259,300		494,901
Orbia Advance Corp. SAB de CV		731,623		1,465,538
Wal-Mart de Mexico SAB de CV		1,786,700		6,998,592
				52,482,791
Netherlands — 1.3%
ABN AMRO Bank NV, CVA(c)		125,802		2,088,005
Adyen NV(b)(c)		6,991		10,569,742
Aegon NV		666,498		3,676,264
AerCap Holdings NV(a)(b)		37,370		2,362,158
Akzo Nobel NV		68,167		5,077,417
ASM International NV		14,980		5,066,325
ASML Holding NV		131,286		86,865,072
Davide Campari-Milano NV		281,009		3,014,406
EXOR NV, NVS(b)		23,086		1,835,074
Heineken Holding NV		38,158		3,150,549
Heineken NV		86,230		8,617,731
IMCD NV		18,395		2,916,192
ING Groep NV(b)		1,223,177		17,711,922

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Just Eat Takeaway.com NV(b)(c)		67,351	$	1,727,794
Koninklijke Ahold Delhaize NV		346,364		10,337,913
Koninklijke DSM NV		61,596		7,921,368
Koninklijke KPN NV		1,122,110		3,836,318
Koninklijke Philips NV		303,310		5,236,784
NEPI Rockcastle NV		113,381		704,471
NN Group NV		95,405		4,145,164
NXP Semiconductors NV		88,408		16,294,478
OCI NV		31,572		1,074,725
Prosus NV		271,365		21,911,429
QIAGEN NV(b)		55,502		2,707,559
Randstad NV		23,695		1,518,810
Universal Music Group NV		248,947		6,363,674
Wolters Kluwer NV		93,372		10,179,697
				246,911,041
New Zealand — 0.1%
Auckland International Airport Ltd.(b)		616,965		3,395,489
Fisher & Paykel Healthcare Corp. Ltd.		214,139		3,514,275
Meridian Energy Ltd.		335,042		1,157,974
Spark New Zealand Ltd.		839,927		2,832,011
				10,899,749
Norway — 0.2%
Adevinta ASA(b)		84,199		721,824
Aker BP ASA		98,215		2,991,799
DNB Bank ASA		315,692		5,903,303
Equinor ASA		330,163		10,062,260
Gjensidige Forsikring ASA		33,914		609,552
Kongsberg Gruppen ASA		31,710		1,262,429
Mowi ASA		107,419		1,986,356
Norsk Hydro ASA		340,750		2,762,749
Orkla ASA		295,989		2,209,770
Salmar ASA		18,696		869,357
Telenor ASA		257,646		2,697,196
Yara International ASA		70,993		3,154,310
				35,230,905
Peru — 0.0%
Cia. de Minas Buenaventura SAA, ADR		94,799		766,924
Credicorp Ltd.		22,829		3,065,935
Southern Copper Corp.(a)		22,859		1,719,225
				5,552,084
Philippines — 0.1%
Aboitiz Equity Ventures Inc.		1,071,690		1,118,840
ACEN Corp.		626,750		80,628
Ayala Corp.		51,850		674,301
Ayala Land Inc.		3,131,000		1,688,742
Bank of the Philippine Islands		914,994		1,761,826
BDO Unibank Inc.		1,398,876		3,155,075
JG Summit Holdings Inc.		576,359		566,907
Jollibee Foods Corp.		322,970		1,409,179
Metropolitan Bank & Trust Co.		660,540		693,992
Monde Nissin Corp.(c)		996,200		241,449
PLDT Inc.		16,515		409,292
SM Investments Corp.		70,920		1,199,271
SM Prime Holdings Inc.		5,155,525		3,493,273
				16,492,775
Poland — 0.1%
Allegro.eu SA (b)(c)		122,096		849,855
Bank Polska Kasa Opieki SA		76,692		1,638,851
CD Projekt SA		16,970		547,601

Security	Shares		Value
Poland (continued)
Cyfrowy Polsat SA		263,897	$	1,120,560
Dino Polska SA(b)(c)		13,375		1,211,704
KGHM Polska Miedz SA		68,234		2,230,781
LPP SA		271		634,788
Polski Koncern Naftowy ORLEN SA		164,849		2,475,969
Powszechna Kasa Oszczednosci Bank Polski SA		365,423		2,725,509
Powszechny Zaklad Ubezpieczen SA		117,028		994,735
				14,430,353
Portugal — 0.1%
EDP - Energias de Portugal SA		1,163,591		5,781,019
Galp Energia SGPS SA		131,096		1,794,448
Jeronimo Martins SGPS SA		104,196		2,262,171
				9,837,638
Qatar — 0.1%
Commercial Bank PSQC (The)		296,818		487,840
Industries Qatar QSC		395,320		1,522,741
Masraf Al Rayan QSC		4,245,901		3,178,296
Mesaieed Petrochemical Holding Co.		1,233,545		727,538
Ooredoo QPSC		765,566		1,870,197
Qatar Islamic Bank SAQ		436,993		2,346,615
Qatar National Bank QPSC		1,430,986		7,052,237
				17,185,464
Russia — 0.0%
Alrosa PJSC(b)(d)		472,000		67
Gazprom PJSC(d)		3,457,370		493
Inter RAO UES PJSC(d)		11,798,500		1,681
LUKOIL PJSC(d)		127,513		18
Magnit PJSC(d)		16,753		2
Magnit PJSC, GDR(d)		3		—
MMC Norilsk Nickel PJSC(d)		19,665		3
Mobile TeleSystems PJSC(d)		482,206		69
Moscow Exchange MICEX-RTS PJSC(b)(d)		490,370		70
Novatek PJSC(d)		290,740		41
Novolipetsk Steel PJSC(d)		316,690		45
PhosAgro PJSC(d)		26,470		4
PhosAgro PJSC, New(d)		511		5
Polymetal International PLC(b)(d)		71,803		10
Polyus PJSC(b)(d)		9,781		1
Rosneft Oil Co. PJSC(d)		352,530		50
Sberbank of Russia PJSC(b)(d)		2,557,600		364
Severstal PAO(d)		47,814		7
Surgutneftegas PJSC(d)		2,443,710		348
Tatneft PJSC(d)		397,511		57
TCS Group Holding PLC, GDR(b)(d)(e)		35,279		5
X5 Retail Group NV, GDR(d)		24,002		3
Yandex NV(b)(d)		90,278		13
				3,356
Saudi Arabia — 0.4%
ACWA Power Co.		28,862		1,171,713
Al Rajhi Bank(b)		611,760		13,428,894
Alinma Bank		631,189		5,560,795
Almarai Co. JSC		144,808		2,146,030
AngloGold Ashanti Ltd.		109,059		2,292,973
Arab National Bank		126,984		938,792
Bank AlBilad(b)		116,908		1,403,892
Bank Al-Jazira		398,748		2,069,887
Banque Saudi Fransi		298,627		3,265,444
Bupa Arabia for Cooperative Insurance Co.		21,464		895,478
Dar Al Arkan Real Estate Development Co.(b)		168,874		565,182

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Dr Sulaiman Al Habib Medical Services Group Co.		28,908	$	1,806,835
Etihad Etisalat Co.		113,443		1,071,719
Rabigh Refining & Petrochemical Co.(b)		104,466		312,681
Reinet Investments SCA		31,273		592,228
Riyad Bank		640,450		5,282,683
SABIC Agri-Nutrients Co.		90,994		3,336,309
Sahara International Petrochemical Co.		107,561		1,070,156
Saudi Arabian Mining Co.(b)		272,358		5,389,240
Saudi Arabian Oil Co.(c)		651,780		5,750,321
Saudi Basic Industries Corp.		200,874		4,984,812
Saudi British Bank (The)		218,695		2,119,015
Saudi Electricity Co.		578,102		3,562,250
Saudi Industrial Investment Group		37,190		247,108
Saudi Investment Bank (The)		84,570		406,286
Saudi Kayan Petrochemical Co.(b)		167,831		598,292
Saudi National Bank (The)		787,226		9,965,946
Saudi Research & Media Group(b)		8,822		442,308
Saudi Tadawul Group Holding Co.		15,740		681,968
Saudi Telecom Co.		490,894		4,844,727
Savola Group (The)		56,665		454,676
Yanbu National Petrochemical Co.		23,046		273,095
				86,931,735
Singapore — 0.4%
CapitaLand Ascendas REIT		1,731,079		3,809,465
CapitaLand Integrated Commercial Trust		2,577,632		4,217,350
Capitaland Investment Ltd/Singapore		1,610,400		4,878,884
City Developments Ltd.		111,500		707,671
DBS Group Holdings Ltd.		547,500		14,988,508
Genting Singapore Ltd.		3,285,800		2,488,529
Grab Holdings Ltd., Class A(a)(b)		432,724		1,640,024
Jardine Cycle & Carriage Ltd.		30,000		665,089
Keppel Corp. Ltd.		714,300		4,124,124
Mapletree Logistics Trust(a)		686,945		888,077
Mapletree Pan Asia Commercial Trust		546,400		760,273
Oversea-Chinese Banking Corp. Ltd.(a)		881,700		8,711,503
Sea Ltd., ADR(a)(b)		117,288		7,559,212
Singapore Airlines Ltd.(a)		393,200		1,777,997
Singapore Exchange Ltd.		64,300		452,898
Singapore Technologies Engineering Ltd.		512,700		1,441,477
Singapore Telecommunications Ltd.		2,338,200		4,478,030
United Overseas Bank Ltd.(a)		299,500		6,807,823
UOL Group Ltd.		86,200		459,926
Venture Corp. Ltd.(a)		95,900		1,354,238
Wilmar International Ltd.		425,000		1,321,334
				73,532,432
South Africa — 0.4%
Absa Group Ltd.		185,233		2,128,755
Anglo American Platinum Ltd.		13,615		1,012,562
Aspen Pharmacare Holdings Ltd.		105,329		918,966
Bid Corp. Ltd.		159,704		3,290,453
Bidvest Group Ltd. (The)		85,142		1,098,919
Capitec Bank Holdings Ltd.		30,537		3,154,052
Clicks Group Ltd.		54,661		833,674
Discovery Ltd.(b)		94,243		749,622
Exxaro Resources Ltd.		51,288		643,657
FirstRand Ltd.		1,386,213		5,150,610
Foschini Group Ltd. (The)		60,120		375,806
Gold Fields Ltd.		341,278		3,889,851
Growthpoint Properties Ltd.		2,252,640		1,815,058

Security	Shares		Value
South Africa (continued)
Harmony Gold Mining Co. Ltd.		167,027	$	594,846
Impala Platinum Holdings Ltd.		284,631		3,300,532
Kumba Iron Ore Ltd.		15,618		478,224
Mr. Price Group Ltd.		137,311		1,299,404
MTN Group Ltd.		599,279		5,072,667
MultiChoice Group		190,087		1,308,760
Naspers Ltd., Class N		72,852		14,085,122
Nedbank Group Ltd.		195,073		2,524,402
Northam Platinum Holdings Ltd.(b)		137,117		1,344,929
Old Mutual Ltd.		1,862,981		1,269,954
Remgro Ltd.		71,193		572,817
Sanlam Ltd.		1,075,873		3,481,129
Sasol Ltd.		201,867		3,667,281
Shoprite Holdings Ltd.		121,530		1,682,359
Sibanye Stillwater Ltd.		791,070		2,090,996
Standard Bank Group Ltd.		440,782		4,397,995
Vodacom Group Ltd.		119,982		843,216
Woolworths Holdings Ltd.		488,114		2,115,441
				75,192,059
South Korea — 1.3%
Amorepacific Corp.		12,771		1,518,045
BGF retail Co. Ltd.		4,415		669,182
Celltrion Healthcare Co. Ltd.(a)		30,864		1,444,449
Celltrion Inc.		35,104		4,633,068
CJ CheilJedang Corp.		4,624		1,297,308
CJ Corp.		15,803		1,059,407
Coway Co. Ltd.		24,287		1,101,375
DB Insurance Co. Ltd.		8,850		471,628
Doosan Enerbility Co. Ltd.(b)		145,830		1,994,183
Ecopro BM Co. Ltd.		16,633		1,358,026
Hana Financial Group Inc.(a)		122,554		4,868,729
Hankook Tire & Technology Co. Ltd.		39,544		1,043,558
Hanmi Pharm Co. Ltd.(a)		2,975		621,532
Hanwha Solutions Corp.(b)		38,961		1,443,865
HD Hyundai Co. Ltd.		30,662		1,524,187
HLB Inc.(a)(b)		45,548		1,133,338
HMM Co. Ltd.		94,419		1,679,108
Hotel Shilla Co. Ltd.		7,699		497,534
HYBE Co. Ltd.(a)(b)		5,784		910,012
Hyundai Engineering & Construction Co. Ltd.		16,025		498,207
Hyundai Glovis Co. Ltd.		9,252		1,252,094
Hyundai Heavy Industries Co. Ltd.(b)		5,692		516,679
Hyundai Mipo Dockyard Co. Ltd.(b)		7,893		518,337
Hyundai Mobis Co. Ltd.(a)		22,510		3,763,831
Hyundai Motor Co.		55,767		7,602,234
Hyundai Steel Co.(a)		45,930		1,282,970
Iljin Materials Co. Ltd.		7,761		399,072
Kakao Corp.(a)(b)		94,110		4,737,242
Kakao Games Corp.(a)(b)		12,165		462,486
KakaoBank Corp.(a)(b)		47,632		1,056,841
Kangwon Land Inc.(b)		26,358		505,069
KB Financial Group Inc.		125,393		5,714,458
Kia Corp.		87,931		4,790,649
Korea Aerospace Industries Ltd.(a)		29,765		1,167,964
Korea Electric Power Corp.(b)		92,283		1,489,930
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		17,548		1,139,702
Korea Zinc Co. Ltd.		4,250		1,871,847
Korean Air Lines Co. Ltd.(b)		44,816		886,739
Krafton Inc.(a)(b)		9,220		1,354,144
KT&G Corp.(b)		40,818		3,061,820

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Kumho Petrochemical Co. Ltd.		6,253	$	752,080
L&F Co. Ltd.(a)		8,742		1,475,813
LG Chem Ltd.		16,870		9,521,478
LG Corp.(a)		34,529		2,325,328
LG Display Co. Ltd.(b)		103,751		1,155,284
LG Electronics Inc.		39,205		3,212,440
LG Energy Solution(b)		10,909		4,640,144
LG H&H Co. Ltd.(a)		3,510		2,127,968
LG Innotek Co. Ltd.		4,287		955,096
LG Uplus Corp.		39,500		357,208
Lotte Chemical Corp.(a)		8,754		1,263,877
Lotte Shopping Co. Ltd.(a)		4,367		334,669
Mirae Asset Securities Co. Ltd.(a)		296,858		1,647,969
NAVER Corp.		41,573		6,906,340
NCSoft Corp.(a)		5,674		2,100,125
Netmarble Corp.(a)(c)		7,710		384,026
Orion Corp./Republic of Korea		13,728		1,389,562
Pearl Abyss Corp.(b)		9,872		365,898
POSCO Chemical Co. Ltd.(a)		8,747		1,603,320
POSCO Holdings Inc.		23,613		5,802,344
Samsung Biologics Co. Ltd.(b)(c)		6,401		4,132,999
Samsung C&T Corp.		33,224		3,208,822
Samsung Electro-Mechanics Co. Ltd.		11,547		1,348,608
Samsung Electronics Co. Ltd.		1,530,423		76,230,720
Samsung Engineering Co. Ltd.(a)(b)		41,262		870,796
Samsung Fire & Marine Insurance Co. Ltd.		14,791		2,438,836
Samsung Heavy Industries Co. Ltd.(b)		224,945		1,063,043
Samsung SDI Co. Ltd.		18,959		10,624,663
Samsung SDS Co. Ltd.		7,375		752,072
Shinhan Financial Group Co. Ltd.		130,186		4,402,158
SK Biopharmaceuticals Co. Ltd.(b)		15,245		899,796
SK Bioscience Co. Ltd.(b)		8,049		493,959
SK Hynix Inc.		183,029		13,241,019
SK IE Technology Co. Ltd.(b)(c)		7,701		423,351
SK Inc.		11,792		1,907,460
SK Innovation Co. Ltd.(b)		18,461		2,453,744
SK Square Co. Ltd.(b)		25,646		759,748
SKC Co. Ltd.		7,805		608,449
S-Oil Corp.		11,194		807,514
Woori Financial Group Inc.(a)		135,288		1,411,163
				249,740,738
Spain — 0.6%
Acciona SA		6,163		1,202,402
ACS Actividades de Construccion y Servicios SA		89,641		2,652,810
Aena SME SA(b)(c)		16,895		2,538,456
Amadeus IT Group SA(b)		147,480		9,291,823
Banco Bilbao Vizcaya Argentaria SA		2,029,398		14,335,205
Banco Santander SA		5,355,089		18,715,711
CaixaBank SA		1,386,354		6,151,197
Cellnex Telecom SA(c)		147,867		5,794,610
EDP Renovaveis SA		95,086		2,068,223
Enagas SA		14,013		251,271
Endesa SA		108,684		2,166,802
Ferrovial SA		204,350		6,030,011
Grifols SA(a)(b)		111,736		1,479,167
Iberdrola SA		1,955,932		22,946,535
Iberdrola SA, NVS		32,505		379,700
Industria de Diseno Textil SA		348,859		10,891,660
Naturgy Energy Group SA		58,919		1,671,073
Red Electrica Corp. SA		116,669		2,064,912

Security	Shares		Value
Spain (continued)
Repsol SA		529,392	$	8,696,235
Telefonica SA		1,656,668		6,293,716
				125,621,519
Sweden — 0.8%
Alfa Laval AB		82,448		2,590,980
Assa Abloy AB, Class B		329,649		7,765,294
Atlas Copco AB, Class A		961,247		11,406,216
Atlas Copco AB, Class B		465,946		4,914,614
Boliden AB		106,696		4,788,194
Electrolux AB, Class B(a)		106,146		1,503,436
Embracer Group AB(a)(b)		205,922		959,829
Epiroc AB, Class A		363,833		7,079,010
EQT AB		99,745		2,250,723
Essity AB, Class B		197,796		5,167,250
Evolution AB(c)		58,126		6,532,842
Fastighets AB Balder, Class B(b)		176,903		911,447
Getinge AB, Class B		77,778		1,752,150
H & M Hennes & Mauritz AB, Class B(a)		247,475		3,047,973
Hexagon AB, Class B		715,587		8,203,133
Holmen AB, Class B		22,890		944,111
Husqvarna AB, Class B		103,301		878,873
Industrivarden AB, Class A		20,596		545,595
Industrivarden AB, Class C		58,484		1,540,741
Indutrade AB		86,403		1,918,771
Investment AB Latour, Class B		39,962		843,155
Investor AB, Class B		695,471		13,514,374
Kinnevik AB, Class B(b)		79,673		1,231,517
L E Lundbergforetagen AB, Class B		21,100		977,083
Lifco AB, Class B		71,870		1,320,276
Nibe Industrier AB, Class B		491,272		5,307,833
Nordea Bank Abp		1,077,634		12,597,955
Sagax AB, Class B		56,644		1,409,019
Sandvik AB		383,096		7,917,689
Securitas AB, Class B		100,505		919,978
Skandinaviska Enskilda Banken AB, Class A		523,731		6,340,187
Skanska AB, Class B		77,148		1,361,670
SKF AB, Class B		156,721		2,773,694
Svenska Cellulosa AB SCA, Class B		187,189		2,599,369
Svenska Handelsbanken AB, Class A		452,115		4,714,663
Swedbank AB, Class A		293,840		5,652,428
Swedish Orphan Biovitrum AB(b)		49,668		1,107,624
Tele2 AB, Class B		129,607		1,119,354
Telefonaktiebolaget LM Ericsson, Class B		968,247		5,616,278
Telia Co. AB		873,290		2,255,394
Volvo AB, Class B		506,837		10,057,422
Volvo Car AB, Class B(a)(b)		200,044		998,119
				165,336,263
Switzerland — 2.7%
ABB Ltd., Registered		567,258		19,749,457
Adecco Group AG, Registered		57,359		2,130,354
Alcon Inc.		167,280		12,622,698
Bachem Holding AG, Class A(a)		10,372		917,236
Baloise Holding AG, Registered		8,792		1,446,045
Barry Callebaut AG, Registered		707		1,477,158
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		398		4,371,122
Chocoladefabriken Lindt & Spruengli AG, Registered		12		1,350,712
Cie. Financiere Richemont SA, Class A, Registered		173,811		26,794,218
Clariant AG, Registered		42,921		736,027

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Coca-Cola HBC AG, Class DI		79,994	$	1,943,964
Credit Suisse Group AG, Registered		1,081,548		3,725,805
EMS-Chemie Holding AG, Registered		1,756		1,309,063
Geberit AG, Registered		13,244		7,535,602
Givaudan SA, Registered		2,740		8,883,710
Holcim AG		168,130		10,051,603
Julius Baer Group Ltd.		90,128		5,781,199
Kuehne + Nagel International AG, Registered		18,926		4,513,029
Logitech International SA, Registered		55,748		3,262,192
Lonza Group AG, Registered		25,616		14,612,425
Nestle SA, Registered		892,548		108,898,929
Novartis AG, Registered		706,039		63,832,305
Partners Group Holding AG		7,067		6,630,941
Roche Holding AG, Bearer		8,520		3,118,668
Roche Holding AG, NVS		228,194		71,235,406
Schindler Holding AG, Participation Certificates, NVS		12,368		2,636,082
Schindler Holding AG, Registered		11,471		2,320,456
SGS SA, Registered		1,883		4,591,948
Siemens Energy AG(b)		131,276		2,744,825
SIG Group AG		89,066		2,207,586
Sika AG, Registered		48,077		13,660,928
Sonova Holding AG, Registered		19,207		4,803,126
STMicroelectronics NV		228,273		10,748,990
Straumann Holding AG		33,244		4,352,869
Swatch Group AG (The), Bearer		12,710		4,601,891
Swiss Life Holding AG, Registered		7,183		4,251,242
Swiss Prime Site AG, Registered		34,401		3,065,412
Swiss Re AG		97,241		10,182,193
Swisscom AG, Registered		8,774		5,184,167
TE Connectivity Ltd.		108,235		13,762,080
Temenos AG, Registered		25,738		1,837,194
UBS Group AG, Registered		1,154,024		24,633,074
VAT Group AG(c)		9,149		2,848,118
Zurich Insurance Group AG		49,821		24,637,904
				529,999,953
Taiwan — 1.6%
Accton Technology Corp.		201,000		1,642,627
Acer Inc.		1,691,000		1,411,728
Advantech Co. Ltd.		170,388		1,948,340
Airtac International Group		48,393		1,655,000
ASE Technology Holding Co. Ltd.		1,146,873		3,869,597
Asia Cement Corp.		1,713,000		2,413,267
Asustek Computer Inc.		206,000		1,876,338
AUO Corp.		2,192,400		1,232,827
Catcher Technology Co. Ltd.		155,000		921,728
Cathay Financial Holding Co. Ltd.		3,139,264		4,469,311
Chailease Holding Co. Ltd.		447,326		3,371,111
Chang Hwa Commercial Bank Ltd.		1,146,212		673,584
China Airlines Ltd.		815,000		531,653
China Development Financial Holding Corp.		5,545,000		2,449,665
China Steel Corp.		3,483,305		3,686,162
Chunghwa Telecom Co. Ltd.		1,184,140		4,425,270
CTBC Financial Holding Co. Ltd.		5,916,142		4,523,627
Delta Electronics Inc.		700,000		6,788,224
E Ink Holdings Inc.		313,000		1,816,268
E.Sun Financial Holding Co. Ltd.		5,173,126		4,236,985
Eclat Textile Co. Ltd.		65,000		1,084,024
eMemory Technology Inc.		25,000		1,370,710
Eva Airways Corp.		729,000		711,399
Evergreen Marine Corp. Taiwan Ltd.		302,000		1,542,839

Security	Shares		Value
Taiwan (continued)
Far EasTone Telecommunications Co. Ltd.		796,000	$	1,770,721
Feng TAY Enterprise Co. Ltd.		135,800		896,636
First Financial Holding Co. Ltd.		3,388,158		2,955,121
Formosa Chemicals & Fibre Corp.		1,042,000		2,511,529
Formosa Plastics Corp.		1,329,160		3,962,051
Fubon Financial Holding Co. Ltd.		2,340,419		4,713,797
Giant Manufacturing Co. Ltd.		101,553		697,240
Globalwafers Co. Ltd.		71,000		1,245,699
Hon Hai Precision Industry Co. Ltd.		4,434,000		14,786,200
Hotai Motor Co. Ltd.		112,000		2,458,974
Hua Nan Financial Holdings Co. Ltd.		2,756,398		2,097,124
Innolux Corp.		2,688,755		1,100,054
Largan Precision Co. Ltd.		32,000		2,283,563
Lite-On Technology Corp.		783,000		1,739,902
MediaTek Inc.		450,000		10,872,431
Mega Financial Holding Co. Ltd.		3,312,994		3,537,655
Micro-Star International Co. Ltd.		269,000		1,181,531
momo.com Inc.		29,600		787,702
Nan Ya Plastics Corp.		2,024,830		5,095,742
Nan Ya Printed Circuit Board Corp.		86,000		706,196
Nanya Technology Corp.		331,000		642,943
Novatek Microelectronics Corp.		175,000		2,083,876
Parade Technologies Ltd.		25,000		773,092
Pegatron Corp.		450,000		970,040
Powerchip Semiconductor Manufacturing Corp.		873,000		1,006,940
President Chain Store Corp.		193,000		1,738,464
Quanta Computer Inc.		759,000		1,895,593
Realtek Semiconductor Corp.		153,000		1,643,049
Ruentex Development Co. Ltd.		654,000		979,428
Shanghai Commercial & Savings Bank Ltd. (The)		1,139,851		1,771,490
Silergy Corp.		100,000		2,034,945
SinoPac Financial Holdings Co. Ltd.		4,668,850		2,697,303
Taishin Financial Holding Co. Ltd.		5,831,418		3,169,787
Taiwan Cement Corp.		1,717,227		2,080,014
Taiwan Cooperative Financial Holding Co. Ltd.		3,644,827		3,220,823
Taiwan High Speed Rail Corp.		545,000		530,967
Taiwan Mobile Co. Ltd.		596,000		1,880,500
Taiwan Semiconductor Manufacturing Co. Ltd.		7,912,000		139,621,336
Unimicron Technology Corp.		388,000		1,786,350
Uni-President Enterprises Corp.		1,647,600		3,701,477
United Microelectronics Corp.		3,722,000		6,090,845
Vanguard International Semiconductor Corp.		314,000		1,055,430
Voltronic Power Technology Corp.		24,000		1,214,502
Walsin Lihwa Corp.		849,869		1,546,983
Wan Hai Lines Ltd.		234,600		597,875
Win Semiconductors Corp.		108,000		696,364
Winbond Electronics Corp.		1,169,000		846,893
Wiwynn Corp.		33,000		828,882
Yageo Corp.		105,858		1,921,421
Yang Ming Marine Transport Corp.		525,000		1,102,688
Yuanta Financial Holding Co. Ltd.		3,637,475		2,735,222
Zhen Ding Technology Holding Ltd.		198,000		731,141
				317,648,815
Thailand — 0.2%
Advanced Info Service PCL, NVDR		392,500		2,323,993
Airports of Thailand PCL, NVDR(b)		1,418,400		3,198,652
B Grimm Power PCL, NVDR(a)		710,800		870,941
Bangkok Dusit Medical Services PCL, NVDR		5,072,800		4,586,606
Bangkok Expressway & Metro PCL, NVDR		4,054,200		1,193,461
BTS Group Holdings PCL, NVDR		3,373,600		865,685

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Central Pattana PCL, NVDR		1,282,100	$	2,778,706
Charoen Pokphand Foods PCL, NVDR		3,059,100		2,189,785
CP ALL PCL, NVDR		1,829,600		3,695,715
Delta Electronics Thailand PCL, NVDR(a)		117,000		3,214,457
Electricity Generating PCL, NVDR		136,700		722,433
Energy Absolute PCL, NVDR		769,100		2,021,905
Global Power Synergy PCL, NVDR(a)		504,400		1,056,051
Gulf Energy Development PCL, NVDR		1,501,856		2,455,388
Indorama Ventures PCL, NVDR		1,027,033		1,265,090
Intouch Holdings PCL, NVDR		871,600		1,926,011
Muangthai Capital PCL, NVDR		352,700		403,775
Osotspa PCL, NVDR		244,300		207,949
PTT Exploration & Production PCL, NVDR(a)		459,500		2,398,624
PTT Global Chemical PCL, NVDR(a)		735,400		1,102,231
PTT Public Company Ltd., NVDR		2,715,300		2,743,736
Ratch Group PCL, NVDR(a)		797,400		1,022,830
Siam Cement PCL (The), NVDR		235,900		2,406,962
Srisawad Corp. PCL, NVDR		349,600		568,327
True Corp. PCL, NVDR		4,720,600		697,021
				45,916,334
Turkey — 0.1%
Akbank TAS		942,208		853,715
Aselsan Elektronik Sanayi Ve Ticaret AS		469,404		1,420,296
BIM Birlesik Magazalar AS		244,812		1,623,327
Eregli Demir ve Celik Fabrikalari TAS		518,327		1,052,041
Hektas Ticaret TAS(b)		445,664		746,357
Sasa Polyester Sanayi AS(b)		150,173		805,521
Turk Hava Yollari AO(b)		194,235		1,424,059
Turkcell Iletisim Hizmetleri AS(a)		381,536		739,577
Turkiye Petrol Rafinerileri AS(b)		64,054		2,019,817
Turkiye Sise ve Cam Fabrikalari AS		893,992		1,887,609
				12,572,319
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		1,678,958		3,850,617
Abu Dhabi Islamic Bank PJSC		297,019		763,441
Abu Dhabi National Oil Co. for Distribution PJSC		989,136		1,186,553
Aldar Properties PJSC		2,194,199		2,613,155
Emaar Properties PJSC		1,886,451		2,866,492
Emirates NBD Bank PJSC		816,557		2,884,614
Emirates Telecommunications Group Co. PJSC		958,385		6,714,990
First Abu Dhabi Bank PJSC		1,218,773		4,520,894
Multiply Group(b)		1,087,310		1,200,476
Q Holding PJSC(b)		652,426		613,012
				27,214,244
United Kingdom — 4.0%
3i Group PLC		367,258		7,165,104
abrdn PLC		822,554		2,166,471
Admiral Group PLC		59,362		1,613,775
Amcor PLC		523,976		6,319,151
Anglo American PLC		368,439		15,890,913
Antofagasta PLC		157,255		3,378,867
Ashtead Group PLC		157,886		10,399,757
Associated British Foods PLC		116,490		2,674,052
AstraZeneca PLC		498,202		65,270,667
Auto Trader Group PLC(c)		345,302		2,679,020
Aviva PLC		770,418		4,345,040
BAE Systems PLC		1,078,272		11,414,629
Barclays PLC		5,124,978		11,781,253
Barratt Developments PLC		345,263		1,962,380

Security	Shares		Value
United Kingdom (continued)
Berkeley Group Holdings PLC		52,053	$	2,665,512
BP PLC		6,403,578		38,679,197
British American Tobacco PLC		689,645		26,436,711
British Land Co. PLC (The)		373,351		2,043,302
BT Group PLC		2,261,795		3,484,732
Bunzl PLC		91,566		3,361,498
Burberry Group PLC		147,505		4,493,136
Clarivate PLC(a)(b)		126,535		1,407,069
CNH Industrial NV		381,016		6,740,688
Coca-Cola Europacific Partners PLC		72,261		4,062,513
Compass Group PLC		532,086		12,710,472
Croda International PLC		35,243		3,003,998
DCC PLC		30,094		1,714,091
Diageo PLC		725,771		31,735,114
Entain PLC		200,289		3,693,466
Experian PLC		311,956		11,408,067
Ferguson PLC		73,051		10,292,517
Glencore PLC		3,273,866		21,924,694
GSK PLC		1,256,321		22,067,297
Haleon PLC(b)		1,570,436		6,293,334
Halma PLC		92,035		2,450,342
Hargreaves Lansdown PLC		98,867		1,088,449
Hikma Pharmaceuticals PLC		42,809		905,586
HSBC Holdings PLC		6,520,519		48,045,439
Imperial Brands PLC		305,642		7,667,403
Informa PLC		369,813		3,058,630
InterContinental Hotels Group PLC		34,556		2,399,000
Intertek Group PLC		59,519		3,198,969
J Sainsbury PLC		727,000		2,357,719
JD Sports Fashion PLC		745,822		1,503,293
Johnson Matthey PLC		68,266		1,906,858
Kingfisher PLC(a)		763,166		2,632,860
Land Securities Group PLC		283,183		2,480,911
Legal & General Group PLC		2,023,087		6,366,530
Lloyds Banking Group PLC		22,502,263		14,644,369
London Stock Exchange Group PLC		107,803		9,868,812
M&G PLC		723,834		1,807,645
Melrose Industries PLC		1,522,898		2,685,124
Mondi PLC		98,480		1,857,120
National Grid PLC		1,068,027		13,577,714
NatWest Group PLC, NVS		1,469,468		5,606,104
Next PLC		47,993		3,929,387
NMC Health PLC, NVS(d)		19,275		—
Ocado Group PLC(a)(b)		182,998		1,464,421
Pearson PLC		263,708		3,007,373
Persimmon PLC		108,010		1,886,427
Prudential PLC		807,047		13,409,127
Reckitt Benckiser Group PLC		225,726		16,085,438
RELX PLC		640,948		19,041,861
Rentokil Initial PLC		588,150		3,566,205
Rio Tinto PLC		392,973		30,770,268
Rolls-Royce Holdings PLC(b)		2,706,021		3,540,377
Royalty Pharma PLC, Class A		102,774		4,027,713
Sage Group PLC (The)		250,489		2,406,615
Schroders PLC		146,584		866,867
Segro PLC		316,884		3,261,874
Severn Trent PLC		108,827		3,787,276
Shell PLC		2,403,775		70,569,445
Smith & Nephew PLC		302,178		4,173,179
Smiths Group PLC		106,294		2,269,059

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Spirax-Sarco Engineering PLC		20,391	$	2,912,690
SSE PLC		342,083		7,301,649
St. James’s Place PLC		266,363		4,039,057
Standard Chartered PLC		863,278		7,251,201
Taylor Wimpey PLC		1,272,385		1,846,130
Tesco PLC		2,331,440		7,086,131
Unilever PLC		826,552		42,070,716
United Utilities Group PLC		161,693		2,115,763
Vodafone Group PLC		8,575,870		9,894,948
Whitbread PLC		52,692		1,984,497
WPP PLC		422,610		4,937,663
				780,890,721
United States — 59.3%
3M Co.		171,481		19,734,033
A O Smith Corp.		35,294		2,389,404
Abbott Laboratories		555,320		61,390,626
AbbVie Inc.		571,292		84,408,393
Accenture PLC, Class A		203,951		56,912,527
Activision Blizzard Inc.		256,048		19,605,595
Adobe Inc.(b)		152,291		56,399,449
Advance Auto Parts Inc.		22,655		3,449,903
Advanced Micro Devices Inc.(b)		528,996		39,754,049
AES Corp. (The)		235,590		6,457,522
Affirm Holdings Inc.(a)(b)		68,072		1,102,086
Aflac Inc.		188,054		13,821,969
Agilent Technologies Inc.		98,511		14,981,553
Air Products and Chemicals Inc.		72,427		23,213,578
Airbnb Inc., Class A(b)		121,692		13,521,198
Akamai Technologies Inc.(b)		56,881		5,059,565
Albemarle Corp.		39,489		11,114,179
Alcoa Corp.		61,065		3,190,036
Alexandria Real Estate Equities Inc.		43,422		6,979,652
Align Technology Inc.(b)		25,021		6,748,914
Allegion PLC		27,312		3,210,526
Alliant Energy Corp.		90,818		4,906,897
Allstate Corp. (The)		91,722		11,783,525
Ally Financial Inc.		87,193		2,832,901
Alnylam Pharmaceuticals Inc.(b)		41,007		9,283,985
Alphabet Inc., Class A(b)		1,927,386		190,502,832
Alphabet Inc., Class C, NVS(b)		1,788,971		178,664,534
Altria Group Inc.		588,065		26,486,448
Amazon.com Inc.(b)		2,958,320		305,091,542
AMERCO		28,049		1,733,148
Ameren Corp.		87,864		7,632,746
American Electric Power Co. Inc.		164,938		15,497,574
American Express Co.		210,552		36,831,861
American Financial Group Inc./OH		24,490		3,492,029
American Homes 4 Rent, Class A		102,104		3,501,146
American International Group Inc.		242,045		15,302,085
American Tower Corp.		149,052		33,296,726
American Water Works Co. Inc.		63,685		9,966,066
Ameriprise Financial Inc.		37,434		13,106,392
AmerisourceBergen Corp.		53,931		9,112,182
AMETEK Inc.		66,769		9,676,163
Amgen Inc.		170,576		43,053,382
Amphenol Corp., Class A		180,298		14,382,371
Analog Devices Inc.		163,028		27,954,411
Annaly Capital Management Inc.		165,515		3,884,637
Ansys Inc.(b)		23,440		6,243,478
Aon PLC, Class A		70,666		22,519,841

Security	Shares		Value
United States (continued)
APA Corp.		104,033	$	4,611,783
Apollo Global Management Inc.		127,871		9,050,709
Apple Inc.		5,187,448		748,496,872
Applied Materials Inc.		285,314		31,809,658
Aptiv PLC(b)		89,960		10,173,576
Aramark		53,861		2,398,430
Arch Capital Group Ltd.(a)(b)		112,615		7,246,775
Archer-Daniels-Midland Co.		184,894		15,318,468
Ares Management Corp., Class A		44,952		3,730,566
Arista Networks Inc.(b)		80,997		10,207,242
Arrow Electronics Inc.(b)		20,228		2,376,588
Arthur J Gallagher & Co.		64,521		12,628,050
Assurant Inc.		14,406		1,910,092
AT&T Inc.		2,303,228		46,916,754
Atmos Energy Corp.(a)		40,662		4,779,411
Autodesk Inc.(b)		73,569		15,829,106
Automatic Data Processing Inc.		133,113		30,058,247
AutoZone Inc.(b)		6,598		16,091,532
AvalonBay Communities Inc.		46,562		8,261,961
Avantor Inc.(b)		180,686		4,318,395
Avery Dennison Corp.		21,007		3,979,566
Baker Hughes Co.		322,263		10,228,628
Ball Corp.		109,467		6,375,358
Bank of America Corp.		2,291,015		81,285,212
Bank of New York Mellon Corp. (The)		258,607		13,077,756
Bath & Body Works Inc.		79,739		3,668,791
Baxter International Inc.		166,352		7,600,623
Becton Dickinson and Co.		88,870		22,414,791
Bentley Systems Inc., Class B(a)		73,894		2,885,561
Berkshire Hathaway Inc., Class B(b)		415,398		129,404,785
Best Buy Co. Inc.		66,965		5,941,135
Bill.com Holdings Inc.(a)(b)		29,832		3,449,176
Biogen Inc.(b)		47,793		13,902,984
BioMarin Pharmaceutical Inc.(a)(b)		63,229		7,293,465
Bio-Rad Laboratories Inc., Class A(b)		7,948		3,715,372
Bio-Techne Corp.		46,631		3,714,625
Black Knight Inc.(b)		51,641		3,128,928
BlackRock Inc.(f)		49,105		37,281,007
Blackstone Inc., NVS		229,441		22,017,158
Block Inc.(b)		168,756		13,790,740
Boeing Co. (The)(b)		182,920		38,961,960
Booking Holdings Inc.(b)		13,072		31,818,555
Booz Allen Hamilton Holding Corp.		47,693		4,513,666
BorgWarner Inc.		82,737		3,911,805
Boston Properties Inc.		51,555		3,842,910
Boston Scientific Corp.(b)		478,873		22,147,876
Bristol-Myers Squibb Co.		686,539		49,877,058
Broadcom Inc.		130,771		76,502,343
Broadridge Financial Solutions Inc.		32,860		4,940,830
Brown & Brown Inc.		84,490		4,947,734
Brown-Forman Corp., Class B		107,690		7,170,000
Bunge Ltd.		46,511		4,609,240
Burlington Stores Inc.(a)(b)		23,193		5,330,447
Cadence Design Systems Inc.(b)		86,456		15,806,750
Caesars Entertainment Inc.(b)		70,918		3,691,991
Camden Property Trust		33,232		4,094,515
Campbell Soup Co.		58,367		3,030,998
Capital One Financial Corp.		126,737		15,081,703
Cardinal Health Inc.		84,033		6,491,549
Carlisle Companies Inc.		16,842		4,224,984

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Carlyle Group Inc. (The)		52,063	$	1,872,706
CarMax Inc.(a)(b)		55,661		3,921,317
Carnival Corp.(a)(b)		314,752		3,405,617
Carrier Global Corp.		283,417		12,903,976
Catalent Inc.(a)(b)		54,869		2,938,235
Caterpillar Inc.		173,471		43,764,999
Cboe Global Markets Inc.		28,092		3,451,945
CBRE Group Inc., Class A(b)		110,791		9,473,738
CDW Corp./DE		40,577		7,954,309
Celanese Corp.		37,907		4,670,142
Centene Corp.(b)		193,202		14,729,720
CenterPoint Energy Inc.		188,789		5,686,325
Ceridian HCM Holding Inc.(b)		48,662		3,517,289
CF Industries Holdings Inc.		69,071		5,850,314
CH Robinson Worldwide Inc.(a)		41,455		4,152,547
Charles River Laboratories International Inc.(b)		15,097		3,672,345
Charles Schwab Corp. (The)		474,191		36,711,867
Charter Communications Inc., Class A(b)		36,839		14,157,596
Cheniere Energy Inc.		72,369		11,057,260
Chesapeake Energy Corp.		28,144		2,440,648
Chevron Corp.		603,662		105,049,261
Chewy Inc., Class A(a)(b)		33,780		1,522,127
Chipotle Mexican Grill Inc.(b)		9,123		15,019,925
Chubb Ltd.		132,537		30,150,842
Church & Dwight Co. Inc.		86,350		6,982,261
Cigna Corp.		97,843		30,983,943
Cincinnati Financial Corp.		43,024		4,868,166
Cintas Corp.		26,395		11,712,517
Cisco Systems Inc.		1,313,780		63,941,673
Citigroup Inc.		633,250		33,068,315
Citizens Financial Group Inc.		154,109		6,676,002
Cleveland-Cliffs Inc.(b)		173,969		3,714,238
Clorox Co. (The)		41,818		6,050,646
Cloudflare Inc., Class A(a)(b)		83,792		4,433,435
CME Group Inc.		120,302		21,252,551
CMS Energy Corp.		99,025		6,257,390
Coca-Cola Co. (The)		1,333,323		81,759,366
Cognex Corp.		51,992		2,846,042
Cognizant Technology Solutions Corp., Class A		176,872		11,806,206
Coinbase Global Inc., Class A(a)(b)		38,997		2,280,545
Colgate-Palmolive Co.		262,556		19,568,299
Comcast Corp., Class A		1,418,095		55,802,038
Conagra Brands Inc.		172,454		6,413,564
ConocoPhillips		416,531		50,762,633
Consolidated Edison Inc.		109,553		10,441,496
Constellation Brands Inc., Class A		48,536		11,237,055
Constellation Energy Corp.		109,758		9,368,943
Cooper Companies Inc. (The)		12,777		4,458,279
Copart Inc.(b)		140,600		9,365,366
Corning Inc.		262,958		9,100,976
Corteva Inc.		242,235		15,612,046
CoStar Group Inc.(b)		133,503		10,399,884
Costco Wholesale Corp.		143,530		73,363,924
Coterra Energy Inc.		259,941		6,506,323
Crowdstrike Holdings Inc., Class A(b)		65,740		6,961,866
Crown Castle Inc.		141,967		21,026,732
Crown Holdings Inc.		31,767		2,800,579
CSX Corp.		706,394		21,841,702
Cummins Inc.		48,567		12,119,409
CVS Health Corp.		427,410		37,706,110

Security	Shares		Value
United States (continued)
Danaher Corp.		223,772	$	59,160,841
Darden Restaurants Inc.		43,593		6,450,456
Darling Ingredients Inc.(b)		47,873		3,173,501
Datadog Inc., Class A(a)(b)		77,016		5,761,567
DaVita Inc.(a)(b)		22,477		1,851,880
Deere & Co.		94,367		39,902,142
Dell Technologies Inc., Class C		84,903		3,448,760
Delta Air Lines Inc.(b)		54,090		2,114,919
DENTSPLY SIRONA Inc.		77,761		2,863,938
Devon Energy Corp.		209,816		13,268,764
Dexcom Inc.(b)		129,642		13,883,362
Diamondback Energy Inc.		53,324		7,791,703
Digital Realty Trust Inc.		94,020		10,776,572
Discover Financial Services		95,097		11,100,673
DISH Network Corp., Class A(b)		84,710		1,218,977
DocuSign Inc.(b)		67,943		4,120,064
Dollar General Corp.		75,701		17,683,754
Dollar Tree Inc.(b)		74,597		11,202,977
Dominion Energy Inc.		257,576		16,392,137
Domino’s Pizza Inc.		12,626		4,456,978
DoorDash Inc., Class A(b)		68,509		3,968,041
Dover Corp.		50,195		7,621,107
Dow Inc.		240,891		14,296,881
DR Horton Inc.		115,736		11,421,986
Dropbox Inc., Class A(b)		119,846		2,784,023
DTE Energy Co.		60,307		7,017,926
Duke Energy Corp.		248,151		25,423,070
DuPont de Nemours Inc.		168,767		12,480,320
Dynatrace Inc.(b)		70,426		2,706,471
Eastman Chemical Co.		30,848		2,719,868
Eaton Corp. PLC		126,796		20,567,579
eBay Inc.		165,129		8,173,886
Ecolab Inc.		85,107		13,177,117
Edison International		125,570		8,651,773
Edwards Lifesciences Corp.(b)		204,846		15,711,688
Elanco Animal Health Inc.(b)		113,193		1,554,140
Electronic Arts Inc.		93,041		11,972,516
Elevance Health Inc.		78,598		39,298,214
Eli Lilly & Co.		261,420		89,967,693
Emerson Electric Co.		182,826		16,494,562
Enphase Energy Inc.(b)		44,111		9,765,293
Entegris Inc.		42,809		3,455,114
Entergy Corp.		68,231		7,388,053
EOG Resources Inc.		191,627		25,342,671
EPAM Systems Inc.(b)		17,927		5,963,417
EQT Corp.		107,242		3,503,596
Equifax Inc.		41,740		9,274,628
Equinix Inc.		29,570		21,826,504
Equitable Holdings Inc.		130,774		4,193,922
Equity LifeStyle Properties Inc.		40,457		2,904,003
Equity Residential		121,663		7,743,850
Erie Indemnity Co., Class A, NVS		10,117		2,472,089
Essential Utilities Inc.		82,165		3,839,570
Essex Property Trust Inc.		22,684		5,128,172
Estee Lauder Companies Inc. (The), Class A		76,420		21,174,454
Etsy Inc.(b)		41,955		5,772,169
Everest Re Group Ltd.		14,604		5,106,873
Evergy Inc.		57,773		3,619,478
Eversource Energy		110,288		9,080,011
Exact Sciences Corp.(a)(b)		58,620		3,958,022

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Exelon Corp.		329,535	$	13,903,082
Expedia Group Inc.(b)		48,590		5,553,837
Expeditors International of Washington Inc.		55,693		6,023,198
Extra Space Storage Inc.		46,391		7,321,892
Exxon Mobil Corp.		1,336,593		155,058,154
F5 Inc.(b)		21,149		3,122,861
FactSet Research Systems Inc.		11,253		4,759,344
Fair Isaac Corp.(a)(b)		8,636		5,751,144
Fastenal Co.		196,279		9,921,903
FedEx Corp.		79,806		15,471,191
Fidelity National Financial Inc.		93,309		4,108,395
Fidelity National Information Services Inc.		198,287		14,879,456
Fifth Third Bancorp		235,224		8,536,279
First Citizens BancShares Inc./NC, Class A		3,826		2,975,404
First Horizon Corp.		155,187		3,837,775
First Republic Bank/CA		60,999		8,593,539
First Solar Inc.(b)		30,373		5,394,245
FirstEnergy Corp.		181,881		7,448,027
Fiserv Inc.(b)		198,041		21,127,014
FleetCor Technologies Inc.(b)		25,636		5,353,053
FMC Corp.		45,127		6,007,758
Ford Motor Co.		1,287,378		17,392,477
Fortinet Inc.(b)		230,075		12,042,126
Fortive Corp.		110,019		7,484,593
Fortune Brands Home & Security Inc., NVS		32,707		2,109,929
Fox Corp., Class A, NVS		107,260		3,640,404
Franklin Resources Inc.		102,658		3,202,930
Freeport-McMoRan Inc.		436,787		19,489,436
Gaming and Leisure Properties Inc.		83,428		4,468,404
Garmin Ltd.		38,933		3,849,695
Gartner Inc.(b)		25,307		8,557,309
GE HealthCare Technologies Inc., NVS(b)		119,716		8,322,656
Gen Digital, Inc.		204,186		4,698,320
Generac Holdings Inc.(a)(b)		21,233		2,560,700
General Dynamics Corp.		77,491		18,060,052
General Electric Co.		359,121		28,902,058
General Mills Inc.		191,439		15,001,160
General Motors Co.		456,975		17,968,257
Genuine Parts Co.		43,737		7,339,943
Gilead Sciences Inc.		406,762		34,143,602
Global Payments Inc.		92,317		10,405,972
Globe Life Inc.		29,816		3,603,264
GoDaddy Inc., Class A(b)		58,237		4,783,005
Goldman Sachs Group Inc. (The)		111,405		40,753,063
Halliburton Co.		291,770		12,026,759
Hartford Financial Services Group Inc. (The)		113,841		8,835,200
Hasbro Inc.		44,271		2,619,515
HCA Healthcare Inc.		76,319		19,466,687
Healthcare Realty Trust Inc.		124,373		2,677,751
Healthpeak Properties Inc.		193,399		5,314,605
HEICO Corp.		13,594		2,323,894
HEICO Corp., Class A		15,260		2,039,957
Henry Schein Inc.(a)(b)		38,742		3,337,623
Hershey Co. (The)		47,986		10,777,656
Hess Corp.		83,480		12,535,357
Hewlett Packard Enterprise Co.		449,901		7,256,903
HF Sinclair Corp.		51,093		2,907,192
Hilton Worldwide Holdings Inc.		79,932		11,597,334
Hologic Inc.(b)		72,261		5,879,878
Home Depot Inc. (The)		331,560		107,481,805

Security	Shares		Value
United States (continued)
Honeywell International Inc.		213,271	$	44,462,738
Horizon Therapeutics PLC(b)		71,535		7,848,820
Hormel Foods Corp.		103,105		4,671,688
Host Hotels & Resorts Inc.		246,264		4,642,076
Howmet Aerospace Inc.		138,773		5,646,673
HP Inc.		355,763		10,366,934
Hubbell Inc.		14,855		3,400,458
HubSpot Inc.(b)		14,616		5,071,898
Humana Inc.		41,709		21,342,495
Huntington Bancshares Inc./OH		421,970		6,401,285
Huntington Ingalls Industries Inc.		12,359		2,725,654
IDEX Corp.(a)		22,380		5,364,038
IDEXX Laboratories Inc.(b)		28,900		13,886,450
Illinois Tool Works Inc.		95,851		22,624,670
Illumina Inc.(b)		51,415		11,013,093
Incyte Corp.(b)		64,272		5,472,118
Ingersoll Rand Inc.		130,324		7,298,144
Insulet Corp.(b)		22,568		6,484,238
Intel Corp.		1,313,339		37,114,960
Intercontinental Exchange Inc.		171,045		18,395,890
International Business Machines Corp.		291,940		39,333,076
International Flavors & Fragrances Inc.		82,372		9,263,555
International Paper Co.		121,657		5,087,696
Interpublic Group of Companies Inc. (The)		94,600		3,449,116
Intuit Inc.		84,738		35,816,210
Intuitive Surgical Inc.(b)		117,873		28,960,217
Invesco Ltd.		99,646		1,844,447
Invitation Homes Inc.		179,060		5,819,450
IQVIA Holdings Inc.(b)		54,642		12,535,421
Iron Mountain Inc.(a)		82,328		4,493,462
Jack Henry & Associates Inc.		21,874		3,939,289
Jacobs Solutions Inc., NVS		42,785		5,286,087
Jazz Pharmaceuticals PLC(b)		22,441		3,515,607
JB Hunt Transport Services Inc.		21,210		4,009,751
JM Smucker Co. (The)		32,409		4,952,095
Johnson & Johnson		846,639		138,357,745
Johnson Controls International PLC		229,375		15,957,619
JPMorgan Chase & Co.		947,499		132,611,960
Juniper Networks Inc.		110,733		3,576,676
Kellogg Co.		76,152		5,222,504
Keurig Dr Pepper Inc.		256,204		9,038,877
KeyCorp.		317,265		6,088,315
Keysight Technologies Inc.(b)		60,998		10,939,991
Kimberly-Clark Corp.		106,743		13,877,657
Kimco Realty Corp.		200,626		4,506,060
Kinder Morgan Inc.		672,872		12,313,558
KKR & Co. Inc.		177,578		9,910,628
KLA Corp.		45,957		18,037,203
Knight-Swift Transportation Holdings Inc.		41,214		2,435,747
Kraft Heinz Co. (The)		235,170		9,531,440
Kroger Co. (The)		225,752		10,075,312
L3Harris Technologies Inc.		62,282		13,379,419
Laboratory Corp. of America Holdings		24,993		6,301,235
Lam Research Corp.		45,324		22,666,532
Lamb Weston Holdings Inc.		42,710		4,266,302
Las Vegas Sands Corp.(b)		113,464		6,694,376
Lear Corp.		13,613		1,984,503
Leidos Holdings Inc.		45,947		4,541,401
Lennar Corp., Class A		89,535		9,168,384
Lennox International Inc.		9,718		2,532,705

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Liberty Broadband Corp., Class C(a)(b)		35,579	$	3,194,283
Liberty Global PLC, Class A(b)		50,442		1,094,087
Liberty Global PLC, Class C, NVS(b)		111,481		2,491,600
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)(b)		73,486		5,202,809
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS(b)		19,338		785,510
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		39,932		1,609,260
Lincoln National Corp.		59,723		2,115,986
Linde PLC		160,738		53,194,634
Live Nation Entertainment Inc.(b)		44,543		3,585,266
LKQ Corp.		96,446		5,686,456
Lockheed Martin Corp.		77,819		36,050,430
Loews Corp.		46,949		2,886,425
Lowe’s Companies Inc.		203,738		42,428,438
LPL Financial Holdings Inc.		25,233		5,983,249
Lucid Group Inc.(a)(b)		136,479		1,595,440
Lululemon Athletica Inc.(b)		38,505		11,816,414
Lumen Technologies Inc.		312,836		1,642,389
LyondellBasell Industries NV, Class A		90,179		8,719,408
M&T Bank Corp.		58,799		9,172,644
Marathon Oil Corp.		233,416		6,411,938
Marathon Petroleum Corp.		166,762		21,432,252
Markel Corp.(b)		3,517		4,955,383
MarketAxess Holdings Inc.		10,376		3,775,308
Marriott International Inc./MD, Class A		92,990		16,196,998
Marsh & McLennan Companies Inc.		156,275		27,334,060
Martin Marietta Materials Inc.		21,445		7,712,480
Marvell Technology Inc.		271,967		11,735,376
Masco Corp.		86,211		4,586,425
Masimo Corp.(b)		19,119		3,251,760
Mastercard Inc., Class A		279,546		103,599,748
Match Group Inc.(b)		88,312		4,779,445
McCormick & Co. Inc./MD, NVS		86,342		6,486,011
McDonald’s Corp.		237,764		63,578,094
McKesson Corp.		48,286		18,284,942
Medical Properties Trust Inc.		171,750		2,224,163
Medtronic PLC		430,132		35,997,747
Merck & Co. Inc.		818,172		87,879,855
Meta Platforms Inc, Class A(b)		737,576		109,876,697
MetLife Inc.		216,959		15,842,346
Mettler-Toledo International Inc.(b)		6,915		10,600,142
MGM Resorts International		125,300		5,188,673
Microchip Technology Inc.		176,403		13,692,401
Micron Technology Inc.		360,709		21,750,753
Microsoft Corp.		2,287,030		566,748,904
Mid-America Apartment Communities Inc.		40,654		6,777,835
Moderna Inc.(a)(b)		109,425		19,265,366
Mohawk Industries Inc.(b)		18,163		2,180,650
Molina Healthcare Inc.(b)		19,531		6,090,352
Molson Coors Beverage Co., Class B(a)		66,761		3,510,293
Mondelez International Inc., Class A		454,392		29,735,412
MongoDB Inc., Class A(a)(b)		22,371		4,792,092
Monolithic Power Systems Inc.		14,544		6,203,889
Monster Beverage Corp.(b)		131,956		13,733,980
Moody’s Corp.		55,544		17,926,826
Morgan Stanley		413,883		40,283,232
Mosaic Co. (The)		117,564		5,824,121
Motorola Solutions Inc.		56,108		14,420,317
MSCI Inc.		24,074		12,796,775

Security	Shares		Value
United States (continued)
Nasdaq Inc.		99,658	$	5,998,415
NetApp Inc.		80,947		5,361,120
Netflix Inc.(b)		144,821		51,246,359
Neurocrine Biosciences Inc.(b)		31,704		3,516,925
Newell Brands Inc., NVS		147,510		2,354,260
Newmont Corp.		262,815		13,910,798
News Corp., Class A, NVS		133,108		2,696,768
NextEra Energy Inc.		625,429		46,675,766
Nike Inc., Class B		410,079		52,215,359
NiSource Inc.		116,141		3,222,913
Nordson Corp.		17,467		4,249,721
Norfolk Southern Corp.		77,530		19,057,649
Northern Trust Corp.		69,362		6,726,033
Northrop Grumman Corp.		46,276		20,733,499
Novocure Ltd.(a)(b)		34,918		3,183,823
NRG Energy Inc.		85,378		2,921,635
Nucor Corp.		87,302		14,755,784
Nvidia Corp.		806,683		157,601,658
NVR Inc.(b)		814		4,289,780
O’Reilly Automotive Inc.(b)		20,740		16,433,339
Occidental Petroleum Corp.		309,110		20,027,237
Okta Inc.(b)		52,288		3,848,920
Old Dominion Freight Line Inc.(a)		28,158		9,383,372
Omnicom Group Inc.		74,292		6,388,369
ON Semiconductor Corp.(b)		132,223		9,711,779
ONEOK Inc.		127,677		8,743,321
Oracle Corp.		524,510		46,398,155
Otis Worldwide Corp.		138,804		11,413,853
Ovintiv Inc.		64,156		3,158,400
Owens Corning		24,724		2,389,575
PACCAR Inc.		118,720		12,977,283
Packaging Corp. of America		24,028		3,428,796
Palantir Technologies Inc., Class A(b)		533,495		4,150,591
Palo Alto Networks Inc.(b)		98,557		15,635,082
Paramount Global, Class B, NVS		200,789		4,650,273
Parker-Hannifin Corp.		38,369		12,508,294
Paychex Inc.		97,690		11,318,363
Paycom Software Inc.(b)		17,327		5,612,908
Paylocity Holding Corp.(b)		15,459		3,219,955
PayPal Holdings Inc.(b)		358,169		29,187,192
Pentair PLC		63,603		3,522,334
PepsiCo Inc.		444,399		76,001,117
PerkinElmer Inc.		35,700		4,909,821
Pfizer Inc.		1,814,468		80,126,907
PG&E Corp.(b)		490,751		7,802,941
Philip Morris International Inc.		496,994		51,806,655
Phillips 66		157,973		15,839,953
Pinterest Inc., Class A(a)(b)		182,928		4,809,177
Pioneer Natural Resources Co.		73,951		17,034,613
Plug Power Inc.(a)(b)		170,968		2,909,875
PNC Financial Services Group Inc. (The)		129,662		21,449,985
Pool Corp.		12,649		4,877,581
PPG Industries Inc.		80,337		10,471,125
PPL Corp.		243,765		7,215,444
Principal Financial Group Inc.(a)		83,257		7,705,435
Procter & Gamble Co. (The)		773,204		110,088,786
Progressive Corp. (The)		184,193		25,114,716
Prologis Inc.		302,825		39,149,216
Prudential Financial Inc.		127,990		13,431,271
PTC Inc.(b)		32,523		4,386,702

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Public Service Enterprise Group Inc.		171,793	$	10,639,140
Public Storage		53,113		16,164,410
PulteGroup Inc.		86,134		4,900,163
Qorvo Inc.(b)		38,418		4,174,500
Qualcomm Inc.		362,391		48,274,105
Quanta Services Inc.		44,768		6,813,242
Quest Diagnostics Inc.		41,089		6,100,895
Raymond James Financial Inc.		58,717		6,621,516
Raytheon Technologies Corp.		478,581		47,786,313
Realty Income Corp.		197,618		13,404,429
Regency Centers Corp.		36,488		2,431,195
Regeneron Pharmaceuticals Inc.(b)		35,313		26,783,851
Regions Financial Corp.		331,417		7,801,556
Repligen Corp.(a)(b)		19,199		3,557,575
Republic Services Inc.		73,738		9,203,977
ResMed Inc.		49,885		11,392,237
Rivian Automotive Inc., Class A(b)		100,272		1,945,277
Robert Half International Inc.		31,425		2,638,443
ROBLOX Corp., Class A(b)		115,010		4,279,522
Rockwell Automation Inc.		38,377		10,823,465
Roku Inc.(a)(b)		40,234		2,313,455
Rollins Inc.		84,147		3,062,951
Roper Technologies Inc.		34,664		14,792,862
Ross Stores Inc.		118,761		14,036,363
Royal Caribbean Cruises Ltd.(b)		72,884		4,733,087
RPM International Inc.		40,521		3,643,243
S&P Global Inc.		109,027		40,878,583
Salesforce Inc.(b)		321,916		54,072,231
SBA Communications Corp.		31,205		9,284,424
Schlumberger NV		462,028		26,326,355
Seagate Technology Holdings PLC		71,119		4,820,446
Seagen Inc.(b)		45,123		6,293,756
Sealed Air Corp.		40,683		2,227,801
SEI Investments Co.		45,293		2,827,642
Sempra Energy		103,178		16,542,529
Sensata Technologies Holding PLC		47,089		2,394,476
ServiceNow Inc.(b)		65,407		29,768,688
Sherwin-Williams Co. (The)		82,101		19,424,276
Signature Bank/New York NY		20,287		2,616,009
Simon Property Group Inc.		106,201		13,642,580
Sirius XM Holdings Inc.(a)		164,770		954,018
Skyworks Solutions Inc.		56,175		6,160,712
Snap Inc., Class A, NVS(b)		353,894		4,091,015
Snap-on Inc.		13,387		3,329,749
Snowflake Inc., Class A(a)(b)		72,851		11,396,810
SolarEdge Technologies Inc.(b)		17,928		5,721,363
Southern Co. (The)		353,063		23,895,304
Southwest Airlines Co.		49,867		1,783,743
Splunk Inc.(b)		54,845		5,252,506
SS&C Technologies Holdings Inc.		75,768		4,572,599
Stanley Black & Decker Inc.		41,504		3,706,722
Starbucks Corp.		374,156		40,835,386
State Street Corp.		124,805		11,398,441
Steel Dynamics Inc.		56,487		6,814,592
STERIS PLC		29,124		6,014,397
Stryker Corp.		112,515		28,557,432
Sun Communities Inc.		29,819		4,677,408
SVB Financial Group(b)		19,145		5,790,214
Synchrony Financial		164,884		6,056,189
Synopsys Inc.(b)		48,041		16,994,504

Security	Shares		Value
United States (continued)
Sysco Corp.		166,382	$	12,887,950
T-Mobile U.S. Inc.(b)		201,536		30,091,340
T Rowe Price Group Inc.		74,893		8,722,788
Take-Two Interactive Software Inc.(b)		51,829		5,868,598
Targa Resources Corp.		71,390		5,355,678
Target Corp.		151,172		26,022,748
Teledyne Technologies Inc.(b)		14,314		6,072,858
Teleflex Inc.		12,431		3,025,954
Teradyne Inc.		56,137		5,709,133
Tesla Inc.(b)		860,033		148,974,916
Texas Instruments Inc.		297,880		52,787,315
Texas Pacific Land Corp.		1,915		3,822,053
Textron Inc.		74,204		5,405,761
Thermo Fisher Scientific Inc.		126,009		71,866,713
TJX Companies Inc. (The)		384,507		31,475,743
Tractor Supply Co.		37,471		8,543,013
Trade Desk Inc. (The), Class A(b)		144,299		7,315,959
Tradeweb Markets Inc., Class A		37,103		2,765,658
Trane Technologies PLC		69,240		12,402,269
TransDigm Group Inc.		17,551		12,597,230
TransUnion		66,010		4,736,218
Travelers Companies Inc. (The)		80,225		15,332,602
Trimble Inc.(b)		91,043		5,285,957
Truist Financial Corp.		440,185		21,740,737
Twilio Inc., Class A(b)		59,358		3,551,983
Tyler Technologies Inc.(b)		12,560		4,053,991
Tyson Foods Inc., Class A		96,853		6,368,085
U.S. Bancorp		449,958		22,407,908
Uber Technologies Inc.(b)		459,455		14,210,943
UDR Inc.		103,116		4,391,710
UGI Corp.		58,060		2,312,530
Ulta Beauty Inc.(b)		17,274		8,878,145
Union Pacific Corp.		202,310		41,309,679
United Parcel Service Inc., Class B		237,520		43,995,830
United Rentals Inc.(b)		19,940		8,792,543
UnitedHealth Group Inc.		301,799		150,655,043
Unity Software Inc.(a)(b)		83,094		2,951,499
Universal Health Services Inc., Class B		19,988		2,962,421
Vail Resorts Inc.		14,440		3,788,190
Valero Energy Corp.		123,466		17,288,944
Veeva Systems Inc., Class A(a)(b)		46,735		7,970,654
Ventas Inc.		128,937		6,680,226
VeriSign Inc.(b)		28,886		6,298,592
Verisk Analytics Inc.		51,820		9,420,358
Verizon Communications Inc.		1,343,988		55,869,581
Vertex Pharmaceuticals Inc.(b)		84,317		27,242,823
VF Corp.		102,047		3,157,334
Viatris Inc.		405,251		4,927,852
VICI Properties Inc.		312,106		10,667,783
Visa Inc., Class A		528,547		121,676,805
Vistra Corp.		117,377		2,706,714
VMware Inc., Class A(b)		67,725		8,294,281
Vulcan Materials Co.		45,141		8,275,700
W R Berkley Corp.		72,080		5,055,691
Walmart Inc.		488,940		70,343,798
Walgreens Boots Alliance Inc.		239,101		8,813,263
Walt Disney Co. (The)(b)		589,812		63,988,704
Warner Bros. Discovery Inc.(a)(b)		756,438		11,210,411
Waste Management Inc.		135,222		20,922,900
Waters Corp.(b)		21,281		6,992,511

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Webster Financial Corp.		57,914	$	3,049,172
WEC Energy Group Inc.		107,699		10,122,629
Wells Fargo & Co.		1,231,750		57,732,122
Welltower Inc.		140,230		10,522,859
West Pharmaceutical Services Inc.		25,305		6,721,008
Western Digital Corp.(b)		102,049		4,485,054
Western Union Co. (The)		152,197		2,156,631
Westinghouse Air Brake Technologies Corp.		59,433		6,169,740
Westlake Corp.(a)		9,363		1,149,308
Westrock Co.		92,672		3,636,449
Weyerhaeuser Co.		245,148		8,440,446
Whirlpool Corp.		21,870		3,402,753
Williams Companies Inc. (The)		399,963		12,894,807
Willis Towers Watson PLC		32,723		8,317,859
Wolfspeed Inc.(b)		39,843		3,068,309
Workday Inc., Class A(b)		63,878		11,589,386
WP Carey Inc.		46,898		4,011,186
WW Grainger Inc.		15,097		8,899,380
Wynn Resorts Ltd.(b)		36,359		3,768,247
Xcel Energy Inc.		177,347		12,196,153
Xylem Inc./NY		58,596		6,094,570
Yum! Brands Inc.		84,977		11,090,348
Zebra Technologies Corp., Class A(b)		17,565		5,553,702
Zillow Group Inc., Class C (a)(b)		58,254		2,575,409
Zimmer Biomet Holdings Inc.		68,398		8,709,801
Zoetis Inc.		156,695		25,931,456
Zoom Video Communications Inc., Class A(b)		74,109		5,558,175
ZoomInfo Technologies Inc.(b)		89,388		2,523,423
Zscaler Inc.(a)(b)		27,933		3,468,161
			11,611,020,280
Total Common Stocks — 99.3% (Cost: $16,916,141,871)				19,434,217,746
Preferred Stocks
Brazil — 0.2%
Banco Bradesco SA, Preference Shares, NVS		2,063,252		5,698,401
Cia. Energetica de Minas Gerais, Preference Shares, NVS		731,122		1,650,544
Gerdau SA, Preference Shares, NVS		290,372		1,872,777
Itau Unibanco Holding SA, Preference Shares, NVS		1,465,332		7,311,794
Itausa SA, Preference Shares, NVS		1,800,891		3,026,141
Petroleo Brasileiro SA, Preference Shares, NVS		1,940,434		9,965,352
			29,525,009
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		49,038		4,776,303
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		211,862		1,610,398
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		4,823		456,926
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)(b)		37,450		4,452,757

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		60,608	$	4,321,367
Porsche Automobil Holding SE, Preference Shares, NVS		53,643		3,207,673
Sartorius AG, Preference Shares, NVS		9,923		4,449,593
Volkswagen AG, Preference Shares, NVS		69,957		9,702,383
				26,590,699
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		1,929,900		275
South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		283,579		12,725,344
Total Preferred Stocks — 0.4% (Cost: $69,839,304)				75,228,028
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(b)		89,344		45,331
Total Rights — 0.0% (Cost: $45,905)				45,331
Total Long-Term Investments — 99.7% (Cost: $16,986,027,080)				19,509,491,105
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		238,859,107		239,002,422
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)		20,890,000		20,890,000
Total Short-Term Securities — 1.3% (Cost: $259,695,233)				259,892,422
Total Investments — 101.0% (Cost: $17,245,722,313)				19,769,383,527
Liabilities in Excess of Other Assets — (1.0)%				(197,293,414	)
Net Assets — 100.0%			$	19,572,090,113

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

^(b)  Non-income producing security.

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

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

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

^(f) Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	168,555,690	$	70,287,681	(a)	$	—		$	17,168	$	141,883	$	239,002,422		238,859,107	$	723,564	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,730,000		2,160,000	(a)		—			—		—		20,890,000		20,890,000		412,300			16
BlackRock Inc.		31,719,801		5,242,972			(3,900,481	)		1,124,689		3,094,026		37,281,007		49,105		460,706			—
									$	1,141,857	$	3,235,909	$	297,173,429			$	1,596,570		$	16

^(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		118		03/17/23	$	12,502	$	860,203
MSCI Emerging Markets Index		112		03/17/23		5,850		385,228
S&P 500 E-Mini Index		145		03/17/23		29,652		996,960
							$	2,242,391

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)	$	—	$	—	$	2,242,391	$	—	$	—	$	—	$	2,242,391

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,661,817		$	—	$	—	$	—	$	1,661,817
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(258,683	)	$	—	$	—	$	—	$	(258,683	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	43,246,753

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	411,416,333	$	—	$	411,416,333
Austria		—		9,973,344		—		9,973,344
Belgium		—		51,298,026		—		51,298,026
Brazil		102,424,065		10,591		—		102,434,656
Canada		624,670,925		—		—		624,670,925
Chile		6,788,152		2,258,645		—		9,046,797
China		62,681,584		672,684,896		303,192		735,669,672
Colombia		108,673		—		—		108,673
Czech Republic		3,225,082		1,630,935		—		4,856,017
Denmark		—		141,134,122		—		141,134,122
Egypt		—		1,047,227		—		1,047,227
Finland		—		47,827,522		—		47,827,522
France		—		602,400,618		—		602,400,618
Germany		—		388,531,655		—		388,531,655
Greece		—		3,973,107		—		3,973,107
Hong Kong		1,203,418		143,314,208		—		144,517,626
Hungary		—		3,374,145		—		3,374,145
India		—		283,280,178		—		283,280,178
Indonesia		—		41,373,244		—		41,373,244
Ireland		—		36,818,329		—		36,818,329
Israel		12,167,919		22,255,271		—		34,423,190
Italy		—		116,238,375		—		116,238,375
Japan		—		1,076,511,610		—		1,076,511,610
Kuwait		—		19,610,890		—		19,610,890
Malaysia		2,981,675		30,056,222		—		33,037,897
Mexico		52,482,791		—		—		52,482,791
Netherlands		18,656,636		228,254,405		—		246,911,041
New Zealand		—		10,899,749		—		10,899,749
Norway		—		35,230,905		—		35,230,905
Peru		5,552,084		—		—		5,552,084
Philippines		—		16,492,775		—		16,492,775
Poland		—		14,430,353		—		14,430,353
Portugal		—		9,837,638		—		9,837,638
Qatar		2,346,615		14,838,849		—		17,185,464
Russia		—		—		3,356		3,356
Saudi Arabia		592,228		86,339,507		—		86,931,735
Singapore		9,199,236		64,333,196		—		73,532,432
South Africa		18,385,582		56,806,477		—		75,192,059
South Korea		—		249,740,738		—		249,740,738
Spain		—		125,621,519		—		125,621,519
Sweden		—		165,336,263		—		165,336,263
Switzerland		13,762,080		516,237,873		—		529,999,953
Taiwan		—		317,648,815		—		317,648,815
Thailand		—		45,916,334		—		45,916,334
Turkey		746,357		11,825,962		—		12,572,319

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
United Arab Emirates	$	—	$	27,214,244	$	—	$	27,214,244
United Kingdom		15,816,446		765,074,275		—		780,890,721
United States		11,611,020,280		—		—		11,611,020,280
Preferred Stocks
Brazil		29,525,009		—		—		29,525,009
Chile		—		4,776,303		—		4,776,303
Colombia		1,610,398		—		—		1,610,398
Germany		—		26,590,699		—		26,590,699
Russia		—		—		275		275
South Korea		—		12,725,344		—		12,725,344
Rights		45,331		—		—		45,331
Short-Term Securities
Money Market Funds		259,892,422		—		—		259,892,422
	$	12,855,884,988	$	6,913,191,716	$	306,823	$	19,769,383,527
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,242,391	$	—	$	—	$	2,242,391

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

See notes to financial statements.

34 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.9%
Aristocrat Leisure Ltd.		14,520	$	350,560
ASX Ltd.		3,720		182,039
Australia & New Zealand Banking Group Ltd.		37,583		668,842
Brambles Ltd.		79,320		674,502
Cochlear Ltd.		1,200		181,292
Coles Group Ltd.		7,320		92,068
Commonwealth Bank of Australia		24,240		1,892,224
Computershare Ltd.		13,560		228,375
CSL Ltd.		7,560		1,596,297
Dexus		32,520		188,553
Endeavour Group Ltd./Australia		18,360		86,210
Goodman Group		26,880		383,405
GPT Group (The)		46,560		150,926
IDP Education Ltd.		4,560		101,476
IGO Ltd.		65,280		678,603
Insurance Australia Group Ltd.		60,000		208,366
James Hardie Industries PLC		17,280		387,738
Lottery Corp. Ltd. (The)(a)		69,840		232,927
Macquarie Group Ltd.		5,520		736,417
Medibank Pvt Ltd.		38,520		80,248
Mineral Resources Ltd.		11,880		752,124
Mirvac Group		74,520		120,395
National Australia Bank Ltd.		48,960		1,104,740
Newcrest Mining Ltd.		16,440		261,217
Northern Star Resources Ltd.		27,000		240,584
Pilbara Minerals Ltd.(a)		194,040		660,108
QBE Insurance Group Ltd.		32,760		319,637
Ramsay Health Care Ltd.		3,840		181,454
Scentre Group		105,120		228,090
Sonic Healthcare Ltd.		10,080		225,767
Stockland		83,640		233,712
Suncorp Group Ltd.		23,280		206,944
Telstra Corp. Ltd.		61,560		177,920
Transurban Group		60,000		588,248
Treasury Wine Estates Ltd.		31,200		321,384
Vicinity Ltd.		150,000		219,456
Wesfarmers Ltd.		18,840		664,236
Westpac Banking Corp.		53,880		906,578
WiseTech Global Ltd.(b)		3,000		130,079
Woolworths Group Ltd.		15,480		395,629
Xero Ltd.(a)		2,280		125,666
				17,165,036
Austria — 0.1%
Erste Group Bank AG		14,040		532,735
Verbund AG		3,960		337,167
				869,902
Belgium — 0.2%
Anheuser-Busch InBev SA/NV		18,120		1,093,755
Argenx SE(a)		240		91,413
D’ieteren Group		480		91,735
Elia Group SA/NV		2,436		342,059
				1,618,962
Brazil — 0.5%
Ambev SA		96,016		258,373
B3 SA - Brasil, Bolsa, Balcao		126,000		321,683
Banco Bradesco SA		65,352		162,469
Banco BTG Pactual SA		57,720		245,830
Banco do Brasil SA		72,960		584,968

Security	Shares		Value
Brazil (continued)
BB Seguridade Participacoes SA		37,440	$	278,644
CCR SA		73,920		171,247
Cia. de Saneamento Basico do Estado de Sao Paulo		11,640		127,629
Hapvida Participacoes e Investimentos SA(a)(c)		43,412		44,042
Hypera SA		9,000		82,265
Localiza Rent a Car SA		15,075		175,835
Localiza Rent a Car SA, NVS		65		758
Lojas Renner SA		21,960		93,571
MercadoLibre Inc.(a)		840		992,620
Petro Rio SA(a)		49,200		408,037
Suzano SA		15,720		143,565
Telefonica Brasil SA		18,720		154,221
				4,245,757
Canada — 3.8%
Agnico Eagle Mines Ltd.		12,120		684,451
Bank of Montreal		9,000		905,716
Bank of Nova Scotia (The)		20,760		1,123,853
BCE Inc.		12,480		589,976
Brookfield Asset Management Ltd.(a)(b)		4,650		151,814
Brookfield Corp.		18,600		691,970
Brookfield Renewable Corp., Class A		9,480		298,603
CAE Inc.(a)		11,400		257,465
Cameco Corp.		18,840		527,160
Canadian Imperial Bank of Commerce		12,000		547,804
Canadian National Railway Co.		9,120		1,085,585
Canadian Pacific Railway Ltd.		13,200		1,041,873
Canadian Utilities Ltd., Class A, NVS		9,120		253,472
CCL Industries Inc., Class B, NVS		3,720		173,985
CGI Inc.(a)		2,280		195,416
Constellation Software Inc./Canada		360		636,036
Dollarama Inc.		10,560		631,513
Element Fleet Management Corp.		11,040		155,990
Enbridge Inc.		32,280		1,321,720
Fairfax Financial Holdings Ltd.		1,200		794,441
First Quantum Minerals Ltd.		31,800		737,790
Franco-Nevada Corp.		9,960		1,460,970
George Weston Ltd.		2,400		308,751
Gildan Activewear Inc.		4,560		142,981
Great-West Lifeco Inc.		9,172		243,268
Hydro One Ltd.(c)		41,040		1,122,119
Intact Financial Corp.		3,360		487,453
Keyera Corp.		17,880		407,845
Loblaw Companies Ltd.		5,280		473,019
Lundin Mining Corp.		44,760		338,757
Manulife Financial Corp.		62,400		1,234,822
Metro Inc.		5,400		293,103
National Bank of Canada		2,520		189,301
Northland Power Inc.		9,240		248,196
Nutrien Ltd.		7,680		635,733
Onex Corp.		4,560		235,685
Open Text Corp.		3,360		112,703
Pan American Silver Corp.		6,240		113,727
Pembina Pipeline Corp.		82,440		2,925,100
Power Corp. of Canada		6,720		182,274
Quebecor Inc., Class B		9,000		213,476
Restaurant Brands International Inc.		3,480		232,854
Ritchie Bros Auctioneers Inc.		3,000		181,414
Rogers Communications Inc., Class B, NVS		7,440		361,725
Royal Bank of Canada		20,880		2,136,726
Shaw Communications Inc., Class B, NVS		13,560		403,574

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Shopify Inc., Class A(a)		14,520	$	715,551
Sun Life Financial Inc.		7,200		361,799
TC Energy Corp.		23,880		1,028,928
TELUS Corp.		8,880		191,342
TFI International Inc.		1,560		173,745
Thomson Reuters Corp.		3,600		428,250
Toronto-Dominion Bank (The)		24,720		1,710,363
Wheaton Precious Metals Corp.		27,720		1,267,510
WSP Global Inc.		3,480		443,791
				33,813,488
Chile — 0.1%
Banco de Chile		1,102,200		120,443
Banco de Credito e Inversiones SA		3,720		112,139
Cia. Sud Americana de Vapores SA		3,349,200		291,124
Falabella SA		139,560		324,456
				848,162
China — 4.2%
360 DigiTech Inc.		12,000		289,560
Agricultural Bank of China Ltd., Class H		1,320,000		475,112
Alibaba Group Holding Ltd.(a)		228,068		3,135,629
Alibaba Health Information Technology Ltd.(a)		42,000		37,511
ANTA Sports Products Ltd.		24,000		364,047
Asia - Potash International Investment Guangzhou Co. Ltd.(a)		24,000		103,337
Baidu Inc.(a)		38,840		652,902
Bank of Beijing Co. Ltd., Class A		108,000		68,039
Bank of Chengdu Co. Ltd., Class A		36,000		77,605
Bank of China Ltd., Class H		2,520,000		959,275
Bank of Communications Co. Ltd., Class A		396,000		284,667
Bank of Communications Co. Ltd., Class H		240,000		148,344
Bank of Jiangsu Co. Ltd., Class A		228,000		251,113
Bank of Shanghai Co. Ltd., Class A		96,000		85,247
Beijing Enterprises Water Group Ltd.		480,000		122,657
BOC Aviation Ltd.(c)		12,000		99,935
BYD Co. Ltd., Class H		10,500		332,509
C&D International Investment Group Ltd.(b)		120,000		381,552
CGN Power Co. Ltd., Class H(c)		960,000		224,313
China Cinda Asset Management Co. Ltd., Class H		2,520,000		357,786
China CITIC Bank Corp. Ltd., Class H		1,080,000		521,046
China Conch Venture Holdings Ltd.		120,000		254,650
China Construction Bank Corp., Class H		2,040,000		1,320,473
China Everbright Bank Co. Ltd., Class A		576,000		262,171
China Everbright Bank Co. Ltd., Class H		723,000		230,792
China Galaxy Securities Co. Ltd., Class H		420,000		226,403
China Life Insurance Co. Ltd., Class H		240,000		441,785
China Merchants Bank Co. Ltd., Class A		24,000		147,152
China Merchants Bank Co. Ltd., Class H		60,000		389,168
China Merchants Energy Shipping Co. Ltd., Class A		144,000		136,660
China Merchants Port Holdings Co. Ltd.		240,000		336,438
China Minsheng Banking Corp. Ltd., Class A		402,160		208,042
China Minsheng Banking Corp. Ltd., Class H		540,000		201,893
China National Nuclear Power Co. Ltd., Class A		384,098		344,306
China Oilfield Services Ltd., Class H		480,000		581,776
China Overseas Land & Investment Ltd.		120,000		324,032
China Pacific Insurance Group Co. Ltd., Class H		96,000		263,949
China Resources Beer Holdings Co. Ltd.		14,000		105,396
China Resources Land Ltd.		22,000		105,436
China Ruyi Holdings Ltd.(a)		480,000		128,344
China Taiping Insurance Holdings Co. Ltd.		96,000		132,963

Security	Shares		Value
China (continued)
China Tower Corp. Ltd., Class H(c)		2,400,000	$	272,690
China Vanke Co. Ltd., Class H		60,000		121,290
China Yangtze Power Co. Ltd., Class A		84,000		258,793
CITIC Ltd.		360,000		421,262
Contemporary Amperex Technology Co. Ltd., Class A		3,500		242,848
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a)		60,000		126,838
COSCO SHIPPING Holdings Co. Ltd., Class H		60,000		62,237
COSCO SHIPPING Ports Ltd.(b)		240,000		181,561
Country Garden Holdings Co. Ltd.(b)		240,000		90,055
Country Garden Services Holdings Co. Ltd.		15,000		40,552
Daqo New Energy Corp., ADR(a)(b)		3,000		136,530
Dong-E-E-Jiao Co. Ltd., Class A		12,000		78,358
Far East Horizon Ltd.		120,000		108,393
Focus Media Information Technology Co. Ltd., Class A		72,000		74,323
Foshan Haitian Flavouring & Food Co. Ltd., Class A		12,085		142,423
Fuyao Glass Industry Group Co. Ltd., Class H(c)		96,000		472,470
Ganfeng Lithium Co. Ltd., Class H(b)(c)		34,880		318,565
Great Wall Motor Co. Ltd., Class H		60,000		84,717
Guangzhou Tinci Materials Technology Co. Ltd., Class A		12,000		87,753
H World Group Ltd., ADR		2,160		102,557
Huaxia Bank Co. Ltd., Class A		132,000		101,988
Huizhou Desay Sv Automotive Co. Ltd., Class A		12,000		234,329
Industrial & Commercial Bank of China Ltd., Class H		1,320,000		706,093
Industrial Bank Co. Ltd., Class A		54,298		142,139
JD Health International Inc.(a)(c)		18,000		149,478
JD.com Inc., Class A		26,944		800,058
Jiangsu Expressway Co. Ltd., Class H		240,000		236,371
KE Holdings Inc., ADR(a)		6,240		114,442
Kingsoft Corp. Ltd.		24,000		88,369
Kuaishou Technology(a)(c)		24,000		211,171
Kweichow Moutai Co. Ltd., Class A		800		219,398
Li Auto Inc.(a)		35,680		436,589
Li Ning Co. Ltd.		60,000		593,140
Meituan, Class B(a)(c)		72,600		1,623,037
Muyuan Foods Co. Ltd., Class A		14,836		109,897
NetEase Inc.		36,100		640,490
New China Life Insurance Co. Ltd., Class H		168,000		450,569
Nongfu Spring Co. Ltd., Class H(c)		48,000		271,719
People’s Insurance Co. Group of China Ltd. (The), Class H		1,080,000		364,095
PICC Property & Casualty Co. Ltd., Class H		330,000		310,250
Pinduoduo Inc., ADR(a)		8,280		811,274
Ping An Insurance Group Co. of China Ltd., Class A		24,000		181,988
Ping An Insurance Group Co. of China Ltd., Class H		143,500		1,114,665
Shanghai Pudong Development Bank Co. Ltd., Class A		72,000		78,695
Shanghai Putailai New Energy Technology Co. Ltd., Class A		12,000		98,560
Shenzhen Capchem Technology Co. Ltd., Class A		12,000		87,325
Shenzhen International Holdings Ltd.		360,000		351,232
Shenzhou International Group Holdings Ltd.		24,000		302,247
Sichuan Chuantou Energy Co. Ltd., Class A		72,000		133,642
Sino Biopharmaceutical Ltd.		120,000		69,826
Sunac China Holdings Ltd.(a)(d)		144,000		29,545
Sunny Optical Technology Group Co. Ltd.		12,000		161,966
Tencent Holdings Ltd.		96,000		4,677,975
Tianqi Lithium Corp., Class A(a)		24,000		343,889
Trip.com Group Ltd., ADR(a)		9,600		352,896
Weihai Guangwei Composites Co. Ltd., Class A		12,000		128,467
WuXi AppTec Co. Ltd., Class H(c)		14,000		181,916

36 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Wuxi Biologics Cayman Inc., New(a)(c)		60,000	$	501,024
XPeng Inc.(a)		18,000		94,734
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		24,000		115,525
Yintai Gold Co. Ltd., Class A		48,000		88,966
YongXing Special Materials Technology Co. Ltd., Class A		12,000		202,647
Yum China Holdings Inc.		1,800		110,898
Zhejiang Expressway Co. Ltd., Class H		480,000		414,494
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)		12,000		39,995
Zhuzhou CRRC Times Electric Co. Ltd.		24,000		127,856
ZTO Express Cayman Inc., ADR		7,200		205,272
				37,349,371
Colombia — 0.1%
Bancolombia SA		25,320		227,711
Interconexion Electrica SA ESP		78,600		320,526
				548,237
Czech Republic — 0.0%
Komercni Banka AS		8,400		283,512
Denmark — 0.7%
Carlsberg A/S, Class B		1,260		178,872
Chr Hansen Holding A/S		2,880		212,645
DSV A/S		2,880		476,438
Genmab A/S(a)		664		260,219
Novo Nordisk A/S, Class B		25,080		3,470,815
Novozymes A/S, Class B		4,680		243,531
Orsted A/S(c)		4,800		427,450
Pandora A/S		960		79,940
Vestas Wind Systems A/S		16,800		491,595
				5,841,505
Egypt — 0.0%
Commercial International Bank Egypt SAE		80,520		132,442
Eastern Co. SAE		159,000		94,304
Egyptian Financial Group-Hermes Holding Co.(a)		227,160		142,859
				369,605
Finland — 0.2%
Kesko OYJ, Class B		7,200		167,713
Kone OYJ, Class B		3,240		176,697
Neste OYJ		22,320		1,066,947
Nokia OYJ		65,280		309,526
Sampo OYJ, Class A		3,480		182,698
				1,903,581
France — 2.9%
Aeroports de Paris(a)		1,680		260,631
Airbus SE		12,720		1,594,653
AXA SA		42,600		1,329,078
BioMerieux		600		61,168
BNP Paribas SA		17,880		1,228,032
Bureau Veritas SA		7,920		226,444
Capgemini SE		1,920		364,388
Covivio		4,440		304,781
Credit Agricole SA		7,440		89,587
Dassault Aviation SA		600		102,458
Dassault Systemes SE		6,600		245,460
Edenred		3,273		178,279
Eiffage SA		2,160		230,711
EssilorLuxottica SA		4,920		902,718
Eurofins Scientific SE		2,400		172,151
Gecina SA		1,385		164,053
Getlink SE		12,960		219,202

Security	Shares		Value
France (continued)
Hermes International		600	$	1,122,905
Ipsen SA		720		75,625
Kering SA		1,200		748,748
Klepierre SA		15,960		405,070
Legrand SA		3,960		353,090
L’Oreal SA		4,200		1,734,229
LVMH Moet Hennessy Louis Vuitton SE		4,320		3,771,255
Orange SA		27,910		295,365
Pernod Ricard SA		3,840		794,995
Publicis Groupe SA		4,800		338,590
Safran SA		9,120		1,311,415
Sanofi		18,000		1,762,640
Sartorius Stedim Biotech		360		125,578
Schneider Electric SE		10,200		1,654,599
Societe Generale SA		18,480		550,086
Sodexo SA		2,760		273,607
Teleperformance		840		233,509
Thales SA		3,480		460,262
Unibail-Rodamco-Westfield(a)		5,111		330,760
Vinci SA		11,040		1,247,405
Vivendi SE		7,440		79,904
Wendel SE		720		76,239
Worldline SA/France(a)(c)		6,000		272,195
				25,691,865
Germany — 1.7%
adidas AG		3,120		502,371
Allianz SE, Registered		7,440		1,779,007
Aroundtown SA(b)		49,320		137,317
Bayer AG, Registered		16,800		1,045,715
Bayerische Motoren Werke AG		10,680		1,087,914
Beiersdorf AG		498		60,546
Commerzbank AG(a)		12,120		138,549
Delivery Hero SE(a)(b)(c)		2,880		174,116
Deutsche Bank AG, Registered		42,120		562,122
Deutsche Boerse AG		2,400		429,461
Deutsche Post AG, Registered		13,800		594,182
Deutsche Telekom AG, Registered		47,760		1,064,035
Fresenius SE & Co. KGaA		7,440		215,618
Hannover Rueck SE		1,200		243,682
HelloFresh SE(a)		6,480		157,537
Infineon Technologies AG		21,240		764,862
LEG Immobilien SE		1,920		150,094
Merck KGaA		2,280		475,900
MTU Aero Engines AG		2,280		569,801
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		2,760		996,932
Puma SE		120		8,195
Rational AG		120		78,934
Rheinmetall AG		840		196,272
SAP SE		16,080		1,906,123
Siemens AG, Registered		6,360		993,466
Siemens Healthineers AG(c)		4,080		218,805
Symrise AG		2,280		242,386
Vonovia SE		8,303		234,542
Zalando SE(a)(b)(c)		4,200		195,867
				15,224,351
Greece — 0.0%
OPAP SA		5,880		88,292

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong — 0.7%
AIA Group Ltd.		168,000	$	1,899,684
Budweiser Brewing Co. APAC Ltd.(c)		60,000		189,319
CK Asset Holdings Ltd.		60,000		383,611
Futu Holdings Ltd., ADR(a)(b)		1,320		67,003
Galaxy Entertainment Group Ltd.		46,000		320,220
Hong Kong Exchanges & Clearing Ltd.		20,900		940,031
Link REIT		48,000		384,209
Power Assets Holdings Ltd.		60,000		339,490
Sands China Ltd.(a)		48,000		180,004
SITC International Holdings Co. Ltd.		120,000		262,152
Sun Hung Kai Properties Ltd.		93,500		1,325,982
Techtronic Industries Co. Ltd.(b)		26,500		341,632
				6,633,337
India — 1.3%
Adani Ports & Special Economic Zone Ltd.		14,126		106,106
Adani Total Gas Ltd.		7,967		205,820
Adani Transmission Ltd.(a)		6,123		133,354
Apollo Hospitals Enterprise Ltd.		1,440		75,146
Asian Paints Ltd.		12,480		416,763
Avenue Supermarts Ltd.(a)(c)		6,240		268,018
Axis Bank Ltd.		38,588		412,418
Bajaj Finance Ltd.		720		52,048
Bandhan Bank Ltd.(a)(c)		21,680		64,981
Bharat Electronics Ltd.		277,560		322,952
Bharti Airtel Ltd.		42,600		401,407
DLF Ltd.		33,240		145,260
Godrej Consumer Products Ltd.(a)		8,880		99,267
HCL Technologies Ltd.		21,000		289,582
Hindustan Unilever Ltd.		17,160		541,404
Housing Development Finance Corp. Ltd.		21,720		699,219
ICICI Bank Ltd.		53,788		550,314
ICICI Bank Ltd., ADR, NVS		9,248		192,636
Indian Hotels Co. Ltd. (The)		45,840		169,315
Indian Railway Catering & Tourism Corp. Ltd.		10,200		79,671
Indus Towers Ltd.		26,400		49,557
Infosys Ltd.		55,080		1,037,448
ITC Ltd.		142,800		616,271
Kotak Mahindra Bank Ltd.		7,560		160,508
Marico Ltd.		14,520		88,514
Nestle India Ltd.		720		167,507
Page Industries Ltd.		120		58,814
PI Industries Ltd.		3,960		145,423
Pidilite Industries Ltd.		8,602		239,980
Power Grid Corp. of India Ltd.		199,320		528,944
Reliance Industries Ltd.		38,040		1,097,355
SBI Life Insurance Co. Ltd.(c)		7,320		109,277
SRF Ltd.		3,240		86,743
State Bank of India		16,560		112,460
Sun Pharmaceutical Industries Ltd.		17,640		223,347
Tata Consultancy Services Ltd.		15,381		634,830
Tata Elxsi Ltd.		720		58,717
Tech Mahindra Ltd.		15,840		197,786
Titan Co. Ltd.		5,160		150,501
Tube Investments of India Ltd.		3,120		99,915
United Spirits Ltd.(a)		8,760		82,508
Varun Beverages Ltd.		9,960		139,882
Wipro Ltd.		24,840		121,634
				11,433,602

Security	Shares		Value
Indonesia — 0.2%
Bank Central Asia Tbk PT		480,000	$	272,404
Bank Mandiri Persero Tbk PT		396,000		263,869
Bank Negara Indonesia Persero Tbk PT		312,000		191,253
Bank Rakyat Indonesia Persero Tbk PT		971,937		298,062
Merdeka Copper Gold Tbk PT(a)		1,224,035		387,652
Sumber Alfaria Trijaya Tbk PT		564,000		106,614
Telkom Indonesia Persero Tbk PT		1,908,000		493,090
Unilever Indonesia Tbk PT		396,000		123,268
				2,136,212
Ireland — 0.2%
AIB Group PLC		61,560		258,588
Bank of Ireland Group PLC		28,680		306,413
Flutter Entertainment PLC, Class DI(a)		4,320		671,039
Kerry Group PLC, Class A		2,760		258,612
Kingspan Group PLC		3,851		247,681
				1,742,333
Israel — 0.4%
Azrieli Group Ltd.		3,240		208,697
Bank Hapoalim BM		45,832		412,514
Bank Leumi Le-Israel BM		50,686		447,932
Bezeq The Israeli Telecommunication Corp. Ltd.		222,240		368,299
Check Point Software Technologies Ltd.(a)(b)		3,240		412,128
Elbit Systems Ltd.		480		80,584
Isracard Ltd.		—		1
Israel Discount Bank Ltd., Class A		40,735		208,348
Mizrahi Tefahot Bank Ltd.		7,080		233,857
Nice Ltd.(a)		1,080		223,353
Teva Pharmaceutical Industries Ltd., ADR(a)		45,480		479,359
Tower Semiconductor Ltd.(a)		2,520		106,004
Wix.com Ltd.(a)		840		73,063
ZIM Integrated Shipping Services Ltd.		3,240		61,398
				3,315,537
Italy — 0.8%
Assicurazioni Generali SpA		25,080		489,594
Enel SpA		24,120		142,022
Ferrari NV		4,800		1,199,444
Intesa Sanpaolo SpA		334,800		880,280
Mediobanca Banca di Credito Finanziario SpA		19,800		212,849
Moncler SpA		4,920		307,931
Poste Italiane SpA(c)		33,000		352,573
Tenaris SA		126,600		2,243,446
Terna - Rete Elettrica Nazionale		64,200		507,941
UniCredit SpA		42,720		834,370
				7,170,450
Japan — 5.7%
Asahi Group Holdings Ltd.		12,000		396,267
Asahi Intecc Co. Ltd.		12,000		210,530
Astellas Pharma Inc.		36,600		538,757
Bandai Namco Holdings Inc.		1,500		100,311
Canon Inc.		12,000		266,308
Capcom Co. Ltd.		12,000		388,846
Central Japan Railway Co.		1,900		231,752
Chiba Bank Ltd. (The)		12,000		90,797
Chugai Pharmaceutical Co. Ltd.		24,000		622,202
Concordia Financial Group Ltd.		72,000		316,394
CyberAgent Inc.		12,000		112,223
Dai-ichi Life Holdings Inc.		24,000		563,106
Daiichi Sankyo Co. Ltd.		36,000		1,130,650
Daikin Industries Ltd.		3,800		660,039

38 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daiwa House Industry Co. Ltd.		12,000	$	288,180
Daiwa Securities Group Inc.		24,000		113,258
Disco Corp.		400		120,173
East Japan Railway Co.		12,000		669,098
FANUC Corp.		5,200		918,786
Fast Retailing Co. Ltd.		1,000		607,359
Fujitsu Ltd.		3,300		469,852
Hitachi Ltd.		12,000		629,309
Hoya Corp.		12,000		1,319,663
Hulic Co. Ltd.		36,000		295,912
Japan Post Holdings Co. Ltd.		144,000		1,264,242
Japan Post Insurance Co. Ltd.		12,000		214,080
Japan Tobacco Inc.		48,000		978,811
Kakaku.com Inc.		12,000		200,065
Kao Corp.		11,600		468,893
KDDI Corp.		36,000		1,124,764
Keyence Corp.		2,900		1,335,069
Koito Manufacturing Co. Ltd.		12,000		202,418
Konami Group Corp.		8,000		393,388
Kubota Corp.		12,000		180,339
Kyocera Corp.		3,100		160,863
M3 Inc.		1,600		43,749
Makita Corp.		12,000		319,642
MISUMI Group Inc.		12,000		302,010
Mitsubishi Estate Co. Ltd.		36,000		462,712
Mitsubishi HC Capital Inc.		144,000		734,997
Mitsubishi UFJ Financial Group Inc.		204,000		1,494,276
Mitsui Fudosan Co. Ltd.		24,000		449,847
Mizuho Financial Group Inc.		60,000		937,227
MS&AD Insurance Group Holdings Inc.		12,000		384,885
Murata Manufacturing Co. Ltd.		12,000		685,686
Nexon Co. Ltd.		12,000		289,351
Nidec Corp.		4,100		227,217
Nihon M&A Center Holdings Inc.		12,000		122,681
Nintendo Co. Ltd.		21,000		910,513
Nippon Paint Holdings Co. Ltd.		36,000		328,661
Nippon Telegraph & Telephone Corp.		36,000		1,079,479
Nissan Chemical Corp.		12,000		566,516
Nomura Holdings Inc.		72,000		287,340
Nomura Research Institute Ltd.		12,000		288,091
NTT Data Corp.		12,000		186,136
Olympus Corp.		24,000		451,191
Omron Corp.		2,700		156,224
Ono Pharmaceutical Co. Ltd.		12,000		260,384
Oriental Land Co. Ltd./Japan		4,100		683,141
ORIX Corp.		48,000		843,983
Pan Pacific International Holdings Corp.		12,000		221,917
Recruit Holdings Co. Ltd.		24,000		771,846
Renesas Electronics Corp.(a)		60,000		617,166
Resona Holdings Inc.		96,000		531,237
SBI Holdings Inc.		36,000		763,175
Secom Co. Ltd.		12,000		714,909
Seven & i Holdings Co. Ltd.		12,000		566,555
Shimano Inc.		600		107,001
Shin-Etsu Chemical Co. Ltd.		6,700		987,734
Shionogi & Co. Ltd.		2,500		119,136
Shiseido Co. Ltd.		12,000		623,712
Shizuoka Financial Group Inc., NVS		12,000		101,660
SMC Corp.		1,900		965,030
SoftBank Corp.		36,000		411,915

Security	Shares		Value
Japan (continued)
SoftBank Group Corp.		24,000	$	1,136,209
Sompo Holdings Inc.		6,300		271,208
Sony Group Corp.		24,000		2,144,437
SUMCO Corp.		12,000		177,801
Sumitomo Corp.		60,000		1,076,996
Sumitomo Metal Mining Co. Ltd.		12,000		487,239
Sumitomo Mitsui Financial Group Inc.		24,000		1,043,066
Sumitomo Realty & Development Co. Ltd.		12,000		292,526
Sysmex Corp.		7,700		511,165
T&D Holdings Inc.		12,000		192,075
Takeda Pharmaceutical Co. Ltd.		24,075		756,855
TDK Corp.		12,000		428,715
Terumo Corp.		12,000		349,324
Tokio Marine Holdings Inc.		36,000		754,009
Tokyo Electron Ltd.		2,600		908,763
Toyota Motor Corp.		120,000		1,762,286
USS Co. Ltd.		12,000		197,378
Yokogawa Electric Corp.		12,000		210,715
Z Holdings Corp.		60,000		174,583
				50,456,986
Kuwait — 0.1%
Agility Public Warehousing Co. KSC		149,692		291,680
Kuwait Finance House KSCP		79,355		218,205
Mobile Telecommunications Co. KSCP		100,920		183,580
National Bank of Kuwait SAKP		120,240		432,837
				1,126,302
Malaysia — 0.1%
Dialog Group Bhd		600,000		366,918
Malayan Banking Bhd		108,000		221,507
Public Bank Bhd		207,300		206,350
				794,775
Mexico — 0.2%
America Movil SAB de CV, Series L, NVS		312,001		326,076
Fibra Uno Administracion SA de CV		72,000		97,501
Fomento Economico Mexicano SAB de CV		24,000		210,221
Grupo Aeroportuario del Pacifico SAB de CV, Class B		12,000		207,168
Grupo Carso SAB de CV, Series A1		33,900		171,602
Grupo Financiero Banorte SAB de CV, Class O		24,001		199,077
Grupo Mexico SAB de CV, Series B		132,000		587,009
Wal-Mart de Mexico SAB de CV		72,000		282,028
				2,080,682
Netherlands — 1.1%
Adyen NV(a)(c)		360		544,286
Aegon NV		21,480		118,479
AerCap Holdings NV(a)(b)		7,200		455,112
Akzo Nobel NV		5,280		393,281
ASM International NV		480		162,339
ASML Holding NV		6,000		3,969,886
Davide Campari-Milano NV		15,720		168,630
Heineken NV		3,120		311,809
ING Groep NV(a)		27,600		399,655
Koninklijke Ahold Delhaize NV		6,000		179,082
Koninklijke DSM NV		3,000		385,806
NN Group NV		4,800		208,551
NXP Semiconductors NV		4,320		796,219
Prosus NV		14,280		1,153,042
Randstad NV		4,560		292,288
Wolters Kluwer NV		3,600		392,483
				9,930,948

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 0.5%
Adevinta ASA(a)		26,640	$	228,380
Aker BP ASA		3,840		116,973
DNB Bank ASA		57,720		1,079,339
Gjensidige Forsikring ASA		23,760		427,049
Kongsberg Gruppen ASA		13,440		535,069
Mowi ASA		33,540		620,211
Orkla ASA		64,680		482,883
Salmar ASA		10,440		485,456
Telenor ASA		59,160		619,323
				4,594,683
Peru — 0.1%
Southern Copper Corp.		8,040		604,688
Philippines — 0.1%
ACEN Corp.		2,304,000		296,396
International Container Terminal Services Inc.		66,000		250,902
PLDT Inc.		3,000		74,349
SM Investments Corp.		10,800		182,630
SM Prime Holdings Inc.		280,600		190,128
				994,405
Portugal — 0.0%
Jeronimo Martins SGPS SA		4,080		88,580
Qatar — 0.2%
Barwa Real Estate Co.		397,200		308,880
Industries Qatar QSC		59,520		229,266
Mesaieed Petrochemical Holding Co.		957,600		564,787
Ooredoo QPSC		43,320		105,826
Qatar National Bank QPSC		47,453		233,860
				1,442,619
Russia — 0.0%
Alrosa PJSC(a)(d)		184,910		26
Magnit PJSC(d)		4,127		1
Magnit PJSC, GDR(d)		1		—
Mobile TeleSystems PJSC(d)		73,304		10
Moscow Exchange MICEX-RTS PJSC(a)(d)		152,460		22
Ozon Holdings PLC, GDR(a)(d)		5,270		1
Polymetal International PLC(a)(d)		12,434		2
Polyus PJSC(a)(d)		1,430		—
Sberbank of Russia PJSC(a)(d)		292,860		42
TCS Group Holding PLC, GDR(a)(d)(e)		4,185		1
United Co. RUSAL International PJSC(a)(d)		509,950		73
VK Co. Ltd.(a)(d)		22,940		3
VTB Bank PJSC(a)(d)		22,490,000		3
Yandex NV(a)(d)		9,920		1
				185
Saudi Arabia — 0.6%
Al Rajhi Bank(a)		33,028		725,006
Alinma Bank		21,000		185,011
Arab National Bank		34,920		258,163
Bank AlBilad(a)		6,600		79,256
Bank Al-Jazira		13,440		69,767
Banque Saudi Fransi		18,000		196,827
Dallah Healthcare Co.		4,440		162,782
Dar Al Arkan Real Estate Development Co.(a)		91,680		306,832
Dr Sulaiman Al Habib Medical Services Group Co.		4,320		270,013
Elm Co.		960		91,522
Emaar Economic City(a)		79,320		173,606
Etihad Etisalat Co.		25,200		238,069
Jarir Marketing Co.		2,160		86,820

Security	Shares		Value
Saudi Arabia (continued)
Mouwasat Medical Services Co.		2,160	$	118,916
Riyad Bank		42,000		346,432
SABIC Agri-Nutrients Co.		10,200		373,984
Saudi British Bank (The)		27,000		261,613
Saudi Investment Bank (The)		16,200		77,827
Saudi National Bank (The)		45,000		569,681
Saudi Research & Media Group(a)		3,480		174,477
Saudi Tadawul Group Holding Co.		2,520		109,184
Saudi Telecom Co.		55,800		550,701
Yanbu National Petrochemical Co.		22,320		264,492
				5,690,981
Singapore — 0.4%
CapitaLand Ascendas REIT		66,402		146,126
CapitaLand Integrated Commercial Trust		156,000		255,237
Capitaland Investment Ltd/Singapore		72,000		218,132
City Developments Ltd.		72,000		456,972
DBS Group Holdings Ltd.		24,000		657,030
Genting Singapore Ltd.		552,000		418,062
Keppel Corp. Ltd.		72,000		415,703
Oversea-Chinese Banking Corp. Ltd.(b)		39,900		394,226
Sea Ltd., ADR(a)		2,040		131,478
Singapore Exchange Ltd.		12,600		88,748
Singapore Telecommunications Ltd.		264,000		505,603
United Overseas Bank Ltd.		5,100		115,926
				3,803,243
South Africa — 0.3%
Absa Group Ltd.		25,080		288,227
Capitec Bank Holdings Ltd.		1,560		161,127
FirstRand Ltd.		125,040		464,598
Growthpoint Properties Ltd.		150,480		121,249
MTN Group Ltd.		34,080		288,474
Naspers Ltd., Class N		3,960		765,622
Nedbank Group Ltd.		19,742		255,477
Old Mutual Ltd.		121,320		82,701
Sanlam Ltd.		46,698		151,098
Standard Bank Group Ltd.		29,880		298,134
				2,876,707
South Korea — 1.5%
Amorepacific Corp.		1,440		171,168
Celltrion Healthcare Co. Ltd.		1,372		64,210
Celltrion Inc.		1,730		228,328
Coway Co. Ltd.		3,960		179,579
DB Insurance Co. Ltd.		1,920		102,319
Ecopro BM Co. Ltd.		960		78,381
Hana Financial Group Inc.		12,720		505,330
Hotel Shilla Co. Ltd.		1,560		100,812
Industrial Bank of Korea(a)(b)		44,520		371,573
Kakao Corp.(a)		6,120		308,064
Kangwon Land Inc.(a)		4,200		80,480
KB Financial Group Inc.		8,653		394,338
Korea Investment Holdings Co. Ltd.		7,200		367,414
Krafton Inc.(a)		360		52,873
KT&G Corp.(a)		6,720		504,077
L&F Co. Ltd.		480		81,033
LG Chem Ltd.(b)		480		270,913
LG Energy Solution(a)		600		255,210
LG H&H Co. Ltd.		240		145,502
Mirae Asset Securities Co. Ltd.		44,280		245,815
NAVER Corp.		2,280		378,766

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
NCSoft Corp.		600	$	222,079
Samsung Biologics Co. Ltd.(a)(c)		360		232,445
Samsung Electronics Co. Ltd.		74,160		3,693,927
Samsung Fire & Marine Insurance Co. Ltd.		960		158,291
Samsung Life Insurance Co. Ltd.		2,520		145,082
Samsung SDI Co. Ltd.		840		470,738
Samsung SDS Co. Ltd.		1,320		134,608
SD Biosensor Inc.		4,680		109,289
Shinhan Financial Group Co. Ltd.		12,240		413,888
SK Hynix Inc.		10,200		737,907
SK IE Technology Co. Ltd.(a)(c)		2,160		118,743
SK Inc.(b)		7,920		1,281,130
SK Square Co. Ltd.(a)		7,800		231,070
Woori Financial Group Inc.		41,280		430,584
				13,265,966
Spain — 0.7%
Acciona SA		1,200		234,120
Aena SME SA(a)(c)		2,160		324,538
Amadeus IT Group SA(a)		9,960		627,519
Banco Bilbao Vizcaya Argentaria SA		105,720		746,782
Banco Santander SA		267,960		936,504
CaixaBank SA		37,800		167,717
Cellnex Telecom SA(c)		3,960		155,184
EDP Renovaveis SA		33,600		730,836
Enagas SA		7,009		125,680
Ferrovial SA		7,568		223,319
Iberdrola SA		88,133		1,033,956
Iberdrola SA, NVS		1,469		17,159
Industria de Diseno Textil SA		23,400		730,567
Red Electrica Corp. SA		9,559		169,184
Telefonica SA		119,285		453,166
				6,676,231
Sweden — 0.8%
Alfa Laval AB		5,280		165,927
Assa Abloy AB, Class B		14,640		344,864
Atlas Copco AB, Class A		34,560		410,091
Atlas Copco AB, Class B		83,691		882,740
Boliden AB		9,360		420,049
Epiroc AB, Class A		12,360		240,485
EQT AB		3,960		89,356
Evolution AB(c)		3,360		377,634
Getinge AB, Class B		3,240		72,989
H & M Hennes & Mauritz AB, Class B		16,080		198,046
Hexagon AB, Class B		25,440		291,631
Holmen AB, Class B		4,200		173,231
Industrivarden AB, Class C		10,560		278,200
Investor AB, Class B		42,000		816,143
Kinnevik AB, Class B(a)		5,160		79,759
Lifco AB, Class B		3,480		63,929
Nibe Industrier AB, Class B		30,960		334,500
Nordea Bank Abp		35,040		409,631
Sandvik AB		15,000		310,015
Svenska Cellulosa AB SCA, Class B		15,480		214,960
Svenska Handelsbanken AB, Class A		9,120		95,104
Swedbank AB, Class A		4,560		87,718
Tele2 AB, Class B		18,600		160,639
Telefonaktiebolaget LM Ericsson, Class B		51,960		301,392
Telia Co. AB		50,280		129,855
				6,948,888

Security	Shares		Value
Switzerland — 2.6%
ABB Ltd., Registered		30,360	$	1,057,003
Adecco Group AG, Registered		6,120		227,301
Alcon Inc.		5,520		416,531
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		18		197,689
Cie. Financiere Richemont SA, Class A, Registered		8,400		1,294,920
Coca-Cola HBC AG, Class DI		3,000		72,904
Credit Suisse Group AG, Registered		15,272		52,610
EMS-Chemie Holding AG, Registered		120		89,458
Geberit AG, Registered		480		273,111
Givaudan SA, Registered		169		547,937
Julius Baer Group Ltd.		2,880		184,736
Kuehne + Nagel International AG, Registered		360		85,844
Logitech International SA, Registered		2,160		126,396
Lonza Group AG, Registered		720		410,718
Nestle SA, Registered		37,680		4,597,301
Novartis AG, Registered		34,200		3,091,989
Partners Group Holding AG		240		225,191
Roche Holding AG, NVS		10,320		3,221,598
Schindler Holding AG, Participation Certificates, NVS		1,200		255,765
SGS SA, Registered		120		292,636
Sika AG, Registered		3,480		988,831
Sonova Holding AG, Registered		600		150,043
STMicroelectronics NV		9,960		469,000
Straumann Holding AG		2,160		282,824
Swatch Group AG (The), Bearer		360		130,345
Swiss Life Holding AG, Registered		240		142,043
Swiss Re AG		4,440		464,916
Swisscom AG, Registered		120		70,903
TE Connectivity Ltd.		5,760		732,384
Temenos AG, Registered		1,800		128,485
UBS Group AG, Registered		56,296		1,201,659
VAT Group AG(c)		960		298,852
Zurich Insurance Group AG		1,920		949,495
				22,731,418
Taiwan — 1.6%
Catcher Technology Co. Ltd.		120,000		713,596
Cathay Financial Holding Co. Ltd.		528,103		751,850
China Development Financial Holding Corp.		480,542		212,293
Chunghwa Telecom Co. Ltd.		120,000		448,454
CTBC Financial Holding Co. Ltd.		480,400		367,326
Delta Electronics Inc.		35,000		339,411
E Ink Holdings Inc.		18,000		104,450
E.Sun Financial Holding Co. Ltd.		137,179		112,355
First Financial Holding Co. Ltd.		120,000		104,663
Fubon Financial Holding Co. Ltd.		252,799		509,158
Hotai Motor Co. Ltd.		21,000		461,058
Hua Nan Financial Holdings Co. Ltd.		120,000		91,298
Largan Precision Co. Ltd.		1,000		71,361
MediaTek Inc.		25,000		604,024
Nanya Technology Corp.		120,000		233,091
Powerchip Semiconductor Manufacturing Corp.		120,000		138,411
Shin Kong Financial Holding Co. Ltd.		960,675		288,504
SinoPac Financial Holdings Co. Ltd.		727,642		420,376
Taishin Financial Holding Co. Ltd.		379,301		206,177
Taiwan Semiconductor Manufacturing Co. Ltd.		381,000		6,723,424
United Microelectronics Corp.		240,000		392,746
Wan Hai Lines Ltd.		120,000		305,819
Winbond Electronics Corp.		240,000		173,870
Yageo Corp.		12,000		217,811

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Yuanta Financial Holding Co. Ltd.		495,498	$	372,593
				14,364,119
Thailand — 0.2%
Airports of Thailand PCL, NVDR(a)		336,000		757,718
Bangkok Expressway & Metro PCL, NVDR		504,000		148,366
Bumrungrad Hospital PCL, NVDR		38,500		253,733
Energy Absolute PCL, NVDR		118,400		311,264
SCB X PCL, NVS		91,000		288,232
				1,759,313
Turkey — 0.1%
Akbank TAS		146,935		133,135
Haci Omer Sabanci Holding AS		164,880		342,937
Hektas Ticaret TAS(a)		32,280		54,059
Turkiye Is Bankasi AS, Class C		303,240		175,883
Yapi ve Kredi Bankasi AS		156,840		76,056
				782,070
United Arab Emirates — 0.1%
Emaar Properties PJSC		272,880		414,645
Emirates NBD Bank PJSC		37,320		131,839
Emirates Telecommunications Group Co. PJSC		63,000		441,414
First Abu Dhabi Bank PJSC		79,700		295,638
				1,283,536
United Kingdom — 3.7%
3i Group PLC		63,512		1,239,102
abrdn PLC		63,072		166,121
Admiral Group PLC		3,480		94,605
Amcor PLC		22,920		276,415
Antofagasta PLC		33,600		721,948
Ashtead Group PLC		11,280		743,000
AstraZeneca PLC		22,800		2,987,084
Aviva PLC		58,320		328,916
BAE Systems PLC		34,680		367,124
Barclays PLC		288,720		663,707
Barratt Developments PLC		3,960		22,508
Berkeley Group Holdings PLC		3,547		181,633
British American Tobacco PLC		52,200		2,001,024
British Land Co. PLC (The)		37,920		207,531
BT Group PLC		135,120		208,178
Bunzl PLC(b)		7,080		259,915
Burberry Group PLC		8,640		263,182
Clarivate PLC(a)		10,320		114,758
Coca-Cola Europacific Partners PLC		1,680		94,450
Compass Group PLC		33,480		799,770
Croda International PLC		4,080		347,766
Diageo PLC		37,560		1,642,351
Entain PLC		6,480		119,496
Experian PLC		16,002		585,185
GSK PLC		65,569		1,151,720
Haleon PLC(a)		81,960		328,445
Halma PLC		6,240		166,134
HSBC Holdings PLC		293,280		2,160,988
Imperial Brands PLC		24,960		626,152
Informa PLC		37,680		311,642
Intertek Group PLC		3,120		167,691
Land Securities Group PLC		24,480		214,465
Legal & General Group PLC		141,176		444,272
Lloyds Banking Group PLC		1,159,920		754,871
London Stock Exchange Group PLC		5,040		461,386
National Grid PLC		61,320		779,555

Security	Shares		Value
United Kingdom (continued)
NatWest Group PLC, NVS		66,857	$	255,063
Ocado Group PLC(a)		4,320		34,570
Pearson PLC		17,160		195,696
Persimmon PLC		10,594		185,027
Prudential PLC		42,921		713,135
Reckitt Benckiser Group PLC		11,880		846,579
RELX PLC		32,040		951,873
Rentokil Initial PLC		27,000		163,713
Rio Tinto PLC		10,560		826,861
Rolls-Royce Holdings PLC(a)		130,080		170,188
Royalty Pharma PLC, Class A		6,240		244,546
Sage Group PLC (The)		120		1,153
Segro PLC		15,720		161,815
Severn Trent PLC		14,640		509,485
Smith & Nephew PLC		14,280		197,212
Smiths Group PLC		14,280		304,835
SSE PLC		22,440		478,974
Standard Chartered PLC		27,996		235,156
Taylor Wimpey PLC		163,680		237,487
Tesco PLC		87,480		265,885
Unilever PLC		41,829		2,129,057
United Utilities Group PLC		42,600		557,424
Vodafone Group PLC		481,080		555,076
Whitbread PLC		3,960		149,142
WPP PLC		24,720		288,822
				32,661,864
United States — 58.7%
3M Co.		7,680		883,814
A O Smith Corp.		4,200		284,340
Abbott Laboratories		27,000		2,984,850
AbbVie Inc.		27,480		4,060,170
Accenture PLC, Class A		9,480		2,645,394
Activision Blizzard Inc.		12,000		918,840
Adobe Inc.(a)		6,960		2,577,566
Advanced Micro Devices Inc.(a)		25,560		1,920,834
Aflac Inc.		10,677		784,760
Agilent Technologies Inc.		4,920		748,234
Air Products and Chemicals Inc.		720		230,767
Airbnb Inc., Class A(a)		6,960		773,326
Akamai Technologies Inc.(a)		3,000		266,850
Albemarle Corp.		3,600		1,013,220
Alexandria Real Estate Equities Inc.		1,800		289,332
Align Technology Inc.(a)		1,320		356,044
Allegion PLC		3,140		369,107
Allstate Corp. (The)		5,280		678,322
Alnylam Pharmaceuticals Inc.(a)		1,560		353,184
Alphabet Inc., Class A(a)		91,200		9,014,208
Alphabet Inc., Class C, NVS(a)		81,983		8,187,642
Altria Group Inc.		44,040		1,983,562
Amazon.com Inc.(a)		135,600		13,984,428
AMERCO		4,320		266,933
American Express Co.		8,760		1,532,387
American International Group Inc.		16,080		1,016,578
American Tower Corp.		7,080		1,581,601
American Water Works Co. Inc.		9,720		1,521,083
Ameriprise Financial Inc.		1,440		504,173
AMETEK Inc.		6,840		991,253
Amgen Inc.		8,520		2,150,448
Amphenol Corp., Class A		8,880		708,358
Analog Devices Inc.		8,400		1,440,348

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Annaly Capital Management Inc.		25,950	$	609,047
Ansys Inc.(a)		120		31,963
Aon PLC, Class A		3,120		994,282
Apollo Global Management Inc.		5,760		407,693
Apple Inc.		240,840		34,750,804
Applied Materials Inc.		14,640		1,632,214
Aptiv PLC(a)		4,080		461,407
Arch Capital Group Ltd.(a)		4,445		286,036
Arista Networks Inc.(a)		3,360		423,427
Arthur J Gallagher & Co.		2,280		446,242
Aspen Technology Inc.(a)		480		95,400
Assurant Inc.		786		104,216
AT&T Inc.		118,560		2,415,067
Autodesk Inc.(a)		3,000		645,480
Automatic Data Processing Inc.		7,080		1,598,735
AutoZone Inc.(a)		240		585,324
AvalonBay Communities Inc.		2,040		361,978
Avantor Inc.(a)		10,200		243,780
Avery Dennison Corp.		2,640		500,122
Baker Hughes Co.		43,560		1,382,594
Ball Corp.		6,000		349,440
Bank of America Corp.		101,880		3,614,702
Bank of New York Mellon Corp. (The)		11,400		576,498
Bath & Body Works Inc.		3,840		176,678
Baxter International Inc.		6,600		301,554
Becton Dickinson and Co.		4,320		1,089,590
Berkshire Hathaway Inc., Class B(a)		18,000		5,607,360
Bill.com Holdings Inc.(a)		240		27,749
Biogen Inc.(a)		2,520		733,068
BioMarin Pharmaceutical Inc.(a)		2,760		318,366
Bio-Rad Laboratories Inc., Class A(a)		120		56,095
Bio-Techne Corp.		2,520		200,743
Black Knight Inc.(a)		3,000		181,770
BlackRock Inc.(f)		2,040		1,548,788
Blackstone Inc., NVS		10,920		1,047,883
Block Inc.(a)(b)		4,796		391,929
Booking Holdings Inc.(a)		720		1,752,552
Booz Allen Hamilton Holding Corp.		3,000		283,920
Boston Properties Inc.		2,040		152,062
Boston Scientific Corp.(a)		22,920		1,060,050
Bristol-Myers Squibb Co.		36,600		2,658,990
Broadcom Inc.		6,600		3,861,066
Broadridge Financial Solutions Inc.		1,200		180,432
Brown & Brown Inc.		2,040		119,462
Brown-Forman Corp., Class B		6,525		434,435
Burlington Stores Inc.(a)		840		193,057
Cadence Design Systems Inc.(a)		3,840		702,067
Caesars Entertainment Inc.(a)		1,200		62,472
Camden Property Trust		1,479		182,228
Capital One Financial Corp.		5,280		628,320
Carlisle Companies Inc.		1,200		301,032
Carlyle Group Inc. (The)		5,640		202,871
Carrier Global Corp.		11,640		529,969
Catalent Inc.(a)		2,280		122,094
Cboe Global Markets Inc.		1,680		206,438
CBRE Group Inc., Class A(a)		2,040		174,440
CDW Corp./DE		1,800		352,854
Centene Corp.(a)		5,760		439,142
CH Robinson Worldwide Inc.		600		60,102
Charles River Laboratories International Inc.(a)		600		145,950

Security	Shares		Value
United States (continued)
Charles Schwab Corp. (The)		20,520	$	1,588,658
Charter Communications Inc., Class A(a)		1,800		691,758
Cheniere Energy Inc.		9,240		1,411,780
Chewy Inc., Class A(a)(b)		3,000		135,180
Chipotle Mexican Grill Inc.(a)		480		790,262
Chubb Ltd.		6,360		1,446,836
Church & Dwight Co. Inc.		4,440		359,018
Cigna Corp.		4,680		1,482,016
Cincinnati Financial Corp.		1,920		217,248
Cintas Corp.		1,800		798,732
Cisco Systems Inc.		66,240		3,223,901
Citigroup Inc.		31,080		1,622,998
Citizens Financial Group Inc.		11,880		514,642
Clorox Co. (The)		600		86,814
Cloudflare Inc., Class A(a)		2,040		107,936
CME Group Inc.		5,160		911,566
Coca-Cola Co. (The)		68,160		4,179,571
Cognex Corp.		3,120		170,789
Cognizant Technology Solutions Corp., Class A		9,240		616,770
Coinbase Global Inc., Class A(a)		2,880		168,422
Colgate-Palmolive Co.		14,280		1,064,288
Comcast Corp., Class A		67,440		2,653,764
Consolidated Edison Inc.		2,280		217,307
Constellation Brands Inc., Class A		3,240		750,125
Constellation Energy Corp.		3,360		286,810
Cooper Companies Inc. (The)		480		167,486
Copart Inc.(a)		10,080		671,429
Corning Inc.		8,520		294,877
Corteva Inc.		22,440		1,446,258
CoStar Group Inc.(a)		6,840		532,836
Costco Wholesale Corp.		5,880		3,005,503
Crowdstrike Holdings Inc., Class A(a)		2,400		254,160
Crown Castle Inc.		6,840		1,013,072
CSX Corp.		35,760		1,105,699
CVS Health Corp.		19,560		1,725,583
Danaher Corp.		10,080		2,664,950
Darden Restaurants Inc.		1,560		230,833
Darling Ingredients Inc.(a)		3,360		222,734
Datadog Inc., Class A(a)		2,640		197,498
DaVita Inc.(a)		3,360		276,830
Deere & Co.		4,200		1,775,928
Dell Technologies Inc., Class C		1,080		43,870
DENTSPLY SIRONA Inc.		5,040		185,623
Devon Energy Corp.		46,920		2,967,221
Dexcom Inc.(a)		5,760		616,838
Digital Realty Trust Inc.		2,520		288,842
Discover Financial Services		2,400		280,152
DocuSign Inc.(a)		240		14,554
Dollar General Corp.		3,120		728,832
Dollar Tree Inc.(a)		3,120		468,562
Domino’s Pizza Inc.		720		254,160
DoorDash Inc., Class A(a)		4,080		236,314
Dover Corp.		2,040		309,733
DR Horton Inc.		6,000		592,140
DuPont de Nemours Inc.		6,720		496,944
Eaton Corp. PLC		8,160		1,323,634
eBay Inc.		10,560		522,720
Ecolab Inc.		9,840		1,523,527
Edison International		18,480		1,273,272
Edwards Lifesciences Corp.(a)		9,720		745,524

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Elanco Animal Health Inc.(a)		10,440	$	143,341
Electronic Arts Inc.		4,080		525,014
Elevance Health Inc.		3,480		1,739,965
Eli Lilly & Co.		12,120		4,171,098
Emerson Electric Co.		11,040		996,029
Enphase Energy Inc.(a)		2,520		557,878
Entegris Inc.		2,040		164,648
EPAM Systems Inc.(a)		960		319,344
Equifax Inc.		2,400		533,280
Equinix Inc.		1,320		974,332
Equitable Holdings Inc.		22,920		735,044
Equity Residential		5,400		343,710
Essential Utilities Inc.		14,880		695,342
Essex Property Trust Inc.		720		162,770
Estee Lauder Companies Inc. (The), Class A		4,320		1,196,986
Etsy Inc.(a)		2,640		363,211
Everest Re Group Ltd.		360		125,888
Eversource Energy		18,120		1,491,820
Exelon Corp.		26,880		1,134,067
Expedia Group Inc.(a)		3,000		342,900
Expeditors International of Washington Inc.		3,480		376,362
Extra Space Storage Inc.		2,400		378,792
F5 Inc.(a)(b)		960		141,754
FactSet Research Systems Inc.		600		253,764
Fair Isaac Corp.(a)		240		159,828
Fastenal Co.		11,280		570,204
FedEx Corp.		2,160		418,738
Fidelity National Financial Inc.		8,760		385,703
Fidelity National Information Services Inc.		9,840		738,394
Fifth Third Bancorp		9,120		330,965
First Citizens BancShares Inc./NC, Class A		120		93,322
First Republic Bank/CA		2,760		388,829
First Solar Inc.(a)		2,040		362,304
Fiserv Inc.(a)		9,738		1,038,850
FleetCor Technologies Inc.(a)		1,200		250,572
FMC Corp.		6,240		830,731
Ford Motor Co.		58,800		794,388
Fortinet Inc.(a)		8,880		464,779
Fortive Corp.		10,440		710,233
Fortune Brands Home & Security Inc., NVS		2,280		147,083
Fox Corp., Class A, NVS		6,600		224,004
Franklin Resources Inc.		9,360		292,032
Freeport-McMoRan Inc.		48,480		2,163,178
Garmin Ltd.		2,880		284,774
Gartner Inc.(a)		1,560		527,498
Gen Digital, Inc.		9,840		226,418
Generac Holdings Inc.(a)		1,080		130,248
General Mills Inc.		10,800		846,288
General Motors Co.		2,160		84,931
Gilead Sciences Inc.		21,120		1,772,813
Global Payments Inc.		4,680		527,530
GoDaddy Inc., Class A(a)		2,400		197,112
Goldman Sachs Group Inc. (The)		5,280		1,931,477
Halliburton Co.		132,480		5,460,826
Hartford Financial Services Group Inc. (The)		4,800		372,528
Hasbro Inc.		2,520		149,108
HCA Healthcare Inc.		3,720		948,860
HEICO Corp.		4,560		779,532
HEICO Corp., Class A		840		112,291
Henry Schein Inc.(a)		480		41,352

Security	Shares		Value
United States (continued)
Hershey Co. (The)		3,120	$	700,752
Hess Corp.		14,040		2,108,246
Hewlett Packard Enterprise Co.		34,800		561,324
Hilton Worldwide Holdings Inc.		3,240		470,092
Hologic Inc.(a)		3,720		302,696
Home Depot Inc. (The)		15,240		4,940,351
Honeywell International Inc.		11,880		2,476,742
Horizon Therapeutics PLC(a)		2,400		263,328
Host Hotels & Resorts Inc.		19,920		375,492
Howmet Aerospace Inc.		13,320		541,991
HP Inc.		3,000		87,420
Hubbell Inc.		2,280		521,915
Humana Inc.		1,920		982,464
Huntington Bancshares Inc./OH		15,720		238,472
IDEX Corp.		3,000		719,040
IDEXX Laboratories Inc.(a)		1,080		518,940
Illinois Tool Works Inc.		6,360		1,501,214
Illumina Inc.(a)		2,400		514,080
Incyte Corp.(a)		2,520		214,553
Ingersoll Rand Inc.		11,640		651,840
Insulet Corp.(a)		840		241,349
Intel Corp.		66,840		1,888,898
Intercontinental Exchange Inc.		7,800		838,890
International Business Machines Corp.		14,640		1,972,447
International Flavors & Fragrances Inc.		8,640		971,654
Interpublic Group of Companies Inc. (The)		8,640		315,014
Intuit Inc.		4,080		1,724,494
Intuitive Surgical Inc.(a)		5,640		1,385,692
Invitation Homes Inc.		9,147		297,278
IQVIA Holdings Inc.(a)		3,240		743,288
Iron Mountain Inc.		4,800		261,984
Jack Henry & Associates Inc.		960		172,886
Jacobs Solutions Inc., NVS		2,280		281,694
Jazz Pharmaceuticals PLC(a)		1,440		225,590
JB Hunt Transport Services Inc.		480		90,744
Johnson & Johnson		40,320		6,589,095
Johnson Controls International PLC		8,880		617,782
JPMorgan Chase & Co.		42,624		5,965,655
Juniper Networks Inc.		4,080		131,784
Kellogg Co.		2,520		172,822
Keurig Dr Pepper Inc.		15,600		550,368
KeyCorp		22,560		432,926
Keysight Technologies Inc.(a)		1,800		322,830
Kimberly-Clark Corp.		3,120		405,631
Kimco Realty Corp.		8,040		180,578
Kinder Morgan Inc.		108,000		1,976,400
KKR & Co. Inc.		8,040		448,712
KLA Corp.		2,520		989,050
Knight-Swift Transportation Holdings Inc.		2,880		170,208
Kraft Heinz Co. (The)		10,080		408,542
L3Harris Technologies Inc.		5,565		1,195,473
Laboratory Corp. of America Holdings		1,440		363,053
Lam Research Corp.		1,920		960,192
Lamb Weston Holdings Inc.		840		83,908
Las Vegas Sands Corp.(a)		6,360		375,240
Leidos Holdings Inc.		2,520		249,077
Lennar Corp., Class A		4,680		479,232
Lennox International Inc.		840		218,921
Liberty Broadband Corp., Class C (a)		1,440		129,283
Liberty Global PLC, Class C, NVS(a)		15,480		345,978

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Lincoln National Corp.		3,960	$	140,303
Linde PLC		6,720		2,223,917
Live Nation Entertainment Inc.(a)		2,880		231,811
LKQ Corp.		4,560		268,858
Loews Corp.		13,560		833,669
Lowe’s Companies Inc.		9,960		2,074,170
LPL Financial Holdings Inc.		1,200		284,544
Lucid Group Inc.(a)(b)		22,560		263,726
Lululemon Athletica Inc.(a)		2,040		626,035
Lumen Technologies Inc.		25,440		133,560
M&T Bank Corp.		2,760		430,560
Markel Corp.(a)		120		169,078
MarketAxess Holdings Inc.		600		218,310
Marriott International Inc./MD, Class A		2,400		418,032
Marsh & McLennan Companies Inc.		8,906		1,557,749
Martin Marietta Materials Inc.		240		86,314
Marvell Technology Inc.		13,560		585,114
Masco Corp.		11,040		587,328
Masimo Corp.(a)		1,320		224,506
Mastercard Inc., Class A		12,840		4,758,504
Match Group Inc.(a)		3,600		194,832
McCormick & Co. Inc./MD, NVS		5,040		378,605
McDonald’s Corp.		11,640		3,112,536
Medical Properties Trust Inc.		9,000		116,550
Medtronic PLC		20,400		1,707,276
Merck & Co. Inc.		38,880		4,176,101
Meta Platforms Inc, Class A(a)		35,160		5,237,785
MetLife Inc.		11,160		814,903
Mettler-Toledo International Inc.(a)		360		551,851
MGM Resorts International		6,120		253,429
Microchip Technology Inc.		9,720		754,466
Micron Technology Inc.		16,800		1,013,040
Microsoft Corp.		104,520		25,901,101
Mid-America Apartment Communities Inc.		1,080		180,058
Moderna Inc.(a)		5,400		950,724
Molina Healthcare Inc.(a)		970		302,475
Molson Coors Beverage Co., Class B		3,240		170,359
Mondelez International Inc., Class A		23,880		1,562,707
MongoDB Inc., Class A(a)		240		51,410
Monolithic Power Systems Inc.		600		255,936
Monster Beverage Corp.(a)		7,440		774,355
Moody’s Corp.		1,920		619,680
Morgan Stanley		19,680		1,915,454
Motorola Solutions Inc.		2,880		740,189
NetApp Inc.		3,840		254,323
Netflix Inc.(a)		7,320		2,590,255
Neurocrine Biosciences Inc.(a)		960		106,493
Newell Brands Inc., NVS		7,800		124,488
NextEra Energy Inc.		29,520		2,203,078
Nike Inc., Class B		18,960		2,414,177
Nordson Corp.		720		175,176
Norfolk Southern Corp.		3,480		855,419
Northern Trust Corp.		2,280		221,092
Novocure Ltd.(a)		1,680		153,182
Nucor Corp.		4,920		831,578
Nvidia Corp.(b)		37,440		7,314,653
Occidental Petroleum Corp.		1,080		69,973
Old Dominion Freight Line Inc.		1,680		559,843
Omnicom Group Inc.		3,360		288,926
ON Semiconductor Corp.(a)		6,720		493,584

Security	Shares		Value
United States (continued)
ONEOK Inc.		1,800	$	123,264
Oracle Corp.		25,080		2,218,577
O’Reilly Automotive Inc.(a)		1,080		855,738
Otis Worldwide Corp.		7,320		601,924
Palantir Technologies Inc., Class A(a)(b)		26,640		207,259
Palo Alto Networks Inc.(a)(b)		4,440		704,362
Paramount Global, Class B, NVS		9,240		213,998
Parker-Hannifin Corp.		1,560		508,560
Paychex Inc.		5,760		667,354
Paycom Software Inc.(a)		120		38,873
PayPal Holdings Inc.(a)		16,320		1,329,917
Pentair PLC		5,040		279,115
PepsiCo Inc.		21,720		3,714,554
PerkinElmer Inc.		1,920		264,058
Pfizer Inc.		87,600		3,868,416
PG&E Corp.(a)		22,440		356,796
Philip Morris International Inc.		28,200		2,939,568
Pinterest Inc., Class A(a)		8,280		217,681
Pioneer Natural Resources Co.		2,280		525,198
Plug Power Inc.(a)(b)		9,840		167,477
PNC Financial Services Group Inc. (The)		6,960		1,151,393
Pool Corp.		600		231,366
PPG Industries Inc.		6,720		875,885
Principal Financial Group Inc.		3,120		288,756
Procter & Gamble Co. (The)		37,320		5,313,622
Progressive Corp. (The)		8,400		1,145,340
Prologis Inc.		15,033		1,943,466
Prudential Financial Inc.		7,560		793,346
PTC Inc.(a)		1,200		161,856
Public Storage		2,760		839,978
PulteGroup Inc.		4,800		273,072
Qorvo Inc.(a)		960		104,314
Qualcomm Inc.		18,960		2,525,662
Quanta Services Inc.		2,280		346,993
Quest Diagnostics Inc.		2,040		302,899
Raymond James Financial Inc.		1,440		162,389
Raytheon Technologies Corp.		31,080		3,103,338
Realty Income Corp.		3,987		270,438
Regency Centers Corp.		2,640		175,903
Regeneron Pharmaceuticals Inc.(a)		1,680		1,274,230
Regions Financial Corp.		22,080		519,763
Repligen Corp.(a)		480		88,944
ResMed Inc.		2,160		493,279
Rivian Automotive Inc., Class A(a)		10,080		195,552
Robert Half International Inc.		2,640		221,654
ROBLOX Corp., Class A(a)		5,880		218,795
Rockwell Automation Inc.		1,320		372,280
Roku Inc.(a)(b)		2,040		117,300
Rollins Inc.		6,480		235,872
Roper Technologies Inc.		1,680		716,940
Ross Stores Inc.		4,680		553,129
S&P Global Inc.		5,528		2,072,668
Salesforce Inc.(a)		13,200		2,217,204
SBA Communications Corp.		1,920		571,258
Schlumberger NV		32,640		1,859,827
Seagate Technology Holdings PLC		3,480		235,874
Seagen Inc.(a)		960		133,901
Sealed Air Corp.		3,840		210,278
Sempra Energy		4,680		750,344
Sensata Technologies Holding PLC		4,680		237,978

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
ServiceNow Inc.(a)		2,640	$	1,201,543
Sherwin-Williams Co. (The)		4,800		1,135,632
Signature Bank/New York NY		1,080		139,266
Simon Property Group Inc.		6,120		786,175
Skyworks Solutions Inc.		2,640		289,529
Snap Inc., Class A, NVS(a)		17,040		196,982
Snap-on Inc.		1,200		298,476
Snowflake Inc., Class A(a)		3,120		488,093
SolarEdge Technologies Inc.(a)		840		268,069
Splunk Inc.(a)		360		34,477
SS&C Technologies Holdings Inc.		3,720		224,502
Stanley Black & Decker Inc.		3,120		278,647
Starbucks Corp.		19,920		2,174,069
State Street Corp.		5,040		460,303
Steel Dynamics Inc.		4,200		506,688
STERIS PLC		1,080		223,031
Stryker Corp.		4,920		1,248,745
Sun Communities Inc.		79		12,392
SVB Financial Group(a)		960		290,342
Synchrony Financial		6,360		233,603
Synopsys Inc.(a)		2,040		721,650
Sysco Corp.		5,520		427,579
T Rowe Price Group Inc.		3,360		391,339
Take-Two Interactive Software Inc.(a)(b)		2,400		271,752
Targa Resources Corp.		43,560		3,267,871
Target Corp.		6,840		1,177,438
Teledyne Technologies Inc.(a)		720		305,467
Teleflex Inc.		600		146,052
Teradyne Inc.		2,880		292,896
Tesla Inc.(a)		41,760		7,233,667
Texas Instruments Inc.		14,040		2,488,028
Texas Pacific Land Corp.		720		1,437,012
Textron Inc.		3,480		253,518
Thermo Fisher Scientific Inc.		6,000		3,421,980
TJX Companies Inc. (The)		18,240		1,493,126
T-Mobile U.S. Inc.(a)		9,720		1,451,293
Tractor Supply Co.		1,440		328,306
Trade Desk Inc. (The), Class A(a)		6,720		340,704
Tradeweb Markets Inc., Class A		2,280		169,951
Trane Technologies PLC		4,200		752,304
TransDigm Group Inc.		1,440		1,033,560
TransUnion		3,480		249,690
Travelers Companies Inc. (The)		3,607		689,370
Trimble Inc.(a)		4,800		278,688
Truist Financial Corp.		21,120		1,043,117
U.S. Bancorp		20,760		1,033,848
Uber Technologies Inc.(a)		25,800		797,994
UDR Inc.		1,595		67,931
Ulta Beauty Inc.(a)		840		431,726
Union Pacific Corp.		9,600		1,960,224
United Parcel Service Inc., Class B		10,560		1,956,029
United Rentals Inc.(a)		3,480		1,534,506
UnitedHealth Group Inc.		13,320		6,649,211
Vail Resorts Inc.		960		251,846
Veeva Systems Inc., Class A(a)		2,760		470,718
Ventas Inc.		1,440		74,606
VeriSign Inc.(a)		1,320		287,826
Verisk Analytics Inc.		3,120		567,185
Verizon Communications Inc.		68,040		2,828,423
Vertex Pharmaceuticals Inc.(a)		4,080		1,318,248

Security	Shares		Value
United States (continued)
VF Corp.		6,600	$	204,204
Viatris Inc.		46,200		561,792
VICI Properties Inc.		15,720		537,310
Visa Inc., Class A		24,480		5,635,541
VMware Inc., Class A(a)		3,480		426,196
Vulcan Materials Co.		4,320		791,986
Walgreens Boots Alliance Inc.		15,240		561,746
Walmart Inc.		23,040		3,314,765
Walt Disney Co. (The)(a)		26,040		2,825,080
Warner Bros. Discovery Inc.(a)		31,200		462,384
Waters Corp.(a)		960		315,437
Webster Financial Corp.		3,240		170,586
Wells Fargo & Co.		56,520		2,649,092
Welltower Inc.		3,720		279,149
West Pharmaceutical Services Inc.		840		223,104
Western Digital Corp.(a)		4,320		189,864
Western Union Co. (The)		20,640		292,469
Westinghouse Air Brake Technologies Corp.		2,280		236,687
Williams Companies Inc. (The)		73,800		2,379,312
Willis Towers Watson PLC		1,940		493,129
Wolfspeed Inc.(a)		2,280		175,583
Workday Inc., Class A(a)		1,800		326,574
WW Grainger Inc.		720		424,426
Wynn Resorts Ltd.(a)		1,320		136,805
Xylem Inc./NY		4,560		474,286
Yum! Brands Inc.		5,040		657,770
Zebra Technologies Corp., Class A(a)		720		227,650
Zillow Group Inc., Class C (a)		2,400		106,104
Zimmer Biomet Holdings Inc.		3,240		412,582
Zoetis Inc.		7,320		1,211,387
Zoom Video Communications Inc., Class A(a)		2,160		162,000
ZoomInfo Technologies Inc.(a)		4,080		115,178
				523,457,316
Total Common Stocks — 99.4%     (Cost: $869,646,615)			886,709,602
Preferred Stocks
Brazil — 0.1%
Banco Bradesco SA, Preference Shares, NVS		60,092		165,965
Cia. Energetica de Minas Gerais, Preference Shares, NVS		105,360		237,855
Itau Unibanco Holding SA, Preference Shares, NVS		33,240		165,863
				569,683
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		7,320		712,968
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		46,200		351,174
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,580		339,165
Henkel AG & Co. KGaA, Preference Shares, NVS		4,560		325,129
Sartorius AG, Preference Shares, NVS		360		161,429
				825,723

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.0%
Samsung Electronics Co. Ltd., Preference Shares, NVS		11,160	$	500,795
Total Preferred Stocks — 0.3%     (Cost: $2,672,736)			2,960,343
Total Long-Term Investments — 99.7%     (Cost: $872,319,351)			889,669,945
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		9,162,011		9,167,508
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)		470,000		470,000
Total Short-Term Securities — 1.1%     (Cost: $9,633,974)			9,637,508
Total Investments — 100.8%     (Cost: $881,953,325)			899,307,453
Liabilities in Excess of Other Assets — (0.8)%				(7,361,004	)
Net Assets — 100.0%			$	891,946,449

^(a)  Non-income producing security.

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,661,298	$	—	$	(495,805	)(a)	$	149	$	1,866	$	9,167,508		9,162,011	$	24,149	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,320,000		—		(850,000	)(a)		—		—		470,000		470,000		24,464			1
BlackRock Inc.		1,410,631		—		(40,834	)		12,666		166,325		1,548,788		2,040		20,242			—
								$	12,815	$	168,191	$	11,186,296			$	68,855		$	1

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		5		03/17/23	$	530	$	36,909
MSCI Emerging Markets Index		4		03/17/23		209		16,544
S&P 500 E-Mini Index		5		03/17/23		1,022		51,559
							$	105,012

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target 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)	$	—	$	—	$	105,012	$	—	$	—	$	—	$	105,012

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	213,524		$	—	$	—	$	—	$	213,524
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(73,429	)	$	—	$	—	$	—	$	(73,429	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	2,686,145

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	17,165,036	$	—	$	17,165,036
Austria		—		869,902		—		869,902
Belgium		—		1,618,962		—		1,618,962
Brazil		4,244,999		758		—		4,245,757
Canada		33,813,488		—		—		33,813,488
Chile		232,582		615,580		—		848,162
China		2,250,267		35,069,559		29,545		37,349,371
Colombia		548,237		—		—		548,237
Czech Republic		—		283,512		—		283,512
Denmark		—		5,841,505		—		5,841,505
Egypt		237,163		132,442		—		369,605
Finland		—		1,903,581		—		1,903,581
France		—		25,691,865		—		25,691,865
Germany		—		15,224,351		—		15,224,351
Greece		—		88,292		—		88,292
Hong Kong		67,003		6,566,334		—		6,633,337
India		192,636		11,240,966		—		11,433,602
Indonesia		—		2,136,212		—		2,136,212

48 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI Low Carbon Target ETF

Fair Value Hierarchy as of Period End (continued)    

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Ireland	$	—	$	1,742,333	$	—	$	1,742,333
Israel		1,025,948		2,289,589		—		3,315,537
Italy		—		7,170,450		—		7,170,450
Japan		—		50,456,986		—		50,456,986
Kuwait		—		1,126,302		—		1,126,302
Malaysia		—		794,775		—		794,775
Mexico		2,080,682		—		—		2,080,682
Netherlands		1,251,331		8,679,617		—		9,930,948
Norway		—		4,594,683		—		4,594,683
Peru		604,688		—		—		604,688
Philippines		—		994,405		—		994,405
Portugal		—		88,580		—		88,580
Qatar		—		1,442,619		—		1,442,619
Russia		—		—		185		185
Saudi Arabia		—		5,690,981		—		5,690,981
Singapore		131,478		3,671,765		—		3,803,243
South Africa		527,824		2,348,883		—		2,876,707
South Korea		—		13,265,966		—		13,265,966
Spain		—		6,676,231		—		6,676,231
Sweden		—		6,948,888		—		6,948,888
Switzerland		732,384		21,999,034		—		22,731,418
Taiwan		—		14,364,119		—		14,364,119
Thailand		—		1,759,313		—		1,759,313
Turkey		54,059		728,011		—		782,070
United Arab Emirates		—		1,283,536		—		1,283,536
United Kingdom		730,169		31,931,695		—		32,661,864
United States		523,457,316		—		—		523,457,316
Preferred Stocks
Brazil		569,683		—		—		569,683
Chile		—		712,968		—		712,968
Colombia		351,174		—		—		351,174
Germany		—		825,723		—		825,723
South Korea		—		500,795		—		500,795
Short-Term Securities
Money Market Funds		9,637,508		—		—		9,637,508
	$	582,740,619	$	316,537,104	$	29,730	$	899,307,453
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	105,012	$	—	$	—	$	105,012

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Cayman Islands — 0.0%
Haichang Ocean Park Holdings Ltd.(a)(b)		1,740,000	$	410,984
China — 37.5%
360 DigiTech Inc.		56,826		1,371,211
360 Security Technology Inc., Class A		277,200		288,211
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		94,049		285,262
3SBio Inc.(a)		808,500		880,637
AAC Technologies Holdings Inc.(b)		346,500		923,350
AECC Aviation Power Co. Ltd., Class A		93,491		630,067
Agricultural Bank of China Ltd., Class A		2,887,500		1,244,849
Agricultural Bank of China Ltd., Class H		15,708,000		5,653,828
Aier Eye Hospital Group Co. Ltd., Class A		241,116		1,177,994
Air China Ltd., Class A(b)		300,419		460,627
Air China Ltd., Class H(b)		928,000		828,131
Alibaba Group Holding Ltd.(b)		7,969,540		109,570,490
Alibaba Health Information Technology Ltd.(b)		2,772,000		2,475,713
Aluminum Corp. of China Ltd., Class A		485,199		382,103
Aluminum Corp. of China Ltd., Class H		2,310,000		1,234,450
Angel Yeast Co. Ltd., Class A		24,798		153,084
Anhui Conch Cement Co. Ltd., Class A		161,780		706,518
Anhui Conch Cement Co. Ltd., Class H		667,500		2,534,111
Anhui Gujing Distillery Co. Ltd., Class A		23,135		955,032
Anhui Gujing Distillery Co. Ltd., Class B		46,200		789,987
Anhui Kouzi Distillery Co. Ltd., Class A		23,100		191,228
ANTA Sports Products Ltd.		646,800		9,811,054
Autohome Inc., ADR		41,118		1,433,373
AVIC Electromechanical Systems Co. Ltd., Class A		163,199		266,830
AVIC Industry-Finance Holdings Co. Ltd., Class A		508,200		395,065
AviChina Industry & Technology Co. Ltd., Class H		1,386,000		720,875
Baidu Inc.(b)		1,178,120		19,804,241
Bank of Beijing Co. Ltd., Class A		877,800		553,005
Bank of Chengdu Co. Ltd., Class A		184,800		398,373
Bank of China Ltd., Class A		1,201,200		573,108
Bank of China Ltd., Class H		42,504,000		16,179,767
Bank of Communications Co. Ltd., Class A		1,409,186		1,013,003
Bank of Communications Co. Ltd., Class H		4,620,100		2,855,679
Bank of Hangzhou Co. Ltd., Class A		231,060		446,357
Bank of Jiangsu Co. Ltd., Class A		623,700		686,927
Bank of Nanjing Co. Ltd., Class A		395,700		609,236
Bank of Ningbo Co. Ltd., Class A		254,125		1,238,481
Bank of Shanghai Co. Ltd., Class A		623,741		553,875
Baoshan Iron & Steel Co. Ltd., Class A		785,495		720,213
BBMG Corp., Class A		654,094		245,343
BeiGene Ltd.(b)		324,630		6,380,770
Beijing Capital International Airport Co. Ltd., Class H(b)		924,000		702,753
Beijing Dabeinong Technology Group Co. Ltd., Class A(b)		161,700		220,010
Beijing Enlight Media Co. Ltd., Class A		115,500		140,652
Beijing Enterprises Holdings Ltd.		231,000		784,432
Beijing Enterprises Water Group Ltd.		2,310,000		590,288
Beijing New Building Materials PLC, Class A		69,926		296,571
Beijing Originwater Technology Co. Ltd., Class A		277,200		201,554
Beijing Shiji Information Technology Co. Ltd., Class A		97,628		247,722
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		23,195		461,654
Bethel Automotive Safety Systems Co. Ltd.		23,100		297,006
Betta Pharmaceuticals Co. Ltd., Class A		23,100		205,913
BGI Genomics Co. Ltd., Class A		23,190		187,308

Security	Shares		Value
China (continued)
Bilibili Inc.(b)		103,408	$	2,580,725
BOC Aviation Ltd.(a)		115,700		963,544
BOE Technology Group Co. Ltd., Class A		1,339,800		791,599
Bosideng International Holdings Ltd.		1,848,000		1,029,848
BYD Co. Ltd., Class A		69,350		2,963,104
BYD Co. Ltd., Class H		433,500		13,727,880
BYD Electronic International Co. Ltd.		346,500		1,201,022
By-health Co. Ltd., Class A		69,300		237,119
C&D International Investment Group Ltd.		231,000		734,487
Caitong Securities Co. Ltd., Class A		242,208		280,764
CGN Power Co. Ltd., Class H(a)		6,014,000		1,405,225
Changchun High & New Technology Industry Group Inc., Class A		23,100		689,983
Changjiang Securities Co. Ltd., Class A		370,400		316,168
Chaozhou Three-Circle Group Co. Ltd., Class A		92,497		457,919
Chengxin Lithium Group Co. Ltd., Class A		46,200		293,931
China Cinda Asset Management Co. Ltd., Class H		4,851,000		688,738
China CITIC Bank Corp. Ltd., Class H		4,851,200		2,340,462
China Coal Energy Co. Ltd., Class H		1,155,000		926,861
China Communications Services Corp. Ltd., Class H		1,386,000		527,428
China Conch Venture Holdings Ltd.		924,000		1,960,807
China Construction Bank Corp., Class A		392,700		326,511
China Construction Bank Corp., Class H		51,513,390		33,344,142
China CSSC Holdings Ltd., Class A		184,800		650,723
China Eastern Airlines Corp. Ltd., Class A(b)		392,795		312,994
China Energy Engineering Corp. Ltd.		1,062,600		370,417
China Everbright Bank Co. Ltd., Class A		1,455,300		662,391
China Everbright Bank Co. Ltd., Class H		1,617,000		516,171
China Everbright Environment Group Ltd.		2,079,370		924,663
China Evergrande Group(b)(c)(d)		2,502,000		340,522
China Feihe Ltd.(a)		1,850,000		1,774,960
China Galaxy Securities Co. Ltd., Class A		138,651		201,829
China Galaxy Securities Co. Ltd., Class H		1,963,500		1,058,432
China Gas Holdings Ltd.		1,617,000		2,517,375
China Greatwall Technology Group Co. Ltd., Class A		115,500		208,715
China Hongqiao Group Ltd.		1,270,500		1,477,749
China International Capital Corp. Ltd., Class H(a)		831,600		1,858,315
China Jinmao Holdings Group Ltd.		3,234,000		742,833
China Jushi Co. Ltd., Class A		138,671		303,659
China Lesso Group Holdings Ltd.		693,000		787,736
China Life Insurance Co. Ltd., Class A		116,290		587,631
China Life Insurance Co. Ltd., Class H		3,929,000		7,232,392
China Literature Ltd.(a)(b)		231,000		1,211,110
China Longyuan Power Group Corp. Ltd., Class H		1,848,000		2,551,054
China Medical System Holdings Ltd.		693,000		1,196,268
China Meidong Auto Holdings Ltd.		462,000		1,146,286
China Mengniu Dairy Co. Ltd.		1,617,000		7,800,202
China Merchants Bank Co. Ltd., Class A		669,904		4,107,412
China Merchants Bank Co. Ltd., Class H		2,080,446		13,494,037
China Merchants Energy Shipping Co. Ltd., Class A		207,900		197,303
China Merchants Port Holdings Co. Ltd.		930,180		1,303,949
China Merchants Securities Co. Ltd., Class A		277,265		588,161
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		254,960		561,715
China Minsheng Banking Corp. Ltd., Class A		1,432,298		740,945
China Minsheng Banking Corp. Ltd., Class H		2,656,520		993,210
China National Building Material Co. Ltd., Class H		2,310,000		2,119,555
China National Chemical Engineering Co. Ltd., Class A		254,156		327,596
China National Nuclear Power Co. Ltd., Class A		716,100		641,913
China National Software & Service Co. Ltd., Class A		23,100		258,345

50 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		138,600	$	598,233
China Oilfield Services Ltd., Class H		1,000,000		1,212,033
China Overseas Land & Investment Ltd.		2,080,260		5,617,264
China Overseas Property Holdings Ltd.		1,155,000		1,510,773
China Pacific Insurance Group Co. Ltd., Class A		254,198		974,917
China Pacific Insurance Group Co. Ltd., Class H		1,386,000		3,810,760
China Petroleum & Chemical Corp., Class A		1,362,992		914,318
China Petroleum & Chemical Corp., Class H		13,398,000		7,234,508
China Power International Development Ltd.		3,004,000		1,291,441
China Railway Group Ltd., Class A		808,500		683,834
China Railway Group Ltd., Class H		2,079,000		1,134,165
China Resources Beer Holdings Co. Ltd.		924,000		6,956,128
China Resources Cement Holdings Ltd.		1,386,000		801,557
China Resources Gas Group Ltd.		485,100		2,039,960
China Resources Land Ltd.		1,691,555		8,106,868
China Resources Mixc Lifestyle Services Ltd.(a)		369,600		2,129,507
China Resources Pharmaceutical Group Ltd.(a)		693,000		521,999
China Resources Power Holdings Co. Ltd.		924,000		1,924,647
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		46,273		332,780
China Ruyi Holdings Ltd.(b)		2,772,000		741,184
China Shenhua Energy Co. Ltd., Class A		231,018		973,462
China Shenhua Energy Co. Ltd., Class H		1,849,000		5,755,233
China Southern Airlines Co. Ltd., Class A(b)		438,900		477,326
China Southern Airlines Co. Ltd., Class H(b)(d)		924,000		613,783
China State Construction Engineering Corp. Ltd., Class A		1,409,100		1,158,328
China State Construction International Holdings Ltd.		924,000		1,106,714
China Taiping Insurance Holdings Co. Ltd.		785,590		1,088,067
China Three Gorges Renewables Group Co. Ltd., Class A		993,300		847,587
China Tourism Group Duty Free Corp. Ltd.(a)(b)		23,100		707,796
China Tourism Group Duty Free Corp. Ltd., Class A		70,398		2,229,688
China Tower Corp. Ltd., Class H(a)		23,100,000		2,624,641
China Traditional Chinese Medicine Holdings Co. Ltd.		1,396,000		668,839
China United Network Communications Ltd., Class A		1,196,000		927,621
China Vanke Co. Ltd., Class A		369,607		1,002,617
China Vanke Co. Ltd., Class H		854,784		1,727,946
China Yangtze Power Co. Ltd., Class A		762,348		2,348,691
China Zhenhua Group Science & Technology Co. Ltd., Class A		23,100		388,990
China Zheshang Bank Co. Ltd., Class A(b)		970,200		425,809
Chinasoft International Ltd.		1,386,000		1,218,533
Chongqing Brewery Co. Ltd., Class A		24,796		443,024
Chongqing Changan Automobile Co. Ltd., Class A		300,478		632,794
Chongqing Fuling Zhacai Group Co. Ltd., Class A		46,200		182,834
Chongqing Zhifei Biological Products Co. Ltd., Class A		46,200		672,126
CITIC Ltd.		3,234,000		3,784,338
CITIC Securities Co. Ltd., Class A		369,602		1,176,753
CITIC Securities Co. Ltd., Class H		1,155,025		2,642,482
CMOC Group Ltd., Class A		900,900		760,182
CMOC Group Ltd., Class H		1,386,000		802,222
Contemporary Amperex Technology Co. Ltd., Class A		84,499		5,862,970
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(b)		115,500		244,164
COSCO SHIPPING Holdings Co. Ltd., Class A		439,112		693,811
COSCO SHIPPING Holdings Co. Ltd., Class H		1,732,899		1,797,502
COSCO SHIPPING Ports Ltd.(d)		924,000		699,011
Country Garden Holdings Co. Ltd.(d)		6,647,838		2,494,475

Security	Shares		Value
China (continued)
Country Garden Services Holdings Co. Ltd.		1,173,000	$	3,171,159
CRRC Corp. Ltd., Class A		738,500		586,035
CRRC Corp. Ltd., Class H		2,532,000		1,147,669
CSC Financial Co. Ltd., Class A		161,799		649,466
CSPC Pharmaceutical Group Ltd.		4,943,440		5,636,523
Dajin Heavy Industry Co. Ltd.		23,100		162,129
Dali Foods Group Co. Ltd.(a)		1,039,500		463,543
Daqin Railway Co. Ltd., Class A		531,300		527,638
Daqo New Energy Corp., ADR(b)		32,340		1,471,793
DaShenLin Pharmaceutical Group Co. Ltd., Class A		28,500		160,866
DHC Software Co. Ltd., Class A		161,700		148,646
Dong-E-E-Jiao Co. Ltd., Class A		46,200		301,679
Dongfang Electric Corp. Ltd., Class A		138,888		441,433
Dongfeng Motor Group Co. Ltd., Class H		1,386,000		826,356
Dongxing Securities Co. Ltd., Class A		185,698		230,305
Dongyue Group Ltd.		693,000		829,640
East Money Information Co. Ltd., Class A		462,012		1,548,595
Ecovacs Robotics Co. Ltd., Class A		23,100		299,264
ENN Energy Holdings Ltd.		439,100		6,615,797
Eve Energy Co. Ltd., Class A		69,316		910,808
Everbright Securities Co. Ltd., Class A		139,693		329,979
Fangda Carbon New Material Co. Ltd., Class A(b)		187,175		182,868
Far East Horizon Ltd.		924,000		834,626
First Capital Securities Co. Ltd., Class A		207,900		185,234
Flat Glass Group Co. Ltd., Class A		69,300		386,977
Flat Glass Group Co. Ltd., Class H		231,000		723,221
Focus Media Information Technology Co. Ltd., Class A		532,440		549,616
Foshan Haitian Flavouring & Food Co. Ltd., Class A		128,744		1,517,264
Fosun International Ltd.		1,386,000		1,286,825
Foxconn Industrial Internet Co. Ltd., Class A		323,400		456,461
Fujian Sunner Development Co. Ltd., Class A		46,200		168,355
Fuyao Glass Industry Group Co. Ltd., Class A		46,299		268,385
Fuyao Glass Industry Group Co. Ltd., Class H(a)		369,600		1,819,008
Ganfeng Lithium Co. Ltd., Class H(a)(d)		195,120		1,782,066
Ganfeng Lithium Group Co. Ltd., Class A		46,257		544,136
Gaona Aero Material Co. Ltd.		23,100		154,125
GCL System Integration Technology Co. Ltd., Class A(b)		346,500		166,614
GCL-Poly Energy Holdings Ltd.(b)		10,626,000		2,942,649
GD Power Development Co. Ltd., Class A(b)		462,000		272,128
GDS Holdings Ltd., Class A(b)		509,440		1,485,581
Geely Automobile Holdings Ltd.(d)		3,236,000		5,249,761
Gemdale Corp., Class A		161,746		236,960
Genscript Biotech Corp.(b)		462,000		1,565,495
GF Securities Co. Ltd., Class A		184,800		478,427
GF Securities Co. Ltd., Class H		554,400		907,868
GigaDevice Semiconductor Inc., Class A		23,235		396,490
GoerTek Inc., Class A		115,797		356,105
Gotion High-tech Co. Ltd., Class A		69,300		334,831
Great Wall Motor Co. Ltd., Class A		69,500		320,497
Great Wall Motor Co. Ltd., Class H		1,617,000		2,283,126
Gree Electric Appliances Inc. of Zhuhai, Class A		92,400		475,005
Greentown China Holdings Ltd.		462,000		681,160
Greentown Service Group Co. Ltd.		462,000		337,286
GRG Banking Equipment Co. Ltd., Class A		138,660		209,326
Guangdong Haid Group Co. Ltd., Class A		69,399		641,239
Guangdong Investment Ltd.		1,386,000		1,505,776
Guangdong Kinlong Hardware Products Co. Ltd., Class A		18,700		275,531
Guanghui Energy Co. Ltd., Class A		301,400		458,180
Guangzhou Automobile Group Co. Ltd., Class A		161,700		282,360

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Guangzhou Automobile Group Co. Ltd., Class H		1,848,397	$	1,329,795
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		69,300		311,196
Guangzhou Great Power Energy & Technology Co. Ltd.		23,100		261,027
Guangzhou Haige Communications Group Inc. Co., Class A		161,711		210,410
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		24,798		309,810
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		24,158		225,871
Guangzhou Tinci Materials Technology Co. Ltd., Class A		69,300		506,774
Guosen Securities Co. Ltd., Class A		300,300		418,206
Guotai Junan Securities Co. Ltd., Class A		346,500		734,283
Guoyuan Securities Co. Ltd., Class A		231,030		243,535
H World Group Ltd., ADR		104,644		4,968,497
Haidilao International Holding Ltd.(a)(b)		693,000		1,889,612
Haier Smart Home Co. Ltd., Class A		254,100		971,354
Haier Smart Home Co. Ltd., Class H		1,201,600		4,431,643
Haitian International Holdings Ltd.		231,000		708,928
Haitong Securities Co. Ltd., Class A		300,300		416,405
Haitong Securities Co. Ltd., Class H		1,020,800		704,174
Hangzhou Chang Chuan Technology Co. Ltd.		23,100		148,317
Hangzhou First Applied Material Co. Ltd., Class A		46,274		516,840
Hangzhou Lion Electronics Co. Ltd.		23,100		160,030
Hangzhou Robam Appliances Co. Ltd., Class A		46,383		206,777
Hangzhou Silan Microelectronics Co. Ltd., Class A		46,200		242,899
Hangzhou Tigermed Consulting Co. Ltd., Class A		24,190		418,293
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		46,400		608,660
Hansoh Pharmaceutical Group Co. Ltd.(a)		462,000		945,580
Henan Shuanghui Investment & Development Co. Ltd., Class A		115,598		437,291
Hengan International Group Co. Ltd.		346,500		1,704,557
Hengli Petrochemical Co. Ltd., Class A		208,199		541,471
Hengyi Petrochemical Co. Ltd., Class A		207,900		240,738
Hesteel Co. Ltd., Class A		739,200		264,413
Hithink RoyalFlush Information Network Co. Ltd., Class A		23,188		407,309
Hongfa Technology Co. Ltd., Class A		33,340		185,465
Hua Hong Semiconductor Ltd.(a)(b)		231,000		893,231
Huadian Power International Corp. Ltd., Class A		369,600		319,399
Huadong Medicine Co. Ltd., Class A		69,387		488,436
Hualan Biological Engineering Inc., Class A		62,880		208,275
Huaneng Power International Inc., Class A(b)		462,000		513,237
Huaneng Power International Inc., Class H(b)		1,852,000		904,219
Huatai Securities Co. Ltd., Class A		300,300		578,716
Huatai Securities Co. Ltd., Class H(a)		741,400		959,979
Huaxi Securities Co. Ltd., Class A		184,800		224,129
Huaxia Bank Co. Ltd., Class A		646,899		499,819
Huaxin Cement Co. Ltd., Class A		69,300		168,075
Huayu Automotive Systems Co. Ltd., Class A		115,700		313,175
Huizhou Desay Sv Automotive Co. Ltd., Class A		23,100		451,083
Hundsun Technologies Inc., Class A		60,735		425,988
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(d)		191,200		1,517,482
Iflytek Co. Ltd., Class A		93,200		561,540
Imeik Technology Development Co. Ltd., Class A		8,200		725,322
Industrial & Commercial Bank of China Ltd., Class A		2,102,100		1,345,686
Industrial & Commercial Bank of China Ltd., Class H		30,261,350		16,187,363
Industrial Bank Co. Ltd., Class A		716,125		1,874,639
Industrial Securities Co. Ltd., Class A		425,386		435,990
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		1,663,296		504,244

Security	Shares		Value
China (continued)
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		370,100	$	243,281
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		231,091		1,116,885
Inner Mongolia Yitai Coal Co. Ltd., Class B		647,125		972,608
Innovent Biologics Inc.(a)(b)		577,500		3,145,326
Inspur Electronic Information Industry Co. Ltd., Class A		69,348		244,069
iQIYI Inc., ADR(b)		226,380		1,516,746
JA Solar Technology Co. Ltd., Class A		92,480		906,490
Jafron Biomedical Co. Ltd., Class A		23,420		117,340
Jason Furniture Hangzhou Co. Ltd., Class A		30,780		194,926
JD Health International Inc.(a)(b)(d)		600,600		4,987,582
JD.com Inc., Class A		1,155,032		34,296,772
Jiangsu Eastern Shenghong Co. Ltd., Class A		161,700		375,503
Jiangsu Expressway Co. Ltd., Class H		926,000		911,999
Jiangsu Hengli Hydraulic Co. Ltd., Class A		46,265		449,280
Jiangsu Hengrui Medicine Co. Ltd., Class A		207,910		1,302,778
Jiangsu King’s Luck Brewery JSC Ltd., Class A		46,200		396,630
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		46,200		1,205,565
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		46,200		205,589
Jiangsu Zhongtian Technology Co. Ltd., Class A		115,700		281,365
Jiangxi Copper Co. Ltd., Class A		92,400		267,460
Jiangxi Copper Co. Ltd., Class H		693,000		1,193,383
Jiumaojiu International Holdings Ltd.(a)		462,000		1,183,727
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		115,500		201,558
Jointown Pharmaceutical Group Co. Ltd., Class A		92,400		185,767
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		23,186		124,535
JOYY Inc., ADR		28,182		1,005,534
Juewei Food Co. Ltd., Class A		23,100		182,823
Kanzhun Ltd., ADR(b)		98,868		2,401,504
KE Holdings Inc., ADR(b)		361,515		6,630,185
Kingboard Holdings Ltd.		346,500		1,415,396
Kingboard Laminates Holdings Ltd.		462,000		563,325
Kingdee International Software Group Co. Ltd.(b)(d)		1,386,000		3,024,959
Kingsoft Corp. Ltd.		508,600		1,872,685
Koolearn Technology Holding Ltd.(a)(b)(d)		231,000		1,876,243
Kuaishou Technology(a)(b)		947,100		8,333,351
Kunlun Energy Co. Ltd.		1,848,000		1,457,434
Kweichow Moutai Co. Ltd., Class A		40,072		10,989,627
LB Group Co. Ltd., Class A		92,400		286,050
Legend Biotech Corp., ADR(b)		26,484		1,337,442
Lenovo Group Ltd.		4,158,000		3,335,002
Lens Technology Co. Ltd., Class A		184,886		365,219
Lepu Medical Technology Beijing Co. Ltd., Class A		69,300		229,393
Li Auto Inc.(b)		589,336		7,211,250
Li Ning Co. Ltd.		1,276,000		12,614,108
Lingyi iTech Guangdong Co., Class A(b)		346,500		276,186
Livzon Pharmaceutical Group Inc., Class A		23,101		116,166
Longfor Group Holdings Ltd.(a)		1,039,500		3,434,623
LONGi Green Energy Technology Co. Ltd., Class A		231,028		1,656,574
Lufax Holding Ltd., ADR		380,919		1,161,803
Luxshare Precision Industry Co. Ltd., Class A		231,230		1,120,103
Luzhou Laojiao Co. Ltd., Class A		46,200		1,628,771
Mango Excellent Media Co. Ltd., Class A		70,050		317,518
Maxscend Microelectronics Co. Ltd., Class A		23,164		461,508
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b)		161,787		153,099
Meituan, Class B(a)(b)		2,690,150		60,140,661

52 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Metallurgical Corp. of China Ltd., Class A		808,508	$	404,462
Microport Scientific Corp.(b)(d)		369,600		1,159,740
Ming Yang Smart Energy Group Ltd., Class A		69,300		286,868
Minth Group Ltd.		462,000		1,355,971
Montage Technology Co. Ltd., Class A		46,200		380,483
Muyuan Foods Co. Ltd., Class A		185,036		1,370,649
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		60,001		169,291
NARI Technology Co. Ltd., Class A		231,056		905,690
NAURA Technology Group Co. Ltd., Class A		23,100		806,579
NavInfo Co. Ltd., Class A		92,400		164,687
NetEase Inc.		1,062,670		18,854,011
New China Life Insurance Co. Ltd., Class A		92,499		427,319
New China Life Insurance Co. Ltd., Class H		415,800		1,115,159
New Hope Liuhe Co. Ltd., Class A(b)		161,772		314,521
New Oriental Education & Technology Group Inc.(b)		854,780		3,628,386
Nine Dragons Paper Holdings Ltd.		924,000		828,324
Ninestar Corp., Class A		69,800		531,479
Ningbo Joyson Electronic Corp., Class A(b)		46,200		109,656
Ningbo Orient Wires & Cables Co. Ltd.		23,100		220,417
Ningbo Tuopu Group Co. Ltd., Class A		48,800		517,194
Ningxia Baofeng Energy Group Co. Ltd., Class A		231,000		459,221
NIO Inc., ADR(b)(d)		740,124		8,933,297
Nongfu Spring Co. Ltd., Class H(a)		970,600		5,494,377
Offshore Oil Engineering Co. Ltd., Class A		162,500		160,559
OFILM Group Co. Ltd., Class A(b)		138,623		103,728
Oppein Home Group Inc., Class A		23,100		431,068
Orient Overseas International Ltd.(d)		80,500		1,338,138
Orient Securities Co. Ltd., Class A		311,313		501,089
Ovctek China Inc., Class A		46,280		254,797
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b)		415,800		321,335
People’s Insurance Co. Group of China Ltd. (The), Class H		4,851,000		1,635,392
Perfect World Co. Ltd., Class A		92,489		192,969
PetroChina Co. Ltd., Class A		716,100		550,730
PetroChina Co. Ltd., Class H		11,550,000		6,178,672
Pharmaron Beijing Co. Ltd., Class A		36,000		396,772
Pharmaron Beijing Co. Ltd., Class H(a)		106,200		778,437
PICC Property & Casualty Co. Ltd., Class H		3,697,814		3,476,506
Pinduoduo Inc., ADR(b)		270,732		26,526,321
Ping An Bank Co. Ltd., Class A		670,138		1,494,140
Ping An Healthcare and Technology Co. Ltd.(a)(b)(d)		254,100		672,856
Ping An Insurance Group Co. of China Ltd., Class A		369,699		2,803,371
Ping An Insurance Group Co. of China Ltd., Class H		3,349,500		26,017,917
Poly Developments and Holdings Group Co. Ltd., Class A		415,895		969,391
Pop Mart International Group Ltd.(a)(d)		277,200		898,829
Porton Pharma Solutions Ltd.		23,100		162,462
Postal Savings Bank of China Co. Ltd., Class A		924,000		660,060
Postal Savings Bank of China Co. Ltd., Class H(a)		4,391,000		2,988,107
Power Construction Corp. of China Ltd., Class A		531,300		553,649
Qinghai Salt Lake Industry Co. Ltd., Class A(b)		184,800		687,846
Rongsheng Petrochemical Co. Ltd., Class A		369,668		726,905
SAIC Motor Corp. Ltd., Class A		300,398		670,323
Sangfor Technologies Inc., Class A		23,100		518,171
Sany Heavy Equipment International Holdings Co. Ltd.		693,000		700,069
Sany Heavy Industry Co. Ltd., Class A		300,399		781,692
Satellite Chemical Co. Ltd., Class A		144,991		381,231
Sealand Securities Co. Ltd., Class A		323,410		169,924

Security	Shares		Value
China (continued)
Seazen Holdings Co. Ltd., Class A(b)		69,324	$	219,302
SF Holding Co. Ltd., Class A		161,795		1,412,590
SG Micro Corp., Class A		23,100		611,511
Shaanxi Coal Industry Co. Ltd., Class A		369,699		1,072,394
Shan Xi Hua Yang Group New Energy Co. Ltd.		69,300		161,584
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		92,400		262,950
Shandong Gold Mining Co. Ltd., Class A		184,880		543,584
Shandong Gold Mining Co. Ltd., Class H(a)(d)		346,500		668,252
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		92,420		463,699
Shandong Linglong Tyre Co. Ltd., Class A		46,400		151,824
Shandong Nanshan Aluminum Co. Ltd., Class A		531,300		285,094
Shandong Sun Paper Industry JSC Ltd., Class A		115,500		191,414
Shandong Weifang Rainbow Chemical Co. Ltd.		23,100		280,570
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,386,800		2,305,388
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		46,268		249,470
Shanghai Baosight Software Co. Ltd., Class A		61,664		457,655
Shanghai Baosight Software Co. Ltd., Class B		323,403		1,013,648
Shanghai Construction Group Co. Ltd., Class A		438,900		171,058
Shanghai Electric Group Co. Ltd., Class A(b)		577,500		350,359
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		92,400		467,417
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		231,000		744,844
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		231,000		962,887
Shanghai International Airport Co. Ltd., Class A(b)		46,200		415,167
Shanghai International Port Group Co. Ltd., Class A		415,800		329,043
Shanghai Junshi Biosciences Co. Ltd., Class A(b)		46,200		393,456
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		646,875		518,400
Shanghai M&G Stationery Inc., Class A		46,200		367,894
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		115,500		319,980
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		346,500		610,947
Shanghai Pudong Development Bank Co. Ltd., Class A		1,016,495		1,111,014
Shanghai Putailai New Energy Technology Co. Ltd., Class A		48,800		400,811
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		138,600		162,629
Shanxi Coking Coal Energy Group Co. Ltd., Class A		115,500		201,895
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		138,600		407,374
Shanxi Meijin Energy Co. Ltd., Class A		161,700		231,046
Shanxi Securities Co. Ltd., Class A		207,940		182,737
Shanxi Taigang Stainless Steel Co. Ltd., Class A		255,200		174,015
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		46,280		2,004,188
Shengyi Technology Co. Ltd., Class A		115,500		276,906
Shennan Circuits Co. Ltd., Class A		23,120		262,123
Shenwan Hongyuan Group Co. Ltd., Class A		947,197		583,449
Shenzhen Energy Group Co. Ltd., Class A		231,086		212,148
Shenzhen Inovance Technology Co. Ltd., Class A		92,400		977,991
Shenzhen International Holdings Ltd.		577,500		563,435
Shenzhen Kangtai Biological Products Co. Ltd., Class A		61,800		337,376
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		46,275		2,288,489
Shenzhen Overseas Chinese Town Co. Ltd., Class A		323,400		257,788
Shenzhen SC New Energy Technology Corp., Class A		23,100		423,285
Shenzhen Transsion Holding Co. Ltd., Class A		25,195		319,836
Shenzhou International Group Holdings Ltd.		438,900		5,527,337

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		46,200	$	199,135
Shimao Group Holdings Ltd.(b)(c)		834,000		192,501
Sichuan Chuantou Energy Co. Ltd., Class A		184,800		343,013
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		92,400		372,445
Sino Biopharmaceutical Ltd.		5,313,250		3,091,714
Sinomine Resource Group Co. Ltd., Class A		23,100		308,269
Sinopec Shanghai Petrochemical Co. Ltd., Class A		207,900		98,760
Sinopharm Group Co. Ltd., Class H		739,200		1,811,773
Smoore International Holdings Ltd.(a)(d)		924,000		1,392,899
Songcheng Performance Development Co. Ltd., Class A		126,620		273,409
SooChow Securities Co. Ltd., Class A		216,857		228,720
Southwest Securities Co. Ltd., Class A		462,000		273,819
Sunac China Holdings Ltd.(b)(c)(d)		1,668,000		342,224
Sungrow Power Supply Co. Ltd., Class A		46,200		894,742
Sunny Optical Technology Group Co. Ltd.		392,900		5,303,026
Sunwoda Electronic Co. Ltd., Class A		70,999		248,687
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		92,400		392,794
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		23,100		218,084
TAL Education Group, ADR(b)		238,675		1,744,714
TBEA Co. Ltd., Class A		161,797		512,088
TCL Technology Group Corp., Class A		577,500		360,272
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		117,199		739,389
Tencent Holdings Ltd.		3,349,500		163,217,483
Tencent Music Entertainment Group, ADR(b)(d)		376,200		3,156,318
Thunder Software Technology Co. Ltd., Class A		23,100		377,216
Tianma Microelectronics Co. Ltd., Class A		184,889		258,809
Tianqi Lithium Corp., Class A(b)		46,600		667,718
Tianshui Huatian Technology Co. Ltd., Class A		185,000		245,267
Tingyi Cayman Islands Holding Corp.		926,000		1,540,505
Toly Bread Co. Ltd., Class A		69,365		172,138
Tongcheng Travel Holdings Ltd.(b)		739,200		1,674,886
Tongkun Group Co. Ltd., Class A		94,096		219,419
Tongling Nonferrous Metals Group Co. Ltd., Class A		546,900		284,091
Tongwei Co. Ltd., Class A		138,600		869,615
Topchoice Medical Corp., Class A(b)		12,200		294,418
Topsports International Holdings Ltd.(a)		924,000		870,651
TravelSky Technology Ltd., Class H		464,000		964,449
Trina Solar Co. Ltd.		79,596		845,598
Trip.com Group Ltd., ADR(b)		293,370		10,784,281
Tsingtao Brewery Co. Ltd., Class H		380,000		3,668,838
Unigroup Guoxin Microelectronics Co. Ltd., Class A		32,099		599,647
Uni-President China Holdings Ltd.		695,000		668,619
Unisplendour Corp. Ltd., Class A		115,520		394,728
Vinda International Holdings Ltd.		231,000		637,501
Vipshop Holdings Ltd., ADR(b)		226,887		3,509,942
Walvax Biotechnology Co. Ltd., Class A		46,200		274,299
Wanhua Chemical Group Co. Ltd., Class A		117,199		1,681,920
Want Want China Holdings Ltd.		2,774,000		1,806,706
Weibo Corp., ADR(b)		33,264		756,756
Weichai Power Co. Ltd., Class A		231,000		384,706
Weichai Power Co. Ltd., Class H		1,155,600		1,745,056
Wens Foodstuffs Group Co. Ltd., Class A		231,098		690,534
Western Securities Co. Ltd., Class A		277,299		273,321
Will Semiconductor Co. Ltd. Shanghai, Class A		31,710		444,900
Wingtech Technology Co. Ltd., Class A		46,200		402,343
Wuchan Zhongda Group Co. Ltd., Class A		231,099		168,074
Wuhan Guide Infrared Co. Ltd., Class A		207,985		363,728
Wuliangye Yibin Co. Ltd., Class A		115,599		3,598,068

Security	Shares		Value
China (continued)
WUS Printed Circuit Kunshan Co. Ltd., Class A		92,450	$	174,878
WuXi AppTec Co. Ltd., Class A		94,764		1,316,682
WuXi AppTec Co. Ltd., Class H(a)		184,874		2,402,258
Wuxi Autowell Technology Co. Ltd.		4,586		146,436
Wuxi Biologics Cayman Inc., New(a)(b)		1,963,500		16,396,011
Wuxi Shangji Automation Co. Ltd., Class A		23,100		392,645
XCMG Construction Machinery Co. Ltd., Class A		537,798		464,505
Xiamen C & D Inc., Class A		184,800		363,966
Xiaomi Corp., Class B(a)(b)		8,177,400		13,527,455
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		138,613		241,305
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		415,858		424,877
Xinyi Solar Holdings Ltd.		2,772,000		3,606,269
XPeng Inc.(b)		441,102		2,321,523
Xtep International Holdings Ltd.		693,000		924,018
Yadea Group Holdings Ltd.(a)		462,000		1,053,294
Yankuang Energy Group Co. Ltd., Class A		69,300		353,297
Yankuang Energy Group Co. Ltd., Class H		924,000		2,971,630
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		46,301		222,873
Yealink Network Technology Corp. Ltd., Class A		39,548		358,779
Yifeng Pharmacy Chain Co. Ltd., Class A		23,186		195,212
Yihai International Holding Ltd.(d)		231,000		822,004
Yihai Kerry Arawana Holdings Co. Ltd., Class A		46,200		306,784
Yintai Gold Co. Ltd., Class A		207,921		385,374
Yonyou Network Technology Co. Ltd., Class A		115,790		421,878
YTO Express Group Co. Ltd., Class A		115,500		359,707
Yuexiu Property Co. Ltd.(d)		764,600		1,112,270
Yum China Holdings Inc.		224,763		13,847,648
Yunda Holding Co. Ltd., Class A		115,520		253,486
Yunnan Baiyao Group Co. Ltd., Class A		70,015		596,615
Yunnan Botanee Bio-Technology Group Co. Ltd.		23,100		480,323
Yunnan Energy New Material Co. Ltd., Class A		31,000		720,072
Zai Lab Ltd., ADR(b)		47,761		2,012,649
Zangge Mining Co. Ltd.		46,200		191,664
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		23,202		1,070,773
Zhaojin Mining Industry Co. Ltd., Class H(b)		693,000		797,512
Zhejiang Century Huatong Group Co. Ltd., Class A(b)		300,372		177,120
Zhejiang Chint Electrics Co. Ltd., Class A		92,400		441,664
Zhejiang Dahua Technology Co. Ltd., Class A		138,600		260,649
Zhejiang Dingli Machinery Co. Ltd., Class A		13,447		108,955
Zhejiang Expressway Co. Ltd., Class H		926,000		799,628
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		69,325		220,135
Zhejiang Huayou Cobalt Co. Ltd., Class A		46,200		452,208
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		46,200		472,673
Zhejiang NHU Co. Ltd., Class A		138,812		401,086
Zhejiang Supcon Technology Co. Ltd.		15,873		216,911
Zhejiang Supor Co. Ltd., Class A		24,799		190,099
Zhejiang Weixing New Building Materials Co. Ltd., Class A		70,996		240,707
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		23,100		193,211
Zheshang Securities Co. Ltd., Class A		161,700		255,715
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(d)		392,700		1,308,846
Zhongji Innolight Co. Ltd., Class A		46,299		200,159
Zhongsheng Group Holdings Ltd.		346,500		1,960,562
Zhuzhou CRRC Times Electric Co. Ltd.		323,400		1,722,864
Zijin Mining Group Co. Ltd., Class A		646,800		1,136,159
Zijin Mining Group Co. Ltd., Class H		3,234,000		5,349,200

54 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		370,137	$	319,561
ZTE Corp., Class A		138,600		548,408
ZTE Corp., Class H		369,600		892,594
ZTO Express Cayman Inc., ADR		229,845		6,552,881
				1,225,372,351
Hong Kong — 7.4%
AIA Group Ltd.		6,421,800		72,615,432
BOC Hong Kong Holdings Ltd.		1,963,500		6,862,211
Budweiser Brewing Co. APAC Ltd.(a)(d)		877,800		2,769,738
Chow Tai Fook Jewellery Group Ltd.		1,108,800		2,373,566
CK Asset Holdings Ltd.		1,039,632		6,646,897
CK Hutchison Holdings Ltd.		1,386,132		8,821,276
CK Infrastructure Holdings Ltd.		346,500		1,927,771
CLP Holdings Ltd.		924,000		6,865,255
ESR Group Ltd.(a)		1,109,200		2,220,714
Futu Holdings Ltd., ADR(b)(d)		32,340		1,641,578
Galaxy Entertainment Group Ltd.		1,155,000		8,040,299
Hang Lung Properties Ltd.		1,155,000		2,177,804
Hang Seng Bank Ltd.		415,800		6,924,406
Henderson Land Development Co. Ltd.		693,166		2,560,552
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,617,000		1,117,723
HKT Trust & HKT Ltd., Class SS		2,081,640		2,727,315
Hong Kong & China Gas Co. Ltd.		6,237,763		6,262,838
Hong Kong Exchanges & Clearing Ltd.		636,653		28,635,109
Hongkong Land Holdings Ltd.(d)		623,700		3,049,128
Jardine Matheson Holdings Ltd.		92,400		4,911,575
Link REIT		1,155,000		9,245,036
MTR Corp. Ltd.		809,500		4,332,045
New World Development Co. Ltd.		693,166		2,071,806
Power Assets Holdings Ltd.		808,500		4,574,628
Sands China Ltd.(b)		1,293,600		4,851,110
Sino Land Co. Ltd.		1,849,200		2,402,993
SITC International Holdings Co. Ltd.		693,000		1,513,927
Sun Hung Kai Properties Ltd.		808,500		11,465,840
Swire Pacific Ltd., Class A		231,000		2,116,858
Swire Properties Ltd.		600,600		1,688,020
Techtronic Industries Co. Ltd.(d)		693,000		8,934,005
WH Group Ltd.(a)		4,389,000		2,703,029
Wharf Real Estate Investment Co. Ltd.		924,000		5,289,589
Xinyi Glass Holdings Ltd.		924,000		1,967,313
				242,307,386
India — 14.6%
ABB India Ltd.		27,951		972,723
ACC Ltd.		36,267		874,603
Adani Enterprises Ltd.		150,565		5,491,048
Adani Green Energy Ltd.(b)		164,615		2,474,358
Adani Ports & Special Economic Zone Ltd.		267,790		2,011,474
Adani Power Ltd.(b)		417,350		1,145,938
Adani Total Gas Ltd.		145,956		3,770,629
Adani Transmission Ltd.(b)		146,187		3,183,842
Ambuja Cements Ltd.		338,646		1,666,065
Apollo Hospitals Enterprise Ltd.		54,978		2,869,021
Asian Paints Ltd.		205,359		6,857,851
AU Small Finance Bank Ltd.(a)		85,813		652,393
Aurobindo Pharma Ltd.		124,278		621,368
Avenue Supermarts Ltd.(a)(b)		86,625		3,720,682
Axis Bank Ltd.		1,195,802		12,780,404

Security	Shares		Value
India (continued)
Bajaj Auto Ltd.		37,191	$	1,739,108
Bajaj Finance Ltd.		145,992		10,553,533
Bajaj Finserv Ltd.		204,435		3,370,930
Bajaj Holdings & Investment Ltd.		12,936		931,864
Balkrishna Industries Ltd.		46,431		1,264,056
Bandhan Bank Ltd.(a)(b)		353,424		1,059,309
Berger Paints India Ltd.		142,527		958,683
Bharat Electronics Ltd.		2,044,293		2,378,618
Bharat Forge Ltd.		136,983		1,467,201
Bharat Petroleum Corp. Ltd.		447,216		1,877,045
Bharti Airtel Ltd.		1,190,805		11,220,610
Biocon Ltd.		207,032		595,617
Britannia Industries Ltd.		57,057		3,015,487
Cholamandalam Investment and Finance Co. Ltd.		219,912		1,906,050
Cipla Ltd.		261,954		3,265,452
Coal India Ltd.		787,017		2,172,428
Colgate-Palmolive India Ltd.		56,364		1,001,488
Container Corp. of India Ltd.		143,220		1,103,014
Dabur India Ltd.		334,026		2,280,736
Divi’s Laboratories Ltd.		71,148		2,890,903
DLF Ltd.		334,026		1,459,705
Dr. Reddy’s Laboratories Ltd.		62,139		3,295,480
Eicher Motors Ltd.		72,765		2,908,867
GAIL India Ltd.		1,257,443		1,466,628
Godrej Consumer Products Ltd.(b)		215,523		2,409,280
Godrej Properties Ltd.(b)		68,145		988,554
Grasim Industries Ltd.		145,761		2,840,376
Havells India Ltd.		139,562		2,020,920
HCL Technologies Ltd.		581,196		8,014,461
HDFC Life Insurance Co. Ltd.(a)		518,364		3,673,483
Hero MotoCorp Ltd.		58,674		1,986,721
Hindalco Industries Ltd.		721,875		4,166,829
Hindustan Petroleum Corp. Ltd.		351,582		1,022,877
Hindustan Unilever Ltd.		443,520		13,993,219
Housing Development Finance Corp. Ltd.		927,003		29,842,459
ICICI Bank Ltd.		2,713,564		27,762,922
ICICI Lombard General Insurance Co. Ltd.(a)		119,776		1,657,198
ICICI Prudential Life Insurance Co. Ltd.(a)		174,603		967,584
Indian Hotels Co. Ltd. (The)		431,277		1,592,969
Indian Oil Corp. Ltd.		1,471,932		1,472,407
Indian Railway Catering & Tourism Corp. Ltd.		136,810		1,068,601
Indraprastha Gas Ltd.		163,606		851,756
Indus Towers Ltd.		367,752		690,324
Info Edge India Ltd.		38,808		1,751,363
Infosys Ltd.		1,802,493		33,950,481
InterGlobe Aviation Ltd.(a)(b)		53,361		1,387,714
ITC Ltd.		1,601,292		6,910,568
Jindal Steel & Power Ltd.		223,377		1,602,331
JSW Steel Ltd.		394,548		3,468,444
Jubilant Foodworks Ltd.		206,745		1,236,111
Kotak Mahindra Bank Ltd.		299,838		6,365,945
Larsen & Toubro Ltd.		368,676		9,597,521
LTIMindtree Ltd.(a)		47,586		2,557,539
Lupin Ltd.		107,877		973,129
Mahindra & Mahindra Ltd.		465,927		7,875,829
Marico Ltd.		268,653		1,637,705
Maruti Suzuki India Ltd.		64,680		7,050,877
Mphasis Ltd.		47,355		1,208,352
MRF Ltd.		1,155		1,285,011
Muthoot Finance Ltd.		70,686		904,782

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Nestle India Ltd.		18,018	$	4,191,872
NTPC Ltd.		2,076,921		4,350,046
Oil & Natural Gas Corp. Ltd.		1,368,444		2,438,371
Page Industries Ltd.		3,234		1,585,031
Petronet LNG Ltd.		401,940		1,069,947
PI Industries Ltd.		44,352		1,628,733
Pidilite Industries Ltd.		81,543		2,274,900
Power Grid Corp. of India Ltd.		1,705,011		4,524,665
Reliance Industries Ltd.		1,630,167		47,026,055
Samvardhana Motherson International Ltd.		1,038,114		961,732
SBI Cards & Payment Services Ltd.		122,661		1,086,322
SBI Life Insurance Co. Ltd.(a)		239,547		3,576,099
Shree Cement Ltd.		5,777		1,677,310
Shriram Finance Ltd.		132,389		2,088,523
Siemens Ltd.		39,963		1,432,234
SRF Ltd.		83,664		2,239,889
State Bank of India		955,647		6,489,832
Sun Pharmaceutical Industries Ltd.		513,975		6,507,655
Tata Consultancy Services Ltd.		489,720		20,212,534
Tata Consumer Products Ltd.		296,142		2,644,331
Tata Elxsi Ltd.		18,711		1,525,896
Tata Motors Ltd.(b)		905,058		5,040,367
Tata Power Co. Ltd. (The)		806,472		2,107,201
Tata Steel Ltd.		3,987,753		5,872,924
Tech Mahindra Ltd.		315,777		3,942,953
Titan Co. Ltd.		190,575		5,558,479
Torrent Pharmaceuticals Ltd.		53,999		1,005,637
Trent Ltd.		105,336		1,544,813
Tube Investments of India Ltd.		58,674		1,878,976
TVS Motor Co. Ltd.		116,655		1,483,087
UltraTech Cement Ltd.		54,054		4,692,175
United Spirits Ltd.(b)		158,235		1,490,377
UPL Ltd.		264,560		2,453,790
Varun Beverages Ltd.		130,053		1,826,516
Vedanta Ltd.		425,733		1,739,523
Wipro Ltd.		737,583		3,611,733
Yes Bank Ltd.(b)		6,157,305		1,302,646
Zomato Ltd.(b)		1,514,205		927,857
				476,072,884
Indonesia — 2.0%
Adaro Energy Indonesia Tbk PT		8,223,600		1,629,467
Aneka Tambang Tbk		4,712,400		730,182
Astra International Tbk PT		10,833,900		4,352,539
Bank Central Asia Tbk PT		29,637,300		16,819,433
Bank Jago Tbk PT(b)		2,263,800		487,424
Bank Mandiri Persero Tbk PT		10,002,302		6,664,894
Bank Negara Indonesia Persero Tbk PT		3,996,315		2,449,704
Bank Rakyat Indonesia Persero Tbk PT		36,521,167		11,199,867
Barito Pacific Tbk PT		16,528,342		911,471
Charoen Pokphand Indonesia Tbk PT		3,927,000		1,527,711
Indah Kiat Pulp & Paper Tbk PT		1,571,200		875,582
Indofood CBP Sukses Makmur Tbk PT		1,108,800		747,648
Indofood Sukses Makmur Tbk PT		2,217,600		996,589
Kalbe Farma Tbk PT		11,688,600		1,609,280
Merdeka Copper Gold Tbk PT(b)		6,930,177		2,194,790
Sarana Menara Nusantara Tbk PT		10,926,300		818,335
Semen Indonesia Persero Tbk PT		1,873,825		928,230
Sumber Alfaria Trijaya Tbk PT		9,540,300		1,803,425
Telkom Indonesia Persero Tbk PT		26,565,000		6,865,262
Unilever Indonesia Tbk PT		4,042,500		1,258,355

Security	Shares		Value
Indonesia (continued)
United Tractors Tbk PT		900,943	$	1,479,129
Vale Indonesia Tbk PT(b)		1,709,400		852,463
				67,201,780
Malaysia — 1.7%
AMMB Holdings Bhd		993,300		952,028
Axiata Group Bhd		1,617,000		1,152,015
CIMB Group Holdings Bhd		3,649,800		4,929,612
Dialog Group Bhd		2,079,062		1,271,409
DiGi.Com Bhd		1,617,000		1,599,212
Genting Bhd		1,108,800		1,290,475
Genting Malaysia Bhd		1,732,500		1,156,706
HAP Seng Consolidated Bhd		369,600		641,845
Hartalega Holdings Bhd(d)		877,800		332,481
Hong Leong Bank Bhd		300,300		1,446,662
Hong Leong Financial Group Bhd		161,700		701,674
IHH Healthcare Bhd		947,100		1,316,782
Inari Amertron Bhd		1,848,000		1,132,627
IOI Corp. Bhd		1,247,400		1,119,313
Kuala Lumpur Kepong Bhd		254,100		1,278,306
Malayan Banking Bhd		2,541,800		5,213,201
Malaysia Airports Holdings Bhd(b)		415,800		689,260
Maxis Bhd		1,224,300		1,138,889
MISC Bhd		716,100		1,229,953
MR DIY Group M Bhd(a)		1,283,400		573,261
Nestle Malaysia Bhd		47,600		1,508,649
Petronas Chemicals Group Bhd(d)		1,317,500		2,585,514
Petronas Dagangan Bhd		161,700		826,363
Petronas Gas Bhd		416,000		1,640,302
PPB Group Bhd		346,520		1,429,702
Press Metal Aluminium Holdings Bhd		1,963,500		2,395,003
Public Bank Bhd		7,271,050		7,237,732
QL Resources Bhd		669,900		921,834
RHB Bank Bhd		785,445		1,060,329
Sime Darby Bhd		1,617,000		878,134
Sime Darby Plantation Bhd		1,085,700		1,103,863
Telekom Malaysia Bhd		646,800		793,448
Tenaga Nasional Bhd		1,224,300		2,705,463
Top Glove Corp. Bhd(d)		2,795,100		546,245
				54,798,292
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		1,039,550		1,085,286
ACEN Corp.		5,131,004		660,073
Ayala Corp.		124,748		1,622,328
Ayala Land Inc.		3,742,200		2,018,400
Bank of the Philippine Islands		778,476		1,498,960
BDO Unibank Inc.		1,344,684		3,032,848
Globe Telecom Inc.		16,195		600,546
International Container Terminal Services Inc.		584,430		2,221,734
JG Summit Holdings Inc.		1,701,145		1,673,247
Jollibee Foods Corp.		256,410		1,118,765
Manila Electric Co.		129,360		665,518
Metropolitan Bank & Trust Co.		1,095,860		1,151,357
Monde Nissin Corp.(a)		3,511,200		851,011
PLDT Inc.		45,045		1,116,352
SM Investments Corp.		120,200		2,032,606
SM Prime Holdings Inc.		5,798,125		3,928,685
Universal Robina Corp.		494,340		1,248,796
				26,526,512

56 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore — 3.8%
CapitaLand Ascendas REIT		1,801,814	$	3,965,126
CapitaLand Integrated Commercial Trust		2,864,447		4,686,617
Capitaland Investment Ltd/Singapore		1,432,200		4,339,008
City Developments Ltd.		254,100		1,612,729
DBS Group Holdings Ltd.		970,200		26,560,458
Genting Singapore Ltd.		3,164,700		2,396,813
Grab Holdings Ltd., Class A(b)(d)		690,690		2,617,715
Jardine Cycle & Carriage Ltd.		46,200		1,024,237
Keppel Corp. Ltd.		785,400		4,534,631
Mapletree Logistics Trust(d)		1,732,561		2,239,841
Mapletree Pan Asia Commercial Trust		1,247,400		1,735,661
Oversea-Chinese Banking Corp. Ltd.(d)		1,801,875		17,803,152
Sea Ltd., ADR(b)(d)		193,578		12,476,102
Singapore Airlines Ltd.		716,500		3,239,916
Singapore Exchange Ltd.		422,000		2,972,364
Singapore Technologies Engineering Ltd.(d)		878,200		2,469,096
Singapore Telecommunications Ltd.		4,412,100		8,449,883
United Overseas Bank Ltd.		623,700		14,177,093
UOL Group Ltd.		231,000		1,232,516
Venture Corp. Ltd.		161,700		2,283,423
Wilmar International Ltd.		1,016,400		3,160,008
				123,976,389
South Korea — 12.6%
Amorepacific Corp.		15,246		1,812,240
BGF retail Co. Ltd.		4,158		630,229
Celltrion Healthcare Co. Ltd.		48,048		2,248,668
Celltrion Inc.		55,696		7,350,825
Celltrion Pharm Inc.(b)		10,000		522,042
Cheil Worldwide Inc.		42,042		751,322
CJ CheilJedang Corp.		4,620		1,296,186
CJ Corp.		8,547		572,977
Coway Co. Ltd.		30,727		1,393,419
DB Insurance Co. Ltd.		26,334		1,403,373
Doosan Bobcat Inc.		26,796		760,422
Doosan Enerbility Co. Ltd.(b)		221,067		3,023,027
Ecopro BM Co. Ltd.		27,489		2,244,380
E-MART Inc.(b)		10,626		903,067
F&F Co. Ltd./New		9,933		1,232,223
GS Holdings Corp.(b)		27,951		1,004,358
Hana Financial Group Inc.		158,466		6,295,413
Hankook Tire & Technology Co. Ltd.		42,042		1,109,480
Hanmi Pharm Co. Ltd.		3,998		835,256
Hanon Systems		100,023		746,191
Hanwha Solutions Corp.(b)		63,756		2,362,749
HD Hyundai Co. Ltd.		25,410		1,263,113
HLB Inc.(b)		60,367		1,502,068
HMM Co. Ltd.		143,913		2,559,289
Hotel Shilla Co. Ltd.		17,787		1,149,452
HYBE Co. Ltd.(b)		9,471		1,490,098
Hyundai Engineering & Construction Co. Ltd.		42,042		1,307,059
Hyundai Glovis Co. Ltd.		10,164		1,375,517
Hyundai Heavy Industries Co. Ltd.(b)		10,395		943,584
Hyundai Mipo Dockyard Co. Ltd.(b)		11,781		773,663
Hyundai Mobis Co. Ltd.		32,802		5,484,726
Hyundai Motor Co.		74,382		10,139,857
Hyundai Steel Co.		48,753		1,361,826
Iljin Materials Co. Ltd.		13,398		688,928
Industrial Bank of Korea(b)		140,910		1,176,063
Kakao Corp.(b)		166,782		8,395,353
Kakao Games Corp.(b)		20,097		764,043

Security	Shares		Value
South Korea (continued)
KakaoBank Corp.(b)		72,303	$	1,604,233
Kangwon Land Inc.(b)		54,516		1,044,629
KB Financial Group Inc.		207,900		9,474,499
Kia Corp.		141,141		7,689,632
Korea Aerospace Industries Ltd.		41,580		1,631,578
Korea Electric Power Corp.(b)		139,062		2,245,188
Korea Investment Holdings Co. Ltd.		23,339		1,190,982
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		21,949		1,425,536
Korea Zinc Co. Ltd.		4,851		2,136,548
Korean Air Lines Co. Ltd.(b)		93,324		1,846,528
Krafton Inc.(b)		15,939		2,340,965
KT&G Corp.(b)		56,595		4,245,276
Kumho Petrochemical Co. Ltd.		10,164		1,222,476
L&F Co. Ltd.		12,705		2,144,841
LG Chem Ltd.		26,565		14,993,365
LG Corp.		49,665		3,344,650
LG Display Co. Ltd.(b)		125,927		1,402,218
LG Electronics Inc.		57,057		4,675,225
LG Energy Solution(b)		18,942		8,056,982
LG H&H Co. Ltd.		4,851		2,940,960
LG Innotek Co. Ltd.		7,854		1,749,784
LG Uplus Corp.		122,199		1,105,075
Lotte Chemical Corp.		11,348		1,638,391
Lotte Shopping Co. Ltd.		6,006		460,276
Meritz Financial Group Inc.		10,083		353,079
Meritz Fire & Marine Insurance Co. Ltd.		19,170		804,643
Meritz Securities Co. Ltd.		136,983		715,082
Mirae Asset Securities Co. Ltd.		149,688		830,974
NAVER Corp.		70,224		11,666,006
NCSoft Corp.		8,778		3,249,012
Netmarble Corp.(a)		10,857		540,774
NH Investment & Securities Co. Ltd.		69,531		520,981
Orion Corp./Republic of Korea		12,936		1,309,395
Pan Ocean Co. Ltd.		154,077		758,986
Pearl Abyss Corp.(b)		16,865		625,087
POSCO Chemical Co. Ltd.		14,553		2,667,556
POSCO Holdings Inc.		42,042		10,330,841
S-1 Corp.		9,009		421,519
Samsung Biologics Co. Ltd.(a)(b)		9,933		6,413,541
Samsung C&T Corp.		45,507		4,395,132
Samsung Electro-Mechanics Co. Ltd.		30,277		3,536,141
Samsung Electronics Co. Ltd.		2,557,170		127,373,223
Samsung Engineering Co. Ltd.(b)		83,853		1,769,638
Samsung Fire & Marine Insurance Co. Ltd.		15,939		2,628,126
Samsung Heavy Industries Co. Ltd.(b)		342,804		1,620,021
Samsung Life Insurance Co. Ltd.		39,270		2,260,858
Samsung SDI Co. Ltd.		29,568		16,569,968
Samsung SDS Co. Ltd.		18,484		1,884,922
Samsung Securities Co. Ltd.		34,419		936,942
SD Biosensor Inc.		21,483		501,679
Shinhan Financial Group Co. Ltd.		245,784		8,311,032
SK Biopharmaceuticals Co. Ltd.(b)		18,249		1,077,099
SK Bioscience Co. Ltd.(b)		12,474		765,517
SK Hynix Inc.		292,446		21,156,663
SK IE Technology Co. Ltd.(a)(b)		13,167		723,837
SK Inc.		20,328		3,288,233
SK Innovation Co. Ltd.(b)		29,799		3,960,735
SK Square Co. Ltd.(b)		48,279		1,430,237
SKC Co. Ltd.		12,012		936,412
S-Oil Corp.		24,486		1,766,374

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Woori Financial Group Inc.		288,167	$	3,005,814
Yuhan Corp.		28,844		1,227,756
				411,816,158
Taiwan — 16.3%
Accton Technology Corp.		286,000		2,337,270
Acer Inc.		1,386,830		1,157,793
Advantech Co. Ltd.		231,413		2,646,144
Airtac International Group		69,109		2,363,470
ASE Technology Holding Co. Ltd.		1,848,110		6,235,600
Asia Cement Corp.		1,155,448		1,627,790
Asustek Computer Inc.		434,100		3,953,972
AUO Corp.		3,509,264		1,973,324
Catcher Technology Co. Ltd.		465,000		2,765,185
Cathay Financial Holding Co. Ltd.		4,488,374		6,390,014
Chailease Holding Co. Ltd.		782,107		5,894,068
Chang Hwa Commercial Bank Ltd.		2,541,442		1,493,505
Cheng Shin Rubber Industry Co. Ltd.		924,303		1,066,593
China Airlines Ltd.		1,617,000		1,054,827
China Development Financial Holding Corp.		8,316,763		3,674,172
China Steel Corp.		6,237,484		6,600,735
Chunghwa Telecom Co. Ltd.		2,079,110		7,769,877
Compal Electronics Inc.		2,081,000		1,570,914
CTBC Financial Holding Co. Ltd.		9,240,456		7,065,480
Delta Electronics Inc.		1,155,000		11,200,570
E Ink Holdings Inc.		462,000		2,680,881
E.Sun Financial Holding Co. Ltd.		6,713,036		5,498,229
Eclat Textile Co. Ltd.		95,208		1,587,811
eMemory Technology Inc.		41,000		2,247,965
Eva Airways Corp.		1,386,000		1,352,537
Evergreen Marine Corp. Taiwan Ltd.		580,376		2,964,990
Far Eastern New Century Corp.		1,617,040		1,767,319
Far EasTone Telecommunications Co. Ltd.		693,000		1,541,595
Feng TAY Enterprise Co. Ltd.		231,340		1,527,450
First Financial Holding Co. Ltd.		5,471,591		4,772,273
Formosa Chemicals & Fibre Corp.		1,848,740		4,456,012
Formosa Petrochemical Corp.		462,000		1,294,883
Formosa Plastics Corp.		2,310,400		6,886,998
Fubon Financial Holding Co. Ltd.		3,872,163		7,798,856
Giant Manufacturing Co. Ltd.		231,650		1,590,457
Globalwafers Co. Ltd.		116,000		2,035,226
Hon Hai Precision Industry Co. Ltd.		6,699,516		22,341,089
Hotai Motor Co. Ltd.		149,000		3,271,313
Hua Nan Financial Holdings Co. Ltd.		4,776,466		3,634,034
Innolux Corp.		4,792,852		1,960,906
Inventec Corp.		1,386,460		1,168,777
Largan Precision Co. Ltd.		48,000		3,425,345
Lite-On Technology Corp.		1,155,371		2,567,346
MediaTek Inc.		831,391		20,087,202
Mega Financial Holding Co. Ltd.		5,927,097		6,329,026
Micro-Star International Co. Ltd.		231,000		1,014,623
momo.com Inc.		42,000		1,117,685
Nan Ya Plastics Corp.		2,541,000		6,394,750
Nan Ya Printed Circuit Board Corp.		137,000		1,124,986
Nanya Technology Corp.		693,000		1,346,100
Nien Made Enterprise Co. Ltd.		68,000		708,752
Novatek Microelectronics Corp.		307,000		3,655,714
Parade Technologies Ltd.		49,000		1,515,260
Pegatron Corp.		924,000		1,991,816
PharmaEssentia Corp.(b)		96,000		1,570,817
Pou Chen Corp.		924,000		1,060,143

Security	Shares		Value
Taiwan (continued)
Powerchip Semiconductor Manufacturing Corp.		1,617,000	$	1,865,088
President Chain Store Corp.		305,000		2,747,314
Quanta Computer Inc.		1,386,000		3,461,518
Realtek Semiconductor Corp.		231,642		2,487,576
Ruentex Development Co. Ltd.		887,776		1,329,530
Shanghai Commercial & Savings Bank Ltd. (The)		2,204,982		3,426,854
Shin Kong Financial Holding Co. Ltd.		6,470,143		1,943,074
Silergy Corp.		168,000		3,418,708
SinoPac Financial Holdings Co. Ltd.		5,775,494		3,336,637
Synnex Technology International Corp.		693,950		1,402,465
Taishin Financial Holding Co. Ltd.		5,775,433		3,139,355
Taiwan Business Bank		3,234,000		1,442,670
Taiwan Cement Corp.		3,283,464		3,977,139
Taiwan Cooperative Financial Holding Co. Ltd.		5,482,521		4,844,737
Taiwan High Speed Rail Corp.		924,000		900,209
Taiwan Mobile Co. Ltd.		924,000		2,915,405
Taiwan Semiconductor Manufacturing Co. Ltd.		13,223,670		233,355,216
Unimicron Technology Corp.		693,000		3,190,568
Uni-President Enterprises Corp.		2,543,694		5,714,630
United Microelectronics Corp.		6,237,000		10,206,501
Vanguard International Semiconductor Corp.		464,000		1,559,617
Voltronic Power Technology Corp.		39,000		1,973,565
Walsin Lihwa Corp.		1,494,272		2,719,965
Wan Hai Lines Ltd.		303,875		774,422
Win Semiconductors Corp.		233,000		1,502,341
Winbond Electronics Corp.		1,386,000		1,004,100
Wiwynn Corp.		55,000		1,381,470
WPG Holdings Ltd.		695,100		1,108,093
Yageo Corp.		168,112		3,051,388
Yang Ming Marine Transport Corp.		952,000		1,999,541
Yuanta Financial Holding Co. Ltd.		5,465,890		4,110,111
Zhen Ding Technology Holding Ltd.		231,097		853,356
				532,273,632
Thailand — 2.4%
Advanced Info Service PCL, NVDR		624,800		3,699,441
Airports of Thailand PCL, NVDR(b)		2,286,900		5,157,217
Asset World Corp. PCL, NVDR		4,966,500		899,418
B Grimm Power PCL, NVDR		485,100		594,392
Bangkok Dusit Medical Services PCL, NVDR		5,451,600		4,929,100
Bangkok Expressway & Metro PCL, NVDR		4,134,900		1,217,217
Berli Jucker PCL, NVDR		669,900		773,797
BTS Group Holdings PCL, NVDR		4,430,900		1,136,994
Bumrungrad Hospital PCL, NVDR		323,400		2,131,362
Carabao Group PCL, NVDR(d)		161,700		506,618
Central Pattana PCL, NVDR		1,108,800		2,403,111
Central Retail Corp. PCL, NVDR		1,016,474		1,315,445
Charoen Pokphand Foods PCL, NVDR		2,055,900		1,471,668
CP ALL PCL, NVDR		3,118,500		6,299,239
Delta Electronics Thailand PCL, NVDR(d)		161,700		4,442,545
Electricity Generating PCL, NVDR		138,600		732,474
Energy Absolute PCL, NVDR		924,000		2,429,126
Global Power Synergy PCL, NVDR(d)		393,800		824,490
Gulf Energy Development PCL, NVDR		1,640,300		2,681,730
Home Product Center PCL, NVDR		3,234,043		1,407,244
Indorama Ventures PCL, NVDR		993,300		1,223,538
Intouch Holdings PCL, NVDR		624,025		1,378,934
JMT Network Services PCL, NVDR		346,500		564,570
Kasikornbank PCL, NVDR		323,600		1,427,218
Krung Thai Bank PCL, NVDR		1,640,175		872,616
Krungthai Card PCL, NVDR(d)		508,200		873,674

58 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Land & Houses PCL, NVDR		3,765,300	$	1,131,535
Minor International PCL, NVDR(b)		1,778,720		1,801,368
Muangthai Capital PCL, NVDR		415,800		476,012
Osotspa PCL, NVDR		762,300		648,872
PTT Exploration & Production PCL, NVDR		739,284		3,859,117
PTT Global Chemical PCL, NVDR		1,224,376		1,835,118
PTT Oil & Retail Business PCL, NVDR		1,732,500		1,177,661
PTT Public Company Ltd., NVDR		5,382,300		5,438,667
Ratch Group PCL, NVDR		369,600		474,088
SCB X PCL, NVS		462,000		1,463,330
SCG Packaging PCL, NVDR		716,100		1,138,137
Siam Cement PCL (The), NVDR		416,000		4,244,579
Srisawad Corp. PCL, NVDR		438,900		713,498
Thai Oil PCL, NVDR		646,800		1,138,370
Thai Union Group PCL, NVDR		1,686,300		818,762
True Corp. PCL, NVDR		6,121,590		903,885
				78,656,177
Total Common Stocks — 99.1%     (Cost: $3,612,340,330)			3,239,412,545
Preferred Stocks
South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		11,781		824,508
Series 2, Preference Shares, NVS		18,711		1,310,309
LG Chem Ltd., Preference Shares, NVS		4,620		1,150,444
Samsung Electronics Co. Ltd., Preference Shares, NVS		440,517		19,767,791
				23,053,052
Total Preferred Stocks — 0.7%     (Cost: $8,296,061)			23,053,052

Security	Shares		Value
Rights
Switzerland — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)		41,477	$	—
Total Rights — 0.0%     (Cost: $—)			—
Total Long-Term Investments — 99.8%     (Cost: $3,620,636,391)			3,262,465,597
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		55,708,876		55,742,301
Total Short-Term Securities — 1.7%     (Cost: $55,691,328)			55,742,301
Total Investments — 101.5%     (Cost: $3,676,327,719)			3,318,207,898
Liabilities in Excess of Other Assets — (1.5)%				(50,620,477	)
Net Assets — 100.0%			$	3,267,587,421

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

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

^(e)  Affiliate of the Fund

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	71,779,106	$	—	$	(16,076,046	)(a)	$	4,869	$	34,372	$	55,742,301		55,708,876	$	352,275	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		5,400,000		—		(5,400,000	)(a)		—		—		—		—		108,870			10
								$	4,869	$	34,372	$	55,742,301			$	461,145		$	10

^(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

S C H E D U L E    O F   I N V E S T M E N T S 59

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan 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 China Index		24		03/17/23	$	652	$	(11,722	)
MSCI Emerging Markets Index		67		03/17/23		3,499		(33,074	)
							$	(44,796	)

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)	$	—	$	—	$	44,796	$	—	$	—	$	—	$	44,796

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(387,948	)	$	—	$	—	$	—	$	(387,948	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	204,698		$	—	$	—	$	—	$	204,698

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	2,555,929

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Cayman Islands	$	—	$	410,984	$	—	$	410,984
China		102,113,185		1,122,383,919		875,247		1,225,372,351
Hong Kong		1,641,578		240,665,808		—		242,307,386
India		—		476,072,884		—		476,072,884
Indonesia		—		67,201,780		—		67,201,780

60 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI All Country Asia ex Japan ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
Malaysia	$	6,326,850		$	48,471,442		$	—	$	54,798,292
Philippines		—			26,526,512			—		26,526,512
Singapore		15,093,817			108,882,572			—		123,976,389
South Korea		—			411,816,158			—		411,816,158
Taiwan		—			532,273,632			—		532,273,632
Thailand		—			78,656,177			—		78,656,177
Preferred Stocks		—			23,053,052			—		23,053,052
Rights		—			—			—		—
Short-Term Securities
Money Market Funds		55,742,301			—			—		55,742,301
	$	180,917,731		$	3,136,414,920		$	875,247	$	3,318,207,898
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(33,074	)	$	(11,722	)	$	—	$	(44,796	)

^(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

Schedule of Investments (unaudited)  January 31, 2023 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.7%
Erste Group Bank AG		290,663	$	11,028,955
Belgium — 2.2%
Ageas SA/NV		137,160		6,696,420
Groupe Bruxelles Lambert NV		84,744		7,249,444
KBC Group NV		212,268		15,722,112
Sofina SA(a)		12,991		3,086,300
				32,754,276
Denmark — 1.3%
Danske Bank A/S		586,342		12,215,595
Tryg A/S		306,482		7,033,178
				19,248,773
Finland — 1.4%
Sampo OYJ, Class A		407,090		21,372,011
France — 10.8%
Amundi SA(b)		51,444		3,368,037
AXA SA		1,586,250		49,489,448
BNP Paribas SA		942,776		64,751,630
Credit Agricole SA		1,025,184		12,344,481
Eurazeo SE		36,778		2,579,873
Euronext NV(b)		73,116		5,924,728
Societe Generale SA		685,197		20,395,965
Wendel SE		22,612		2,394,340
				161,248,502
Germany — 13.3%
Allianz SE, Registered		346,644		82,887,371
Commerzbank AG(c)		899,854		10,286,620
Deutsche Bank AG, Registered		1,753,992		23,408,290
Deutsche Boerse AG		161,252		28,854,801
Hannover Rueck SE		51,221		10,401,370
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		118,887		42,942,857
				198,781,309
Ireland — 0.9%
AIB Group PLC		912,415		3,832,681
Bank of Ireland Group PLC		905,609		9,675,385
				13,508,066
Italy — 7.1%
Assicurazioni Generali SpA		943,926		18,426,670
FinecoBank Banca Fineco SpA		516,006		9,263,261
Intesa Sanpaolo SpA		14,178,189		37,278,284
Mediobanca Banca di Credito Finanziario SpA		511,255		5,495,965
Poste Italiane SpA(b)		441,309		4,714,956
UniCredit SpA		1,630,371		31,843,000
				107,022,136
Netherlands — 5.2%
ABN AMRO Bank NV, CVA(b)		344,444		5,716,926
Aegon NV		1,510,300		8,330,499
EXOR NV, NVS(c)		92,037		7,315,894
ING Groep NV(c)		3,197,127		46,295,232
NN Group NV		235,950		10,251,574
				77,910,125
Norway — 1.2%
DNB Bank ASA		789,437		14,762,130
Gjensidige Forsikring ASA		168,272		3,024,428
				17,786,558

Security	Shares		Value
Spain — 6.9%
Banco Bilbao Vizcaya Argentaria SA		5,149,136	$	36,372,324
Banco Santander SA		14,252,843		49,812,821
CaixaBank SA		3,757,601		16,672,323
				102,857,468
Sweden — 9.0%
EQT AB		254,579		5,744,515
Industrivarden AB, Class A		110,043		2,915,076
Industrivarden AB, Class C		129,960		3,423,752
Investor AB, Class A		424,495		8,472,320
Investor AB, Class B		1,546,216		30,046,029
Kinnevik AB, Class B(c)		203,835		3,150,707
L E Lundbergforetagen AB, Class B		64,146		2,970,424
Nordea Bank Abp		2,853,205		33,355,062
Skandinaviska Enskilda Banken AB, Class A		1,371,384		16,601,713
Svenska Handelsbanken AB, Class A		1,237,624		12,905,963
Swedbank AB, Class A		768,383		14,780,934
				134,366,495
Switzerland — 14.4%
Baloise Holding AG, Registered		38,641		6,355,396
Banque Cantonale Vaudoise, Registered		25,701		2,443,061
Credit Suisse Group AG, Registered		3,067,095		10,565,779
Julius Baer Group Ltd.		181,296		11,629,108
Partners Group Holding AG		19,252		18,064,084
Swiss Life Holding AG, Registered		26,157		15,480,959
Swiss Re AG		255,968		26,802,640
UBS Group AG, Registered		2,841,672		60,656,552
Zurich Insurance Group AG		127,683		63,142,881
				215,140,460
United Kingdom — 24.9%
3i Group PLC		824,019		16,076,387
abrdn PLC		1,832,518		4,826,548
Admiral Group PLC		154,107		4,189,447
Aviva PLC		2,376,728		13,404,384
Barclays PLC		13,642,099		31,360,334
Hargreaves Lansdown PLC		299,947		3,302,183
HSBC Holdings PLC		16,946,217		124,865,588
Legal & General Group PLC		5,068,835		15,951,312
Lloyds Banking Group PLC		57,880,539		37,668,387
London Stock Exchange Group PLC		279,298		25,568,301
M&G PLC		2,142,649		5,350,878
NatWest Group PLC, NVS		4,510,284		17,206,988
Phoenix Group Holdings PLC		632,186		5,010,629
Prudential PLC		2,332,110		38,748,127
Schroders PLC		615,781		3,641,598
St. James’s Place PLC		460,895		6,988,888
Standard Chartered PLC		2,121,859		17,822,795
				371,982,774
Total Long-Term Investments — 99.3% (Cost: $1,566,959,854)				1,485,007,908
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		841,574		842,079

62 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		890,000	$	890,000
Total Short-Term Securities — 0.1% (Cost: $1,731,474)				1,732,079
Total Investments — 99.4% (Cost: $1,568,691,328)				1,486,739,987
Other Assets Less Liabilities — 0.6%				8,462,549
Net Assets — 100.0%			$	1,495,202,536

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

^(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)  Non-income producing security.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,031,168		$        —		$	(1,190,796	)(a)	$	1,223	$	484	$	842,079		841,574	$	6,044	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		370,000		520,000	(a)		—			—		—		890,000		890,000		8,695			—
									$	1,223	$	484	$	1,732,079			$	14,739		$	—

^(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		137		03/17/23	$	6,241	$	374,706
FTSE 100 Index		22		03/17/23		2,110		76,230
							$	450,936

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Financials 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)	$	—	$	—	$	450,936	$	—	$	—	$	—	$	450,936

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	598,724		$	—	$	—	$	—	$	598,724
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(30,357	)	$	—	$	—	$	—	$	(30,357	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,845,000

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	1,485,007,908	$	—	$	1,485,007,908
Short-Term Securities
Money Market Funds		1,732,079		—		—		1,732,079
	$	1,732,079	$	1,485,007,908	$	—	$	1,486,739,987
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	450,936	$	—	$	450,936

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 2.3%
Agrana Beteiligungs AG		984	$	17,651
ams-OSRAM AG(a)		22,940		214,307
ANDRITZ AG(b)		5,709		341,407
AT&S Austria Technologie & Systemtechnik AG(b)		2,141		73,461
BAWAG Group AG(c)		7,174		444,392
CA Immobilien Anlagen AG		3,615		112,746
DO & CO AG(a)(b)		583		61,740
EVN AG		3,109		65,601
IMMOFINANZ AG(a)(b)		2,815		37,925
Kontron AG(b)		3,715		75,492
Lenzing AG		1,132		80,170
Oesterreichische Post AG(b)		2,888		102,849
Palfinger AG		1,261		38,188
Porr AG		1,445		20,768
Raiffeisen Bank International AG(a)		12,396		223,031
Schoeller-Bleckmann Oilfield Equipment AG		815		59,783
Semperit AG Holding(b)		894		21,957
Strabag SE		1,255		53,032
UNIQA Insurance Group AG(b)		10,302		86,634
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,134		85,290
Wienerberger AG		9,752		293,252
				2,509,676
Belgium — 3.0%
Ackermans & van Haaren NV		1,977		342,129
Aedifica SA		3,339		293,004
AGFA-Gevaert NV(a)		11,022		34,548
Barco NV		5,898		149,300
Bekaert SA		2,994		126,302
bpost SA		8,094		43,881
Cofinimmo SA		2,568		233,583
Deme Group NV(a)		640		82,811
Econocom Group SA/NV		8,168		25,308
Etablissements Franz Colruyt NV(b)		4,556		120,478
Euronav NV		14,825		233,449
Exmar NV		2,741		23,034
Fagron		5,882		86,970
Galapagos NV(a)		3,915		173,272
Immobel SA		366		18,785
Intervest Offices & Warehouses NV		1,897		41,453
Ion Beam Applications		1,833		33,040
KBC Ancora		2,998		147,195
Kinepolis Group NV(a)(b)		1,150		48,680
Melexis NV		1,706		181,731
Mithra Pharmaceuticals SA(a)(b)		2,468		8,393
Montea NV		994		79,773
Ontex Group NV(a)(b)		5,507		42,800
Proximus SADP		12,745		130,599
Recticel SA(b)		3,486		65,376
Retail Estates NV		852		58,818
Shurgard Self Storage SA		2,194		105,870
Telenet Group Holding NV		3,886		66,983
Tessenderlo Group SA(a)		2,277		80,523
Van de Velde NV		476		16,118
VGP NV		1,012		101,120
X-Fab Silicon Foundries SE(a)(b)(c)		5,365		46,931
Xior Student Housing NV		2,068		69,479
				3,311,736

Security	Shares		Value
China — 0.0%
Boshiwa International Holding Ltd.(d)		20,000	$	—
Denmark — 4.0%
ALK-Abello A/S(a)		10,952		163,601
Alm Brand A/S		72,312		134,197
Ambu A/S, Class B(a)(b)		14,040		193,938
Bavarian Nordic A/S(a)(b)		5,951		190,571
Better Collective A/S(a)		2,419		36,309
Cadeler A/S(a)		6,902		28,730
cBrain A/S		905		20,406
Chemometec A/S(a)		1,385		121,340
D/S Norden A/S		1,813		97,730
Dfds A/S		2,972		112,031
FLSmidth & Co. A/S(b)		4,393		188,750
GN Store Nord A/S		11,097		273,611
H Lundbeck A/S		23,873		88,708
H Lundbeck A/S, Class A(a)		5,684		19,571
ISS A/S(a)		13,181		288,185
Jyske Bank A/S, Registered(a)		4,366		314,891
Matas A/S		3,001		32,658
Netcompany Group A/S(a)(c)		3,318		132,046
Nilfisk Holding A/S(a)		992		19,745
NKT A/S(a)		3,437		214,475
NTG Nordic Transport Group A/S, Class A(a)		665		27,193
Per Aarsleff Holding A/S		1,561		64,788
Ringkjoebing Landbobank A/S		2,277		331,355
Royal Unibrew A/S		4,242		297,882
Scandinavian Tobacco Group A/S, Class A(c)		4,763		82,782
Schouw & Co. A/S		1,071		82,984
SimCorp A/S		3,386		237,121
Solar A/S, Class B		475		43,886
Spar Nord Bank A/S		7,316		116,536
Sydbank A/S		4,954		225,894
Topdanmark A/S		3,818		206,087
Zealand Pharma A/S(a)		3,631		113,400
				4,501,401
Finland — 3.2%
Aktia Bank OYJ		4,660		55,119
Anora Group OYJ		3,375		27,060
Cargotec OYJ, Class B		3,198		162,819
Caverion OYJ		8,289		76,417
Citycon OYJ		6,778		51,079
Finnair OYJ(a)(b)		49,145		27,694
F-Secure OYJ(a)		10,218		32,620
Huhtamaki OYJ		8,121		303,749
Kemira OYJ		9,206		149,361
Kempower OYJ(a)(b)		1,357		33,916
Kojamo OYJ		11,508		176,701
Konecranes OYJ		4,994		162,512
Marimekko OYJ		2,080		20,854
Metsa Board OYJ, Class B		14,813		132,229
Metso Outotec OYJ		55,940		642,911
Musti Group OYJ		2,802		47,421
Nokian Renkaat OYJ		11,013		131,920
Oriola OYJ, Class B		9,737		18,271
Outokumpu OYJ		30,945		177,208
Puuilo OYJ(b)		4,223		29,062
QT Group OYJ(a)(b)		1,418		83,156
Revenio Group OYJ		2,062		84,296
Rovio Entertainment OYJ(c)		3,298		26,389

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Sanoma OYJ		6,304	$	67,057
Talenom OYJ(b)		2,584		25,536
TietoEVRY OYJ		7,546		229,806
Tokmanni Group OYJ		4,301		55,455
Uponor OYJ		4,464		79,502
Valmet OYJ		14,037		440,801
YIT OYJ		11,531		33,744
				3,584,665
France — 7.2%
AB Science SA(a)(b)		2,365		16,347
ABC arbitrage		3,001		21,141
Air France-KLM(a)(b)		97,504		164,831
AKWEL(b)		753		12,902
ALD SA(b)(c)		12,012		151,012
Altarea SCA		343		46,749
Alten SA		2,465		378,762
Antin Infrastructure Partners SA		3,018		67,983
APERAM SA		4,075		160,813
Atos SE(a)(b)		8,395		110,743
Aubay		654		33,697
Believe SA(a)		1,561		18,915
Beneteau SA		3,333		54,632
Boiron SA		370		16,874
Bonduelle SCA		1,043		14,013
Carmila SA		4,701		70,957
Casino Guichard Perrachon SA(a)(b)		3,500		43,011
CGG SA(a)(b)		59,962		50,498
Chargeurs SA		1,374		22,960
Cie. des Alpes(a)		1,600		25,304
Cie. Plastic Omnium SA		4,805		84,094
Coface SA(a)		8,799		123,035
Derichebourg SA		7,947		54,542
Elior Group SA(a)(c)		11,382		39,390
Elis SA		16,258		285,544
Equasens		386		31,136
Eramet SA		822		82,153
Esker SA		454		75,803
Etablissements Maurel et Prom SA		4,920		19,770
Euroapi SA(a)		4,490		72,072
Eutelsat Communications SA(b)		14,505		110,925
Faurecia SE(a)		13,236		263,045
Fnac Darty SA		1,436		53,295
Gaztransport Et Technigaz SA		2,188		241,897
ICADE		2,913		138,368
ID Logistics Group(a)		209		64,961
Imerys SA		2,834		117,539
Interparfums SA		1,605		105,064
IPSOS		3,378		218,920
JCDecaux SE(a)		5,404		122,286
Kaufman & Broad SA(b)		1,131		35,539
Korian SA		6,171		64,616
LISI		1,726		38,400
Maisons du Monde SA(c)		2,356		28,974
Manitou BF SA(b)		788		23,130
McPhy Energy SA(a)(b)		1,683		25,616
Mercialys SA		6,217		69,045
Mersen SA		1,478		65,612
Metropole Television SA		2,315		36,871
Neoen SA(c)		4,041		151,737
Nexans SA		2,021		214,314

Security	Shares		Value
France (continued)
Nexity SA		3,339	$	100,868
Orpea SA(a)(b)(d)		4,473		34,623
Peugeot Invest		412		42,546
Quadient SA		2,802		49,415
Rexel SA		20,677		457,425
Rubis SCA		7,828		219,069
SCOR SE		12,897		318,327
Seche Environnement SA, NVS		197		21,460
SES SA		32,294		250,606
SES-Imagotag SA(a)		405		50,789
SMCP SA(a)(c)		3,939		31,263
Societe BIC SA		2,037		147,898
SOITEC(a)		2,232		338,519
Sopra Steria Group SACA		1,305		217,052
SPIE SA		11,018		300,794
Technicolor Creative Studios SA(a)(b)		17,611		4,358
Television Francaise 1		3,485		27,873
Trigano SA		717		99,946
Vallourec SA(a)		11,509		167,996
Valneva SE(a)(b)		9,169		62,572
Verallia SA(c)		6,278		231,795
Vicat SA		1,465		40,908
Vilmorin & Cie. SA		497		24,990
Virbac SA		356		108,037
Voltalia SA(a)(b)		3,296		62,384
Waga Energy SA(a)(b)		405		12,328
Wavestone		658		34,540
				7,998,218
Germany — 8.8%
1&1 AG		3,611		50,404
Aareal Bank AG(a)		5,044		177,668
About You Holding SE(a)(b)		3,035		19,952
Adesso SE		271		42,869
ADVA Optical Networking SE(a)		1,524		37,278
AIXTRON SE		9,582		285,501
Amadeus Fire AG		495		68,951
Atoss Software AG		347		61,394
AURELIUS Equity Opportunities SE & Co. KGaA		2,289		39,216
Aurubis AG		2,649		280,150
Auto1 Group SE(a)(c)		7,450		60,356
Basler AG(b)		897		33,203
BayWa AG		1,149		52,402
Bertrandt AG		451		22,052
Bilfinger SE		2,671		91,963
Borussia Dortmund GmbH & Co. KGaA(a)		6,416		28,631
CANCOM SE		2,963		102,148
Ceconomy AG(b)		12,717		31,188
Cewe Stiftung & Co. KGaA		451		44,702
CompuGroup Medical SE & Co. KgaA		2,289		107,279
CropEnergies AG		2,091		27,226
CTS Eventim AG & Co. KGaA(a)		4,861		341,226
Datagroup SE		338		26,273
Dermapharm Holding SE		1,630		67,660
Deutsche Beteiligungs AG		1,250		40,276
Deutsche EuroShop AG		1,225		28,940
Deutsche Pfandbriefbank AG(c)		11,483		104,741
Deutz AG		9,832		53,744
DIC Asset AG		3,625		34,843
Draegerwerk AG & Co. KGaA		246		9,922
Duerr AG		4,391		167,534

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,222	$	71,106
Elmos Semiconductor SE		701		47,624
ElringKlinger AG		2,457		21,386
Encavis AG		10,235		198,308
Energiekontor AG		534		45,816
Evotec SE(a)(b)		11,979		235,544
Fielmann AG		2,065		77,830
flatexDEGIRO AG(a)		5,371		45,703
Fraport AG Frankfurt Airport Services Worldwide(a)		3,082		175,400
Freenet AG		9,461		229,990
Gerresheimer AG		2,650		195,978
GFT Technologies SE		1,428		59,624
Global Fashion Group SA(a)		7,456		9,520
Grand City Properties SA		8,347		88,964
GRENKE AG		2,409		69,973
Hamborner REIT AG		6,014		47,071
Hamburger Hafen und Logistik AG(b)		2,144		30,281
Heidelberger Druckmaschinen AG(a)(b)		20,998		43,165
Hensoldt AG		3,151		91,358
HOCHTIEF AG		2,279		144,485
Hornbach Holding AG & Co. KGaA		718		63,607
Hugo Boss AG		4,769		323,864
Hypoport SE(a)(b)		317		43,187
Indus Holding AG		1,641		43,387
Instone Real Estate Group SE(c)		3,753		38,296
Jenoptik AG		4,356		135,376
JOST Werke AG(c)		1,163		67,338
K+S AG, Registered		16,167		386,980
KION Group AG		6,046		243,451
Kloeckner & Co. SE		6,570		69,428
Krones AG		1,199		139,999
KWS Saat SE & Co. KGaA		1,010		68,466
LANXESS AG		6,925		345,626
MBB SE(b)		197		18,919
Medios AG(a)(b)		1,222		23,959
METRO AG(a)		10,373		102,210
MLP SE		6,291		34,880
MorphoSys AG(a)(b)		2,829		56,836
Nagarro SE(a)(b)		706		96,717
Nordex SE(a)		11,543		175,417
Norma Group SE		2,589		55,732
OHB SE		411		14,586
PATRIZIA SE		3,918		48,519
Pfeiffer Vacuum Technology AG		287		52,405
PNE AG		2,882		51,774
ProSiebenSat.1 Media SE		14,724		151,439
PVA TePla AG(a)		1,604		38,261
Salzgitter AG(b)		2,565		104,681
Secunet Security Networks AG		133		31,547
SGL Carbon SE(a)(b)		5,399		46,788
Siltronic AG		1,287		107,291
Sixt SE		1,160		144,224
SMA Solar Technology AG(a)(b)		861		73,037
Software AG(b)		4,341		120,986
Stabilus SE		2,078		143,331
Steico SE		452		24,329
Stratec SE(b)		670		61,031
Stroeer SE & Co. KGaA		2,872		157,474
Suedzucker AG		6,099		98,945
SUSE SA(a)		3,546		68,834

Security	Shares		Value
Germany (continued)
Synlab AG		5,444	$	59,805
TAG Immobilien AG		14,599		125,024
Takkt AG		2,874		44,439
TeamViewer AG(a)(c)		11,717		165,056
thyssenkrupp AG(a)		39,137		307,455
Tonies SE, Class A(a)		4,247		26,041
TUI AG(a)		97,811		204,826
Varta AG(b)		1,480		45,056
VERBIO Vereinigte BioEnergie AG		1,842		116,120
Vitesco Technologies Group AG(a)		1,728		119,775
Vossloh AG		708		31,200
Wacker Neuson SE		2,287		45,264
Wuestenrot & Wuerttembergische AG		1,886		34,433
				9,866,469
Hong Kong — 0.0%
Peace Mark Holdings Ltd.(d)		30,000		—
Ireland — 0.6%
C&C Group PLC(a)		31,891		63,377
Cairn Homes PLC(a)		55,280		58,766
Dalata Hotel Group PLC(a)		16,585		70,066
Glanbia PLC		16,061		195,991
Glenveagh Properties PLC(a)(c)		51,612		52,800
Greencore Group PLC(a)		43,771		43,090
Irish Residential Properties REIT PLC		39,005		48,527
Origin Enterprises PLC		9,965		45,176
Uniphar PLC(a)		19,630		71,918
			649,711
Israel — 0.0%
Tremor International Ltd.(a)(b)		7,555		30,675
Italy — 6.4%
A2A SpA		131,502		197,974
ACEA SpA		3,495		53,577
Anima Holding SpA(c)		19,510		86,058
Antares Vision SpA(a)		2,255		20,930
Arnoldo Mondadori Editore SpA		10,316		21,565
Ascopiave SpA		4,611		13,350
Autogrill SpA(a)		16,385		119,563
Azimut Holding SpA		8,993		224,516
Banca Generali SpA		4,891		180,436
Banca IFIS SpA		2,465		41,282
Banca Mediolanum SpA		18,708		178,987
Banca Monte dei Paschi di Siena SpA(a)		36,944		98,680
Banca Popolare di Sondrio SPA		38,071		186,985
Banco BPM SpA		121,716		547,819
BFF Bank SpA(c)		13,309		123,083
Biesse SpA		1,072		17,281
Bio On SpA(b)(d)		801		—
BPER Banca		88,897		244,209
Brembo SpA		12,596		170,047
Brunello Cucinelli SpA		2,851		237,461
Buzzi Unicem SpA		8,021		180,618
Carel Industries SpA(c)		3,264		80,735
CIR SpA-Compagnie Industriali(a)		68,377		33,005
Credito Emiliano SpA		7,373		62,795
Danieli & C Officine Meccaniche SpA		990		25,655
Datalogic SpA		1,830		18,415
De’ Longhi SpA		6,369		147,023
Digital Bros. SpA(b)		429		10,149

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Digital Value SpA(a)		287	$	22,206
doValue SpA(c)		4,892		39,851
El.En. SpA		3,792		59,154
Enav SpA(c)		23,182		106,728
ERG SpA		5,117		154,515
Esprinet SpA		2,465		19,548
Fila SpA		2,310		17,970
Fincantieri SpA(a)		45,766		30,167
Gruppo MutuiOnline SpA		2,115		67,404
GVS SpA(a)(b)(c)		5,853		30,924
Hera SpA		68,430		196,573
Illimity Bank SpA(a)		5,044		41,388
Industrie De Nora SpA(a)(b)		2,206		41,058
Interpump Group SpA		5,967		311,178
Iren SpA		61,259		110,946
Italgas SpA		41,056		240,330
Italmobiliare SpA		1,247		33,402
Juventus Football Club SpA(a)(b)		81,475		26,330
Leonardo SpA		33,952		349,642
Maire Tecnimont SpA(b)		13,125		50,585
MARR SpA		2,936		38,604
OVS SpA(c)		17,714		42,649
Pharmanutra SpA		321		20,584
Piaggio & C SpA		14,363		54,259
Pirelli & CSpA(c)		29,239		146,391
RAI Way SpA(c)		8,324		47,541
Reply SpA		1,903		247,023
Safilo Group SpA(a)		18,520		27,738
Saipem SpA(a)		91,937		140,785
Salcef SpA		2,014		39,402
Salvatore Ferragamo SpA		4,278		84,899
Sanlorenzo SpA/Ameglia		1,052		46,184
Saras SpA(a)		49,124		85,168
Seco SpA(a)(b)		3,444		19,810
Sesa SpA		632		86,000
SOL SpA		2,962		65,359
Tamburi Investment Partners SpA		9,573		79,638
Technogym SpA(b)(c)		12,118		107,486
Technoprobe SpA(a)		10,762		79,108
Tinexta SpA(b)		1,697		46,159
Tod’s SpA(a)		781		30,539
Unipol Gruppo SpA		33,149		173,613
Webuild SpA(b)		32,589		57,464
Wiit SpA(b)		1,097		25,300
Zignago Vetro SpA		2,503		42,724
				7,106,524
Netherlands — 4.5%
Aalberts NV		8,360		395,282
Alfen Beheer BV(a)(c)		1,853		171,918
Allfunds Group PLC		21,096		167,818
AMG Advanced Metallurgical Group NV		2,255		88,086
Arcadis NV		6,069		263,519
Ariston Holding NV		6,938		71,806
ASR Nederland NV		11,492		543,934
B&S Group Sarl(c)		2,462		13,517
Basic-Fit NV(a)(b)(c)		4,398		144,515
BE Semiconductor Industries NV		6,128		438,313
Brunel International NV		1,818		20,753
Cementir Holding NV		4,434		34,974
CM.Com NV(a)(b)		1,141		15,356

Security	Shares		Value
Netherlands (continued)
Corbion NV(b)		5,002	$	192,482
CureVac NV(a)(b)		4,564		50,584
Ebusco Holding NV(a)(b)		1,203		17,720
Eurocommercial Properties NV		3,553		88,971
Fastned BV(a)(b)		340		13,831
Flow Traders Ltd., NVS		2,532		65,128
Fugro NV(a)		9,035		120,308
InPost SA(a)		19,005		183,534
Iveco Group NV(a)		17,276		141,500
Koninklijke BAM Groep NV(a)		22,995		58,605
Koninklijke Vopak NV		5,865		176,716
Meltwater Holding BV(a)		10,670		19,124
MFE-MediaForEurope NV, Class A		55,077		24,137
MFE-MediaForEurope NV, Class B		25,128		17,014
NSI NV		1,674		43,677
Pharming Group NV(a)		55,721		77,283
PostNL NV		31,820		66,625
SBM Offshore NV		11,390		179,063
Shop Apotheke Europe NV(a)(c)		1,186		85,515
Signify NV(b)(c)		10,883		394,023
Sligro Food Group NV		1,942		37,327
Technip Energies NV		11,330		219,658
TKH Group NV		3,423		155,354
TomTom NV(a)		5,874		41,748
Van Lanschot Kempen NV		2,543		73,172
Vastned Retail NV		943		21,734
Wereldhave NV		2,722		40,890
				4,975,514
Norway — 4.4%
Aker ASA, Class A		1,878		135,793
Aker Carbon Capture ASA(a)		26,815		39,745
Aker Horizons Holding AS(a)		19,322		27,989
Aker Solutions ASA		19,903		78,682
Atea ASA		7,077		79,827
Austevoll Seafood ASA		7,623		75,518
Bakkafrost P/F		4,245		263,409
Bewi ASA		3,838		19,956
Bonheur ASA		1,876		50,088
Borregaard ASA		7,326		112,947
BW Energy Ltd.(a)		8,562		24,055
BW LPG Ltd.(c)		7,106		58,811
BW Offshore Ltd.		18,743		50,152
Cool Co. Ltd.(a)		1,124		11,907
Crayon Group Holding ASA(a)(c)		5,741		57,823
DNO ASA		36,895		45,518
Elkem ASA(c)		27,019		95,707
Elopak ASA		9,841		23,563
Entra ASA(c)		5,538		65,504
Europris ASA(c)		12,915		83,206
Flex LNG Ltd.(b)		2,466		76,204
Frontline PLC, NVS(b)		11,193		154,232
Golden Ocean Group Ltd.		11,164		106,803
Grieg Seafood ASA		3,695		33,099
Hafnia Ltd.		10,209		53,683
Hexagon Composites ASA(a)		10,623		35,819
Hexagon Purus ASA(a)		6,253		16,454
Hoegh Autoliners ASA		3,996		24,821
Kahoot! ASA(a)(b)		23,155		40,932
Leroy Seafood Group ASA		22,494		132,465
MPC Container Ships AS		21,621		34,415

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
NEL ASA(a)(b)		130,969	$	224,459
Nordic Semiconductor ASA(a)		13,694		218,365
Norske Skog ASA(a)(c)		5,134		35,354
Norwegian Air Shuttle ASA(a)		55,940		53,292
Nykode Therapeutics AS(a)		8,253		23,681
Odfjell Drilling Ltd.(a)		7,642		20,386
Protector Forsikring ASA		5,327		76,749
REC Silicon ASA(a)		22,932		32,676
Scatec ASA(c)		9,681		78,960
Schibsted ASA, Class A		6,240		136,274
Schibsted ASA, Class B		8,227		171,985
SpareBank 1 Nord Norge		8,263		76,911
SpareBank 1 Oestlandet		2,830		33,148
SpareBank 1 SMN		10,938		139,490
SpareBank 1 SR-Bank ASA		14,947		173,300
Stolt-Nielsen Ltd.		1,435		37,730
Storebrand ASA		39,639		345,080
Subsea 7 SA		19,810		246,874
TGS ASA		9,931		164,429
TOMRA Systems ASA		19,945		352,096
Veidekke ASA		9,024		93,177
Volue ASA(a)		3,773		11,472
Wallenius Wilhelmsen ASA		9,114		86,493
				4,941,508
Portugal — 0.5%
Altri SGPS SA		5,719		28,875
Banco Comercial Portugues SA, Class R(b)		708,237		150,889
Corticeira Amorim SGPS SA		3,519		34,776
CTT-Correios de Portugal SA		8,581		33,193
Greenvolt Energias Renovaveis SA(a)		4,777		40,047
Navigator Co. SA (The)		17,631		61,728
NOS SGPS SA		16,810		72,086
REN - Redes Energeticas Nacionais SGPS SA		33,452		91,942
Semapa-Sociedade de Investimento e Gestao		1,325		17,487
Sonae SGPS SA		76,224		77,693
				608,716
Singapore — 0.0%
Jurong Technologies Industrial Corp. Ltd.(d)		60,000		—
Spain — 4.1%
Acerinox SA		16,318		176,723
Almirall SA		6,083		61,293
Applus Services SA		11,893		91,276
Atresmedia Corp. de Medios de Comunicacion SA		7,125		26,562
Banco de Sabadell SA		475,760		621,991
Bankinter SA		56,776		409,639
Befesa SA(c)		3,383		194,053
Cia. de Distribucion Integral Logista Holdings SA		5,505		149,149
Cie. Automotive SA		4,169		123,838
Construcciones y Auxiliar de Ferrocarriles SA		1,558		50,178
Distribuidora Internacional de Alimentacion SA(a)		1,303,713		20,899
Ebro Foods SA		5,873		100,892
eDreams ODIGEO SA(a)		5,786		33,462
Ence Energia y Celulosa SA		10,842		35,728
Faes Farma SA		26,563		99,566
Fluidra SA		8,202		144,798
Gestamp Automocion SA(c)		14,084		62,185
Global Dominion Access SA(c)		6,824		29,261
Grenergy Renovables SA(a)(b)		1,059		38,330
Grupo Catalana Occidente SA		3,569		110,627

Security	Shares		Value
Spain (continued)
Indra Sistemas SA		11,994	$	146,451
Inmobiliaria Colonial Socimi SA		24,856		181,294
Laboratorios Farmaceuticos Rovi SA		1,583		67,076
Lar Espana Real Estate Socimi SA		5,143		25,664
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		56,827		59,222
Mapfre SA		77,784		156,458
Mediaset Espana Comunicacion SA(a)		5,032		18,029
Melia Hotels International SA(a)		9,922		66,069
Merlin Properties Socimi SA		27,732		271,016
Miquel y Costas & Miquel SA		1,363		18,137
Neinor Homes SA(c)		2,281		22,886
Opdenergy Holdings SA, NVS		3,721		17,921
Pharma Mar SA		1,246		82,166
Prosegur Cash SA(c)		24,800		19,736
Prosegur Cia. de Seguridad SA		17,602		39,839
Sacyr SA		33,649		103,512
Solaria Energia y Medio Ambiente SA(a)		6,299		129,247
Soltec Power Holdings SA(a)		2,989		18,213
Talgo SA(c)		6,308		25,613
Tecnicas Reunidas SA(a)		2,747		33,001
Unicaja Banco SA(c)		123,050		151,247
Vidrala SA		1,671		168,562
Viscofan SA		3,302		212,816
				4,614,625
Sweden — 11.1%
AAK AB		15,130		261,140
AcadeMedia AB(c)		6,889		32,448
AddLife AB		9,187		96,957
AddTech AB, Class B		21,812		348,323
AFRY AB		7,877		142,200
Alimak Group AB(b)(c)		2,824		22,198
Alleima AB, NVS(a)		18,700		93,512
Ambea AB(c)		5,922		22,230
Arjo AB, Class B		18,463		71,646
Atrium Ljungberg AB, Class B		3,923		70,134
Attendo AB(a)(c)		9,083		22,834
Avanza Bank Holding AB		10,573		243,957
Axfood AB		9,184		236,541
Beijer Alma AB		3,910		77,537
Beijer Ref AB		20,737		319,909
Betsson AB		9,538		79,063
Bilia AB, Class A		5,646		65,236
Billerud AB		18,995		220,669
BioArctic AB(a)(c)		2,854		85,117
BioGaia AB		7,648		67,224
Biotage AB		5,563		85,976
Boozt AB(a)(c)		4,366		56,738
Bravida Holding AB(c)		17,030		188,256
Bufab AB		2,348		60,839
Bure Equity AB		4,728		119,090
Calliditas Therapeutics AB, Class B(a)(b)		2,776		26,458
Camurus AB(a)		2,591		62,008
Castellum AB		21,884		300,272
Catena AB		2,778		116,220
Cellavision AB		1,291		30,467
Cibus Nordic Real Estate AB		3,530		50,040
Cint Group AB(a)		12,639		47,440
Clas Ohlson AB, Class B		3,266		21,777
Cloetta AB, Class B		17,762		36,994

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Collector Bank AB(a)		5,166	$	19,513
Coor Service Management Holding AB(c)		7,770		49,646
Corem Property Group AB, Class B		45,829		41,956
Creades AB, Class A		4,812		41,016
Dios Fastigheter AB		7,431		56,626
Dometic Group AB(c)		26,851		169,217
Duni AB(a)		2,750		23,809
Dustin Group AB(c)		6,438		21,699
Electrolux Professional AB, Class B		20,227		94,250
Elekta AB, Class B		30,986		225,541
Engcon AB(a)		3,415		25,161
Fabege AB		22,522		212,860
Fagerhult AB		7,489		34,947
Fortnox AB		41,472		209,274
GARO AB		2,684		26,453
Granges AB		8,828		73,841
Hemnet Group AB		4,315		60,077
Hexatronic Group AB		13,820		170,103
Hexpol AB		22,364		241,595
HMS Networks AB		2,415		90,032
Hufvudstaden AB, Class A		9,446		142,258
Implantica AG, SDR(a)		2,815		10,996
Instalco AB		14,849		57,438
Intrum AB(b)		6,172		79,875
Investment AB Oresund		2,488		29,798
INVISIO AB		3,297		57,735
Inwido AB		5,061		55,156
JM AB		4,239		79,024
Kambi Group PLC, Class B(a)		2,051		36,883
K-Fast Holding AB(a)(b)		4,580		12,212
Kindred Group PLC		19,540		196,909
KNOW IT AB		2,123		41,494
Lindab International AB		6,129		86,930
Loomis AB		6,377		189,635
Medicover AB		5,396		92,164
MEKO AB		3,312		36,708
Millicom International Cellular SA, SDR(a)		14,513		248,656
MIPS AB		2,167		82,929
Modern Times Group MTG AB, Class B		7,456		66,009
Munters Group AB(c)		11,055		105,997
Mycronic AB		6,249		133,577
NCC AB, Class B		7,129		70,526
Neobo Fastigheter AB(a)(b)		8,518		15,924
New Wave Group AB, Class B		3,567		80,262
Nobia AB		10,415		18,177
Nolato AB, Class B		17,155		103,602
Nordnet AB publ		11,597		188,504
Note AB(a)		1,418		29,766
NP3 Fastigheter AB		2,287		50,502
Nyfosa AB		13,781		120,169
Orron Energy AB		16,771		31,091
OX2 AB(a)		6,649		51,328
Pandox AB(a)		7,795		107,321
Paradox Interactive AB(b)		2,584		45,926
Peab AB, Class B		15,592		97,301
Platzer Fastigheter Holding AB, Class B		4,980		43,687
PowerCell Sweden AB(a)(b)		3,799		50,938
Ratos AB, Class B		17,703		71,396
Resurs Holding AB(c)		10,336		27,522
Rvrc Holding AB		3,218		10,952

Security	Shares		Value
Sweden (continued)
Saab AB, Class B		6,217	$	254,514
Samhallsbyggnadsbolaget i Norden AB(b)		89,559		163,615
Samhallsbyggnadsbolaget i Norden AB, Class D		14,070		27,778
Scandic Hotels Group AB(a)(c)		12,341		45,495
Sdiptech AB, Class B(a)		2,667		65,117
Sectra AB, NVS		11,335		160,523
Sinch AB(a)(c)		45,776		189,237
SkiStar AB		3,478		37,665
SSAB AB, Class A		19,592		140,036
SSAB AB, Class B		55,059		375,209
Stillfront Group AB(a)		39,849		69,549
Storskogen Group AB		114,272		99,782
Surgical Science Sweden AB(a)(b)		2,699		38,175
Svolder AB		7,765		50,342
Sweco AB, Class B		18,329		198,829
SwedenCare AB		6,970		22,706
Synsam AB		3,665		15,002
Thule Group AB(c)		8,762		209,971
Trelleborg AB, Class B		20,332		508,391
Troax Group AB		3,418		71,923
Truecaller AB(a)(b)		16,449		58,452
Vestum AB(a)(b)		12,301		21,651
Viaplay Group AB, Class B(a)		6,196		152,981
Vimian Group AB(a)		13,828		38,214
Vitec Software Group AB, Class B		2,471		104,666
Vitrolife AB		5,155		110,526
Volati AB		2,010		19,989
Wallenstam AB, Class B		29,680		136,251
Wihlborgs Fastigheter AB		23,120		190,350
XANO Industri AB, Class B		1,254		14,605
Xvivo Perfusion AB(a)		1,773		36,390
				12,354,277
Switzerland — 9.1%
Accelleron Industries AG, NVS(a)		6,979		164,839
Allreal Holding AG, Registered		1,253		214,759
ALSO Holding AG, Registered		548		111,625
Arbonia AG		4,305		60,344
Aryzta AG(a)		79,016		107,590
Autoneum Holding AG		230		30,692
Basilea Pharmaceutica AG, Registered(a)		986		53,259
Belimo Holding AG, Registered		833		439,361
Bell Food Group AG, Registered		191		50,095
Bossard Holding AG, Class A, Registered		469		119,508
Bucher Industries AG, Registered		562		256,085
Burckhardt Compression Holding AG		257		159,120
Burkhalter Holding AG		540		50,178
Bystronic AG, Registered		115		86,416
Cembra Money Bank AG		2,512		223,032
Coltene Holding AG, Registered		206		16,989
Comet Holding AG, Registered		657		151,873
COSMO Pharmaceuticals NV		739		53,679
Daetwyler Holding AG, Bearer		637		135,099
DKSH Holding AG		3,030		258,141
dormakaba Holding AG		246		102,773
Dottikon Es Holding AG(a)		230		68,131
Dufry AG, Registered(a)		6,131		281,459
EFG International AG		8,032		75,072
Emmi AG, Registered		181		168,628
Flughafen Zurich AG, Registered(a)		1,685		306,997
Forbo Holding AG, Registered		74		97,364

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Galenica AG(c)		4,236	$	331,287
Georg Fischer Ltd.		6,907		476,221
Gurit Holding AG(b)		307		34,204
Helvetia Holding AG, Registered		3,116		389,806
Huber + Suhner AG, Registered		1,366		131,004
Idorsia Ltd.(a)(b)		9,651		162,337
Implenia AG, Registered(a)		1,134		47,635
Inficon Holding AG, Registered		144		150,769
Interroll Holding AG, Registered		55		171,319
Intershop Holding AG		100		67,078
Kardex Holding AG, Registered		511		99,592
Komax Holding AG, Registered		330		108,575
Landis+Gyr Group AG		1,812		133,493
LEM Holding SA, Registered		49		108,383
Leonteq AG		823		45,731
Medacta Group SA(c)		575		61,276
Medartis Holding AG(a)(c)		328		27,520
Medmix AG(c)		2,050		39,930
Metall Zug AG, Class B, Registered		17		38,252
Meyer Burger Technology AG(a)		276,646		196,928
Mobilezone Holding AG, Registered		3,527		64,043
Mobimo Holding AG, Registered		616		158,399
Montana Aerospace AG(a)(b)(c)		1,968		36,018
OC Oerlikon Corp. AG, Registered		15,922		109,316
Orior AG		534		44,207
Peach Property Group AG(b)		796		17,229
PolyPeptide Group AG(c)		1,291		37,508
PSP Swiss Property AG, Registered		3,855		480,579
Rieter Holding AG, Registered		193		22,398
Schweiter Technologies AG, Bearer		82		72,379
Sensirion Holding AG(a)(c)		781		92,939
SFS Group AG		1,637		188,344
Siegfried Holding AG, Registered		336		246,835
SKAN Group AG		753		56,012
Softwareone Holding AG		8,024		129,559
St. Galler Kantonalbank AG, Class A, Registered		248		135,900
Stadler Rail AG		4,227		161,680
Sulzer AG, Registered		1,595		135,820
Swiss Steel Holding AG, Registered(a)		64,595		13,547
Swissquote Group Holding SA, Registered		841		151,890
Tecan Group AG, Registered		1,067		447,792
Trifork Holding AG		1,049		23,854
TX Group AG		228		35,746
u-blox Holding AG		557		66,623
Untrade Real Gold Mining(d)		27,000		—
Valiant Holding AG, Registered		1,335		152,541
Vetropack Holding AG, Registered		985		45,441
Vontobel Holding AG, Registered		2,378		168,417
V-ZUG Holding AG(a)		211		21,250
Ypsomed Holding AG, Registered		343		70,389
Zehnder Group AG, Registered		852		63,413
Zur Rose Group AG(a)(b)		780		29,429
				10,143,945
United Kingdom — 29.1%
888 Holdings PLC(a)		34,320		30,652
Advanced Medical Solutions Group PLC		18,921		59,250
AG Barr PLC		8,025		54,275
Airtel Africa PLC(c)		78,465		113,277
AJ Bell PLC		26,228		108,840
Alliance Pharma PLC(b)		41,878		32,526

Security	Shares		Value
United Kingdom (continued)
Alpha Financial Markets Consulting PLC		9,548	$	54,736
Alpha FX Group PLC		2,647		60,698
Alphawave IP Group PLC(a)		24,977		29,435
AO World PLC(a)		37,127		28,791
Ascential PLC(a)		37,463		124,149
Ashmore Group PLC		39,329		129,540
ASOS PLC(a)(b)		5,685		61,507
Assura PLC		251,605		172,932
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		34,221		69,930
Atalaya Mining PLC		9,079		39,064
Auction Technology Group PLC(a)		7,818		67,854
Avon Protection PLC		2,584		32,175
B&M European Value Retail SA		79,897		441,855
Babcock International Group PLC(a)		20,766		78,455
Balanced Commercial Property Trust Ltd.		58,933		57,688
Balfour Beatty PLC		51,206		231,306
Bank of Georgia Group PLC		3,057		100,628
Beazley PLC		51,247		421,732
Bellway PLC		10,414		272,385
Big Yellow Group PLC		14,652		218,537
Bodycote PLC		16,043		128,759
boohoo Group PLC(a)		82,083		44,820
Borr Drilling Ltd.(a)(b)		11,439		68,675
Breedon Group PLC		128,782		109,096
Bridgepoint Group PLC(c)		20,688		61,397
Britvic PLC		22,204		212,697
Burford Capital Ltd.		15,683		140,951
Bytes Technology Group PLC		18,450		88,027
Capita PLC(a)		138,524		47,784
Capital & Counties Properties PLC		60,056		85,146
Capricorn Energy PLC(a)		26,533		79,423
Carnival PLC(a)		12,563		120,030
Centamin PLC		98,163		134,568
Central Asia Metals PLC		15,238		53,076
Centrica PLC		496,555		618,609
Ceres Power Holdings PLC(a)(b)		10,990		64,693
Chemring Group PLC		24,484		85,122
Civitas Social Housing PLC		49,816		35,078
Clarkson PLC		2,353		89,203
Clipper Logistics PLC(d)		1,078		11,195
Close Brothers Group PLC		12,636		150,954
CLS Holdings PLC(b)		14,965		27,490
CMC Markets PLC(c)		10,660		31,804
Coats Group PLC		133,887		120,391
Computacenter PLC		6,792		186,661
ConvaTec Group PLC(c)		137,015		397,407
Craneware PLC		2,274		40,651
Cranswick PLC		4,545		178,297
Crest Nicholson Holdings PLC		20,977		63,122
Currys PLC		92,306		74,153
Custodian REIT PLC		37,532		42,199
CVS Group PLC		5,969		148,426
Darktrace PLC(a)		27,080		70,344
Dechra Pharmaceuticals PLC		9,532		338,063
Deliveroo PLC(a)(c)		75,174		86,154
Derwent London PLC		8,511		271,499
Diploma PLC		10,455		353,665
Direct Line Insurance Group PLC		110,688		242,699
DiscoverIE Group PLC		7,999		84,890
Diversified Energy Co. PLC		72,299		98,896

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Domino’s Pizza Group PLC		32,484	$	125,750
Dr. Martens PLC		50,375		96,546
Draper Esprit PLC(a)		11,538		51,044
Drax Group PLC		33,941		271,069
DS Smith PLC		115,672		506,401
Dunelm Group PLC		9,437		135,541
easyJet PLC(a)		25,649		156,243
Elementis PLC(a)		50,898		78,676
EMIS Group PLC		4,831		111,852
Empiric Student Property PLC		49,518		53,356
Energean PLC		10,630		152,675
EnQuest PLC(a)		122,828		33,209
Ergomed PLC(a)		3,399		50,353
Essentra PLC		26,072		69,675
FD Technologies PLC(a)(b)		2,076		35,064
Ferrexpo PLC		24,038		47,029
Fevertree Drinks PLC		8,740		117,841
Finablr PLC(a)(c)(d)		20,497		—
Firstgroup PLC		64,331		85,973
Forterra PLC(c)		18,172		47,831
Frasers Group PLC(a)		13,998		135,393
Frontier Developments PLC(a)(b)		2,101		12,537
Future PLC		9,603		178,815
Games Workshop Group PLC		2,748		318,749
Gamma Communications PLC		6,991		101,987
GB Group PLC		19,934		86,929
Genel Energy PLC		12,464		19,681
Genuit Group PLC		21,309		85,905
Genus PLC		5,549		199,026
Grafton Group PLC		18,230		206,928
Grainger PLC		63,035		201,742
Great Portland Estates PLC		18,373		128,998
Greatland Gold PLC(a)		373,964		35,224
Greggs PLC		8,666		289,375
Gulf Keystone Petroleum Ltd.		17,903		45,799
Halfords Group PLC		18,217		46,085
Hammerson PLC(b)		303,860		100,546
Harbour Energy PLC		37,211		143,925
Hays PLC		136,576		208,381
Helical PLC		9,020		40,033
Helios Towers PLC(a)		63,060		83,186
Hill & Smith PLC		6,685		103,844
Hiscox Ltd.		29,317		408,038
Hochschild Mining PLC		28,057		23,703
Home REIT PLC(d)		61,201		28,709
Howden Joinery Group PLC		47,062		401,570
Hunting PLC		12,226		52,529
Ibstock PLC(c)		33,634		69,911
IG Group Holdings PLC		34,120		335,477
IMI PLC		21,897		392,068
Impact Healthcare REIT PLC		29,080		37,285
Impax Asset Management Group PLC		7,484		71,956
Inchcape PLC		31,757		358,051
Indivior PLC, NVS(a)		11,594		278,388
IntegraFin Holdings PLC		25,161		97,030
Intermediate Capital Group PLC		24,529		422,081
International Distributions Services PLC		64,824		183,484
Investec PLC		58,438		372,906
IP Group PLC		84,953		63,888
ITM Power PLC(a)(b)		34,830		43,654

Security	Shares		Value
United Kingdom (continued)
ITV PLC		305,211	$	305,648
IWG PLC(a)		64,198		147,281
J D Wetherspoon PLC(a)		7,836		44,095
JET2 PLC		13,612		205,195
John Wood Group PLC(a)		58,041		101,751
Johnson Service Group PLC		36,246		50,316
JTC PLC(c)		11,226		99,509
Judges Scientific PLC		472		48,764
Jupiter Fund Management PLC		37,792		65,229
Just Group PLC		89,131		90,161
Kainos Group PLC		6,864		124,649
Kape Technologies PLC(a)		14,325		44,151
Keller Group PLC		6,116		60,999
Keywords Studios PLC		6,128		215,236
Kier Group PLC(a)		36,212		30,581
Lancashire Holdings Ltd.		20,527		158,450
Learning Technologies Group PLC		48,683		84,146
Liontrust Asset Management PLC		5,598		80,207
LondonMetric Property PLC		79,111		184,334
LXI REIT PLC		136,432		189,905
Man Group PLC/Jersey		107,987		332,217
Marks & Spencer Group PLC(a)		165,592		298,697
Marlowe PLC(a)		6,635		41,063
Marshalls PLC		18,696		78,322
Mediclinic International PLC		34,201		209,255
Mitchells & Butlers PLC(a)		22,277		45,265
Mitie Group PLC		116,855		112,370
Moneysupermarket.com Group PLC		45,101		132,779
Moonpig Group PLC(a)		18,105		26,857
Morgan Advanced Materials PLC		24,534		95,218
Morgan Sindall Group PLC		3,536		71,581
National Express Group PLC(a)		42,684		70,312
NCC Group PLC		25,342		58,674
Network International Holdings PLC(a)(c)		42,810		139,229
Next Fifteen Communications Group PLC		7,117		87,917
Ninety One PLC		34,760		84,893
OSB Group PLC		36,992		249,396
Oxford Biomedica PLC(a)		5,699		29,931
Oxford Nanopore Technologies PLC(a)		28,281		82,624
Pagegroup PLC		27,699		155,935
Pan African Resources PLC		140,841		29,246
Pantheon Resources PLC(a)(b)		61,355		37,942
Paragon Banking Group PLC		20,307		150,463
Patisserie Holdings PLC, NVS(d)		7,527		—
Penno Group PLC		21,858		248,132
Petrofac Ltd.(a)(b)		37,657		38,626
Pets at Home Group PLC		41,362		179,934
Picton Property Income Ltd. (The)		46,475		44,118
Playtech PLC(a)		19,452		135,495
Plus500 Ltd.		8,056		184,633
Polar Capital Holdings PLC		6,152		39,288
Premier Foods PLC		53,101		72,816
Primary Health Properties PLC		105,888		146,706
Provident Financial PLC		21,334		61,546
PRS REIT PLC (The)		42,479		47,657
PZ Cussons PLC		19,990		53,574
QinetiQ Group PLC		48,491		217,511
Quilter PLC(c)		110,702		131,402
Rank Group PLC(a)		16,600		18,521
Rathbones Group PLC		5,010		129,090

72 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Reach PLC		24,153	$	27,112
Redde Northgate PLC		19,118		102,292
Redrow PLC		24,996		160,331
Regional REIT Ltd.(c)		34,229		25,066
Renewi PLC(a)		6,511		52,754
Renishaw PLC		3,063		149,500
Restore PLC		10,198		37,315
RHI Magnesita NV		2,250		74,836
Rightmove PLC		70,520		512,390
Rotork PLC		72,181		284,338
RS GROUP PLC		39,669		461,186
RWS Holdings PLC		26,316		122,183
S4 Capital PLC(a)		24,802		66,999
Safestore Holdings PLC		17,835		222,076
Savills PLC		11,963		143,922
Senior PLC		34,244		64,424
Serco Group PLC		99,712		179,355
Serica Energy PLC		17,500		54,762
Shaftesbury PLC		15,863		77,259
SIG PLC(a)		55,937		24,164
Sirius Real Estate Ltd.		99,744		103,909
Smart Metering Systems PLC		10,797		115,806
Softcat PLC		10,776		161,251
SolGold PLC(a)		92,528		18,483
Spectris PLC		8,961		355,259
Spire Healthcare Group PLC(a)(c)		23,291		69,776
Spirent Communications PLC		51,230		138,838
SSP Group PLC(a)		67,588		216,387
SThree PLC		11,162		58,347
Supermarket Income REIT PLC		105,036		124,784
Synthomer PLC		30,340		58,577
Target Healthcare REIT PLC		50,323		50,253
Tate & Lyle PLC		34,116		317,690
TBC Bank Group PLC		3,425		100,496
Team17 Group PLC(a)		9,151		53,024
Telecom Plus PLC		5,405		133,122
THG PLC(a)(b)		66,294		47,583
TI Fluid Systems PLC(c)		27,283		40,027
TORM PLC, Class A		2,472		62,605
TP ICAP Group PLC		66,144		144,010
Trainline PLC(a)(c)		40,295		140,985
Travis Perkins PLC		17,934		224,978
Tritax Big Box REIT PLC		158,931		306,223
Trustpilot Group PLC(a)(c)		19,178		24,276
Tullow Oil PLC(a)		98,965		44,071
Tyman PLC		15,935		51,078
UK Commercial Property REIT Ltd.		68,962		49,294
UNITE Group PLC (The)		28,649		352,931
Urban Logistics REIT PLC		40,955		72,455
Vesuvius PLC		18,657		94,075
Victoria PLC(a)(b)		5,342		29,900
Victrex PLC		7,405		168,527
Virgin Money UK PLC		107,904		258,182
Vistry Group PLC		29,184		267,867
Volex PLC		10,336		32,494
Volution Group PLC		17,270		80,539
Warehouse REIT PLC		33,497		43,692
Watches of Switzerland Group PLC(a)(c)		20,074		235,652
Weir Group PLC (The)		21,829		481,199
WH Smith PLC		10,921		215,663

Security	Shares		Value
United Kingdom (continued)
Wickes Group PLC		21,074	$	39,517
Wincanton PLC		10,140		37,003
Workspace Group PLC		11,945		74,368
Yellow Cake PLC(a)(c)		15,078		77,685
YouGov PLC		8,946		107,477
Young & Co’s Brewery PLC, Series A		1,830		23,283
				32,464,022
Total Common Stocks — 98.3% (Cost: $153,210,906)				109,661,682
Preferred Stocks
Germany — 0.6%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		757		33,890
Einhell Germany AG, Preference Shares, NVS		157		26,454
Fuchs Petrolub SE, Preference Shares, NVS		5,822		232,265
Jungheinrich AG, Preference Shares, NVS		4,079		162,221
Schaeffler AG, Preference Shares, NVS		10,724		76,971
Sixt SE, Preference Shares, NVS		1,413		107,679
STO SE & Co. KGaA, Preference Shares, NVS		205		34,436
				673,916
Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		3,359		62,637
Total Preferred Stocks — 0.7% (Cost: $805,954)				736,553
Rights
Spain — 0.0%
Sacyr SA(a)(d)		32,009		2,164
Total Rights — 0.0% (Cost: $2,015)				2,164
Warrants
Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(a)(b)		5,910		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.0% (Cost: $154,018,875)				110,400,399
Short-Term Securities
Money Market Funds — 5.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		6,180,437		6,184,145

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		30,000	$	30,000
Total Short-Term Securities — 5.6% (Cost: $ 6,211,376)				6,214,145
Total Investments — 104.6% (Cost: $ 160,230,251)				116,614,544
Liabilities in Excess of Other Assets — (4.6)%				(5,092,888	)
Net Assets — 100.0%			$	111,521,656

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,948,756	$	1,231,233	(a)	$	—	$	955	$	3,201	$	6,184,145		6,180,437	$	82,791	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	(a)		—		—		—		30,000		30,000		693			—
								$	955	$	3,201	$	6,214,145			$	83,484		$	—

^(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		19		03/17/23	$	865	$	41,787
FTSE 100 Index		3		03/17/23		288		3,120
							$	44,907

74 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	44,907	$	—	$	—	$	—	$	44,907

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	137,885		$	—	$	—	$	—	$	137,885
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,076	)	$	—	$	—	$	—	$	(7,076	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	943,888

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Austria	$	38,419	$	2,471,257	$	—	$	2,509,676
Belgium		122,835		3,188,901		—		3,311,736
China		—		—		—		—
Denmark		84,359		4,417,042		—		4,501,401
Finland		235,648		3,349,017		—		3,584,665
France		277,238		7,686,357		34,623		7,998,218
Germany		312,062		9,554,407		—		9,866,469
Hong Kong		—		—		—		—
Ireland		212,984		436,727		—		649,711
Israel		—		30,675		—		30,675
Italy		33,005		7,073,519		—		7,106,524
Netherlands		273,942		4,701,572		—		4,975,514
Norway		284,132		4,657,376		—		4,941,508
Portugal		34,776		573,940		—		608,716
Singapore		—		—		—		—
Spain		81,458		4,533,167		—		4,614,625
Sweden		369,662		11,984,615		—		12,354,277
Switzerland		344,920		9,799,025		—		10,143,945

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Europe Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
United Kingdom	$	9,689,688	$	22,734,430	$	39,904	$	32,464,022
Preferred Stocks		—		736,553		—		736,553
Rights		—		—		2,164		2,164
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		6,214,145		—		—		6,214,145
	$	18,609,273	$	97,928,580	$	76,691	$	116,614,544
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	44,907	$	—	$	44,907

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

See notes to financial statements.

76 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.5%
Ampol Ltd.		1,038	$	22,510
APA Group		5,028		37,629
Aristocrat Leisure Ltd.		2,297		55,457
ASX Ltd.		690		33,765
Aurizon Holdings Ltd.		5,721		14,953
Australia & New Zealand Banking Group Ltd.		11,169		198,768
BHP Group Ltd.		19,382		678,799
BlueScope Steel Ltd.		2,036		27,764
Brambles Ltd.		4,942		42,025
Cochlear Ltd.		222		33,539
Coles Group Ltd.		5,505		69,240
Commonwealth Bank of Australia		6,542		510,682
Computershare Ltd.		2,079		35,014
CSL Ltd.		1,816		383,449
Dexus		4,073		23,615
Endeavour Group Ltd./Australia		4,811		22,590
Fortescue Metals Group Ltd.		6,716		106,083
Goodman Group		6,325		90,217
GPT Group (The)		7,368		23,884
IDP Education Ltd.		777		17,291
IGO Ltd.		2,601		27,038
Insurance Australia Group Ltd.		8,367		29,057
James Hardie Industries PLC		1,690		37,921
Lendlease Corp. Ltd.		2,253		13,758
Lottery Corp. Ltd. (The)(a)		10,384		34,632
Macquarie Group Ltd.		1,388		185,172
Medibank Pvt Ltd.		10,705		22,302
Mineral Resources Ltd.		641		40,582
Mirvac Group		16,772		27,097
National Australia Bank Ltd.		12,104		273,116
Newcrest Mining Ltd.		3,267		51,910
Northern Star Resources Ltd.		4,203		37,451
Orica Ltd.		1,515		15,898
Origin Energy Ltd.		6,846		36,349
Pilbara Minerals Ltd.(a)		9,684		32,944
Qantas Airways Ltd.(a)		2,861		12,914
QBE Insurance Group Ltd.		5,159		50,336
Ramsay Health Care Ltd.		690		32,605
REA Group Ltd.		169		15,155
Reece Ltd.		1,124		12,919
Rio Tinto Ltd.		1,385		124,286
Santos Ltd.		12,221		62,387
Scentre Group		17,548		38,076
SEEK Ltd.		1,211		20,973
Sonic Healthcare Ltd.		1,646		36,866
South32 Ltd.		18,766		60,219
Stockland		9,749		27,241
Suncorp Group Ltd.		4,768		42,384
Telstra Corp. Ltd.		16,512		47,723
Transurban Group		12,081		118,444
Treasury Wine Estates Ltd.		2,688		27,688
Vicinity Ltd.		12,785		18,705
Washington H Soul Pattinson & Co. Ltd.		820		16,701
Wesfarmers Ltd.		4,333		152,767
Westpac Banking Corp.		13,451		226,325
WiseTech Global Ltd.		560		24,281
Woodside Energy Group Ltd.		7,199		186,410
Woolworths Group Ltd.		4,412		112,759

Security	Shares		Value
Australia (continued)
Xero Ltd.(a)		466	$	25,684
				4,786,349
Austria — 0.1%
Erste Group Bank AG		1,385		52,553
OMV AG		603		30,204
Verbund AG		256		21,797
voestalpine AG		473		15,716
				120,270
Belgium — 0.3%
Ageas SA/NV		517		25,241
Anheuser-Busch InBev SA/NV		3,293		198,771
Argenx SE(a)		205		78,082
D’ieteren Group		94		17,965
Elia Group SA/NV		136		19,097
Groupe Bruxelles Lambert NV		430		36,784
KBC Group NV		951		70,438
Sofina SA		44		10,453
Solvay SA		299		34,843
UCB SA		474		38,918
Umicore SA		777		29,374
Warehouses De Pauw CVA		563		17,854
				577,820
Brazil — 0.1%
MercadoLibre Inc.(a)		169		199,706
Canada — 3.8%
Agnico Eagle Mines Ltd.		1,718		97,020
Air Canada(a)		516		8,757
Algonquin Power & Utilities Corp.		2,818		20,544
Alimentation Couche-Tard Inc.		3,127		142,795
AltaGas Ltd.		906		16,941
ARC Resources Ltd.		2,618		30,419
Bank of Montreal		2,540		255,613
Bank of Nova Scotia (The)		4,540		245,775
Barrick Gold Corp.		7,027		137,419
BCE Inc.		256		12,102
Brookfield Asset Management Ltd.(a)(b)		1,341		43,781
Brookfield Corp.		5,375		199,964
Brookfield Renewable Corp., Class A		473		14,899
BRP Inc.		144		12,016
CAE Inc.(a)		1,101		24,866
Cameco Corp.		1,560		43,650
Canadian Apartment Properties REIT		299		11,056
Canadian Imperial Bank of Commerce		3,466		158,224
Canadian National Railway Co.		2,211		263,183
Canadian Natural Resources Ltd.		4,228		259,517
Canadian Pacific Railway Ltd.		3,598		283,989
Canadian Tire Corp. Ltd., Class A, NVS		244		29,011
Canadian Utilities Ltd., Class A, NVS		516		14,341
CCL Industries Inc., Class B, NVS		560		26,191
Cenovus Energy Inc.(b)		5,131		102,500
CGI Inc.(a)		864		74,053
Constellation Software Inc./Canada		74		130,741
Descartes Systems Group Inc. (The)(a)		322		23,499
Dollarama Inc.		996		59,563
Element Fleet Management Corp.		1,498		21,166
Emera Inc.		951		37,867
Empire Co. Ltd., Class A, NVS		560		16,115
Enbridge Inc.		7,714		315,853

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Fairfax Financial Holdings Ltd.		82	$	54,287
First Quantum Minerals Ltd.		2,317		53,757
FirstService Corp.		168		24,009
Fortis Inc.		1,775		72,932
Franco-Nevada Corp.		733		107,519
George Weston Ltd.		299		38,465
GFL Environmental Inc.		690		21,293
Gildan Activewear Inc.		777		24,363
Great-West Lifeco Inc.		1,125		29,838
Hydro One Ltd.(c)		1,255		34,314
iA Financial Corp. Inc.		430		26,542
IGM Financial Inc.		315		9,832
Imperial Oil Ltd.		857		46,839
Intact Financial Corp.		690		100,102
Ivanhoe Mines Ltd., Class A(a)(b)		2,297		21,579
Keyera Corp.		777		17,723
Kinross Gold Corp.		4,464		20,767
Loblaw Companies Ltd.		647		57,963
Lundin Mining Corp.		2,514		19,027
Magna International Inc.		1,082		70,244
Manulife Financial Corp.		7,150		141,490
Metro Inc.		995		54,007
National Bank of Canada		1,298		97,505
Northland Power Inc.		733		19,689
Nutrien Ltd.		1,994		165,059
Nuvei Corp.(a)(c)		170		6,001
Onex Corp.		300		15,506
Open Text Corp.		994		33,341
Pan American Silver Corp.		734		13,378
Parkland Corp.		560		13,157
Pembina Pipeline Corp.		2,216		78,627
Power Corp. of Canada		2,253		61,111
Quebecor Inc., Class B		516		12,239
Restaurant Brands International Inc.		1,081		72,332
RioCan REIT		560		9,714
Ritchie Bros Auctioneers Inc.		430		26,003
Rogers Communications Inc., Class B, NVS		1,455		70,741
Royal Bank of Canada		5,263		538,582
Saputo Inc.		1,125		31,014
Shaw Communications Inc., Class B, NVS		1,775		52,828
Shopify Inc., Class A(a)		4,579		225,655
Sun Life Financial Inc.		2,166		108,841
Suncor Energy Inc.		5,053		175,377
TC Energy Corp.		3,725		160,501
Teck Resources Ltd., Class B		1,812		78,388
TELUS Corp.		1,689		36,394
TFI International Inc.		300		33,413
Thomson Reuters Corp.		681		81,011
TMX Group Ltd.		212		20,895
Toromont Industries Ltd.		300		23,965
Toronto-Dominion Bank (The)		6,865		474,985
Tourmaline Oil Corp.		1,168		54,434
Waste Connections Inc.		994		132,103
West Fraser Timber Co. Ltd.		229		19,911
Wheaton Precious Metals Corp.		1,646		75,264
WSP Global Inc.		505		64,401
				7,262,687
Denmark — 0.9%
AP Moller - Maersk A/S, Class A		11		23,440
AP Moller - Maersk A/S, Class B, NVS		18		39,155

Security	Shares		Value
Denmark (continued)
Carlsberg A/S, Class B		343	$	48,693
Chr Hansen Holding A/S		386		28,500
Coloplast A/S, Class B		429		51,795
Danske Bank A/S		2,688		56,001
Demant A/S(a)		430		12,172
DSV A/S		719		118,944
Genmab A/S(a)		256		100,325
Novo Nordisk A/S, Class B		6,262		866,597
Novozymes A/S, Class B		733		38,143
Orsted A/S(c)		690		61,446
Pandora A/S		387		32,226
Rockwool A/S, Class B		38		10,895
Tryg A/S		1,516		34,789
Vestas Wind Systems A/S		3,726		109,029
				1,632,150
Finland — 0.3%
Elisa OYJ		603		34,355
Fortum OYJ		1,775		26,682
Kesko OYJ, Class B		1,038		24,179
Kone OYJ, Class B		1,254		68,388
Neste OYJ		1,602		76,579
Nokia OYJ		19,936		94,527
Orion OYJ, Class B		386		20,680
Sampo OYJ, Class A		1,771		92,976
Stora Enso OYJ, Class R		2,036		29,105
UPM-Kymmene OYJ		2,104		76,262
Wartsila OYJ Abp		1,645		15,646
				559,379
France — 3.7%
Accor SA(a)		734		23,824
Aeroports de Paris(a)		125		19,392
Air Liquide SA		2,029		323,070
Airbus SE		2,254		282,575
Alstom SA		1,299		38,626
Amundi SA(c)		255		16,695
ArcelorMittal SA		1,991		61,767
Arkema SA		255		25,803
AXA SA		7,203		224,727
BioMerieux		169		17,229
BNP Paribas SA		4,185		287,434
Bollore SE		3,204		17,928
Bouygues SA		821		27,047
Bureau Veritas SA		994		28,420
Capgemini SE		645		122,412
Carrefour SA		2,210		42,036
Cie. de Saint-Gobain		1,823		104,697
Cie. Generale des Etablissements Michelin SCA		2,603		82,306
Covivio		212		14,553
Credit Agricole SA		4,382		52,765
Danone SA		2,382		130,627
Dassault Aviation SA		82		14,003
Dassault Systemes SE		2,600		96,696
Edenred		907		49,404
Eiffage SA		299		31,936
Electricite de France SA		2,423		31,826
Engie SA		6,802		96,587
EssilorLuxottica SA		1,121		205,680
Eurazeo SE		169		11,855
Eurofins Scientific SE		474		34,000

78 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Euronext NV(c)		342	$	27,713
Gecina SA		126		14,925
Getlink SE		1,775		30,022
Hermes International		117		218,967
Ipsen SA		125		13,129
Kering SA		281		175,332
Klepierre SA		820		20,812
La Francaise des Jeux SAEM(c)		342		14,633
Legrand SA		1,063		94,781
L’Oreal SA		926		382,356
LVMH Moet Hennessy Louis Vuitton SE		1,043		910,514
Orange SA		7,758		82,101
Pernod Ricard SA		773		160,034
Publicis Groupe SA		821		57,913
Remy Cointreau SA		82		15,440
Renault SA(a)		733		29,803
Safran SA		1,294		186,071
Sanofi		4,360		426,951
Sartorius Stedim Biotech		113		39,418
Schneider Electric SE		2,083		337,895
SEB SA		82		8,575
Societe Generale SA		3,030		90,193
Sodexo SA		343		34,003
Teleperformance		213		59,211
Thales SA		387		51,184
TotalEnergies SE		9,504		587,544
Ubisoft Entertainment SA(a)		343		7,102
Unibail-Rodamco-Westfield(a)		429		27,763
Valeo		951		20,784
Veolia Environnement SA		2,600		77,174
Vinci SA		2,079		234,905
Vivendi SE		2,731		29,330
Wendel SE		125		13,236
Worldline SA/France(a)(c)		821		37,245
				7,032,979
Germany — 2.4%
adidas AG		664		106,915
Allianz SE, Registered		1,559		372,778
Aroundtown SA(b)		3,551		9,887
BASF SE		3,553		203,713
Bayer AG, Registered		3,690		229,684
Bayerische Motoren Werke AG		1,255		127,840
Bechtle AG		300		12,642
Beiersdorf AG		386		46,929
Brenntag SE		603		45,013
Carl Zeiss Meditec AG, Bearer		125		18,040
Commerzbank AG(a)		4,246		48,538
Continental AG		387		27,173
Covestro AG(c)		690		31,771
Daimler Truck Holding AG(a)		1,822		61,226
Delivery Hero SE(a)(b)(c)		603		36,455
Deutsche Bank AG, Registered		7,803		104,137
Deutsche Boerse AG		733		131,165
Deutsche Lufthansa AG, Registered(a)		1,863		19,738
Deutsche Post AG, Registered		3,813		164,175
Deutsche Telekom AG, Registered		12,346		275,054
E.ON SE		8,627		94,059
Evonik Industries AG		864		19,205
Fresenius Medical Care AG & Co. KGaA		734		27,565
Fresenius SE & Co. KGaA		1,602		46,427

Security	Shares		Value
Germany (continued)
GEA Group AG		472	$	21,297
Hannover Rueck SE		256		51,986
HeidelbergCement AG		560		38,426
HelloFresh SE(a)		690		16,775
Henkel AG & Co. KGaA		429		28,665
Infineon Technologies AG		5,029		181,097
Knorr-Bremse AG		299		19,653
LEG Immobilien SE		256		20,013
Mercedes-Benz Group AG		3,104		230,975
Merck KGaA		473		98,728
MTU Aero Engines AG		212		52,981
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		540		195,052
Nemetschek SE		212		11,334
Puma SE		386		26,359
Rational AG		17		11,182
Rheinmetall AG		162		37,852
RWE AG		2,556		113,790
SAP SE		3,942		467,285
Scout24 SE(c)		236		13,739
Siemens AG, Registered		2,924		456,744
Siemens Healthineers AG(c)		1,038		55,667
Symrise AG		473		50,284
Telefonica Deutschland Holding AG		3,073		9,051
United Internet AG, Registered(d)		230		5,340
Volkswagen AG		132		23,105
Vonovia SE		2,872		81,128
Zalando SE(a)(c)		864		40,293
				4,618,930
Hong Kong — 0.9%
AIA Group Ltd.		45,000		508,844
BOC Hong Kong Holdings Ltd.		15,000		52,423
Budweiser Brewing Co. APAC Ltd.(c)		8,100		25,558
CK Asset Holdings Ltd.		8,336		53,296
CK Hutchison Holdings Ltd.		10,336		65,778
CK Infrastructure Holdings Ltd.		2,000		11,127
CLP Holdings Ltd.		7,000		52,010
ESR Group Ltd.(c)		8,800		17,618
Futu Holdings Ltd., ADR(a)(b)		191		9,695
Galaxy Entertainment Group Ltd.		9,000		62,652
Hang Lung Properties Ltd.		7,000		13,199
Hang Seng Bank Ltd.		2,600		43,298
Henderson Land Development Co. Ltd.		4,523		16,708
HK Electric Investments & HK Electric Investments Ltd., Class SS		9,000		6,221
HKT Trust & HKT Ltd., Class SS		12,740		16,692
Hong Kong & China Gas Co. Ltd.		38,618		38,773
Hong Kong Exchanges & Clearing Ltd.		4,500		202,399
Hongkong Land Holdings Ltd.		3,800		18,577
Jardine Matheson Holdings Ltd.		700		37,209
Link REIT		8,200		65,636
MTR Corp. Ltd.		6,500		34,785
New World Development Co. Ltd.		5,583		16,687
Power Assets Holdings Ltd.		4,500		25,462
Sands China Ltd.(a)		10,000		37,501
Sino Land Co. Ltd.(b)		12,000		15,594
SITC International Holdings Co. Ltd.		4,000		8,738
Sun Hung Kai Properties Ltd.		5,500		77,999
Swire Pacific Ltd., Class A		1,500		13,746
Swire Properties Ltd.		4,000		11,242

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Techtronic Industries Co. Ltd.		5,393	$	69,525
WH Group Ltd.(c)		29,500		18,168
Wharf Real Estate Investment Co. Ltd.		6,000		34,348
Xinyi Glass Holdings Ltd.		9,000		19,162
				1,700,670
Ireland — 0.2%
AIB Group PLC		4,055		17,033
Bank of Ireland Group PLC		4,049		43,259
CRH PLC		2,823		131,898
Flutter Entertainment PLC, Class DI(a)		668		103,762
Kerry Group PLC, Class A		604		56,595
Kingspan Group PLC		603		38,783
Smurfit Kappa Group PLC		995		41,775
				433,105
Israel — 0.2%
Azrieli Group Ltd.		169		10,886
Bank Hapoalim BM		4,520		40,682
Bank Leumi Le-Israel BM		5,521		48,791
Bezeq The Israeli Telecommunication Corp. Ltd.		7,856		13,019
Check Point Software Technologies Ltd.(a)		386		49,099
CyberArk Software Ltd.(a)		189		26,626
Elbit Systems Ltd.		82		13,766
ICL Group Ltd.		2,774		22,025
Isracard Ltd.		1		2
Israel Discount Bank Ltd., Class A		4,681		23,942
Mizrahi Tefahot Bank Ltd.		474		15,657
Nice Ltd.(a)		256		52,943
Teva Pharmaceutical Industries Ltd., ADR(a)		4,159		43,836
Tower Semiconductor Ltd.(a)		414		17,415
Wix.com Ltd.(a)		213		18,527
ZIM Integrated Shipping Services Ltd.(b)		319		6,045
				403,261
Italy — 0.7%
Amplifon SpA		473		13,061
Assicurazioni Generali SpA		4,073		79,510
DiaSorin SpA		82		10,675
Enel SpA		31,334		184,498
Eni SpA		9,268		142,618
Ferrari NV		477		119,195
FinecoBank Banca Fineco SpA		2,337		41,953
Infrastrutture Wireless Italiane SpA(c)		950		10,411
Intesa Sanpaolo SpA		63,756		167,632
Mediobanca Banca di Credito Finanziario SpA		2,470		26,552
Moncler SpA		813		50,884
Nexi SpA(a)(c)		2,466		21,719
Poste Italiane SpA(c)		2,036		21,753
Prysmian SpA		861		35,161
Recordati Industria Chimica e Farmaceutica SpA		429		18,794
Snam SpA		7,106		36,195
Stellantis NV		8,486		133,408
Telecom Italia SpA/Milano(a)(b)		33,891		9,758
Tenaris SA		1,819		32,234
Terna - Rete Elettrica Nazionale		5,115		40,469
UniCredit SpA		7,804		152,421
				1,348,901
Jersey — 0.0%
Ferguson PLC		90		12,811

Security	Shares		Value
Netherlands — 1.5%
ABN AMRO Bank NV, CVA(c)		1,775	$	29,461
Adyen NV(a)(c)		81		122,464
Aegon NV		7,281		40,160
AerCap Holdings NV(a)(b)		508		32,111
Akzo Nobel NV		690		51,395
ASM International NV		169		57,157
ASML Holding NV		1,544		1,021,584
Davide Campari-Milano NV		2,296		24,629
EXOR NV, NVS(a)		387		30,762
Heineken Holding NV		433		35,751
Heineken NV		951		95,042
IMCD NV		212		33,609
ING Groep NV(a)		14,250		206,344
JDE Peet’s NV		299		8,962
Just Eat Takeaway.com NV(a)(c)		690		17,701
Koninklijke Ahold Delhaize NV		3,942		117,657
Koninklijke DSM NV		647		83,205
Koninklijke KPN NV		13,001		44,448
Koninklijke Philips NV		3,378		58,323
NN Group NV		994		43,187
NXP Semiconductors NV		994		183,204
OCI NV		401		13,650
Prosus NV		3,185		257,174
QIAGEN NV(a)		864		42,149
Randstad NV		473		30,318
Universal Music Group NV		2,731		69,811
Wolters Kluwer NV		1,038		113,166
				2,863,424
New Zealand — 0.1%
Auckland International Airport Ltd.(a)		3,813		20,985
Fisher & Paykel Healthcare Corp. Ltd.		2,210		36,269
Mercury NZ Ltd.		2,644		10,272
Meridian Energy Ltd.		5,159		17,831
Spark New Zealand Ltd.		6,802		22,934
				108,291
Norway — 0.2%
Adevinta ASA(a)		908		7,784
Aker BP ASA		1,258		38,321
DNB Bank ASA		3,378		63,167
Equinor ASA		3,496		106,546
Gjensidige Forsikring ASA		778		13,983
Kongsberg Gruppen ASA		337		13,417
Mowi ASA		1,672		30,918
Norsk Hydro ASA		5,114		41,463
Orkla ASA		3,117		23,271
Salmar ASA		224		10,416
Telenor ASA		2,861		29,951
Yara International ASA		647		28,747
				407,984
Portugal — 0.0%
EDP - Energias de Portugal SA		10,054		49,951
Galp Energia SGPS SA		1,992		27,267
Jeronimo Martins SGPS SA		1,081		23,469
				100,687
Singapore — 0.5%
CapitaLand Ascendas REIT		12,477		27,457
CapitaLand Integrated Commercial Trust		23,631		38,663
Capitaland Investment Ltd/Singapore		10,700		32,417
City Developments Ltd.		1,600		10,155

80 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
DBS Group Holdings Ltd.		6,900	$	188,896
Genting Singapore Ltd.		21,300		16,132
Grab Holdings Ltd., Class A(a)		6,148		23,301
Jardine Cycle & Carriage Ltd.		400		8,868
Keppel Corp. Ltd.		4,800		27,714
Mapletree Logistics Trust(b)		12,443		16,086
Mapletree Pan Asia Commercial Trust		8,200		11,410
Oversea-Chinese Banking Corp. Ltd.		12,525		123,751
Sea Ltd., ADR(a)(b)		1,368		88,168
Singapore Airlines Ltd.		6,600		29,844
Singapore Exchange Ltd.		1,200		8,452
Singapore Technologies Engineering Ltd.		7,700		21,649
Singapore Telecommunications Ltd.		29,900		57,263
United Overseas Bank Ltd.(b)		4,400		100,015
UOL Group Ltd.		1,600		8,537
Venture Corp. Ltd.		900		12,709
Wilmar International Ltd.		8,200		25,494
				876,981
Spain — 0.8%
Acciona SA		93		18,144
ACS Actividades de Construccion y Servicios SA		903		26,723
Aena SME SA(a)(c)		254		38,163
Amadeus IT Group SA(a)		1,689		106,414
Banco Bilbao Vizcaya Argentaria SA		22,954		162,142
Banco Santander SA		66,203		231,375
CaixaBank SA		17,076		75,765
Cellnex Telecom SA(c)		1,951		76,456
Corp. ACCIONA Energias Renovables SA		248		10,142
EDP Renovaveis SA		1,082		23,535
Enagas SA		594		10,651
Endesa SA		1,169		23,306
Ferrovial SA		1,686		49,751
Grifols SA(a)(b)		1,169		15,475
Iberdrola SA		22,918		268,869
Iberdrola SA, NVS		339		3,956
Industria de Diseno Textil SA		4,277		133,531
Naturgy Energy Group SA		734		20,818
Red Electrica Corp. SA		961		17,009
Repsol SA		5,504		90,413
Telefonica SA		20,762		78,875
				1,481,513
Sweden — 1.0%
Alfa Laval AB		990		31,111
Assa Abloy AB, Class B		3,951		93,071
Atlas Copco AB, Class A		10,404		123,455
Atlas Copco AB, Class B		6,065		63,971
Boliden AB		994		44,608
Electrolux AB, Class B(b)		733		10,382
Embracer Group AB(a)(b)		1,989		9,271
Epiroc AB, Class A		2,601		50,607
Epiroc AB, Class B		1,515		25,259
EQT AB		1,168		26,356
Essity AB, Class B		2,297		60,007
Evolution AB(c)		749		84,181
Fastighets AB Balder, Class B(a)		2,341		12,061
Getinge AB, Class B		864		19,464
H & M Hennes & Mauritz AB, Class B(b)		2,731		33,636
Hexagon AB, Class B		7,237		82,961
Holmen AB, Class B		357		14,725

Security	Shares		Value
Sweden (continued)
Husqvarna AB, Class B		1,212	$	10,312
Industrivarden AB, Class A		473		12,530
Industrivarden AB, Class C		560		14,753
Indutrade AB		1,039		23,073
Investment AB Latour, Class B		560		11,815
Investor AB, Class A		1,905		38,021
Investor AB, Class B		6,932		134,702
Kinnevik AB, Class B(a)		951		14,700
L E Lundbergforetagen AB, Class B		300		13,892
Lifco AB, Class B		865		15,890
Nibe Industrier AB, Class B		5,462		59,013
Nordea Bank Abp		13,006		152,045
Sagax AB, Class B		603		15,000
Sandvik AB		4,203		86,866
Securitas AB, Class B		2,041		18,682
Skandinaviska Enskilda Banken AB, Class A		6,020		72,877
Skanska AB, Class B		1,429		25,222
SKF AB, Class B		1,559		27,592
Svenska Cellulosa AB SCA, Class B		2,167		30,092
Svenska Handelsbanken AB, Class A		5,170		53,913
Swedbank AB, Class A		3,508		67,481
Swedish Orphan Biovitrum AB(a)		641		14,295
Tele2 AB, Class B		2,486		21,470
Telefonaktiebolaget LM Ericsson, Class B		11,270		65,371
Telia Co. AB		10,097		26,077
Volvo AB, Class A		777		16,141
Volvo AB, Class B		5,753		114,160
Volvo Car AB, Class B(a)(b)		2,270		11,326
				1,952,437
Switzerland — 3.2%
ABB Ltd., Registered		5,947		207,049
Adecco Group AG, Registered		647		24,030
Alcon Inc.		1,913		144,352
Bachem Holding AG, Class A(b)		90		7,959
Baloise Holding AG, Registered		169		27,796
Banque Cantonale Vaudoise, Registered		113		10,741
Barry Callebaut AG, Registered		12		25,072
BKW AG		78		11,217
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		7		76,879
Cie. Financiere Richemont SA, Class A, Registered		2,013		310,318
Clariant AG, Registered		690		11,832
Coca-Cola HBC AG, Class DI		734		17,837
Credit Suisse Group AG, Registered		12,865		44,318
EMS-Chemie Holding AG, Registered		24		17,892
Geberit AG, Registered		140		79,658
Givaudan SA, Registered		35		113,478
Holcim AG		2,038		121,841
Julius Baer Group Ltd.		847		54,330
Kuehne + Nagel International AG, Registered		212		50,553
Logitech International SA, Registered		690		40,377
Lonza Group AG, Registered		284		162,005
Nestle SA, Registered		10,464		1,276,703
Novartis AG, Registered		8,252		746,055
Partners Group Holding AG		88		82,570
Roche Holding AG, Bearer		113		41,363
Roche Holding AG, NVS		2,670		833,495
Schindler Holding AG, Participation Certificates, NVS		169		36,020
Schindler Holding AG, Registered		82		16,588
SGS SA, Registered		24		58,527

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Siemens Energy AG(a)		1,472	$	30,778
SIG Group AG		1,157		28,677
Sika AG, Registered		559		158,838
Sonova Holding AG, Registered		212		53,015
STMicroelectronics NV		2,513		118,333
Straumann Holding AG		440		57,612
Swatch Group AG (The), Bearer		125		45,259
Swatch Group AG (The), Registered		169		11,105
Swiss Life Holding AG, Registered		111		65,695
Swiss Prime Site AG, Registered		342		30,475
Swiss Re AG		1,180		123,559
Swisscom AG, Registered		104		61,449
TE Connectivity Ltd.		1,211		153,979
Temenos AG, Registered		256		18,273
UBS Group AG, Registered		12,665		270,339
VAT Group AG(c)		88		27,395
Zurich Insurance Group AG		562		277,925
				6,183,561
United Kingdom — 4.8%
3i Group PLC		3,812		74,371
abrdn PLC		7,932		20,892
Admiral Group PLC		778		21,150
Amcor PLC		5,808		70,044
Anglo American PLC		4,752		204,956
Antofagasta PLC		1,342		28,835
Ashtead Group PLC		1,732		114,085
Associated British Foods PLC		1,385		31,793
AstraZeneca PLC		5,885		771,008
Auto Trader Group PLC(c)		4,141		32,128
Aviva PLC		9,894		55,801
BAE Systems PLC		11,697		123,825
Barclays PLC		59,427		136,610
Barratt Developments PLC		3,726		21,178
Berkeley Group Holdings PLC		473		24,221
BP PLC		71,522		432,011
British American Tobacco PLC		8,201		314,375
British Land Co. PLC (The)		3,726		20,392
BT Group PLC		26,699		41,135
Bunzl PLC		1,342		49,266
Burberry Group PLC		1,602		48,798
Clarivate PLC(a)(b)		1,298		14,434
CNH Industrial NV		3,768		66,661
Coca-Cola Europacific Partners PLC		733		41,209
Compass Group PLC		6,495		155,153
Croda International PLC		560		47,733
DCC PLC		386		21,986
Diageo PLC		8,723		381,422
Entain PLC		2,005		36,974
Experian PLC		3,377		123,495
Ferguson PLC		731		102,994
Glencore PLC		37,126		248,628
GSK PLC		15,401		270,519
Haleon PLC(a)		19,249		77,138
Halma PLC		1,472		39,191
Hargreaves Lansdown PLC		1,341		14,763
Hikma Pharmaceuticals PLC		777		16,437
HSBC Holdings PLC		76,308		562,264
Imperial Brands PLC		3,270		82,032
Informa PLC		6,150		50,865
InterContinental Hotels Group PLC		642		44,570

Security	Shares		Value
United Kingdom (continued)
Intertek Group PLC		647	$	34,774
J Sainsbury PLC		6,064		19,666
JD Sports Fashion PLC		10,532		21,228
Johnson Matthey PLC		777		21,704
Kingfisher PLC(b)		8,323		28,714
Land Securities Group PLC		2,948		25,827
Legal & General Group PLC		22,190		69,831
Lloyds Banking Group PLC		258,288		168,093
London Stock Exchange Group PLC		1,261		115,438
M&G PLC		10,271		25,650
Melrose Industries PLC		16,642		29,343
Mondi PLC		1,905		35,924
National Grid PLC		13,390		170,226
NatWest Group PLC, NVS		20,686		78,918
Next PLC		474		38,808
Ocado Group PLC(a)(b)		1,733		13,868
Pearson PLC		2,774		31,635
Persimmon PLC		1,169		20,417
Phoenix Group Holdings PLC		3,272		25,933
Prudential PLC		10,445		173,544
Reckitt Benckiser Group PLC		2,748		195,825
RELX PLC		7,273		216,073
Rentokil Initial PLC		9,522		57,736
Rio Tinto PLC		4,232		331,371
Rolls-Royce Holdings PLC(a)		31,681		41,449
Royalty Pharma PLC, Class A		1,298		50,869
Sage Group PLC (The)		4,160		39,968
Schroders PLC		2,803		16,576
Segro PLC		4,464		45,951
Severn Trent PLC		907		31,564
Shell PLC		27,416		804,872
Smith & Nephew PLC		3,377		46,637
Smiths Group PLC		1,516		32,362
Spirax-Sarco Engineering PLC		299		42,710
SSE PLC		4,145		88,474
St. James’s Place PLC		2,036		30,873
Standard Chartered PLC		9,489		79,704
Taylor Wimpey PLC		15,559		22,575
Tesco PLC		28,734		87,333
Unilever PLC		9,611		489,191
United Utilities Group PLC		2,557		33,458
Vodafone Group PLC		98,621		113,790
Whitbread PLC		777		29,264
WPP PLC		4,095		47,845
				9,161,353
United States — 71.4%
3M Co.		2,070		238,216
A O Smith Corp.		430		29,111
Abbott Laboratories		6,645		734,605
AbbVie Inc.		6,722		993,175
Accenture PLC, Class A		2,411		672,790
Activision Blizzard Inc.		2,948		225,728
Adobe Inc.(a)		1,770		655,502
Advance Auto Parts Inc.		205		31,217
Advanced Micro Devices Inc.(a)		6,166		463,375
AES Corp. (The)		2,383		65,318
Affirm Holdings Inc.(a)		630		10,200
Aflac Inc.		2,308		169,638
Agilent Technologies Inc.		1,124		170,938
Air Products and Chemicals Inc.		850		272,433

82 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Airbnb Inc., Class A(a)		1,421	$	157,887
Akamai Technologies Inc.(a)		603		53,637
Albemarle Corp.		430		121,023
Alcoa Corp.		704		36,777
Alexandria Real Estate Equities Inc.		559		89,854
Align Technology Inc.(a)		267		72,018
Allegion PLC		300		35,265
Alliant Energy Corp.		890		48,087
Allstate Corp. (The)		1,048		134,637
Ally Financial Inc.		1,197		38,891
Alnylam Pharmaceuticals Inc.(a)		466		105,502
Alphabet Inc., Class A(a)		22,783		2,251,872
Alphabet Inc., Class C, NVS(a)		21,089		2,106,158
Altria Group Inc.		6,800		306,272
Amazon.com Inc.(a)		34,791		3,587,996
AMERCO		382		23,604
Ameren Corp.		951		82,613
American Electric Power Co. Inc.		1,999		187,826
American Express Co.		2,423		423,855
American Financial Group Inc./OH		261		37,216
American Homes 4 Rent, Class A		1,193		40,908
American International Group Inc.		2,889		182,643
American Tower Corp.		1,776		396,741
American Water Works Co. Inc.		690		107,978
Ameriprise Financial Inc.		399		139,698
AmerisourceBergen Corp.		611		103,235
AMETEK Inc.		890		128,979
Amgen Inc.		2,024		510,858
Amphenol Corp., Class A		2,297		183,232
Analog Devices Inc.		1,951		334,538
Annaly Capital Management Inc.		1,832		42,997
Ansys Inc.(a)		342		91,095
Aon PLC, Class A		792		252,395
APA Corp.		1,323		58,649
Apollo Global Management Inc.		1,570		111,125
Apple Inc.		61,034		8,806,596
Applied Materials Inc.		3,281		365,799
Aptiv PLC(a)		1,038		117,387
Aramark		951		42,348
Arch Capital Group Ltd.(a)		1,354		87,130
Archer-Daniels-Midland Co.		2,166		179,453
Ares Management Corp., Class A		589		48,881
Arista Networks Inc.(a)		889		112,032
Arrow Electronics Inc.(a)		256		30,077
Arthur J Gallagher & Co.		804		157,359
Aspen Technology Inc.(a)		108		21,465
Assurant Inc.		193		25,590
AT&T Inc.		26,918		548,320
Atmos Energy Corp.		517		60,768
Autodesk Inc.(a)		821		176,646
Automatic Data Processing Inc.		1,565		353,393
AutoZone Inc.(a)		75		182,914
AvalonBay Communities Inc.		517		91,736
Avantor Inc.(a)		2,649		63,311
Avery Dennison Corp.		299		56,643
Baker Hughes Co.		3,947		125,278
Ball Corp.		1,211		70,529
Bank of America Corp.		27,346		970,236
Bank of New York Mellon Corp. (The)		2,910		147,159
Bath & Body Works Inc.		908		41,777

Security	Shares		Value
United States (continued)
Baxter International Inc.		1,940	$	88,639
Becton Dickinson and Co.		1,081		272,650
Bentley Systems Inc., Class B(b)		647		25,265
Berkshire Hathaway Inc., Class B(a)		4,934		1,537,040
Best Buy Co. Inc.		757		67,161
Bill.com Holdings Inc.(a)		379		43,820
Biogen Inc.(a)		560		162,904
BioMarin Pharmaceutical Inc.(a)		690		79,591
Bio-Rad Laboratories Inc., Class A(a)		82		38,332
Bio-Techne Corp.		626		49,867
Black Knight Inc.(a)		561		33,991
BlackRock Inc.(e)		572		434,268
Blackstone Inc., NVS		2,702		259,284
Block Inc.(a)		22		1,813
Block Inc.(a)		1,954		159,681
Boeing Co. (The)(a)		2,128		453,264
Booking Holdings Inc.(a)		151		367,549
Booz Allen Hamilton Holding Corp.		535		50,632
BorgWarner Inc.		994		46,996
Boston Properties Inc.		598		44,575
Boston Scientific Corp.(a)		5,338		246,882
Bristol-Myers Squibb Co.		8,076		586,721
Broadcom Inc.		1,535		897,990
Broadridge Financial Solutions Inc.		430		64,655
Brown & Brown Inc.		969		56,745
Brown-Forman Corp., Class B		1,168		77,765
Bunge Ltd.		560		55,496
Burlington Stores Inc.(a)(b)		256		58,836
Cadence Design Systems Inc.(a)		1,038		189,778
Caesars Entertainment Inc.(a)		778		40,503
Camden Property Trust		404		49,777
Campbell Soup Co.		725		37,649
Capital One Financial Corp.		1,433		170,527
Cardinal Health Inc.		1,013		78,254
Carlisle Companies Inc.		194		48,667
Carlyle Group Inc. (The)		813		29,244
CarMax Inc.(a)(b)		604		42,552
Carnival Corp.(a)(b)		3,400		36,788
Carrier Global Corp.		3,168		144,239
Catalent Inc.(a)		647		34,647
Caterpillar Inc.		2,015		508,364
Cboe Global Markets Inc.		401		49,275
CBRE Group Inc., Class A(a)		1,255		107,315
CDW Corp./DE		533		104,484
Celanese Corp.		429		52,853
Centene Corp.(a)		2,133		162,620
CenterPoint Energy Inc.		2,340		70,481
Ceridian HCM Holding Inc.(a)		516		37,296
CF Industries Holdings Inc.		764		64,711
CH Robinson Worldwide Inc.(b)		516		51,688
Charles River Laboratories International Inc.(a)		202		49,136
Charles Schwab Corp. (The)		5,504		426,120
Charter Communications Inc., Class A(a)		426		163,716
Cheniere Energy Inc.		880		134,455
Chesapeake Energy Corp.		388		33,647
Chevron Corp.		7,074		1,231,017
Chewy Inc., Class A(a)(b)		299		13,473
Chipotle Mexican Grill Inc.(a)		104		171,223
Chubb Ltd.		1,603		364,666
Church & Dwight Co. Inc.		951		76,898

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Cigna Corp.		1,163	$	368,287
Cincinnati Financial Corp.		603		68,229
Cintas Corp.		343		152,203
Cisco Systems Inc.		15,649		761,637
Citigroup Inc.		7,273		379,796
Citizens Financial Group Inc.		1,966		85,167
Cleveland-Cliffs Inc.(a)		1,999		42,679
Clorox Co. (The)		473		68,438
Cloudflare Inc., Class A(a)		986		52,169
CME Group Inc.		1,350		238,491
CMS Energy Corp.		1,082		68,372
Coca-Cola Co. (The)		15,645		959,351
Cognex Corp.		690		37,771
Cognizant Technology Solutions Corp., Class A		1,992		132,966
Coinbase Global Inc., Class A(a)(b)		455		26,608
Colgate-Palmolive Co.		3,041		226,646
Comcast Corp., Class A		16,660		655,571
Conagra Brands Inc.		1,862		69,248
ConocoPhillips		4,815		586,804
Consolidated Edison Inc.		1,391		132,576
Constellation Brands Inc., Class A		607		140,533
Constellation Energy Corp.		1,255		107,127
Cooper Companies Inc. (The)		197		68,739
Copart Inc.(a)		1,645		109,573
Corning Inc.		3,117		107,879
Corteva Inc.		2,673		172,275
CoStar Group Inc.(a)		1,555		121,134
Costco Wholesale Corp.		1,688		862,804
Coterra Energy Inc.		2,958		74,039
Crowdstrike Holdings Inc., Class A(a)		755		79,954
Crown Castle Inc.		1,678		248,529
Crown Holdings Inc.		429		37,821
CSX Corp.		8,101		250,483
Cummins Inc.		514		128,264
CVS Health Corp.		5,029		443,658
Danaher Corp.		2,618		692,147
Darden Restaurants Inc.		474		70,138
Darling Ingredients Inc.(a)		608		40,304
Datadog Inc., Class A(a)		916		68,526
DaVita Inc.(a)		213		17,549
Deere & Co.		1,109		468,930
Dell Technologies Inc., Class C		1,082		43,951
Delta Air Lines Inc.(a)		560		21,896
DENTSPLY SIRONA Inc.		777		28,617
Devon Energy Corp.		2,367		149,689
Dexcom Inc.(a)		1,513		162,027
Diamondback Energy Inc.		647		94,540
Digital Realty Trust Inc.		1,081		123,904
Discover Financial Services		1,038		121,166
DISH Network Corp., Class A(a)(b)		907		13,052
DocuSign Inc.(a)		698		42,327
Dollar General Corp.		865		202,064
Dollar Tree Inc.(a)		864		129,755
Dominion Energy Inc.		3,107		197,729
Domino’s Pizza Inc.		126		44,478
DoorDash Inc., Class A(a)		893		51,723
Dover Corp.		517		78,496
Dow Inc.		2,767		164,221
DR Horton Inc.		1,255		123,856
Dropbox Inc., Class A(a)		1,125		26,134

Security	Shares		Value
United States (continued)
DTE Energy Co.		708	$	82,390
Duke Energy Corp.		2,960		303,252
DuPont de Nemours Inc.		1,906		140,949
Dynatrace Inc.(a)		691		26,555
Eastman Chemical Co.		516		45,496
Eaton Corp. PLC		1,516		245,910
eBay Inc.		2,174		107,613
Ecolab Inc.		953		147,553
Edison International		1,399		96,391
Edwards Lifesciences Corp.(a)		2,383		182,776
Elanco Animal Health Inc.(a)		1,647		22,613
Electronic Arts Inc.		1,050		135,114
Elevance Health Inc.		906		452,991
Eli Lilly & Co.		3,071		1,056,885
Emerson Electric Co.		2,254		203,356
Enphase Energy Inc.(a)		510		112,904
Entegris Inc.		516		41,646
Entergy Corp.		778		84,242
EOG Resources Inc.		2,216		293,066
EPAM Systems Inc.(a)		212		70,522
EQT Corp.		1,291		42,177
Equifax Inc.		473		105,101
Equinix Inc.		343		253,179
Equitable Holdings Inc.		1,321		42,364
Equity LifeStyle Properties Inc.		711		51,036
Equity Residential		1,378		87,710
Erie Indemnity Co., Class A, NVS		82		20,037
Essential Utilities Inc.		1,021		47,711
Essex Property Trust Inc.		246		55,613
Estee Lauder Companies Inc. (The), Class A		863		239,120
Etsy Inc.(a)		473		65,075
Everest Re Group Ltd.		159		55,601
Evergy Inc.		908		56,886
Eversource Energy		1,281		105,465
Exact Sciences Corp.(a)(b)		721		48,682
Exelon Corp.		3,768		158,972
Expedia Group Inc.(a)		559		63,894
Expeditors International of Washington Inc.		647		69,973
Extra Space Storage Inc.		516		81,440
Exxon Mobil Corp.		15,853		1,839,106
F5 Inc.(a)		213		31,452
FactSet Research Systems Inc.		141		59,635
Fair Isaac Corp.(a)		102		67,927
Fastenal Co.		2,086		105,447
FedEx Corp.		951		184,361
Fidelity National Financial Inc.		1,082		47,640
Fidelity National Information Services Inc.		2,296		172,292
Fifth Third Bancorp		2,558		92,830
First Citizens BancShares Inc./NC, Class A		44		34,218
First Horizon Corp.		2,046		50,598
First Republic Bank/CA		723		101,856
First Solar Inc.(a)		365		64,824
FirstEnergy Corp.		1,992		81,572
Fiserv Inc.(a)		2,307		246,111
FleetCor Technologies Inc.(a)		288		60,137
FMC Corp.		511		68,029
Ford Motor Co.		14,821		200,232
Fortinet Inc.(a)		2,580		135,037
Fortive Corp.		1,341		91,228
Fortune Brands Home & Security Inc., NVS		473		30,513

84 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Fox Corp., Class A, NVS		1,168	$	39,642
Fox Corp., Class B		647		20,510
Franklin Resources Inc.		1,211		37,783
Freeport-McMoRan Inc.		5,479		244,473
Gaming and Leisure Properties Inc.		968		51,846
Garmin Ltd.		603		59,625
Gartner Inc.(a)		300		101,442
GE HealthCare Technologies Inc., NVS(a)		1,367		95,034
Gen Digital, Inc.		2,356		54,212
Generac Holdings Inc.(a)		225		27,135
General Dynamics Corp.		871		202,995
General Electric Co.		4,102		330,129
General Mills Inc.		2,230		174,743
General Motors Co.		5,130		201,712
Genuine Parts Co.		556		93,308
Gilead Sciences Inc.		4,768		400,226
Global Payments Inc.		1,049		118,243
Globe Life Inc.		343		41,452
GoDaddy Inc., Class A(a)		566		46,486
Goldman Sachs Group Inc. (The)		1,300		475,553
Halliburton Co.		3,377		139,200
Hartford Financial Services Group Inc. (The)		1,221		94,762
Hasbro Inc.		517		30,591
HCA Healthcare Inc.		865		220,636
Healthcare Realty Trust Inc.		1,433		30,852
Healthpeak Properties Inc.		1,905		52,349
HEICO Corp.		194		33,164
HEICO Corp., Class A		256		34,222
Henry Schein Inc.(a)		560		48,244
Hershey Co. (The)		566		127,124
Hess Corp.		1,079		162,023
Hewlett Packard Enterprise Co.		4,645		74,924
HF Sinclair Corp.		620		35,278
Hilton Worldwide Holdings Inc.		1,037		150,458
Hologic Inc.(a)		951		77,383
Home Depot Inc. (The)		3,873		1,255,510
Honeywell International Inc.		2,537		528,914
Horizon Therapeutics PLC(a)		864		94,798
Hormel Foods Corp.		1,125		50,974
Host Hotels & Resorts Inc.		2,861		53,930
Howmet Aerospace Inc.		1,385		56,356
HP Inc.		4,048		117,959
Hubbell Inc.		202		46,240
HubSpot Inc.(a)		169		58,645
Humana Inc.		475		243,057
Huntington Bancshares Inc./OH		5,634		85,468
Huntington Ingalls Industries Inc.		169		37,271
IDEX Corp.		302		72,383
IDEXX Laboratories Inc.(a)		319		153,279
Illinois Tool Works Inc.		1,170		276,167
Illumina Inc.(a)		601		128,734
Incyte Corp.(a)		691		58,832
Ingersoll Rand Inc.		1,481		82,936
Insulet Corp.(a)		256		73,554
Intel Corp.		15,654		442,382
Intercontinental Exchange Inc.		2,160		232,308
International Business Machines Corp.		3,448		464,549
International Flavors & Fragrances Inc.		951		106,949
International Paper Co.		1,342		56,122
Interpublic Group of Companies Inc. (The)		1,429		52,101

Security	Shares		Value
United States (continued)
Intuit Inc.		1,013	$	428,165
Intuitive Surgical Inc.(a)		1,366		335,613
Invesco Ltd.		1,303		24,119
Invitation Homes Inc.		2,469		80,242
IQVIA Holdings Inc.(a)		689		158,063
Iron Mountain Inc.		1,081		59,001
Jack Henry & Associates Inc.		255		45,923
Jacobs Solutions Inc., NVS		473		58,439
Jazz Pharmaceuticals PLC(a)		212		33,212
JB Hunt Transport Services Inc.		300		56,715
JM Smucker Co. (The)		430		65,704
Johnson & Johnson		9,999		1,634,037
Johnson Controls International PLC		2,589		180,117
JPMorgan Chase & Co.		11,159		1,561,814
Juniper Networks Inc.		1,307		42,216
Kellogg Co.		994		68,168
Keurig Dr Pepper Inc.		2,973		104,887
KeyCorp		3,752		72,001
Keysight Technologies Inc.(a)		690		123,751
Kimberly-Clark Corp.		1,298		168,753
Kimco Realty Corp.		2,326		52,242
Kinder Morgan Inc.		7,715		141,184
KKR & Co. Inc.		2,179		121,610
KLA Corp.		538		211,154
Knight-Swift Transportation Holdings Inc.		530		31,323
Kraft Heinz Co. (The)		2,798		113,403
Kroger Co. (The)		2,588		115,502
L3Harris Technologies Inc.		745		160,041
Laboratory Corp. of America Holdings		352		88,746
Lam Research Corp.		515		257,551
Lamb Weston Holdings Inc.		547		54,640
Las Vegas Sands Corp.(a)(b)		1,313		77,467
Lear Corp.		212		30,905
Leidos Holdings Inc.		474		46,850
Lennar Corp., Class A		994		101,786
Lennox International Inc.		125		32,577
Liberty Broadband Corp., Class C (a)(b)		485		43,543
Liberty Global PLC, Class A(a)		734		15,920
Liberty Global PLC, Class C, NVS(a)		1,168		26,105
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		777		55,012
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS(a)		343		13,933
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		704		28,371
Lincoln National Corp.		646		22,888
Linde PLC		1,900		628,786
Live Nation Entertainment Inc.(a)		650		52,318
LKQ Corp.		994		58,606
Lockheed Martin Corp.		907		420,177
Loews Corp.		733		45,065
Lowe’s Companies Inc.		2,364		492,303
LPL Financial Holdings Inc.		301		71,373
Lucid Group Inc.(a)(b)		1,516		17,722
Lululemon Athletica Inc.(a)		428		131,345
Lumen Technologies Inc.		3,205		16,826
LyondellBasell Industries NV, Class A		950		91,855
M&T Bank Corp.		685		106,860
Marathon Oil Corp.		2,407		66,120
Marathon Petroleum Corp.		1,902		244,445
Markel Corp.(a)		51		71,858
MarketAxess Holdings Inc.		142		51,667
Marriott International Inc./MD, Class A		1,026		178,709

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Marsh & McLennan Companies Inc.		1,894	$	331,280
Martin Marietta Materials Inc.		230		82,717
Marvell Technology Inc.		3,245		140,022
Masco Corp.		864		45,965
Masimo Corp.(a)		169		28,743
Mastercard Inc., Class A		3,283		1,216,680
Match Group Inc.(a)		1,118		60,506
McCormick & Co. Inc./MD, NVS		994		74,669
McDonald’s Corp.		2,798		748,185
McKesson Corp.		543		205,623
Medical Properties Trust Inc.		2,487		32,207
Medtronic PLC		5,054		422,969
Merck & Co. Inc.		9,618		1,033,069
Meta Platforms Inc, Class A(a)		8,689		1,294,400
MetLife Inc.		2,615		190,947
Mettler-Toledo International Inc.(a)		87		133,364
MGM Resorts International		1,188		49,195
Microchip Technology Inc.		2,123		164,787
Micron Technology Inc.		4,249		256,215
Microsoft Corp.		26,911		6,668,815
Mid-America Apartment Communities Inc.		430		71,690
Moderna Inc.(a)		1,247		219,547
Mohawk Industries Inc.(a)		212		25,453
Molina Healthcare Inc.(a)		212		66,108
Molson Coors Beverage Co., Class B(b)		734		38,594
Mondelez International Inc., Class A		5,204		340,550
MongoDB Inc., Class A(a)		253		54,195
Monolithic Power Systems Inc.		169		72,089
Monster Beverage Corp.(a)		1,472		153,206
Moody’s Corp.		631		203,655
Morgan Stanley		4,912		478,085
Mosaic Co. (The)		1,239		61,380
Motorola Solutions Inc.		647		166,285
MSCI Inc.		309		164,252
Nasdaq Inc.		1,303		78,428
NetApp Inc.		772		51,130
Netflix Inc.(a)		1,695		599,793
Neurocrine Biosciences Inc.(a)		343		38,049
Newell Brands Inc., NVS		1,516		24,195
Newmont Corp.		2,992		158,367
News Corp., Class A, NVS		1,472		29,823
NextEra Energy Inc.		7,489		558,904
Nike Inc., Class B		4,806		611,948
NiSource Inc.		1,429		39,655
Nordson Corp.		212		51,580
Norfolk Southern Corp.		905		222,458
Northern Trust Corp.		748		72,534
Northrop Grumman Corp.		552		247,318
Novocure Ltd.(a)		342		31,184
NRG Energy Inc.		952		32,577
Nucor Corp.		974		164,625
Nvidia Corp.		9,463		1,848,786
NVR Inc.(a)		11		57,970
O’Reilly Automotive Inc.(a)		239		189,372
Occidental Petroleum Corp.		3,570		231,300
Okta Inc.(a)		556		40,927
Old Dominion Freight Line Inc.		352		117,300
Omnicom Group Inc.		732		62,945
ON Semiconductor Corp.(a)		1,601		117,593
ONEOK Inc.		1,733		118,676

Security	Shares		Value
United States (continued)
Oracle Corp.		6,035	$	533,856
Otis Worldwide Corp.		1,602		131,732
Ovintiv Inc.		970		47,753
Owens Corning		331		31,991
PACCAR Inc.		1,342		146,694
Packaging Corp. of America		342		48,803
Palantir Technologies Inc., Class A(a)		6,367		49,535
Palo Alto Networks Inc.(a)		1,112		176,408
Paramount Global, Class B, NVS		2,449		56,719
Parker-Hannifin Corp.		473		154,198
Paychex Inc.		1,254		145,288
Paycom Software Inc.(a)		184		59,605
Paylocity Holding Corp.(a)		155		32,285
PayPal Holdings Inc.(a)		4,165		339,406
Pentair PLC		647		35,831
PepsiCo Inc.		5,260		899,565
PerkinElmer Inc.		512		70,415
Pfizer Inc.		21,366		943,523
PG&E Corp.(a)		5,634		89,581
Philip Morris International Inc.		5,841		608,866
Phillips 66		1,836		184,096
Pinterest Inc., Class A(a)		2,079		54,657
Pioneer Natural Resources Co.		864		199,022
Plug Power Inc.(a)(b)		2,079		35,385
PNC Financial Services Group Inc. (The)		1,544		255,424
Pool Corp.(b)		147		56,685
PPG Industries Inc.		908		118,349
PPL Corp.		2,775		82,140
Principal Financial Group Inc.		882		81,629
Procter & Gamble Co. (The)		9,078		1,292,526
Progressive Corp. (The)		2,240		305,424
Prologis Inc.		3,525		455,712
Prudential Financial Inc.		1,422		149,225
PTC Inc.(a)		429		57,863
Public Service Enterprise Group Inc.		1,949		120,702
Public Storage		601		182,908
PulteGroup Inc.		827		47,048
Qorvo Inc.(a)		430		46,724
Qualcomm Inc.		4,241		564,944
Quanta Services Inc.		546		83,096
Quest Diagnostics Inc.		466		69,192
Raymond James Financial Inc.		733		82,660
Raytheon Technologies Corp.		5,619		561,057
Realty Income Corp.		2,413		163,674
Regency Centers Corp.		604		40,244
Regeneron Pharmaceuticals Inc.(a)		406		307,939
Regions Financial Corp.		3,371		79,353
Repligen Corp.(a)		198		36,689
Republic Services Inc.		859		107,220
ResMed Inc.		560		127,887
Rivian Automotive Inc., Class A(a)(b)		1,179		22,873
Robert Half International Inc.		429		36,019
ROBLOX Corp., Class A(a)		1,338		49,787
Rockwell Automation Inc.		430		121,273
Roku Inc.(a)		430		24,725
Rollins Inc.		951		34,616
Roper Technologies Inc.		411		175,394
Ross Stores Inc.		1,306		154,356
Royal Caribbean Cruises Ltd.(a)		864		56,108
RPM International Inc.		516		46,394

86 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
S&P Global Inc.		1,298	$	486,672
Salesforce Inc.(a)		3,812		640,302
SBA Communications Corp.		403		119,905
Schlumberger NV		5,377		306,381
Seagate Technology Holdings PLC		820		55,580
Seagen Inc.(a)		517		72,111
Sealed Air Corp.		604		33,075
SEI Investments Co.		514		32,089
Sempra Energy		1,211		194,160
Sensata Technologies Holding PLC		647		32,900
ServiceNow Inc.(a)		773		351,815
Sherwin-Williams Co. (The)		946		223,814
Signature Bank/New York NY		213		27,466
Simon Property Group Inc.		1,205		154,794
Sirius XM Holdings Inc.(b)		2,784		16,119
Skyworks Solutions Inc.		647		70,956
Snap Inc., Class A, NVS(a)		4,029		46,575
Snap-on Inc.		214		53,228
Snowflake Inc., Class A(a)		816		127,655
SolarEdge Technologies Inc.(a)		213		67,975
Southern Co. (The)		4,158		281,413
Southwest Airlines Co.		603		21,569
Splunk Inc.(a)		654		62,634
SS&C Technologies Holdings Inc.		864		52,142
Stanley Black & Decker Inc.		604		53,943
Starbucks Corp.		4,332		472,794
State Street Corp.		1,385		126,492
Steel Dynamics Inc.		686		82,759
STERIS PLC		386		79,713
Stryker Corp.		1,296		328,938
Sun Communities Inc.		446		69,960
SVB Financial Group(a)		213		64,420
Synchrony Financial		1,951		71,660
Synopsys Inc.(a)		588		208,005
Sysco Corp.		1,902		147,329
T-Mobile U.S. Inc.(a)		2,383		355,806
T Rowe Price Group Inc.		864		100,630
Take-Two Interactive Software Inc.(a)(b)		621		70,316
Targa Resources Corp.		823		61,741
Target Corp.		1,739		299,351
Teledyne Technologies Inc.(a)		169		71,700
Teleflex Inc.		169		41,138
Teradyne Inc.		622		63,257
Tesla Inc.(a)		10,100		1,749,522
Texas Instruments Inc.		3,479		616,514
Texas Pacific Land Corp.		25		49,896
Textron Inc.		767		55,876
Thermo Fisher Scientific Inc.		1,486		847,510
TJX Companies Inc. (The)		4,437		363,213
Toast Inc., Class A(a)		933		20,815
Tractor Supply Co.		430		98,036
Trade Desk Inc. (The), Class A(a)		1,603		81,272
Tradeweb Markets Inc., Class A		429		31,978
Trane Technologies PLC		906		162,283
TransDigm Group Inc.		196		140,679
TransUnion		690		49,507
Travelers Companies Inc. (The)		898		171,626
Trimble Inc.(a)		994		57,712
Truist Financial Corp.		5,001		246,999
Twilio Inc., Class A(a)		666		39,853

Security	Shares		Value
United States (continued)
Tyler Technologies Inc.(a)		166	$	53,580
Tyson Foods Inc., Class A		1,061		69,761
U.S. Bancorp		5,432		270,514
Uber Technologies Inc.(a)		5,514		170,548
UDR Inc.		1,219		51,917
UGI Corp.		881		35,090
Ulta Beauty Inc.(a)		200		102,792
Union Pacific Corp.		2,390		488,014
United Parcel Service Inc., Class B		2,757		510,679
United Rentals Inc.(a)		255		112,442
UnitedHealth Group Inc.		3,553		1,773,622
Unity Software Inc.(a)		1,048		37,225
Universal Health Services Inc., Class B		255		37,794
Vail Resorts Inc.		165		43,286
Valero Energy Corp.		1,460		204,444
Veeva Systems Inc., Class A(a)		517		88,174
Ventas Inc.		1,574		81,549
VeriSign Inc.(a)		381		83,077
Verisk Analytics Inc.		607		110,347
Verizon Communications Inc.		16,029		666,326
Vertex Pharmaceuticals Inc.(a)		981		316,961
VF Corp.		1,299		40,191
Viatris Inc.		4,681		56,921
VICI Properties Inc.		3,701		126,500
Visa Inc., Class A		6,228		1,433,748
Vistra Corp.		1,602		36,942
VMware Inc., Class A(a)		778		95,282
Vulcan Materials Co.		516		94,598
W R Berkley Corp.		778		54,569
Walmart Inc.		5,747		826,821
Walgreens Boots Alliance Inc.		2,774		102,250
Walt Disney Co. (The)(a)		6,942		753,138
Warner Bros. Discovery Inc.(a)		9,031		133,839
Waste Management Inc.		1,546		239,213
Waters Corp.(a)		229		75,245
Webster Financial Corp.		677		35,644
WEC Energy Group Inc.		1,212		113,916
Wells Fargo & Co.		14,370		673,522
Welltower Inc.		1,707		128,093
West Pharmaceutical Services Inc.		271		71,978
Western Digital Corp.(a)		1,211		53,223
Western Union Co. (The)		1,515		21,468
Westinghouse Air Brake Technologies Corp.		623		64,674
Westlake Corp.(b)		145		17,799
Westrock Co.		994		39,005
Weyerhaeuser Co.		2,905		100,019
Whirlpool Corp.		212		32,985
Williams Companies Inc. (The)		4,637		149,497
Willis Towers Watson PLC		427		108,539
Wolfspeed Inc.(a)		470		36,195
Workday Inc., Class A(a)		777		140,971
WP Carey Inc.		691		59,101
WW Grainger Inc.		169		99,622
Wynn Resorts Ltd.(a)		447		46,327
Xcel Energy Inc.		2,135		146,824
Xylem Inc./NY		647		67,294
Yum! Brands Inc.		1,057		137,949
Zebra Technologies Corp., Class A(a)		186		58,809
Zillow Group Inc., Class C (a)		560		24,758
Zimmer Biomet Holdings Inc.		777		98,943

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Zoetis Inc.		1,773	$	293,414
Zoom Video Communications Inc., Class A(a)		864		64,800
ZoomInfo Technologies Inc.(a)		1,068		30,150
Zscaler Inc.(a)(b)		299		37,124
			136,377,431
Total Common Stocks — 99.6% (Cost: $219,626,954)				190,202,680
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		213		20,179
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)(b)		428		50,889
Henkel AG & Co. KGaA, Preference Shares, NVS		690		49,197
Porsche Automobil Holding SE, Preference Shares, NVS		603		36,058
Sartorius AG, Preference Shares, NVS		98		43,944
Volkswagen AG, Preference Shares, NVS		691		95,835
			296,102
Total Preferred Stocks — 0.1% (Cost: $422,548)				296,102
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		803		408
Total Rights — 0.0% (Cost: $413)				408
Total Long-Term Investments — 99.7% (Cost: $220,049,915)				190,499,190

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		1,243,348	$	1,244,094
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		200,000		200,000
Total Short-Term Securities — 0.8% (Cost: $1,442,829)				1,444,094
Total Investments — 100.5% (Cost: $221,492,744)				191,943,284
Liabilities in Excess of Other Assets — (0.5)%				(930,512	)
Net Assets — 100.0%			$	191,012,772

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,040,973	$	—		$	(798,495	)(a)	$	824		$	792	$	1,244,094		1,243,348	$	5,498	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		60,000	(a)		—			—			—		200,000		200,000		4,062			—
BlackRock Inc.		343,289		53,625			(8,690	)		(1,857	)		47,901		434,268		572		5,007			—
									$	(1,033	)	$	48,693	$	1,878,362			$	14,567		$	—

^(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.

88 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/17/23	$	91	$	154
S&P 500 E-Mini Index		2		03/17/23		409		1,520
							$	1,674

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,674	$	—	$	—	$	—	$	1,674

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(105	)	$	—	$	—	$	—	$	(105	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(25,162	)	$	—	$	—	$	—	$	(25,162	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	533,476

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	4,786,349	$	—	$	4,786,349
Austria		—		120,270		—		120,270
Belgium		—		577,820		—		577,820
Brazil		199,706		—		—		199,706
Canada		7,262,687		—		—		7,262,687

S C H E D U L E    O F   I N V E S T M E N T S 89

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Kokusai ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Denmark	$	—	$	1,632,150	$	—	$	1,632,150
Finland		—		559,379		—		559,379
France		—		7,032,979		—		7,032,979
Germany		—		4,618,930		—		4,618,930
Hong Kong		9,695		1,690,975		—		1,700,670
Ireland		—		433,105		—		433,105
Israel		144,133		259,128		—		403,261
Italy		—		1,348,901		—		1,348,901
Jersey		12,811		—		—		12,811
Netherlands		215,315		2,648,109		—		2,863,424
New Zealand		—		108,291		—		108,291
Norway		—		407,984		—		407,984
Portugal		—		100,687		—		100,687
Singapore		111,469		765,512		—		876,981
Spain		—		1,481,513		—		1,481,513
Sweden		—		1,952,437		—		1,952,437
Switzerland		153,979		6,029,582		—		6,183,561
United Kingdom		176,556		8,984,797		—		9,161,353
United States		136,375,618		1,813		—		136,377,431
Preferred Stocks		—		296,102		—		296,102
Rights		408		—		—		408
Short-Term Securities
Money Market Funds		1,444,094		—		—		1,444,094
	$	146,106,471	$	45,836,813	$	—	$	191,943,284
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,520	$	154		—	$	1,674

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

See notes to financial statements.

90 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares MSCI ACWI ETF		iShares MSCI ACWI Low Carbon Target ETF			iShares MSCI All Country Asia ex Japan ETF			iShares MSCI Europe Financials ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	19,472,210,098	$	888,121,157		$	3,262,465,597		$	1,485,007,908
Investments, at value — affiliated(c)		297,173,429		11,186,296			55,742,301			1,732,079
Cash		863,379		4,294			7,468,074			546
Cash pledged for futures contracts		2,466,000		107,000			101,000			—
Foreign currency collateral pledged for futures contracts(d)		—		—			—			751,512
Foreign currency, at value(e)		23,796,898		1,303,227			42,237,260			1,630,574
Receivables:
Investments sold		184,699		731			22,931			—
Securities lending income — affiliated		119,828		3,783			64,849			244
Capital shares sold		143,279		—			26,131,628			388,905
Dividends — unaffiliated		17,443,682		955,074			5,325,773			45,984
Dividends — affiliated		81,022		4,751			14,152			1,909
Tax reclaims		6,789,798		239,511			—			5,958,506
Variation margin on futures contracts		466,702		16,604			—			40,854
Foreign withholding tax claims		—		—			—			1,615,235
Total assets		19,821,738,814		901,942,428			3,399,573,565			1,497,174,256
LIABILITIES
Collateral on securities loaned, at value		238,858,204		9,169,119			55,706,808			840,261
Payables:
Investments purchased		738,885		625,901			71,395,045			388,905
Deferred foreign capital gain tax		3,094,329		53,912			3,132,707			—
Foreign taxes		2,024		13			3,412			—
Investment advisory fees		5,143,217		147,034			1,742,162			580,658
IRS compliance fee for foreign withholding tax claims		1,789,375		—			—			—
Professional fees		22,667		—			—			161,896
Variation margin on futures contracts		—		—			6,010			—
Total liabilities		249,648,701		9,995,979			131,986,144			1,971,720
NET ASSETS	$	19,572,090,113	$	891,946,449		$	3,267,587,421		$	1,495,202,536
NET ASSETS CONSIST OF
Paid-in capital	$	17,486,035,569	$	935,508,102		$	3,900,626,736		$	1,713,808,857
Accumulated earnings (loss)		2,086,054,544		(43,561,653	)		(633,039,315	)		(218,606,321	)
NET ASSETS	$	19,572,090,113	$	891,946,449		$	3,267,587,421		$	1,495,202,536
NET ASSETVALUE
Shares outstanding		214,600,000		6,000,000			46,200,000			75,350,000
Net asset value	$	91.20	$	148.66		$	70.73		$	19.84
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — unaffiliated	$	16,957,262,191	$	870,776,620		$	3,620,636,391		$	1,566,959,854
(b) Securities loaned, at value	$	231,305,513	$	9,100,913		$	52,742,019		$	789,927
(c)  Investments, at cost — affiliated	$	288,460,122	$	11,176,705		$	55,691,328		$	1,731,474
(d) Foreign currency collateral pledged, at cost	$	—	$	—		$	—		$	718,535
(e) Foreign currency, at cost	$	23,515,698	$	1,291,972		$	42,223,443		$	1,596,698

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)(continued)

January 31, 2023

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	110,400,399			$	190,064,922
Investments, at value — affiliated(c)		6,214,145				1,878,362
Cash		9,522				5,361
Cash pledged for futures contracts		—				24,000
Foreign currency collateral pledged for futures contracts(d)		105,319				9,785
Foreign currency, at value(e)		355,415				152,393
Receivables:
Investments sold		317,775				—
Securities lending income — affiliated		16,218				795
Capital shares sold		—				125,792
Dividends — unaffiliated		68,420				123,062
Dividends — affiliated		130				867
Tax reclaims		263,907				55,211
Variation margin on futures contracts		5,662				5,606
Total assets		117,756,912				192,446,156
LIABILITIES
Collateral on securities loaned, at value		6,185,696				1,249,730
Payables:
Investments purchased		—				125,792
Investment advisory fees		35,741				35,605
Professional fees		13,819				22,257
Total liabilities		6,235,256				1,433,384
NET ASSETS	$	111,521,656			$	191,012,772
NET ASSETS CONSIST OF
Paid-in capital	$	170,980,421			$	246,615,719
Accumulated loss		(59,458,765	)			(55,602,947	)
NET ASSETS	$	111,521,656			$	191,012,772
NET ASSET VALUE
Shares outstanding		2,050,000				2,200,000
Net asset value	$	54.40			$	86.82
Shares authorized		Unlimited				Unlimited
Par value		None				None
(a) Investments, at cost — unaffiliated	$	154,018,875			$	219,557,827
(b) Securities loaned, at value	$	5,813,100			$	1,226,210
(c)  Investments, at cost — affiliated	$	6,211,376			$	1,934,917
(d) Foreign currency collateral pledged, at cost	$	104,944			$	10,810
(e) Foreign currency, at cost	$	356,939			$	151,038

See notes to financial statements.

92 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended January 31, 2023

	iShares MSCI ACWI ETF			iShares MSCI ACWI Low Carbon Target ETF				iShares MSCI All Country Asia ex Japan ETF				iShares MSCI Europe Financials ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	176,424,457			$	8,355,732			$	27,620,345			$	9,852,441
Dividends — affiliated		873,006				44,706				108,870				8,695
Interest — unaffiliated		49,480				3,088				13,015				349
Securities lending income — affiliated — net		723,564				24,149				352,275				6,044
Other income — unaffiliated		—				—				—				115,804
Foreign taxes withheld		(7,881,763	)			(402,618	)			(3,231,723	)			(1,156,761	)
Foreign withholding tax claims		—				—				—				2,414,751
IRS compliance fee for foreign withholding tax claims		(25,455	)			—				—				(49	)
Other foreign taxes		(97,207	)			(4,795	)			(146,373	)			—
Total investment income		170,066,082				8,020,262				24,716,409				11,241,274
EXPENSES
Commitment costs		26,256				2,320				26,257				—
Investment advisory		27,873,842				854,446				9,864,846				2,923,385
Professional		—				—				—				253,055
Interest expense		—				2,254				8,595				—
Total expenses		27,900,098				859,020				9,899,698				3,176,440
Net investment income		142,165,984				7,161,242				14,816,711				8,064,834
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(141,077,461	)			(12,590,013	)			258,851,015				(14,718,032	)
Investments — affiliated		(195,304	)			149				4,869				1,223
Capital gain distributions from underlying funds — affiliated		16				1				10				—
Foreign currency transactions		(556,562	)			(31,543	)			(237,357	)			(163,432	)
Futures contracts		1,661,817				213,524				(387,948	)			598,724
In-kind redemptions — unaffiliated(b)		566,840,573				5,825,044				(14,045,642	)			1,257,820
In-kind redemptions — affiliated(b)		1,337,161				12,666				—				—
		428,010,240				(6,570,172	)			244,184,947				(13,023,697	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(43,524,678	)			17,815,273				(137,232,924	)			317,195,229
Investments — affiliated		3,235,909				168,191				34,372				484
Foreign currency translations		765,926				38,028				59,220				387,951
Futures contracts		(258,683	)			(73,429	)			204,698				(30,357	)
		(39,781,526	)			17,948,063				(136,934,634	)			317,553,307
Net realized and unrealized gain		388,228,714				11,377,891				107,250,313				304,529,610
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	530,394,698			$	18,539,133			$	122,067,024			$	312,594,444
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(834,160	)		$	(118,178	)		$	(885,555	)		$	—
(b) See Note 2 of the Notes to Financial Statements
(c)  Net of reduction in deferred foreign capital gain tax of	$	1,520,308			$	137,065			$	965,388			$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 93

Statements of Operations (unaudited)(continued)

Six Months Ended January 31, 2023

	iShares MSCI Europe Small-Cap ETF			iShares MSCI Kokusai ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	852,872			$	1,514,343
Dividends — affiliated		693				9,069
Interest — unaffiliated		—				325
Securities lending income — affiliated — net		82,791				5,498
Other income — unaffiliated		359				38,563
Foreign taxes withheld		(67,160	)			(55,368	)
Foreign withholding tax claims		140,117				168,656
Total investment income		1,009,672				1,681,086
EXPENSES
Investment advisory		199,473				202,404
Professional		14,048				20,754
Total expenses		213,521				223,158
Net investment income		796,151				1,457,928
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,121,601	)			(1,256,602	)
Investments — affiliated		955				(1,033	)
Foreign currency transactions		38,139				7,877
Futures contracts		137,885				(105	)
In-kind redemptions — unaffiliated(a)		(1,698,884	)			—
		(4,643,506	)			(1,249,863	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		8,807,738				3,494,749
Investments — affiliated		3,201				48,693
Foreign currency translations		11,317				630
Futures contracts		(7,076	)			(25,162	)
		8,815,180				3,518,910
Net realized and unrealized gain		4,171,674				2,269,047
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,967,825			$	3,726,975

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

See notes to financial statements.

94 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares MSCI ACWI ETF						iShares MSCI ACWI Low Carbon Target ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	142,165,984		$	310,089,383		$	7,161,242		$	19,671,712
Net realized gain (loss)		428,010,240			217,017,555			(6,570,172	)		52,893,381
Net change in unrealized appreciation (depreciation)		(39,781,526	)		(2,540,124,332	)		17,948,063			(223,072,095	)
Net increase (decrease) in net assets resulting from operations		530,394,698			(2,013,017,394	)		18,539,133			(150,507,002	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(139,886,758	)		(342,708,658	)		(7,321,362	)		(22,125,984	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,054,205,427			3,517,278,339			(26,584,376	)		218,726,937
NET ASSETS
Total increase (decrease) in net assets		1,444,713,367			1,161,552,287			(15,366,605	)		46,093,951
Beginning of period		18,127,376,746			16,965,824,459			907,313,054			861,219,103
End of period	$	19,572,090,113		$	18,127,376,746		$	891,946,449		$	907,313,054

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 95

Statements of Changes in Net Assets (continued)

	iShares MSCI All Country Asia ex Japan ETF						iShares MSCI Europe Financials ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended(a) 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	14,816,711		$	65,939,672		$	8,064,834		$	69,104,959
Net realized gain (loss)		244,184,947			452,293,902			(13,023,697	)		(82,024,424	)
Net change in unrealized appreciation (depreciation)		(136,934,634	)		(1,507,886,812	)		317,553,307			(313,933,523	)
Net increase (decrease) in net assets resulting from operations		122,067,024			(989,653,238	)		312,594,444			(326,852,988	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
From net investment income		(33,220,557	)		(94,511,519	)		(5,388,966	)		(83,531,263	)
Return of capital		—			—			—			(547,504	)
Decrease in net assets resulting from distributions to shareholders		(33,220,557	)		(94,511,519	)		(5,388,966	)		(84,078,767	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(169,450,064	)		(1,142,147,278	)		215,844,341			(162,927,425	)
NET ASSETS
Total increase (decrease) in net assets		(80,603,597	)		(2,226,312,035	)		523,049,819			(573,859,180	)
Beginning of period		3,348,191,018			5,574,503,053			972,152,717			1,546,011,897
End of period	$	3,267,587,421		$	3,348,191,018		$	1,495,202,536		$	972,152,717

^(a)  Consolidated Statement of Changes in Net Assets.

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

See notes to financial statements.

96 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Europe Small-Cap ETF						iShares MSCI Kokusai ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	796,151		$	4,911,678		$	1,457,928		$	5,627,497
Net realized gain (loss)		(4,643,506	)		18,700,757			(1,249,863	)		155,521,841
Net change in unrealized appreciation (depreciation)		8,815,180			(87,280,425	)		3,518,910			(84,708,726	)
Net increase (decrease) in net assets resulting from operations		4,967,825			(63,667,990	)		3,726,975			76,440,612
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(625,506	)		(7,908,962	)		(1,532,168	)		(5,904,840	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,998,133	)		(263,106,981	)		21,573,565			(387,883,657	)
NET ASSETS
Total increase (decrease) in net assets		2,344,186			(334,683,933	)		23,768,372			(317,347,885	)
Beginning of period		109,177,470			443,861,403			167,244,400			484,592,285
End of period	$	111,521,656		$	109,177,470		$	191,012,772		$	167,244,400

^(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 97

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI ACWI ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	89.65		$	101.96		$	77.73		$	73.94		$	73.31		$	67.16
Net investment income(a)			0.71			1.72	(b)		1.42			1.48			1.60			1.50
Net realized and unrealized gain (loss)(c)			1.52			(12.09	)		24.22			3.87			0.58			6.12
Net increase (decrease) from investment operations			2.23			(10.37	)		25.64			5.35			2.18			7.62
Distributions from net investment income(d)			(0.68	)		(1.94	)		(1.41	)		(1.56	)		(1.55	)		(1.47	)
Net asset value, end of period		$	91.20		$	89.65		$	101.96		$	77.73		$	73.94		$	73.31
Total Return(e)
Based on net asset value			2.51	%(f)		(10.30	)%(b)		33.14	%		7.29	%		3.14	%		11.40	%
Ratios to Average Net Assets(g)
Total expenses			0.32	%(h)		0.32	%		0.32	%		0.32	%		0.32	%		0.31	%
Total expenses after fees waived			0.32	%(h)		0.32	%		0.31	%		0.31	%		0.31	%		0.31	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.32	%		0.32	%		N/A			0.32	%		N/A
Net investment income			1.65	%(h)		1.77	%(b)		1.55	%		2.01	%		2.25	%		2.10	%
Supplemental Data
Net assets, end of period (000)		$	19,572,090		$	18,127,377		$	16,965,824		$	12,033,016		$	10,854,370		$	8,826,485
Portfolio turnover rate(i)			2	%		5	%		6	%		16	%		11	%		4	%

^(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 year ended July 31, 2022:

• Net investment income per share by $0.02.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

98 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI ACWI Low Carbon Target ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	146.34		$	167.23		$	127.09		$	120.26		$	118.67		$	110.08
Net investment income(a)			1.18			2.83			2.49			2.49			2.58			2.51
Net realized and unrealized gain (loss)(b)			2.36			(20.67	)		39.88			6.91			1.70			8.63
Net increase (decrease) from investment operations			3.54			(17.84	)		42.37			9.40			4.28			11.14
Distributions from net investment income(c)			(1.22	)		(3.05	)		(2.23	)		(2.57	)		(2.69	)		(2.55	)
Net asset value, end of period		$	148.66		$	146.34		$	167.23		$	127.09		$	120.26		$	118.67
Total Return(d)
Based on net asset value			2.44	%(e)		(10.78	)%		33.48	%		7.88	%		3.82	%		10.17	%
Ratios to Average Net Assets(f)
Total expenses			0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.20	%		N/A			N/A			N/A			N/A
Net investment income			1.68	%(g)		1.76	%		1.64	%		2.07	%		2.24	%		2.16	%
Supplemental Data
Net assets, end of period (000)		$	891,946		$	907,313		$	861,219		$	432,095		$	468,999		$	534,024
Portfolio turnover rate(h)			12	%		20	%		12	%		15	%		14	%		18	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 99

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI All Country Asia ex Japan ETF
			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22	(a)		Year Ended 07/31/21	(a)		Year Ended 07/31/20	(a)		Year Ended 07/31/19	(a)		Year Ended 07/31/18	(a)
Net asset value, beginning of period		$	68.05		$	87.65		$	75.15		$	68.54		$	72.59		$	70.99
Net investment income(b)			0.34			1.19			1.00			1.20			1.24			1.39
Net realized and unrealized gain (loss)(c)			3.13			(18.91	)		12.46			6.61			(3.95	)		1.85
Net increase (decrease) from investment operations			3.47			(17.72	)		13.46			7.81			(2.71	)		3.24
Distributions from net investment income(d)			(0.79	)		(1.88	)		(0.96	)		(1.20	)		(1.34	)		(1.64	)
Net asset value, end of period		$	70.73		$	68.05		$	87.65		$	75.15		$	68.54		$	72.59
Total Return(e)
Based on net asset value			5.15	%(f)		(20.51	)%		17.88	%		11.52	%		(3.61	)%		4.52	%
Ratios to Average Net Assets(g)
Total expenses			0.70	%(h)		0.69	%		0.69	%		0.70	%		0.68	%		0.67	%
Net investment income			1.05	%(h)		1.49	%		1.12	%		1.75	%		1.82	%		1.84	%
Supplemental Data
Net assets, end of period (000)		$	3,267,587		$	3,348,191		$	5,574,503		$	4,043,280		$	4,030,348		$	4,326,387
Portfolio turnover rate(i)			12	%		20	%		31	%		23	%		17	%		13	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

100 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Financials ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	15.91		$	19.64		$	14.48		$	17.53		$	21.18		$	23.15
Net investment income(a)			0.11	(b)		0.86	(b)		0.48			0.31			0.68			0.86
Net realized and unrealized gain (loss)(c)			3.89			(3.51	)		5.17			(3.01	)		(3.35	)		(1.85	)
Net increase (decrease) from investment operations			4.00			(2.65	)		5.65			(2.70	)		(2.67	)		(0.99	)
Distributions(d)
From net investment income			(0.07	)		(1.07	)		(0.49	)		(0.35	)		(0.98	)		(0.98	)
Return of capital			—			(0.01	)		—			—			—			—
Total distributions			(0.07	)		(1.08	)		(0.49	)		(0.35	)		(0.98	)		(0.98	)
Net asset value, end of period		$	19.84		$	15.91		$	19.64		$	14.48		$	17.53		$	21.18
Total Return(e)
Based on net asset value			25.22	%(b)(f)		(13.92	)%(b)		38.98	%		(15.62	)%		(12.53	)%		(4.18	)%
Ratios to Average Net Assets(g)
Total expenses			0.50	%(h)(i)		0.49	%		0.48	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.48	%(h)		0.48	%		0.48	%		N/A			0.48	%		N/A
Net investment income			1.32	%(b)(h)		4.51	%(b)		2.68	%		1.90	%		3.62	%		3.72	%
Supplemental Data
Net assets, end of period (000)		$	1,495,203		$	972,153		$	1,546,012		$	718,923		$	1,035,148		$	1,805,451
Portfolio turnover rate(j)			2	%		7	%		4	%		5	%		5	%		3	%

^(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 six months ended January 31, 2023 and year ended July 31, 2022 respectively:

• Net investment income per share by $0.03 and $0.01.

• Total return by 0.18% and 0.07%.

• Ratio of net investment income to average net assets by 0.35% and 0.05%

^(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⁾ Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.52%.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 101

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Europe Small-Cap ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	51.99		$	71.59		$	49.62		$	49.09		$	57.28		$	53.88
Net investment income(a)			0.39	(b)		1.15	(b)		1.25			0.81			1.51			1.52
Net realized and unrealized gain (loss)(c)			2.33			(18.54	)		21.87			0.68			(7.50	)		3.38
Net increase (decrease) from investment operations			2.72			(17.39	)		23.12			1.49			(5.99	)		4.90
Distributions from net investment income(d)			(0.31	)		(2.21	)		(1.15	)		(0.96	)		(2.20	)		(1.50	)
Net asset value, end of period		$	54.40		$	51.99		$	71.59		$	49.62		$	49.09		$	57.28
Total Return(e)
Based on net asset value			5.28	%(b)(f)		(24.65	)%(b)		46.76	%		2.98	%		(10.32	)%		9.15	%
Ratios to Average Net Assets(g)
Total expenses			0.41	%(h)(i)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims			0.40	%(h)		0.40	%		N/A			N/A			0.40	%		N/A
Net investment income			1.60	%(b)(h)		1.74	%(b)		1.98	%		1.67	%		2.95	%		2.65	%
Supplemental Data
Net assets, end of period (000)		$	111,522		$	109,177		$	443,861		$	124,046		$	139,918		$	266,371
Portfolio turnover rate(j)			6	%		16	%		14	%		20	%		17	%		15	%

^(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 six months ended January 31, 2023 and year ended July 31, 2022 respectively:

• Net investment income per share by $0.06 and $0.01

• Total return by 0.12% and 0.02%.

• Ratio of net investment income to average net assets by 0.25% and 0.01%.

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

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

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

^(f) Not annualized.

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

^(h)  Annualized.

⁽ⁱ⁾  Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.43%.

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

See notes to financial statements.

102 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Kokusai ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	85.77		$	96.92		$	72.42		$	68.33		$	66.90		$	61.10
Net investment income(a)			0.75	(b)		1.32	(b)		1.31			1.32			1.42			1.40
Net realized and unrealized gain (loss)(c)			1.09			(9.44	)		24.61			4.06			1.51			6.10
Net increase (decrease) from investment operations			1.84			(8.12	)		25.92			5.38			2.93			7.50
Distributions from net investment income(d)			(0.79	)		(3.03	)		(1.42	)		(1.29	)		(1.50	)		(1.70	)
Net asset value, end of period		$	86.82		$	85.77		$	96.92		$	72.42		$	68.33		$	66.90
Total Return(e)
Based on net asset value			2.17	%(b)(f)		(8.46	)%(b)		36.01	%		7.94	%		4.59	%		12.38	%
Ratios to Average Net Assets(g)
Total expenses			0.26	%(h)(i)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses excluding professional fees for foreign withholding tax claims			0.25	%(h)		0.25	%		0.25	%		N/A			N/A			N/A
Net investment income			1.80	%(b)(h)		1.39	%(b)		1.53	%		1.93	%		2.17	%		2.16	%
Supplemental Data
Net assets, end of period (000)		$	191,013		$	167,244		$	484,592		$	152,085		$	143,483		$	147,181
Portfolio turnover rate(j)			2	%		9	%		3	%		4	%		4	%		6	%

^(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 six months ended January 31, 2023 and year ended July 31, 2022 respectively:

• Net investment income per share by $0.08 and $0.03.

• Total return by 0.10% and 0.08%.

• Ratio of net investment income to average net assets by 0.18% and 0.04%.

^(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⁾ Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.28%.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 103

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

104 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)(continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital 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. The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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).

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Notes to Financial Statements (unaudited)(continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by 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.

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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 ACWI
Barclays Bank PLC	$	4,840,200	$	(4,828,855	)	$	—		$	11,345
Barclays Capital, Inc.		2,952,478		(2,952,478	)		—			—
BMO Capital Markets Corp.		250,083		(245,736	)		—			4,347	(b)
BNP Paribas SA		5,367,272		(5,367,272	)		—			—
BofA Securities, Inc.		26,417,250		(26,417,250	)		—			—
Citadel Clearing LLC		168,281		(168,281	)		—			—
Citigroup Global Markets, Inc.		15,875,452		(15,875,452	)		—			—
Credit Suisse Securities (USA) LLC		29,498		(29,498	)		—			—
Goldman Sachs & Co. LLC		42,813,516		(42,813,516	)		—			—
HSBC Bank PLC		6,369,559		(6,369,559	)		—			—
J.P. Morgan Securities LLC		9,252,795		(9,252,795	)		—			—
Jefferies LLC		573,020		(573,020	)		—			—
Macquarie Bank Ltd.		2,173,027		(2,173,027	)		—			—
Morgan Stanley		46,902,457		(46,902,457	)		—			—
National Financial Services LLC		29,213		(29,213	)		—			—
Nomura Securities International, Inc.		66,613		(66,613	)		—			—
RBC Capital Markets LLC		21,754,802		(21,754,802	)		—			—
Scotia Capital (USA), Inc.		4,703,822		(4,703,822	)		—			—
SG Americas Securities LLC		3,795,905		(3,795,905	)		—			—
State Street Bank & Trust Co.		1,821,834		(1,821,834	)		—			—
Toronto-Dominion Bank		4,869,787		(4,869,787	)		—			—
UBS AG		27,633,832		(27,633,832	)		—			—
UBS Securities LLC		1,174,364		(1,174,364	)		—			—
Virtu Americas LLC		962,177		(962,177	)		—			—
Wells Fargo Bank N.A.		249,876		(249,876	)		—			—
Wells Fargo Securities LLC		258,400		(258,400	)		—			—
	$	231,305,513	$	(231,289,821	)	$	—		$	15,692
MSCI ACWI Low Carbon Target
Barclays Bank PLC	$	423,077	$	(421,820	)	$	—		$	1,257
Barclays Capital, Inc.		140,277		(140,277	)		—			—
BNP Paribas SA		3,912,986		(3,888,056	)		—			24,930	(b)
BofA Securities, Inc.		978,082		(978,082	)		—			—
Citigroup Global Markets, Inc.		1,423,499		(1,423,499	)		—			—
Goldman Sachs & Co. LLC		920,992		(920,992	)		—			—
HSBC Bank PLC		432,421		(432,421	)		—			—
J.P. Morgan Securities LLC		250,838		(250,838	)		—			—
Macquarie Bank Ltd.		81,559		(81,559	)		—			—
National Financial Services LLC		132,378		(132,378	)		—			—
Toronto-Dominion Bank		205,182		(203,069	)		—			2,113
UBS AG		199,622		(190,729	)		—			8,893
	$	9,100,913	$	(9,063,720	)	$	—		$	37,193
MSCI All Country Asia ex Japan
Barclays Capital, Inc.	$	1,208,687	$	(1,208,687	)	$	—		$	—
BNP Paribas SA		123,102		(123,102	)		—			—
BofA Securities, Inc.		13,924,976		(13,924,976	)		—			—
Citigroup Global Markets, Inc.		14,061		(14,061	)		—			—
Goldman Sachs & Co. LLC		2,230,774		(2,230,774	)		—			—
HSBC Bank PLC		64,556		(64,556	)		—			—
J.P. Morgan Securities LLC		8,168,838		(8,168,838	)		—			—
Jefferies LLC		170,858		(170,858	)		—			—
Macquarie Bank Ltd.		2,735,037		(2,735,037	)		—			—
Morgan Stanley		22,567,545		(22,567,545	)		—			—
State Street Bank & Trust Co.		980,927		(980,927	)		—			—
Toronto-Dominion Bank		32,354		(32,354	)		—			—
UBS AG		520,304		(520,304	)		—			—
	$	52,742,019	$	(52,742,019	)	$	—		$	—

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Notes to Financial Statements (unaudited)(continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Europe Financials
Morgan Stanley	$	789,927	$	(789,927	)	$	—		$	—
	$	789,927	$	(789,927	)	$	—		$	—
MSCI Europe Small-Cap
Barclays Capital, Inc.	$	324,690	$	(324,690	)	$	—		$	—
BNP Paribas SA		177,726		(177,726	)		—			—
BofA Securities, Inc.		564,708		(564,708	)		—			—
Citigroup Global Markets, Inc.		211,446		(211,446	)		—			—
Goldman Sachs & Co. LLC		1,317,437		(1,317,437	)		—			—
HSBC Bank PLC		1,114,785		(1,114,785	)		—			—
J.P. Morgan Securities LLC		679,271		(679,271	)		—			—
Jefferies LLC		7,800		(7,800	)		—			—
Macquarie Bank Ltd.		65,962		(65,962	)		—			—
Morgan Stanley		1,046,377		(1,046,377	)		—			—
Scotia Capital (USA), Inc.		41,097		(41,097	)		—			—
UBS AG		261,801		(261,801	)		—			—
	$	5,813,100	$	(5,813,100	)	$	—		$	—
MSCI Kokusai
Barclays Bank PLC	$	34,019	$	(33,814	)	$	—		$	205	(b)
Barclays Capital, Inc.		125,125		(125,125	)		—			—
BNP Paribas SA		50,845		(50,845	)		—			—
BofA Securities, Inc.		106,388		(106,388	)		—			—
Citigroup Global Markets, Inc.		110,665		(110,665	)		—			—
Goldman Sachs & Co. LLC		142,890		(142,890	)		—			—
HSBC Bank PLC		57,361		(57,361	)		—			—
J.P. Morgan Securities LLC		27,967		(27,967	)		—			—
Jefferies LLC		14,503		(14,196	)		—			307	(b)
Morgan Stanley		326,744		(326,744	)		—			—
National Financial Services LLC		771		(771	)		—			—
RBC Capital Markets LLC		96,646		(96,646	)		—			—
Toronto-Dominion Bank		103,359		(103,205	)		—			154	(b)
UBS AG		28,927		(28,927	)		—			—
	$	1,226,210	$	(1,225,544	)	$	—		$	666

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

^(b)  The market value of the loaned securities is determined as of January 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or

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Notes to Financial Statements (unaudited)(continued)

payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI ACWI ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI ACWI Low Carbon Target		0.20	%
MSCI Europe Financials		0.48
MSCI Europe Small-Cap		0.40
MSCI Kokusai		0.25

For its investment advisory services to the iShares MSCI All Country Asia ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

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

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

For six months ended January 31, 2023, there were no fees waived by BFA pursuant to these arrangements.

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

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 109

Notes to Financial Statements (unaudited)(continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI ACWI	$	196,563
MSCI ACWI Low Carbon Target		6,543
MSCI All Country Asia ex Japan		88,024
MSCI Europe Financials		1,695
MSCI Europe Small-Cap		18,361
MSCI Kokusai		1,689

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

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

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI ACWI	$	52,677,519	$	43,222,795	$	(35,158,123	)
MSCI ACWI Low Carbon Target		42,497,677		48,121,666		(6,460,844	)
MSCI All Country Asia ex Japan		2,947,425		4,798,752		(6,816,200	)
MSCI Europe Financials		6,003,347		6,775,681		(4,353,786	)
MSCI Europe Small-Cap		729,351		1,883,303		128,871
MSCI Kokusai		231,693		296,352		(276,455	)

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

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

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Notes to Financial Statements (unaudited)(continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI ACWI	$	626,133,125	$	401,741,978
MSCI ACWI Low Carbon Target		102,620,806		103,246,667
MSCI All Country Asia ex Japan		336,197,492		330,622,242
MSCI Europe Financials		32,682,804		24,600,497
MSCI Europe Small-Cap		7,176,517		5,934,282
MSCI Kokusai		3,316,286		2,617,456

For the six months ended January 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI ACWI	$	2,262,324,909	$	1,431,347,178
MSCI ACWI Low Carbon Target		—		24,259,771
MSCI All Country Asia ex Japan		35,514,322		201,322,349
MSCI Europe Financials		321,918,760		113,256,670
MSCI Europe Small-Cap		5,257,771		7,165,673
MSCI Kokusai		20,726,000		—

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Amounts
MSCI ACWI	$	793,376,570
MSCI ACWI Low Carbon Target		52,107,059
MSCI All Country Asia ex Japan		894,256,066
MSCI Europe Financials		115,336,611
MSCI Europe Small-Cap		10,387,306
MSCI Kokusai		24,443,796

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

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI ACWI	$	17,337,633,487	$	3,599,659,204	$	(1,165,666,773	)	$	2,433,992,431
MSCI ACWI Low Carbon Target		884,829,838		96,772,563		(82,189,936	)		14,582,627
MSCI All Country Asia ex Japan		3,302,669,693		158,263,408		(142,769,999	)		15,493,409
MSCI Europe Financials		1,578,044,980		56,586,108		(147,440,165	)		(90,854,057	)
MSCI Europe Small-Cap		161,266,548		4,205,384		(48,812,481	)		(44,607,097	)
MSCI Kokusai		221,971,058		6,253,005		(36,279,105	)		(30,026,100	)

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Notes to Financial Statements (unaudited)(continued)

9. LINE OF CREDIT

The iShares MSCI ACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $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 six month ended January 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI ACWI Low Carbon Target	$	2,360,000	$	89,783		4.91	%
MSCI All Country Asia ex Japan		9,000,000		342,391		4.91

10. PRINCIPAL RISKS

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited)(continued)

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

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 113

Notes to Financial Statements (unaudited)(continued)

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.

MSCI Europe Financials invests a significant portion of its assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors including, among others, changes in government regulations, economic conditions, interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Fund.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI ACWI
Shares sold		30,200,000		$	2,586,802,570			42,600,000		$	4,227,601,620
Shares redeemed		(17,800,000	)		(1,532,597,143	)		(6,800,000	)		(710,323,281	)
		12,400,000		$	1,054,205,427			35,800,000		$	3,517,278,339
MSCI ACWI Low Carbon Target
Shares sold		—		$	14,632			2,650,000		$	451,305,999
Shares redeemed		(200,000	)		(26,599,008	)		(1,600,000	)		(232,579,062	)
		(200,000	)	$	(26,584,376	)		1,050,000		$	218,726,937
MSCI All Country Asia ex Japan
Shares sold		4,000,000		$	289,003,991			7,200,000		$	600,595,116
Shares redeemed		(7,000,000	)		(458,454,055	)		(21,600,000	)		(1,742,742,394	)
		(3,000,000	)	$	(169,450,064	)		(14,400,000	)	$	(1,142,147,278	)
MSCI Europe Financials
Shares sold		21,650,000		$	331,433,302			35,100,000		$	734,872,943
Shares redeemed		(7,400,000	)		(115,588,961	)		(52,700,000	)		(897,800,368	)
		14,250,000		$	215,844,341			(17,600,000	)	$	(162,927,425	)
MSCI Europe Small-Cap
Shares sold		100,000		$	5,347,337			500,000		$	35,879,764
Shares redeemed		(150,000	)		(7,345,470	)		(4,600,000	)		(298,986,745	)
		(50,000	)	$	(1,998,133	)		(4,100,000	)	$	(263,106,981	)
MSCI Kokusai
Shares sold		250,000		$	21,573,565			39,500,000		$	3,704,423,261
Shares redeemed		—			—			(42,550,000	)		(4,092,306,918	)
		250,000		$	21,573,565			(3,050,000	)	$	(387,883,657	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also

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Notes to Financial Statements (unaudited)(continued)

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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 MSCI Europe Financials ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

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

13. SUBSEQUENT EVENTS

Management 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 115

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF, iShares MSCI Europe Small-Cap ETF and iShares MSCI Kokusai ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 117

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

118 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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

Investing involves risk, including possible loss of principal.

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

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

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

iS-SAR-705-0123

        

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

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

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

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

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

· iShares MSCI EAFE ETF | EFA | NYSE Arca

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

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

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

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(0.44	)%		(8.22	)%
U.S. small cap equities (Russell 2000® Index)		3.25			(3.38	)
International equities (MSCI Europe, Australasia, Far East Index)		9.52			(2.83	)
Emerging market equities (MSCI Emerging Markets Index)		4.92			(12.12	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.58			1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(5.60	)		(11.62	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.37	)		(8.36	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.73			(3.25	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		1.46			(5.22	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		84
Statements of Operations		86
Statements of Changes in Net Assets		88
Financial Highlights		91
Notes to Financial Statements		97
Statement Regarding Liquidity Risk Management Program		108
Supplemental Information		109
General Information		110
Glossary of Terms Used in this Report		111

3

Fund Summary as of January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.59	%		0.49	%		5.27	%		6.32	%		0.49	%		29.26	%		59.24	%
Fund Market		6.59			0.45			5.24			6.32			0.45			29.10			59.28
Index		6.82			0.69			5.26			6.33			0.69			29.22			59.29

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,065.90	$        0.16			$        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.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		100.0	%
Forward foreign currency exchange contracts, net cumulative depreciation		(1.4	)
Other assets less liabilities		1.4

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		21.0	%
Industrials		12.2
Consumer Discretionary		11.9
Information Technology		11.3
Health Care		9.3
Consumer Staples		8.6
Materials		8.5
Communication Services		6.0
Energy		5.8
Utilities		3.2
Real Estate		2.2

^(a)  Excludes money market funds.

4 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE^® 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.82	%		5.36	%		6.91	%		8.07	%		5.36	%		39.69	%		101.19	%
Fund Market		7.88			5.31			6.90			8.07			5.31			39.62			101.08
Index		7.94			5.47			6.87			8.08			5.47			39.41			101.27

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,078.20	$        0.16			$        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.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		100.0	%
Short-term Investments		33.4
Forward foreign currency exchange contracts, net cumulative depreciation		(1.4	)
Other assets less liabilities		(32.0	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials		19.0	%
Industrials		15.1
Health Care		12.8
Consumer Discretionary		11.7
Consumer Staples		10.1
Information Technology		8.2
Materials		8.0
Energy		4.7
Communication Services		4.5
Utilities		3.3
Real Estate		2.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		4.49	%		(0.08	)%		5.17	%		7.90	%		(0.08	)%		28.67	%		78.12	%
Fund Market		4.62			(0.14	)		5.17			7.89			(0.14	)		28.68			78.07
Index		4.64			0.21			5.27			7.96			0.21			29.27			78.75

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,044.90	$        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.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		100.0	%
Short-term Investments		0.1
Forward foreign currency exchange contracts, net cumulative depreciation		(1.5	)
Other assets less liabilities		1.4

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Industrials	23.0	%
Consumer Discretionary	12.4
Financials	11.9
Real Estate	10.9
Materials	9.8
Information Technology	9.3
Health Care	6.7
Consumer Staples	6.2
Communication Services	4.0
Utilities	3.0
Energy	2.8

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF

Investment Objective

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.69	%		(6.31	)%		1.34	%		4.14	%		(6.31	)%		6.89	%		50.00	%
Fund Market		7.41			(6.15	)		1.41			4.14			(6.15	)		7.24			50.05
Index		7.63			(5.72	)		1.36			4.20			(5.72	)		7.00			50.84

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,076.90	$        1.78			$        1,000.00	$        1,023.50	$        1.73		0.34	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	21.0	%
Industrials	12.2
Consumer Discretionary	11.9
Information Technology	11.3
Health Care	9.3
Consumer Staples	8.6
Materials	8.5
Communication Services	6.0
Energy	5.8
Utilities	3.2
Real Estate	2.2

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	13.8	%
United Kingdom	9.7
China	9.4
Canada	7.8
France	7.7
Switzerland	6.6
Germany	5.4
Australia	5.2
Taiwan	4.1
India	3.7

F U N D   S U M M A R Y 7

Fund Summary as of January 31, 2023 iShares^® MSCI EAFE ETF

Investment Objective

The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.37	%		(3.24	)%		2.26	%		4.97	%		(3.24	)%		11.81	%		62.36	%
Fund Market		9.30			(3.12	)		2.32			4.96			(3.12	)		12.16			62.30
Index		9.52			(2.83	)		2.13			4.95			(2.83	)		11.12			62.11

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,093.70	$        1.69			$        1,000.00	$        1,023.60	$        1.63		0.32	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.0	%
Industrials	15.1
Health Care	12.8
Consumer Discretionary	11.7
Consumer Staples	10.1
Information Technology	8.2
Materials	8.0
Energy	4.7
Communication Services	4.5
Utilities	3.3
Real Estate	2.6

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	21.5	%
United Kingdom	15.2
France	12.0
Switzerland	10.3
Germany	8.3
Australia	8.1
Netherlands	4.6
Sweden	3.3
Hong Kong	2.9
Denmark	2.8

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.05	%		(9.15	)%		0.42	%		6.37	%		(9.15	)%		2.10	%		85.48	%
Fund Market		5.03			(9.22	)		0.47			6.37			(9.22	)		2.36			85.50
Index		5.25			(8.85	)		0.40			6.43			(8.85	)		2.00			86.52

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,050.50	$        2.02			$        1,000.00	$        1,023.20	$        1.99		0.39	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	23.0	%
Consumer Discretionary	12.4
Financials	11.9
Real Estate	10.9
Materials	9.8
Information Technology	9.3
Health Care	6.7
Consumer Staples	6.2
Communication Services	4.0
Utilities	3.0
Energy	2.8

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	30.8	%
United Kingdom	14.8
Australia	10.5
Sweden	5.6
Germany	4.8
Switzerland	4.6
France	3.6
Italy	3.3
Israel	2.7
Netherlands	2.3

F U N D   S U M M A R Y 9

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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.

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.0%
iShares MSCI ACWI ex U.S. ETF(a)		3,273,956		$  162,257,259
Total Investments in Securities — 100.0% (Cost: $153,471,690)				162,257,259
Liabilities in Excess of Other Assets — 0.0%				(60,411	)
Net Assets — 100.0%				$  162,196,848

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(23,270	)(b)	$	23,270		$	—	$	—		—	$	39,072	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)		210,000		—		(210,000	)(b)		—			—		—		—		8,109			—
iShares MSCI ACWI ex U.S. ETF		120,412,275		62,323,759		(33,942,861	)		(4,783,859	)		18,247,945		162,257,259		3,273,956		1,070,635			—
								$	(4,760,589	)	$	18,247,945	$	162,257,259			$	1,117,816		$	—
(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold). (c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	11,334,000	USD	7,986,322	BNP Paribas SA		02/03/23	$	14,125
AUD	44,000	USD	29,996	HSBC Bank PLC		02/03/23		1,063
AUD	396,000	USD	268,881	UBS AG		02/03/23		10,647
BRL	215,000	USD	40,721	Morgan Stanley & Co. International PLC		02/03/23		1,623
BRL	12,062,000	USD	2,368,232	State Street Bank and Trust Co.		02/03/23		7,379
CAD	15,995,000	USD	11,987,128	HSBC Bank PLC		02/03/23		34,343
CAD	1,109,000	USD	818,614	Morgan Stanley & Co. International PLC		02/03/23		14,885
CHF	451,000	USD	489,040	Bank of America N.A.		02/03/23		3,640
CHF	9,186,000	USD	9,998,367	State Street Bank and Trust Co.		02/03/23		36,574
CLP	246,967,000	USD	309,049	JPMorgan Chase Bank N.A.		02/03/23		1,109
CLP	37,945,000	USD	44,204	Morgan Stanley & Co. International PLC		02/03/23		3,450
CNH	310,000	USD	44,908	Barclays Bank PLC		02/03/23		986
CNH	15,265,000	USD	2,259,345	HSBC Bank PLC		02/03/23		584
DKK	9,000	USD	1,295	Bank of America N.A.		02/03/23		20
DKK	20,128,000	USD	2,938,704	Morgan Stanley & Co. International PLC		02/03/23		3,035
EUR	1,411,000	USD	1,509,214	Bank of America N.A.		02/03/23		24,866
EUR	30,074,000	USD	32,661,868	State Street Bank and Trust Co.		02/03/23		35,457
GBP	481,000	USD	579,077	Bank of America N.A.		02/03/23		13,937

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	12,417,000	USD	15,286,904	JPMorgan Chase Bank N.A.		02/03/23	$	21,717
ILS	1,647,000	USD	476,647	BNP Paribas SA		02/03/23		525
ILS	113,000	USD	32,071	Morgan Stanley & Co. International PLC		02/03/23		667
INR	15,768,000	USD	190,063	Morgan Stanley & Co. International PLC		02/03/23		2,440
JPY	1,688,000	USD	12,938	BNP Paribas SA		02/03/23		32
JPY	189,655,000	USD	1,442,966	Citibank N.A.		02/03/23		14,267
KRW	7,606,606,000	USD	6,162,688	JPMorgan Chase Bank N.A.		02/03/23		11,713
KRW	756,361,000	USD	601,427	Morgan Stanley & Co. International PLC		02/03/23		12,523
MXN	519,000	USD	26,490	State Street Bank and Trust Co.		02/03/23		1,067
NOK	7,465,000	USD	747,378	State Street Bank and Trust Co.		02/03/23		533
NZD	300,000	USD	193,877	Bank of America N.A.		02/03/23		46
SEK	34,272,000	USD	3,273,415	State Street Bank and Trust Co.		02/03/23		4,026
SGD	1,756,000	USD	1,336,072	Bank of America N.A.		02/03/23		533
SGD	37,000	USD	27,604	JPMorgan Chase Bank N.A.		02/03/23		559
THB	353,000	USD	10,288	Morgan Stanley & Co. International PLC		02/03/23		407
TWD	181,443,000	USD	6,038,037	JPMorgan Chase Bank N.A.		02/03/23		4,740
TWD	10,983,000	USD	358,232	Morgan Stanley & Co. International PLC		02/03/23		7,546
USD	14,212	AUD	20,000	JPMorgan Chase Bank N.A.		02/03/23		94
USD	4,991	DKK	34,000	Bank of America N.A.		02/03/23		22
USD	4,970	DKK	34,000	HSBC Bank PLC		02/03/23		1
USD	58,962	EUR	54,000	HSBC Bank PLC		02/03/23		252
USD	58,712	EUR	54,000	State Street Bank and Trust Co.		02/03/23		2
USD	26,042	GBP	21,000	BNP Paribas SA		02/03/23		152
USD	26,038	GBP	21,000	HSBC Bank PLC		02/03/23		148
USD	25,985	GBP	21,000	JPMorgan Chase Bank N.A.		02/03/23		95
USD	74,998	HKD	587,000	Bank of America N.A.		02/03/23		132
USD	923,715	HKD	7,205,000	HSBC Bank PLC		02/03/23		4,788
USD	12,398,608	HKD	96,711,000	State Street Bank and Trust Co.		02/03/23		64,077
USD	889	ILS	3,000	Barclays Bank PLC		02/03/23		20
USD	1,774	ILS	6,000	State Street Bank and Trust Co.		02/03/23		36
USD	31,533	INR	2,564,000	Morgan Stanley & Co. International PLC		02/03/23		231
USD	37,959	JPY	4,914,000	Citibank N.A.		02/03/23		201
USD	36,818	JPY	4,765,000	JPMorgan Chase Bank N.A.		02/03/23		206
USD	11,140	KRW	13,708,000	Morgan Stanley & Co. International PLC		02/03/23		13
USD	1,914	MXN	36,000	HSBC Bank PLC		02/03/23		2
USD	2,435	NOK	24,000	Barclays Bank PLC		02/03/23		30
USD	787,999	NOK	7,753,000	Citibank N.A.		02/03/23		11,234
USD	8,359	NOK	82,000	Morgan Stanley & Co. International PLC		02/03/23		143
USD	648	NZD	1,000	Barclays Bank PLC		02/03/23		2
USD	649	NZD	1,000	BNP Paribas SA		02/03/23		2
USD	647	NZD	1,000	State Street Bank and Trust Co.		02/03/23		1
USD	17,765	SEK	182,000	Barclays Bank PLC		02/03/23		360
USD	3,347,979	SEK	34,820,000	BNP Paribas SA		02/03/23		18,132
USD	60,777	SEK	633,000	Citibank N.A.		02/03/23		243
USD	2,285	SGD	3,000	State Street Bank and Trust Co.		02/03/23		1
USD	5,105	THB	167,000	UBS AG		02/03/23		45
USD	1,631,275	ZAR	27,832,000	Citibank N.A.		02/03/23		31,878
USD	2,841	ZAR	49,000	HSBC Bank PLC		02/03/23		25
USD	410	ZAR	7,000	JPMorgan Chase Bank N.A.		02/03/23		7
USD	5,722	ZAR	98,000	State Street Bank and Trust Co.		02/03/23		90
ZAR	27,427,000	USD	1,573,642	BNP Paribas SA		02/03/23		2,481
MYR	42,000	USD	9,609	Morgan Stanley & Co. International PLC		02/07/23		251
MYR	2,965,000	USD	696,009	State Street Bank and Trust Co.		02/07/23		64

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,174	MYR	5,000	Morgan Stanley & Co. International PLC		02/07/23	$	1
AUD	116,000	USD	81,934	Citibank N.A.		03/03/23		40
BRL	96,000	USD	18,779	Morgan Stanley & Co. International PLC		03/03/23		34
CAD	246,000	USD	184,900	Citibank N.A.		03/03/23		24
CHF	35,000	USD	38,286	Citibank N.A.		03/03/23		64
CLP	2,349,000	USD	2,934	Morgan Stanley & Co. International PLC		03/03/23		3
DKK	411,000	USD	60,127	Morgan Stanley & Co. International PLC		03/03/23		61
EUR	370,000	USD	402,985	State Street Bank and Trust Co.		03/03/23		16
ILS	28,000	USD	8,118	Barclays Bank PLC		03/03/23		1
ILS	13,000	USD	3,765	BNP Paribas SA		03/03/23		4
KRW	264,227,000	USD	214,394	Morgan Stanley & Co. International PLC		03/03/23		76
MYR	9,000	USD	2,117	Morgan Stanley & Co. International PLC		03/03/23		1
NOK	90,000	USD	9,015	Morgan Stanley & Co. International PLC		03/03/23		14
NOK	250,000	USD	25,064	UBS AG		03/03/23		16
SGD	22,000	USD	16,754	Morgan Stanley & Co. International PLC		03/03/23		1
TRY	142,000	USD	7,440	JPMorgan Chase Bank N.A.		03/03/23		1
USD	8,641	DKK	59,000	HSBC Bank PLC		03/03/23		—
USD	13,334,449	HKD	104,361,000	State Street Bank and Trust Co.		03/03/23		3,584
USD	1,950,897	HKD	15,268,000	UBS AG		03/03/23		593
USD	6,321,690	INR	517,778,000	JPMorgan Chase Bank N.A.		03/03/23		480
USD	21,673,994	JPY	2,807,595,000	HSBC Bank PLC		03/03/23		19,399
USD	798,237	JPY	103,404,000	UBS AG		03/03/23		696
USD	1,142,713	MXN	21,595,000	JPMorgan Chase Bank N.A.		03/03/23		1,789
USD	1,003,038	THB	32,916,000	Citibank N.A.		03/03/23		2,864
USD	633,860	TWD	18,971,000	Morgan Stanley & Co. International PLC		03/03/23		84
ZAR	454,000	USD	25,988	JPMorgan Chase Bank N.A.		03/03/23		37
								456,408
HKD	104,503,000	USD	13,332,022	State Street Bank and Trust Co.		02/03/23		(3,699	)
INR	517,778,000	USD	6,332,282	JPMorgan Chase Bank N.A.		02/03/23		(11,011	)
JPY	2,807,595,000	USD	21,592,616	HSBC Bank PLC		02/03/23		(20,183	)
MXN	19,745,000	USD	1,050,095	JPMorgan Chase Bank N.A.		02/03/23		(1,712	)
NOK	394,000	USD	40,048	Bank of America N.A.		02/03/23		(574	)
SEK	1,363,000	USD	131,057	Bank of America N.A.		02/03/23		(713	)
THB	32,916,000	USD	1,001,055	Citibank N.A.		02/03/23		(3,794	)
TRY	5,514,000	USD	292,947	BNP Paribas SA		02/03/23		(4	)
USD	7,953,045	AUD	11,714,000	Bank of America N.A.		02/03/23		(315,636	)
USD	14,055	AUD	20,000	Citibank N.A.		02/03/23		(63	)
USD	13,945	AUD	20,000	HSBC Bank PLC		02/03/23		(173	)
USD	2,330,557	BRL	12,277,000	Morgan Stanley & Co. International PLC		02/03/23		(87,399	)
USD	20,916	CAD	28,000	Barclays Bank PLC		02/03/23		(128	)
USD	12,584,260	CAD	17,048,000	HSBC Bank PLC		02/03/23		(228,622	)
USD	20,934	CAD	28,000	State Street Bank and Trust Co.		02/03/23		(111	)
USD	115,144	CHF	106,000	Bank of America N.A.		02/03/23		(652	)
USD	17,364	CHF	16,000	Citibank N.A.		02/03/23		(115	)
USD	10,299,455	CHF	9,499,000	JPMorgan Chase Bank N.A.		02/03/23		(77,413	)
USD	17,407	CHF	16,000	State Street Bank and Trust Co.		02/03/23		(72	)
USD	332,010	CLP	284,912,000	Morgan Stanley & Co. International PLC		02/03/23		(25,802	)
USD	2,241,004	CNH	15,471,000	BNP Paribas SA		02/03/23		(49,423	)
USD	7,101	CNH	49,000	HSBC Bank PLC		02/03/23		(153	)
USD	8,112	CNH	55,000	JPMorgan Chase Bank N.A.		02/03/23		(30	)
USD	2,832,809	DKK	19,691,000	Barclays Bank PLC		02/03/23		(45,061	)
USD	49,618	DKK	344,000	Bank of America N.A.		02/03/23		(658	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)    

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,964	DKK	34,000	HSBC Bank PLC		02/03/23	$	(5	)
USD	32,947,127	EUR	30,804,000	BNP Paribas SA		02/03/23		(543,875	)
USD	557,575	EUR	520,000	Bank of America N.A.		02/03/23		(7,784	)
USD	57,575	EUR	53,000	HSBC Bank PLC		02/03/23		(48	)
USD	15,451,696	GBP	12,835,000	Bank of America N.A.		02/03/23		(372,266	)
USD	490,650	ILS	1,729,000	Citibank N.A.		02/03/23		(10,279	)
USD	6,252	ILS	22,000	HSBC Bank PLC		02/03/23		(122	)
USD	6,400,412	INR	530,982,000	Morgan Stanley & Co. International PLC		02/03/23		(82,060	)
USD	22,704,408	JPY	2,984,449,000	BNP Paribas SA		02/03/23		(226,900	)
USD	36,849	JPY	4,810,000	JPMorgan Chase Bank N.A.		02/03/23		(109	)
USD	6,639,870	KRW	8,349,259,000	Morgan Stanley & Co. International PLC		02/03/23		(137,354	)
USD	1,030,693	MXN	20,193,000	Citibank N.A.		02/03/23		(41,478	)
USD	1,849	MXN	35,000	UBS AG		02/03/23		(9	)
USD	186,011	NZD	294,000	BNP Paribas SA		02/03/23		(4,033	)
USD	1,265	NZD	2,000	Bank of America N.A.		02/03/23		(28	)
USD	633	NZD	1,000	JPMorgan Chase Bank N.A.		02/03/23		(13	)
USD	747	SGD	1,000	Bank of America N.A.		02/03/23		(14	)
USD	2,275	SGD	3,000	HSBC Bank PLC		02/03/23		(8	)
USD	1,332,326	SGD	1,786,000	State Street Bank and Trust Co.		02/03/23		(27,115	)
USD	14,468	THB	498,000	Barclays Bank PLC		02/03/23		(620	)
USD	948,825	THB	32,604,000	Citibank N.A.		02/03/23		(38,984	)
USD	229,469	TRY	4,410,000	Citibank N.A.		02/03/23		(4,821	)
USD	478	TRY	9,000	JPMorgan Chase Bank N.A.		02/03/23		—
USD	56,952	TRY	1,095,000	Morgan Stanley & Co. International PLC		02/03/23		(1,222	)
USD	6,276,311	TWD	192,426,000	Morgan Stanley & Co. International PLC		02/03/23		(132,243	)
ZAR	559,000	USD	32,779	Morgan Stanley & Co. International PLC		02/03/23		(655	)
USD	686,785	MYR	3,002,000	Morgan Stanley & Co. International PLC		02/07/23		(17,975	)
CNH	58,000	USD	8,603	UBS AG		03/03/23		(2	)
GBP	61,000	USD	75,252	Citibank N.A.		03/03/23		—
HKD	5,040,000	USD	643,982	Bank of America N.A.		03/03/23		(182	)
IDR	120,366,000	USD	8,019	Morgan Stanley & Co. International PLC		03/03/23		—
INR	33,595,000	USD	410,289	Morgan Stanley & Co. International PLC		03/03/23		(150	)
JPY	23,525,000	USD	181,463	Deutsche Bank Securities Inc.		03/03/23		(17	)
MXN	235,000	USD	12,421	Citibank N.A.		03/03/23		(5	)
MYR	20,000	USD	4,707	Morgan Stanley & Co. International PLC		03/03/23		(1	)
NZD	2,000	USD	1,294	Deutsche Bank Securities Inc.		03/03/23		—
SEK	305,000	USD	29,215	Barclays Bank PLC		03/03/23		(2	)
THB	216,000	USD	6,585	BNP Paribas SA		03/03/23		(21	)
THB	300,000	USD	9,157	HSBC Bank PLC		03/03/23		(41	)
TRY	287,000	USD	15,057	BNP Paribas SA		03/03/23		(18	)
USD	8,425,523	AUD	11,944,000	BNP Paribas SA		03/03/23		(14,939	)
USD	8,594	BRL	44,000	Morgan Stanley & Co. International PLC		03/03/23		(29	)
USD	2,356,527	BRL	12,062,000	State Street Bank and Trust Co.		03/03/23		(7,275	)
USD	571,183	CAD	762,000	Citibank N.A.		03/03/23		(1,630	)
USD	11,989,356	CAD	15,995,000	HSBC Bank PLC		03/03/23		(34,448	)
USD	316,627	CHF	290,000	Morgan Stanley & Co. International PLC		03/03/23		(1,131	)
USD	10,028,494	CHF	9,186,000	State Street Bank and Trust Co.		03/03/23		(36,774	)
USD	307,732	CLP	246,967,000	JPMorgan Chase Bank N.A.		03/03/23		(1,101	)
USD	6,869	CLP	5,520,000	Morgan Stanley & Co. International PLC		03/03/23		(33	)
USD	2,408,409	CNH	16,245,000	HSBC Bank PLC		03/03/23		(810	)
USD	2,944,483	DKK	20,128,000	Morgan Stanley & Co. International PLC		03/03/23		(3,117	)
USD	2,277,358	EUR	2,093,000	Bank of America N.A.		03/03/23		(2,319	)
USD	32,720,753	EUR	30,074,000	State Street Bank and Trust Co.		03/03/23		(35,592	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Forward Foreign Currency Exchange Contracts (continued)    

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	15,296,266	GBP	12,417,000	JPMorgan Chase Bank N.A.		03/03/23	$	(21,761	)
USD	229,127	GBP	186,000	UBS AG		03/03/23		(329	)
USD	843,226	IDR	12,684,990,000	Morgan Stanley & Co. International PLC		03/03/23		(1,873	)
USD	476,980	ILS	1,647,000	BNP Paribas SA		03/03/23		(581	)
USD	696,909	MYR	2,965,000	State Street Bank and Trust Co.		03/03/23		(656	)
USD	748,322	NOK	7,465,000	State Street Bank and Trust Co.		03/03/23		(551	)
USD	199,756	NZD	309,000	Bank of America N.A.		03/03/23		(45	)
USD	3,278,456	SEK	34,272,000	State Street Bank and Trust Co.		03/03/23		(4,095	)
USD	166,071	SEK	1,736,000	UBS AG		03/03/23		(202	)
USD	1,336,805	SGD	1,756,000	Bank of America N.A.		03/03/23		(597	)
USD	40,348	SGD	53,000	Morgan Stanley & Co. International PLC		03/03/23		(18	)
USD	288,586	TRY	5,514,000	BNP Paribas SA		03/03/23		(348	)
USD	6,060,625	TWD	181,443,000	JPMorgan Chase Bank N.A.		03/03/23		(955	)
USD	1,672,676	ZAR	29,225,000	BNP Paribas SA		03/03/23		(2,636	)
KRW	161,463,000	USD	131,152	Morgan Stanley & Co. International PLC		03/06/23		(81	)
USD	6,169,186	KRW	7,606,606,000	JPMorgan Chase Bank N.A.		03/06/23		(5,615	)
								(2,703,201	)
							$	(2,246,793	)

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	$	—	$	—	$	—	$	456,408	$	—	$	—	$	456,408
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,703,201	$	—	$	—	$	2,703,201

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(882,428	)	$	—	$	—	$	(882,428	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—		—	$	—	$	(2,410,689	)	$	—	$	—	$	(2,410,689	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	145,181,260
Average amounts sold — in USD	$	286,616,413

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 15

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. 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	$	456,408	$	2,703,201
Total derivative assets and liabilities in the Statement of Assets and Liabilities		456,408		2,703,201
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		456,408		2,703,201

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	$	43,196	$	(43,196	)	$	—	$	—	$	—
Barclays Bank PLC		1,399		(1,399	)		—		—		—
BNP Paribas SA		35,453		(35,453	)		—		—		—
Citibank N.A.		60,815		(60,815	)		—		—		—
HSBC Bank PLC		60,605		(60,605	)		—		—		—
JPMorgan Chase Bank N.A.		42,547		(42,547	)		—		—		—
Morgan Stanley & Co. International PLC		47,489		(47,489	)		—		—		—
State Street Bank and Trust Co.		152,907		(115,940	)		—		—		36,967
UBS AG		11,997		(542	)		—		—		11,455
	$	456,408	$	(407,986	)	$	—	$	—	$	48,422

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(d)		Net Amount of Derivative Liabilities	(c)(e)
Bank of America N.A.	$	701,468	$	(43,196	)	$	—	$	—		$	658,272
Barclays Bank PLC		45,811		(1,399	)		—		—			44,412
BNP Paribas SA		842,778		(35,453	)		—		—			807,325
Citibank N.A.		101,169		(60,815	)		—		—			40,354
Deutsche Bank Securities Inc.		17		—			—		—			17
HSBC Bank PLC		284,613		(60,605	)		—		—			224,008
JPMorgan Chase Bank N.A.		119,720		(42,547	)		—		—			77,173
Morgan Stanley & Co. International PLC		491,143		(47,489	)		—		(420,000	)		23,654
State Street Bank and Trust Co.		115,940		(115,940	)		—		—			—
UBS AG		542		(542	)		—		—			—
	$	2,703,201	$	(407,986	)	$	—	$	(420,000	)	$	1,875,215

^(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)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e)  Net amount represents the net amount payable due to the counterparty in the event of default.

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI ACWI ex U.S. ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	162,257,259	$	—		$	—	$	162,257,259
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	456,408		$	—	$	456,408
Liabilities
Foreign Currency Exchange Contracts		—		(2,703,201	)		—		(2,703,201	)
	$	—	$	(2,246,793	)	$	—		(2,246,793	)

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.0%
iShares MSCI EAFE ETF(a)(b)		43,236,379	$	3,093,562,918
Total Investment Companies (Cost: $2,896,943,732)				3,093,562,918
Short-Term Securities
Money Market Funds — 33.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(a)(c)(d)		1,031,261,480		1,031,880,236
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(a)(c)		1,290,000		1,290,000
Total Short-Term Securities — 33.4% (Cost: $1,032,971,677)				1,033,170,236
Total Investments in Securities — 133.4% (Cost: $3,929,915,409)				4,126,733,154
Liabilities in Excess of Other Assets — (33.4)%				(1,033,878,709	)
NetAssets — 100.0%			$	3,092,854,445

^(a)  Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,031,544,371	(a)	$	—		$	137,306		$	198,559	$	1,031,880,236		1,031,261,480	$	415,867	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,640,000		—			(1,350,000	)(a)		—			—		1,290,000		1,290,000		151,388			1
iShares MSCI EAFE ETF		3,669,453,789		734,555,195			(1,605,848,992	)		(95,901,930	)		391,304,856		3,093,562,918		43,236,379		11,774,467			—
									$	(95,764,624	)	$	391,503,415	$	4,126,733,154			$	12,341,722		$	1

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	337,646,000	USD	237,905,372	BNP Paribas SA		02/02/23	$	421,990
AUD	318,000	USD	216,845	Citibank N.A.		02/02/23		7,616

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	2,205,000	USD	1,503,120	Morgan Stanley & Co. International PLC	02/02/23	$	53,279
AUD	71,000	USD	49,391	State Street Bank and Trust Co.	02/02/23		724
AUD	13,955,000	USD	9,474,887	UBS AG	02/02/23		375,247
CHF	15,571,000	USD	16,882,500	BNP Paribas SA	02/02/23		125,692
CHF	315,000	USD	341,365	HSBC Bank PLC	02/02/23		2,709
CHF	273,778,000	USD	297,989,660	State Street Bank and Trust Co.	02/02/23		1,057,855
DKK	1,262,000	USD	181,752	BNP Paribas SA	02/02/23		2,678
DKK	564,000	USD	81,389	HSBC Bank PLC	02/02/23		1,035
DKK	599,219,000	USD	87,479,780	JPMorgan Chase Bank N.A.	02/02/23		90,769
EUR	47,419,000	USD	50,719,777	BNP Paribas SA	02/02/23		831,804
EUR	827,000	USD	887,115	Commonwealth Bank of Australia	02/02/23		11,958
EUR	880,189,000	USD	955,929,263	State Street Bank and Trust Co.	02/02/23		968,488
GBP	18,725,000	USD	22,542,822	BNP Paribas SA	02/02/23		542,286
GBP	426,000	USD	516,077	HSBC Bank PLC	02/02/23		9,117
GBP	369,985,000	USD	455,488,534	JPMorgan Chase Bank N.A.	02/02/23		647,297
ILS	49,015,000	USD	14,184,838	BNP Paribas SA	02/02/23		15,616
ILS	46,000	USD	13,111	HSBC Bank PLC	02/02/23		216
ILS	3,886,000	USD	1,102,889	Morgan Stanley & Co. International PLC	02/02/23		22,949
JPY	6,580,149,000	USD	50,053,201	Citibank N.A.	02/02/23		499,167
JPY	356,633,000	USD	2,731,819	HSBC Bank PLC	02/02/23		8,034
NOK	222,115,000	USD	22,237,629	Morgan Stanley & Co. International PLC	02/02/23		14,815
NZD	8,903,000	USD	5,753,564	Morgan Stanley & Co. International PLC	02/02/23		1,334
NZD	8,000	USD	5,082	Nomura Securities International Inc.	02/02/23		89
NZD	2,000	USD	1,273	State Street Bank and Trust Co.	02/02/23		20
SEK	1,021,864,000	USD	97,601,100	JPMorgan Chase Bank N.A.	02/02/23		113,863
SGD	153,000	USD	114,284	BNP Paribas SA	02/02/23		2,173
SGD	52,294,000	USD	39,786,967	Bank of America N.A.	02/02/23		16,656
SGD	11,000	USD	8,328	Morgan Stanley & Co. International PLC	02/02/23		44
SGD	1,430,000	USD	1,066,815	Toronto Dominion Bank	02/02/23		21,630
USD	117,886	AUD	167,000	Bank of New York	02/02/23		9
USD	473,215	AUD	666,000	HSBC Bank PLC	02/02/23		3,119
USD	163,942	DKK	1,117,000	BNP Paribas SA	02/02/23		702
USD	1,912,846	EUR	1,752,000	HSBC Bank PLC	02/02/23		8,158
USD	217,346	GBP	176,000	Bank of America N.A.	02/02/23		365
USD	870,390	GBP	702,000	HSBC Bank PLC	02/02/23		4,930
USD	7,584,411	HKD	59,172,000	HSBC Bank PLC	02/02/23		38,069
USD	76,713,651	HKD	598,401,000	State Street Bank and Trust Co.	02/02/23		398,187
USD	203,329	HKD	1,592,000	UBS AG	02/02/23		298
USD	40,788	ILS	139,000	Citibank N.A.	02/02/23		517
USD	27,315	ILS	92,000	State Street Bank and Trust Co.	02/02/23		661
USD	284,604	ILS	971,000	The Northern Trust Co.	02/02/23		3,290
USD	1,251,199	JPY	162,000,000	Citibank N.A.	02/02/23		6,625
USD	1,798,046	JPY	230,182,000	HSBC Bank PLC	02/02/23		29,660
USD	12,902,501	JPY	1,663,294,000	JPMorgan Chase Bank N.A.	02/02/23		124,150
USD	427,453	NOK	4,227,000	Bank of America N.A.	02/02/23		3,974
USD	23,391,841	NOK	230,161,000	Citibank N.A.	02/02/23		333,313

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	182,969	NOK	1,795,000	Morgan Stanley & Co. International PLC	02/02/23	$	3,138
USD	2,588	NZD	4,000	Citibank N.A.	02/02/23		2
USD	11,016	NZD	17,000	State Street Bank and Trust Co.	02/02/23		28
USD	100,489,171	SEK	1,045,196,000	BNP Paribas SA	02/02/23		543,103
USD	48,353	SEK	503,000	Bank of New York	02/02/23		254
USD	197,880	SEK	2,021,000	Citibank N.A.	02/02/23		4,624
USD	1,505,392	SEK	15,676,000	Morgan Stanley & Co. International PLC	02/02/23		6,386
USD	74,637	SGD	98,000	State Street Bank and Trust Co.	02/02/23		44
AUD	2,594,000	USD	1,832,159	Citibank N.A.	03/02/23		872
AUD	166,000	USD	117,276	HSBC Bank PLC	03/02/23		27
CHF	345,000	USD	377,350	Citibank N.A.	03/02/23		632
CHF	133,000	USD	145,694	HSBC Bank PLC	03/02/23		21
DKK	12,173,000	USD	1,780,703	Morgan Stanley & Co. International PLC	03/02/23		1,820
DKK	278,000	USD	40,703	UBS AG	03/02/23		5
EUR	438,000	USD	476,943	Commonwealth Bank of Australia	03/02/23		93
GBP	176,000	USD	217,033	Citibank N.A.	03/02/23		82
HKD	321,000	USD	41,000	UBS AG	03/02/23		3
ILS	368,000	USD	106,579	BNP Paribas SA	03/02/23		120
ILS	713,000	USD	206,711	Citibank N.A.	03/02/23		19
NOK	2,267,000	USD	227,050	State Street Bank and Trust Co.	03/02/23		360
NOK	7,292,000	USD	731,022	UBS AG	03/02/23		461
NZD	4,000	USD	2,586	HSBC Bank PLC	03/02/23		1
SEK	501,000	USD	47,981	UBS AG	03/02/23		2
SGD	25,000	USD	19,040	BNP Paribas SA	03/02/23		—
SGD	529,000	USD	402,853	Morgan Stanley & Co. International PLC	03/02/23		35
USD	83,513,581	HKD	653,599,000	State Street Bank and Trust Co.	03/02/23		27,309
USD	4,222,316	HKD	33,046,000	UBS AG	03/02/23		1,246
USD	645,386,708	JPY	83,613,914,000	BNP Paribas SA	03/02/23		574,853
USD	23,653,684	JPY	3,064,569,000	UBS AG	03/02/23		20,412
							8,009,129
HKD	659,165,000	USD	84,096,254	State Street Bank and Trust Co.	02/02/23		(31,417	)
ILS	10,000	USD	2,931	State Street Bank and Trust Co.	02/02/23		(34	)
JPY	83,613,914,000	USD	642,961,390	BNP Paribas SA	02/02/23		(592,750	)
JPY	17,275,000	USD	135,405	Societe Generale	02/02/23		(2,689	)
NOK	14,835,000	USD	1,507,867	BNP Paribas SA	02/02/23		(21,632	)
NOK	253,000	USD	25,811	Citibank N.A.	02/02/23		(464	)
SEK	46,117,000	USD	4,433,878	BNP Paribas SA	02/02/23		(23,975	)
SEK	223,000	USD	21,430	Citibank N.A.	02/02/23		(106	)
USD	233,541,419	AUD	343,982,000	BNP Paribas SA	02/02/23		(9,258,207	)
USD	1,215,878	AUD	1,768,000	HSBC Bank PLC	02/02/23		(32,064	)
USD	4,752,981	AUD	6,815,000	State Street Bank and Trust Co.	02/02/23		(57,385	)
USD	538,439	AUD	797,000	UBS AG	02/02/23		(24,123	)
USD	7,634,433	CHF	7,073,000	BNP Paribas SA	02/02/23		(91,400	)
USD	670,954	CHF	626,000	HSBC Bank PLC	02/02/23		(12,825	)
USD	304,972,153	CHF	281,299,000	JPMorgan Chase Bank N.A.	02/02/23		(2,290,545	)
USD	581,935	CHF	534,000	NatWest Markets PLC	02/02/23		(1,353	)
USD	142,654	CHF	132,000	State Street Bank and Trust Co.	02/02/23		(1,530	)
USD	401,307	DKK	2,827,000	BNP Paribas SA	02/02/23		(11,834	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,103	DKK	275,000	Bank of America N.A.	02/02/23	$	(86	)
USD	2,913,085	DKK	20,048,000	Morgan Stanley & Co. International PLC	02/02/23		(16,753	)
USD	82,722,288	DKK	575,087,000	State Street Bank and Trust Co.	02/02/23		(1,321,584	)
USD	245,562	DKK	1,691,000	UBS AG	02/02/23		(1,563	)
USD	13,376,639	EUR	12,477,000	BNP Paribas SA	02/02/23		(187,735	)
USD	478,372	EUR	441,000	Bank of New York	02/02/23		(1,061	)
USD	20,004,095	EUR	18,412,000	Citibank N.A.	02/02/23		(12,517	)
USD	955,319,930	EUR	893,313,000	State Street Bank and Trust Co.	02/02/23		(15,845,582	)
USD	2,157,023	EUR	2,040,000	UBS AG	02/02/23		(60,764	)
USD	452,544,830	GBP	375,924,000	Bank of America N.A.	02/02/23		(10,912,894	)
USD	1,017,100	GBP	849,000	HSBC Bank PLC	02/02/23		(29,589	)
USD	1,046,337	GBP	878,000	NatWest Markets PLC	02/02/23		(36,105	)
USD	9,162,251	GBP	7,497,000	Societe Generale	02/02/23		(80,422	)
USD	2,465,021	GBP	2,039,000	State Street Bank and Trust Co.	02/02/23		(48,759	)
USD	1,315,908	GBP	1,071,000	UBS AG	02/02/23		(4,474	)
USD	14,470,675	ILS	50,999,000	Citibank N.A.	02/02/23		(304,577	)
USD	143,618	ILS	505,000	HSBC Bank PLC	02/02/23		(2,689	)
USD	38,699	ILS	136,000	State Street Bank and Trust Co.	02/02/23		(702	)
USD	32,439	ILS	115,000	The Northern Trust Co.	02/02/23		(879	)
USD	673,060,078	JPY	88,471,833,000	BNP Paribas SA	02/02/23		(6,629,801	)
USD	311,716	JPY	40,662,000	JPMorgan Chase Bank N.A.	02/02/23		(673	)
USD	49,411	NOK	506,000	Citibank N.A.	02/02/23		(1,282	)
USD	51,046	NOK	514,000	NatWest Markets PLC	02/02/23		(449	)
USD	5,497,076	NZD	8,687,000	BNP Paribas SA	02/02/23		(118,199	)
USD	74,023	NZD	117,000	Bank of America N.A.	02/02/23		(1,606	)
USD	25,580	NZD	41,000	HSBC Bank PLC	02/02/23		(922	)
USD	13,937	NZD	22,000	JPMorgan Chase Bank N.A.	02/02/23		(284	)
USD	16,072	NZD	25,000	NatWest Markets PLC	02/02/23		(88	)
USD	229,255	SEK	2,447,000	BNP Paribas SA	02/02/23		(4,738	)
USD	223,823	SEK	2,361,000	Citibank N.A.	02/02/23		(1,946	)
USD	876,544	SGD	1,161,000	BNP Paribas SA	02/02/23		(7,152	)
USD	111,361	SGD	147,000	Citibank N.A.	02/02/23		(528	)
USD	39,148,924	SGD	52,482,000	State Street Bank and Trust Co.	02/02/23		(797,795	)
EUR	8,500,000	USD	9,257,614	Commonwealth Bank of Australia	03/02/23		(65	)
GBP	902,000	USD	1,112,814	BNP Paribas SA	03/02/23		(102	)
HKD	4,854,000	USD	620,197	UBS AG	03/02/23		(180	)
ILS	23,000	USD	6,676	HSBC Bank PLC	03/02/23		(8	)
JPY	491,290,000	USD	3,789,172	BNP Paribas SA	03/02/23		(453	)
JPY	40,541,000	USD	312,655	Citibank N.A.	03/02/23		(12	)
NZD	37,000	USD	23,931	NatWest Markets PLC	03/02/23		(7	)
SEK	6,507,000	USD	623,287	Morgan Stanley & Co. International PLC	03/02/23		(84	)
USD	250,842,394	AUD	355,607,000	BNP Paribas SA	03/02/23		(444,732	)
USD	9,130,964	CHF	8,364,000	Morgan Stanley & Co. International PLC	03/02/23		(32,623	)
USD	298,893,416	CHF	273,778,000	State Street Bank and Trust Co.	03/02/23		(1,057,392	)
USD	469,135	DKK	3,204,000	HSBC Bank PLC	03/02/23		(35	)
USD	87,654,070	DKK	599,219,000	JPMorgan Chase Bank N.A.	03/02/23		(91,093	)
USD	65,140,856	EUR	59,872,000	BNP Paribas SA	03/02/23		(67,136	)
USD	957,661,475	EUR	880,189,000	State Street Bank and Trust Co.	03/02/23		(972,889	)
USD	455,767,502	GBP	369,985,000	JPMorgan Chase Bank N.A.	03/02/23		(648,037	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	6,453,605	GBP	5,239,000	UBS AG	03/02/23	$	(9,255	)
USD	14,194,344	ILS	49,015,000	BNP Paribas SA	03/02/23		(17,228	)
USD	22,265,652	NOK	222,115,000	Morgan Stanley & Co. International PLC	03/02/23		(15,394	)
USD	189,412	NZD	293,000	Bank of America N.A.	03/02/23		(44	)
USD	5,755,398	NZD	8,903,000	Morgan Stanley & Co. International PLC	03/02/23		(1,325	)
USD	97,753,662	SEK	1,021,864,000	JPMorgan Chase Bank N.A.	03/02/23		(114,622	)
USD	4,803,958	SEK	50,220,000	UBS AG	03/02/23		(5,826	)
USD	39,810,289	SGD	52,294,000	Bank of America N.A.	03/02/23		(16,979	)
USD	1,184,537	SGD	1,556,000	Morgan Stanley & Co. International PLC	03/02/23		(517	)
							(52,384,569	)
						$	(44,375,440	)

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	$	—	$	—	$	—	$	8,009,129	$	—	$	—	$	8,009,129
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	52,384,569	$	—	$	—	$	52,384,569

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(11,735,853	)	$	—	$	—	$	(11,735,853	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(49,806,762	)	$	—	$	—	$	(49,806,762	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	3,331,299,798
Average amounts sold — in USD	$	6,607,405,390

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE 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	$	8,009,129	$	52,384,569
Total derivative assets and liabilities in the Statement of Assets and Liabilities		8,009,129		52,384,569
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		8,009,129		52,384,569

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.	$	20,995	$	(20,995	)	$	—	$	—	$	—
Bank of New York		263		(263	)		—		—		—
BNP Paribas SA		3,061,017		(3,061,017	)		—		—		—
Citibank N.A.		853,469		(321,432	)		—		—		532,037
Commonwealth Bank of Australia		12,051		(65	)		—		—		11,986
HSBC Bank PLC		105,096		(78,132	)		—		—		26,964
JPMorgan Chase Bank N.A.		976,079		(976,079	)		—		—		—
Morgan Stanley & Co. International PLC		103,800		(66,696	)		—		—		37,104
Nomura Securities International Inc.		89		—			—		—		89
State Street Bank and Trust Co.		2,453,676		(2,453,676	)		—		—		—
The Northern Trust Co.		3,290		(879	)		—		—		2,411
Toronto Dominion Bank		21,630		—			—		—		21,630
UBS AG		397,674		(106,185	)		—		—		291,489
	$	8,009,129	$	(7,085,419	)	$	—	$	—	$	923,710

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.	$	10,931,609	$	(20,995	)	$	—	$	—	$	10,910,614
Bank of New York		1,061		(263	)		—		—		798
BNP Paribas SA		17,477,074		(3,061,017	)		—		—		14,416,057
Citibank N.A.		321,432		(321,432	)		—		—		—
Commonwealth Bank of Australia		65		(65	)		—		—		—
HSBC Bank PLC		78,132		(78,132	)		—		—		—
JPMorgan Chase Bank N.A.		3,145,254		(976,079	)		—		—		2,169,175
Morgan Stanley & Co. International PLC		66,696		(66,696	)		—		—		—
NatWest Markets PLC		38,002		—			—		—		38,002
Societe Generale		83,111		—			—		—		83,111
State Street Bank and Trust Co.		20,135,069		(2,453,676	)		—		—		17,681,393
The Northern Trust Co.		879		(879	)		—		—		—
UBS AG		106,185		(106,185	)		—		—		—
	$	52,384,569	$	(7,085,419	)	$	—	$	—	$	45,299,150
(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.

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	3,093,562,918	$	—		$	—	$	3,093,562,918
Short-Term Securities
Money Market Funds		1,033,170,236		—			—		1,033,170,236
	$	4,126,733,154	$	—		$	—	$	4,126,733,154
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	8,009,129		$	—	$	8,009,129
Liabilities
Foreign Currency Exchange Contracts		—		(52,384,569	)		—		(52,384,569	)
	$	—	$	(44,375,440	)	$	—		(44,375,440	)

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.0%
iShares MSCI EAFE Small-Cap ETF(a)		1,391,854	$	85,097,954
Total Investment Companies (Cost: $85,036,568)				85,097,954
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(a)(b)		40,000		40,000
Total Short-Term Securities — 0.1% (Cost: $40,000)				40,000
Total Investments in Securities — 100.1% (Cost: $85,076,568)				85,137,954
Liabilities in Excess of Other Assets — (0.1)%				(45,587	)
Net Assets — 100.0%			$	85,092,367

^(a) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	8,343	(b)	$	—		$	(8,343	)	$	—	$	—		—	$	17,176	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,000		—			(30,000	)(b)		—			—		40,000		40,000		5,185			—
iShares MSCI EAFE Small-Cap ETF		107,912,900		28,412,491			(56,133,538	)		(7,280,842	)		12,186,943		85,097,954		1,391,854		—			—
									$	(7,289,185	)	$	12,186,943	$	85,137,954			$	22,361		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	12,438,000	USD	8,760,651	BNP Paribas SA		02/02/23	$	18,709
AUD	1,479,000	USD	1,004,182	UBS AG		02/02/23		39,770
CHF	307,000	USD	332,858	Bank of America N.A.		02/02/23		2,478
CHF	3,619,000	USD	3,938,081	State Street Bank and Trust Co.		02/02/23		14,950
DKK	12,393,000	USD	1,809,150	JPMorgan Chase Bank N.A.		02/02/23		1,977
EUR	894,000	USD	956,161	Bank of America N.A.		02/02/23		15,752
EUR	619,000	USD	671,204	JPMorgan Chase Bank N.A.		02/02/23		1,742

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)    

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	15,170,000	USD	16,475,379	State Street Bank and Trust Co.		02/02/23	$	16,692
GBP	570,000	USD	686,204	Bank of America N.A.		02/02/23		16,520
GBP	10,144,000	USD	12,488,278	JPMorgan Chase Bank N.A.		02/02/23		17,747
GBP	404,000	USD	494,351	State Street Bank and Trust Co.		02/02/23		3,720
ILS	6,801,000	USD	1,968,195	BNP Paribas SA		02/02/23		2,167
ILS	448,000	USD	127,147	Morgan Stanley & Co. International PLC		02/02/23		2,646
JPY	228,275,000	USD	1,736,419	Citibank N.A.		02/02/23		17,317
NOK	18,894,000	USD	1,891,623	Morgan Stanley & Co. International PLC		02/02/23		1,260
NZD	65,000	USD	41,510	BNP Paribas SA		02/02/23		506
NZD	1,652,000	USD	1,067,605	Morgan Stanley & Co. International PLC		02/02/23		248
SEK	47,501,000	USD	4,536,954	JPMorgan Chase Bank N.A.		02/02/23		5,293
SGD	2,130,000	USD	1,620,573	Bank of America N.A.		02/02/23		678
SGD	117,000	USD	87,289	JPMorgan Chase Bank N.A.		02/02/23		1,766
SGD	82,000	USD	62,186	State Street Bank and Trust Co.		02/02/23		229
USD	86,826	AUD	123,000	Bank of New York		02/02/23		7
USD	124,727	GBP	101,000	Bank of America N.A.		02/02/23		209
USD	5,510	HKD	43,000	Barclays Bank PLC		02/02/23		26
USD	146,664	HKD	1,144,000	Bank of America N.A.		02/02/23		767
USD	1,280	HKD	10,000	JPMorgan Chase Bank N.A.		02/02/23		5
USD	1,496,836	HKD	11,676,000	State Street Bank and Trust Co.		02/02/23		7,769
USD	17,104	HKD	134,000	UBS AG		02/02/23		14
USD	1,469	ILS	5,000	JPMorgan Chase Bank N.A.		02/02/23		21
USD	6,741	ILS	23,000	State Street Bank and Trust Co.		02/02/23		78
USD	18,358	JPY	2,350,000	Citibank N.A.		02/02/23		304
USD	83,460	JPY	10,759,000	JPMorgan Chase Bank N.A.		02/02/23		803
USD	6,371	NOK	63,000	Bank of America N.A.		02/02/23		59
USD	2,010,017	NOK	19,779,000	Citibank N.A.		02/02/23		28,471
USD	10,350	NZD	16,000	Citibank N.A.		02/02/23		8
USD	18,760	SEK	195,000	Barclays Bank PLC		02/02/23		113
USD	4,733,755	SEK	49,236,000	BNP Paribas SA		02/02/23		25,600
USD	47,872	SEK	498,000	Bank of New York		02/02/23		251
USD	130,140	SEK	1,355,000	Citibank N.A.		02/02/23		569
AUD	10,000	USD	7,063	Citibank N.A.		03/02/23		4
CHF	20,000	USD	21,875	Citibank N.A.		03/02/23		37
EUR	198,000	USD	215,644	JPMorgan Chase Bank N.A.		03/02/23		2
ILS	67,000	USD	19,424	Barclays Bank PLC		03/02/23		2
ILS	150,000	USD	43,443	BNP Paribas SA		03/02/23		49
NOK	42,000	USD	4,207	Morgan Stanley & Co. International PLC		03/02/23		6
SGD	13,000	USD	9,900	Morgan Stanley & Co. International PLC		03/02/23		1
USD	1,592,970	HKD	12,467,000	State Street Bank and Trust Co.		03/02/23		521
USD	170,830	HKD	1,337,000	UBS AG		03/02/23		50
USD	25,832,738	JPY	3,346,794,000	BNP Paribas SA		03/02/23		23,010
USD	84,046	JPY	10,889,000	UBS AG		03/02/23		73
								270,996
HKD	512,000	USD	65,609	BNP Paribas SA		02/02/23		(313	)
HKD	12,495,000	USD	1,594,063	State Street Bank and Trust Co.		02/02/23		(547	)
ILS	268,000	USD	78,608	Deutsche Bank Securities Inc.		02/02/23		(964	)
JPY	3,346,794,000	USD	25,735,661	BNP Paribas SA		02/02/23		(23,726	)
JPY	127,503,000	USD	999,054	JPMorgan Chase Bank N.A.		02/02/23		(19,505	)
NOK	750,000	USD	76,145	Barclays Bank PLC		02/02/23		(1,007	)
NOK	198,000	USD	20,125	Bank of America N.A.		02/02/23		(288	)
SEK	1,849,000	USD	177,776	Bank of America N.A.		02/02/23		(967	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SEK	1,934,000	USD	186,398	Citibank N.A.		02/02/23	$	(1,461	)
USD	9,290,179	AUD	13,683,000	Bank of America N.A.		02/02/23		(367,964	)
USD	27,671	AUD	40,000	Citibank N.A.		02/02/23		(563	)
USD	20,451	AUD	30,000	Morgan Stanley & Co. International PLC		02/02/23		(725	)
USD	28,596	AUD	41,000	State Street Bank and Trust Co.		02/02/23		(344	)
USD	3,257	CHF	3,000	BNP Paribas SA		02/02/23		(20	)
USD	13,055	CHF	12,000	Citibank N.A.		02/02/23		(53	)
USD	4,188,159	CHF	3,863,000	JPMorgan Chase Bank N.A.		02/02/23		(31,394	)
USD	51,860	CHF	48,000	State Street Bank and Trust Co.		02/02/23		(570	)
USD	1,614,738	DKK	11,225,000	Barclays Bank PLC		02/02/23		(25,696	)
USD	128,525	DKK	891,000	Bank of America N.A.		02/02/23		(1,687	)
USD	1,306	DKK	9,000	JPMorgan Chase Bank N.A.		02/02/23		(9	)
USD	38,651	DKK	268,000	Morgan Stanley & Co. International PLC		02/02/23		(515	)
USD	319,487	EUR	298,000	BNP Paribas SA		02/02/23		(4,484	)
USD	172,474	EUR	159,000	Bank of New York		02/02/23		(383	)
USD	69,448	EUR	64,000	JPMorgan Chase Bank N.A.		02/02/23		(130	)
USD	17,229,339	EUR	16,110,000	State Street Bank and Trust Co.		02/02/23		(284,653	)
USD	55,904	EUR	52,000	UBS AG		02/02/23		(627	)
USD	41,436	GBP	34,000	Barclays Bank PLC		02/02/23		(481	)
USD	50,131	GBP	41,000	BNP Paribas SA		02/02/23		(416	)
USD	13,172,890	GBP	10,942,000	Bank of America N.A.		02/02/23		(316,950	)
USD	6,335	ILS	22,000	Barclays Bank PLC		02/02/23		(39	)
USD	2,076,157	ILS	7,317,000	Citibank N.A.		02/02/23		(43,699	)
USD	42,910	ILS	150,000	State Street Bank and Trust Co.		02/02/23		(547	)
USD	27,699,195	JPY	3,641,494,000	BNP Paribas SA		02/02/23		(276,790	)
USD	35,110	JPY	4,582,000	Bank of America N.A.		02/02/23		(91	)
USD	81,663	JPY	10,735,000	Citibank N.A.		02/02/23		(809	)
USD	250,311	JPY	32,652,000	JPMorgan Chase Bank N.A.		02/02/23		(540	)
USD	901,562	NZD	1,425,000	BNP Paribas SA		02/02/23		(19,558	)
USD	162,597	NZD	257,000	Bank of America N.A.		02/02/23		(3,527	)
USD	642	NZD	1,000	Citibank N.A.		02/02/23		(4	)
USD	8,235	NZD	13,000	JPMorgan Chase Bank N.A.		02/02/23		(168	)
USD	3,187	NZD	5,000	State Street Bank and Trust Co.		02/02/23		(45	)
USD	6,777	SGD	9,000	Barclays Bank PLC		02/02/23		(73	)
USD	5,294	SGD	7,000	BNP Paribas SA		02/02/23		(34	)
USD	4,482	SGD	6,000	Bank of America N.A.		02/02/23		(85	)
USD	1,721,215	SGD	2,307,000	State Street Bank and Trust Co.		02/02/23		(34,760	)
DKK	90,000	USD	13,179	JPMorgan Chase Bank N.A.		03/02/23		—
GBP	98,000	USD	120,903	BNP Paribas SA		03/02/23		(10	)
HKD	397,000	USD	50,724	Bank of America N.A.		03/02/23		(14	)
JPY	1,113,000	USD	8,584	Deutsche Bank Securities Inc.		03/02/23		(1	)
NZD	5,000	USD	3,234	Bank of America N.A.		03/02/23		(1	)
SEK	921,000	USD	88,216	Barclays Bank PLC		03/02/23		(8	)
USD	8,930,268	AUD	12,660,000	BNP Paribas SA		03/02/23		(15,830	)
USD	240,174	CHF	220,000	Morgan Stanley & Co. International PLC		03/02/23		(858	)
USD	3,795,968	CHF	3,477,000	State Street Bank and Trust Co.		03/02/23		(13,429	)
USD	1,743,664	DKK	11,920,000	JPMorgan Chase Bank N.A.		03/02/23		(1,812	)
USD	16,091	DKK	110,000	Morgan Stanley & Co. International PLC		03/02/23		(17	)
USD	1,239,250	EUR	1,139,000	Bank of America N.A.		03/02/23		(1,262	)
USD	16,505,233	EUR	15,170,000	State Street Bank and Trust Co.		03/02/23		(16,768	)
USD	12,495,927	GBP	10,144,000	JPMorgan Chase Bank N.A.		03/02/23		(17,767	)
USD	298,105	GBP	242,000	UBS AG		03/02/23		(427	)
USD	1,969,514	ILS	6,801,000	BNP Paribas SA		03/02/23		(2,390	)

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Forward Foreign Currency Exchange Contracts (continued)    

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,894,006	NOK	18,894,000	Morgan Stanley & Co. International PLC		03/02/23	$	(1,309	)
USD	63,859	NOK	637,000	UBS AG		03/02/23		(40	)
USD	27,151	NZD	42,000	Bank of America N.A.		03/02/23		(6	)
USD	1,067,945	NZD	1,652,000	Morgan Stanley & Co. International PLC		03/02/23		(246	)
USD	4,544,046	SEK	47,501,000	JPMorgan Chase Bank N.A.		03/02/23		(5,328	)
USD	355,944	SEK	3,721,000	UBS AG		03/02/23		(432	)
USD	1,621,523	SGD	2,130,000	Bank of America N.A.		03/02/23		(692	)
USD	49,483	SGD	65,000	Morgan Stanley & Co. International PLC		03/02/23		(22	)
								(1,545,880	)
							$	(1,274,884	)

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	$	—	$	—	$	—	$	270,996	$	—	$	—	$	270,996
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,545,880	$	—	$	—	$	1,545,880

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(296,669	)	$	—	$	—	$	(296,669	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(848,966	)	$	—	$	—	$	(848,966	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	101,502,894
Average amounts sold — in USD	$	196,854,617

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

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap 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	$	270,996	$	1,545,880
Total derivative assets and liabilities in the Statement of Assets and Liabilities		270,996		1,545,880
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		270,996		1,545,880

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.	$	36,463	$	(36,463	)	$	—	$	—	$	—
Bank of New York		258		(258	)		—		—		—
Barclays Bank PLC		141		(141	)		—		—		—
BNP Paribas SA		70,041		(70,041	)		—		—		—
Citibank N.A.		46,710		(46,589	)		—		—		121
JPMorgan Chase Bank N.A.		29,356		(29,356	)		—		—		—
Morgan Stanley & Co. International PLC		4,161		(3,692	)		—		—		469
State Street Bank and Trust Co.		43,959		(43,959	)		—		—		—
UBS AG		39,907		(1,526	)		—		—		38,381
	$	270,996	$	(232,025	)	$	—	$	—	$	38,971

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.	$	693,534	$	(36,463	)	$	—	$	—	$	657,071
Bank of New York		383		(258	)		—		—		125
Barclays Bank PLC		27,304		(141	)		—		—		27,163
BNP Paribas SA		343,571		(70,041	)		—		—		273,530
Citibank N.A.		46,589		(46,589	)		—		—		—
Deutsche Bank Securities Inc.		965		—			—		—		965
JPMorgan Chase Bank N.A.		76,653		(29,356	)		—		—		47,297
Morgan Stanley & Co. International PLC		3,692		(3,692	)		—		—		—
State Street Bank and Trust Co.		351,663		(43,959	)		—		—		307,704
UBS AG		1,526		(1,526	)		—		—		—
	$	1,545,880	$	(232,025	)	$	—	$	—	$	1,313,855

^(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.

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Currency Hedged MSCI EAFE Small-Cap ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	85,097,954	$	—		$	—	$	85,097,954
Short-Term Securities
Money Market Funds		40,000		—			—		40,000
	$	85,137,954	$	—		$	—	$	85,137,954
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	270,996		$	—	$	270,996
Liabilities
Foreign Currency Exchange Contracts		—		(1,545,880	)		—		(1,545,880	)
	$	—	$	(1,274,884	)	$	—		(1,274,884	)

^(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.

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

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.2%
Ampol Ltd.		46,719	$	1,013,142
APA Group		229,149		1,714,930
Aristocrat Leisure Ltd.		112,960		2,727,219
ASX Ltd.		37,833		1,851,363
Aurizon Holdings Ltd.		324,268		847,558
Australia & New Zealand Banking Group Ltd.		562,687		10,013,797
BHP Group Ltd.		948,148		33,206,164
BlueScope Steel Ltd.		89,646		1,222,456
Brambles Ltd.		262,120		2,228,951
Cochlear Ltd.		12,736		1,924,112
Coles Group Ltd.		250,514		3,150,871
Commonwealth Bank of Australia		315,034		24,592,203
Computershare Ltd.		102,630		1,728,479
CSL Ltd.		89,012		18,794,921
Dexus		202,337		1,173,162
Endeavour Group Ltd./Australia		242,953		1,140,800
Fortescue Metals Group Ltd.		319,616		5,048,511
Goodman Group		319,903		4,562,960
GPT Group (The)		303,894		985,083
IDP Education Ltd.(a)		41,079		914,149
IGO Ltd.		116,014		1,205,997
Insurance Australia Group Ltd.		462,747		1,607,015
James Hardie Industries PLC		82,973		1,861,792
Lendlease Corp. Ltd.		126,433		772,038
Lottery Corp. Ltd. (The)(b)		427,314		1,425,158
Macquarie Group Ltd.		69,058		9,212,954
Medibank Pvt Ltd.		534,004		1,112,482
Mineral Resources Ltd.		32,685		2,069,290
Mirvac Group		770,835		1,245,367
National Australia Bank Ltd.		585,611		13,213,802
Newcrest Mining Ltd.		161,722		2,569,616
Northern Star Resources Ltd.		215,607		1,921,171
Orica Ltd.		87,049		913,453
Origin Energy Ltd.		325,263		1,727,007
Pilbara Minerals Ltd.(b)		460,845		1,567,757
Qantas Airways Ltd.(b)		180,105		812,963
QBE Insurance Group Ltd.		283,723		2,768,261
Ramsay Health Care Ltd.		34,615		1,635,687
REA Group Ltd.		8,666		777,095
Reece Ltd.		49,289		566,523
Rio Tinto Ltd.		70,316		6,309,965
Santos Ltd.		585,933		2,991,113
Scentre Group		989,884		2,147,857
SEEK Ltd.		63,440		1,098,714
Sonic Healthcare Ltd.		85,728		1,920,097
South32 Ltd.		885,043		2,840,040
Stockland		454,423		1,269,779
Suncorp Group Ltd.		236,051		2,098,338
Telstra Corp. Ltd.		749,039		2,164,859
Transurban Group		570,521		5,593,466
Treasury Wine Estates Ltd.		141,062		1,453,048
Vicinity Ltd.		639,599		935,759
Washington H Soul Pattinson & Co. Ltd.		41,498		845,186
Wesfarmers Ltd.		213,529		7,528,327
Westpac Banking Corp.		659,199		11,091,596
WiseTech Global Ltd.(a)		28,465		1,234,229
Woodside Energy Group Ltd.		356,884		9,241,109
Woolworths Group Ltd.		226,386		5,785,847

Security	Shares		Value
Australia (continued)
Xero Ltd.(b)		24,506	$	1,350,684
				235,726,272
Austria — 0.1%
Erste Group Bank AG		62,527		2,372,533
OMV AG		27,424		1,373,675
Verbund AG		11,867		1,010,393
voestalpine AG		21,428		711,979
				5,468,580
Belgium — 0.6%
Ageas SA/NV		31,086		1,517,680
Anheuser-Busch InBev SA/NV		162,286		9,795,865
Argenx SE(b)		10,374		3,951,316
D’ieteren Group		4,938		943,728
Elia Group SA/NV		6,928		972,818
Groupe Bruxelles Lambert NV		19,904		1,702,692
KBC Group NV		46,357		3,433,536
Sofina SA		2,717		645,483
Solvay SA		14,048		1,637,034
UCB SA		23,555		1,933,974
Umicore SA		38,467		1,454,225
Warehouses De Pauw CVA		28,837		914,475
				28,902,826
Brazil — 1.1%
Ambev SA		858,151		2,309,230
Atacadao SA		95,727		310,208
B3 SA - Brasil, Bolsa, Balcao		1,142,859		2,917,765
Banco Bradesco SA		180,590		448,958
Banco BTG Pactual SA		198,890		847,074
Banco do Brasil SA		154,527		1,238,944
Banco Santander Brasil SA		57,106		325,674
BB Seguridade Participacoes SA		130,649		972,346
BRF SA(b)		115,723		181,462
CCR SA		260,082		602,518
Centrais Eletricas Brasileiras SA		174,242		1,395,295
Cia. de Saneamento Basico do Estado de Sao Paulo		87,256		956,734
Cia. Siderurgica Nacional SA		126,434		460,774
Cosan SA		200,434		659,387
CPFL Energia SA		21,336		139,878
Energisa SA		28,417		236,515
Engie Brasil Energia SA		56,141		435,189
Equatorial Energia SA		171,628		947,347
Hapvida Participacoes e Investimentos SA(b)(c)		859,753		872,235
Hypera SA		89,955		822,235
JBS SA		152,341		602,606
Klabin SA		140,864		536,672
Localiza Rent a Car SA		136,940		1,597,269
Localiza Rent a Car SA, NVS		598		6,975
Lojas Renner SA		185,242		789,312
Magazine Luiza SA(b)		581,142		507,153
Natura & Co. Holding SA		177,324		508,257
Petro Rio SA(b)		130,296		1,080,602
Petroleo Brasileiro SA		717,281		4,162,697
Raia Drogasil SA		226,602		1,108,392
Rede D’Or Sao Luiz SA(c)		79,478		499,448
Rumo SA		244,487		885,226
Sendas Distribuidora SA		124,804		483,108
Suzano SA		140,777		1,285,665
Telefonica Brasil SA		91,195		751,290
Tim SA		188,860		438,638

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
TOTVS SA		99,413	$	588,883
Ultrapar Participacoes SA		141,356		367,292
Vale SA		717,708		13,362,209
Vibra Energia SA		218,011		706,905
WEG SA		299,692		2,257,594
				49,605,961
Canada — 7.7%
Agnico Eagle Mines Ltd.		85,993		4,856,273
Air Canada(b)		32,622		553,609
Algonquin Power & Utilities Corp.		126,061		919,012
Alimentation Couche-Tard Inc.		149,482		6,826,144
AltaGas Ltd.		53,826		1,006,494
ARC Resources Ltd.		123,204		1,431,539
Bank of Montreal		126,293		12,709,506
Bank of Nova Scotia (The)		225,086		12,185,145
Barrick Gold Corp.		331,506		6,482,873
BCE Inc.		13,664		645,948
Brookfield Asset Management Ltd.(b)		63,513		2,073,582
Brookfield Corp.		259,787		9,664,768
Brookfield Renewable Corp., Class A		25,492		802,953
BRP Inc.		5,020		418,902
CAE Inc.(b)		58,479		1,320,728
Cameco Corp.		80,770		2,260,018
Canadian Apartment Properties REIT		17,978		664,776
Canadian Imperial Bank of Commerce		168,978		7,713,896
Canadian National Railway Co.		110,330		13,132,964
Canadian Natural Resources Ltd.		211,407		12,976,295
Canadian Pacific Railway Ltd.		174,819		13,798,423
Canadian Tire Corp. Ltd., Class A, NVS		10,414		1,238,206
Canadian Utilities Ltd., Class A, NVS		28,749		799,022
CCL Industries Inc., Class B, NVS		27,735		1,297,170
Cenovus Energy Inc.		261,841		5,230,719
CGI Inc.(b)		40,737		3,491,524
Constellation Software Inc./Canada		3,758		6,639,505
Descartes Systems Group Inc. (The)(b)		12,329		899,738
Dollarama Inc.		51,384		3,072,883
Element Fleet Management Corp.		64,096		905,644
Emera Inc.		47,394		1,887,140
Empire Co. Ltd., Class A, NVS		31,042		893,313
Enbridge Inc.		373,487		15,292,602
Fairfax Financial Holdings Ltd.		4,392		2,907,656
First Quantum Minerals Ltd.		109,976		2,551,546
FirstService Corp.		7,187		1,027,100
Fortis Inc.		85,693		3,520,977
Franco-Nevada Corp.		36,211		5,311,564
George Weston Ltd.		13,560		1,744,440
GFL Environmental Inc.		34,192		1,055,145
Gildan Activewear Inc.		35,783		1,121,992
Great-West Lifeco Inc.		50,333		1,334,975
Hydro One Ltd.(c)		57,448		1,570,748
iA Financial Corp. Inc.		17,228		1,063,422
IGM Financial Inc.		12,983		405,234
Imperial Oil Ltd.		42,728		2,335,260
Intact Financial Corp.		33,002		4,787,777
Ivanhoe Mines Ltd., Class A(a)(b)		112,347		1,055,456
Keyera Corp.		37,400		853,098
Kinross Gold Corp.		241,696		1,124,421
Loblaw Companies Ltd.		31,370		2,810,345
Lundin Mining Corp.		130,578		988,253
Magna International Inc.		51,951		3,372,686

Security	Shares		Value
Canada (continued)
Manulife Financial Corp.		361,992	$	7,163,391
Metro Inc.		44,497		2,415,222
National Bank of Canada		64,101		4,815,223
Northland Power Inc.		42,836		1,150,621
Nutrien Ltd.		101,849		8,430,836
Nuvei Corp.(b)(c)		12,549		442,995
Onex Corp.		14,163		732,020
Open Text Corp.		51,385		1,723,582
Pan American Silver Corp.		41,348		753,590
Parkland Corp.		29,346		689,456
Pembina Pipeline Corp.		104,798		3,718,397
Power Corp. of Canada		103,924		2,818,847
Quebecor Inc., Class B		23,801		564,548
Restaurant Brands International Inc.		53,918		3,607,771
RioCan REIT		32,717		567,516
Ritchie Bros Auctioneers Inc.		21,633		1,308,174
Rogers Communications Inc., Class B, NVS		66,875		3,251,395
Royal Bank of Canada		259,524		26,558,031
Saputo Inc.		47,742		1,316,130
Shaw Communications Inc., Class B, NVS		89,203		2,654,871
Shopify Inc., Class A(b)		222,787		10,979,026
Sun Life Financial Inc.		108,453		5,449,752
Suncor Energy Inc.		258,080		8,957,299
TC Energy Corp.		188,988		8,143,010
Teck Resources Ltd., Class B		89,822		3,885,727
TELUS Corp.		88,131		1,899,001
TFI International Inc.		15,106		1,682,431
Thomson Reuters Corp.		32,332		3,846,161
TMX Group Ltd.		10,619		1,046,617
Toromont Industries Ltd.		14,730		1,176,695
Toronto-Dominion Bank (The)		339,244		23,472,100
Tourmaline Oil Corp.		60,294		2,809,989
West Fraser Timber Co. Ltd.		10,486		911,747
Wheaton Precious Metals Corp.		84,959		3,884,789
WSP Global Inc.		21,357		2,723,577
				350,583,946
Chile — 0.1%
Banco de Chile		7,399,563		808,589
Banco de Credito e Inversiones SA		17,288		521,145
Banco Santander Chile		12,417,005		522,005
Cencosud SA		275,240		494,367
Cia. Cervecerias Unidas SA		23,202		178,526
Cia. Sud Americana de Vapores SA		2,174,627		189,026
Empresas CMPC SA		216,867		372,906
Empresas COPEC SA		78,646		593,187
Enel Americas SA		3,989,809		528,196
Enel Chile SA		8,748,713		412,114
Falabella SA		157,496		366,155
				4,986,216
China — 9.4%
360 DigiTech Inc.		19,960		481,635
3SBio Inc.(c)		271,000		295,179
AAC Technologies Holdings Inc.(b)		125,000		333,099
Agricultural Bank of China Ltd., Class A		1,869,700		806,059
Agricultural Bank of China Ltd., Class H		4,512,000		1,624,018
Aier Eye Hospital Group Co. Ltd., Class A		143,674		701,932
Air China Ltd., Class H(b)		450,000		401,572
Alibaba Group Holding Ltd.(b)		2,777,564		38,187,781
Alibaba Health Information Technology Ltd.(b)		868,000		775,223

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Aluminum Corp. of China Ltd., Class H		924,000	$	493,780
Anhui Conch Cement Co. Ltd., Class A		119,898		523,613
Anhui Conch Cement Co. Ltd., Class H		270,000		1,025,034
Anhui Gujing Distillery Co. Ltd., Class B		43,400		742,109
ANTA Sports Products Ltd.		220,600		3,346,194
Autohome Inc., ADR		14,382		501,357
AviChina Industry & Technology Co. Ltd., Class H		565,000		293,863
Baidu Inc.(b)		416,988		7,009,584
Bank of Beijing Co. Ltd., Class A		1,028,098		647,691
Bank of China Ltd., Class A		1,272,000		606,888
Bank of China Ltd., Class H		13,830,000		5,264,591
Bank of Communications Co. Ltd., Class A		1,112,800		799,944
Bank of Communications Co. Ltd., Class H		1,112,800		687,820
Bank of Ningbo Co. Ltd., Class A		142,877		696,312
Bank of Shanghai Co. Ltd., Class A		535,199		475,251
Baoshan Iron & Steel Co. Ltd., Class A		450,896		413,422
BeiGene Ltd.(b)		110,976		2,181,290
Beijing Capital International Airport Co. Ltd., Class H(b)		386,000		293,574
Beijing Enterprises Holdings Ltd.		90,000		305,623
Beijing Enterprises Water Group Ltd.		810,000		206,984
Beijing Kingsoft Office Software Inc., Class A		10,200		425,925
Bilibili Inc.(b)		33,634		839,395
BOC Aviation Ltd.(c)		32,300		268,993
BOE Technology Group Co. Ltd., Class A		819,500		484,188
Bosideng International Holdings Ltd.		632,000		352,199
BYD Co. Ltd., Class A		27,700		1,183,532
BYD Co. Ltd., Class H		144,500		4,575,960
BYD Electronic International Co. Ltd.		127,000		440,201
C&D International Investment Group Ltd.		115,000		365,654
CGN Power Co. Ltd., Class H(c)		2,260,000		528,069
Changchun High & New Technology Industry Group Inc., Class A		14,300		427,132
China Cinda Asset Management Co. Ltd., Class H		1,574,000		223,474
China CITIC Bank Corp. Ltd., Class H		1,623,000		783,016
China Coal Energy Co. Ltd., Class H		390,000		312,966
China Communications Services Corp. Ltd., Class H		534,000		203,208
China Conch Venture Holdings Ltd.		317,500		673,762
China Construction Bank Corp., Class H		18,022,050		11,665,507
China Everbright Bank Co. Ltd., Class A		976,400		444,416
China Everbright Bank Co. Ltd., Class H		566,000		180,676
China Everbright Environment Group Ltd.		890,037		395,785
China Evergrande Group(a)(b)(d)		288,000		39,197
China Feihe Ltd.(c)		721,000		691,755
China Galaxy Securities Co. Ltd., Class H		810,500		436,903
China Gas Holdings Ltd.		588,000		915,409
China Hongqiao Group Ltd.		474,000		551,321
China International Capital Corp. Ltd., Class H(c)		336,400		751,728
China Jinmao Holdings Group Ltd.		994,000		228,317
China Lesso Group Holdings Ltd.		228,000		259,168
China Life Insurance Co. Ltd., Class A		107,600		543,719
China Life Insurance Co. Ltd., Class H		1,385,000		2,549,469
China Literature Ltd.(b)(c)		71,800		376,440
China Longyuan Power Group Corp. Ltd., Class H		643,000		887,623
China Medical System Holdings Ltd.		286,000		493,698
China Meidong Auto Holdings Ltd.(a)		116,000		287,812
China Mengniu Dairy Co. Ltd.		569,000		2,744,783
China Merchants Bank Co. Ltd., Class A		302,100		1,852,279
China Merchants Bank Co. Ltd., Class H		697,593		4,524,677
China Merchants Port Holdings Co. Ltd.		240,000		336,438
China Merchants Securities Co. Ltd., Class A		224,860		476,994

Security	Shares		Value
China (continued)
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		199,177	$	438,817
China Minsheng Banking Corp. Ltd., Class A		995,195		514,826
China Minsheng Banking Corp. Ltd., Class H		706,740		264,233
China National Building Material Co. Ltd., Class H		712,000		653,300
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		97,200		419,540
China Oilfield Services Ltd., Class H		356,000		431,484
China Overseas Land & Investment Ltd.		700,500		1,891,539
China Overseas Property Holdings Ltd.		240,000		313,927
China Pacific Insurance Group Co. Ltd., Class A		187,797		720,251
China Pacific Insurance Group Co. Ltd., Class H		418,800		1,151,476
China Petroleum & Chemical Corp., Class A		1,091,298		732,061
China Petroleum & Chemical Corp., Class H		5,159,000		2,785,701
China Power International Development Ltd.		1,007,000		432,917
China Railway Group Ltd., Class A		450,296		380,863
China Railway Group Ltd., Class H		562,000		306,590
China Renewable Energy Investment Ltd.(d)		7,401		—
China Resources Beer Holdings Co. Ltd.		278,000		2,092,861
China Resources Cement Holdings Ltd.		380,000		219,763
China Resources Gas Group Ltd.		174,300		732,973
China Resources Land Ltd.		550,000		2,635,904
China Resources Mixc Lifestyle Services Ltd.(c)		125,000		720,207
China Resources Pharmaceutical Group Ltd.(c)		203,500		153,286
China Resources Power Holdings Co. Ltd.		356,000		741,531
China Ruyi Holdings Ltd.(b)		912,000		243,853
China Shenhua Energy Co. Ltd., Class A		143,900		606,365
China Shenhua Energy Co. Ltd., Class H		574,000		1,786,644
China Southern Airlines Co. Ltd., Class H(a)(b)		332,000		220,537
China State Construction Engineering Corp. Ltd., Class A		973,598		800,331
China State Construction International Holdings Ltd.		356,000		426,396
China Taiping Insurance Holdings Co. Ltd.		313,000		433,515
China Three Gorges Renewables Group Co. Ltd., Class A		574,100		489,882
China Tourism Group Duty Free Corp. Ltd.(b)(c)		3,300		101,114
China Tourism Group Duty Free Corp. Ltd., Class A		29,898		946,947
China Tower Corp. Ltd., Class H(c)		8,752,000		994,410
China Traditional Chinese Medicine Holdings Co. Ltd.		534,000		255,845
China Vanke Co. Ltd., Class A		219,300		594,886
China Vanke Co. Ltd., Class H		200,200		404,704
China Yangtze Power Co. Ltd., Class A		330,849		1,019,301
Chinasoft International Ltd.		518,000		455,411
Chongqing Zhifei Biological Products Co. Ltd., Class A		34,600		503,367
CITIC Ltd.		1,071,000		1,253,255
CITIC Securities Co. Ltd., Class A		321,900		1,024,878
CITIC Securities Co. Ltd., Class H		490,825		1,122,916
CMOC Group Ltd., Class H		951,000		550,442
Contemporary Amperex Technology Co. Ltd., Class A		29,700		2,060,737
COSCO SHIPPING Holdings Co. Ltd., Class A		224,830		355,239
COSCO SHIPPING Holdings Co. Ltd., Class H		540,749		560,908
COSCO SHIPPING Ports Ltd.(a)		314,000		237,543
Country Garden Holdings Co. Ltd.(a)		1,908,828		716,252
Country Garden Services Holdings Co. Ltd.		386,000		1,043,536
CRRC Corp. Ltd., Class A		661,400		524,853
CRRC Corp. Ltd., Class H		794,000		359,893
CSC Financial Co. Ltd., Class A		129,300		519,014
CSPC Pharmaceutical Group Ltd.		1,630,960		1,859,625
Dali Foods Group Co. Ltd.(c)		296,500		132,218
Daqo New Energy Corp., ADR(a)(b)		12,313		560,365

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Dongfeng Motor Group Co. Ltd., Class H		448,000	$	267,105
Dongyue Group Ltd.		271,000		324,434
East Money Information Co. Ltd., Class A		238,052		797,915
ENN Energy Holdings Ltd.		149,300		2,249,461
Eve Energy Co. Ltd., Class A		36,900		484,864
Far East Horizon Ltd.		274,000		247,497
Flat Glass Group Co. Ltd., Class H		130,000		407,007
Focus Media Information Technology Co. Ltd., Class A		520,150		536,929
Foshan Haitian Flavouring & Food Co. Ltd., Class A		66,680		785,832
Fosun International Ltd.		483,500		448,903
Fuyao Glass Industry Group Co. Ltd., Class H(c)		146,400		720,516
Ganfeng Lithium Co. Ltd., Class H(a)(c)		65,760		600,598
Ganfeng Lithium Group Co. Ltd., Class A		36,400		428,185
GCL-Poly Energy Holdings Ltd.(b)		3,617,000		1,001,653
GDS Holdings Ltd., Class A(b)		153,344		447,167
Geely Automobile Holdings Ltd.		1,122,000		1,820,220
Genscript Biotech Corp.(b)		220,000		745,474
GF Securities Co. Ltd., Class H		304,400		498,476
GoerTek Inc., Class A		113,000		347,503
Great Wall Motor Co. Ltd., Class H		601,000		848,583
Greentown China Holdings Ltd.		149,000		219,681
Greentown Service Group Co. Ltd.		260,000		189,815
Guangdong Investment Ltd.		612,000		664,888
Guangzhou Automobile Group Co. Ltd., Class H		686,028		493,550
Guotai Junan Securities Co. Ltd., Class A		287,400		609,042
H World Group Ltd., ADR		37,313		1,771,621
Haidilao International Holding Ltd.(b)(c)		206,000		561,703
Haier Smart Home Co. Ltd., Class A		155,700		595,198
Haier Smart Home Co. Ltd., Class H		352,400		1,299,693
Haitian International Holdings Ltd.		123,000		377,481
Haitong Securities Co. Ltd., Class A		610,592		846,666
Haitong Securities Co. Ltd., Class H		470,000		324,218
Hangzhou Tigermed Consulting Co. Ltd., Class A		30,900		534,322
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		5,300		69,524
Hansoh Pharmaceutical Group Co. Ltd.(c)		234,000		478,930
Henan Shuanghui Investment & Development Co. Ltd., Class A		81,200		307,168
Hengan International Group Co. Ltd.		111,500		548,508
Hengli Petrochemical Co. Ltd., Class A		134,900		350,839
Hua Hong Semiconductor Ltd.(b)(c)		110,000		425,348
Huaneng Power International Inc., Class H(b)		968,000		472,616
Huatai Securities Co. Ltd., Class A		329,300		634,603
Huatai Securities Co. Ltd., Class H(c)		191,800		248,346
Huaxia Bank Co. Ltd., Class A		809,100		625,141
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c)		76,400		606,358
Industrial & Commercial Bank of China Ltd., Class A		1,225,210		784,334
Industrial & Commercial Bank of China Ltd., Class H		10,159,285		5,434,392
Industrial Bank Co. Ltd., Class A		352,342		922,345
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		125,999		608,965
Inner Mongolia Yitai Coal Co. Ltd., Class B		261,000		392,275
Innovent Biologics Inc.(b)(c)		191,000		1,040,272
iQIYI Inc., ADR(b)		63,712		426,870
JA Solar Technology Co. Ltd., Class A		57,760		566,164
JD Health International Inc.(b)(c)		210,800		1,750,553
JD.com Inc., Class A		404,058		11,997,836
Jiangsu Expressway Co. Ltd., Class H		218,000		214,704
Jiangsu Hengli Hydraulic Co. Ltd., Class A		38,600		374,845
Jiangsu Hengrui Medicine Co. Ltd., Class A		111,956		701,524
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		26,300		686,285
Jiangxi Copper Co. Ltd., Class H		226,000		389,184

Security	Shares		Value
China (continued)
Jiumaojiu International Holdings Ltd.(c)		139,000	$	356,143
JOYY Inc., ADR		9,687		345,632
Kanzhun Ltd., ADR(b)		33,324		809,440
KE Holdings Inc., ADR(b)		123,965		2,273,518
Kingboard Holdings Ltd.		126,000		514,690
Kingboard Laminates Holdings Ltd.		218,000		265,811
Kingdee International Software Group Co. Ltd.(a)(b)		464,000		1,012,685
Kingsoft Corp. Ltd.		179,000		659,085
Koolearn Technology Holding Ltd.(a)(b)(c)		72,500		588,864
Kuaishou Technology(b)(c)		328,800		2,893,048
Kunlun Energy Co. Ltd.		702,000		553,636
Kweichow Moutai Co. Ltd., Class A		14,300		3,921,733
Legend Biotech Corp., ADR(a)(b)		11,091		560,096
Lenovo Group Ltd.		1,344,000		1,077,981
Lens Technology Co. Ltd., Class A		158,925		313,936
Li Auto Inc.(b)		209,106		2,558,669
Li Ning Co. Ltd.		427,000		4,221,179
Longfor Group Holdings Ltd.(c)		335,500		1,108,529
LONGi Green Energy Technology Co. Ltd., Class A		108,496		777,965
Lufax Holding Ltd., ADR		148,342		452,443
Luxshare Precision Industry Co. Ltd., Class A		117,988		571,547
Luzhou Laojiao Co. Ltd., Class A		25,100		884,895
Mango Excellent Media Co. Ltd., Class A		88,200		399,787
Meituan, Class B(b)(c)		941,260		21,042,692
Microport Scientific Corp.(b)		126,900		398,190
Minth Group Ltd.		152,000		446,120
Muyuan Foods Co. Ltd., Class A		96,458		714,510
NARI Technology Co. Ltd., Class A		170,004		666,379
NAURA Technology Group Co. Ltd., Class A		10,200		356,152
NetEase Inc.		374,685		6,647,704
New China Life Insurance Co. Ltd., Class A		68,100		314,603
New China Life Insurance Co. Ltd., Class H		161,900		434,209
New Hope Liuhe Co. Ltd., Class A(b)		139,807		271,816
New Oriental Education & Technology Group Inc.(b)		281,310		1,194,110
Nine Dragons Paper Holdings Ltd.		299,000		268,040
Ningbo Deye Technology Co. Ltd., NVS		7,952		412,085
NIO Inc., ADR(a)(b)		255,052		3,078,478
Nongfu Spring Co. Ltd., Class H(c)		326,400		1,847,687
Orient Overseas International Ltd.(a)		24,000		398,948
People’s Insurance Co. Group of China Ltd. (The), Class H		1,422,000		479,391
PetroChina Co. Ltd., Class A		207,100		159,274
PetroChina Co. Ltd., Class H		4,106,000		2,196,505
Pharmaron Beijing Co. Ltd., Class H(c)		56,100		411,208
PICC Property & Casualty Co. Ltd., Class H		1,278,285		1,201,782
Pinduoduo Inc., ADR(b)		94,008		9,210,904
Ping An Bank Co. Ltd., Class A		364,500		812,690
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		103,500		274,068
Ping An Insurance Group Co. of China Ltd., Class A		189,606		1,437,753
Ping An Insurance Group Co. of China Ltd., Class H		1,184,500		9,200,843
Poly Developments and Holdings Group Co. Ltd., Class A		264,500		616,511
Pop Mart International Group Ltd.(c)		83,000		269,130
Postal Savings Bank of China Co. Ltd., Class A		633,100		452,256
Postal Savings Bank of China Co. Ltd., Class H(c)		1,254,000		853,356
Rongsheng Petrochemical Co. Ltd., Class A		202,650		398,485
SAIC Motor Corp. Ltd., Class A		178,200		397,644
Sany Heavy Equipment International Holdings Co. Ltd.		296,000		299,019
Sany Heavy Industry Co. Ltd., Class A		170,327		443,221
SF Holding Co. Ltd., Class A		79,300		692,348

34 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shaanxi Coal Industry Co. Ltd., Class A		238,200	$	690,952
Shandong Gold Mining Co. Ltd., Class A		188,700		554,815
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		450,000		748,071
Shanghai Baosight Software Co. Ltd., Class B		212,462		665,923
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		122,500		394,993
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		84,000		350,141
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		321,712		257,817
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		214,700		378,558
Shanghai Pudong Development Bank Co. Ltd., Class A		580,000		633,931
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		17,880		774,306
Shenwan Hongyuan Group Co. Ltd., Class A		875,206		539,105
Shenzhen Inovance Technology Co. Ltd., Class A		64,400		681,630
Shenzhen International Holdings Ltd.		226,500		220,984
Shenzhen Kangtai Biological Products Co. Ltd., Class A		60,880		332,353
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		17,600		870,392
Shenzhou International Group Holdings Ltd.		152,500		1,920,526
Shimao Group Holdings Ltd.(b)(d)		217,500		50,203
Sino Biopharmaceutical Ltd.		2,024,000		1,177,740
Sinopharm Group Co. Ltd., Class H		260,400		638,238
Smoore International Holdings Ltd.(a)(c)		373,000		562,285
Sunac China Holdings Ltd.(b)(d)		520,000		106,688
Sungrow Power Supply Co. Ltd., Class A		25,800		499,661
Sunny Optical Technology Group Co. Ltd.		133,100		1,796,469
TAL Education Group, ADR(b)		82,451		602,717
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		75,000		473,163
Tencent Holdings Ltd.		1,163,600		56,700,959
Tencent Music Entertainment Group, ADR(a)(b)		121,420		1,018,714
Tingyi Cayman Islands Holding Corp.		358,000		595,573
Tongcheng Travel Holdings Ltd.(b)		258,000		584,579
Tongwei Co. Ltd., Class A		86,900		545,235
Topsports International Holdings Ltd.(c)		318,000		299,640
TravelSky Technology Ltd., Class H		142,000		295,155
Trina Solar Co. Ltd.		42,787		454,553
Trip.com Group Ltd., ADR(b)		101,566		3,733,566
Tsingtao Brewery Co. Ltd., Class H		112,000		1,081,342
Uni-President China Holdings Ltd.		226,000		217,421
Vinda International Holdings Ltd.		73,000		201,461
Vipshop Holdings Ltd., ADR(b)		81,086		1,254,400
Wanhua Chemical Group Co. Ltd., Class A		56,931		817,015
Want Want China Holdings Ltd.(a)		979,000		637,623
Weibo Corp., ADR(b)		11,700		266,175
Weichai Power Co. Ltd., Class H		434,000		655,378
Wens Foodstuffs Group Co. Ltd., Class A		206,160		616,018
Will Semiconductor Co. Ltd. Shanghai, Class A		25,785		361,770
Wingtech Technology Co. Ltd., Class A		35,500		309,160
Wuliangye Yibin Co. Ltd., Class A		54,500		1,696,336
WuXi AppTec Co. Ltd., Class A		48,714		676,848
WuXi AppTec Co. Ltd., Class H(c)		88,836		1,154,338
Wuxi Biologics Cayman Inc., New(b)(c)		658,500		5,498,739
Xiaomi Corp., Class B(b)(c)		2,838,600		4,695,751
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		194,600		198,820

Security	Shares		Value
China (continued)
Xinyi Solar Holdings Ltd.		870,000	$	1,131,838
XPeng Inc.(a)(b)		169,132		890,143
Xtep International Holdings Ltd.		280,000		373,341
Yadea Group Holdings Ltd.(c)		264,000		601,882
Yankuang Energy Group Co. Ltd., Class H		322,000		1,035,568
Yihai International Holding Ltd.(a)		98,000		348,729
Yonyou Network Technology Co. Ltd., Class A		111,500		406,248
Yuexiu Property Co. Ltd.		253,200		368,332
Yum China Holdings Inc.		79,430		4,893,682
Yunnan Baiyao Group Co. Ltd., Class A		42,198		359,580
Yunnan Energy New Material Co. Ltd., Class A		17,400		404,169
Zai Lab Ltd., ADR(b)		17,427		734,374
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		10,400		479,960
Zhaojin Mining Industry Co. Ltd., Class H(b)		209,000		240,519
Zhejiang Expressway Co. Ltd., Class H		168,000		145,073
Zhejiang Huayou Cobalt Co. Ltd., Class A		32,500		318,111
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		124,700		415,618
Zhongsheng Group Holdings Ltd.		118,000		667,666
Zhuzhou CRRC Times Electric Co. Ltd.		120,400		641,412
Zijin Mining Group Co. Ltd., Class A		479,500		842,283
Zijin Mining Group Co. Ltd., Class H		1,066,000		1,763,218
ZTE Corp., Class A		43,200		170,932
ZTE Corp., Class H		130,800		315,886
ZTO Express Cayman Inc., ADR		80,514		2,295,454
				425,048,242
Colombia — 0.0%
Bancolombia SA		35,968		323,472
Interconexion Electrica SA ESP		75,843		309,283
				632,755
Czech Republic — 0.0%
CEZ AS		32,917		1,336,490
Komercni Banka AS		14,743		497,597
Moneta Money Bank AS(c)		63,542		234,583
				2,068,670
Denmark — 1.8%
AP Moller - Maersk A/S, Class A		620		1,321,189
AP Moller - Maersk A/S, Class B, NVS		865		1,881,627
Carlsberg A/S, Class B		18,313		2,599,743
Chr Hansen Holding A/S		20,599		1,520,925
Coloplast A/S, Class B		22,264		2,688,032
Danske Bank A/S		127,911		2,664,842
Demant A/S(b)		19,455		550,707
DSV A/S		35,058		5,799,646
Genmab A/S(b)		12,310		4,824,246
Novo Nordisk A/S, Class B		309,321		42,806,861
Novozymes A/S, Class B		38,877		2,023,025
Orsted A/S(c)		35,765		3,184,944
Pandora A/S		17,346		1,444,417
Rockwool A/S, Class B		1,635		468,774
Tryg A/S		67,014		1,537,844
Vestas Wind Systems A/S		189,546		5,546,418
				80,863,240
Egypt — 0.0%
Commercial International Bank Egypt SAE		462,852		761,313
Eastern Co. SAE		149,094		88,429
				849,742

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland — 0.6%
Elisa OYJ		24,106	$	1,373,394
Fortum OYJ		83,035		1,248,202
Kesko OYJ, Class B		54,696		1,274,060
Kone OYJ, Class B		62,423		3,404,306
Neste OYJ		78,290		3,742,440
Nokia OYJ		1,011,637		4,796,693
Orion OYJ, Class B		20,908		1,120,138
Sampo OYJ, Class A		89,471		4,697,181
Stora Enso OYJ, Class R		100,000		1,429,537
UPM-Kymmene OYJ		99,045		3,590,006
Wartsila OYJ Abp		92,711		881,775
				27,557,732
France — 7.6%
Accor SA(b)		33,900		1,100,325
Aeroports de Paris(b)		5,796		899,177
Air Liquide SA		98,060		15,613,718
Airbus SE		110,855		13,897,430
Alstom SA		58,812		1,748,785
Amundi SA(c)		11,690		765,344
ArcelorMittal SA		96,959		3,007,952
Arkema SA		11,407		1,154,249
AXA SA		348,044		10,858,632
BioMerieux		7,025		716,170
BNP Paribas SA		208,376		14,311,656
Bollore SE		143,472		802,779
Bouygues SA		43,033		1,417,676
Bureau Veritas SA		56,721		1,621,736
Capgemini SE		30,620		5,811,234
Carrefour SA		114,544		2,178,738
Cie. de Saint-Gobain		91,854		5,275,282
Cie. Generale des Etablissements Michelin SCA		125,194		3,958,610
Covivio		9,778		671,205
Credit Agricole SA		229,440		2,762,741
Danone SA		120,386		6,601,878
Dassault Aviation SA		5,155		880,285
Dassault Systemes SE		124,409		4,626,882
Edenred		46,568		2,536,534
Eiffage SA		15,332		1,637,619
Electricite de France SA		108,837		1,429,580
Engie SA		342,018		4,856,609
EssilorLuxottica SA		54,282		9,959,625
Eurazeo SE		7,578		531,575
Eurofins Scientific SE		25,324		1,816,485
Euronext NV(c)		15,891		1,287,678
Gecina SA		8,473		1,003,624
Getlink SE		81,204		1,373,465
Hermes International		5,912		11,064,362
Ipsen SA		7,510		788,813
Kering SA		13,986		8,726,658
Klepierre SA		37,576		953,692
La Francaise des Jeux SAEM(c)		18,011		770,655
Legrand SA		51,001		4,547,456
L’Oreal SA		45,333		18,718,522
LVMH Moet Hennessy Louis Vuitton SE		51,523		44,978,323
Orange SA		367,971		3,894,145
Pernod Ricard SA		38,425		7,955,127
Publicis Groupe SA		42,446		2,994,125
Remy Cointreau SA		4,460		839,769
Renault SA(b)		35,628		1,448,615
Safran SA		63,726		9,163,513

Security	Shares		Value
France (continued)
Sanofi		213,494	$	20,906,277
Sartorius Stedim Biotech		5,349		1,865,882
Schneider Electric SE		101,025		16,387,825
SEB SA		4,730		494,644
Societe Generale SA		149,111		4,438,523
Sodexo SA		16,472		1,632,916
Teleperformance		11,115		3,089,823
Thales SA		20,098		2,658,148
TotalEnergies SE		464,269		28,701,461
Ubisoft Entertainment SA(b)		17,148		355,076
Unibail-Rodamco-Westfield(b)		22,068		1,428,137
Valeo		38,049		831,552
Veolia Environnement SA		125,628		3,728,947
Vinci SA		100,343		11,337,710
Vivendi SE		136,125		1,461,951
Wendel SE		5,780		612,033
Worldline SA/France(b)(c)		44,963		2,039,786
				345,929,744
Germany — 5.0%
adidas AG		32,305		5,201,628
Allianz SE, Registered		76,228		18,227,168
Aroundtown SA(a)		161,348		449,225
BASF SE		171,904		9,856,188
Bayer AG, Registered		184,712		11,497,386
Bayerische Motoren Werke AG		62,298		6,345,963
Bechtle AG		15,734		663,043
Beiersdorf AG		19,176		2,331,372
Brenntag SE		29,202		2,179,871
Carl Zeiss Meditec AG, Bearer		7,942		1,146,175
Commerzbank AG(b)		200,159		2,288,104
Continental AG		20,940		1,470,306
Covestro AG(c)		35,155		1,618,694
Daimler Truck Holding AG(b)		83,693		2,812,388
Delivery Hero SE(a)(b)(c)		31,771		1,920,775
Deutsche Bank AG, Registered		387,518		5,171,708
Deutsche Boerse AG		36,040		6,449,080
Deutsche Lufthansa AG, Registered(b)		114,639		1,214,567
Deutsche Post AG, Registered		185,091		7,969,406
Deutsche Telekom AG, Registered		604,915		13,476,780
E.ON SE		424,508		4,628,372
Evonik Industries AG		37,226		827,480
Fresenius Medical Care AG & Co. KGaA		37,286		1,400,263
Fresenius SE & Co. KGaA		77,878		2,256,971
GEA Group AG		31,097		1,403,094
Hannover Rueck SE		10,485		2,129,173
HeidelbergCement AG		26,396		1,811,225
HelloFresh SE(a)(b)		32,717		795,392
Henkel AG & Co. KGaA		20,649		1,379,730
Infineon Technologies AG		245,511		8,840,963
Knorr-Bremse AG		12,877		846,380
LEG Immobilien SE		13,367		1,044,953
Mercedes-Benz Group AG		150,839		11,224,236
Merck KGaA		24,483		5,110,292
MTU Aero Engines AG		10,161		2,539,361
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		26,405		9,537,680
Nemetschek SE		11,437		611,472
Puma SE		18,629		1,272,144
Rational AG		962		632,788
Rheinmetall AG		8,163		1,907,347

36 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
RWE AG		119,887	$	5,337,234
SAP SE		194,788		23,090,162
Scout24 SE(c)		15,907		926,074
Siemens AG, Registered		142,714		22,292,679
Siemens Healthineers AG(c)		53,040		2,844,465
Symrise AG		25,024		2,660,293
Telefonica Deutschland Holding AG		180,310		531,080
United Internet AG, Registered(e)		20,966		486,754
Volkswagen AG		5,870		1,027,486
Vonovia SE		132,590		3,745,390
Zalando SE(b)(c)		41,745		1,946,779
				227,377,539
Greece — 0.1%
Alpha Services and Holdings SA(b)		416,946		568,082
Eurobank Ergasias Services and Holdings SA, Class A(b)		492,869		668,759
Hellenic Telecommunications Organization SA		34,927		550,598
JUMBO SA		23,107		414,949
Mytilineos SA		11,943		308,966
National Bank of Greece SA(b)		60,928		289,693
OPAP SA		39,345		590,790
Public Power Corp. SA(b)		45,305		360,936
Terna Energy SA		7,359		160,429
				3,913,202
Hong Kong — 1.9%
AIA Group Ltd.		2,252,800		25,473,862
BOC Hong Kong Holdings Ltd.		701,000		2,449,916
Budweiser Brewing Co. APAC Ltd.(a)(c)		300,800		949,120
Chow Tai Fook Jewellery Group Ltd.(a)		413,200		884,521
CK Asset Holdings Ltd.		352,560		2,254,096
CK Hutchison Holdings Ltd.		481,560		3,064,624
CK Infrastructure Holdings Ltd.		130,500		726,043
CLP Holdings Ltd.		304,000		2,258,698
ESR Group Ltd.(c)		395,000		790,824
Futu Holdings Ltd., ADR(a)(b)		13,450		682,722
Galaxy Entertainment Group Ltd.		385,000		2,680,100
Hang Lung Properties Ltd.		361,000		680,682
Hang Seng Bank Ltd.		145,400		2,421,377
Henderson Land Development Co. Ltd.		204,617		755,854
HK Electric Investments & HK Electric Investments Ltd., Class SS(a)		605,000		418,196
HKT Trust & HKT Ltd., Class SS		658,000		862,096
Hong Kong & China Gas Co. Ltd.(a)		2,111,748		2,120,237
Hong Kong Exchanges & Clearing Ltd.		224,400		10,092,968
Hongkong Land Holdings Ltd.		198,400		969,933
Jardine Matheson Holdings Ltd.		28,700		1,525,565
Link REIT		398,600		3,190,538
MTR Corp. Ltd.(a)		267,500		1,431,528
New World Development Co. Ltd.		255,750		764,412
Power Assets Holdings Ltd.		257,000		1,454,149
Sands China Ltd.(b)		430,400		1,614,037
Sino Land Co. Ltd.		594,000		771,889
SITC International Holdings Co. Ltd.		290,000		633,534
Sun Hung Kai Properties Ltd.		257,000		3,644,676
Swire Pacific Ltd., Class A		94,500		865,987
Swire Properties Ltd.		208,800		586,844
Techtronic Industries Co. Ltd.(a)		257,000		3,313,188
WH Group Ltd.(c)		1,537,000		946,584
Wharf Real Estate Investment Co. Ltd.		281,000		1,608,630

Security	Shares		Value
Hong Kong (continued)
Xinyi Glass Holdings Ltd.		316,000	$	672,804
				83,560,234
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		87,952		657,277
OTP Bank Nyrt		39,840		1,200,438
Richter Gedeon Nyrt		19,694		444,718
				2,302,433
India — 3.7%
ABB India Ltd.		6,185		215,244
ACC Ltd.		13,530		326,285
Adani Enterprises Ltd.		47,894		1,746,676
Adani Green Energy Ltd.(b)		51,375		772,227
Adani Ports & Special Economic Zone Ltd.		79,477		596,982
Adani Power Ltd.(b)		141,179		387,642
Adani Total Gas Ltd.		49,972		1,290,977
Adani Transmission Ltd.(b)		44,871		977,256
Ambuja Cements Ltd.		119,960		590,177
Apollo Hospitals Enterprise Ltd.		20,182		1,053,196
Asian Paints Ltd.		74,445		2,486,050
AU Small Finance Bank Ltd.(c)		18,340		139,430
Aurobindo Pharma Ltd.		58,221		291,095
Avenue Supermarts Ltd.(b)(c)		30,830		1,324,198
Axis Bank Ltd.		392,598		4,195,980
Bajaj Auto Ltd.		15,303		715,592
Bajaj Finance Ltd.		51,431		3,717,867
Bajaj Finserv Ltd.		76,458		1,260,716
Bajaj Holdings & Investment Ltd.		3,176		228,788
Balkrishna Industries Ltd.		8,597		234,048
Bandhan Bank Ltd.(b)(c)		125,976		377,585
Berger Paints India Ltd.		17,249		116,022
Bharat Electronics Ltd.		630,957		734,144
Bharat Forge Ltd.		28,229		302,356
Bharat Petroleum Corp. Ltd.		163,848		687,699
Bharti Airtel Ltd.		427,887		4,031,855
Biocon Ltd.		90,409		260,101
Britannia Industries Ltd.		22,527		1,190,562
Cholamandalam Investment and Finance Co. Ltd.		77,825		674,535
Cipla Ltd.		92,711		1,155,712
Coal India Ltd.		283,550		782,692
Colgate-Palmolive India Ltd.		25,815		458,687
Container Corp. of India Ltd.		22,785		175,479
Dabur India Ltd.		116,647		796,468
Divi’s Laboratories Ltd.		25,882		1,051,644
DLF Ltd.		88,631		387,320
Dr. Reddy’s Laboratories Ltd.		23,239		1,232,457
Eicher Motors Ltd.		26,986		1,078,797
GAIL India Ltd.		506,764		591,068
Godrej Consumer Products Ltd.(b)		81,114		906,754
Godrej Properties Ltd.(b)		20,022		290,452
Grasim Industries Ltd.		57,479		1,120,066
Havells India Ltd.		46,229		669,416
HCL Technologies Ltd.		203,438		2,805,329
HDFC Life Insurance Co. Ltd.(c)		175,870		1,246,335
Hero MotoCorp Ltd.		23,252		787,320
Hindalco Industries Ltd.		263,065		1,518,472
Hindustan Petroleum Corp. Ltd.		66,221		192,660
Hindustan Unilever Ltd.		154,488		4,874,153
Housing Development Finance Corp. Ltd.		322,489		10,381,698
ICICI Bank Ltd.		967,790		9,901,620

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
ICICI Lombard General Insurance Co. Ltd.(c)		39,985	$	553,225
ICICI Prudential Life Insurance Co. Ltd.(c)		84,359		467,486
Indian Hotels Co. Ltd. (The)		116,068		428,710
Indian Oil Corp. Ltd.		215,813		215,883
Indian Railway Catering & Tourism Corp. Ltd.		46,042		359,627
Indraprastha Gas Ltd.		75,876		395,021
Indus Towers Ltd.		146,439		274,887
Info Edge India Ltd.		15,454		697,422
Infosys Ltd.		630,059		11,867,345
InterGlobe Aviation Ltd.(b)(c)		23,181		602,848
ITC Ltd.		537,743		2,320,694
Jindal Steel & Power Ltd.		53,938		386,909
JSW Steel Ltd.		145,059		1,275,204
Jubilant Foodworks Ltd.		82,451		492,968
Kotak Mahindra Bank Ltd.		104,698		2,222,873
Larsen & Toubro Ltd.		130,410		3,394,885
LTIMindtree Ltd.(c)		23,053		1,238,997
Lupin Ltd.		45,741		412,617
Mahindra & Mahindra Ltd.		167,267		2,827,409
Marico Ltd.		115,260		702,623
Maruti Suzuki India Ltd.		23,874		2,602,545
Mphasis Ltd.		13,941		355,731
MRF Ltd.		431		479,515
Muthoot Finance Ltd.		5,285		67,648
Nestle India Ltd.		6,422		1,494,073
NTPC Ltd.		808,761		1,693,925
Oil & Natural Gas Corp. Ltd.		477,822		851,410
Page Industries Ltd.		1,252		613,624
Petronet LNG Ltd.		182,212		485,040
PI Industries Ltd.		17,308		635,599
Pidilite Industries Ltd.		34,400		959,697
Power Grid Corp. of India Ltd.		550,904		1,461,959
Reliance Industries Ltd.		572,123		16,504,252
Samvardhana Motherson International Ltd.		407,031		377,082
SBI Cards & Payment Services Ltd.		34,525		305,764
SBI Life Insurance Co. Ltd.(c)		87,712		1,309,416
Shree Cement Ltd.		2,197		637,883
Shriram Finance Ltd.		39,368		621,056
Siemens Ltd.		13,495		483,647
SRF Ltd.		26,579		711,585
State Bank of India		348,569		2,367,144
Sun Pharmaceutical Industries Ltd.		172,199		2,180,284
Tata Consultancy Services Ltd.		168,961		6,973,638
Tata Consumer Products Ltd.		126,385		1,128,526
Tata Elxsi Ltd.		6,664		543,454
Tata Motors Ltd.(b)		316,923		1,764,979
Tata Power Co. Ltd. (The)		275,212		719,091
Tata Steel Ltd.		1,394,406		2,053,598
Tech Mahindra Ltd.		111,816		1,396,192
Titan Co. Ltd.		69,321		2,021,877
Torrent Pharmaceuticals Ltd.		9,177		170,906
Trent Ltd.		33,116		485,665
Tube Investments of India Ltd.		22,398		717,274
TVS Motor Co. Ltd.		30,515		387,951
UltraTech Cement Ltd.		19,763		1,715,534
United Spirits Ltd.(b)		65,568		617,569
UPL Ltd.		99,044		918,632
Varun Beverages Ltd.		45,595		640,354
Vedanta Ltd.		151,110		617,428
Wipro Ltd.		244,015		1,194,872

Security	Shares		Value
India (continued)
Yes Bank Ltd.(b)		1,864,666	$	394,491
Zomato Ltd.(b)		518,210		317,543
				166,445,970
Indonesia — 0.5%
Adaro Energy Indonesia Tbk PT		3,117,700		617,757
Aneka Tambang Tbk		1,692,000		262,174
Astra International Tbk PT		3,670,000		1,474,429
Bank Central Asia Tbk PT		10,322,500		5,858,111
Bank Jago Tbk PT(b)		744,100		160,214
Bank Mandiri Persero Tbk PT		3,573,784		2,381,341
Bank Negara Indonesia Persero Tbk PT		1,226,600		751,894
Bank Rakyat Indonesia Persero Tbk PT		12,824,216		3,932,774
Barito Pacific Tbk PT		6,177,032		340,638
Charoen Pokphand Indonesia Tbk PT		1,588,400		617,931
Indah Kiat Pulp & Paper Tbk PT		573,200		319,427
Indofood CBP Sukses Makmur Tbk PT		324,000		218,469
Indofood Sukses Makmur Tbk PT		591,300		265,730
Kalbe Farma Tbk PT		4,964,400		683,496
Merdeka Copper Gold Tbk PT(b)		2,540,107		804,453
Sarana Menara Nusantara Tbk PT		3,412,000		255,545
Semen Indonesia Persero Tbk PT		698,730		346,127
Sumber Alfaria Trijaya Tbk PT		3,233,800		611,293
Telkom Indonesia Persero Tbk PT		9,333,500		2,412,081
Unilever Indonesia Tbk PT		1,500,200		466,984
United Tractors Tbk PT		337,545		554,167
Vale Indonesia Tbk PT(b)		301,500		150,356
				23,485,391
Ireland — 0.5%
AIB Group PLC		149,215		626,791
Bank of Ireland Group PLC		174,394		1,863,198
CRH PLC		150,839		7,047,582
Flutter Entertainment PLC, Class DI(b)		30,648		4,760,645
Kerry Group PLC, Class A		29,111		2,727,703
Kingspan Group PLC		30,782		1,979,777
Smurfit Kappa Group PLC		42,585		1,787,911
				20,793,607
Israel — 0.4%
Azrieli Group Ltd.		9,109		586,734
Bank Hapoalim BM		223,539		2,011,975
Bank Leumi Le-Israel BM		267,909		2,367,614
Bezeq The Israeli Telecommunication Corp. Ltd.		375,542		622,353
Check Point Software Technologies Ltd.(a)(b)		18,746		2,384,491
CyberArk Software Ltd.(b)		7,887		1,111,121
Elbit Systems Ltd.		5,324		893,815
ICL Group Ltd.		137,139		1,088,834
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		209,437		1,071,210
Mizrahi Tefahot Bank Ltd.		26,017		859,359
Nice Ltd.(b)		12,060		2,494,108
Teva Pharmaceutical Industries Ltd., ADR(b)		207,967		2,191,972
Tower Semiconductor Ltd.(b)		23,499		988,489
Wix.com Ltd.(b)		10,536		916,421
ZIM Integrated Shipping Services Ltd.(a)		15,714		297,780
				19,886,280
Italy — 1.5%
Amplifon SpA		23,813		657,554
Assicurazioni Generali SpA		201,452		3,932,607
DiaSorin SpA		4,769		620,827
Enel SpA		1,497,257		8,816,029

38 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Eni SpA		468,151	$	7,204,014
Ferrari NV		23,774		5,940,746
FinecoBank Banca Fineco SpA		111,525		2,002,080
Infrastrutture Wireless Italiane SpA(c)		75,763		830,270
Intesa Sanpaolo SpA		3,089,912		8,124,212
Mediobanca Banca di Credito Finanziario SpA		121,149		1,302,345
Moncler SpA		38,473		2,407,935
Nexi SpA(b)(c)		105,594		930,002
Poste Italiane SpA(c)		82,333		879,648
Prysmian SpA		48,467		1,979,279
Recordati Industria Chimica e Farmaceutica SpA		17,464		765,071
Snam SpA		391,164		1,992,406
Stellantis NV		408,805		6,426,819
Telecom Italia SpA/Milano(a)(b)		1,826,355		525,822
Tenaris SA		91,716		1,625,276
Terna - Rete Elettrica Nazionale		267,570		2,116,977
UniCredit SpA		361,930		7,068,904
				66,148,823
Japan — 13.7%
Advantest Corp.		35,700		2,559,011
Aeon Co. Ltd.		119,300		2,445,850
AGC Inc.		35,600		1,311,711
Aisin Corp.		26,300		767,316
Ajinomoto Co. Inc.		82,900		2,733,096
ANA Holdings Inc.(b)		27,900		617,504
Asahi Group Holdings Ltd.		83,100		2,744,148
Asahi Intecc Co. Ltd.		46,500		815,804
Asahi Kasei Corp.		233,600		1,770,135
Astellas Pharma Inc.		345,100		5,079,917
Azbil Corp.		23,500		662,664
Bandai Namco Holdings Inc.		41,900		2,802,010
Bridgestone Corp.		105,000		3,919,985
Brother Industries Ltd.		41,500		644,589
Canon Inc.		187,900		4,169,941
Capcom Co. Ltd.		33,100		1,072,566
Central Japan Railway Co.		26,500		3,232,331
Chiba Bank Ltd. (The)		102,200		773,286
Chubu Electric Power Co. Inc.		115,400		1,242,982
Chugai Pharmaceutical Co. Ltd.		121,900		3,160,267
Concordia Financial Group Ltd.		215,600		947,424
CyberAgent Inc.		74,400		695,785
Dai Nippon Printing Co. Ltd.		40,800		963,273
Daifuku Co. Ltd.		17,300		952,602
Dai-ichi Life Holdings Inc.		186,800		4,382,844
Daiichi Sankyo Co. Ltd.		327,800		10,295,192
Daikin Industries Ltd.		46,000		7,989,950
Daito Trust Construction Co. Ltd.		10,600		1,047,477
Daiwa House Industry Co. Ltd.		109,700		2,634,447
Daiwa House REIT Investment Corp.		467		1,016,068
Daiwa Securities Group Inc.		259,700		1,225,550
Denso Corp.		86,600		4,676,893
Dentsu Group Inc.		37,600		1,211,054
Disco Corp.		5,500		1,652,379
East Japan Railway Co.		55,400		3,089,005
Eisai Co. Ltd.		46,700		2,889,327
ENEOS Holdings Inc.		574,000		2,055,033
FANUC Corp.		35,300		6,237,141
Fast Retailing Co. Ltd.		10,900		6,620,217
Fuji Electric Co. Ltd.		22,900		926,946
FUJIFILM Holdings Corp.		66,000		3,492,795

Security	Shares		Value
Japan (continued)
Fujitsu Ltd.		36,200	$	5,154,131
GLP J-REIT		956		1,081,772
GMO Payment Gateway Inc.		8,100		749,509
Hakuhodo DY Holdings Inc.		43,300		467,958
Hamamatsu Photonics KK		25,400		1,357,129
Hankyu Hanshin Holdings Inc.		41,200		1,224,564
Hikari Tsushin Inc.		3,900		556,679
Hirose Electric Co. Ltd.		6,700		872,235
Hitachi Construction Machinery Co. Ltd.		19,000		448,083
Hitachi Ltd.		179,600		9,418,664
Honda Motor Co. Ltd.		301,400		7,455,585
Hoshizaki Corp.		20,500		736,898
Hoya Corp.		70,200		7,720,029
Hulic Co. Ltd.		69,100		567,987
Ibiden Co. Ltd.		24,200		944,499
Idemitsu Kosan Co. Ltd.		34,872		871,827
Iida Group Holdings Co. Ltd.		25,700		428,431
Inpex Corp.		192,400		2,114,214
Isuzu Motors Ltd.		107,100		1,354,316
Ito En Ltd.		10,300		367,501
ITOCHU Corp.		220,200		7,117,264
Itochu Techno-Solutions Corp.		16,400		406,023
Japan Airlines Co. Ltd.(b)		26,200		555,638
Japan Exchange Group Inc.		96,100		1,470,769
Japan Metropolitan Fund Invest		1,317		1,018,152
Japan Post Bank Co. Ltd.		72,200		641,488
Japan Post Holdings Co. Ltd.		437,400		3,840,135
Japan Post Insurance Co. Ltd.		34,400		613,695
Japan Real Estate Investment Corp.		222		951,823
Japan Tobacco Inc.		221,300		4,512,729
JFE Holdings Inc.		86,100		1,135,284
JSR Corp.		35,300		794,256
Kajima Corp.		72,600		891,621
Kakaku.com Inc.		25,700		428,473
Kansai Electric Power Co. Inc. (The)		136,500		1,312,733
Kao Corp.		87,900		3,553,079
KDDI Corp.		300,100		9,376,154
Keio Corp.		18,700		686,374
Keisei Electric Railway Co. Ltd.		24,400		711,723
Keyence Corp.		36,800		16,941,570
Kikkoman Corp.		26,200		1,385,773
Kintetsu Group Holdings Co. Ltd.		30,200		983,462
Kirin Holdings Co. Ltd.		150,800		2,323,786
Kobayashi Pharmaceutical Co. Ltd.		10,600		760,996
Kobe Bussan Co. Ltd.		30,800		889,250
Koei Tecmo Holdings Co. Ltd.		48,200		876,573
Koito Manufacturing Co. Ltd.		39,000		657,859
Komatsu Ltd.		169,300		4,160,456
Konami Group Corp.		17,200		845,784
Kose Corp.		6,300		695,097
Kubota Corp.		190,400		2,861,386
Kurita Water Industries Ltd.		19,000		859,147
Kyocera Corp.		58,300		3,025,269
Kyowa Kirin Co. Ltd.		51,000		1,137,348
Lasertec Corp.		14,300		2,707,317
Lixil Corp.		50,900		878,726
M3 Inc.		79,300		2,168,293
Makita Corp.		38,800		1,033,509
Marubeni Corp.		289,600		3,552,980
Mazda Motor Corp.		106,200		845,351

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
McDonald’s Holdings Co. Japan Ltd.(a)		15,000	$	592,611
MEIJI Holdings Co. Ltd.		20,590		1,061,881
MINEBEA MITSUMI Inc.		65,100		1,134,868
MISUMI Group Inc.		52,800		1,328,842
Mitsubishi Chemical Group Corp.		231,100		1,296,805
Mitsubishi Corp.		235,400		7,882,593
Mitsubishi Electric Corp.		355,100		3,913,469
Mitsubishi Estate Co. Ltd.		216,200		2,778,844
Mitsubishi HC Capital Inc.		128,100		653,841
Mitsubishi Heavy Industries Ltd.		59,300		2,325,151
Mitsubishi UFJ Financial Group Inc.		2,248,800		16,472,192
Mitsui & Co. Ltd.		265,200		7,824,124
Mitsui Chemicals Inc.		30,900		727,340
Mitsui Fudosan Co. Ltd.		166,700		3,124,565
Mitsui OSK Lines Ltd.		62,900		1,561,097
Mizuho Financial Group Inc.		447,460		6,989,526
MonotaRO Co. Ltd.		54,000		818,011
MS&AD Insurance Group Holdings Inc.		80,100		2,569,104
Murata Manufacturing Co. Ltd.		105,000		5,999,751
NEC Corp.		43,600		1,575,164
Nexon Co. Ltd.		87,200		2,102,614
NGK Insulators Ltd.		43,800		606,248
Nidec Corp.		82,800		4,588,680
Nihon M&A Center Holdings Inc.		60,700		620,561
Nintendo Co. Ltd.		206,900		8,970,722
Nippon Building Fund Inc.		263		1,149,405
Nippon Express Holdings Inc.		13,400		777,638
Nippon Paint Holdings Co. Ltd.		171,000		1,561,140
Nippon Prologis REIT Inc.		387		878,157
Nippon Sanso Holdings Corp.		48,000		782,922
Nippon Shinyaku Co. Ltd.		10,700		550,688
Nippon Steel Corp.		148,486		3,090,695
Nippon Telegraph & Telephone Corp.		221,800		6,650,788
Nippon Yusen KK		88,200		2,098,177
Nissan Chemical Corp.		24,600		1,161,357
Nissan Motor Co. Ltd.		429,300		1,542,449
Nisshin Seifun Group Inc.		38,625		483,797
Nissin Foods Holdings Co. Ltd.		13,000		1,016,309
Nitori Holdings Co. Ltd.		17,600		2,329,460
Nitto Denko Corp.		24,900		1,609,472
Nomura Holdings Inc.		541,200		2,159,837
Nomura Real Estate Holdings Inc.		23,200		511,338
Nomura Real Estate Master Fund Inc.		742		867,743
Nomura Research Institute Ltd.		73,100		1,754,954
NTT Data Corp.		116,100		1,800,871
Obayashi Corp.		116,900		906,761
Obic Co. Ltd.		12,800		2,052,181
Odakyu Electric Railway Co. Ltd.		52,600		691,551
Oji Holdings Corp.		142,400		588,503
Olympus Corp.		228,400		4,293,831
Omron Corp.		40,500		2,343,353
Ono Pharmaceutical Co. Ltd.		67,500		1,464,661
Open House Group Co. Ltd.		14,000		529,624
Oracle Corp. Japan		7,900		541,204
Oriental Land Co. Ltd./Japan		36,800		6,131,610
ORIX Corp.		222,400		3,910,455
Osaka Gas Co. Ltd.		80,700		1,302,247
Otsuka Corp.		19,200		631,671
Otsuka Holdings Co. Ltd.		72,400		2,322,622
Pan Pacific International Holdings Corp.		70,700		1,307,464

Security	Shares		Value
Japan (continued)
Panasonic Holdings Corp.		411,300	$	3,814,136
Persol Holdings Co. Ltd.		37,700		826,592
Rakuten Group Inc.(b)		158,800		809,633
Recruit Holdings Co. Ltd.		267,300		8,596,438
Renesas Electronics Corp.(b)		216,100		2,222,826
Resona Holdings Inc.		403,300		2,231,751
Ricoh Co. Ltd.		109,700		851,559
Rohm Co. Ltd.		15,300		1,226,012
SBI Holdings Inc.		43,400		920,049
SCSK Corp.		26,900		438,131
Secom Co. Ltd.		38,600		2,299,624
Seiko Epson Corp.		50,500		783,154
Sekisui Chemical Co. Ltd.		67,400		944,158
Sekisui House Ltd.		112,000		2,116,717
Seven & i Holdings Co. Ltd.		139,500		6,586,199
SG Holdings Co. Ltd.		51,700		797,799
Sharp Corp./Japan		34,000		282,610
Shimadzu Corp.		42,200		1,296,851
Shimano Inc.		13,400		2,389,694
Shimizu Corp.		98,000		549,358
Shin-Etsu Chemical Co. Ltd.		69,200		10,201,672
Shionogi & Co. Ltd.		48,500		2,311,243
Shiseido Co. Ltd.		81,200		4,220,451
Shizuoka Financial Group Inc., NVS		93,700		793,792
SMC Corp.		10,500		5,333,061
SoftBank Corp.		533,000		6,098,636
SoftBank Group Corp.		223,700		10,590,417
Sompo Holdings Inc.		57,300		2,466,701
Sony Group Corp.		236,000		21,086,962
Square Enix Holdings Co. Ltd.		16,600		785,035
Subaru Corp.		111,600		1,833,771
SUMCO Corp.		62,300		923,085
Sumitomo Chemical Co. Ltd.		259,600		996,509
Sumitomo Corp.		207,400		3,722,815
Sumitomo Electric Industries Ltd.		129,600		1,557,294
Sumitomo Metal Mining Co. Ltd.		45,900		1,863,688
Sumitomo Mitsui Financial Group Inc.		243,800		10,595,807
Sumitomo Mitsui Trust Holdings Inc.		61,800		2,251,290
Sumitomo Realty & Development Co. Ltd.		56,100		1,367,557
Suntory Beverage & Food Ltd.		23,300		786,788
Suzuki Motor Corp.		67,200		2,519,475
Sysmex Corp.		30,800		2,044,660
T&D Holdings Inc.		98,800		1,581,417
Taisei Corp.		31,600		1,090,894
Takeda Pharmaceutical Co. Ltd.		280,013		8,802,872
TDK Corp.		71,000		2,536,564
Terumo Corp.		118,200		3,440,844
TIS Inc.		40,500		1,167,832
Tobu Railway Co. Ltd.		32,800		769,590
Toho Co. Ltd./Tokyo		19,500		720,202
Tokio Marine Holdings Inc.		342,600		7,175,655
Tokyo Electric Power Co. Holdings Inc.(b)		311,200		1,165,378
Tokyo Electron Ltd.		27,500		9,611,914
Tokyo Gas Co. Ltd.		73,000		1,528,598
Tokyu Corp.		97,400		1,252,504
Toppan Inc.		47,500		765,328
Toray Industries Inc.		257,400		1,581,478
Toshiba Corp.		71,100		2,442,047
Tosoh Corp.		47,300		618,845
TOTO Ltd.		23,800		924,937

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Toyota Industries Corp.		25,900	$	1,576,601
Toyota Motor Corp.		1,985,300		29,155,545
Toyota Tsusho Corp.		39,100		1,655,578
Trend Micro Inc./Japan(b)		23,100		1,143,774
Unicharm Corp.		74,200		2,830,406
USS Co. Ltd.		48,300		794,446
Welcia Holdings Co. Ltd.		18,500		413,487
West Japan Railway Co.		38,900		1,629,074
Yakult Honsha Co. Ltd.		23,700		1,691,893
Yamaha Corp.		25,800		1,003,209
Yamaha Motor Co. Ltd.		53,700		1,322,668
Yamato Holdings Co. Ltd.		49,600		867,848
Yaskawa Electric Corp.		46,000		1,798,098
Yokogawa Electric Corp.		50,300		883,247
Z Holdings Corp.		488,500		1,421,397
ZOZO Inc.		28,400		736,219
				620,773,799
Kuwait — 0.2%
Agility Public Warehousing Co. KSC		323,275		629,913
Boubyan Bank KSCP		313,108		805,095
Gulf Bank KSCP		110,189		113,212
Kuwait Finance House KSCP		1,275,945		3,508,504
Mabanee Co. KPSC		113,325		318,514
Mobile Telecommunications Co. KSCP		496,305		902,809
National Bank of Kuwait SAKP		1,345,834		4,844,698
				11,122,745
Malaysia — 0.4%
AMMB Holdings Bhd		144,700		138,688
Axiata Group Bhd		608,700		433,662
CIMB Group Holdings Bhd		1,065,200		1,438,715
Dialog Group Bhd		782,400		478,461
DiGi.Com Bhd		749,500		741,255
Genting Bhd		435,500		506,856
Genting Malaysia Bhd		575,800		384,434
Hartalega Holdings Bhd(a)		329,600		124,841
Hong Leong Bank Bhd		151,800		731,280
Hong Leong Financial Group Bhd		102,600		445,218
IHH Healthcare Bhd		517,400		719,357
Inari Amertron Bhd		599,100		367,184
IOI Corp. Bhd		648,000		581,462
Kuala Lumpur Kepong Bhd		86,200		433,648
Malayan Banking Bhd		773,700		1,586,849
Malaysia Airports Holdings Bhd(b)		211,200		350,100
Maxis Bhd		626,500		582,793
MISC Bhd		168,200		288,896
MR DIY Group M Bhd(c)		66,200		29,570
Petronas Chemicals Group Bhd(a)		498,900		979,061
Petronas Dagangan Bhd		61,800		315,827
Petronas Gas Bhd		188,000		741,291
PPB Group Bhd		200,700		828,065
Press Metal Aluminium Holdings Bhd		617,600		753,325
Public Bank Bhd		2,650,000		2,637,857
RHB Bank Bhd		402,595		543,492
Sime Darby Bhd		511,200		277,614
Sime Darby Plantation Bhd		432,600		439,837
Telekom Malaysia Bhd		131,500		161,315
Tenaga Nasional Bhd		428,000		945,796
Top Glove Corp. Bhd		851,300		166,369
				19,153,118

Security	Shares		Value
Mexico — 0.7%
Alfa SAB de CV, Class A		150,200	$	108,798
America Movil SAB de CV, Series L, NVS		5,354,500		5,596,057
Arca Continental SAB de CV		57,800		510,579
Banco del Bajio SA(c)		107,900		434,511
Cemex SAB de CV, NVS(b)		2,928,508		1,561,415
Coca-Cola Femsa SAB de CV		63,100		480,057
Fibra Uno Administracion SA de CV		651,800		882,658
Fomento Economico Mexicano SAB de CV		364,900		3,196,230
Gruma SAB de CV, Class B		28,640		416,569
Grupo Aeroportuario del Pacifico SAB de CV, Class B		56,900		982,322
Grupo Aeroportuario del Sureste SAB de CV, Class B		42,065		1,142,516
Grupo Bimbo SAB de CV, Series A		269,300		1,344,605
Grupo Carso SAB de CV, Series A1		70,900		358,896
Grupo Financiero Banorte SAB de CV, Class O		486,500		4,035,285
Grupo Financiero Inbursa SAB de CV, Class O(b)		492,300		1,058,822
Grupo Mexico SAB de CV, Series B		606,929		2,699,038
Grupo Televisa SAB, CPO		476,200		582,400
Industrias Penoles SAB de CV(b)		29,440		419,560
Kimberly-Clark de Mexico SAB de CV, Class A		365,400		697,404
Operadora De Sites Mexicanos SAB de CV		163,700		176,475
Orbia Advance Corp. SAB de CV		168,400		337,328
Promotora y Operadora de Infraestructura SAB de CV		22,310		216,187
Wal-Mart de Mexico SAB de CV		1,003,900		3,932,326
				31,170,038
Netherlands — 2.9%
ABN AMRO Bank NV, CVA(c)		76,691		1,272,883
Adyen NV(b)(c)		4,055		6,130,783
Aegon NV		337,744		1,862,925
AerCap Holdings NV(a)(b)		24,893		1,573,487
Akzo Nobel NV		34,858		2,596,397
ASM International NV		8,843		2,990,755
ASML Holding NV		75,810		50,159,508
Davide Campari-Milano NV		96,115		1,031,033
EXOR NV, NVS(b)		20,772		1,651,138
Heineken Holding NV		21,245		1,754,112
Heineken NV		48,407		4,837,742
IMCD NV		10,580		1,677,266
ING Groep NV(b)		712,807		10,321,631
JDE Peet’s NV		18,842		564,750
Just Eat Takeaway.com NV(b)(c)		34,832		893,565
Koninklijke Ahold Delhaize NV		196,665		5,869,853
Koninklijke DSM NV		32,733		4,209,529
Koninklijke KPN NV		650,537		2,224,084
Koninklijke Philips NV		164,979		2,848,437
NEPI Rockcastle NV		91,784		570,282
NN Group NV		52,149		2,265,774
OCI NV		19,533		664,912
Pepco Group NV(b)(c)		11,071		107,372
Prosus NV		156,226		12,614,504
QIAGEN NV(b)		43,737		2,133,626
Randstad NV		21,274		1,363,628
Universal Music Group NV		136,556		3,490,694
Wolters Kluwer NV		49,953		5,446,027
				133,126,697
New Zealand — 0.1%
Auckland International Airport Ltd.(b)		233,498		1,285,064
Fisher & Paykel Healthcare Corp. Ltd.		95,334		1,564,544
Mercury NZ Ltd.		122,434		475,650
Meridian Energy Ltd.		260,835		901,499

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Spark New Zealand Ltd.		401,557	$	1,353,944
				5,580,701
Norway — 0.4%
Adevinta ASA(b)		56,701		486,088
Aker BP ASA		57,296		1,745,336
DNB Bank ASA		176,399		3,298,585
Equinor ASA		178,249		5,432,431
Gjensidige Forsikring ASA		45,316		814,485
Kongsberg Gruppen ASA		14,077		560,429
Mowi ASA		77,922		1,440,907
Norsk Hydro ASA		254,244		2,061,372
Orkla ASA		141,935		1,059,647
Salmar ASA		11,687		543,441
Telenor ASA		123,034		1,287,995
Yara International ASA		31,516		1,400,296
				20,131,012
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		32,820		265,514
Credicorp Ltd.		13,297		1,785,787
Southern Copper Corp.		14,677		1,103,857
				3,155,158
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		288,830		301,537
ACEN Corp.		2,023,970		260,372
Ayala Corp.		36,090		469,345
Ayala Land Inc.		1,633,020		880,789
Bank of the Philippine Islands		310,176		597,245
BDO Unibank Inc.		455,924		1,028,307
Globe Telecom Inc.		3,511		130,196
International Container Terminal Services Inc.		228,090		867,093
JG Summit Holdings Inc.		765,010		752,464
Jollibee Foods Corp.		118,510		517,082
Manila Electric Co.		5,140		26,444
Metropolitan Bank & Trust Co.		649,698		682,600
Monde Nissin Corp.(c)		1,398,600		338,979
PLDT Inc.		17,570		435,438
SM Investments Corp.		36,055		609,697
SM Prime Holdings Inc.		2,069,800		1,402,452
Universal Robina Corp.		111,110		280,685
				9,580,725
Poland — 0.2%
Allegro.eu SA(b)(c)		64,522		449,108
Bank Polska Kasa Opieki SA		37,885		809,574
CD Projekt SA		12,729		410,750
Cyfrowy Polsat SA		81,123		344,465
Dino Polska SA(b)(c)		8,367		758,006
KGHM Polska Miedz SA		28,643		936,429
LPP SA		207		484,875
mBank SA(b)		2,641		194,702
PGE Polska Grupa Energetyczna SA(b)		166,457		288,235
Polski Koncern Naftowy ORLEN SA		108,990		1,636,988
Powszechna Kasa Oszczednosci Bank Polski SA		173,201		1,291,820
Powszechny Zaklad Ubezpieczen SA		100,008		850,066
Santander Bank Polska SA		8,470		563,104
				9,018,122
Portugal — 0.1%
EDP - Energias de Portugal SA		540,568		2,685,681
Galp Energia SGPS SA		94,802		1,297,654

Security	Shares		Value
Portugal (continued)
Jeronimo Martins SGPS SA		51,963	$	1,128,154
				5,111,489
Qatar — 0.3%
Barwa Real Estate Co.		298,500		232,127
Commercial Bank PSQC (The)		518,997		853,005
Industries Qatar QSC		296,396		1,141,694
Masraf Al Rayan QSC		1,070,037		800,983
Mesaieed Petrochemical Holding Co.		810,466		478,009
Ooredoo QPSC		228,556		558,338
Qatar Electricity & Water Co. QSC		130,939		635,571
Qatar Fuel QSC		91,366		446,384
Qatar Gas Transport Co. Ltd.		150,038		156,123
Qatar International Islamic Bank QSC		130,809		369,427
Qatar Islamic Bank SAQ		300,513		1,613,729
Qatar National Bank QPSC		832,237		4,101,460
				11,386,850
Russia — 0.0%
Alrosa PJSC(b)(d)		504,040		72
Gazprom PJSC(d)		2,086,234		297
Inter RAO UES PJSC(d)		5,597,000		797
LUKOIL PJSC(d)		71,534		10
Magnit PJSC(d)		10,825		2
Magnit PJSC, GDR(d)		4		—
MMC Norilsk Nickel PJSC(d)		11,400		2
Mobile TeleSystems PJSC(d)		193,438		28
Moscow Exchange MICEX-RTS PJSC(b)(d)		287,200		41
Novatek PJSC(d)		162,260		23
Novolipetsk Steel PJSC(d)		223,890		32
Ozon Holdings PLC, GDR(b)(d)		8,288		1
PhosAgro PJSC(d)		9,664		1
PhosAgro PJSC, GDR(d)(e)		1		—
PhosAgro PJSC, New(d)		187		2
Polymetal International PLC(b)(d)		52,614		8
Polyus PJSC(b)(d)		5,198		1
Rosneft Oil Co. PJSC(d)		165,180		24
Sberbank of Russia PJSC(b)(d)		1,882,550		268
Severstal PAO(d)		30,098		4
Surgutneftegas PJSC(d)		1,575,550		224
Tatneft PJSC(d)		206,881		29
TCS Group Holding PLC, GDR(b)(d)(e)		20,990		3
United Co. RUSAL International PJSC(b)(d)		563,790		80
VK Co. Ltd.(b)(d)		21,979		3
VTB Bank PJSC(b)(d)		493,800,000		70
X5 Retail Group NV, GDR(d)(e)		16,185		2
Yandex NV(b)(d)		54,504		8
				2,032
Saudi Arabia — 1.1%
ACWA Power Co.		20,990		852,133
Advanced Petrochemical Co.		32,866		414,495
Al Rajhi Bank(b)		373,819		8,205,792
Alinma Bank		187,374		1,650,771
Almarai Co. JSC		27,927		413,873
AngloGold Ashanti Ltd.		80,648		1,695,630
Arab National Bank		117,987		872,278
Arabian Internet & Communications Services Co.		2,333		157,977
Bank AlBilad(b)		116,291		1,396,483
Bank Al-Jazira		94,438		490,225
Banque Saudi Fransi		129,600		1,417,158
Bupa Arabia for Cooperative Insurance Co.		11,575		482,909

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Dallah Healthcare Co.		8,279	$	303,529
Dar Al Arkan Real Estate Development Co.(b)		88,079		294,780
Dr Sulaiman Al Habib Medical Services Group Co.		15,112		944,544
Elm Co.		6,255		596,323
Emaar Economic City(b)		44,738		97,917
Etihad Etisalat Co.		72,427		684,232
Jarir Marketing Co.		18,330		736,765
Mobile Telecommunications Co.(b)		14,750		41,278
Mouwasat Medical Services Co.		8,236		453,424
Nahdi Medical Co.		2,811		142,603
National Industrialization Co.(b)		52,344		173,188
Rabigh Refining & Petrochemical Co.(b)		79,475		237,879
Reinet Investments SCA		25,222		477,638
Riyad Bank		251,147		2,071,559
SABIC Agri-Nutrients Co.		41,846		1,534,290
Sahara International Petrochemical Co.		82,057		816,409
Saudi Arabian Mining Co.(b)		168,945		3,342,972
Saudi Arabian Oil Co.(c)		414,561		3,657,459
Saudi Basic Industries Corp.		160,964		3,994,421
Saudi British Bank (The)		162,019		1,569,861
Saudi Electricity Co.		199,910		1,231,840
Saudi Industrial Investment Group		53,523		355,632
Saudi Investment Bank (The)		84,047		403,773
Saudi Kayan Petrochemical Co.(b)		122,721		437,482
Saudi National Bank (The)		397,901		5,037,257
Saudi Research & Media Group(b)		6,475		324,637
Saudi Tadawul Group Holding Co.		7,091		307,232
Saudi Telecom Co.		261,737		2,583,133
Savola Group (The)		35,892		287,995
Yanbu National Petrochemical Co.		44,160		523,296
				51,713,072
Singapore — 1.0%
CapitaLand Ascendas REIT		613,177		1,349,376
CapitaLand Integrated Commercial Trust		1,001,221		1,638,131
Capitaland Investment Ltd/Singapore		484,800		1,468,755
City Developments Ltd.		62,800		398,581
DBS Group Holdings Ltd.		339,500		9,294,244
Genting Singapore Ltd.		1,183,900		896,637
Grab Holdings Ltd., Class A(b)		243,596		923,229
Jardine Cycle & Carriage Ltd.		18,400		407,921
Keppel Corp. Ltd.		284,900		1,644,915
Mapletree Logistics Trust		612,397		791,702
Mapletree Pan Asia Commercial Trust		390,300		543,072
Oversea-Chinese Banking Corp. Ltd.		631,275		6,237,217
Sea Ltd., ADR(b)		67,647		4,359,849
Singapore Airlines Ltd.		264,350		1,195,355
Singapore Exchange Ltd.		121,400		855,083
Singapore Technologies Engineering Ltd.		303,700		853,865
Singapore Telecommunications Ltd.		1,528,100		2,926,558
United Overseas Bank Ltd.		220,900		5,021,196
UOL Group Ltd.		70,400		375,624
Venture Corp. Ltd.		58,200		821,863
Wilmar International Ltd.		356,800		1,109,298
				43,112,471
South Africa — 1.0%
Absa Group Ltd.		147,439		1,694,414
African Rainbow Minerals Ltd.		9,311		151,839
Anglo American Platinum Ltd.		10,441		776,508
Aspen Pharmacare Holdings Ltd.		78,149		681,828

Security	Shares		Value
South Africa (continued)
Bid Corp. Ltd.		68,811	$	1,417,744
Bidvest Group Ltd. (The)		66,094		853,068
Capitec Bank Holdings Ltd.		15,339		1,584,308
Clicks Group Ltd.		53,809		820,680
Discovery Ltd.(b)		90,010		715,952
Exxaro Resources Ltd.		55,816		700,482
FirstRand Ltd.		949,205		3,526,864
Foschini Group Ltd. (The)		42,964		268,565
Gold Fields Ltd.		168,824		1,924,238
Growthpoint Properties Ltd.		775,516		624,870
Harmony Gold Mining Co. Ltd.		112,396		400,284
Impala Platinum Holdings Ltd.		158,362		1,836,338
Kumba Iron Ore Ltd.		11,754		359,908
Mr. Price Group Ltd.		58,105		549,860
MTN Group Ltd.		321,303		2,719,707
MultiChoice Group		74,219		511,002
Naspers Ltd., Class N		40,747		7,877,978
Nedbank Group Ltd.		75,264		973,977
Northam Platinum Holdings Ltd.(b)		69,153		678,296
Old Mutual Ltd.		937,056		638,771
Pepkor Holdings Ltd.(c)		152,678		180,318
Remgro Ltd.		97,625		785,488
Sanlam Ltd.		297,107		961,329
Sasol Ltd.		107,318		1,949,627
Shoprite Holdings Ltd.		91,736		1,269,916
Sibanye Stillwater Ltd.		500,678		1,323,418
SPAR Group Ltd. (The)		22,459		177,413
Standard Bank Group Ltd.		241,693		2,411,543
Vodacom Group Ltd.		106,548		748,804
Woolworths Holdings Ltd.		210,901		914,026
				43,009,363
South Korea — 3.2%
Amorepacific Corp.		5,730		681,105
BGF retail Co. Ltd.		1,851		280,556
Celltrion Healthcare Co. Ltd.		17,989		841,893
Celltrion Inc.		19,327		2,550,801
Celltrion Pharm Inc.(b)		4,142		216,230
Cheil Worldwide Inc.		7,525		134,477
CJ CheilJedang Corp.		1,856		520,719
CJ Corp.		3,698		247,908
Coway Co. Ltd.		11,053		501,235
DB Insurance Co. Ltd.		11,018		587,163
Doosan Bobcat Inc.		7,784		220,896
Doosan Enerbility Co. Ltd.(b)		76,284		1,043,161
Ecopro BM Co. Ltd.		9,588		782,827
E-MART Inc.(b)		3,856		327,708
F&F Co. Ltd./New		3,377		418,929
GS Holdings Corp.(b)		8,060		289,619
Hana Financial Group Inc.		52,322		2,078,607
Hankook Tire & Technology Co. Ltd.		17,585		464,065
Hanmi Pharm Co. Ltd.		1,594		333,016
Hanon Systems		28,015		208,997
Hanwha Solutions Corp.(b)		20,157		747,003
HD Hyundai Co. Ltd.		11,118		552,668
HLB Inc.(b)		21,562		536,511
HMM Co. Ltd.		51,279		911,924
Hotel Shilla Co. Ltd.		7,051		455,658
HYBE Co. Ltd.(b)		3,332		524,232
Hyundai Engineering & Construction Co. Ltd.		15,809		491,492
Hyundai Glovis Co. Ltd.		3,843		520,082

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hyundai Heavy Industries Co. Ltd.(b)		2,708	$	245,813
Hyundai Mipo Dockyard Co. Ltd.(b)		3,825		251,189
Hyundai Mobis Co. Ltd.		11,928		1,994,446
Hyundai Motor Co.		25,727		3,507,140
Hyundai Steel Co.		18,521		517,350
Iljin Materials Co. Ltd.		4,872		250,519
Industrial Bank of Korea(b)		56,621		472,570
Kakao Corp.(b)		58,946		2,967,181
Kakao Games Corp.(b)		7,024		267,037
KakaoBank Corp.(b)		27,311		605,966
Kangwon Land Inc.(b)		22,791		436,719
KB Financial Group Inc.		74,982		3,417,109
Kia Corp.		49,167		2,678,712
Korea Aerospace Industries Ltd.		15,033		589,887
Korea Electric Power Corp.(b)		47,254		762,927
Korea Investment Holdings Co. Ltd.		8,085		412,575
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		8,149		529,259
Korea Zinc Co. Ltd.		1,635		720,110
Korean Air Lines Co. Ltd.(b)		30,156		596,673
Krafton Inc.(b)		5,070		744,632
KT&G Corp.(b)		18,820		1,411,717
Kumho Petrochemical Co. Ltd.		2,949		354,691
L&F Co. Ltd.		4,711		795,305
LG Chem Ltd.		9,185		5,184,041
LG Corp.		18,030		1,214,216
LG Display Co. Ltd.(b)		46,832		521,482
LG Electronics Inc.		20,515		1,680,990
LG Energy Solution(b)		6,397		2,720,965
LG H&H Co. Ltd.		1,634		990,626
LG Innotek Co. Ltd.		2,572		573,013
LG Uplus Corp.		39,381		356,132
Lotte Chemical Corp.		3,580		516,870
Lotte Shopping Co. Ltd.		1,736		133,040
Meritz Fire & Marine Insurance Co. Ltd.		4,310		180,908
Meritz Securities Co. Ltd.		64,729		337,900
Mirae Asset Securities Co. Ltd.		53,097		294,761
NAVER Corp.		24,096		4,002,963
NCSoft Corp.		3,138		1,161,472
Netmarble Corp.(c)		4,725		235,347
NH Investment & Securities Co. Ltd.		27,473		205,849
Orion Corp./Republic of Korea		5,357		542,241
Pan Ocean Co. Ltd.		52,053		256,414
Pearl Abyss Corp.(b)		6,104		226,240
POSCO Chemical Co. Ltd.		4,942		905,866
POSCO Holdings Inc.		14,719		3,616,851
S-1 Corp.		2,714		126,985
Samsung Biologics Co. Ltd.(b)(c)		3,296		2,128,162
Samsung C&T Corp.		14,528		1,403,135
Samsung Electro-Mechanics Co. Ltd.		10,506		1,227,027
Samsung Electronics Co. Ltd.		891,063		44,384,052
Samsung Engineering Co. Ltd.(b)		29,559		623,815
Samsung Fire & Marine Insurance Co. Ltd.		5,880		969,533
Samsung Heavy Industries Co. Ltd.(b)		123,760		584,864
Samsung Life Insurance Co. Ltd.		14,020		807,161
Samsung SDI Co. Ltd.		10,324		5,785,591
Samsung SDS Co. Ltd.		7,018		715,667
Samsung Securities Co. Ltd.		12,050		328,021
SD Biosensor Inc.		4,662		108,869
Shinhan Financial Group Co. Ltd.		86,147		2,913,007
SK Biopharmaceuticals Co. Ltd.(b)		6,831		403,182

Security	Shares		Value
South Korea (continued)
SK Bioscience Co. Ltd.(b)		4,585	$	281,377
SK Hynix Inc.		102,268		7,398,459
SK IE Technology Co. Ltd.(b)(c)		4,895		269,096
SK Inc.		6,973		1,127,944
SK Innovation Co. Ltd.(b)		10,079		1,339,651
SK Square Co. Ltd.(b)		18,535		549,088
SKC Co. Ltd.		4,490		350,024
S-Oil Corp.		9,089		655,663
Woori Financial Group Inc.		87,774		915,554
Yuhan Corp.		14,142		601,960
				143,855,083
Spain — 1.6%
Acciona SA		4,168		813,177
ACS Actividades de Construccion y Servicios SA		45,214		1,338,050
Aena SME SA(b)(c)		12,807		1,924,239
Amadeus IT Group SA(b)		83,808		5,280,235
Banco Bilbao Vizcaya Argentaria SA		1,150,060		8,123,762
Banco Santander SA		3,149,941		11,008,853
CaixaBank SA		833,416		3,697,833
Cellnex Telecom SA(c)		99,383		3,894,619
Corp. ACCIONA Energias Renovables SA		7,727		315,989
EDP Renovaveis SA		54,187		1,178,626
Enagas SA		22,741		407,775
Endesa SA		60,772		1,211,594
Ferrovial SA		101,626		2,998,806
Grifols SA(a)(b)		55,099		729,403
Iberdrola SA		1,115,532		13,087,160
Iberdrola SA, NVS		18,592		217,183
Industria de Diseno Textil SA		204,507		6,384,874
Naturgy Energy Group SA		32,296		915,986
Red Electrica Corp. SA		64,486		1,141,331
Repsol SA		264,689		4,348,002
Telefonica SA		977,069		3,711,905
				72,729,402
Sweden — 2.1%
Alfa Laval AB		55,047		1,729,887
Assa Abloy AB, Class B		188,959		4,451,166
Atlas Copco AB, Class A		491,671		5,834,198
Atlas Copco AB, Class B		298,952		3,153,228
Boliden AB		50,771		2,278,449
Electrolux AB, Class B(a)		40,895		579,231
Embracer Group AB(a)(b)		122,370		570,382
Epiroc AB, Class A		129,600		2,521,595
Epiroc AB, Class B		68,122		1,135,762
EQT AB		56,427		1,273,262
Essity AB, Class B		114,478		2,990,639
Evolution AB(c)		33,942		3,814,777
Fastighets AB Balder, Class B(b)		118,264		609,325
Getinge AB, Class B		43,460		979,048
H & M Hennes & Mauritz AB, Class B(a)		136,235		1,677,909
Hexagon AB, Class B		364,593		4,179,512
Holmen AB, Class B		17,068		703,979
Husqvarna AB, Class B		83,970		714,407
Industrivarden AB, Class A		25,145		666,100
Industrivarden AB, Class C		26,210		690,494
Indutrade AB		50,981		1,132,146
Investment AB Latour, Class B		31,294		660,269
Investor AB, Class A		91,632		1,828,845
Investor AB, Class B		348,654		6,775,035

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Kinnevik AB, Class B(b)		46,107	$	712,683
L E Lundbergforetagen AB, Class B		12,793		592,408
Lifco AB, Class B		48,580		892,431
Nibe Industrier AB, Class B		285,453		3,084,110
Nordea Bank Abp		624,237		7,297,570
Sagax AB, Class B		36,984		919,977
Sandvik AB		195,266		4,035,687
Securitas AB, Class B		88,057		806,035
Skandinaviska Enskilda Banken AB, Class A		299,490		3,625,569
Skanska AB, Class B		63,164		1,114,851
SKF AB, Class B		63,766		1,128,549
Svenska Cellulosa AB SCA, Class B		116,185		1,613,384
Svenska Handelsbanken AB, Class A		270,866		2,824,595
Swedbank AB, Class A		167,916		3,230,102
Swedish Orphan Biovitrum AB(b)		30,302		675,752
Tele2 AB, Class B		101,712		878,438
Telefonaktiebolaget LM Ericsson, Class B		543,503		3,152,568
Telia Co. AB		482,793		1,246,881
Volvo AB, Class A		3,039		63,131
Volvo AB, Class B		309,932		6,150,137
Volvo Car AB, Class B(a)(b)		107,497		536,356
				95,530,859
Switzerland — 6.6%
ABB Ltd., Registered		300,460		10,460,711
Adecco Group AG, Registered		29,570		1,098,251
Alcon Inc.		94,936		7,163,728
Bachem Holding AG, Class A		6,387		564,827
Baloise Holding AG, Registered		7,963		1,309,697
Banque Cantonale Vaudoise, Registered		4,557		433,175
Barry Callebaut AG, Registered		610		1,274,493
BKW AG		2,939		422,635
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		192		2,108,682
Chocoladefabriken Lindt & Spruengli AG, Registered		19		2,138,627
Cie. Financiere Richemont SA, Class A, Registered		98,039		15,113,418
Clariant AG, Registered		38,401		658,517
Coca-Cola HBC AG, Class DI		37,081		901,119
Credit Suisse Group AG, Registered		636,215		2,191,685
EMS-Chemie Holding AG, Registered		1,198		893,085
Geberit AG, Registered		6,920		3,937,358
Givaudan SA, Registered		1,703		5,521,518
Holcim AG		102,649		6,136,840
Julius Baer Group Ltd.		41,133		2,638,448
Kuehne + Nagel International AG, Registered		10,251		2,444,418
Logitech International SA, Registered		32,708		1,913,966
Lonza Group AG, Registered		13,925		7,943,396
Nestle SA, Registered		514,385		62,759,623
Novartis AG, Registered		403,632		36,491,980
Partners Group Holding AG		4,301		4,035,613
Roche Holding AG, Bearer		5,911		2,163,667
Roche Holding AG, NVS		130,291		40,672,990
Schindler Holding AG, Participation Certificates, NVS		7,771		1,656,290
Schindler Holding AG, Registered		3,959		800,862
SGS SA, Registered		1,160		2,828,815
Siemens Energy AG(b)		78,506		1,641,467
SIG Group AG		56,708		1,405,562
Sika AG, Registered		27,501		7,814,323
Sonova Holding AG, Registered		10,184		2,546,730
STMicroelectronics NV		127,573		6,007,197
Straumann Holding AG		20,950		2,743,130

Security	Shares		Value
Switzerland (continued)
Swatch Group AG (The), Bearer		5,724	$	2,072,480
Swatch Group AG (The), Registered		8,931		586,835
Swiss Life Holding AG, Registered		6,004		3,553,453
Swiss Prime Site AG, Registered		15,094		1,345,000
Swiss Re AG		56,239		5,888,836
Swisscom AG, Registered		4,801		2,836,698
Temenos AG, Registered		11,913		850,357
UBS Group AG, Registered		635,316		13,561,058
VAT Group AG(c)		5,166		1,608,195
Zurich Insurance Group AG		28,374		14,031,751
				297,171,506
Taiwan — 4.1%
Accton Technology Corp.		112,000		915,295
Acer Inc.		607,792		507,414
Advantech Co. Ltd.		95,793		1,095,367
Airtac International Group		31,928		1,091,911
ASE Technology Holding Co. Ltd.		594,762		2,006,752
Asia Cement Corp.		362,440		510,604
Asustek Computer Inc.		116,000		1,056,578
AUO Corp.		1,234,800		694,351
Catcher Technology Co. Ltd.		120,000		713,596
Cathay Financial Holding Co. Ltd.		1,554,019		2,212,428
Chailease Holding Co. Ltd.		242,827		1,829,978
Chang Hwa Commercial Bank Ltd.		845,086		496,624
Cheng Shin Rubber Industry Co. Ltd.		371,000		428,113
China Airlines Ltd.		408,000		266,153
China Development Financial Holding Corp.		3,010,358		1,329,913
China Steel Corp.		2,173,288		2,299,853
Chunghwa Telecom Co. Ltd.		694,000		2,593,559
Compal Electronics Inc.		743,000		560,879
CTBC Financial Holding Co. Ltd.		3,079,036		2,354,306
Delta Electronics Inc.		348,000		3,374,717
E Ink Holdings Inc.		180,000		1,044,499
E.Sun Financial Holding Co. Ltd.		2,350,113		1,924,831
Eclat Textile Co. Ltd.		35,000		583,705
eMemory Technology Inc.		15,000		822,426
Eva Airways Corp.		509,000		496,711
Evergreen Marine Corp. Taiwan Ltd.		178,200		910,377
Far Eastern New Century Corp.		535,000		584,720
Far EasTone Telecommunications Co. Ltd.		283,000		629,540
Feng TAY Enterprise Co. Ltd.		82,600		545,376
First Financial Holding Co. Ltd.		1,988,933		1,734,730
Formosa Chemicals & Fibre Corp.		642,340		1,548,230
Formosa Petrochemical Corp.		229,000		641,836
Formosa Plastics Corp.		698,960		2,083,508
Fubon Financial Holding Co. Ltd.		1,375,996		2,771,369
Giant Manufacturing Co. Ltd.		63,211		433,993
Globalwafers Co. Ltd.		41,000		719,347
Hon Hai Precision Industry Co. Ltd.		2,334,377		7,784,521
Hotai Motor Co. Ltd.		50,000		1,097,756
Hua Nan Financial Holdings Co. Ltd.		1,647,529		1,253,474
Innolux Corp.		1,669,737		683,142
Inventec Corp.		543,000		457,745
Largan Precision Co. Ltd.		17,000		1,213,143
Lite-On Technology Corp.		385,000		855,507
MediaTek Inc.		280,000		6,765,068
Mega Financial Holding Co. Ltd.		2,065,474		2,205,538
Micro-Star International Co. Ltd.		136,000		597,354
momo.com Inc.		13,200		351,272
Nan Ya Plastics Corp.		916,840		2,307,345

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Nan Ya Printed Circuit Board Corp.		62,000	$	509,118
Nanya Technology Corp.		231,000		448,700
Nien Made Enterprise Co. Ltd.		42,000		437,758
Novatek Microelectronics Corp.		102,000		1,214,602
Parade Technologies Ltd.		14,000		432,932
Pegatron Corp.		348,000		750,164
PharmaEssentia Corp.(b)		45,000		736,321
Pou Chen Corp.		391,000		448,610
Powerchip Semiconductor Manufacturing Corp.		661,000		762,414
President Chain Store Corp.		85,000		765,645
Quanta Computer Inc.		515,000		1,286,206
Realtek Semiconductor Corp.		84,000		902,066
Ruentex Development Co. Ltd.		343,000		513,676
Shanghai Commercial & Savings Bank Ltd. (The)		611,784		950,799
Shin Kong Financial Holding Co. Ltd.		2,422,983		727,655
Silergy Corp.		58,000		1,180,268
SinoPac Financial Holdings Co. Ltd.		2,070,656		1,196,266
Synnex Technology International Corp.		281,750		569,414
Taishin Financial Holding Co. Ltd.		2,069,194		1,124,753
Taiwan Business Bank		611,000		272,564
Taiwan Cement Corp.		971,553		1,176,806
Taiwan Cooperative Financial Holding Co. Ltd.		1,978,482		1,748,324
Taiwan High Speed Rail Corp.		378,000		368,267
Taiwan Mobile Co. Ltd.		234,000		738,317
Taiwan Semiconductor Manufacturing Co. Ltd.		4,584,000		80,892,847
Unimicron Technology Corp.		224,000		1,031,295
Uni-President Enterprises Corp.		798,972		1,794,960
United Microelectronics Corp.		2,222,000		3,636,179
Vanguard International Semiconductor Corp.		169,000		568,050
Voltronic Power Technology Corp.		15,000		759,064
Walsin Lihwa Corp.		580,754		1,057,124
Wan Hai Lines Ltd.		123,435		314,573
Win Semiconductors Corp.		67,000		432,004
Winbond Electronics Corp.		622,000		450,613
Wiwynn Corp.		20,000		502,353
WPG Holdings Ltd.		368,000		586,647
Yageo Corp.		58,898		1,069,053
Yang Ming Marine Transport Corp.		316,000		663,713
Yuanta Financial Holding Co. Ltd.		1,803,933		1,356,479
Zhen Ding Technology Holding Ltd.		133,000		491,120
				184,253,173
Thailand — 0.6%
Advanced Info Service PCL, NVDR		256,400		1,518,144
Airports of Thailand PCL, NVDR(b)		909,900		2,051,927
Asset World Corp. PCL, NVDR		1,927,500		349,064
B Grimm Power PCL, NVDR		395,400		484,483
Bangkok Dusit Medical Services PCL, NVDR		2,112,300		1,909,850
Bangkok Expressway & Metro PCL, NVDR		1,634,500		481,158
Berli Jucker PCL, NVDR		392,800		453,720
BTS Group Holdings PCL, NVDR		3,150,800		808,513
Central Pattana PCL, NVDR		531,000		1,150,841
Charoen Pokphand Foods PCL, NVDR		1,142,500		817,832
CP ALL PCL, NVDR		1,162,300		2,347,797
Delta Electronics Thailand PCL, NVDR(a)		59,100		1,623,713
Global Power Synergy PCL, NVDR		273,200		571,993
Indorama Ventures PCL, NVDR		516,888		636,698
Intouch Holdings PCL, NVDR		266,100		588,012
Kasikornbank PCL, NVDR		118,900		524,401
Krungthai Card PCL, NVDR(a)		265,900		457,123
Land & Houses PCL, NVDR		2,154,000		647,312

Security	Shares		Value
Thailand (continued)
Minor International PCL, NVDR(b)		786,120	$	796,130
Osotspa PCL, NVDR		377,900		321,670
PTT Exploration & Production PCL, NVDR		269,799		1,408,371
PTT Global Chemical PCL, NVDR		476,301		713,889
PTT Public Company Ltd., NVDR		2,102,500		2,124,519
SCB X PCL, NVS		240,600		762,072
Siam Cement PCL (The), NVDR		151,900		1,549,884
Srisawad Corp. PCL, NVDR		332,400		540,366
Thai Oil PCL, NVDR		409,000		719,841
True Corp. PCL, NVDR		3,306,334		488,197
				26,847,520
Turkey — 0.2%
Akbank TAS		567,030		513,774
Aselsan Elektronik Sanayi Ve Ticaret AS		126,342		382,278
BIM Birlesik Magazalar AS		91,937		609,626
Eregli Demir ve Celik Fabrikalari TAS		271,091		550,230
Ford Otomotiv Sanayi AS		13,571		369,116
Haci Omer Sabanci Holding AS		177,430		369,040
Hektas Ticaret TAS(b)		201,435		337,345
KOC Holding AS		153,750		626,850
Sasa Polyester Sanayi AS(b)		78,723		422,267
Turk Hava Yollari AO(b)		99,667		730,722
Turkcell Iletisim Hizmetleri AS		216,428		419,528
Turkiye Is Bankasi AS, Class C		640,800		371,671
Turkiye Petrol Rafinerileri AS(b)		22,822		719,647
Turkiye Sise ve Cam Fabrikalari AS		280,548		592,360
Yapi ve Kredi Bankasi AS		473,105		229,421
				7,243,875
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		599,851		1,375,732
Abu Dhabi Islamic Bank PJSC		265,832		683,280
Abu Dhabi National Oil Co. for Distribution PJSC		545,076		653,865
Aldar Properties PJSC		848,089		1,010,022
Emaar Properties PJSC		863,538		1,312,159
Emirates NBD Bank PJSC		410,329		1,449,551
Emirates Telecommunications Group Co. PJSC		640,542		4,488,001
First Abu Dhabi Bank PJSC		794,711		2,947,886
Multiply Group(b)		593,260		655,006
Q Holding PJSC(b)		344,448		323,639
				14,899,141
United Kingdom — 9.7%
3i Group PLC		177,026		3,453,729
abrdn PLC		421,411		1,109,927
Admiral Group PLC		34,433		936,072
Anglo American PLC		232,584		10,031,435
Antofagasta PLC		69,554		1,494,476
Ashtead Group PLC		83,153		5,477,186
Associated British Foods PLC		66,779		1,532,926
AstraZeneca PLC		287,146		37,619,703
Auto Trader Group PLC(c)		183,396		1,422,875
Aviva PLC		534,861		3,016,535
BAE Systems PLC		590,514		6,251,204
Barclays PLC		3,066,692		7,049,684
Barratt Developments PLC		195,943		1,113,686
Berkeley Group Holdings PLC		20,961		1,073,364
BP PLC		3,538,067		21,370,801
British American Tobacco PLC		400,926		15,369,016
British Land Co. PLC (The)		180,123		985,790
BT Group PLC		1,300,086		2,003,034

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Bunzl PLC		64,226	$	2,357,813
Burberry Group PLC		77,568		2,362,792
CNH Industrial NV		199,926		3,536,961
Coca-Cola Europacific Partners PLC		39,360		2,212,819
Compass Group PLC		327,766		7,829,675
Croda International PLC		27,380		2,333,782
DCC PLC		18,964		1,080,150
Diageo PLC		423,936		18,537,056
Entain PLC		109,770		2,024,234
Experian PLC		171,159		6,259,194
Glencore PLC		1,841,357		12,331,350
GSK PLC		745,290		13,091,030
Haleon PLC(b)		938,573		3,761,219
Halma PLC		70,255		1,870,471
Hargreaves Lansdown PLC		64,363		708,586
Hikma Pharmaceuticals PLC		29,494		623,919
HSBC Holdings PLC		3,728,291		27,471,338
Imperial Brands PLC		171,969		4,314,052
Informa PLC		270,261		2,235,260
InterContinental Hotels Group PLC		33,593		2,332,145
Intertek Group PLC		29,945		1,609,455
J Sainsbury PLC		338,648		1,098,262
JD Sports Fashion PLC		475,685		958,800
Johnson Matthey PLC		35,022		978,261
Kingfisher PLC(a)		398,153		1,373,595
Land Securities Group PLC		116,700		1,022,386
Legal & General Group PLC		1,043,883		3,285,036
Lloyds Banking Group PLC		13,047,169		8,491,037
London Stock Exchange Group PLC		60,564		5,544,324
M&G PLC		486,083		1,213,904
Melrose Industries PLC		776,315		1,368,773
Mondi PLC		90,801		1,712,311
National Grid PLC		679,093		8,633,237
NatWest Group PLC, NVS		933,097		3,559,818
Next PLC		24,989		2,045,953
NMC Health PLC, NVS(d)		14,180		—
Ocado Group PLC(b)		104,334		834,921
Pearson PLC		130,069		1,483,330
Persimmon PLC		61,429		1,072,876
Phoenix Group Holdings PLC		105,115		833,129
Prudential PLC		476,337		7,914,364
Reckitt Benckiser Group PLC		131,262		9,353,848
RELX PLC		356,340		10,586,470
Rentokil Initial PLC		423,363		2,567,031
Rio Tinto PLC		207,595		16,254,943
Rolls-Royce Holdings PLC(b)		1,567,845		2,051,264
Sage Group PLC (The)		192,487		1,849,351
Schroders PLC		134,870		797,592
Segro PLC		217,887		2,242,839
Severn Trent PLC		55,177		1,920,208
Shell PLC		1,358,123		39,871,447
Smith & Nephew PLC		163,180		2,253,570
Smiths Group PLC		64,486		1,376,583
Spirax-Sarco Engineering PLC		13,334		1,904,654
SSE PLC		207,939		4,438,389
St. James’s Place PLC		93,658		1,420,205
Standard Chartered PLC		475,055		3,990,278
Taylor Wimpey PLC		655,969		951,759
Tesco PLC		1,398,813		4,251,524
Unilever PLC		469,522		23,898,226

Security	Shares		Value
United Kingdom (continued)
United Utilities Group PLC		134,058	$	1,754,158
Vodafone Group PLC		4,977,237		5,742,800
Whitbread PLC		37,296		1,404,650
WPP PLC		212,639		2,484,418
				436,985,268
Total Common Stocks — 98.7% (Cost: $4,340,804,452)				4,468,800,624
Preferred Stocks
Brazil — 0.4%
Banco Bradesco SA, Preference Shares, NVS		1,067,211		2,947,481
Braskem SA, Class A, Preference Shares, NVS		36,682		168,586
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		93,824		784,963
Cia. Energetica de Minas Gerais, Preference Shares, NVS		314,908		710,920
Gerdau SA, Preference Shares, NVS		220,428		1,421,668
Itau Unibanco Holding SA, Preference Shares, NVS		890,146		4,441,699
Itausa SA, Preference Shares, NVS		914,075		1,535,973
Petroleo Brasileiro SA, Preference Shares, NVS		874,910		4,493,214
				16,504,504
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		28,251		2,751,648
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		111,805		849,849
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,064		953,452
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		21,368		2,540,628
Henkel AG & Co. KGaA, Preference Shares, NVS		32,827		2,340,574
Porsche Automobil Holding SE, Preference Shares, NVS		29,266		1,750,009
Sartorius AG, Preference Shares, NVS		4,715		2,114,263
Volkswagen AG, Preference Shares, NVS		34,467		4,780,251
				14,479,177
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		1,151,800		164
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		4,643		324,946
Series 2, Preference Shares, NVS		6,621		463,661
LG Chem Ltd., Preference Shares, NVS		1,443		359,327
Samsung Electronics Co. Ltd., Preference Shares, NVS		152,913		6,861,829
				8,009,763
Total Preferred Stocks — 1.0% (Cost: $37,611,753)				42,595,105

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(b)		45,214	$	22,940
Total Rights — 0.0% (Cost: $23,231)				22,940
Total Long-Term Investments — 99.7% (Cost: $4,378,439,436)				4,511,418,669
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		34,745,484		34,766,331
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)		4,030,000		4,030,000
Total Short-Term Securities — 0.8% (Cost: $38,770,372)				38,796,331
Total Investments — 100.5% (Cost: $4,417,209,808)				4,550,215,000
Liabilities in Excess of Other Assets — (0.5)%				(24,105,091	)
Net Assets — 100.0%			$	4,526,109,909

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

^(b)  Non-income producing security.

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	37,483,277	$	—	$	(2,738,799	)(a)	$	3,526	$	18,327	$	34,766,331		34,745,484	$	170,865	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,160,000		—		(130,000	)(a)		—		—		4,030,000		4,030,000		84,268			—
								$	3,526	$	18,327	$	38,796,331			$	255,133		$	—

^(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		90		03/17/23	$9,536	$	572,201
MSCI Emerging Markets Index		76		03/17/23	3,969		212,356
						$	784,557

48 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. 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)	$	—	$	—	$	784,557	$	—	$	—	$	—	$	784,557

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	519,726	$	—	$	—	$	—	$	519,726
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	57,352	$	—	$	—	$	—	$	57,352

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	15,524,178

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	235,726,272	$	—	$	235,726,272
Austria		—		5,468,580		—		5,468,580
Belgium		—		28,902,826		—		28,902,826
Brazil		49,598,986		6,975		—		49,605,961
Canada		350,583,946		—		—		350,583,946
Chile		3,840,395		1,145,821		—		4,986,216
China		35,271,441		389,580,713		196,088		425,048,242
Colombia		632,755		—		—		632,755
Czech Republic		1,336,490		732,180		—		2,068,670
Denmark		—		80,863,240		—		80,863,240
Egypt		88,429		761,313		—		849,742
Finland		—		27,557,732		—		27,557,732
France		—		345,929,744		—		345,929,744
Germany		—		227,377,539		—		227,377,539
Greece		—		3,913,202		—		3,913,202
Hong Kong		682,722		82,877,512		—		83,560,234
Hungary		—		2,302,433		—		2,302,433
India		—		166,445,970		—		166,445,970

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI ACWI ex U.S. ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Indonesia	$	—	$	23,485,391	$	—	$	23,485,391
Ireland		—		20,793,607		—		20,793,607
Israel		6,901,785		12,984,495		—		19,886,280
Italy		—		66,148,823		—		66,148,823
Japan		—		620,773,799		—		620,773,799
Kuwait		—		11,122,745		—		11,122,745
Malaysia		1,885,183		17,267,935		—		19,153,118
Mexico		31,170,038		—		—		31,170,038
Netherlands		1,573,487		131,553,210		—		133,126,697
New Zealand		—		5,580,701		—		5,580,701
Norway		—		20,131,012		—		20,131,012
Peru		3,155,158		—		—		3,155,158
Philippines		—		9,580,725		—		9,580,725
Poland		—		9,018,122		—		9,018,122
Portugal		—		5,111,489		—		5,111,489
Qatar		2,249,300		9,137,550		—		11,386,850
Russia		—		—		2,032		2,032
Saudi Arabia		477,638		51,235,434		—		51,713,072
Singapore		5,283,078		37,829,393		—		43,112,471
South Africa		9,050,050		33,959,313		—		43,009,363
South Korea		—		143,855,083		—		143,855,083
Spain		—		72,729,402		—		72,729,402
Sweden		—		95,530,859		—		95,530,859
Switzerland		—		297,171,506		—		297,171,506
Taiwan		—		184,253,173		—		184,253,173
Thailand		—		26,847,520		—		26,847,520
Turkey		337,345		6,906,530		—		7,243,875
United Arab Emirates		—		14,899,141		—		14,899,141
United Kingdom		2,212,819		434,772,449		—		436,985,268
Preferred Stocks
Brazil		16,504,504		—		—		16,504,504
Chile		—		2,751,648		—		2,751,648
Colombia		849,849		—		—		849,849
Germany		—		14,479,177		—		14,479,177
Russia		—		—		164		164
South Korea		—		8,009,763		—		8,009,763
Rights		22,940		—		—		22,940
Short-Term Securities
Money Market Funds		38,796,331		—		—		38,796,331
	$	562,504,669	$	3,987,512,047	$	198,284	$	4,550,215,000
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	784,557	$	—	$	—	$	784,557

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

See notes to financial statements.

50 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.1%
Ampol Ltd.		750,085	$	16,266,245
APA Group		3,713,858		27,794,177
Aristocrat Leisure Ltd.		1,884,867		45,506,766
ASX Ltd.		609,364		29,819,302
Aurizon Holdings Ltd.		5,760,081		15,055,463
Australia & New Zealand Banking Group Ltd.		9,393,310		167,167,007
BHP Group Ltd.		15,945,282		558,437,758
BlueScope Steel Ltd.		1,498,034		20,427,911
Brambles Ltd.		4,489,814		38,179,360
Cochlear Ltd.		206,571		31,208,049
Coles Group Ltd.		4,197,220		52,791,057
Commonwealth Bank of Australia		5,355,798		418,084,631
Computershare Ltd.		1,706,244		28,736,308
CSL Ltd.		1,516,229		320,152,382
Dexus		3,380,576		19,600,777
Endeavour Group Ltd./Australia		4,488,710		21,077,004
Fortescue Metals Group Ltd.		5,330,278		84,194,687
Goodman Group		5,316,400		75,830,866
GPT Group (The)		6,023,567		19,525,606
IDP Education Ltd.		651,198		14,491,397
IGO Ltd.		2,139,820		22,244,007
Insurance Australia Group Ltd.		7,740,398		26,880,636
James Hardie Industries PLC		1,399,616		31,405,318
Lendlease Corp. Ltd.		2,153,956		13,152,711
Lottery Corp. Ltd. (The)(a)		6,988,199		23,306,713
Macquarie Group Ltd.		1,153,455		153,881,200
Medibank Pvt Ltd.		8,640,560		18,000,734
Mineral Resources Ltd.		535,317		33,890,960
Mirvac Group		12,391,508		20,019,823
National Australia Bank Ltd.		10,042,042		226,589,934
Newcrest Mining Ltd.		2,811,213		44,667,630
Northern Star Resources Ltd.		3,667,375		32,678,219
Orica Ltd.		1,410,524		14,801,409
Origin Energy Ltd.		5,507,132		29,240,500
Pilbara Minerals Ltd.(a)		7,965,739		27,098,790
Qantas Airways Ltd.(a)		2,908,911		13,130,325
QBE Insurance Group Ltd.		4,658,530		45,452,882
Ramsay Health Care Ltd.		576,346		27,234,485
REA Group Ltd.		165,607		14,850,261
Reece Ltd.(b)		705,064		8,103,933
Rio Tinto Ltd.		1,168,448		104,853,317
Santos Ltd.		10,063,748		51,374,142
Scentre Group		16,300,554		35,369,044
SEEK Ltd.		1,060,698		18,370,169
Sonic Healthcare Ltd.		1,432,290		32,079,792
South32 Ltd.		14,568,547		46,749,429
Stockland		7,513,911		20,995,876
Suncorp Group Ltd.		3,974,202		35,328,040
Telstra Corp. Ltd.		12,703,340		36,714,971
Transurban Group		9,658,580		94,694,044
Treasury Wine Estates Ltd.		2,266,285		23,344,499
Vicinity Ltd.		12,179,511		17,819,115
Washington H Soul Pattinson & Co. Ltd.		678,752		13,824,088
Wesfarmers Ltd.		3,562,925		125,616,965
Westpac Banking Corp.		11,020,222		185,424,804
WiseTech Global Ltd.		459,865		19,939,535
Woodside Energy Group Ltd.		5,976,544		154,755,865
Woolworths Group Ltd.		3,820,903		97,652,510

Security	Shares		Value
Australia (continued)
Xero Ltd.(a)		424,167	$	23,378,582
				3,969,262,010
Austria — 0.2%
Erste Group Bank AG		1,076,456		40,845,188
OMV AG		462,552		23,169,339
Verbund AG		214,007		18,221,224
voestalpine AG		363,475		12,077,031
				94,312,782
Belgium — 1.0%
Ageas SA/NV		505,322		24,670,812
Anheuser-Busch InBev SA/NV		2,728,857		164,718,543
Argenx SE(a)		173,313		66,012,572
D’ieteren Group		78,280		14,960,510
Elia Group SA/NV		103,793		14,574,436
Groupe Bruxelles Lambert NV		312,327		26,718,081
KBC Group NV		786,494		58,253,465
Sofina SA(b)		48,357		11,488,276
Solvay SA		233,734		27,237,372
UCB SA		398,339		32,705,465
Umicore SA		658,491		24,893,910
Warehouses De Pauw CVA		507,379		16,089,943
				482,323,385
Denmark — 2.8%
AP Moller - Maersk A/S, Class A		9,752		20,781,018
AP Moller - Maersk A/S, Class B, NVS		15,829		34,432,690
Carlsberg A/S, Class B		306,395		43,496,329
Chr Hansen Holding A/S		332,344		24,538,590
Coloplast A/S, Class B		373,937		45,147,073
Danske Bank A/S		2,167,712		45,161,172
Demant A/S(a)		290,058		8,210,587
DSV A/S		589,235		97,477,164
Genmab A/S(a)		207,148		81,180,567
Novo Nordisk A/S, Class B		5,210,684		721,105,343
Novozymes A/S, Class B		643,988		33,510,910
Orsted A/S(c)		595,440		53,025,112
Pandora A/S		284,663		23,704,147
Rockwool A/S, Class B		27,802		7,971,171
Tryg A/S		1,129,911		25,929,306
Vestas Wind Systems A/S		3,178,899		93,019,653
				1,358,690,832
Finland — 1.0%
Elisa OYJ		447,383		25,488,806
Fortum OYJ		1,394,885		20,968,250
Kesko OYJ, Class B		858,599		19,999,758
Kone OYJ, Class B		1,069,702		58,337,353
Neste OYJ		1,330,379		63,595,146
Nokia OYJ		17,033,186		80,763,122
Orion OYJ, Class B		335,442		17,971,180
Sampo OYJ, Class A		1,507,196		79,126,997
Stora Enso OYJ, Class R		1,731,099		24,746,701
UPM-Kymmene OYJ		1,681,148		60,935,251
Wartsila OYJ Abp		1,494,837		14,217,404
				466,149,968
France — 11.9%
Accor SA(a)		536,040		17,398,768
Aeroports de Paris(a)		93,611		14,522,578
Air Liquide SA		1,647,173		262,273,037
Airbus SE		1,860,565		233,251,290
Alstom SA		1,007,012		29,943,669

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Amundi SA(c)		192,502	$	12,603,101
ArcelorMittal SA		1,657,807		51,430,020
Arkema SA		186,714		18,893,168
AXA SA		5,871,595		183,188,018
BioMerieux		131,235		13,378,868
BNP Paribas SA		3,493,272		239,924,497
Bollore SE		2,775,293		15,528,801
Bouygues SA		720,135		23,724,083
Bureau Veritas SA		926,156		26,480,157
Capgemini SE		515,492		97,832,944
Carrefour SA		1,889,421		35,938,614
Cie. de Saint-Gobain		1,556,976		89,418,945
Cie. Generale des Etablissements Michelin SCA		2,135,386		67,520,491
Covivio		148,950		10,224,578
Credit Agricole SA		3,809,757		45,874,178
Danone SA		2,018,542		110,695,337
Dassault Aviation SA		78,513		13,407,136
Dassault Systemes SE		2,097,990		78,026,123
Edenred		785,609		42,791,704
Eiffage SA		261,415		27,921,882
Electricite de France SA		1,829,227		24,026,996
Engie SA		5,749,015		81,635,231
EssilorLuxottica SA		915,389		167,954,964
Eurazeo SE		137,438		9,640,887
Eurofins Scientific SE		423,187		30,355,105
Euronext NV(c)		270,212		21,895,789
Gecina SA		144,918		17,165,487
Getlink SE		1,381,652		23,368,939
Hermes International		99,688		186,566,999
Ipsen SA		119,153		12,515,235
Kering SA		235,686		147,057,858
Klepierre SA		678,600		17,223,105
La Francaise des Jeux SAEM(c)		330,001		14,120,081
Legrand SA		839,892		74,888,184
L’Oreal SA		760,239		313,911,503
LVMH Moet Hennessy Louis Vuitton SE		871,235		760,566,912
Orange SA		6,279,637		66,455,832
Pernod Ricard SA		655,323		135,671,501
Publicis Groupe SA		719,126		50,726,880
Remy Cointreau SA		72,734		13,695,022
Renault SA(a)		603,369		24,532,648
Safran SA		1,074,717		154,539,477
Sanofi		3,590,589		351,606,362
Sartorius Stedim Biotech		87,093		30,380,495
Schneider Electric SE		1,707,705		277,016,299
SEB SA		77,631		8,118,339
Societe Generale SA		2,535,647		75,477,515
Sodexo SA		277,643		27,523,531
Teleperformance		186,089		51,730,286
Thales SA		335,869		44,421,805
TotalEnergies SE		7,831,830		484,169,652
Ubisoft Entertainment SA(a)		294,617		6,100,501
Unibail-Rodamco-Westfield(a)		371,378		24,033,832
Valeo		649,380		14,192,041
Veolia Environnement SA		2,094,877		62,181,088
Vinci SA		1,692,807		191,269,491
Vivendi SE		2,268,064		24,358,490
Wendel SE		83,341		8,824,816
Worldline SA/France(a)(c)		750,847		34,062,838
				5,826,174,003

Security	Shares		Value
Germany — 7.8%
adidas AG		543,825	$	87,564,636
Allianz SE, Registered		1,285,670		307,421,464
Aroundtown SA		3,172,521		8,832,935
BASF SE(b)		2,891,023		165,758,023
Bayer AG, Registered		3,092,298		192,479,888
Bayerische Motoren Werke AG		1,042,182		106,161,491
Bechtle AG		257,773		10,862,748
Beiersdorf AG		317,383		38,586,665
Brenntag SE		486,485		36,315,138
Carl Zeiss Meditec AG, Bearer		126,484		18,253,945
Commerzbank AG(a)		3,345,853		38,247,892
Continental AG		345,322		24,246,856
Covestro AG(c)		608,751		28,029,634
Daimler Truck Holding AG(a)		1,424,603		47,871,816
Delivery Hero SE(a)(b)(c)		535,568		32,378,765
Deutsche Bank AG, Registered		6,505,418		86,819,503
Deutsche Boerse AG		598,048		107,016,074
Deutsche Lufthansa AG, Registered(a)		1,875,852		19,874,109
Deutsche Post AG, Registered		3,120,070		134,339,895
Deutsche Telekom AG, Registered		10,202,062		227,289,696
E.ON SE		7,062,315		76,999,784
Evonik Industries AG		661,038		14,693,909
Fresenius Medical Care AG & Co. KGaA		645,610		24,245,669
Fresenius SE & Co. KGaA		1,330,022		38,545,177
GEA Group AG		477,653		21,551,658
Hannover Rueck SE		189,350		38,451,016
HeidelbergCement AG		455,219		31,235,948
HelloFresh SE(a)		520,570		12,655,720
Henkel AG & Co. KGaA		327,709		21,896,942
Infineon Technologies AG		4,106,522		147,877,731
Knorr-Bremse AG		228,802		15,038,701
LEG Immobilien SE		233,852		18,281,165
Mercedes-Benz Group AG		2,525,582		187,933,675
Merck KGaA		406,967		84,945,483
MTU Aero Engines AG		168,126		42,016,798
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		440,560		159,133,504
Nemetschek SE		181,942		9,727,408
Puma SE		331,404		22,631,040
Rational AG		16,049		10,556,764
Rheinmetall AG		137,229		32,064,591
RWE AG		2,022,359		90,033,143
SAP SE		3,286,836		389,621,413
Scout24 SE(c)		252,694		14,711,344
Siemens AG, Registered		2,405,775		375,794,742
Siemens Healthineers AG(c)		887,629		47,602,361
Symrise AG		417,927		44,429,677
Telefonica Deutschland Holding AG		3,262,668		9,609,770
United Internet AG, Registered(d)		307,473		7,138,400
Volkswagen AG		92,844		16,251,425
Vonovia SE		2,253,957		63,669,561
Zalando SE(a)(c)		705,316		32,892,419
				3,820,588,111
Hong Kong — 2.9%
AIA Group Ltd.		37,682,800		426,103,708
BOC Hong Kong Holdings Ltd.		11,647,500		40,706,698
Budweiser Brewing Co. APAC Ltd.(b)(c)		5,419,100		17,098,985
CK Asset Holdings Ltd.		6,301,184		40,286,677
CK Hutchison Holdings Ltd.		8,448,684		53,767,012
CK Infrastructure Holdings Ltd.		1,982,792		11,031,366

52 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
CLP Holdings Ltd.		5,160,500	$	38,342,149
ESR Group Ltd.(c)		6,264,600		12,542,270
Futu Holdings Ltd., ADR(a)(b)		187,665		9,525,875
Galaxy Entertainment Group Ltd.		6,854,000		47,712,734
Hang Lung Properties Ltd.		6,373,000		12,016,578
Hang Seng Bank Ltd.		2,407,100		40,085,950
Henderson Land Development Co. Ltd.		4,563,764		16,858,521
HK Electric Investments & HK Electric Investments Ltd., Class SS(b)		8,156,500		5,638,039
HKT Trust & HKT Ltd., Class SS		11,895,440		15,585,119
Hong Kong & China Gas Co. Ltd.		35,240,513		35,382,174
Hong Kong Exchanges & Clearing Ltd.		3,791,200		170,518,990
Hongkong Land Holdings Ltd.(b)		3,527,400		17,244,658
Jardine Matheson Holdings Ltd.		499,300		26,540,577
Link REIT		6,647,358		53,207,848
MTR Corp. Ltd.(b)		4,864,500		26,032,406
New World Development Co. Ltd.		4,753,033		14,206,352
Power Assets Holdings Ltd.		4,355,000		24,641,318
Sands China Ltd.(a)		7,642,400		28,659,652
Sino Land Co. Ltd.		10,904,000		14,169,500
SITC International Holdings Co. Ltd.		4,169,000		9,107,595
Sun Hung Kai Properties Ltd.		4,552,500		64,561,826
Swire Pacific Ltd., Class A		1,561,500		14,309,413
Swire Properties Ltd.		3,682,655		10,350,309
Techtronic Industries Co. Ltd.(b)		4,331,033		55,834,736
WH Group Ltd.(c)		26,250,000		16,166,440
Wharf Real Estate Investment Co. Ltd.		5,237,912		29,985,282
Xinyi Glass Holdings Ltd.		5,716,000		12,170,088
				1,410,390,845
Ireland — 0.7%
AIB Group PLC		3,356,626		14,099,810
Bank of Ireland Group PLC		3,361,624		35,915,065
CRH PLC		2,387,405		111,545,640
Flutter Entertainment PLC, Class DI(a)		525,783		81,671,441
Kerry Group PLC, Class A		498,066		46,668,826
Kingspan Group PLC		486,072		31,262,226
Smurfit Kappa Group PLC		776,396		32,596,622
				353,759,630
Israel — 0.7%
Azrieli Group Ltd.		133,145		8,576,216
Bank Hapoalim BM		4,031,975		36,290,014
Bank Leumi Le-Israel BM		4,873,027		43,064,799
Bezeq The Israeli Telecommunication Corp. Ltd.		6,508,922		10,786,668
Check Point Software Technologies Ltd.(a)		320,586		40,778,539
CyberArk Software Ltd.(a)		127,116		17,908,102
Elbit Systems Ltd.		83,507		14,019,494
ICL Group Ltd.		2,222,572		17,646,412
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		3,844,463		19,663,328
Mizrahi Tefahot Bank Ltd.		481,041		15,889,107
Nice Ltd.(a)		199,557		41,270,039
Teva Pharmaceutical Industries Ltd., ADR(a)		3,498,318		36,872,272
Tower Semiconductor Ltd.(a)		343,988		14,469,905
Wix.com Ltd.(a)(b)		178,689		15,542,369
ZIM Integrated Shipping Services Ltd.(b)		263,453		4,992,434
				337,769,702
Italy — 2.3%
Amplifon SpA		391,283		10,804,595
Assicurazioni Generali SpA		3,489,438		68,118,394

Security	Shares		Value
Italy (continued)
DiaSorin SpA		78,700	$	10,245,149
Enel SpA		25,577,420		150,602,925
Eni SpA		7,895,809		121,502,500
Ferrari NV		396,860		99,169,030
FinecoBank Banca Fineco SpA		1,908,180		34,255,357
Infrastrutture Wireless Italiane SpA(c)		1,056,681		11,579,932
Intesa Sanpaolo SpA		52,486,096		138,000,106
Mediobanca Banca di Credito Finanziario SpA		1,892,507		20,344,351
Moncler SpA		646,350		40,453,525
Nexi SpA(a)(c)		1,858,964		16,372,525
Poste Italiane SpA(c)		1,634,331		17,461,234
Prysmian SpA		802,494		32,771,987
Recordati Industria Chimica e Farmaceutica SpA		329,697		14,443,525
Snam SpA		6,333,300		32,258,852
Stellantis NV		6,927,051		108,900,095
Telecom Italia SpA/Milano(a)(b)		31,485,275		9,064,858
Tenaris SA		1,483,188		26,283,198
Terna - Rete Elettrica Nazionale		4,431,809		35,063,854
UniCredit SpA		6,035,301		117,876,291
				1,115,572,283
Japan — 21.5%
Advantest Corp.		596,100		42,729,032
Aeon Co. Ltd.		2,054,800		42,126,839
AGC Inc.		608,900		22,435,412
Aisin Corp.		463,100		13,511,177
Ajinomoto Co. Inc.		1,433,200		47,250,586
ANA Holdings Inc.(a)		505,600		11,190,317
Asahi Group Holdings Ltd.		1,436,300		47,429,846
Asahi Intecc Co. Ltd.		683,500		11,991,448
Asahi Kasei Corp.		3,952,100		29,947,556
Astellas Pharma Inc.		5,773,850		84,991,825
Azbil Corp.		360,100		10,154,265
Bandai Namco Holdings Inc.		628,900		42,056,897
Bridgestone Corp.		1,797,200		67,095,210
Brother Industries Ltd.		743,200		11,543,586
Canon Inc.		3,148,600		69,874,810
Capcom Co. Ltd.		550,500		17,838,296
Central Japan Railway Co.		453,900		55,364,341
Chiba Bank Ltd. (The)		1,655,400		12,525,423
Chubu Electric Power Co. Inc.		2,026,000		21,822,190
Chugai Pharmaceutical Co. Ltd.		2,113,000		54,779,696
Concordia Financial Group Ltd.		3,411,600		14,991,806
CyberAgent Inc.		1,344,400		12,572,762
Dai Nippon Printing Co. Ltd.		698,700		16,496,056
Daifuku Co. Ltd.		319,100		17,570,826
Dai-ichi Life Holdings Inc.		3,078,552		72,231,339
Daiichi Sankyo Co. Ltd.		5,515,685		173,230,742
Daikin Industries Ltd.		784,200		136,211,286
Daito Trust Construction Co. Ltd.		195,400		19,309,144
Daiwa House Industry Co. Ltd.		1,887,600		45,330,738
Daiwa House REIT Investment Corp.		6,908		15,029,970
Daiwa Securities Group Inc.		4,186,300		19,755,558
Denso Corp.		1,364,100		73,669,170
Dentsu Group Inc.		679,600		21,889,151
Disco Corp.		90,900		27,309,323
East Japan Railway Co.		952,500		53,109,692
Eisai Co. Ltd.		793,400		49,087,617
ENEOS Holdings Inc.		9,661,850		34,591,320
FANUC Corp.		604,000		106,720,491
Fast Retailing Co. Ltd.		183,600		111,511,173

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Fuji Electric Co. Ltd.		398,800	$	16,142,622
FUJIFILM Holdings Corp.		1,133,900		60,007,279
Fujitsu Ltd.		618,900		88,118,562
GLP J-REIT		13,444		15,212,701
GMO Payment Gateway Inc.		132,100		12,223,468
Hakuhodo DY Holdings Inc.		734,320		7,936,047
Hamamatsu Photonics KK		441,300		23,578,780
Hankyu Hanshin Holdings Inc.		720,500		21,415,011
Hikari Tsushin Inc.		63,800		9,106,702
Hirose Electric Co. Ltd.		93,748		12,204,516
Hitachi Construction Machinery Co. Ltd.		339,400		8,004,178
Hitachi Ltd.		3,048,700		159,881,289
Honda Motor Co. Ltd.		5,131,500		126,935,408
Hoshizaki Corp.		341,400		12,272,054
Hoya Corp.		1,144,500		125,862,859
Hulic Co. Ltd.		1,210,400		9,949,230
Ibiden Co. Ltd.		355,100		13,859,158
Idemitsu Kosan Co. Ltd.		655,383		16,385,078
Iida Group Holdings Co. Ltd.		459,980		7,668,077
Inpex Corp.		3,274,443		35,981,672
Isuzu Motors Ltd.		1,831,700		23,162,469
Ito En Ltd.		171,000		6,101,237
ITOCHU Corp.		3,741,500		120,932,080
Itochu Techno-Solutions Corp.		301,200		7,456,959
Japan Airlines Co. Ltd.(a)		452,900		9,604,907
Japan Exchange Group Inc.		1,577,400		24,141,422
Japan Metropolitan Fund Invest		22,012		17,017,126
Japan Post Bank Co. Ltd.		1,288,800		11,450,825
Japan Post Holdings Co. Ltd.		7,467,000		65,556,215
Japan Post Insurance Co. Ltd.		624,200		11,135,703
Japan Real Estate Investment Corp.		3,929		16,845,548
Japan Tobacco Inc.		3,770,600		76,889,718
JFE Holdings Inc.		1,544,975		20,371,498
JSR Corp.		563,700		12,683,340
Kajima Corp.		1,323,500		16,254,269
Kakaku.com Inc.		415,600		6,928,918
Kansai Electric Power Co. Inc. (The)		2,216,200		21,313,401
Kao Corp.		1,495,300		60,442,771
KDDI Corp.		5,076,900		158,619,783
Keio Corp.		322,300		11,829,854
Keisei Electric Railway Co. Ltd.		406,600		11,860,105
Keyence Corp.		612,792		282,110,292
Kikkoman Corp.		456,900		24,166,398
Kintetsu Group Holdings Co. Ltd.		540,400		17,598,113
Kirin Holdings Co. Ltd.		2,590,500		39,918,887
Kobayashi Pharmaceutical Co. Ltd.		169,400		12,161,583
Kobe Bussan Co. Ltd.		473,900		13,682,320
Koei Tecmo Holdings Co. Ltd.		370,200		6,732,516
Koito Manufacturing Co. Ltd.		657,100		11,084,077
Komatsu Ltd.		2,908,100		71,464,988
Konami Group Corp.		293,600		14,437,332
Kose Corp.		104,500		11,529,785
Kubota Corp.		3,211,200		48,258,839
Kurita Water Industries Ltd.		329,700		14,908,454
Kyocera Corp.		1,010,300		52,425,882
Kyowa Kirin Co. Ltd.		851,600		18,991,486
Lasertec Corp.		237,200		44,907,392
Lixil Corp.		929,980		16,054,969
M3 Inc.		1,386,900		37,921,878
Makita Corp.		706,600		18,821,584

Security	Shares		Value
Japan (continued)
Marubeni Corp.		4,865,900	$	59,697,663
Mazda Motor Corp.		1,783,600		14,197,432
McDonald’s Holdings Co. Japan Ltd.(b)		278,300		10,994,902
MEIJI Holdings Co. Ltd.		348,804		17,988,757
MINEBEA MITSUMI Inc.		1,140,600		19,883,729
MISUMI Group Inc.		895,700		22,542,496
Mitsubishi Chemical Group Corp.		4,022,200		22,570,355
Mitsubishi Corp.		3,975,000		133,106,660
Mitsubishi Electric Corp.		6,082,700		67,035,923
Mitsubishi Estate Co. Ltd.		3,722,900		47,850,872
Mitsubishi HC Capital Inc.		2,077,800		10,605,395
Mitsubishi Heavy Industries Ltd.		1,009,200		39,570,690
Mitsubishi UFJ Financial Group Inc.		37,590,680		275,347,249
Mitsui & Co. Ltd.		4,506,500		132,954,061
Mitsui Chemicals Inc.		579,200		13,633,510
Mitsui Fudosan Co. Ltd.		2,852,600		53,468,114
Mitsui OSK Lines Ltd.		1,080,500		26,816,620
Mizuho Financial Group Inc.		7,578,316		118,376,702
MonotaRO Co. Ltd.		785,200		11,894,486
MS&AD Insurance Group Holdings Inc.		1,399,888		44,899,607
Murata Manufacturing Co. Ltd.		1,806,500		103,224,285
NEC Corp.		811,000		29,299,488
Nexon Co. Ltd.		1,548,700		37,343,098
NGK Insulators Ltd.		747,000		10,339,441
Nidec Corp.		1,405,900		77,913,350
Nihon M&A Center Holdings Inc.		955,100		9,764,374
Nintendo Co. Ltd.		3,469,400		150,425,437
Nippon Building Fund Inc.		4,815		21,043,297
Nippon Express Holdings Inc.		242,500		14,072,933
Nippon Paint Holdings Co. Ltd.		2,606,600		23,796,888
Nippon Prologis REIT Inc.		6,716		15,239,550
Nippon Sanso Holdings Corp.		546,300		8,910,626
Nippon Shinyaku Co. Ltd.		155,500		8,002,982
Nippon Steel Corp.		2,542,535		52,922,157
Nippon Telegraph & Telephone Corp.		3,762,600		112,823,510
Nippon Yusen KK		1,523,600		36,244,694
Nissan Chemical Corp.		398,900		18,831,924
Nissan Motor Co. Ltd.		7,292,700		26,202,228
Nisshin Seifun Group Inc.		618,897		7,751,988
Nissin Foods Holdings Co. Ltd.		195,800		15,307,181
Nitori Holdings Co. Ltd.		252,400		33,406,577
Nitto Denko Corp.		446,800		28,879,997
Nomura Holdings Inc.		9,162,900		36,567,577
Nomura Real Estate Holdings Inc.		372,800		8,216,678
Nomura Real Estate Master Fund Inc.		13,346		15,607,678
Nomura Research Institute Ltd.		1,248,271		29,967,957
NTT Data Corp.		1,981,655		30,738,192
Obayashi Corp.		2,040,200		15,825,265
Obic Co. Ltd.		218,900		35,095,503
Odakyu Electric Railway Co. Ltd.		929,000		12,213,903
Oji Holdings Corp.		2,542,000		10,505,447
Olympus Corp.		3,861,700		72,598,456
Omron Corp.		583,500		33,761,647
Ono Pharmaceutical Co. Ltd.		1,138,000		24,693,102
Open House Group Co. Ltd.		256,700		9,711,029
Oracle Corp. Japan		120,500		8,255,073
Oriental Land Co. Ltd./Japan		629,600		104,903,857
ORIX Corp.		3,762,600		66,157,723
Osaka Gas Co. Ltd.		1,180,400		19,047,978
Otsuka Corp.		359,700		11,833,963

54 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Otsuka Holdings Co. Ltd.		1,229,600	$	39,446,070
Pan Pacific International Holdings Corp.		1,197,000		22,136,269
Panasonic Holdings Corp.		6,937,068		64,329,987
Persol Holdings Co. Ltd.		557,600		12,225,664
Rakuten Group Inc.(a)		2,737,800		13,958,520
Recruit Holdings Co. Ltd.		4,533,300		145,792,110
Renesas Electronics Corp.(a)		3,691,600		37,972,168
Resona Holdings Inc.		6,791,500		37,582,284
Ricoh Co. Ltd.		1,803,200		13,997,550
Rohm Co. Ltd.		276,500		22,156,355
SBI Holdings Inc.		771,180		16,348,470
SCSK Corp.		488,500		7,956,402
Secom Co. Ltd.		659,900		39,314,045
Seiko Epson Corp.		876,200		13,588,107
Sekisui Chemical Co. Ltd.		1,164,400		16,311,248
Sekisui House Ltd.		1,938,100		36,628,655
Seven & i Holdings Co. Ltd.		2,371,680		111,973,884
SG Holdings Co. Ltd.		903,800		13,946,824
Sharp Corp./Japan		760,800		6,323,820
Shimadzu Corp.		743,100		22,836,251
Shimano Inc.		229,200		40,874,471
Shimizu Corp.		1,723,500		9,661,414
Shin-Etsu Chemical Co. Ltd.		1,180,200		173,988,640
Shionogi & Co. Ltd.		832,900		39,691,423
Shiseido Co. Ltd.		1,256,900		65,328,628
Shizuoka Financial Group Inc., NVS		1,389,300		11,769,641
SMC Corp.		180,200		91,525,482
SoftBank Corp.		9,040,900		103,446,818
SoftBank Group Corp.		3,796,200		179,719,904
Sompo Holdings Inc.		983,350		42,332,123
Sony Group Corp.		3,969,400		354,671,981
Square Enix Holdings Co. Ltd.		270,100		12,773,368
Subaru Corp.		1,933,300		31,767,281
SUMCO Corp.		1,102,300		16,332,522
Sumitomo Chemical Co. Ltd.		4,690,800		18,006,253
Sumitomo Corp.		3,545,500		63,641,473
Sumitomo Electric Industries Ltd.		2,245,900		26,987,094
Sumitomo Metal Mining Co. Ltd.		777,000		31,548,708
Sumitomo Mitsui Financial Group Inc.		4,103,400		178,338,130
Sumitomo Mitsui Trust Holdings Inc.		1,063,060		38,725,824
Sumitomo Realty & Development Co. Ltd.		971,200		23,675,066
Suntory Beverage & Food Ltd.		437,100		14,759,880
Suzuki Motor Corp.		1,160,600		43,513,429
Sysmex Corp.		528,000		35,051,311
T&D Holdings Inc.		1,664,700		26,645,601
Taisei Corp.		565,900		19,535,982
Takeda Pharmaceutical Co. Ltd.		4,726,310		148,582,747
TDK Corp.		1,223,800		43,721,797
Terumo Corp.		2,032,100		59,155,148
TIS Inc.		711,600		20,519,236
Tobu Railway Co. Ltd.		593,800		13,932,387
Toho Co. Ltd./Tokyo		352,100		13,004,265
Tokio Marine Holdings Inc.		5,779,000		121,039,439
Tokyo Electric Power Co. Holdings Inc.(a)		4,788,600		17,932,299
Tokyo Electron Ltd.		469,500		164,101,589
Tokyo Gas Co. Ltd.		1,238,200		25,927,530
Tokyu Corp.		1,672,700		21,509,887
Toppan Inc.		820,300		13,216,815
Toray Industries Inc.		4,370,600		26,853,176
Toshiba Corp.		1,225,500		42,091,819

Security	Shares		Value
Japan (continued)
Tosoh Corp.		814,600	$	10,657,746
TOTO Ltd.		443,400		17,231,808
Toyota Industries Corp.		460,800		28,050,103
Toyota Motor Corp.		33,379,720		490,204,979
Toyota Tsusho Corp.		667,800		28,276,088
Trend Micro Inc./Japan(a)		419,900		20,790,937
Unicharm Corp.		1,270,800		48,475,469
USS Co. Ltd.		683,980		11,250,215
Welcia Holdings Co. Ltd.		296,000		6,615,795
West Japan Railway Co.		690,100		28,900,352
Yakult Honsha Co. Ltd.		402,400		28,726,492
Yamaha Corp.		441,500		17,167,316
Yamaha Motor Co. Ltd.		936,700		23,071,561
Yamato Holdings Co. Ltd.		913,600		15,985,202
Yaskawa Electric Corp.		756,000		29,551,350
Yokogawa Electric Corp.		718,700		12,620,069
Z Holdings Corp.		8,380,722		24,385,542
ZOZO Inc.		391,200		10,141,158
				10,491,506,232
Netherlands — 4.5%
ABN AMRO Bank NV, CVA(c)		1,324,819		21,988,747
Adyen NV(a)(c)		68,117		102,986,569
Aegon NV		5,599,435		30,885,312
AerCap Holdings NV(a)(b)		424,650		26,842,127
Akzo Nobel NV		571,712		42,583,948
ASM International NV		147,411		49,855,276
ASML Holding NV		1,279,427		846,529,856
Davide Campari-Milano NV		1,645,324		17,649,522
EXOR NV, NVS(a)		340,545		27,069,452
Heineken Holding NV		316,827		26,159,103
Heineken NV		815,015		81,451,702
IMCD NV		179,577		28,468,666
ING Groep NV(a)		11,835,234		171,377,273
JDE Peet’s NV		314,033		9,412,490
Just Eat Takeaway.com NV(a)(c)		574,432		14,736,232
Koninklijke Ahold Delhaize NV		3,291,546		98,242,651
Koninklijke DSM NV		550,160		70,751,669
Koninklijke KPN NV		10,382,783		35,497,106
Koninklijke Philips NV		2,799,227		48,329,915
NN Group NV		876,249		38,071,333
OCI NV		330,940		11,265,347
Prosus NV		2,610,817		210,811,015
QIAGEN NV(a)		717,012		34,978,064
Randstad NV		377,065		24,169,241
Universal Music Group NV		2,280,583		58,297,096
Wolters Kluwer NV		826,503		90,107,853
				2,218,517,565
New Zealand — 0.2%
Auckland International Airport Ltd.(a)		3,931,345		21,636,298
Fisher & Paykel Healthcare Corp. Ltd.		1,817,303		29,824,099
Mercury NZ Ltd.		2,168,062		8,422,808
Meridian Energy Ltd.		4,046,623		13,985,959
Spark New Zealand Ltd.		5,877,893		19,818,697
				93,687,861
Norway — 0.7%
Adevinta ASA(a)		918,119		7,870,882
Aker BP ASA		995,986		30,339,460
DNB Bank ASA		2,913,698		54,484,888
Equinor ASA		2,999,154		91,404,144

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Gjensidige Forsikring ASA		623,259	$	11,202,114
Kongsberg Gruppen ASA		279,158		11,113,753
Mowi ASA		1,307,910		24,185,431
Norsk Hydro ASA		4,236,637		34,350,008
Orkla ASA		2,341,557		17,481,401
Salmar ASA		203,565		9,465,702
Telenor ASA		2,203,093		23,063,322
Yara International ASA		520,012		23,104,800
				338,065,905
Portugal — 0.2%
EDP - Energias de Portugal SA		8,739,552		43,420,344
Galp Energia SGPS SA		1,575,845		21,570,236
Jeronimo Martins SGPS SA		889,346		19,308,348
				84,298,928
Singapore — 1.5%
CapitaLand Ascendas REIT		10,566,300		23,252,519
CapitaLand Integrated Commercial Trust		16,724,025		27,362,735
Capitaland Investment Ltd/Singapore		8,184,100		24,794,634
City Developments Ltd.		1,282,100		8,137,268
DBS Group Holdings Ltd.		5,696,700		155,954,404
Genting Singapore Ltd.		19,028,600		14,411,478
Grab Holdings Ltd., Class A(a)(b)		4,090,398		15,502,608
Jardine Cycle & Carriage Ltd.		309,800		6,868,149
Keppel Corp. Ltd.		4,561,200		26,334,809
Mapletree Logistics Trust(b)		10,553,528		13,643,515
Mapletree Pan Asia Commercial Trust		7,441,700		10,354,549
Oversea-Chinese Banking Corp. Ltd.		10,648,298		105,208,888
Sea Ltd., ADR(a)(b)		1,135,193		73,163,189
Singapore Airlines Ltd.		4,213,600		19,053,330
Singapore Exchange Ltd.		2,654,800		18,699,128
Singapore Technologies Engineering Ltd.		4,903,400		13,786,112
Singapore Telecommunications Ltd.		25,988,985		49,773,100
United Overseas Bank Ltd.		3,714,600		84,435,191
UOL Group Ltd.		1,466,300		7,823,541
Venture Corp. Ltd.		871,400		12,305,346
Wilmar International Ltd.		6,038,300		18,773,198
				729,637,691
Spain — 2.5%
Acciona SA		76,728		14,969,635
ACS Actividades de Construccion y Servicios SA		722,074		21,368,853
Aena SME SA(a)(c)		236,072		35,469,575
Amadeus IT Group SA(a)		1,418,001		89,339,667
Banco Bilbao Vizcaya Argentaria SA		19,061,559		134,646,511
Banco Santander SA		53,296,684		186,268,676
CaixaBank SA		13,828,171		61,355,033
Cellnex Telecom SA(c)		1,708,856		66,966,623
Corp. ACCIONA Energias Renovables SA		206,555		8,446,880
EDP Renovaveis SA		907,042		19,729,144
Enagas SA		820,886		14,719,545
Endesa SA		993,090		19,798,956
Ferrovial SA		1,527,922		45,086,307
Grifols SA(a)(b)		926,562		12,265,873
Iberdrola SA		18,988,840		222,772,613
Iberdrola SA, NVS		322,893		3,771,853
Industria de Diseno Textil SA		3,412,466		106,539,945
Naturgy Energy Group SA		451,869		12,816,004
Red Electrica Corp. SA		1,347,914		23,856,587
Repsol SA		4,334,467		71,201,573

Security	Shares		Value
Spain (continued)
Telefonica SA		16,343,981	$	62,091,122
				1,233,480,975
Sweden — 3.3%
Alfa Laval AB		913,089		28,694,394
Assa Abloy AB, Class B		3,154,854		74,316,531
Atlas Copco AB, Class A		8,438,546		100,132,304
Atlas Copco AB, Class B		4,903,189		51,716,902
Boliden AB		861,281		38,651,688
Electrolux AB, Class B(b)		685,661		9,711,597
Embracer Group AB(a)(b)		2,079,830		9,694,353
Epiroc AB, Class A		2,074,944		40,371,677
Epiroc AB, Class B		1,225,371		20,429,969
EQT AB		936,242		21,126,081
Essity AB, Class B		1,916,762		50,073,752
Evolution AB(c)		575,525		64,683,861
Fastighets AB Balder, Class B(a)(b)		1,982,939		10,216,581
Getinge AB, Class B		719,489		16,208,343
H & M Hennes & Mauritz AB, Class B		2,295,856		28,276,416
Hexagon AB, Class B		6,126,595		70,232,231
Holmen AB, Class B		294,225		12,135,477
Husqvarna AB, Class B		1,316,989		11,204,792
Industrivarden AB, Class A		411,084		10,889,753
Industrivarden AB, Class C		483,351		12,733,718
Indutrade AB		858,114		19,056,327
Investment AB Latour, Class B		462,298		9,753,985
Investor AB, Class A		1,555,336		31,042,309
Investor AB, Class B		5,729,379		111,333,142
Kinnevik AB, Class B(a)		760,122		11,749,315
L E Lundbergforetagen AB, Class B		238,814		11,058,815
Lifco AB, Class B		730,779		13,424,657
Nibe Industrier AB, Class B		4,770,206		51,538,572
Nordea Bank Abp		10,674,079		124,784,081
Sagax AB, Class B		600,139		14,928,456
Sandvik AB		3,354,916		69,338,182
Securitas AB, Class B		1,538,413		14,081,948
Skandinaviska Enskilda Banken AB, Class A		5,091,053		61,631,314
Skanska AB, Class B		1,070,840		18,900,430
SKF AB, Class B		1,203,751		21,304,340
Svenska Cellulosa AB SCA, Class B		1,902,657		26,420,932
Svenska Handelsbanken AB, Class A		4,591,066		47,875,712
Swedbank AB, Class A		2,850,500		54,833,400
Swedish Orphan Biovitrum AB(a)		530,326		11,826,569
Tele2 AB, Class B		1,788,645		15,447,682
Telefonaktiebolaget LM Ericsson, Class B		9,187,200		53,289,990
Telia Co. AB		8,347,310		21,558,101
Volvo AB, Class A		628,551		13,057,345
Volvo AB, Class B		4,751,277		94,281,988
Volvo Car AB, Class B(a)(b)		1,880,690		9,383,697
				1,613,401,709
Switzerland — 10.3%
ABB Ltd., Registered		4,937,575		171,904,891
Adecco Group AG, Registered		504,555		18,739,527
Alcon Inc.		1,571,138		118,555,721
Bachem Holding AG, Class A(b)		103,485		9,151,576
Baloise Holding AG, Registered		143,137		23,542,154
Banque Cantonale Vaudoise, Registered		94,305		8,964,356
Barry Callebaut AG, Registered		11,125		23,243,824
BKW AG		66,147		9,512,089

56 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		3,355	$	36,847,020
Chocoladefabriken Lindt & Spruengli AG, Registered		358		40,296,243
Cie. Financiere Richemont SA, Class A, Registered		1,643,058		253,289,230
Clariant AG, Registered		679,132		11,646,042
Coca-Cola HBC AG, Class DI		631,712		15,351,466
Credit Suisse Group AG, Registered		11,318,914		38,992,317
EMS-Chemie Holding AG, Registered		21,968		16,376,708
Geberit AG, Registered		112,678		64,111,791
Givaudan SA, Registered		29,023		94,099,239
Holcim AG		1,742,837		104,194,999
Julius Baer Group Ltd.		689,652		44,237,255
Kuehne + Nagel International AG, Registered		170,613		40,683,789
Logitech International SA, Registered		544,874		31,884,262
Lonza Group AG, Registered		234,166		133,577,967
Nestle SA, Registered		8,655,957		1,056,105,050
Novartis AG, Registered		6,803,351		615,084,402
Partners Group Holding AG		71,275		66,877,081
Roche Holding AG, Bearer		83,956		30,731,322
Roche Holding AG, NVS		2,211,401		690,333,872
Schindler Holding AG, Participation Certificates, NVS		127,913		27,263,032
Schindler Holding AG, Registered		73,897		14,948,544
SGS SA, Registered		20,053		48,901,928
Siemens Energy AG(a)		1,373,727		28,722,994
SIG Group AG		962,595		23,858,842
Sika AG, Registered		459,234		130,489,895
Sonova Holding AG, Registered		168,760		42,202,091
STMicroelectronics NV		2,149,413		101,212,224
Straumann Holding AG		350,819		45,935,184
Swatch Group AG (The), Bearer		91,080		32,977,201
Swatch Group AG (The), Registered		164,787		10,827,766
Swiss Life Holding AG, Registered		98,646		58,383,405
Swiss Prime Site AG, Registered		241,481		21,517,946
Swiss Re AG		949,393		99,411,796
Swisscom AG, Registered		81,336		48,057,827
Temenos AG, Registered		199,336		14,228,727
UBS Group AG, Registered		10,519,009		224,532,182
VAT Group AG(c)		84,986		26,456,457
Zurich Insurance Group AG		472,676		233,751,748
				5,002,013,982
United Kingdom — 15.1%
3i Group PLC		3,063,493		59,767,918
abrdn PLC		7,044,493		18,554,024
Admiral Group PLC		564,267		15,339,777
Anglo American PLC		3,992,454		172,196,043
Antofagasta PLC		1,233,102		26,495,102
Ashtead Group PLC		1,385,577		91,266,255
Associated British Foods PLC		1,113,540		25,561,540
AstraZeneca PLC		4,877,205		638,974,603
Auto Trader Group PLC(c)		2,946,781		22,862,548
Aviva PLC		8,851,656		49,921,991
BAE Systems PLC		9,874,251		104,529,203
Barclays PLC		50,505,731		116,102,117
Barratt Developments PLC		3,202,564		18,202,496
Berkeley Group Holdings PLC		348,541		17,847,965
BP PLC		59,118,024		357,087,503
British American Tobacco PLC		6,738,989		258,331,033
British Land Co. PLC (The)		2,748,166		15,040,360
BT Group PLC		21,876,029		33,704,251
Bunzl PLC		1,062,511		39,006,051

Security	Shares		Value
United Kingdom (continued)
Burberry Group PLC		1,241,152	$	37,806,617
CNH Industrial NV		3,223,413		57,026,536
Coca-Cola Europacific Partners PLC		646,281		36,333,918
Compass Group PLC		5,581,314		133,326,446
Croda International PLC		439,519		37,463,164
DCC PLC		308,454		17,568,893
Diageo PLC		7,155,792		312,894,667
Entain PLC		1,842,128		33,970,097
Experian PLC		2,892,427		105,774,531
Glencore PLC		30,846,509		206,575,423
GSK PLC		12,802,485		224,875,840
Haleon PLC(a)		15,890,605		63,679,690
Halma PLC		1,186,527		31,590,125
Hargreaves Lansdown PLC		1,110,805		12,229,097
Hikma Pharmaceuticals PLC		519,322		10,985,790
HSBC Holdings PLC		62,885,091		463,359,099
Imperial Brands PLC		2,824,853		70,864,889
Informa PLC		4,584,804		37,919,755
InterContinental Hotels Group PLC		575,726		39,968,944
Intertek Group PLC		508,004		27,303,706
J Sainsbury PLC		5,500,263		17,837,791
JD Sports Fashion PLC		8,040,772		16,207,133
Johnson Matthey PLC		576,079		16,091,479
Kingfisher PLC		6,307,459		21,760,212
Land Securities Group PLC		2,226,380		19,504,884
Legal & General Group PLC		18,799,826		59,161,894
Lloyds Banking Group PLC		217,879,338		141,794,865
London Stock Exchange Group PLC		1,031,105		94,392,378
M&G PLC		8,042,684		20,085,149
Melrose Industries PLC		13,703,545		24,161,640
Mondi PLC		1,519,002		28,645,101
National Grid PLC		11,520,505		146,458,959
NatWest Group PLC, NVS		16,745,718		63,885,861
Next PLC		408,105		33,413,253
NMC Health PLC, NVS(e)		473,933		6
Ocado Group PLC(a)		1,806,882		14,459,371
Pearson PLC		2,100,142		23,950,395
Persimmon PLC		998,123		17,432,516
Phoenix Group Holdings PLC		2,345,623		18,591,120
Prudential PLC		8,775,549		145,806,197
Reckitt Benckiser Group PLC		2,237,204		159,425,169
RELX PLC		6,022,786		178,930,359
Rentokil Initial PLC		7,849,713		47,596,167
Rio Tinto PLC		3,532,922		276,632,123
Rolls-Royce Holdings PLC(a)		26,210,293		34,291,797
Sage Group PLC (The)		3,185,097		30,601,358
Schroders PLC		2,278,380		13,473,854
Segro PLC		3,798,895		39,104,266
Severn Trent PLC		791,503		27,545,004
Shell PLC		22,865,445		671,278,204
Smith & Nephew PLC		2,725,421		37,638,973
Smiths Group PLC		1,171,570		25,009,515
Spirax-Sarco Engineering PLC		230,650		32,946,493
SSE PLC		3,340,410		71,299,950
St. James’s Place PLC		1,696,471		25,724,832
Standard Chartered PLC		7,892,575		66,294,579
Taylor Wimpey PLC		11,163,539		16,197,412
Tesco PLC		23,618,376		71,785,212
Unilever PLC		8,011,714		407,788,676
United Utilities Group PLC		2,133,404		27,915,731

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Vodafone Group PLC		83,586,016	$	96,442,613
Whitbread PLC		631,336		23,777,510
WPP PLC		3,412,396		39,869,529
				7,387,517,537
Total Common Stocks — 99.2% (Cost: $43,703,331,945)				48,427,121,936
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		186,957		17,712,089
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)(b)		358,490		42,624,005
Henkel AG & Co. KGaA, Preference Shares, NVS		560,876		39,990,612
Porsche Automobil Holding SE, Preference Shares, NVS		482,457		28,849,324
Sartorius AG, Preference Shares, NVS		76,633		34,363,162
Volkswagen AG, Preference Shares, NVS		583,765		80,962,757
				244,501,949
Total Preferred Stocks — 0.5% (Cost: $274,086,551)				244,501,949
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		727,924		369,329
Total Rights — 0.0% (Cost: $374,007)				369,329
Total Long-Term Investments — 99.7% (Cost: $43,977,792,503)				48,671,993,214

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		277,210,136	$	277,376,462
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)		69,130,000		69,130,000
Total Short-Term Securities — 0.7% (Cost: $346,316,625)				346,506,462
Total Investments — 100.4% (Cost: $44,324,109,128)				49,018,499,676
Liabilities in Excess of Other Assets — (0.4)%				(214,204,981	)
Net Assets — 100.0%			$	48,804,294,695

^(a)  Non-income producing security.

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	182,125,789	$	95,076,221	(a)	$	—	$	19,640	$	154,812	$	277,376,462		277,210,136	$	869,659	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,190,000		27,940,000	(a)		—		—		—		69,130,000		69,130,000		861,406			48
								$	19,640	$	154,812	$	346,506,462			$	1,731,065		$	48

^(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.

58 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE 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
TOPIX Index		225		03/09/23	$	34,327	$	1,123,873
SPI 200 Index		126		03/16/23		16,610		718,673
Euro STOXX 50 Index		1,134		03/17/23		51,662		3,045,106
FTSE 100 Index		330		03/17/23		31,650		1,099,234
							$	5,986,886

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)	$	—	$	—	$	5,986,886	$	—	$	—	$	—	$	5,986,886

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	17,628,727	$	—	$	—	$	—	$	17,628,727
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	490,049	$	—	$	—	$	—	$	490,049

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	175,451,426

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	3,969,262,010	$	—	$	3,969,262,010
Austria		—		94,312,782		—		94,312,782
Belgium		—		482,323,385		—		482,323,385

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Denmark	$	—	$	1,358,690,832	$	—	$	1,358,690,832
Finland		—		466,149,968		—		466,149,968
France		—		5,826,174,003		—		5,826,174,003
Germany		—		3,820,588,111		—		3,820,588,111
Hong Kong		9,525,875		1,400,864,970		—		1,410,390,845
Ireland		—		353,759,630		—		353,759,630
Israel		116,093,716		221,675,986		—		337,769,702
Italy		—		1,115,572,283		—		1,115,572,283
Japan		—		10,491,506,232		—		10,491,506,232
Netherlands		26,842,127		2,191,675,438		—		2,218,517,565
New Zealand		—		93,687,861		—		93,687,861
Norway		—		338,065,905		—		338,065,905
Portugal		—		84,298,928		—		84,298,928
Singapore		88,665,797		640,971,894		—		729,637,691
Spain		—		1,233,480,975		—		1,233,480,975
Sweden		—		1,613,401,709		—		1,613,401,709
Switzerland		—		5,002,013,982		—		5,002,013,982
United Kingdom		36,333,918		7,351,183,613		6		7,387,517,537
Preferred Stocks		—		244,501,949		—		244,501,949
Rights		369,329		—		—		369,329
Short-Term Securities
Money Market Funds		346,506,462		—		—		346,506,462
	$	624,337,224	$	48,394,162,446	$	6	$	49,018,499,676
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		5,986,886	$	—	$	5,986,886

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

See notes to financial statements.

60 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 10.5%
29Metals Ltd.(a)		1,175,238	$	1,640,184
Abacus Property Group		1,845,006		3,656,019
Accent Group Ltd.		1,632,278		2,538,304
Adbri Ltd.		1,600,843		2,104,984
AET&D Holdings No. 1 Pty Ltd.(b)		169,200		1
AGL Energy Ltd.		2,989,110		16,210,757
Allkem Ltd.(c)		2,559,282		23,760,219
ALS Ltd.		2,050,589		19,025,293
Altium Ltd.(a)		526,263		14,570,674
Alumina Ltd.		11,025,841		12,265,786
AMP Ltd.(c)		13,873,478		13,160,460
Ansell Ltd.		567,558		11,342,961
APM Human Services International Ltd.		1,195,944		2,199,689
ARB Corp. Ltd.		344,748		7,833,348
Arena REIT		1,525,039		4,045,575
Argosy Minerals Ltd.(a)(c)		5,163,479		2,354,208
Atlas Arteria Ltd.		6,470,814		31,470,319
AUB Group Ltd.		409,607		6,861,296
Aussie Broadband Ltd.(c)		837,074		1,785,567
Austal Ltd.		1,425,767		1,673,176
Australian Agricultural Co. Ltd.(c)		1,403,110		1,716,129
Australian Clinical Labs Ltd.(a)		480,606		1,055,088
Australian Ethical Investment Ltd.		354,028		1,107,404
AVZ Minerals Ltd.(a)(b)(c)		10,717,468		5,015,544
Bank of Queensland Ltd.		2,902,095		14,350,422
Bapcor Ltd.		1,529,322		6,916,230
Beach Energy Ltd.		7,063,338		7,590,167
Bega Cheese Ltd.		1,305,674		3,593,725
Bellevue Gold Ltd.(c)		4,368,035		3,706,129
Bendigo & Adelaide Bank Ltd.		2,498,840		17,812,748
Blackmores Ltd.		72,247		4,487,375
Boral Ltd.		1,699,517		4,152,428
Boss Energy Ltd.(c)		1,494,709		2,748,618
BrainChip Holdings Ltd.(a)(c)		6,529,890		2,952,774
Breville Group Ltd.(a)		448,584		7,232,465
Brickworks Ltd.		340,963		5,742,717
BWP Trust		2,176,645		6,054,824
Calix Ltd.(a)(c)		582,610		2,303,699
Capricorn Metals Ltd.(c)		1,236,664		3,986,823
carsales.com Ltd.		1,484,583		24,035,754
Centuria Capital Group		2,099,270		2,790,435
Centuria Industrial REIT		2,588,709		6,155,136
Centuria Office REIT		1,647,832		1,870,794
Chalice Mining Ltd.(c)		1,512,304		6,971,855
Challenger Ltd.		2,579,957		13,226,824
Champion Iron Ltd.		1,492,413		7,594,109
Charter Hall Group		2,108,748		20,763,949
Charter Hall Long Wale REIT		2,815,604		9,111,923
Charter Hall Retail REIT		2,363,962		6,713,180
Charter Hall Social Infrastructure REIT		1,440,118		3,553,656
Cleanaway Waste Management Ltd.		9,833,314		19,053,550
Clinuvel Pharmaceuticals Ltd.(a)		170,983		3,065,055
Codan Ltd./Australia		448,317		1,692,855
Collins Foods Ltd.(a)		497,672		2,839,614
Core Lithium Ltd.(a)(c)		6,633,787		5,532,028
Coronado Global Resources Inc.(d)		3,352,748		4,857,780
Corporate Travel Management Ltd.(a)		564,584		7,398,983
Costa Group Holdings Ltd.		2,089,177		4,346,496

Security	Shares		Value
Australia (continued)
Credit Corp. Group Ltd.		308,320	$	4,761,157
Cromwell Property Group		6,317,353		3,245,910
CSR Ltd.		2,165,845		8,105,662
Data#3 Ltd.		644,217		3,347,406
De Grey Mining Ltd.(a)(c)		5,437,678		5,762,277
Deterra Royalties Ltd.		1,862,125		6,460,684
Dexus Industria REIT		905,232		1,978,351
Dicker Data Ltd.		260,421		1,965,770
Domain Holdings Australia Ltd.		1,104,594		2,527,137
Domino’s Pizza Enterprises Ltd.		270,531		14,583,802
Downer EDI Ltd.		3,026,302		8,098,547
Eagers Automotive Ltd.		682,175		5,548,314
Eclipx Group Ltd.(c)		1,219,950		1,762,137
Elders Ltd.		699,695		4,817,162
Evolution Mining Ltd.		8,186,271		18,602,518
EVT Ltd.(a)		500,703		5,003,709
Firefinch Ltd.(a)(b)(c)		4,681,624		561,769
Flight Centre Travel Group Ltd.(a)(c)		720,009		8,099,012
G8 Education Ltd.		3,374,373		3,001,328
Gold Road Resources Ltd.		4,591,948		5,371,686
Goulamina Holdings Pty Ltd.(c)		3,976,207		1,734,502
GrainCorp Ltd., Class A		1,001,121		5,375,424
Grange Resources Ltd.(a)		2,283,024		1,647,406
Growthpoint Properties Australia Ltd.		1,180,841		2,727,514
GUD Holdings Ltd.		631,454		3,751,192
GWA Group Ltd.		963,793		1,482,151
Hansen Technologies Ltd.		682,959		2,580,537
Harvey Norman Holdings Ltd.		2,537,425		8,055,662
Healius Ltd.		2,596,706		5,923,978
Helia Group Ltd.		1,660,650		3,292,393
Home Consortium Ltd.		456,234		1,493,459
HomeCo Daily Needs REIT		6,480,442		6,220,338
HUB24 Ltd.		337,044		6,285,585
Iluka Resources Ltd.		1,892,612		14,563,035
Imdex Ltd.		1,853,929		3,291,971
Imugene Ltd.(a)(c)		22,175,691		2,145,626
Incitec Pivot Ltd.		8,671,227		21,202,969
Ingenia Communities Group		1,648,679		5,429,557
Inghams Group Ltd.		1,653,302		3,398,931
Insignia Financial Ltd.		2,786,681		6,918,057
Integral Diagnostics Ltd.		806,825		1,827,747
InvoCare Ltd.		611,032		4,993,620
ionner Ltd.(a)(c)		6,641,807		2,043,879
IPH Ltd.		922,794		5,581,565
IRESS Ltd.		792,297		5,591,175
JB Hi-Fi Ltd.		489,617		16,834,252
Jervois Global Ltd.(c)		7,198,416		1,253,915
Johns Lyng Group Ltd.(a)		748,515		3,119,737
Judo Capital Holdings Ltd.(c)		2,390,158		2,260,890
Jumbo Interactive Ltd.		230,504		2,553,187
Karoon Energy Ltd.(c)		2,444,289		4,043,357
Kelsian Group Ltd.		561,846		2,330,186
Lake Resources NL(a)(c)		5,604,623		3,286,541
Lifestyle Communities Ltd.		413,385		5,763,117
Link Administration Holdings Ltd.		2,268,028		3,091,228
Liontown Resources Ltd.(a)(c)		7,344,163		8,267,479
Lovisa Holdings Ltd.(a)		262,505		4,930,802
Lynas Rare Earths Ltd.(c)		4,022,574		26,927,630
MA Financial Group Ltd.(a)		409,293		1,449,653
Maas Group Holdings Ltd.(a)		382,811		760,394

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Magellan Financial Group Ltd.		616,974	$	3,922,050
Mayne Pharma Group Ltd.(a)		335,077		717,500
McMillan Shakespeare Ltd.		300,594		3,009,483
Megaport Ltd.(a)(c)		673,941		2,803,083
Mesoblast Ltd.(a)(c)		3,022,352		2,039,234
Metcash Ltd.		4,341,793		12,866,553
Mincor Resources NL(a)(c)		1,640,254		1,773,789
Monadelphous Group Ltd.		409,691		4,037,993
Mount Gibson Iron Ltd.(a)(c)		2,610,143		1,109,517
Nanosonics Ltd.(a)(c)		1,128,111		3,893,331
National Storage REIT		4,819,111		7,930,988
Neometals Ltd.(a)(c)		1,981,106		1,196,421
Netwealth Group Ltd.		537,260		5,124,003
Neuren Pharmaceuticals Ltd., NVS(c)		482,337		2,648,525
New Hope Corp. Ltd.		2,217,930		9,192,005
NEXTDC Ltd.(c)		2,056,885		14,536,175
nib holdings Ltd.		2,040,757		11,376,510
Nick Scali Ltd.(a)		278,673		2,370,250
Nickel Mines Ltd.		4,894,320		3,826,735
Nine Entertainment Co. Holdings Ltd.		6,470,032		9,361,035
Novonix Ltd.(a)(c)		1,325,466		1,734,627
NRW Holdings Ltd.		1,924,043		4,153,449
Nufarm Ltd./Australia		1,689,460		7,108,948
Objective Corp. Ltd.		109,613		1,080,786
Omni Bridgeway Ltd.(c)		1,116,523		3,205,402
oOh!media Ltd.		2,009,185		2,045,774
Orora Ltd.		3,793,944		8,027,723
OZ Minerals Ltd.		1,492,715		29,565,980
Paladin Energy Ltd.(a)(c)		11,989,477		7,311,503
Pepper Money Ltd./Australia		745,483		817,771
Perenti Global Ltd.(c)		2,750,294		2,443,676
Perpetual Ltd.(a)		486,739		8,818,157
Perseus Mining Ltd.		5,766,575		8,761,027
PEXA Group Ltd.(c)		742,681		6,856,995
Pinnacle Investment Management Group Ltd.		533,532		3,974,882
Platinum Asset Management Ltd.		2,341,543		3,576,092
PointsBet Holdings Ltd.(a)(c)		851,708		858,251
PolyNovo Ltd.(c)		2,617,345		4,680,216
Premier Investments Ltd.		392,641		7,764,183
Pro Medicus Ltd.(a)		209,921		10,025,556
PWR Holdings Ltd.		321,344		2,806,317
Qube Holdings Ltd.		7,516,308		16,344,038
Ramelius Resources Ltd.(a)		3,862,797		2,740,427
Region RE Ltd.		5,030,457		9,652,915
Regis Resources Ltd.		3,366,882		5,118,144
Reliance Worldwide Corp. Ltd.		3,513,431		8,799,268
Rural Funds Group(a)		1,648,125		2,922,892
Sandfire Resources Ltd.(a)		2,034,893		9,068,666
Sayona Mining Ltd.(a)(c)		29,624,634		5,541,001
Select Harvests Ltd.		524,018		1,483,113
Seven Group Holdings Ltd.(a)		730,255		11,753,256
Seven West Media Ltd.(c)		4,076,206		1,303,925
Sigma Healthcare Ltd.		4,912,536		2,207,682
Silver Lake Resources Ltd.(c)		4,137,270		3,825,363
Sims Ltd.		731,535		7,942,966
SiteMinder Ltd.(a)(c)		929,793		2,481,357
SmartGroup Corp. Ltd.		558,330		2,237,198
Star Entertainment Grp Ltd. (The)(c)		4,093,160		5,647,985
Steadfast Group Ltd.		4,606,983		17,115,796
Super Retail Group Ltd.		715,793		6,459,360

Security	Shares		Value
Australia (continued)
Syrah Resources Ltd.(c)		2,844,404	$	4,472,526
Tabcorp Holdings Ltd.		9,941,959		7,394,771
Technology One Ltd.		1,306,744		13,510,946
Telix Pharmaceuticals Ltd.(a)(c)		968,887		4,906,316
Temple & Webster Group Ltd.(a)(c)		391,594		1,597,702
Terracom Ltd.		2,462,873		1,508,316
Tyro Payments Ltd.(a)(c)		1,712,176		1,824,469
United Malt Grp Ltd.		1,127,831		2,916,253
Ventia Services Group Pty Ltd.		1,135,335		1,936,167
Viva Energy Group Ltd.(d)		3,764,991		7,783,844
Vulcan Energy Resources Ltd.(a)(c)		405,301		2,064,084
Vulcan Steel Ltd.		204,570		1,309,669
Waypoint REIT Ltd.		3,230,429		6,378,643
Webjet Ltd.(a)(c)		1,703,507		8,302,522
West African Resources Ltd.(c)		4,313,704		3,418,336
Whitehaven Coal Ltd.		3,828,747		22,766,253
Worley Ltd.		1,391,770		15,278,378
Zip Co. Ltd.(a)(c)		2,877,044		1,357,206
				1,221,357,332
Austria — 1.1%
Agrana Beteiligungs AG		12,995		233,104
ams-OSRAM AG(c)		1,234,013		11,528,220
ANDRITZ AG(a)		303,520		18,150,954
AT&S Austria Technologie & Systemtechnik AG(a)		114,253		3,920,212
BAWAG Group AG(d)		379,033		23,479,132
CA Immobilien Anlagen AG		194,913		6,079,004
DO & CO AG(a)(c)		29,730		3,148,426
EVN AG		175,226		3,697,362
IMMOFINANZ AG(c)		162,486		2,189,097
Kontron AG(a)		191,589		3,893,244
Lenzing AG(a)		60,146		4,259,616
Oesterreichische Post AG(a)		154,090		5,487,539
Palfinger AG(a)		56,098		1,698,886
Porr AG(a)		56,282		808,892
Raiffeisen Bank International AG(c)		663,575		11,939,149
Schoeller-Bleckmann Oilfield Equipment AG		45,347		3,326,365
Semperit AG Holding(a)		43,521		1,068,903
Strabag SE		70,222		2,967,328
UNIQA Insurance Group AG		570,932		4,801,198
Vienna Insurance Group AG Wiener Versicherung Gruppe		173,083		4,710,345
Wienerberger AG		518,944		15,605,160
				132,992,136
Belgium — 1.5%
Ackermans & van Haaren NV		104,382		18,063,789
Aedifica SA		179,153		15,721,037
AGFA-Gevaert NV(c)		607,097		1,902,934
Barco NV		310,911		7,870,310
Bekaert SA		157,784		6,656,110
bpost SA		452,059		2,450,827
Cofinimmo SA		137,078		12,468,494
Deme Group NV(c)		32,983		4,267,742
Econocom Group SA/NV		488,371		1,513,158
Etablissements Franz Colruyt NV(a)		240,804		6,367,759
Euronav NV		784,961		12,360,744
Exmar NV		144,022		1,210,314
Fagron		302,896		4,478,540
Galapagos NV(c)		205,952		9,115,102
Immobel SA		19,328		992,024

62 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Belgium (continued)
Intervest Offices & Warehouses NV		109,404	$	2,390,666
Ion Beam Applications		105,107		1,894,549
KBC Ancora		156,611		7,689,244
Kinepolis Group NV(a)(c)		59,682		2,526,380
Melexis NV		88,601		9,438,167
Mithra Pharmaceuticals SA(a)(c)		124,240		422,529
Montea NV		50,327		4,038,987
Ontex Group NV(a)(c)		291,195		2,263,154
Proximus SADP		687,686		7,046,798
Recticel SA(a)		185,877		3,485,899
Retail Estates NV		44,890		3,098,996
Shurgard Self Storage SA		117,832		5,685,882
Telenet Group Holding NV		201,264		3,469,207
Tessenderlo Group SA(c)		138,657		4,903,432
Van de Velde NV		20,133		681,712
VGP NV		54,849		5,480,575
X-Fab Silicon Foundries SE(a)(c)(d)		254,057		2,222,411
Xior Student Housing NV(a)		106,322		3,572,119
				175,749,591
Denmark — 2.1%
ALK-Abello A/S(c)		585,539		8,746,791
Alm Brand A/S		3,821,554		7,092,064
Amagerbanken A/S(b)		130,550		—
Ambu A/S, Class B(a)(c)		749,018		10,346,392
Bavarian Nordic A/S(a)(c)		314,594		10,074,383
Better Collective A/S(c)		130,393		1,957,210
Cadeler A/S(c)		362,517		1,508,995
cBrain A/S		49,550		1,117,266
Chemometec A/S(c)		74,167		6,497,771
D/S Norden A/S		99,182		5,346,441
Dfds A/S		156,477		5,898,460
FLSmidth & Co. A/S(a)		232,900		10,006,792
GN Store Nord A/S		583,007		14,374,797
H Lundbeck A/S		1,203,769		4,472,998
H Lundbeck A/S, Class A(c)		295,885		1,018,757
ISS A/S(c)		707,979		15,479,039
Jyske Bank A/S, Registered(c)		230,777		16,644,411
Matas A/S		163,453		1,778,740
Netcompany Group A/S(c)(d)		179,330		7,136,787
Nilfisk Holding A/S(c)		54,203		1,078,857
NKT A/S(c)		182,593		11,394,139
NTG Nordic Transport Group A/S, Class A(a)(c)		35,848		1,465,889
Per Aarsleff Holding A/S		78,667		3,265,002
Ringkjoebing Landbobank A/S		120,195		17,491,089
Royal Unibrew A/S		225,165		15,811,536
Scandinavian Tobacco Group A/S, Class A(d)		248,120		4,312,378
Schouw & Co. A/S		55,629		4,310,306
SimCorp A/S		181,002		12,675,555
Solar A/S, Class B		23,625		2,182,764
Spar Nord Bank A/S		382,347		6,090,350
Sydbank A/S		260,069		11,858,701
Topdanmark A/S		201,220		10,861,393
Zealand Pharma A/S(c)		195,591		6,108,522
				238,404,575
Finland — 1.6%
Aktia Bank OYJ		217,764		2,575,755
Anora Group OYJ		143,702		1,152,156
Cargotec OYJ, Class B		171,014		8,706,793
Caverion OYJ		441,464		4,069,872

Security	Shares		Value
Finland (continued)
Citycon OYJ		381,279	$	2,873,315
Finnair OYJ(a)(c)		2,896,962		1,632,496
F-Secure OYJ(a)(c)		499,230		1,593,733
Huhtamaki OYJ		432,434		16,174,267
Kemira OYJ		483,653		7,846,960
Kempower OYJ(a)(c)		71,108		1,777,244
Kojamo OYJ		600,777		9,224,701
Konecranes OYJ		265,328		8,634,172
Marimekko OYJ		113,019		1,133,100
Metsa Board OYJ, Class B		792,829		7,077,229
Metso Outotec OYJ		2,959,622		34,014,565
Musti Group OYJ		135,409		2,291,664
Nokian Renkaat OYJ		588,447		7,048,740
Oriola OYJ, Class B		758,192		1,422,688
Outokumpu OYJ		1,625,811		9,310,308
Puuilo OYJ(a)		217,586		1,497,378
QT Group OYJ(a)(c)		74,038		4,341,849
Revenio Group OYJ		104,841		4,285,971
Rovio Entertainment OYJ(d)		171,696		1,373,813
Sanoma OYJ		317,981		3,382,434
Talenom OYJ(a)		122,922		1,214,739
TietoEVRY OYJ		385,811		11,749,506
TietoEVRY OYJ, New		12,844		391,453
Tokmanni Group OYJ		226,273		2,917,474
Uponor OYJ		239,978		4,273,888
Valmet OYJ		743,738		23,355,478
YIT OYJ		618,235		1,809,169
				189,152,910
France — 3.6%
AB Science SA(c)		107,719		744,567
ABC arbitrage		83,506		588,278
Air France-KLM(c)		5,143,599		8,695,255
AKWEL		36,551		626,246
ALD SA(a)(d)		627,914		7,893,976
Altarea SCA		16,981		2,314,409
Alten SA		129,914		19,962,070
Antin Infrastructure Partners SA		154,466		3,479,463
APERAM SA		214,427		8,462,015
Atos SE(c)		447,286		5,900,377
Aubay		30,445		1,568,674
Believe SA(c)		81,221		984,158
Beneteau SA		168,930		2,768,965
Boiron SA		34,035		1,552,199
Bonduelle SCA		60,221		809,084
Carmila SA		253,517		3,826,609
Casino Guichard Perrachon SA(c)		193,012		2,371,920
CGG SA(c)		3,227,992		2,718,489
Chargeurs SA		73,618		1,230,190
Cie. des Alpes(c)		83,565		1,321,585
Cie. Plastic Omnium SA		260,590		4,560,690
Coface SA(c)		460,899		6,444,697
Derichebourg SA		419,008		2,875,756
Elior Group SA(c)(d)		567,748		1,964,799
Elis SA		859,890		15,102,517
Equasens		19,331		1,559,313
Eramet SA		44,409		4,438,372
Esker SA		23,918		3,993,533
Etablissements Maurel et Prom SA		265,441		1,066,631
Euroapi SA(c)		232,471		3,731,572
Eutelsat Communications SA		770,707		5,893,894

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Faurecia SE(c)		701,223	$	13,935,746
Fnac Darty SA		72,748		2,699,922
Gaztransport Et Technigaz SA		115,381		12,756,083
ICADE		151,918		7,216,133
ID Logistics Group(c)		12,427		3,862,556
Imerys SA		150,837		6,255,924
Interparfums SA		83,025		5,434,842
IPSOS		176,065		11,410,345
JCDecaux SE(c)		283,542		6,416,228
Kaufman & Broad SA		55,269		1,736,674
Korian SA		330,288		3,458,429
LISI		83,822		1,864,847
Maisons du Monde SA(d)		126,651		1,557,541
Manitou BF SA		54,657		1,604,350
McPhy Energy SA(a)(c)		98,770		1,503,319
Mercialys SA		346,802		3,851,518
Mersen SA		77,245		3,429,078
Metropole Television SA		111,190		1,770,920
Neoen SA(d)		214,549		8,056,191
Nexans SA		106,637		11,308,166
Nexity SA		172,906		5,223,301
Orpea SA(b)(c)		244,420		1,891,936
Peugeot Invest		22,943		2,369,237
Quadient SA		157,081		2,770,228
Rexel SA		1,091,579		24,148,349
Rubis SCA		410,049		11,475,340
SCOR SE		677,492		16,722,007
Seche Environnement SA, NVS		10,374		1,130,065
SES SA		1,691,740		13,128,119
SES-Imagotag SA(c)		21,022		2,636,269
SMCP SA(c)(d)		176,056		1,397,315
Societe BIC SA		108,714		7,893,261
SOITEC(c)		118,424		17,960,941
Sopra Steria Group SACA		68,789		11,441,197
SPIE SA		579,074		15,808,872
Technicolor Creative Studios SA(c)		853,048		211,074
Television Francaise 1		175,194		1,401,187
Trigano SA		38,548		5,373,379
Vallourec SA(c)		610,857		8,916,648
Valneva SE(c)		497,871		3,397,609
Verallia SA(d)		328,668		12,134,998
Vicat SA		77,658		2,168,489
Vilmorin & Cie. SA		26,104		1,312,527
Virbac SA		18,611		5,647,956
Voltalia SA(c)		169,557		3,209,237
Waga Energy SA(c)		21,108		642,532
Wavestone		34,535		1,812,843
				421,804,031
Germany — 4.5%
1&1 AG		189,069		2,639,121
Aareal Bank AG(c)		262,660		9,251,849
About You Holding SE(a)(c)		164,174		1,079,254
Adesso SE		13,790		2,181,407
ADVA Optical Networking SE(c)		82,062		2,007,309
AIXTRON SE		505,069		15,048,802
Amadeus Fire AG		24,813		3,456,307
Atoss Software AG		17,481		3,092,891
AURELIUS Equity Opportunities SE & Co. KGaA		120,259		2,060,327
Aurubis AG		140,643		14,873,957
Auto1 Group SE(a)(c)(d)		388,200		3,144,987

Security	Shares		Value
Germany (continued)
Basler AG(a)		49,158	$	1,819,624
BayWa AG		60,545		2,761,258
Bertrandt AG		32,064		1,567,809
Bilfinger SE(a)		136,974		4,716,029
Borussia Dortmund GmbH & Co. KGaA(c)		342,766		1,529,570
CANCOM SE		159,795		5,508,870
Ceconomy AG(a)		650,855		1,596,209
Cewe Stiftung & Co. KGaA(a)		22,755		2,255,409
CompuGroup Medical SE & Co. KgaA		120,697		5,656,736
CropEnergies AG		115,254		1,500,687
CTS Eventim AG & Co. KGaA(c)		257,340		18,064,427
Datagroup SE		20,965		1,629,636
Dermapharm Holding SE		85,099		3,532,383
Deutsche Beteiligungs AG		51,898		1,672,179
Deutsche EuroShop AG		65,886		1,556,514
Deutsche Pfandbriefbank AG(d)		605,056		5,518,944
Deutz AG		509,536		2,785,224
DIC Asset AG		179,980		1,729,925
Draegerwerk AG & Co. KGaA		13,057		526,632
Duerr AG		232,944		8,887,723
Eckert & Ziegler Strahlen- und Medizintechnik AG		66,957		3,896,126
Elmos Semiconductor SE		36,099		2,452,472
ElringKlinger AG		127,034		1,105,703
Encavis AG		540,373		10,469,973
Energiekontor AG		27,799		2,385,093
Evotec SE(c)		635,457		12,495,038
Fielmann AG		116,723		4,399,313
flatexDEGIRO AG(a)(c)		298,499		2,540,009
Fraport AG Frankfurt Airport Services Worldwide(c)		165,895		9,441,286
Freenet AG		507,608		12,339,569
Gerresheimer AG		140,580		10,396,466
GFT Technologies SE		74,246		3,100,033
Global Fashion Group SA(c)		420,252		536,584
Grand City Properties SA		429,525		4,577,949
GRENKE AG		122,712		3,564,361
Hamborner REIT AG		287,530		2,250,474
Hamburger Hafen und Logistik AG(a)		113,716		1,606,054
Heidelberger Druckmaschinen AG(a)(c)		1,124,660		2,311,922
Hensoldt AG		164,382		4,765,957
HOCHTIEF AG		122,928		7,793,457
Hornbach Holding AG & Co. KGaA		39,335		3,484,661
Hugo Boss AG		253,241		17,197,635
Hypoport SE(a)(c)		17,515		2,386,178
Indus Holding AG(a)		78,766		2,082,507
Instone Real Estate Group SE(d)		205,269		2,094,606
Jenoptik AG		229,700		7,138,645
JOST Werke AG(d)		60,319		3,492,492
K+S AG, Registered		853,605		20,432,267
KION Group AG		322,274		12,976,831
Kloeckner & Co. SE		327,008		3,455,642
Krones AG		63,220		7,381,789
KWS Saat SE & Co. KGaA		54,989		3,727,586
LANXESS AG		366,786		18,306,248
MBB SE(a)		8,158		783,464
Medios AG(a)(c)		60,922		1,194,441
METRO AG(c)		563,821		5,555,570
MLP SE		281,182		1,559,004
MorphoSys AG(a)(c)		153,982		3,093,574
Nagarro SE(a)(c)		37,323		5,113,004
Nordex SE(c)		614,383		9,336,645

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Norma Group SE		141,347	$	3,042,724
OHB SE		14,662		520,348
PATRIZIA SE		204,629		2,534,070
Pfeiffer Vacuum Technology AG		15,904		2,903,991
PNE AG		152,034		2,731,225
ProSiebenSat.1 Media SE		789,775		8,122,982
PVA TePla AG(c)		86,725		2,068,716
Salzgitter AG(a)		133,279		5,439,288
Secunet Security Networks AG		6,897		1,635,924
SGL Carbon SE(a)(c)		270,587		2,344,905
Siltronic AG		67,535		5,630,088
Sixt SE		61,336		7,625,959
SMA Solar Technology AG(a)(c)		46,311		3,928,495
Software AG(a)		233,164		6,498,406
Stabilus SE		110,262		7,605,356
Steico SE		24,386		1,312,598
Stratec SE(a)		34,738		3,164,297
Stroeer SE & Co. KGaA		152,377		8,354,969
Suedzucker AG		318,039		5,159,603
SUSE SA(c)		188,741		3,663,776
Synlab AG		304,259		3,342,455
TAG Immobilien AG		789,620		6,762,182
Takkt AG(a)		148,192		2,291,395
TeamViewer AG(c)(d)		623,183		8,778,727
thyssenkrupp AG(c)		2,083,825		16,370,224
Tonies SE, Class A(a)(c)		171,484		1,051,459
TUI AG(a)(c)		5,142,926		10,769,774
Varta AG(a)		82,901		2,523,802
VERBIO Vereinigte BioEnergie AG		99,012		6,241,733
Vitesco Technologies Group AG(c)		88,690		6,147,481
Vossloh AG		52,421		2,310,110
Wacker Neuson SE		121,322		2,401,184
Wuestenrot & Wuerttembergische AG		68,041		1,242,222
				521,393,095
Hong Kong — 2.2%
Apollo Future Mobility Group Ltd.(c)		23,168,000		604,386
ASMPT Ltd.		1,384,400		11,434,624
Atlas Corp.(a)		444,374		6,581,179
Bank of East Asia Ltd. (The)		5,364,200		6,890,916
Brightoil Petroleum Holdings Ltd.(b)		12,938,512		17
Cafe de Coral Holdings Ltd.		1,568,000		2,745,017
Champion REIT		11,372,000		5,041,705
Chinese Estates Holdings Ltd.(a)(c)		1,832,000		580,817
Chow Sang Sang Holdings International Ltd.		1,590,000		2,423,050
CITIC Telecom International Holdings Ltd.		7,181,000		2,557,972
Citychamp Watch & Jewellery Group Ltd.(c)		5,546,000		905,726
CK Life Sciences International Holdings Inc.(a)		14,480,000		1,501,075
C-Mer Eye Care Holdings Ltd.(c)		2,524,000		1,580,295
Comba Telecom Systems Holdings Ltd.		8,214,000		1,575,607
Cowell e Holdings Inc.(a)(c)		1,302,000		2,558,759
Dah Sing Banking Group Ltd.		2,214,400		1,790,573
Dah Sing Financial Holdings Ltd.		637,600		1,689,944
EC Healthcare		2,096,000		2,515,383
E-Commodities Holdings Ltd.		5,518,000		1,163,874
Far East Consortium International Ltd.		4,903,500		1,283,722
First Pacific Co. Ltd.		9,952,000		3,470,599
Fortune REIT		6,496,000		5,621,861
Fosun Tourism Group(a)(c)(d)		1,154,800		1,665,852
Guotai Junan International Holdings Ltd.		12,526,000		1,249,720
Haitong International Securities Group Ltd.(a)(c)		9,301,899		1,070,547

Security	Shares		Value
Hong Kong (continued)
Hang Lung Group Ltd.		3,486,000	$	6,433,118
Health and Happiness H&H International Holdings Ltd.		1,009,500		1,883,195
HKBN Ltd.		3,908,500		2,750,808
Hong Kong Technology Venture Co. Ltd.		2,512,000		1,796,111
Hutchison Telecommunications Hong Kong Holdings Ltd.(a)		10,338,000		1,792,780
Hysan Development Co. Ltd.		2,754,000		9,265,682
IGG Inc.(c)		3,442,000		1,294,543
Johnson Electric Holdings Ltd.(a)		1,480,250		2,033,189
K Wah International Holdings Ltd.(a)		4,331,000		1,612,022
Kerry Logistics Network Ltd.		1,592,888		3,110,536
Kerry Properties Ltd.		2,616,500		6,633,889
Luk Fook Holdings International Ltd.		1,573,000		5,455,122
Man Wah Holdings Ltd.		7,913,600		9,149,236
MECOM Power and Construction Ltd.(a)		4,589,000		1,097,143
Melco International Development Ltd.(c)		3,070,000		3,995,293
Melco Resorts & Entertainment Ltd., ADR(c)		917,191		12,528,829
MGM China Holdings Ltd.(a)(c)		4,290,800		5,420,953
Nissin Foods Co. Ltd.		1,343,000		1,160,794
NWS Holdings Ltd.		7,021,000		6,616,707
OCI International Holdings Ltd.(c)		76,000		13,569
Pacific Basin Shipping Ltd.		23,439,000		8,271,373
Pacific Textiles Holdings Ltd.		3,829,000		1,378,448
PAX Global Technology Ltd.(a)		3,025,000		2,859,081
PCCW Ltd.		19,105,000		9,387,493
Perfect Medical Health Management Ltd.		1,872,000		1,098,778
Prosperity REIT		8,760,000		2,548,649
Realord Group Holdings Ltd.(a)(c)		1,962,000		2,212,324
Sa Sa International Holdings Ltd.(c)		5,154,000		1,343,317
Shangri-La Asia Ltd.(c)		4,790,000		4,182,191
Shun Tak Holdings Ltd.(c)		6,158,000		1,332,293
SJM Holdings Ltd.(a)(c)		11,247,000		6,378,215
SmarTone Telecommunications Holdings Ltd.		2,607,500		1,754,830
Stella International Holdings Ltd.		2,192,500		2,211,751
Sun Hung Kai & Co. Ltd.(a)		2,447,000		1,045,752
SUNeVision Holdings Ltd.		2,829,000		1,640,522
Sunlight REIT		4,156,000		1,840,289
Texhong Textile Group Ltd.		1,177,500		1,075,636
Theme International Holdings Ltd.(c)		20,470,000		2,668,669
United Energy Group Ltd.		35,298,000		3,471,472
United Laboratories International Holdings Ltd. (The)		4,634,000		3,067,910
Value Partners Group Ltd.(a)		3,756,000		1,531,351
Vesync Co. Ltd.		1,787,000		971,897
Vitasoy International Holdings Ltd.		3,834,000		8,145,104
Viva China Holdings Ltd.(c)		16,712,000		3,040,113
Vobile Group Ltd.(a)(c)		6,814,000		3,909,015
VSTECS Holdings Ltd.		3,824,000		2,392,608
VTech Holdings Ltd.		749,100		4,952,149
Wynn Macau Ltd.(a)(c)		6,979,200		7,987,916
Xinyi Electric Storage Holdings Ltd.(c)		1		1
Yue Yuen Industrial Holdings Ltd.		3,574,000		5,863,059
				251,108,945
Ireland — 0.3%
C&C Group PLC(a)(c)		1,735,944		3,449,849
Cairn Homes PLC(c)		3,016,753		3,206,967
Dalata Hotel Group PLC(c)		863,803		3,649,298
Glanbia PLC		844,603		10,306,633
Glenveagh Properties PLC(c)(d)		2,711,115		2,773,493
Greencore Group PLC(c)		2,313,028		2,277,015

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Irish Residential Properties REIT PLC		1,980,632	$	2,464,171
Origin Enterprises PLC		516,434		2,341,211
Uniphar PLC(c)		1,000,943		3,667,151
				34,135,788
Israel — 2.7%
AFI Properties Ltd.(c)		20,812		680,083
Africa Israel Residences Ltd.		27,046		1,269,981
Airport City Ltd.(c)		309,312		4,899,412
Alony Hetz Properties & Investments Ltd.		667,277		7,159,373
Altshuler Shaham Penn Ltd.		290,856		587,789
Amot Investments Ltd.		1,069,459		6,277,017
Arad Investment & Industrial Development Ltd.		13,793		1,730,805
Ashtrom Group Ltd.		177,885		3,368,214
AudioCodes Ltd.		110,451		2,139,417
Azorim-Investment Development & Construction Co. Ltd.		389,599		1,313,334
Big Shopping Centers Ltd.(a)		53,405		5,369,271
Blue Square Real Estate Ltd.		20,721		1,258,912
Camtek Ltd./Israel(a)(c)		125,334		3,306,199
Carasso Motors Ltd.		140,830		898,599
Cellcom Israel Ltd.(c)		402,937		2,083,756
Cellebrite DI Ltd.(a)(c)		158,355		869,369
Clal Insurance Enterprises Holdings Ltd.(c)		278,932		4,789,377
Danel Adir Yeoshua Ltd.		24,756		1,903,574
Danya Cebus Ltd.		33,277		857,535
Delek Automotive Systems Ltd.		222,457		2,747,324
Delek Group Ltd.(c)		40,910		4,441,758
Delta Galil Industries Ltd.		49,668		1,957,884
Doral Group Renewable Energy Resources Ltd.(a)(c)		378,160		938,106
Elco Ltd.		41,007		1,908,731
Electra Consumer Products 1970 Ltd.(a)		52,044		1,536,024
Electra Ltd./Israel(a)		9,310		4,771,222
Electra Real Estate Ltd.		109,949		1,236,055
Energix-Renewable Energies Ltd.		1,111,552		3,679,853
Enlight Renewable Energy Ltd.(a)(c)		457,710		9,514,039
Equital Ltd.(a)(c)		116,721		3,264,577
Fattal Holdings 1998 Ltd.(a)(c)		28,541		2,760,840
FIBI Holdings Ltd.		73,195		3,080,475
First International Bank Of Israel Ltd. (The)		248,554		10,040,043
Fiverr International Ltd.(a)(c)		143,140		5,309,063
Formula Systems 1985 Ltd.		43,429		3,449,641
Fox Wizel Ltd.		36,121		3,266,918
G City Ltd.		349,735		1,367,057
Gav-Yam Lands Corp. Ltd.		1		4
Gilat Satellite Networks Ltd.(a)(c)		173,419		939,519
Hadera Paper Ltd.		17,120		1,785,062
Harel Insurance Investments & Financial Services Ltd.		526,165		5,089,979
Hilan Ltd.		63,418		3,090,096
IDI Insurance Co. Ltd.		42,662		1,019,964
Inmode Ltd.(a)(c)		315,676		11,064,444
Innoviz Technologies Ltd.(c)		478,090		2,667,742
Isracard Ltd.		884,914		2,983,062
Israel Canada T.R Ltd.(a)		562,364		1,484,163
Israel Corp Ltd.		17,246		6,399,064
Israel Land Development - Urban Renewal Ltd.		72,685		844,713
Isras Investment Co. Ltd.		7,794		1,521,076
Ituran Location and Control Ltd.		66,843		1,467,204
Kornit Digital Ltd.(c)		221,297		5,578,897
M Yochananof & Sons Ltd.		21,809		1,175,592

Security	Shares		Value
Israel (continued)
Magic Software Enterprises Ltd.		113,708	$	1,848,362
Malam - Team Ltd.		36,107		766,809
Matrix IT Ltd.		162,438		3,438,805
Maytronics Ltd.(a)		219,062		2,670,298
Mega Or Holdings Ltd.		98,977		2,748,225
Mehadrin Ltd.(c)		—		1
Melisron Ltd.		106,881		7,473,465
Menora Mivtachim Holdings Ltd.		141,523		3,134,567
Migdal Insurance & Financial Holdings Ltd.(a)(c)		1,783,694		2,198,596
Mivne Real Estate KD Ltd.		2,661,348		8,539,280
Nano Dimension Ltd., ADR(a)(c)		1,153,912		3,184,797
Nano-X Imaging Ltd.(a)(c)		174,122		1,605,405
Naphtha Israel Petroleum Corp. Ltd.(a)(c)		247,554		1,271,802
Nayax Ltd.(c)		34,599		708,122
NEOGAMES SA(c)		66,327		855,618
Neto Malinda Trading Ltd.(c)		48,509		1,110,267
Nova Ltd.(c)		127,938		11,629,564
Oil Refineries Ltd.		9,331,420		3,227,355
One Software Technologies Ltd.		168,729		2,126,269
OPC Energy Ltd.(a)(c)		432,360		4,489,878
OY Nofar Energy Ltd.(c)		63,786		1,717,184
Partner Communications Co. Ltd.(c)		611,508		4,397,194
Paz Oil Co. Ltd.(c)		45,511		5,673,473
Perion Network Ltd.(c)		178,037		5,988,323
Phoenix Holdings Ltd. (The)		661,756		7,116,942
Prashkovsky Investments and Construction Ltd.		32,077		867,806
Property & Building Corp. Ltd.(c)		12,008		755,542
Radware Ltd.(c)		181,378		3,863,351
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		39,658		2,524,363
Reit 1 Ltd.		837,289		4,150,024
Retailors Ltd.		51,518		956,776
Riskified Ltd.(c)		224,776		1,366,638
Sapiens International Corp. NV(a)		143,363		3,209,582
Scope Metals Group Ltd.		32,348		1,202,904
Sella Capital Real Estate Ltd.		856,593		2,035,352
Shapir Engineering and Industry Ltd.(a)		639,909		4,854,375
Shikun & Binui Ltd.(c)		1,207,612		3,539,758
Shufersal Ltd.(a)		1,196,309		6,712,836
SimilarWeb Ltd.(a)(c)		80,018		551,324
Sisram Medical Ltd.(a)(d)		622,400		1,013,282
Strauss Group Ltd.(a)		236,738		6,057,400
Summit Real Estate Holdings Ltd.		156,766		2,228,322
Taboola.com Ltd.(a)(c)		582,537		2,318,497
Tadiran Group Ltd.		15,131		1,528,441
Taro Pharmaceutical Industries Ltd.(c)		40,196		1,198,645
Tel Aviv Stock Exchange Ltd.(a)		443,513		2,679,187
Tower Semiconductor Ltd.(c)		1		33
Tremor International Ltd.(a)(c)		382,589		1,553,398
Turpaz Industries Ltd., NVS(a)		154,206		769,768
YH Dimri Construction & Development Ltd.(a)		33,321		2,154,510
				309,154,923
Italy — 3.2%
A2A SpA		7,021,529		10,570,789
ACEA SpA		179,908		2,757,896
Anima Holding SpA(d)		982,774		4,334,980
Antares Vision SpA(c)		118,172		1,096,818
Arnoldo Mondadori Editore SpA		490,976		1,026,367
Ascopiave SpA		272,720		789,589
Autogrill SpA(c)		867,150		6,327,656

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Azimut Holding SpA		479,636	$	11,974,441
Banca Generali SpA		261,598		9,650,739
Banca IFIS SpA		115,197		1,929,231
Banca Mediolanum SpA		998,786		9,555,797
Banca Monte dei Paschi di Siena SpA(a)(c)		1,979,177		5,286,502
Banca Popolare di Sondrio SPA		1,982,413		9,736,562
Banco BPM SpA		6,408,401		28,842,883
BFF Bank SpA(d)		709,256		6,559,293
Biesse SpA		59,915		965,854
Bio On SpA(a)(b)		19,879		—
BPER Banca		4,738,467		13,017,056
Brembo SpA		668,575		9,025,834
Brunello Cucinelli SpA		150,490		12,534,393
Buzzi Unicem SpA		431,361		9,713,461
Carel Industries SpA(d)		176,256		4,359,705
CIR SpA-Compagnie Industriali(c)		5,601,884		2,704,000
Credito Emiliano SpA		388,856		3,311,826
Danieli & C Officine Meccaniche SpA(a)		38,692		1,002,680
Datalogic SpA		93,522		941,107
De’ Longhi SpA		334,516		7,721,996
Digital Bros. SpA(a)		22,109		523,032
Digital Value SpA(a)(c)		14,884		1,151,641
doValue SpA(d)		257,529		2,097,850
El.En. SpA		192,506		3,003,052
Enav SpA(d)		1,193,251		5,493,651
ERG SpA		269,699		8,143,953
Esprinet SpA		127,555		1,011,557
Fila SpA		100,984		785,562
Fincantieri SpA(a)(c)		2,127,104		1,402,097
Gruppo MutuiOnline SpA		112,122		3,573,251
GVS SpA(a)(c)(d)		314,341		1,660,825
Hera SpA		3,672,728		10,550,339
Illimity Bank SpA(c)		243,680		1,999,487
Industrie De Nora SpA(a)(c)		115,903		2,157,195
Interpump Group SpA		314,904		16,422,211
Iren SpA		3,142,329		5,691,038
Italgas SpA		2,164,881		12,672,573
Italmobiliare SpA		60,641		1,624,305
Juventus Football Club SpA(a)(c)		4,411,408		1,425,638
Leonardo SpA		1,802,152		18,558,806
Maire Tecnimont SpA(a)		667,894		2,574,114
MARR SpA		151,393		1,990,589
OVS SpA(d)		993,874		2,392,880
Pharmanutra SpA		14,408		923,897
Piaggio & C SpA		736,020		2,780,447
Pirelli & C SpA(d)		1,577,599		7,898,541
RAI Way SpA(d)		424,213		2,422,813
Reply SpA		99,570		12,924,897
Safilo Group SpA(c)		971,721		1,455,367
Saipem SpA(a)(c)		4,862,307		7,445,736
Salcef SpA		107,075		2,094,826
Salvatore Ferragamo SpA		224,013		4,445,634
Sanlorenzo SpA/Ameglia(a)		52,978		2,325,811
Saras SpA(c)		2,515,295		4,360,855
Seco SpA(a)(c)		147,237		846,924
Sesa SpA		33,602		4,572,433
SOL SpA		155,481		3,430,812
Tamburi Investment Partners SpA(a)		469,115		3,902,589
Technogym SpA(a)(d)		624,956		5,543,313
Technoprobe SpA(c)		552,314		4,059,855

Security	Shares		Value
Italy (continued)
Tinexta SpA		93,551	$	2,544,631
Tod’s SpA(c)		44,209		1,728,673
Unipol Gruppo SpA		1,768,905		9,264,398
Webuild SpA(a)		1,756,085		3,096,492
Wiit SpA(a)		43,932		1,013,198
Zignago Vetro SpA		120,283		2,053,137
				373,778,380
Japan — 30.6%
77 Bank Ltd. (The)		233,800		4,175,525
ABC-Mart Inc.		148,000		7,976,323
Activia Properties Inc.		3,071		9,196,570
Adastria Co. Ltd.		101,980		1,721,067
ADEKA Corp.		342,500		5,795,523
Advance Logistics Investment Corp.		2,888		3,106,554
Advance Residence Investment Corp.		5,808		14,187,555
Adventure Inc.		11,500		922,592
Aeon Delight Co. Ltd.		89,900		2,134,148
AEON Financial Service Co. Ltd.		475,800		4,822,948
Aeon Hokkaido Corp.(a)		101,200		710,264
Aeon Mall Co. Ltd.		453,300		6,384,840
AEON REIT Investment Corp.		7,283		8,049,395
Ai Holdings Corp.		149,800		2,530,605
Aica Kogyo Co. Ltd.		229,600		5,552,425
Aichi Corp.		124,700		746,972
Aichi Financial Group Inc., NVS		151,300		2,702,280
Aida Engineering Ltd.		304,500		1,911,920
Aiful Corp.		1,416,700		4,283,375
Ain Holdings Inc.		111,000		4,799,562
Air Water Inc.		816,400		9,988,707
Airtrip Corp.(a)		62,400		1,280,214
Alfresa Holdings Corp.		726,800		9,097,351
Alpen Co. Ltd.		73,600		1,101,998
Alpha Systems Inc.		25,500		826,661
Alps Alpine Co. Ltd.		881,700		9,033,885
Amada Co. Ltd.		1,516,700		13,624,159
Amano Corp.		242,000		4,427,630
Amvis Holdings Inc.		109,200		2,923,721
Anicom Holdings Inc.		321,800		1,529,757
Anritsu Corp.		616,200		5,902,831
AOKI Holdings Inc.		133,200		702,316
Aozora Bank Ltd.		524,500		10,486,956
Appier Group Inc.(a)(c)		250,800		3,206,600
Arata Corp.		55,900		1,813,054
Arcland Service Holdings Co. Ltd.(a)		69,800		1,160,032
ARCLANDS Corp.		130,500		1,470,337
Arcs Co. Ltd.		177,600		3,001,304
Argo Graphics Inc.		67,700		2,117,079
Ariake Japan Co. Ltd.		81,100		2,735,558
ARTERIA Networks Corp.		110,500		1,067,675
As One Corp.		128,800		5,773,501
Asahi Holdings Inc.		338,100		5,319,434
Asics Corp.		718,600		17,103,057
ASKUL Corp.		179,600		2,374,037
Atom Corp.(c)		489,100		2,992,017
Autobacs Seven Co. Ltd.		303,400		3,377,708
Avex Inc.		144,900		1,956,989
Awa Bank Ltd. (The)		166,000		2,793,683
Axial Retailing Inc.		50,000		1,355,621
AZ-COM MARUWA Holdings Inc.		175,400		2,213,855
Bank of Kyoto Ltd. (The)		251,000		11,678,566

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
BayCurrent Consulting Inc.		588,200	$	25,004,115
Belc Co. Ltd.		41,800		1,801,038
Bell System24 Holdings Inc.		140,500		1,617,332
Belluna Co. Ltd.		228,000		1,225,711
Benefit One Inc.		355,400		5,865,891
Benesse Holdings Inc.		323,800		4,952,711
BeNext-Yumeshin Group Co.		264,931		3,907,874
Bengo4.com Inc.(a)(c)		37,200		774,219
Bic Camera Inc.		420,300		3,969,365
BIPROGY Inc.		317,100		8,284,781
BML Inc.		97,200		2,417,002
Bunka Shutter Co. Ltd.(a)		313,100		2,804,640
Bushiroad Inc.		124,800		653,714
C Uyemura & Co. Ltd.		49,100		2,507,236
C.I. Takiron Corp.		177,700		716,109
Calbee Inc.		388,500		8,773,945
Canon Electronics Inc.		56,000		735,941
Canon Marketing Japan Inc.		206,200		4,894,247
Casio Computer Co. Ltd.		834,700		8,628,462
Cawachi Ltd.		59,100		1,020,986
CellSource Co. Ltd.(a)(c)		30,200		852,174
Central Glass Co. Ltd.		120,800		2,667,728
Change Inc.		165,300		3,067,549
Chiyoda Corp.(c)		704,700		2,095,144
Chofu Seisakusho Co. Ltd.		41,900		681,931
Chudenko Corp.		84,900		1,399,986
Chugin Financial Group Inc., NVS		621,800		4,524,621
Chugoku Electric Power Co. Inc. (The)		1,206,900		6,634,910
Chugoku Marine Paints Ltd.		151,500		1,153,843
Citizen Watch Co. Ltd.		1,047,300		4,982,608
CKD Corp.		225,900		3,498,552
Coca-Cola Bottlers Japan Holdings Inc.		597,900		6,295,209
COLOPL Inc.		250,000		1,280,186
Colowide Co. Ltd.(a)		328,500		4,653,426
Comforia Residential REIT Inc.		2,880		6,399,216
COMSYS Holdings Corp.		505,600		9,643,002
Comture Corp.		99,300		1,909,291
Cosmo Energy Holdings Co. Ltd.		337,900		9,476,056
Cosmos Pharmaceutical Corp.		88,800		8,676,405
CRE Logistics REIT Inc.		2,446		3,325,817
Create Restaurants Holdings Inc.		523,000		3,994,373
Create SD Holdings Co. Ltd.		117,700		3,202,585
Credit Saison Co. Ltd.		653,900		8,567,049
Curves Holdings Co. Ltd.		226,200		1,446,154
CYBERDYNE Inc.(a)(c)		489,800		1,156,360
Cybozu Inc.		111,600		2,263,998
Daicel Corp.		1,145,100		8,448,876
Daido Steel Co. Ltd.		115,400		4,363,297
Daihen Corp.		82,800		2,701,817
Daiho Corp.		27,500		776,471
Daiichikosho Co. Ltd.		170,500		5,301,401
Daiken Corp.		43,200		729,932
Daiki Aluminium Industry Co. Ltd.(a)		103,000		1,141,786
Daikokutenbussan Co. Ltd.(a)		24,000		1,005,168
Daio Paper Corp.		374,900		2,892,786
Daiseki Co. Ltd.		191,060		6,438,492
Daishi Hokuetsu Financial Group Inc.		155,200		3,702,804
Daiwa Industries Ltd.		129,600		1,206,704
Daiwa Office Investment Corp.		1,402		6,602,021
Daiwa Securities Living Investments Corp.		8,218		6,876,054

Security	Shares		Value
Japan (continued)
Daiwabo Holdings Co. Ltd.		360,000	$	5,448,930
DCM Holdings Co. Ltd.		494,400		4,499,300
Demae-Can Co. Ltd.(a)(c)		166,400		551,701
DeNA Co. Ltd.		378,000		5,300,232
Denka Co. Ltd.		336,600		6,982,643
Descente Ltd.		121,200		3,357,410
Dexerials Corp.		244,100		5,217,852
DIC Corp.		345,300		6,419,828
Digital Arts Inc.		51,200		2,286,956
Digital Garage Inc.		148,500		5,307,741
Dip Corp.		160,000		4,748,872
Direct Marketing MiX Inc.		90,200		1,147,158
DMG Mori Co. Ltd.		507,400		7,750,141
Doshisha Co. Ltd.		98,800		1,293,721
Doutor Nichires Holdings Co. Ltd.		121,600		1,750,074
Dowa Holdings Co. Ltd.		235,800		8,232,520
DTS Corp.		165,400		4,056,613
Duskin Co. Ltd.		191,200		4,468,630
DyDo Group Holdings Inc.		37,600		1,367,843
Earth Corp.		70,900		2,768,085
Ebara Corp.		409,800		17,399,936
EDION Corp.		354,200		3,498,390
eGuarantee Inc.		157,300		2,934,480
Eiken Chemical Co. Ltd.		148,300		1,815,988
Eizo Corp.		63,300		1,769,390
Elan Corp.		139,600		1,083,209
Elecom Co. Ltd.		221,300		2,322,954
Electric Power Development Co. Ltd.		647,300		10,446,469
EM Systems Co. Ltd.		182,900		1,327,963
en Japan Inc.		144,400		2,749,204
eRex Co. Ltd.		135,300		2,504,534
ES-Con Japan Ltd.		142,600		921,791
Euglena Co. Ltd.(c)		438,400		3,386,811
Exedy Corp.		130,200		1,751,335
EXEO Group Inc.		449,500		8,173,512
Ezaki Glico Co. Ltd.		215,300		6,016,310
Fancl Corp.		350,800		7,123,806
FCC Co. Ltd.		147,800		1,646,501
Ferrotec Holdings Corp.		193,900		4,856,544
Financial Products Group Co. Ltd.		284,600		2,329,798
Food & Life Companies Ltd.		491,300		10,934,611
FP Corp.		206,400		5,608,856
Freee KK(a)(c)		180,600		4,769,014
Frontier Real Estate Investment Corp.		2,157		8,317,792
Fuji Co. Ltd./Ehime		117,100		1,671,968
Fuji Corp./Aichi		328,800		5,474,551
Fuji Kyuko Co. Ltd.(a)		96,500		3,390,102
Fuji Media Holdings Inc.		208,700		1,762,696
Fuji Oil Holdings Inc.		194,800		3,089,160
Fuji Seal International Inc.		189,200		2,458,957
Fuji Soft Inc.		112,400		6,708,880
Fujicco Co. Ltd.		45,500		661,686
Fujikura Ltd.		1,054,100		8,012,592
Fujimi Inc.		65,500		3,321,823
Fujimori Kogyo Co. Ltd.		58,000		1,489,167
Fujio Food Group Inc.(a)(c)		79,600		866,780
Fujitec Co. Ltd.(a)		273,000		6,764,169
Fujitsu General Ltd.		268,000		7,575,274
Fujiya Co. Ltd.		39,200		766,132
Fukui Computer Holdings Inc.		49,100		1,132,289

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Fukuoka Financial Group Inc.		757,800	$	17,483,667
Fukuoka REIT Corp.		2,772		3,564,811
Fukushima Galilei Co. Ltd.		44,100		1,496,955
Fukuyama Transporting Co. Ltd.		102,100		2,641,941
Fullcast Holdings Co. Ltd.		84,600		1,837,561
Funai Soken Holdings Inc.		164,060		3,550,686
Furukawa Co. Ltd.		173,000		1,763,517
Furukawa Electric Co. Ltd.		299,800		5,818,633
Fuso Chemical Co. Ltd.		77,500		2,202,013
Future Corp.		194,100		2,527,535
Fuyo General Lease Co. Ltd.		72,900		5,010,245
G-7 Holdings Inc.		93,000		1,151,445
Genky DrugStores Co. Ltd.		33,200		956,661
Geo Holdings Corp.		104,300		1,523,659
Giken Ltd.		74,000		1,684,786
Global One Real Estate Investment Corp.		4,334		3,578,820
GLOBERIDE Inc.		73,400		1,504,915
Glory Ltd.		206,900		3,618,704
GMO Financial Gate Inc.		15,000		960,362
GMO Financial Holdings Inc.		181,500		771,955
GMO GlobalSign Holdings KK		22,600		753,277
GMO internet group Inc.		298,600		5,876,409
GNI Group Ltd.(c)		197,097		1,823,558
Goldcrest Co. Ltd.		66,400		833,006
Goldwin Inc.		105,800		8,060,081
Gree Inc.		280,500		1,526,303
GS Yuasa Corp.		289,100		5,058,975
G-Tekt Corp.		77,900		925,994
GungHo Online Entertainment Inc.(c)		203,130		3,385,249
Gunma Bank Ltd. (The)		1,498,200		5,844,185
Gunze Ltd.		69,600		2,292,014
H.U. Group Holdings Inc.		232,500		4,934,818
H2O Retailing Corp.		365,000		3,562,106
Hachijuni Bank Ltd. (The)		1,496,200		6,498,547
Hakuto Co. Ltd.		45,600		1,596,246
Halows Co. Ltd.		28,500		698,112
Hamakyorex Co. Ltd.		45,500		1,139,445
Hankyu Hanshin REIT Inc.		2,591		2,856,879
Hanwa Co. Ltd.		150,200		4,782,536
Harmonic Drive Systems Inc.		214,300		7,217,821
Haseko Corp.		1,078,300		12,475,033
Hazama Ando Corp.		719,300		4,772,142
Heiwa Corp.		241,200		4,376,332
Heiwa Real Estate Co. Ltd.		136,700		3,911,002
Heiwa Real Estate REIT Inc.		4,059		4,720,647
Heiwado Co. Ltd.		114,900		1,920,365
Hiday Hidaka Corp.		112,200		1,783,662
Hino Motors Ltd.(c)		1,294,300		5,536,418
Hioki E.E. Corp.		39,300		2,247,051
Hirata Corp.		39,300		1,944,437
Hirogin Holdings Inc.		1,077,300		5,617,518
HIS Co. Ltd.(a)(c)		231,200		3,788,589
Hisamitsu Pharmaceutical Co. Inc.		208,000		6,477,102
Hitachi Zosen Corp.		721,600		4,778,245
Hogy Medical Co. Ltd.		112,700		2,927,016
Hokkaido Electric Power Co. Inc.		740,800		2,740,558
Hokkoku Financial Holdings Inc.		102,400		3,245,378
Hokuetsu Corp.		524,800		3,378,374
Hokuhoku Financial Group Inc.		507,100		4,016,205
Hokuriku Electric Power Co.		737,600		3,051,030

Security	Shares		Value
Japan (continued)
Hokuto Corp.		88,700	$	1,289,224
Horiba Ltd.		151,400		6,972,375
Hoshino Resorts REIT Inc.		1,085		6,215,921
Hosiden Corp.		204,600		2,481,737
House Foods Group Inc.		271,000		5,781,901
Hulic Reit Inc.		5,746		6,867,978
Hyakugo Bank Ltd. (The)		1,171,300		3,782,866
Ichibanya Co. Ltd.		64,300		2,339,625
Ichigo Inc.		1,124,500		2,577,329
Ichigo Office REIT Investment Corp.		5,326		3,486,328
Idec Corp./Japan		125,600		2,990,755
IDOM Inc.		236,300		1,523,068
IHI Corp.		617,300		18,756,465
Iino Kaiun Kaisha Ltd.		357,900		2,533,969
Inaba Denki Sangyo Co. Ltd.		209,200		4,545,045
Inabata & Co. Ltd.		181,400		3,521,103
Inageya Co. Ltd.		99,000		990,015
Industrial & Infrastructure Fund Investment Corp.		8,814		9,768,023
Infocom Corp.		103,100		1,737,917
Infomart Corp.		869,700		2,813,530
Information Services International-Dentsu Ltd.		117,500		3,892,576
INFRONEER Holdings Inc.		1,095,228		8,742,593
Insource Co. Ltd.		207,200		2,331,106
Internet Initiative Japan Inc.		455,600		8,549,684
Invincible Investment Corp.		27,081		11,549,269
IR Japan Holdings Ltd.(a)		41,800		589,249
Iriso Electronics Co. Ltd.		87,100		2,922,901
Isetan Mitsukoshi Holdings Ltd.		1,499,300		16,313,474
Itochu Enex Co. Ltd.		196,400		1,683,423
Itochu-Shokuhin Co. Ltd.		23,200		900,405
Itoham Yonekyu Holdings Inc.		670,900		3,683,530
Iwatani Corp.		194,400		8,378,871
Iyogin Holdings Inc., NVS		986,200		5,565,897
Izumi Co. Ltd.		146,700		3,321,545
J Front Retailing Co. Ltd.		1,088,500		10,137,727
J Trust Co. Ltd.(a)		327,400		1,437,992
JAC Recruitment Co. Ltd.		71,300		1,295,830
Jaccs Co. Ltd.		98,200		3,167,945
JAFCO Group Co. Ltd.		291,800		5,207,204
Japan Airport Terminal Co. Ltd.(c)		268,800		14,011,046
Japan Aviation Electronics Industry Ltd.		204,400		3,511,542
Japan Display Inc.(c)		4,134,000		1,403,782
Japan Elevator Service Holdings Co. Ltd.		276,800		3,907,616
Japan Excellent Inc.		5,254		5,013,686
Japan Hotel REIT Investment Corp.		19,870		12,591,343
Japan Lifeline Co. Ltd.		263,000		1,932,958
Japan Logistics Fund Inc.		3,726		8,496,181
Japan Material Co. Ltd.		302,100		5,666,044
Japan Petroleum Exploration Co. Ltd.		140,300		4,548,052
Japan Prime Realty Investment Corp.		3,805		10,322,307
Japan Pulp & Paper Co. Ltd.		45,100		1,902,813
Japan Securities Finance Co. Ltd.		397,200		3,601,446
Japan Steel Works Ltd. (The)		267,000		5,688,127
Japan Wool Textile Co. Ltd. (The)		172,400		1,283,580
JCR Pharmaceuticals Co. Ltd.		291,400		3,595,406
JCU Corp.		85,400		2,117,624
JDC Corp.		162,300		695,139
Jeol Ltd.		194,800		5,720,113
JGC Holdings Corp.		982,800		12,837,390
JINS Holdings Inc.		61,000		1,837,032

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
JMDC Inc.		115,800	$	3,827,003
J-Oil Mills Inc.		42,900		521,147
Joshin Denki Co. Ltd.		59,900		921,005
Joyful Honda Co. Ltd.		215,700		3,098,879
JTEKT Corp.		921,600		6,832,093
JTOWER Inc.(a)(c)		39,600		1,896,738
Juroku Financial Group Inc.		159,400		3,835,961
Justsystems Corp.		160,900		4,007,171
Kadokawa Corp.		407,534		7,625,491
Kaga Electronics Co. Ltd.		72,000		2,398,316
Kagome Co. Ltd.		336,200		8,211,493
Kaken Pharmaceutical Co. Ltd.		128,800		3,738,535
Kameda Seika Co. Ltd.		59,300		2,005,613
Kamigumi Co. Ltd.		427,200		8,739,014
Kanamoto Co. Ltd.		134,300		2,335,869
Kandenko Co. Ltd.		446,400		3,000,318
Kaneka Corp.		213,000		5,592,181
Kanematsu Corp.		333,400		4,076,891
Kanematsu Electronics Ltd.		33,200		1,585,538
Kansai Paint Co. Ltd.		790,300		11,129,890
Kanto Denka Kogyo Co. Ltd.		161,900		1,256,823
Kappa Create Co. Ltd.(a)(c)		112,900		1,232,893
Katakura Industries Co. Ltd.		70,000		950,726
Katitas Co. Ltd.		229,900		5,637,249
Kato Sangyo Co. Ltd.		95,500		2,653,923
Kawasaki Heavy Industries Ltd.		672,300		15,383,977
Kawasaki Kisen Kaisha Ltd.		696,800		14,549,786
KeePer Technical Laboratory Co. Ltd.		58,700		1,512,060
Keihan Holdings Co. Ltd.		427,800		11,510,166
Keihanshin Building Co. Ltd.		123,000		1,295,838
Keikyu Corp.		978,400		10,138,780
Keiyo Bank Ltd. (The)		663,300		3,150,624
Keiyo Co. Ltd.		151,500		1,046,664
Kenedix Office Investment Corp.		3,816		9,065,147
Kenedix Residential Next Investment Corp.		4,441		6,619,155
Kenedix Retail REIT Corp.		2,629		4,929,044
Kewpie Corp.		410,100		7,140,036
KFC Holdings Japan Ltd.(a)		63,400		1,364,684
KH Neochem Co. Ltd.		146,800		3,128,936
Kinden Corp.		554,500		6,355,427
Kintetsu Department Store Co. Ltd.(a)(c)		31,500		623,512
Kisoji Co. Ltd.		103,600		1,713,939
Kissei Pharmaceutical Co. Ltd.		121,400		2,391,662
Ki-Star Real Estate Co. Ltd.		40,600		1,544,502
Kitz Corp.		268,300		1,699,051
Kiyo Bank Ltd. (The)		245,500		3,120,689
Koa Corp.		139,100		2,027,522
Kobe Steel Ltd.		1,501,200		8,087,759
Kohnan Shoji Co. Ltd.		108,400		2,792,756
Kokuyo Co. Ltd.		366,500		5,225,974
KOMEDA Holdings Co. Ltd.		204,900		3,809,775
Komeri Co. Ltd.		135,400		2,777,584
Konica Minolta Inc.		2,020,700		8,468,339
Konishi Co. Ltd.		184,300		2,612,575
Konoike Transport Co. Ltd.		93,700		1,111,635
Koshidaka Holdings Co. Ltd.		188,900		1,367,784
Kotobuki Spirits Co. Ltd.		83,100		5,458,319
K’s Holdings Corp.		705,940		6,241,158
Kumagai Gumi Co. Ltd.		156,500		3,216,207
Kumiai Chemical Industry Co. Ltd.		324,300		2,200,435

Security	Shares		Value
Japan (continued)
Kura Sushi Inc.(a)		94,100	$	2,186,221
Kuraray Co. Ltd.		1,419,900		11,752,582
Kureha Corp.		70,100		4,578,397
Kusuri no Aoki Holdings Co. Ltd.		71,100		4,006,065
KYB Corp.		75,700		2,145,280
Kyoei Steel Ltd.		85,500		934,644
Kyokuto Kaihatsu Kogyo Co. Ltd.		112,500		1,292,315
KYORIN Holdings Inc.		153,500		2,034,598
Kyoritsu Maintenance Co. Ltd.		129,000		5,891,938
Kyudenko Corp.		186,700		4,839,187
Kyushu Electric Power Co. Inc.		1,783,400		10,266,387
Kyushu Financial Group Inc.		1,521,500		5,592,262
Kyushu Railway Co.		596,200		13,364,811
LaSalle Logiport REIT		7,992		9,683,134
Lawson Inc.		200,400		8,013,248
Leopalace21 Corp.(c)		758,700		1,883,026
Life Corp.		78,000		1,701,554
Link And Motivation Inc.		172,800		877,535
Lintec Corp.		168,500		2,917,917
Lion Corp.		1,042,800		11,543,511
LITALICO Inc.		88,900		1,814,877
M&A Capital Partners Co. Ltd.(a)(c)		64,400		2,181,233
M&A Research Institute Inc., NVS(a)(c)		22,600		1,816,090
Mabuchi Motor Co. Ltd.		210,400		6,025,923
Macnica Holdings Inc.		212,350		5,643,553
Maeda Kosen Co. Ltd.(a)		80,600		2,085,778
Makino Milling Machine Co. Ltd.		103,300		3,708,262
Management Solutions Co. Ltd.		47,400		1,287,662
Mandom Corp.		159,800		1,811,709
Mani Inc.		334,800		4,897,130
Maruha Nichiro Corp.		189,000		3,588,734
Marui Group Co. Ltd.(a)		792,300		13,501,209
Maruichi Steel Tube Ltd.		258,500		5,566,084
MARUKA FURUSATO Corp.		87,200		2,345,708
Maruwa Co. Ltd./Aichi		38,700		4,947,000
Maruzen Showa Unyu Co. Ltd.		39,900		966,833
Matsuda Sangyo Co. Ltd.		47,700		869,086
Matsui Securities Co. Ltd.		526,900		3,155,197
MatsukiyoCocokara & Co.		477,440		23,816,779
Matsuyafoods Holdings Co. Ltd.		38,400		1,189,885
Max Co. Ltd.		103,500		1,619,285
Maxell Ltd.		197,500		2,155,394
Maxvalu Tokai Co. Ltd.		43,100		934,791
MCJ Co. Ltd.		278,000		2,162,342
Mebuki Financial Group Inc.		4,057,500		10,569,042
Medipal Holdings Corp.		817,800		10,918,433
Medley Inc.(c)		95,000		3,366,167
Megachips Corp.		60,000		1,252,795
Megmilk Snow Brand Co. Ltd.		204,300		2,859,389
Meidensha Corp.		140,600		2,088,680
Meiko Electronics Co. Ltd.		91,800		2,057,895
Meitec Corp.		314,400		5,914,396
Melco Holdings Inc.		24,000		619,402
Menicon Co. Ltd.		272,700		6,025,830
Mercari Inc.(c)		467,900		10,190,797
METAWATER Co. Ltd.		106,200		1,401,754
Micronics Japan Co. Ltd.		127,100		1,363,364
Midac Holdings Co. Ltd.		37,200		812,921
Mie Kotsu Group Holdings Inc.		86,500		332,086
Milbon Co. Ltd.		117,100		5,149,803

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mimasu Semiconductor Industry Co. Ltd.		74,000	$	1,467,780
Mirai Corp.		8,077		2,727,454
MIRAIT ONE corp.		422,300		5,150,033
Mitani Sekisan Co. Ltd.		49,100		1,604,246
Mitsubishi Estate Logistics REIT Investment Corp.		2,148		6,751,819
Mitsubishi Gas Chemical Co. Inc.		693,400		10,132,314
Mitsubishi Logisnext Co. Ltd.		121,400		677,000
Mitsubishi Logistics Corp.		217,200		5,071,919
Mitsubishi Materials Corp.		529,400		9,093,383
Mitsubishi Motors Corp.(c)		2,992,200		11,528,653
Mitsubishi Pencil Co. Ltd.		129,500		1,452,689
Mitsubishi Research Institute Inc.		33,700		1,311,208
Mitsubishi Shokuhin Co. Ltd.		69,700		1,680,070
Mitsuboshi Belting Ltd.		101,400		2,893,340
Mitsui DM Sugar Holdings Co. Ltd.		31,700		495,813
Mitsui Fudosan Logistics Park Inc.		2,458		8,578,576
Mitsui High-Tec Inc.		88,600		4,672,097
Mitsui Mining & Smelting Co. Ltd.		242,700		6,465,792
Mitsui-Soko Holdings Co. Ltd.		82,700		2,377,714
Mitsuuroko Group Holdings Co. Ltd.		118,300		1,074,499
Miura Co. Ltd.		390,400		9,769,096
Mixi Inc.		173,100		3,321,057
Mizuho Leasing Co. Ltd.		117,400		3,114,694
Mizuno Corp.		102,400		2,323,406
Mochida Pharmaceutical Co. Ltd.		94,200		2,530,178
Modec Inc.(c)		87,500		952,356
Monex Group Inc.		795,270		2,805,523
Money Forward Inc.(c)		192,900		7,153,398
Monogatari Corp. (The)		43,700		2,189,600
Mori Hills REIT Investment Corp.		6,739		7,657,774
Mori Trust Hotel Reit Inc.		1,197		1,240,011
Mori Trust Sogo REIT Inc.		4,359		4,919,061
Morinaga & Co. Ltd./Japan		169,000		5,010,992
Morinaga Milk Industry Co. Ltd.		160,600		5,941,025
Morita Holdings Corp.		97,000		907,878
MOS Food Services Inc.		121,100		2,872,344
Musashi Seimitsu Industry Co. Ltd.		197,000		2,714,923
Musashino Bank Ltd. (The)		152,600		2,678,034
Nabtesco Corp.		483,800		14,164,939
Nachi-Fujikoshi Corp.		60,100		1,817,144
Nafco Co. Ltd.		71,800		900,731
Nagaileben Co. Ltd.		79,000		1,196,828
Nagase & Co. Ltd.		429,500		6,930,990
Nagawa Co. Ltd.(a)		33,300		2,047,441
Nagoya Railroad Co. Ltd.		832,600		13,766,916
Nakanishi Inc.		312,500		6,629,867
Nankai Electric Railway Co. Ltd.		451,600		9,813,090
Nanto Bank Ltd. (The)		132,000		2,738,141
NEC Networks & System Integration Corp.		305,500		4,079,775
NET One Systems Co. Ltd.		352,100		9,541,901
Nextage Co. Ltd.		200,000		4,498,628
NGK Spark Plug Co. Ltd.		681,600		13,319,222
NH Foods Ltd.		369,300		11,087,163
NHK Spring Co. Ltd.		857,400		6,060,583
Nichias Corp.		234,100		4,531,854
Nichicon Corp.		195,300		1,918,565
Nichiden Corp.		25,400		352,437
Nichiha Corp.		109,700		2,354,519
Nichirei Corp.		477,700		9,996,077
Nifco Inc./Japan		361,300		9,378,162

Security	Shares		Value
Japan (continued)
Nihon Kohden Corp.		355,500	$	9,339,336
Nihon Parkerizing Co. Ltd.		443,800		3,276,740
Nikkiso Co. Ltd.		219,900		1,726,438
Nikkon Holdings Co. Ltd.		247,400		4,763,365
Nikon Corp.		1,347,200		13,301,453
Nippn Corp., New		206,200		2,577,187
Nippon Accommodations Fund Inc.		2,223		9,977,761
Nippon Carbon Co. Ltd.		41,700		1,420,125
Nippon Ceramic Co. Ltd.		82,400		1,535,875
Nippon Densetsu Kogyo Co. Ltd.		118,400		1,482,843
Nippon Electric Glass Co. Ltd.		357,200		6,633,344
Nippon Gas Co. Ltd.		464,600		7,415,634
Nippon Kanzai Co. Ltd.		79,000		1,555,788
Nippon Kayaku Co. Ltd.		562,900		5,227,175
Nippon Light Metal Holdings Co. Ltd.		254,590		2,918,082
Nippon Paper Industries Co. Ltd.		446,100		3,321,238
Nippon Parking Development Co. Ltd.		1,351,800		2,690,273
NIPPON REIT Investment Corp.		2,001		5,095,540
Nippon Road Co. Ltd. (The)		17,600		840,131
Nippon Seiki Co. Ltd.		197,300		1,271,936
Nippon Shokubai Co. Ltd.		126,600		5,359,626
Nippon Signal Company Ltd.		186,800		1,500,248
Nippon Soda Co. Ltd.		94,900		3,101,852
Nippon Steel Trading Corp.		64,500		4,598,718
Nippon Suisan Kaisha Ltd.		1,259,700		5,234,338
Nippon Television Holdings Inc.		215,800		1,744,687
Nipro Corp.		653,200		5,243,495
Nishimatsu Construction Co. Ltd.		149,800		4,679,499
Nishimatsuya Chain Co. Ltd.		175,200		2,080,472
Nishi-Nippon Financial Holdings Inc.		531,900		4,427,263
Nishi-Nippon Railroad Co. Ltd.		266,800		4,927,137
Nishio Rent All Co. Ltd.		102,300		2,467,767
Nissan Shatai Co. Ltd.		341,400		2,372,140
Nissha Co. Ltd.		171,700		2,554,641
Nisshin Oillio Group Ltd. (The)		127,700		3,136,769
Nisshinbo Holdings Inc.		571,000		4,268,180
Nissin Electric Co. Ltd.		216,300		2,242,633
Nitta Corp.		64,900		1,435,077
Nittetsu Mining Co. Ltd.		45,400		1,264,268
Nitto Boseki Co. Ltd.		113,600		1,791,422
Nitto Kogyo Corp.		120,200		2,250,092
Noevir Holdings Co. Ltd.		70,400		3,100,056
NOF Corp.		292,400		12,455,419
Nohmi Bosai Ltd.		86,900		1,152,285
Nojima Corp.		276,100		2,963,900
NOK Corp.		384,000		3,646,969
Nomura Co. Ltd.		336,100		2,418,275
Noritake Co. Ltd./Nagoya Japan		39,000		1,264,432
Noritsu Koki Co. Ltd.		81,200		1,470,723
Noritz Corp.		110,600		1,278,605
North Pacific Bank Ltd.		1,231,100		2,671,400
NS Solutions Corp.		144,400		3,716,641
NS United Kaiun Kaisha Ltd.		41,700		1,255,860
NSD Co. Ltd.		280,580		5,040,865
NSK Ltd.		1,726,600		9,711,022
NTN Corp.		1,797,800		3,726,958
NTT UD REIT Investment Corp.		6,195		6,318,175
Obara Group Inc.		51,700		1,495,915
OBIC Business Consultants Co. Ltd.		135,700		5,329,250
Ogaki Kyoritsu Bank Ltd. (The)		163,800		2,456,082

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Ohsho Food Service Corp.		56,000	$	2,617,095
Oiles Corp.		49,100		584,395
Oisix ra daichi Inc.(a)(c)		119,800		2,021,703
Okamoto Industries Inc.		33,100		996,167
Okamura Corp.		239,700		2,629,140
Okasan Securities Group Inc.		717,900		2,321,983
Oki Electric Industry Co. Ltd.		384,300		2,170,802
Okinawa Cellular Telephone Co.		99,400		2,404,996
Okinawa Electric Power Co. Inc. (The)		192,977		1,604,914
Okinawa Financial Group Inc.		78,600		1,460,777
OKUMA Corp.		105,100		4,260,022
Okumura Corp.		129,400		3,010,378
One REIT Inc.		1,062		2,013,060
Open Door Inc.(a)(c)		62,700		885,896
Optex Group Co. Ltd.		144,600		2,370,640
Optorun Co. Ltd.		138,000		2,723,225
Organo Corp.		115,800		2,943,559
Orient Corp.		228,360		2,086,508
Orix JREIT Inc.		11,661		16,043,939
Osaka Organic Chemical Industry Ltd.		64,800		1,069,238
Osaka Soda Co. Ltd.		57,200		1,869,535
OSAKA Titanium Technologies Co. Ltd.		123,000		3,490,053
OSG Corp.		371,600		5,832,224
Outsourcing Inc.		514,300		3,996,729
Pacific Industrial Co. Ltd.		163,800		1,357,900
Pacific Metals Co. Ltd.		78,100		1,205,784
PAL GROUP Holdings Co. Ltd.		93,000		1,994,487
PALTAC Corp.		136,700		4,949,505
Paramount Bed Holdings Co. Ltd.		171,800		3,299,651
Park24 Co. Ltd.(c)		568,900		9,648,956
Pasona Group Inc.		90,200		1,455,335
Penta-Ocean Construction Co. Ltd.		1,200,100		5,985,586
PeptiDream Inc.(c)		436,600		6,816,806
Pharma Foods International Co. Ltd.(a)		106,500		1,092,606
PHC Holdings Corp.		117,400		1,392,859
Pigeon Corp.		515,200		8,187,998
Pilot Corp.		128,600		4,590,014
Piolax Inc.		121,800		1,666,244
PKSHA Technology Inc.(a)(c)		80,600		1,125,870
Plus Alpha Consulting Co. Ltd.		58,100		1,259,302
Pola Orbis Holdings Inc.		408,100		5,887,951
Pressance Corp.		104,500		1,337,017
Prestige International Inc.		420,000		2,342,926
Prima Meat Packers Ltd.		113,100		1,918,648
Raito Kogyo Co. Ltd.		189,300		2,809,357
Raiznext Corp.		201,200		2,045,709
Raksul Inc.(a)(c)		208,400		2,255,989
Rakus Co. Ltd.		405,500		5,557,202
Relia Inc.		192,200		2,167,630
Relo Group Inc.		476,900		8,081,740
Rengo Co. Ltd.		852,400		6,016,241
RENOVA Inc.(a)(c)		157,500		2,741,248
Resorttrust Inc.		357,400		6,530,658
Restar Holdings Corp.		77,800		1,319,834
Retail Partners Co. Ltd.		92,100		970,061
Ricoh Leasing Co. Ltd.		61,800		1,846,405
Riken Keiki Co. Ltd.		58,300		2,079,663
Riken Vitamin Co. Ltd.		76,600		1,135,548
Ringer Hut Co. Ltd.(a)		146,300		2,552,394
Rinnai Corp.(a)		167,000		13,181,306

Security	Shares		Value
Japan (continued)
Riso Kagaku Corp.		90,300	$	1,506,634
Riso Kyoiku Co. Ltd.		476,600		1,339,366
Rohto Pharmaceutical Co. Ltd.		835,800		15,421,698
Roland Corp.		63,100		1,884,025
Rorze Corp.		46,900		3,605,081
Round One Corp.		900,100		3,316,503
Royal Holdings Co. Ltd.(a)(c)		128,900		2,409,014
RS Technologies Co. Ltd.		69,600		2,115,086
Ryohin Keikaku Co. Ltd.		1,127,600		12,502,989
Ryosan Co. Ltd.		98,600		2,234,477
Ryoyo Electro Corp.		60,200		1,076,065
S Foods Inc.		82,400		1,883,395
Saibu Gas Holdings Co. Ltd.		90,200		1,275,140
Saizeriya Co. Ltd.		127,100		3,150,679
Sakai Moving Service Co. Ltd.		45,700		1,580,341
Sakata INX Corp.		119,200		1,004,469
Sakata Seed Corp.		126,500		4,041,431
SAMTY Co. Ltd.		105,300		1,663,122
Samty Residential Investment Corp.		1,578		1,323,146
San-A Co. Ltd.		84,200		2,710,099
San-Ai Obbli Co. Ltd.		236,000		2,455,399
SanBio Co. Ltd.(a)(c)		182,900		1,047,607
Sangetsu Corp.		197,700		3,474,206
San-in Godo Bank Ltd. (The)		604,200		3,758,183
Sanken Electric Co. Ltd.		100,500		5,707,193
Sanki Engineering Co. Ltd.		215,800		2,591,141
Sankyo Co. Ltd.		176,100		7,112,964
Sankyu Inc.		233,400		9,170,696
Sanrio Co. Ltd.		234,600		8,948,168
Sansan Inc.(c)		310,900		3,877,620
Santen Pharmaceutical Co. Ltd.		1,607,800		12,534,008
Sanwa Holdings Corp.		816,000		8,638,514
Sanyo Chemical Industries Ltd.		52,500		1,711,923
Sanyo Denki Co. Ltd.		36,000		1,745,192
Sanyo Special Steel Co. Ltd.		89,400		1,715,267
Sapporo Holdings Ltd.		280,100		6,840,341
Sato Holdings Corp.		109,800		1,789,788
Sawai Group Holdings Co. Ltd.		163,100		5,046,275
SB Technology Corp.		40,500		611,990
SBS Holdings Inc.		79,300		1,810,800
SCREEN Holdings Co. Ltd.		168,700		12,571,000
Sega Sammy Holdings Inc.		695,200		11,008,152
Seibu Holdings Inc.		1,007,500		11,301,747
Seiko Group Corp.		121,800		2,749,859
Seino Holdings Co. Ltd.		561,700		5,609,686
Seiren Co. Ltd.		185,400		3,404,985
Sekisui House Reit Inc.		18,875		10,318,278
Sekisui Jushi Corp.		81,900		1,243,059
Senko Group Holdings Co. Ltd.		457,000		3,534,826
Septeni Holdings Co. Ltd.		277,900		736,019
Seria Co. Ltd.		205,200		4,509,299
Seven Bank Ltd.		2,566,300		5,273,643
Shibaura Machine Co. Ltd.		95,200		2,085,725
Shibuya Corp.		80,000		1,560,032
SHIFT Inc.(a)(c)		55,900		10,432,928
Shiga Bank Ltd. (The)		168,200		3,501,046
Shikoku Chemicals Corp.		92,600		910,697
Shikoku Electric Power Co. Inc.		698,200		4,036,786
Shima Seiki Manufacturing Ltd.		113,900		1,725,459
Shimamura Co. Ltd.		98,300		9,220,935

72 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shin Nippon Biomedical Laboratories Ltd.		91,600	$	1,649,022
Shin-Etsu Polymer Co. Ltd.		189,200		1,884,002
Shinko Electric Industries Co. Ltd.		300,800		8,463,311
Shinmaywa Industries Ltd.		228,900		1,903,823
Shinsei Bank Ltd.(a)		285,900		5,273,227
Ship Healthcare Holdings Inc.		340,200		6,605,738
Shizuoka Gas Co. Ltd.		166,800		1,462,418
SHO-BOND Holdings Co. Ltd.		175,000		7,466,571
Shochiku Co. Ltd.(c)		40,100		3,418,998
Shoei Co. Ltd.		107,500		4,139,352
Shoei Foods Corp.(a)		42,900		1,371,428
Showa Denko KK		783,400		13,388,763
Showa Sangyo Co. Ltd.		54,600		1,065,197
Siix Corp.		119,300		1,289,309
Simplex Holdings Inc.		112,000		1,967,512
SKY Perfect JSAT Holdings Inc.		691,300		2,668,636
Skylark Holdings Co. Ltd.(a)(c)		1,017,200		12,105,569
SMS Co. Ltd.		308,700		8,120,202
Snow Peak Inc.(a)		121,600		2,019,908
Sohgo Security Services Co. Ltd.		341,600		9,404,891
Sojitz Corp.		1,054,120		20,899,309
Solasto Corp.		225,600		1,188,535
Sosei Group Corp.(c)		328,100		6,214,657
SOSiLA Logistics REIT Inc.		2,954		2,940,488
Sotetsu Holdings Inc.		348,700		5,961,315
SPARX Group Co. Ltd.		139,920		1,958,867
S-Pool Inc.		298,300		1,782,004
SRE Holdings Corp.(a)(c)		44,800		1,424,384
Stanley Electric Co. Ltd.		577,300		12,424,215
Star Asia Investment Corp.		7,695		3,121,702
Star Micronics Co. Ltd.		160,900		2,099,265
Starts Corp. Inc.		127,500		2,535,404
Starts Proceed Investment Corp.		1,002		1,755,705
Strike Co. Ltd.		34,900		1,130,758
Sugi Holdings Co. Ltd.		156,000		6,818,466
Sumitomo Bakelite Co. Ltd.		153,200		4,991,870
Sumitomo Densetsu Co. Ltd.		76,400		1,396,197
Sumitomo Forestry Co. Ltd.		628,200		11,745,769
Sumitomo Heavy Industries Ltd.		495,100		11,009,665
Sumitomo Mitsui Construction Co. Ltd.		609,980		1,972,920
Sumitomo Osaka Cement Co. Ltd.		137,000		3,604,820
Sumitomo Pharma Co., Ltd.		803,200		5,647,190
Sumitomo Riko Co. Ltd.		127,600		627,321
Sumitomo Rubber Industries Ltd.		762,200		6,766,634
Sumitomo Warehouse Co. Ltd. (The)		265,600		4,089,444
Sun Frontier Fudousan Co. Ltd.		122,200		1,053,402
Sundrug Co. Ltd.		316,600		8,957,661
Suruga Bank Ltd.		711,900		2,323,559
Suzuken Co. Ltd.		301,300		7,935,668
Systena Corp.		1,226,200		3,936,335
T Hasegawa Co. Ltd.		137,300		3,361,191
Tadano Ltd.		436,700		3,242,379
Taihei Dengyo Kaisha Ltd.		46,600		1,248,579
Taiheiyo Cement Corp.		519,000		8,944,139
Taikisha Ltd.		107,600		2,951,021
Taisho Pharmaceutical Holdings Co. Ltd.		168,800		7,100,687
Taiyo Holdings Co. Ltd.		157,000		2,896,284
Taiyo Yuden Co. Ltd.		521,100		17,699,430
Takamatsu Construction Group Co. Ltd.		50,300		770,124
Takara Bio Inc.		212,900		2,818,383

Security	Shares		Value
Japan (continued)
Takara Holdings Inc.		624,800	$	5,077,206
Takara Leben Real Estate Investment Corp.		2,963		2,221,285
Takara Standard Co. Ltd.		109,000		1,189,542
Takasago International Corp.(a)		28,900		573,123
Takasago Thermal Engineering Co. Ltd.		198,500		2,878,541
Takashimaya Co. Ltd.		638,700		8,923,467
Takeuchi Manufacturing Co. Ltd.		152,600		3,377,411
Takuma Co. Ltd.		268,100		2,655,689
Tama Home Co. Ltd.		67,400		1,654,463
Tamron Co. Ltd.		68,100		1,650,891
TBS Holdings Inc.		153,100		1,787,353
TechMatrix Corp.		170,000		2,327,282
TechnoPro Holdings Inc.		480,900		14,972,901
Teijin Ltd.		793,100		8,143,811
Tenma Corp.		49,100		838,372
T-Gaia Corp.		88,800		1,134,435
THK Co. Ltd.		520,600		11,048,347
TKC Corp.		115,500		3,291,074
TKP Corp.(a)(c)		77,400		1,834,853
Toa Corp./Tokyo		53,800		1,042,226
Toagosei Co. Ltd.		434,600		3,943,968
TOC Co. Ltd.		312,500		1,637,791
Tocalo Co. Ltd.		235,600		2,256,917
Toda Corp.		929,100		5,067,761
Toei Animation Co. Ltd.		37,700		3,758,075
Toei Co. Ltd.		25,700		3,397,792
Toenec Corp.		13,500		358,788
Toho Bank Ltd. (The)		833,300		1,546,825
Toho Gas Co. Ltd.		328,900		6,450,297
Toho Holdings Co. Ltd.		244,900		3,999,779
Toho Titanium Co. Ltd.		142,600		2,661,313
Tohoku Electric Power Co. Inc.		2,009,200		10,806,495
Tokai Carbon Co. Ltd.		906,900		7,824,408
Tokai Corp./Gifu		51,100		768,954
TOKAI Holdings Corp.		427,500		2,851,681
Tokai Rika Co. Ltd.		232,500		2,698,765
Tokai Tokyo Financial Holdings Inc.		849,200		2,475,167
Token Corp.		28,800		1,741,712
Tokushu Tokai Paper Co. Ltd.		36,000		806,666
Tokuyama Corp.		271,400		3,970,496
Tokyo Century Corp.		163,400		5,745,332
Tokyo Ohka Kogyo Co. Ltd.		142,100		7,003,607
Tokyo Seimitsu Co. Ltd.		166,700		5,739,458
Tokyo Steel Manufacturing Co. Ltd.		275,000		2,992,090
Tokyo Tatemono Co. Ltd.		839,100		10,402,749
Tokyotokeiba Co. Ltd.		64,400		1,919,810
Tokyu Construction Co. Ltd.		355,240		1,808,004
Tokyu Fudosan Holdings Corp.		2,725,600		13,830,326
Tokyu REIT Inc.		3,866		5,825,383
TOMONY Holdings Inc.		874,100		2,684,720
Tomy Co. Ltd.		356,700		3,520,377
Topcon Corp.		458,900		5,980,172
Topre Corp.		155,800		1,519,824
Toridoll Holdings Corp.(a)		195,600		4,243,134
Torii Pharmaceutical Co. Ltd.		46,000		1,102,213
Tosei Corp.		132,700		1,515,010
Toshiba TEC Corp.		116,000		3,300,909
Tosho Co. Ltd.		63,600		586,822
Totetsu Kogyo Co. Ltd.		119,400		2,468,142
Towa Pharmaceutical Co. Ltd.		110,700		1,747,782

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Toyo Construction Co. Ltd.		293,600	$	1,929,232
Toyo Gosei Co. Ltd.(a)		21,700		1,548,849
Toyo Ink SC Holdings Co. Ltd.		166,000		2,384,377
Toyo Seikan Group Holdings Ltd.		587,300		7,623,667
Toyo Suisan Kaisha Ltd.		395,800		16,354,773
Toyo Tanso Co. Ltd.		64,200		2,050,417
Toyo Tire Corp.		481,600		5,761,604
Toyobo Co. Ltd.		363,700		2,895,310
Toyoda Gosei Co. Ltd.		290,000		4,815,180
Toyota Boshoku Corp.		335,300		4,973,129
Trancom Co. Ltd.		29,700		1,701,729
Transcosmos Inc.		106,500		2,780,274
TRE Holdings Corp.		197,000		2,219,902
Tri Chemical Laboratories Inc.		112,400		2,041,097
Trusco Nakayama Corp.		203,900		3,340,543
TS Tech Co. Ltd.		393,800		4,905,447
Tsubakimoto Chain Co.		112,400		2,690,707
Tsugami Corp.		173,300		1,918,491
Tsumura & Co.		255,800		5,469,532
Tsuruha Holdings Inc.		176,000		12,958,450
TV Asahi Holdings Corp.		89,600		927,271
UACJ Corp.		139,494		2,619,194
UBE Corp.		420,300		6,592,557
Ulvac Inc.		207,000		9,683,867
Union Tool Co.		30,900		815,274
United Arrows Ltd.		87,100		1,176,208
United Super Markets Holdings Inc.		242,200		2,115,088
United Urban Investment Corp.		13,158		14,972,509
Universal Entertainment Corp.(c)		107,400		2,041,681
Usen-Next Holdings Co. Ltd.		72,000		1,222,875
Ushio Inc.		422,900		5,668,783
UT Group Co. Ltd.		127,600		2,599,184
Valor Holdings Co. Ltd.		164,300		2,367,725
ValueCommerce Co. Ltd.		73,300		1,005,698
Vector Inc.		133,500		1,318,155
Vision Inc./Tokyo Japan(a)(c)		164,200		1,836,558
Visional Inc.(c)		77,200		5,593,796
VT Holdings Co. Ltd.		357,700		1,377,093
Wacoal Holdings Corp.		191,200		3,594,677
Wacom Co. Ltd.		665,000		3,284,166
Wakita & Co. Ltd.		103,300		963,554
WDB Holdings Co. Ltd.		31,100		514,634
WealthNavi Inc.(a)(c)		131,800		1,444,858
Weathernews Inc.		26,600		1,448,695
West Holdings Corp.		101,630		3,047,431
WingArc1st Inc.		83,400		1,267,292
Workman Co. Ltd.(a)		92,600		3,775,834
W-Scope Corp.(a)(c)		234,200		2,626,092
YAMABIKO Corp.		141,500		1,238,895
Yamada Holdings Co. Ltd.		3,235,000		11,746,181
Yamaguchi Financial Group Inc.		853,600		5,903,798
YA-MAN Ltd.		137,000		1,440,753
Yamato Kogyo Co. Ltd.		172,000		6,519,082
Yamazaki Baking Co. Ltd.		539,600		6,313,167
Yamazen Corp.		206,900		1,694,737
Yaoko Co. Ltd.		80,900		4,223,320
Yellow Hat Ltd.		139,300		1,909,806
Yodogawa Steel Works Ltd.		124,300		2,648,560
Yokogawa Bridge Holdings Corp.		141,500		2,184,034
Yokohama Rubber Co. Ltd. (The)		527,900		8,672,784

Security	Shares		Value
Japan (continued)
Yokorei Co. Ltd.		327,600	$	2,759,270
Yokowo Co. Ltd.		77,200		1,335,247
Yonex Co. Ltd.		267,400		2,615,073
Yoshinoya Holdings Co. Ltd.(a)		289,100		5,301,406
Yuasa Trading Co. Ltd.		59,000		1,681,215
Yurtec Corp.		91,900		541,302
Zenkoku Hosho Co. Ltd.		228,300		8,891,772
Zenrin Co. Ltd.		168,600		1,048,119
Zensho Holdings Co. Ltd.		412,900		10,539,348
Zeon Corp.		555,400		5,463,200
ZERIA Pharmaceutical Co. Ltd.		149,500		2,495,563
Zojirushi Corp.		147,800		1,889,808
Zuken Inc.		65,400		1,596,021
				3,561,235,915
Netherlands — 2.3%
Aalberts NV(a)		445,069		21,044,001
Alfen Beheer BV(c)(d)		97,709		9,065,275
Allfunds Group PLC		1,132,897		9,012,148
AMG Advanced Metallurgical Group NV		125,270		4,893,375
Arcadis NV		322,995		14,024,602
Ariston Holding NV		374,138		3,872,205
ASR Nederland NV		607,442		28,751,135
B&S Group Sarl(d)		156,862		861,189
Basic-Fit NV(a)(c)(d)		236,345		7,766,128
BE Semiconductor Industries NV		325,710		23,296,848
Brunel International NV		115,741		1,321,193
Cementir Holding NV		186,415		1,470,395
CM.Com NV(a)(c)		56,963		766,633
Corbion NV		263,237		10,129,633
CureVac NV(a)(c)		247,608		2,744,310
Ebusco Holding NV(a)(c)		68,100		1,003,076
Eurocommercial Properties NV		186,233		4,663,460
Fastned BV(a)(c)		20,611		838,457
Flow Traders Ltd., NVS		147,553		3,795,355
Fugro NV(c)		479,142		6,380,171
InPost SA(a)(c)		1,004,031		9,696,058
Iveco Group NV(c)		909,375		7,448,307
Koninklijke BAM Groep NV(c)		1,182,467		3,013,646
Koninklijke Vopak NV		310,667		9,360,572
Meltwater Holding BV(a)(c)		609,570		1,092,563
MFE-MediaForEurope NV, Class A		2,280,251		999,312
MFE-MediaForEurope NV, Class B(a)		1,855,136		1,256,109
NSI NV		88,165		2,300,367
Pharming Group NV(c)		2,895,849		4,016,437
PostNL NV		1,635,251		3,423,898
SBM Offshore NV		601,582		9,457,501
Shop Apotheke Europe NV(a)(c)(d)		65,446		4,718,891
Signify NV(a)(d)		574,196		20,788,997
Sligro Food Group NV		95,179		1,829,418
SNS Real NV(a)(b)		287,474		3
Technip Energies NV		597,878		11,591,237
TKH Group NV		180,022		8,170,335
TomTom NV(a)(c)		333,727		2,371,864
Van Lanschot Kempen NV		141,270		4,064,888
Vastned Retail NV		53,039		1,222,421
Wereldhave NV		146,974		2,207,825
				264,730,238
New Zealand — 1.3%
a2 Milk Co. Ltd. (The)(c)		3,315,108		15,899,342

74 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Air New Zealand Ltd.(a)(c)		7,494,133	$	3,767,703
Argosy Property Ltd.		3,556,163		2,650,067
Chorus Ltd.		1,967,527		10,647,550
Contact Energy Ltd.		3,496,274		17,583,302
EBOS Group Ltd.		724,004		20,182,936
Fletcher Building Ltd.		3,517,690		11,583,572
Genesis Energy Ltd.		2,180,556		4,042,283
Goodman Property Trust		4,540,731		6,051,380
Infratil Ltd.		3,244,274		18,677,410
Kiwi Property Group Ltd.		7,824,524		4,835,406
Oceania Healthcare Ltd.		2,589,291		1,494,963
Precinct Properties New Zealand Ltd.		5,834,931		4,742,142
Pushpay Holdings Ltd.(c)		4,905,862		4,114,327
Ryman Healthcare Ltd.		1,934,400		8,639,333
SKYCITY Entertainment Group Ltd.(c)		3,374,548		5,490,355
Summerset Group Holdings Ltd.		1,015,357		6,430,195
Warehouse Group Ltd. (The)(a)		518,805		873,433
				147,705,699
Norway — 2.2%
Aker ASA, Class A		99,156		7,169,682
Aker Carbon Capture ASA(c)		1,507,202		2,233,985
Aker Horizons Holding AS(c)		1,062,651		1,539,332
Aker Solutions ASA		1,092,395		4,318,535
Atea ASA		367,760		4,148,243
Austevoll Seafood ASA		410,142		4,063,132
Bakkafrost P/F		223,846		13,889,972
Bewi ASA		201,452		1,047,463
Bonheur ASA		91,175		2,434,293
Borregaard ASA		396,224		6,108,670
BW Energy Ltd.(c)		375,115		1,053,903
BW LPG Ltd.(d)		379,048		3,137,103
BW Offshore Ltd.		414,057		1,107,929
Cool Co. Ltd.(c)		63,660		674,403
Crayon Group Holding ASA(a)(c)(d)		317,979		3,202,659
DNO ASA		1,938,740		2,391,835
Elkem ASA(d)		1,436,254		5,087,487
Elopak ASA(a)		510,989		1,223,515
Entra ASA(d)		290,563		3,436,800
Europris ASA(d)		712,029		4,587,316
Flex LNG Ltd.(a)		136,558		4,219,897
Frontline PLC, NVS(a)		595,080		8,199,818
Golden Ocean Group Ltd.		580,140		5,550,016
Grieg Seafood ASA		207,166		1,855,752
Hafnia Ltd.		558,222		2,935,370
Hexagon Composites ASA(c)		505,266		1,703,694
Hexagon Purus ASA(c)		345,186		908,323
Hoegh Autoliners ASA		209,886		1,303,692
Kahoot! ASA(a)(c)		1,206,823		2,133,349
Leroy Seafood Group ASA		1,195,217		7,038,537
MPC Container Ships AS		1,208,174		1,923,113
NEL ASA(a)(c)		6,973,461		11,951,366
Nordic Semiconductor ASA(c)		732,861		11,686,241
Norske Skog ASA(c)(d)		286,009		1,969,544
Norwegian Air Shuttle ASA(a)(c)		2,932,106		2,793,286
Nykode Therapeutics AS(a)(c)		452,947		1,299,667
Odfjell Drilling Ltd.(c)		399,856		1,066,670
Protector Forsikring ASA		306,340		4,413,621
REC Silicon ASA(a)(c)		1,238,349		1,764,542
Scatec ASA(d)		537,736		4,385,870
Schibsted ASA, Class A		326,747		7,135,780

Security	Shares		Value
Norway (continued)
Schibsted ASA, Class B		434,631	$	9,085,918
SpareBank 1 Nord Norge		373,900		3,480,221
SpareBank 1 Oestlandet		121,379		1,421,699
SpareBank 1 SMN		615,378		7,847,770
SpareBank 1 SR-Bank ASA		797,396		9,245,242
Stolt-Nielsen Ltd.		75,901		1,995,652
Storebrand ASA		2,119,596		18,452,277
Subsea 7 SA		1,065,065		13,272,922
TGS ASA		527,329		8,731,042
TOMRA Systems ASA		1,056,992		18,659,434
Veidekke ASA		469,783		4,850,735
Volue ASA(c)		235,690		716,638
Wallenius Wilhelmsen ASA		468,098		4,442,286
				261,296,241
Portugal — 0.3%
Altri SGPS SA		330,749		1,669,955
Banco Comercial Portugues SA, Class R(a)		37,194,322		7,924,208
Corticeira Amorim SGPS SA		134,425		1,328,414
CTT-Correios de Portugal SA		443,527		1,715,670
Greenvolt Energias Renovaveis SA(c)		258,674		2,168,512
Navigator Co. SA (The)		971,877		3,402,621
NOS SGPS SA		930,437		3,989,987
REN - Redes Energeticas Nacionais SGPS SA		1,830,304		5,030,535
Semapa-Sociedade de Investimento e Gestao		77,927		1,028,458
Sonae SGPS SA		4,159,635		4,239,817
				32,498,177
Singapore — 2.1%
AEM Holdings Ltd.(a)		1,199,800		3,184,917
AIMS APAC REIT(a)		2,310,800		2,417,187
AustAsia Group Ltd.		411,964		299,471
Bumitama Agri Ltd.		1,501,200		694,360
CapitaLand Ascott Trust		9,217,896		7,814,331
CapitaLand China Trust(a)		5,075,134		4,839,429
Capitaland India Trust(a)		4,054,100		3,748,407
CDL Hospitality Trusts		3,778,900		3,899,380
ComfortDelGro Corp. Ltd.		9,730,300		8,914,415
Cromwell European Real Estate Investment Trust(a)		1,413,860		2,474,696
Digital Core REIT Management Pte Ltd.(a)		3,599,700		2,275,154
Eagle Hospitality Trust(a)(b)(c)		2,020,200		20
ESR-LOGOS REIT		21,874,973		6,350,336
Far East Hospitality Trust		4,030,000		2,060,232
First Resources Ltd.(a)		2,465,000		2,888,947
Frasers Centrepoint Trust		4,746,238		8,046,723
Frasers Hospitality Trust		3,159,800		1,202,542
Frasers Logistics & Commercial Trust		13,126,736		12,634,408
Frencken Group Ltd.(a)		1,407,000		1,265,192
Golden Agri-Resources Ltd.		28,388,300		5,407,952
Hour Glass Ltd. (The)(a)		1,072,300		1,701,436
Hutchison Port Holdings Trust, Class U(a)		22,567,800		4,643,370
iFAST Corp. Ltd.(a)		657,500		2,614,340
Kenon Holdings Ltd./Singapore		84,290		2,626,786
Keppel DC REIT(a)		6,218,500		9,692,558
Keppel Infrastructure Trust		15,344,000		6,727,803
Keppel Pacific Oak US REIT		3,888,300		2,083,355
Keppel REIT		8,512,200		6,273,650
Lendlease Global Commercial REIT		8,397,829		4,650,760
Manulife US Real Estate Investment Trust		7,419,431		2,454,511
Mapletree Industrial Trust		9,061,993		16,468,831
Maxeon Solar Technologies Ltd.(a)(c)		108,462		2,381,826

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Nanofilm Technologies International Ltd.(a)		1,228,300	$	1,357,423
NetLink NBN Trust		12,135,000		8,093,005
Olam Group Ltd.		4,186,000		5,089,492
OUE Commercial Real Estate Investment Trust		9,193,279		2,454,174
Parkway Life REIT		1,770,300		5,479,211
Prime U.S. REIT		2,710,654		1,412,901
Raffles Medical Group Ltd.		3,735,800		4,132,179
Riverstone Holdings Ltd./Singapore		1,960,400		965,122
Sasseur Real Estate Investment Trust		2,357,900		1,464,534
SATS Ltd.(c)		3,036,100		7,006,421
Sembcorp Industries Ltd.		4,386,400		12,096,261
Sembcorp Marine Ltd.(a)(c)		77,029,733		8,362,633
Sheng Siong Group Ltd.		3,116,200		3,894,408
SIA Engineering Co. Ltd.(a)(c)		1,141,600		2,171,504
Silverlake Axis Ltd.		4,529,140		1,245,545
Singapore Post Ltd.(a)		6,274,100		2,680,299
SPH REIT		4,980,836		3,700,945
Starhill Global REIT		6,412,100		2,789,224
StarHub Ltd.		2,690,400		2,340,032
Straits Trading Co. Ltd.		657,934		1,209,508
Suntec REIT		10,344,900		11,060,169
TDCX Inc., ADR(a)(c)		98,161		1,293,762
Yangzijiang Financial Holding Ltd.(c)		10,683,600		3,026,920
Yangzijiang Shipbuilding Holdings Ltd.		11,532,400		11,369,228
Yanlord Land Group Ltd.		2,349,000		1,989,402
				249,421,627
Spain — 2.1%
Acerinox SA		863,801		9,354,914
Almirall SA		317,064		3,194,760
Applus Services SA		618,818		4,749,277
Atresmedia Corp. de Medios de Comunicacion SA		390,031		1,454,040
Banco de Sabadell SA		25,013,607		32,701,876
Bankinter SA		2,992,310		21,589,534
Befesa SA(d)		178,531		10,240,743
Cia. de Distribucion Integral Logista Holdings SA		289,476		7,842,901
Cie. Automotive SA		213,546		6,343,291
Construcciones y Auxiliar de Ferrocarriles SA		87,488		2,817,694
Distribuidora Internacional de Alimentacion SA(c)		65,957,017		1,057,293
Ebro Foods SA		300,307		5,158,977
eDreams ODIGEO SA(c)		254,254		1,470,422
Ence Energia y Celulosa SA		618,308		2,037,533
Faes Farma SA		1,342,642		5,032,632
Fluidra SA		438,364		7,738,899
Gestamp Automocion SA(d)		739,571		3,265,452
Global Dominion Access SA(d)		362,705		1,555,272
Grenergy Renovables SA(a)(c)		52,764		1,909,752
Grupo Catalana Occidente SA		185,838		5,760,336
Indra Sistemas SA		625,268		7,634,724
Inmobiliaria Colonial Socimi SA		1,304,976		9,518,175
Laboratorios Farmaceuticos Rovi SA		84,413		3,576,825
Lar Espana Real Estate Socimi SA		299,200		1,493,014
Let’s Gowex SA.(a)(b)(c)		51,450		1
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		2,843,308		2,963,169
Mapfre SA		4,059,974		8,166,412
Mediaset Espana Comunicacion SA(c)		561,187		2,010,700
Melia Hotels International SA(c)		539,591		3,593,043
Merlin Properties Socimi SA		1,456,186		14,230,834
Miquel y Costas & Miquel SA		110,124		1,465,389
Neinor Homes SA(d)		118,560		1,189,570

Security	Shares		Value
Spain (continued)
Opdenergy Holdings SA, NVS(a)		195,499	$	941,538
Pharma Mar SA		65,733		4,334,685
Prosegur Cash SA(d)		1,445,524		1,150,339
Prosegur Cia. de Seguridad SA		841,040		1,903,542
Sacyr SA		1,736,433		5,341,656
Solaria Energia y Medio Ambiente SA(c)		332,751		6,827,609
Soltec Power Holdings SA(c)		178,366		1,086,822
Talgo SA(a)(d)		420,739		1,708,354
Tecnicas Reunidas SA(a)(c)		145,997		1,753,919
Unicaja Banco SA(d)		6,387,550		7,851,261
Vidrala SA		88,680		8,945,594
Viscofan SA		173,644		11,191,458
				244,154,231
Sweden — 5.6%
AAK AB		814,457		14,057,345
AcadeMedia AB(d)		361,400		1,702,235
AddLife AB		502,478		5,303,026
AddTech AB, Class B		1,158,752		18,504,494
AFRY AB		413,515		7,464,988
Alimak Group AB(a)(d)		186,065		1,462,529
Alleima AB, NVS(c)		946,327		4,732,230
Ambea AB(d)		328,558		1,233,360
Arjo AB, Class B		966,263		3,749,581
Atrium Ljungberg AB, Class B		197,937		3,538,665
Attendo AB(c)(d)		468,117		1,176,787
Avanza Bank Holding AB		553,143		12,763,005
Axfood AB		485,799		12,512,109
Beijer Alma AB		197,288		3,912,284
Beijer Ref AB		1,109,322		17,113,449
Betsson AB		516,350		4,280,157
Bilia AB, Class A		296,586		3,426,869
Billerud AB		1,004,654		11,671,299
BioArctic AB(a)(c)(d)		148,305		4,423,004
BioGaia AB		389,313		3,421,976
Biotage AB		290,987		4,497,188
Boozt AB(a)(c)(d)		236,602		3,074,722
Bravida Holding AB(d)		901,094		9,961,036
Bufab AB		117,557		3,046,041
Bure Equity AB		245,695		6,188,617
Calliditas Therapeutics AB, Class B(c)		153,539		1,463,404
Camurus AB(c)		135,370		3,239,712
Castellum AB(a)		1,165,042		15,985,620
Catena AB		143,363		5,997,736
Cellavision AB		65,837		1,553,721
Cibus Nordic Real Estate AB		195,059		2,765,072
Cint Group AB(a)(c)		666,879		2,503,083
Clas Ohlson AB, Class B		180,963		1,206,642
Cloetta AB, Class B		901,421		1,877,450
Collector Bank AB(a)(c)		283,578		1,071,119
Coor Service Management Holding AB(d)		425,058		2,715,869
Corem Property Group AB, Class B		2,483,313		2,273,451
Creades AB, Class A		238,072		2,029,250
Dios Fastigheter AB		372,622		2,839,493
Dometic Group AB(d)		1,422,489		8,964,616
Duni AB(c)		150,877		1,306,271
Dustin Group AB(d)		329,557		1,110,737
Electrolux Professional AB, Class B		1,040,766		4,849,558
Elekta AB, Class B		1,648,468		11,998,849
Engcon AB(c)		179,372		1,321,586
Fabege AB		1,185,780		11,207,036

76 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Fagerhult AB		379,091	$	1,769,014
Fortnox AB		2,164,247		10,921,097
GARO AB(a)		139,003		1,369,968
Granges AB		466,399		3,901,132
Hemnet Group AB		234,201		3,260,754
Hexatronic Group AB		723,031		8,899,393
Hexpol AB		1,169,175		12,630,426
HMS Networks AB		125,056		4,662,129
Hufvudstaden AB, Class A		498,087		7,501,264
Implantica AG, SDR(c)		138,757		542,020
Instalco AB		815,173		3,153,207
Intrum AB(a)		333,208		4,312,239
Investment AB Oresund		184,175		2,205,832
INVISIO AB		173,531		3,038,772
Inwido AB		258,071		2,812,514
JM AB		229,479		4,277,982
Kambi Group PLC, Class B(c)		108,403		1,949,404
K-Fast Holding AB(a)(c)		262,735		700,539
Kindred Group PLC		1,023,533		10,314,369
KNOW IT AB		112,018		2,189,402
Lindab International AB		330,067		4,681,465
Loomis AB		334,281		9,940,652
Medicover AB		286,315		4,890,287
MEKO AB		165,541		1,834,751
Millicom International Cellular SA, SDR(c)		770,601		13,202,969
MIPS AB(a)		117,341		4,490,549
Modern Times Group MTG AB, Class B		391,649		3,467,339
Munters Group AB(d)		571,650		5,481,042
Mycronic AB		328,316		7,017,972
NCC AB, Class B		373,788		3,697,834
Neobo Fastigheter AB(a)(c)		471,822		882,049
New Wave Group AB, Class B		185,171		4,166,569
Nobia AB		546,749		954,210
Nolato AB, Class B		917,533		5,541,144
Nordnet AB publ		611,765		9,943,952
Note AB(c)		74,360		1,560,939
NP3 Fastigheter AB(a)		120,141		2,652,997
Nyfosa AB		725,082		6,322,637
Orron Energy AB		880,732		1,632,767
OX2 AB(c)		359,311		2,773,755
Pandox AB(c)		410,967		5,658,159
Paradox Interactive AB(a)		142,496		2,532,631
Peab AB, Class B		819,892		5,116,490
Platzer Fastigheter Holding AB, Class B		265,838		2,332,054
PowerCell Sweden AB(a)(c)		210,430		2,821,479
Ratos AB, Class B		904,364		3,647,303
Resurs Holding AB(d)		570,957		1,520,308
Rvrc Holding AB		168,501		573,496
Saab AB, Class B		328,060		13,430,276
Samhallsbyggnadsbolaget i Norden AB(a)		4,718,236		8,619,707
Samhallsbyggnadsbolaget i Norden AB, Class D(a)		724,652		1,430,657
Scandic Hotels Group AB(c)(d)		685,975		2,528,844
Sdiptech AB, Class B(c)		134,168		3,275,826
Sectra AB, NVS		605,200		8,570,663
Sinch AB(a)(c)(d)		2,432,847		10,057,320
SkiStar AB		188,656		2,043,047
SSAB AB, Class A		1,019,963		7,290,321
SSAB AB, Class B		2,909,422		19,826,732
Stillfront Group AB(c)		2,068,536		3,610,246
Storskogen Group AB		6,090,345		5,318,049

Security	Shares		Value
Sweden (continued)
Surgical Science Sweden AB(a)(c)		148,052	$	2,094,043
Svolder AB(a)		401,251		2,601,392
Sweco AB, Class B		955,160		10,361,390
SwedenCare AB		408,383		1,330,354
Synsam AB(a)		192,403		787,572
Thule Group AB(d)		470,342		11,271,181
Trelleborg AB, Class B		1,080,964		27,028,940
Troax Group AB		168,989		3,555,951
Truecaller AB(a)(c)		877,384		3,117,829
Vestum AB(a)(c)		623,049		1,096,611
Viaplay Group AB, Class B(c)		328,207		8,103,519
Vimian Group AB(c)		730,066		2,017,567
Vitec Software Group AB, Class B		128,367		5,437,360
Vitrolife AB		272,464		5,841,795
Volati AB		101,481		1,009,220
Wallenstam AB, Class B		1,564,196		7,180,689
Wihlborgs Fastigheter AB		1,227,545		10,106,524
XANO Industri AB, Class B		65,694		765,140
Xvivo Perfusion AB(c)		96,364		1,977,829
				652,933,121
Switzerland — 4.6%
Accelleron Industries AG, NVS(c)		363,029		8,574,466
Allreal Holding AG, Registered		67,024		11,487,634
ALSO Holding AG, Registered		29,084		5,924,250
Arbonia AG		234,061		3,280,899
Aryzta AG(c)		4,219,338		5,745,167
Autoneum Holding AG		12,692		1,693,671
Basilea Pharmaceutica AG, Registered(a)(c)		52,493		2,835,395
Belimo Holding AG, Registered		43,703		23,050,906
Bell Food Group AG, Registered		8,419		2,208,100
Bossard Holding AG, Class A, Registered		24,921		6,350,211
Bucher Industries AG, Registered		29,662		13,515,978
Burckhardt Compression Holding AG		13,684		8,472,380
Burkhalter Holding AG(a)		22,598		2,099,863
Bystronic AG, Registered		5,949		4,470,313
Cembra Money Bank AG		134,494		11,941,257
Coltene Holding AG, Registered		12,382		1,021,126
Comet Holding AG, Registered		34,716		8,024,970
COSMO Pharmaceuticals NV(a)		37,319		2,710,774
Daetwyler Holding AG, Bearer		33,461		7,096,623
DKSH Holding AG		160,463		13,670,663
dormakaba Holding AG		13,113		5,478,304
Dottikon Es Holding AG(a)(c)		12,087		3,580,430
Dufry AG, Registered(a)(c)		327,179		15,019,996
EFG International AG		413,534		3,865,120
Emmi AG, Registered		9,598		8,941,952
Flughafen Zurich AG, Registered(c)		89,559		16,317,092
Forbo Holding AG, Registered		3,954		5,202,390
Galenica AG(d)		223,743		17,498,396
Georg Fischer Ltd.		365,967		25,232,527
Gurit Holding AG(a)		15,964		1,778,622
Helvetia Holding AG, Registered		166,142		20,784,089
Huber + Suhner AG, Registered		72,249		6,928,917
Idorsia Ltd.(a)(c)		514,487		8,654,041
Implenia AG, Registered(c)		63,488		2,666,911
Inficon Holding AG, Registered		7,560		7,915,346
Interroll Holding AG, Registered		2,848		8,871,186
Intershop Holding AG		6,234		4,181,626
Kardex Holding AG, Registered		27,061		5,274,101
Komax Holding AG, Registered		16,990		5,589,951

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Landis+Gyr Group AG(a)		97,735	$	7,200,304
LEM Holding SA, Registered		2,534		5,604,970
Leonteq AG		42,529		2,363,180
Medacta Group SA(d)		32,493		3,462,686
Medartis Holding AG(c)(d)		18,285		1,534,166
Medmix AG(d)		107,775		2,099,263
Metall Zug AG, Class B, Registered		873		1,964,369
Meyer Burger Technology AG(c)		14,425,010		10,268,291
Mobilezone Holding AG, Registered		184,558		3,351,209
Mobimo Holding AG, Registered		31,745		8,162,968
Montana Aerospace AG(c)(d)		95,412		1,746,230
OC Oerlikon Corp. AG, Registered		844,540		5,798,399
Orior AG		26,807		2,219,205
Peach Property Group AG(a)		40,286		871,990
PolyPeptide Group AG(d)		67,754		1,968,489
PSP Swiss Property AG, Registered		205,880		25,665,764
Rieter Holding AG, Registered		11,668		1,354,118
Schweiter Technologies AG, Bearer		4,441		3,919,916
Sensirion Holding AG(a)(c)(d)		41,890		4,984,889
SFS Group AG		86,677		9,972,572
Siegfried Holding AG, Registered		17,739		13,031,568
SKAN Group AG		39,572		2,943,586
Softwareone Holding AG		423,332		6,835,279
St. Galler Kantonalbank AG, Class A, Registered		12,836		7,033,930
Stadler Rail AG(a)		222,679		8,517,337
Sulzer AG, Registered(a)		84,547		7,199,489
Swiss Steel Holding AG, Registered(c)		3,217,685		674,818
Swissquote Group Holding SA, Registered(a)		44,267		7,994,901
Tecan Group AG, Registered		56,793		23,834,536
Trifork Holding AG(a)		54,647		1,242,649
TX Group AG		11,677		1,830,742
u-blox Holding AG		30,323		3,626,966
Valiant Holding AG, Registered		69,348		7,923,901
Vetropack Holding AG, Registered		49,638		2,289,948
Vontobel Holding AG, Registered		126,776		8,978,645
V-ZUG Holding AG(a)(c)		10,254		1,032,702
Ypsomed Holding AG, Registered		18,205		3,735,965
Zehnder Group AG, Registered		45,135		3,359,327
Zur Rose Group AG(a)(c)		44,129		1,664,938
				536,219,848
United Kingdom — 14.7%
888 Holdings PLC(c)		1,642,327		1,466,782
Advanced Medical Solutions Group PLC		1,009,043		3,159,755
AG Barr PLC		407,987		2,759,305
Airtel Africa PLC(d)		4,157,273		6,001,691
AJ Bell PLC		1,363,467		5,658,077
Alliance Pharma PLC		2,191,614		1,702,216
Alpha Financial Markets Consulting PLC		501,316		2,873,919
Alpha FX Group PLC		139,173		3,191,376
Alphawave IP Group PLC(c)		1,184,085		1,395,407
AO World PLC(a)(c)		1,938,128		1,502,945
Ascential PLC(c)		1,964,110		6,508,863
Ashmore Group PLC		2,066,179		6,805,487
ASOS PLC(a)(c)		316,179		3,420,809
Assura PLC		13,287,432		9,132,633
Aston Martin Lagonda Global Holdings PLC(a)(c)(d)		1,870,475		3,822,262
Atalaya Mining PLC		477,982		2,056,587
Auction Technology Group PLC(c)		404,417		3,510,041
Avon Protection PLC		134,886		1,679,571
B&M European Value Retail SA		4,239,636		23,446,513

Security	Shares		Value
United Kingdom (continued)
Babcock International Group PLC(c)		1,126,087	$	4,254,427
Balanced Commercial Property Trust Ltd.		3,094,939		3,029,582
Balfour Beatty PLC		2,727,265		12,319,494
Bank of Georgia Group PLC		161,937		5,330,494
Beazley PLC		2,711,566		22,314,555
Bellway PLC		555,178		14,521,025
Big Yellow Group PLC		782,370		11,669,202
Bodycote PLC		835,098		6,702,372
boohoo Group PLC(c)		4,577,979		2,499,743
Borr Drilling Ltd.(c)		615,244		3,693,668
Breedon Group PLC		6,750,626		5,718,685
Bridgepoint Group PLC(d)		1,104,832		3,278,864
Britvic PLC		1,189,248		11,392,093
Burford Capital Ltd.		823,243		7,398,874
Bytes Technology Group PLC		943,607		4,502,069
Capita PLC(c)		7,451,650		2,570,456
Capital & Counties Properties PLC		3,200,482		4,537,570
Capricorn Energy PLC(c)		1,398,992		4,187,685
Carnival PLC(c)		661,663		6,321,680
Centamin PLC		5,123,925		7,024,207
Central Asia Metals PLC		761,340		2,651,828
Centrica PLC		26,332,388		32,804,937
Ceres Power Holdings PLC(a)(c)		556,426		3,275,437
Chemring Group PLC		1,259,883		4,380,154
Civitas Social Housing PLC		2,611,667		1,839,007
Clarkson PLC		120,704		4,575,903
Close Brothers Group PLC		671,332		8,019,941
CLS Holdings PLC(a)		790,676		1,452,429
CMC Markets PLC(d)		563,936		1,682,501
Coats Group PLC		7,088,430		6,373,888
Computacenter PLC		358,415		9,850,121
ConvaTec Group PLC(d)		7,268,427		21,081,834
Craneware PLC(a)		116,943		2,090,510
Cranswick PLC		236,832		9,290,747
Crest Nicholson Holdings PLC		1,121,249		3,373,935
Currys PLC		4,897,667		3,934,502
Custodian REIT PLC		1,795,704		2,019,016
CVS Group PLC		315,051		7,834,129
Darktrace PLC(c)		1,452,709		3,773,618
Dechra Pharmaceuticals PLC		506,369		17,958,956
Deliveroo PLC(c)(d)		3,974,477		4,554,977
Derwent London PLC		450,309		14,364,732
Diploma PLC		556,892		18,838,207
Direct Line Insurance Group PLC		5,859,530		12,847,862
DiscoverIE Group PLC		419,916		4,456,414
Diversified Energy Co. PLC		3,779,562		5,169,949
Domino’s Pizza Group PLC		1,719,341		6,655,823
Dr. Martens PLC		2,674,632		5,126,082
Draper Esprit PLC(c)		615,578		2,723,292
Drax Group PLC		1,772,346		14,154,798
DS Smith PLC		6,159,110		26,964,016
Dunelm Group PLC		493,037		7,081,341
easyJet PLC(c)		1,372,090		8,358,202
Elementis PLC(c)		2,578,053		3,985,068
EMIS Group PLC		255,512		5,915,847
Empiric Student Property PLC		2,607,993		2,810,140
Energean PLC		554,639		7,966,112
EnQuest PLC(c)		6,451,920		1,744,398
Ergomed PLC(a)(c)		173,327		2,567,684
Essentra PLC		1,327,295		3,547,066

78 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
FD Technologies PLC(a)(c)		99,561	$	1,681,589
Ferrexpo PLC		1,288,245		2,520,369
Fevertree Drinks PLC(a)		469,416		6,329,138
Finablr PLC(b)(c)(d)		1,080,679		13
Firstgroup PLC		3,320,290		4,437,265
Forterra PLC(d)		957,867		2,521,234
Frasers Group PLC(c)		744,598		7,202,008
Frontier Developments PLC(a)(c)		99,072		591,162
Future PLC		508,814		9,474,509
Games Workshop Group PLC		146,602		17,004,815
Gamma Communications PLC		362,906		5,294,194
GB Group PLC		1,076,759		4,695,579
Genel Energy PLC		654,565		1,033,580
Genuit Group PLC		1,078,753		4,348,904
Genus PLC		290,706		10,426,727
Grafton Group PLC		974,125		11,057,241
Grainger PLC		3,311,040		10,596,909
Great Portland Estates PLC		967,062		6,789,818
Greatland Gold PLC(c)		20,206,316		1,903,227
Greggs PLC		454,422		15,174,037
Gulf Keystone Petroleum Ltd.		946,065		2,420,188
Halfords Group PLC		995,037		2,517,252
Hammerson PLC(a)		16,270,872		5,383,980
Harbour Energy PLC		1,980,537		7,660,334
Hays PLC		7,285,534		11,115,894
Helical PLC		591,987		2,627,391
Helios Towers PLC(a)(c)		3,226,099		4,255,705
Hill & Smith PLC		354,061		5,499,950
Hiscox Ltd.		1,542,138		21,463,712
Hochschild Mining PLC		1,413,219		1,193,909
Home REIT PLC(b)		3,524,118		1,653,161
Howden Joinery Group PLC		2,487,958		21,229,194
Hunting PLC		612,823		2,632,982
Ibstock PLC(d)		1,768,675		3,676,340
IG Group Holdings PLC		1,813,843		17,834,202
IMI PLC		1,161,916		20,804,208
Impact Healthcare REIT PLC		1,326,605		1,700,925
Impax Asset Management Group PLC		371,658		3,573,340
Inchcape PLC		1,665,655		18,779,795
Indivior PLC, NVS(c)		614,155		14,746,715
IntegraFin Holdings PLC		1,311,246		5,056,628
Intermediate Capital Group PLC		1,301,751		22,399,774
International Distributions Services PLC		3,412,403		9,658,796
Investec PLC		3,086,380		19,694,898
IP Group PLC		4,535,024		3,410,511
ITM Power PLC(a)(c)		1,947,758		2,441,192
ITV PLC		16,145,302		16,168,411
IWG PLC(c)		3,379,079		7,752,187
J D Wetherspoon PLC(c)		431,901		2,430,382
JET2 PLC		718,345		10,828,740
John Wood Group PLC(c)		3,113,626		5,458,481
Johnson Service Group PLC		1,979,263		2,747,590
JTC PLC(d)		595,488		5,278,518
Judges Scientific PLC		22,521		2,326,707
Jupiter Fund Management PLC		1,934,097		3,338,231
Just Group PLC		4,465,607		4,517,198
Kainos Group PLC		360,853		6,553,045
Kape Technologies PLC(c)		729,646		2,248,859
Keller Group PLC		318,732		3,178,954
Keywords Studios PLC		327,366		11,498,204

Security	Shares		Value
United Kingdom (continued)
Kier Group PLC(c)		1,923,787	$	1,624,642
Lancashire Holdings Ltd.		1,080,926		8,343,795
Learning Technologies Group PLC		2,599,209		4,492,616
Liontrust Asset Management PLC		281,192		4,028,877
LondonMetric Property PLC		4,199,425		9,784,927
LXI REIT PLC		7,311,195		10,176,719
Man Group PLC/Jersey		5,743,791		17,670,508
Marks & Spencer Group PLC(c)		8,781,005		15,839,301
Marlowe PLC(a)(c)		348,350		2,155,905
Marshalls PLC		1,011,337		4,236,716
Mediclinic International PLC		1,791,672		10,962,142
Mitchells & Butlers PLC(c)		1,162,074		2,361,234
Mitie Group PLC		6,136,774		5,901,261
Moneysupermarket.com Group PLC		2,377,925		7,000,717
Moonpig Group PLC(a)(c)		992,315		1,471,995
Morgan Advanced Materials PLC		1,249,956		4,851,141
Morgan Sindall Group PLC		183,871		3,722,172
National Express Group PLC(c)		2,355,955		3,880,872
NCC Group PLC		1,352,848		3,132,237
Network International Holdings PLC(c)(d)		2,246,185		7,305,171
Next Fifteen Communications Group PLC		367,749		4,542,859
Ninety One PLC		2,028,499		4,954,152
OSB Group PLC		1,958,720		13,205,466
Oxford Biomedica PLC(c)		297,007		1,559,863
Oxford Nanopore Technologies PLC(c)		1,481,994		4,329,727
Pagegroup PLC		1,457,782		8,206,757
Pan African Resources PLC		7,357,707		1,527,856
Pantheon Resources PLC(a)(c)		3,226,589		1,995,350
Paragon Banking Group PLC		1,068,264		7,915,223
Penno Group PLC		1,160,139		13,169,913
Petrofac Ltd.(a)(c)		1,957,665		2,008,037
Pets at Home Group PLC		2,184,874		9,504,686
Picton Property Income Ltd. (The)		2,390,074		2,268,883
Playtech PLC(c)		1,017,153		7,085,081
Plus500 Ltd.		428,624		9,823,493
Polar Capital Holdings PLC		313,932		2,004,820
Premier Foods PLC		2,821,927		3,869,645
Primary Health Properties PLC		5,818,735		8,061,762
Provident Financial PLC		1,042,314		3,006,938
PRS REIT PLC (The)		2,294,979		2,574,721
PZ Cussons PLC		1,016,574		2,724,473
QinetiQ Group PLC		2,580,221		11,573,807
Quilter PLC(d)		5,922,063		7,029,415
Rank Group PLC(c)		945,331		1,054,733
Rathbones Group PLC		263,617		6,792,502
Reach PLC		1,348,507		1,513,712
Redde Northgate PLC		1,000,453		5,352,991
Redrow PLC		1,333,335		8,552,344
Regional REIT Ltd.(d)		1,679,398		1,229,844
Renewi PLC(c)		349,259		2,829,786
Renishaw PLC		161,413		7,878,279
Restore PLC(a)		559,113		2,045,812
RHI Magnesita NV		112,916		3,755,626
Rightmove PLC		3,725,881		27,071,832
Rotork PLC		3,809,323		15,005,806
RS GROUP PLC		2,107,595		24,502,575
RWS Holdings PLC		1,380,670		6,410,328
S4 Capital PLC(a)(c)		1,264,578		3,416,061
Safestore Holdings PLC		939,707		11,700,942
Savills PLC		644,197		7,750,058

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Senior PLC		1,898,076	$	3,570,904
Serco Group PLC		5,304,514		9,541,375
Serica Energy PLC		905,175		2,832,506
Shaftesbury PLC		848,963		4,134,766
SIG PLC(c)		3,057,474		1,320,792
Sirius Real Estate Ltd.		5,173,099		5,389,116
Smart Metering Systems PLC		555,040		5,953,243
Softcat PLC		585,057		8,754,735
SolGold PLC(a)(c)		4,829,137		964,668
Spectris PLC		471,665		18,699,144
Spire Healthcare Group PLC(c)(d)		1,225,030		3,669,975
Spirent Communications PLC		2,733,538		7,408,139
SSP Group PLC(c)		3,546,769		11,355,197
SThree PLC		544,666		2,847,123
Supermarket Income REIT PLC		5,522,572		6,560,868
Synthomer PLC		1,659,313		3,203,595
Target Healthcare REIT PLC		2,697,302		2,693,548
Tate & Lyle PLC		1,793,815		16,704,113
TBC Bank Group PLC		182,990		5,369,259
Team17 Group PLC(c)		477,251		2,765,380
Telecom Plus PLC		282,125		6,948,577
THG PLC(a)(c)		3,342,381		2,399,007
TI Fluid Systems PLC(d)		1,469,351		2,155,672
TORM PLC, Class A		127,978		3,241,112
TP ICAP Group PLC		3,505,310		7,631,804
Trainline PLC(c)(d)		2,156,746		7,546,081
Travis Perkins PLC		956,159		11,994,793
Tritax Big Box REIT PLC		8,394,907		16,175,024
Trustpilot Group PLC(c)(d)		941,506		1,191,776
Tullow Oil PLC(c)		5,015,056		2,233,299
Tyman PLC		872,899		2,797,998
UK Commercial Property REIT Ltd.		3,489,166		2,494,043
UNITE Group PLC (The)		1,530,911		18,859,489
Urban Logistics REIT PLC		2,024,874		3,582,284
Vesuvius PLC		955,517		4,818,056
Victoria PLC(a)(c)		279,852		1,566,370
Victrex PLC		382,414		8,703,180
Virgin Money UK PLC		5,707,760		13,656,976
Vistry Group PLC		1,545,364		14,184,223
Volex PLC		508,038		1,597,153
Volution Group PLC		853,382		3,979,740
Warehouse REIT PLC		1,783,293		2,326,047
Watches of Switzerland Group PLC(c)(d)		1,069,504		12,555,071
Weir Group PLC (The)		1,159,545		25,561,019
WH Smith PLC		585,888		11,569,855
Wickes Group PLC		1,113,414		2,087,834
Wincanton PLC		532,593		1,943,557
Workspace Group PLC		640,236		3,986,039
Yellow Cake PLC(c)(d)		771,929		3,977,136
YouGov PLC		463,322		5,566,343
Young & Co’s Brewery PLC, Series A		96,475		1,227,452
				1,713,339,750
Total Common Stocks — 99.1% (Cost: $12,517,441,827)				11,532,566,553

Security	Shares		Value
Preferred Stocks
Germany — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		37,506	$	1,679,083
Einhell Germany AG, Preference Shares, NVS(a)		7,212		1,215,196
Fuchs Petrolub SE, Preference Shares, NVS		312,981		12,486,183
Jungheinrich AG, Preference Shares, NVS		213,282		8,482,189
Schaeffler AG, Preference Shares, NVS(a)		563,736		4,046,214
Sixt SE, Preference Shares, NVS		73,161		5,575,283
STO SE & Co. KGaA, Preference Shares, NVS		10,085		1,694,104
				35,178,252
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		216,711		4,041,083
Total Preferred Stocks — 0.3% (Cost: $37,164,631)				39,219,335
Rights
Spain — 0.0%
Sacyr SA(b)(c)		1,712,424		115,795
Total Rights — 0.0% (Cost: $107,778)				115,795
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD10.00)(c)		42,123		—
Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(a)(c)		96,743		1
Singapore — 0.0%
Ezion Holdings Ltd. (Issued/Exercisable 04/16/18, 1.66667 Share for 1 Warrant, Expires 04/17/23, Strike Price SGD 0.28)(a)(b)(c)		3,963,747		30
Spain — 0.0%
Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)(a)(b)(c)		3,096,556		20,199
Total Warrants — 0.0% (Cost: $—)				20,230
Total Long-Term Investments — 99.4% (Cost: $12,554,714,236)				11,571,921,913
Short-Term Securities
Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		532,824,967		533,144,662

80 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		3,610,000	$	3,610,000
Total Short-Term Securities — 4.6% (Cost: $536,464,356)				536,754,662
Total Investments — 104.0% (Cost: $13,091,178,592)				12,108,676,575
Liabilities in Excess of Other Assets — (4.0)%				(466,034,974	)
Net Assets — 100.0%			$	11,642,641,601

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

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

^(c) Non-income producing security.

^(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 six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	488,918,475	$	43,839,501	(a)	$	—	$	93,769	$	292,917	$	533,144,662		532,824,967	$	7,752,817	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,220,000		390,000	(a)		—		—		—		3,610,000		3,610,000		49,996			1
								$	93,769	$	292,917	$	536,754,662			$	7,802,813		$	1

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

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

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		150		03/09/23	$	22,885	$	614,200
Euro STOXX 50 Index		657		03/17/23		29,931		1,589,051
FTSE 100 Index		170		03/17/23		16,305		356,977
							$	2,560,228

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,560,228	$	—	$	—	$	—	$	2,560,228

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	5,747,502		$	—	$	—	$	—	$	5,747,502
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(593,199	)	$	—	$	—	$	—	$	(593,199	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	66,951,052

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	1,309,669	$	1,214,470,349	$	5,577,314	$	1,221,357,332
Austria		1,041,996		131,950,140		—		132,992,136
Belgium		7,008,687		168,740,904		—		175,749,591
Denmark		4,283,759		234,120,816		—		238,404,575
Finland		12,434,111		176,718,799		—		189,152,910
France		14,878,306		405,033,789		1,891,936		421,804,031
Germany		16,025,889		505,367,206		—		521,393,095
Hong Kong		21,335,328		229,773,600		17		251,108,945
Ireland		11,058,870		23,076,918		—		34,135,788
Israel		41,900,994		267,253,929		—		309,154,923
Italy		2,704,000		371,074,380		—		373,778,380
Japan		9,220,935		3,552,014,980		—		3,561,235,915
Netherlands		15,202,148		249,528,087		3		264,730,238
New Zealand		—		147,705,699		—		147,705,699
Norway		14,925,419		246,370,822		—		261,296,241
Portugal		1,328,414		31,169,763		—		32,498,177
Singapore		7,652,297		241,769,310		20		249,421,627
Spain		5,050,280		239,103,950		1		244,154,231

82 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Sweden	$	19,715,647	$	633,217,474	$	—	$	652,933,121
Switzerland		17,940,914		518,278,934		—		536,219,848
United Kingdom		509,327,598		1,202,358,978		1,653,174		1,713,339,750
Preferred Stocks		—		39,219,335		—		39,219,335
Rights		—		—		115,795		115,795
Warrants		—		1		20,229		20,230
Short-Term Securities
Money Market Funds		536,754,662		—		—		536,754,662
	$	1,271,099,923	$	10,828,318,163	$	9,258,489	$	12,108,676,575
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	2,560,228	$	—	$	2,560,228

^(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 83

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF			iShares MSCI ACWI ex U.S. ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	—		$	—		$	—		$	4,511,418,669
Investments, at value — affiliated(c)		162,257,259			4,126,733,154			85,137,954			38,796,331
Cash		—			6,549			1,962			677,606
Cash pledged:
Collateral — OTC derivatives		420,000			—			—			—
Futures contracts		—			—			—			701,000
Foreign currency, at value(d)		—			—			—			10,311,244
Receivables:
Investments sold		2,092,682			42,000,571			1,236,061			43,093
Securities lending income — affiliated		8,629			151,905			4,258			26,685
Capital shares sold		—			19,992			—			—
Dividends — unaffiliated		—			—			—			4,739,698
Dividends — affiliated		525			5,306			144			16,593
Tax reclaims		—			—			—			5,013,445
Variation margin on futures contracts		—			—			—			14,625
Unrealized appreciation on forward foreign currency exchange contracts		456,408			8,009,129			270,996			—
Total assets		165,235,503			4,176,926,606			86,651,375			4,571,758,989
LIABILITIES
Bank overdraft		331,910			—			—			—
Foreign bank overdraft(e)		—			88			—			—
Collateral on securities loaned, at value		—			1,031,608,175			—			34,768,270
Payables:
Investments purchased		—			—			—			7,493,911
Capital shares redeemed		—			17,455			10,997			—
Deferred foreign capital gain tax		—			—			—			1,791,034
Foreign taxes		—			—			—			1,169
Investment advisory fees		3,544			61,874			2,131			1,197,923
Professional fees		—			—			—			396,773
Unrealized depreciation on forward foreign currency exchange contracts		2,703,201			52,384,569			1,545,880			—
Total liabilities		3,038,655			1,084,072,161			1,559,008			45,649,080
NET ASSETS	$	162,196,848		$	3,092,854,445		$	85,092,367		$	4,526,109,909
NET ASSETS CONSIST OF
Paid-in capital	$	169,649,828		$	3,336,354,531		$	103,380,501		$	4,948,639,191
Accumulated loss		(7,452,980	)		(243,500,086	)		(18,288,134	)		(422,529,282	)
NET ASSETS	$	162,196,848		$	3,092,854,445		$	85,092,367		$	4,526,109,909
NET ASSET VALUE
Shares outstanding		5,910,000			106,350,000			3,080,000			91,400,000
Net asset value	$	27.44		$	29.08		$	27.63		$	49.52
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	—		$	—		$	—		$	4,378,439,436
(b) Securities loaned, at value	$	—		$	1,013,842,035		$	—		$	33,296,480
(c)  Investments, at cost — affiliated	$	153,471,690		$	3,929,915,409		$	85,076,568		$	38,770,372
(d) Foreign currency, at cost	$	—		$	—		$	—		$	10,196,932
(e) Foreign bank overdraft, at cost	$	—		$	86		$	—		$	—

See notes to financial statements.

84 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2023

	iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	48,671,993,214		$	11,571,921,913
Investments, at value — affiliated(c)		346,506,462			536,754,662
Cash		2,889			198
Foreign currency collateral pledged for futures contracts(d)		10,902,539			4,908,745
Foreign currency, at value(e)		62,160,244			20,385,528
Receivables:
Investments sold		7,424,154			16,792,934
Securities lending income — affiliated		123,799			1,348,175
Dividends — unaffiliated		32,902,213			15,242,591
Dividends — affiliated		205,404			11,667
Tax reclaims		87,954,676			11,888,746
Variation margin on futures contracts		495,778			270,617
Foreign withholding tax claims		33,774,223			—
Total assets		49,254,445,595			12,179,525,776
LIABILITIES
Cash received for futures contracts		—			170,237
Collateral on securities loaned, at value		276,930,684			532,867,309
Payables:
Investments purchased		58,555,021			—
Capital shares redeemed		1,804,204			—
Deferred foreign capital gain tax		—			71,710
Investment advisory fees		13,061,461			3,774,919
IRS compliance fee for foreign withholding tax claims		96,399,441			—
Professional fees		3,400,089			—
Total liabilities		450,150,900			536,884,175
NET ASSETS	$	48,804,294,695		$	11,642,641,601
NET ASSETS CONSIST OF
Paid-in capital	$	52,196,005,917		$	13,164,509,918
Accumulated loss		(3,391,711,222	)		(1,521,868,317	)
NET ASSETS	$	48,804,294,695		$	11,642,641,601
NET ASSET VALUE
Shares outstanding		682,800,000			190,600,000
Net asset value	$	71.48		$	61.08
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	43,977,792,503		$	12,554,714,236
(b) Securities loaned, at value	$	254,538,705		$	491,364,989
(c)  Investments, at cost — affiliated	$	346,316,625		$	536,464,356
(d) Foreign currency collateral pledged, at cost	$	11,423,161		$	4,902,897
(e) Foreign currency, at cost	$	60,981,587		$	20,348,064

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 85

Statements of Operations (unaudited)

Six Months Ended January 31, 2023

	iShares Currency Hedged MSCI ACWI ex U.S. ETF			iShares Currency Hedged MSCI EAFE ETF			iShares Currency Hedged MSCI EAFE Small-Cap ETF			iShares MSCI ACWI ex U.S. ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	—		$	—		$	49,392,053
Dividends — affiliated		1,078,744			11,925,855			5,185			84,268
Interest — unaffiliated		—			—			—			15,477
Securities lending income — affiliated — net		39,072			415,867			17,176			170,865
Other income — unaffiliated		—			—			—			463,763
Foreign taxes withheld		—			—			—			(4,473,678	)
Foreign withholding tax claims		—			—			—			3,420,572
Other foreign taxes		—			—			—			(51,807	)
Total investment income		1,117,816			12,341,722			22,361			49,021,513
EXPENSES
Commitment costs		—			20,067			—			25,739
Investment advisory		258,246			6,411,228			220,811			6,407,262
Professional		—			—			—			388,471
Interest expense		—			—			—			4,966
Total expenses		258,246			6,431,295			220,811			6,826,438
Less:
Investment advisory fees waived		(238,350	)		(5,930,308	)		(205,405	)		—
Total expenses after fees waived		19,896			500,987			15,406			6,826,438
Net investment income		1,097,920			11,840,735			6,955			42,195,075
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		—			—			—			(37,707,094	)
Investments — affiliated		(5,408,732	)		(133,762,180	)		(8,851,884	)		3,526
Capital gain distributions from underlying funds — affiliated		—			1			—			—
Forward foreign currency exchange contracts		(882,428	)		(11,735,853	)		(296,669	)		—
Foreign currency transactions		—			(4	)		(69	)		(226,779	)
Futures contracts		—			—			—			519,726
In-kind redemptions — unaffiliated(b)		—			—			—			17,789,975
In-kind redemptions — affiliated(b)		648,143			37,997,556			1,562,699			—
		(5,643,017	)		(107,500,480	)		(7,585,923	)		(19,620,646	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		—			—			—			293,250,200
Investments — affiliated		18,247,945			391,503,415			12,186,943			18,327
Forward foreign currency exchange contracts		(2,410,689	)		(49,806,762	)		(848,966	)		—
Foreign currency translations		—			—			—			472,655
Futures contracts		—			—			—			57,352
		15,837,256			341,696,653			11,337,977			293,798,534
Net realized and unrealized gain		10,194,239			234,196,173			3,752,054			274,177,888
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,292,159		$	246,036,908		$	3,759,009		$	316,372,963
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	(223,117	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	—		$	508,240

See notes to financial statements.

86 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2023

	iShares MSCI EAFE ETF			iShares MSCI EAFE Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	515,284,255		$	120,549,623
Dividends — affiliated		861,406			49,996
Interest — unaffiliated		133,306			—
Securities lending income — affiliated — net		869,659			7,752,817
Other income — unaffiliated		—			2,349
Foreign taxes withheld		(31,787,894	)		(8,150,955	)
Foreign withholding tax claims		1,007,860			8,279
IRS compliance fee for foreign withholding tax claims		6,181,206			—
Total investment income		492,549,798			120,212,109
EXPENSES
Investment advisory		72,830,308			20,635,272
Professional		100,786			1,068
Total expenses		72,931,094			20,636,340
Net investment income		419,618,704			99,575,769
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(168,442,608	)		(76,854,045	)
Investments — affiliated		19,640			93,769
Capital gain distributions from underlying funds — affiliated		48			1
Foreign currency transactions		3,792,154			2,571,011
Futures contracts		17,628,727			5,747,502
In-kind redemptions — unaffiliated(a)		825,383,801			18,530,810
		678,381,762			(49,910,952	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		3,068,857,292			536,562,249
Investments — affiliated		154,812			292,917
Foreign currency translations		3,812,490			553,046
Futures contracts		490,049			(593,199	)
		3,073,314,643			536,815,013
Net realized and unrealized gain		3,751,696,405			486,904,061
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,171,315,109		$	586,479,830
(a) See Note 2 of the Notes to Financial Statements.
(b) Net of reduction in deferred foreign capital gain tax of	$	—		$	98,689

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 87

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI ACWI ex U.S. ETF						iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,097,920		$	4,162,824		$	11,840,735		$	141,899,618
Net realized gain (loss)		(5,643,017	)		14,396,494			(107,500,480	)		454,929,359
Net change in unrealized appreciation (depreciation)		15,837,256			(26,017,415	)		341,696,653			(610,207,534	)
Net increase (decrease) in net assets resulting from operations		11,292,159			(7,458,097	)		246,036,908			(13,378,557	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(18,350,454	)		(4,165,494	)		(604,951,964	)(b)		(141,979,136	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		48,954,705			11,518,504			(211,869,853	)		980,377,582
NET ASSETS
Total increase (decrease) in net assets		41,896,410			(105,087	)		(570,784,909	)		825,019,889
Beginning of period		120,300,438			120,405,525			3,663,639,354			2,838,619,465
End of period	$	162,196,848		$	120,300,438		$	3,092,854,445		$	3,663,639,354

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

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

See notes to financial statements.

88 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF						iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,955		$	4,225,774		$	42,195,075		$	115,714,128
Net realized gain (loss)		(7,585,923	)		15,104,193			(19,620,646	)		16,508,288
Net change in unrealized appreciation (depreciation)		11,337,977			(27,641,181	)		293,798,534			(848,991,499	)
Net increase (decrease) in net assets resulting from operations		3,759,009			(8,311,214	)		316,372,963			(716,769,083	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(21,810,692	)(b)		(4,228,131	)		(33,188,848	)		(146,381,679	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,623,498	)		22,129,008			117,069,995			698,625,909
NET ASSETS
Total increase (decrease) in net assets		(22,675,181	)		9,589,663			400,254,110			(164,524,853	)
Beginning of period		107,767,548			98,177,885			4,125,855,799			4,290,380,652
End of period	$	85,092,367		$	107,767,548		$	4,526,109,909		$	4,125,855,799

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

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares MSCI EAFE ETF						iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	419,618,704		$	1,510,887,212		$	99,575,769		$	338,129,561
Net realized gain (loss)		678,381,762			(870,183,101	)		(49,910,952	)		272,598,809
Net change in unrealized appreciation (depreciation)		3,073,314,643			(8,433,836,435	)		536,815,013			(3,605,974,985	)
Net increase (decrease) in net assets resulting from operations		4,171,315,109			(7,793,132,324	)		586,479,830			(2,995,246,615	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(186,668,308	)		(2,172,623,282	)		—			(511,706,356	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,774,563,679	)		289,976,397			89,671,621			1,337,832,639
NET ASSETS
Total increase (decrease) in net assets		1,210,083,122			(9,675,779,209	)		676,151,451			(2,169,120,332	)
Beginning of period		47,594,211,573			57,269,990,782			10,966,490,150			13,135,610,482
End of period	$	48,804,294,695		$	47,594,211,573		$	11,642,641,601		$	10,966,490,150

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

See notes to financial statements.

90 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	29.49		$	32.11		$	25.83		$	26.66		$	26.88		$	25.28
Net investment income(a)			0.23			1.04			0.64			0.76			0.88			0.44
Net realized and unrealized gain (loss)(b)			1.54			(2.63	)		6.25			(0.82	)		(0.43	)		1.83
Net increase (decrease) from investment operations			1.77			(1.59	)		6.89			(0.06	)		0.45			2.27
Distributions(c)
From net investment income			(0.20	)		(1.03	)		(0.61	)		(0.77	)		(0.67	)		(0.67	)
From net realized gain			(3.62	)		—			—			—			—			—
Total distributions			(3.82	)		(1.03	)		(0.61	)		(0.77	)		(0.67	)		(0.67	)
Net asset value, end of period		$	27.44		$	29.49		$	32.11		$	25.83		$	26.66		$	26.88
Total Return(d)
Based on net asset value			6.59	%(e)		(5.03	)%		26.76	%		(0.36	)%		1.75	%		9.05	%
Ratios to Average Net Assets(f)
Total expenses			0.38	%(g)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Total expenses after fees waived			0.03	%(g)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			1.62	%(g)		3.33	%		2.12	%		2.90	%		3.37	%		1.66	%
Supplemental Data
Net assets, end of period (000)		$	162,197		$	120,300		$	120,406		$	71,027		$	70,650		$	43,008
Portfolio turnover rate(h)			6	%		5	%		10	%		9	%		7	%		10	%

^(a) Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 91

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	32.77		$	34.28		$	26.72		$	29.40		$	29.96		$	28.09
Net investment income(a)			0.11			1.47			0.75			0.70			0.86			0.83
Net realized and unrealized gain (loss)(b)			2.20			(1.59	)		7.55			(1.98	)		(0.20	)		1.93
Net increase (decrease) from investment operations			2.31			(0.12	)		8.30			(1.28	)		0.66			2.76
Distributions(c)
From net investment income			(0.11	)(d)		(1.39	)		(0.74	)		(0.73	)		(0.91	)		(0.89	)
From net realized gain			(5.89	)		—			—			(0.67	)		(0.31	)		—
Total distributions			(6.00	)		(1.39	)		(0.74	)		(1.40	)		(1.22	)		(0.89	)
Net asset value, end of period		$	29.08		$	32.77		$	34.28		$	26.72		$	29.40		$	29.96
Total Return(e)
Based on net asset value			7.82	%(f)		(0.29	)%		31.22	%		(4.74	)%		2.45	%		9.94	%
Ratios to Average Net Assets(g)
Total expenses			0.38	%(h)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Total expenses after fees waived			0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income			0.70	%(h)		4.32	%		2.42	%		2.47	%		3.01	%		2.82	%
Supplemental Data
Net assets, end of period (000)		$	3,092,854		$	3,663,639		$	2,838,619		$	2,260,359		$	2,891,083		$	3,458,983
Portfolio turnover rate(i)			8	%		7	%		12	%		8	%		7	%		12	%

^(a) Based on average shares outstanding.

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

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

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

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

^(f) Not annualized.

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

^(h) Annualized.

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

See notes to financial statements.

92 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$  32.76		$	36.63		$	26.78		$	28.62		$	31.37		$	28.48
Net investment income(a)		0.00			1.37			0.62			0.87			0.84			0.77
Net realized and unrealized gain (loss)(b)		1.21			(3.91	)		9.78			(1.51	)		(1.93	)		2.86
Net increase (decrease) from investment operations		1.21			(2.54	)		10.40			(0.64	)		(1.09	)		3.63
Distributions(c)
From net investment income		(0.00	)(d)(e)		(1.33	)		(0.55	)		(0.88	)		(0.80	)		(0.74	)
From net realized gain		(6.34	)		—			—			(0.32	)		(0.86	)		—
Total distributions		(6.34	)		(1.33	)		(0.55	)		(1.20	)		(1.66	)		(0.74	)
Net asset value, end of period		$  27.63		$	32.76		$	36.63		$	26.78		$	28.62		$	31.37
Total Return(f)
Based on net asset value		4.49	%(g)		(6.97	)%		38.96	%		(2.62	)%		(3.05	)%		12.81	%
Ratios to Average Net Assets(h)
Total expenses		0.43	%(i)		0.43	%		0.43	%		0.43	%		0.43	%		0.43	%
Total expenses after fees waived		0.03	%(i)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Net investment income		0.01	%(i)		3.92	%		1.85	%		3.16	%		2.94	%		2.50	%
Supplemental Data
Net assets, end of period (000)		$85,092		$	107,768		$	98,178		$	44,187		$	25,759		$	21,961
Portfolio turnover rate(j)		9	%		7	%		11	%		9	%		10	%		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) Rounds to less than $0.01.

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

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

^(g) Not annualized.

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

⁽ⁱ⁾ Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 93

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI ACWI ex U.S. ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$       46.36			$       56.45			$       45.11			$       46.26			$       48.60			$       47.08
Net investment income(a)		0.48	(b)		1.38	(b)		1.14			1.12			1.32			1.33
Net realized and unrealized gain (loss)(c)		3.06			(9.73	)		11.31			(0.97	)		(2.49	)		1.45
Net increase (decrease) from investment operations		3.54			(8.35	)		12.45			0.15			(1.17	)		2.78
Distributions from net investment income(d)		(0.38	)		(1.74	)		(1.11	)		(1.30	)		(1.17	)		(1.26	)
Net asset value, end of period		$       49.52			$       46.36			$       56.45			$       45.11			$       46.26			$       48.60
Total Return(e)
Based on net asset value		7.69	%(b)(f)		(15.04	)%(b)		27.66	%		0.29	%		(2.27	)%		5.92	%
Ratios to Average Net Assets(g)
Total expenses		0.33	%(h)(i)		0.32	%		0.32	%		0.32	%		0.32	%		0.31	%
Total expenses after fees waived		0.33	%(h)		0.32	%		0.31	%		0.30	%		0.30	%		0.31	%
Total expenses excluding professional fees for foreign withholding tax claims		0.32	%(h)		0.32	%		0.32	%		N/A			0.32	%		N/A
Net investment income		2.13	%(b)(h)		2.62	%(b)		2.14	%		2.50	%		2.91	%		2.69	%
Supplemental Data
Net assets, end of period (000)		$4,526,110			$4,125,856			$4,290,381			$2,995,541			$3,867,472			$3,158,687
Portfolio turnover rate(j)		2	%		8	%		10	%		17	%		15	%		6	%

^(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 six months ended January 31, 2023 and the year ended July 31, 2022:

• Net investment income per share by $0.03 and $0.01.

• Total return by 0.07% and 0.02%.

• Ratio of net investment income to average net assets by 0.15% and 0.02%.

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

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

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

^(f) Not annualized.

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

^(h) Annualized.

⁽ⁱ⁾ Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.34%.

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

See notes to financial statements.

94 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$         65.61			$         79.41			$         62.17			$         64.94			$         68.87			$         66.78
Net investment income(a)		0.60	(b)		2.09	(b)		1.90			1.48			1.95			1.93
Net realized and unrealized gain (loss)(c)		5.54			(12.88	)		17.14			(2.62	)		(3.87	)		2.26
Net increase (decrease) from investment operations		6.14			(10.79	)		19.04			(1.14	)		(1.92	)		4.19
Distributions from net investment income(d)		(0.27	)		(3.01	)		(1.80	)		(1.63	)		(2.01	)		(2.10	)
Net asset value, end of period		$         71.48			$         65.61			$         79.41			$         62.17			$         64.94			$         68.87
Total Return(e)
Based on net asset value		9.37	%(b)(f)		(13.84	)%(b)		30.73	%		(1.80	)%		(2.64	)%		6.32	%
Ratios to Average Net Assets(g)
Total expenses		0.32	%(h)(i)		0.33	%		0.37	%		0.32	%		0.32	%		0.31	%
Total expenses excluding professional fees for foreign withholding tax claims		0.32	%(h)		0.32	%		0.32	%		0.32	%		0.32	%		N/A
Net investment income		1.86	%(b)(h)		2.82	%(b)		2.60	%		2.34	%		3.03	%		2.77	%
Supplemental Data
Net assets, end of period (000)		$48,804,295			$47,594,212			$57,269,991			$46,405,254			$60,080,634			$72,770,477
Portfolio turnover rate(j)		1	%		5	%		5	%		4	%		4	%		4	%

^(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 six months ended January 31, 2023 and the year ended July 31, 2022:

• Net investment income per share by $0.00 and $0.07.

• Total return by 0.00% and 0.10%.

• Ratio of net investment income to average net assets by 0.00% and 0.09%.

^(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⁾ Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.32%.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 95

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Small-Cap ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$         58.15			$         75.41			$         55.23			$         57.03			$         63.44			$         59.60
Net investment income(a)		0.53	(b)		1.70	(b)		1.39			1.12			1.43			1.46
Net realized and unrealized gain (loss)(c)		2.40			(16.38	)		20.00			(1.12	)		(6.23	)		3.90
Net increase (decrease) from investment operations		2.93			(14.68	)		21.39			—			(4.80	)		5.36
Distributions from net investment income(d)		—			(2.58	)		(1.21	)		(1.80	)		(1.61	)		(1.52	)
Net asset value, end of period		$         61.08			$       58.15			$         75.41			$         55.23			$         57.03			$         63.44
Total Return(e)
Based on net asset value		5.05	%(b)(f)		(19.80	)%(b)		38.84	%		(0.16	)%		(7.41	)%(g)		9.01	%
Ratios to Average Net Assets(h)
Total expenses		0.39	%(i)(j)		0.39	%		0.39	%		0.40	%		0.40	%		0.39	%
Total expenses excluding professional fees for foreign withholding tax claims		0.39	%(i)		0.39	%		0.39	%		N/A			0.40	%		N/A
Net investment income		1.90	%(b)(i)		2.50	%(b)		2.03	%		2.01	%		2.47	%		2.28	%
Supplemental Data
Net assets, end of period (000)		$11,642,642			$10,966,490			$13,135,610			$8,527,860			$9,455,843			$11,178,397
Portfolio turnover rate(k)		4	%		15	%		17	%		20	%		10	%		8	%

^(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 six months ended January 31, 2023 and the year ended July 31, 2022:

• Net investment income per share by $0.00 and $0.03.

• Total return by 0.00% and 0.04%.

• Ratio of net investment income to average net assets by 0.00% and 0.04%.

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

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

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

^(f) Not annualized.

^(g) Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾ Annualized.

^(j) Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.40%.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Currency Hedged MSCI ACWI ex U.S.		Diversified
Currency Hedged MSCI EAFE		Diversified
Currency Hedged MSCI EAFE Small-Cap		Diversified
MSCI ACWI ex U.S.		Diversified
MSCI EAFE		Diversified
MSCI EAFE Small-Cap		Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and Schedules of Investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 97

Notes to Financial Statements (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the 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.

98 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Currency Hedged MSCI EAFE
BofA Securities, Inc.	$	507,153,555	$	(507,153,555	)	$	—		$	—
J.P. Morgan Securities LLC		504,427,500		(504,427,500	)		—			—
Toronto-Dominion Bank		2,260,980		(2,260,980	)		—			—
	$	1,013,842,035	$	(1,013,842,035	)	$	—		$	—
MSCI ACWI ex U.S.
Barclays Bank PLC	$	549,124	$	(537,357	)	$	—		$	11,767	(b)
Barclays Capital, Inc.		28,200		(28,154	)		—			46	(b)
BofA Securities, Inc.		6,665,703		(6,665,703	)		—			—
Citigroup Global Markets, Inc.		976,308		(976,308	)		—			—
Goldman Sachs & Co. LLC		3,298,732		(3,298,732	)		—			—
HSBC Bank PLC		3,068,044		(3,068,044	)		—			—
J.P. Morgan Securities LLC		2,459,675		(2,459,675	)		—			—
Macquarie Bank Ltd.		676,177		(676,177	)		—			—
Morgan Stanley		14,472,239		(14,472,239	)		—			—
SG Americas Securities LLC		3,522		(3,522	)		—			—
State Street Bank & Trust Co.		580,758		(580,758	)		—			—
UBS AG		517,998		(517,998	)		—			—
	$	33,296,480	$	(33,284,667	)	$	—		$	11,813

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 99

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI EAFE
Barclays Bank PLC	$	2,020,248	$	(2,020,248	)	$	—		$	—
BNP Paribas SA		559,104		(559,104	)		—			—
BofA Securities, Inc.		9,508,013		(9,508,013	)		—			—
Citigroup Global Markets, Inc.		4,527,701		(4,527,701	)		—			—
Goldman Sachs & Co. LLC		18,249,531		(18,249,531	)		—			—
HSBC Bank PLC		73,337,210		(73,337,210	)		—			—
J.P. Morgan Securities LLC		3,895,100		(3,895,100	)		—			—
Jefferies LLC		4,974		(4,974	)		—			—
Morgan Stanley		57,098,540		(57,098,540	)		—			—
RBC Capital Markets LLC		53,699,160		(53,699,160	)		—			—
State Street Bank & Trust Co.		10,884,953		(10,884,953	)		—			—
Toronto-Dominion Bank		1,909,202		(1,909,202	)		—			—
UBS AG		18,844,969		(18,844,969	)		—			—
	$	254,538,705	$	(254,538,705	)	$	—		$	—
MSCI EAFE Small-Cap
Barclays Bank PLC	$	19,926	$	(19,926	)	$	—		$	—
Barclays Capital, Inc.		13,317,258		(13,317,258	)		—			—
BNP Paribas SA		10,253,547		(10,253,547	)		—			—
BofA Securities, Inc.		68,896,795		(68,896,795	)		—			—
Citigroup Global Markets, Inc.		29,503,205		(29,503,205	)		—			—
Credit Suisse Securities (USA) LLC		9,134		(9,134	)		—			—
Deutsche Bank Securities, Inc.		2,027		(2,027	)		—			—
Goldman Sachs & Co. LLC		112,566,047		(112,566,047	)		—			—
HSBC Bank PLC		54,757,147		(54,757,147	)		—			—
J.P. Morgan Securities LLC		43,122,919		(43,122,919	)		—			—
Jefferies LLC		5,229,277		(5,229,277	)		—			—
Macquarie Bank Ltd.		5,556,999		(5,556,999	)		—			—
Morgan Stanley		104,826,423		(104,826,423	)		—			—
National Financial Services LLC		520,986		(520,986	)		—			—
Nomura Securities International, Inc.		2,135,947		(2,135,947	)		—			—
Scotia Capital (USA), Inc.		2,138,530		(2,138,530	)		—			—
SG Americas Securities LLC		345,061		(345,061	)		—			—
State Street Bank & Trust Co.		14,122,581		(14,122,581	)		—			—
UBS AG		22,964,995		(22,964,995	)		—			—
UBS Securities LLC		98,965		(98,965	)		—			—
Wells Fargo Securities LLC		977,220		(954,220	)		—			23,000	(b)
	$	491,364,989	$	(491,341,989	)	$	—		$	23,000

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

^(b) The market value of the loaned securities is determined as of January 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market

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Notes to Financial Statements (unaudited) (continued)

value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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. Afund’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).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Currency Hedged MSCI ACWI ex U.S.		0.38	%
Currency Hedged MSCI EAFE		0.38
Currency Hedged MSCI EAFE Small-Cap		0.43

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 101

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $12 billion		0.4000	%
Over $12 billion, up to and including $18 billion		0.3800
Over $18 billion, up to and including $24 billion		0.3610
Over $24 billion, up to and including $30 billion		0.3430
Over $30 billion		0.3259

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

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.

For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI ACWI ex U.S.	$	238,350
Currency Hedged MSCI EAFE		5,930,308
Currency Hedged MSCI EAFE Small-Cap		205,405

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.

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Notes to Financial Statements (unaudited) (continued)

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Currency Hedged MSCI ACWI ex U.S.	$	9,059
Currency Hedged MSCI EAFE		148,489
Currency Hedged MSCI EAFE Small-Cap		5,402
MSCI ACWI ex U.S.		42,864
MSCI EAFE		223,606
MSCI EAFE Small-Cap		1,721,942

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

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

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI ACWI ex U.S.	$	13,828,375	$	6,059,182	$	(7,657,125	)
MSCI EAFE		195,875,863		44,943,940		(64,959,550	)
MSCI EAFE Small-Cap		74,773,039		165,223,324		75,526,125

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI ACWI ex U.S.	$	8,188,867	$	28,990,761
Currency Hedged MSCI EAFE		262,660,148		910,387,731
Currency Hedged MSCI EAFE Small-Cap		9,074,703		31,675,735
MSCI ACWI ex U.S.		166,364,599		88,862,276
MSCI EAFE		852,902,212		503,061,726
MSCI EAFE Small-Cap		650,517,153		424,518,029

For the six months ended January 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI ACWI ex U.S.	$	54,134,891	$	4,952,100
Currency Hedged MSCI EAFE		471,895,048		695,461,262
Currency Hedged MSCI EAFE Small-Cap		19,337,788		24,457,803
MSCI ACWI ex U.S.		186,740,224		128,510,654
MSCI EAFE		—		2,846,506,707
MSCI EAFE Small-Cap		259,754,832		174,874,369

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.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 103

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Amounts
MSCI ACWI ex U.S.	$	484,653,672
MSCI EAFE		7,357,340,852
MSCI EAFE Small-Cap		369,112,567

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

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI ACWI ex U.S.	$	154,800,902	$	9,261,383	$	(4,051,819	)	$	5,209,564
Currency Hedged MSCI EAFE		3,978,343,207		205,044,149		(101,029,642	)		104,014,507
Currency Hedged MSCI EAFE Small-Cap		86,775,873		332,978		(3,245,781	)		(2,912,803	)
MSCI ACWI ex U.S.		4,476,325,766		630,269,349		(555,595,558	)		74,673,791
MSCI EAFE		45,786,305,203		12,390,295,950		(9,152,114,591	)		3,238,181,359
MSCI EAFE Small-Cap		13,219,784,906		1,200,111,916		(2,308,660,019	)		(1,108,548,103	)

9. LINE OF CREDIT

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

During the six months ended January 31, 2023, the iShares Currency Hedged MSCI EAFE ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended January 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI ACWI ex U.S.	$	5,200,000	$	197,826		4.91	%

10. PRINCIPAL RISKS

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

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

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

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

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Notes to Financial Statements (unaudited) (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 BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in 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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 105

Notes to Financial Statements (unaudited) (continued)

illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI ACWI ex U.S.
Shares sold		1,990,000		$	53,741,994			960,000		$	30,429,750
Shares redeemed		(160,000	)		(4,787,289	)		(630,000	)		(18,911,246	)
		1,830,000		$	48,954,705			330,000		$	11,518,504
Currency Hedged MSCI EAFE
Shares sold		15,650,000		$	469,092,967			45,450,000		$	1,527,051,805
Shares redeemed		(21,100,000	)		(680,962,820	)		(16,450,000	)		(546,674,223	)
		(5,450,000	)	$	(211,869,853	)		29,000,000		$	980,377,582
Currency Hedged MSCI EAFE Small-Cap
Shares sold		650,000		$	19,247,752			750,000		$	26,965,344
Shares redeemed		(860,000	)		(23,871,250	)		(140,000	)		(4,836,336	)
		(210,000	)	$	(4,623,498	)		610,000		$	22,129,008
MSCI ACWI ex U.S.
Shares sold		6,000,000		$	274,166,189			21,200,000		$	1,143,730,242
Shares redeemed		(3,600,000	)		(157,096,194	)		(8,200,000	)		(445,104,333	)
		2,400,000		$	117,069,995			13,000,000		$	698,625,909
MSCI EAFE
Shares sold		1,200,000		$	81,358,666			9,000,000		$	641,126,982
Shares redeemed		(43,800,000	)		(2,855,922,345	)		(4,800,000	)		(351,150,585	)
		(42,600,000	)	$	(2,774,563,679	)		4,200,000		$	289,976,397
MSCI EAFE Small-Cap
Shares sold		5,200,000		$	266,166,125			36,800,000		$	2,756,004,483
Shares redeemed		(3,200,000	)		(176,494,504	)		(22,400,000	)		(1,418,171,844	)
		2,000,000		$	89,671,621			14,400,000		$	1,337,832,639

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

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2023, is $30,374,134 or $0.04 per share.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE Small-Cap ETFs is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

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Notes to Financial Statements (unaudited) (continued)

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

13. SUBSEQUENT EVENTS

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 107

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI ACWI ex U.S. ETF, iShares Currency Hedged MSCI EAFE ETF, iShares Currency Hedged MSCI EAFE Small-Cap ETF, iShares MSCI ACWI ex U.S. ETF, iShares MSCI EAFE ETF and iShares MSCI EAFE Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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

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Supplemental Information (unaudited)

Section 19(a) Notices

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

January 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI ACWI ex U.S.	$	0.195492	$	3.622465	$	—	$	3.817957		5	%		95	%		—	%		100	%
Currency Hedged MSCI EAFE(a)		0.112709		5.890440		0.000605		6.003754		2			98			0	(b)		100
Currency Hedged MSCI EAFE Small-Cap(a)		0.000477		6.338050		0.001999		6.340526		0	(b)		100			0	(b)		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%.

S U P P L E M E N T A L   I N F O R M A T I O N 109

General Information

Electronic Delivery

Shareholders can sign up for 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 Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviation (continued)
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 111

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

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

iS-SAR-703-0123

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares MSCI EAFE Growth ETF | EFG | Cboe BZX

· iShares MSCI EAFE Value ETF | EFV | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

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

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P  A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		21
Statements of Operations		22
Statements of Changes in Net Assets		23
Financial Highlights		24
Notes to Financial Statements		26
Statement Regarding Liquidity Risk Management Program		34
General Information		35
Glossary of Terms Used in this Report		36

3

Fund Summary as of January 31, 2023 iShares^® MSCI EAFE Growth ETF

Investment Objective

The iShares MSCI EAFE Growth ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit growth characteristics, as represented by the MSCI EAFE Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.73	%		(7.27	)%		3.13	%		5.76	%		(7.27	)%		16.66	%		75.10%
Fund Market		5.45			(7.09	)		3.18			5.79			(7.09	)		16.97			75.49
Index		5.83			(6.60	)		3.23			5.97			(6.60	)		17.23			78.50

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized   Expense   Ratio
$       1,000.00	$        1,057.30	$        1.92		$       1,000.00	$        1,023.30	$        1.89		0.37%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials	18.0%
Health Care	17.7
Consumer Discretionary	15.3
Consumer Staples	14.6
Information Technology	13.8
Financials	8.9
Materials	5.1
Communication Services	4.4
Real Estate	1.0
Other (each representing less than 1%)	1.2

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan	21.3%
France	14.4
Switzerland	14.2
United Kingdom	10.6
Australia	7.9
Netherlands	6.9
Germany	6.0
Denmark	5.0
Hong Kong	3.2
Sweden	3.2

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Fund Summary as of January 31, 2023 iShares^® MSCI EAFE Value ETF

Investment Objective

The iShares MSCI EAFE Value ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit value characteristics, as represented by the MSCI EAFE Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		13.11	%		0.35	%		0.65	%		3.59	%		0.35	%		3.29	%		42.28%
Fund Market		13.27			0.49			0.67			3.57			0.49			3.41			42.01
Index		13.36			0.66			0.61			3.68			0.66			3.08			43.57

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized    Expense    Ratio
$        1,000.00	$        1,131.10	$        1.83		$        1,000.00	$        1,023.50	$        1.73		0.34%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	28.7%
Industrials	12.4
Materials	10.9
Energy	8.8
Consumer Discretionary	8.2
Health Care	8.1
Consumer Staples	5.8
Utilities	5.8
Communication Services	4.5
Real Estate	4.1
Information Technology	2.7

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan	21.8%
United Kingdom	19.6
Germany	10.6
France	9.6
Australia	8.4
Switzerland	6.5
Spain	3.6
Sweden	3.4
Italy	3.3
Hong Kong	2.6

F U N D   S U M M A R Y 5

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

6 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.9%
Ampol Ltd.		355,730	$	7,714,314
APA Group		1,748,924		13,088,789
Aristocrat Leisure Ltd.		886,860		21,411,660
ASX Ltd.		284,765		13,935,010
Aurizon Holdings Ltd.		2,731,555		7,139,626
Brambles Ltd.		2,052,952		17,457,381
Cochlear Ltd.		97,489		14,728,309
Coles Group Ltd.		1,979,664		24,899,470
Commonwealth Bank of Australia		1,258,240		98,220,808
Computershare Ltd.		805,350		13,563,585
CSL Ltd.		712,450		150,434,113
Dexus		1,595,299		9,249,637
Endeavour Group Ltd./Australia		2,093,893		9,831,999
Goodman Group		2,506,871		35,756,940
IDP Education Ltd.(a)		311,428		6,930,345
IGO Ltd.		1,010,683		10,506,323
Insurance Australia Group Ltd.		3,654,397		12,690,887
James Hardie Industries PLC		660,531		14,821,341
Lottery Corp. Ltd. (The)(b)		3,299,997		11,005,995
Medibank Pvt Ltd.		4,085,688		8,511,645
Mineral Resources Ltd.		252,612		15,992,885
National Australia Bank Ltd.		4,684,175		105,694,330
Northern Star Resources Ltd.		1,726,791		15,386,606
Orica Ltd.		667,668		7,006,210
Pilbara Minerals Ltd.(b)		3,761,912		12,797,716
Qantas Airways Ltd.(b)		893,217		4,031,828
QBE Insurance Group Ltd.		2,197,581		21,441,611
Ramsay Health Care Ltd.		176,560		8,343,114
REA Group Ltd.		78,724		7,059,315
Reece Ltd.(a)		334,001		3,838,973
SEEK Ltd.		500,168		8,662,382
Sonic Healthcare Ltd.		439,291		9,839,044
Telstra Corp. Ltd.		2,999,771		8,669,886
Transurban Group		2,275,139		22,305,775
Treasury Wine Estates Ltd.		1,070,368		11,025,623
Wesfarmers Ltd.		1,676,190		59,096,922
WiseTech Global Ltd.		217,919		9,448,868
Woolworths Group Ltd.		1,797,789		45,946,889
Xero Ltd.(b)		200,248		11,036,960
				889,523,114
Austria — 0.1%
Verbund AG		101,004		8,599,796
Belgium — 0.8%
Anheuser-Busch InBev SA/NV		643,209		38,825,211
Argenx SE(b)		53,020		20,194,599
D’ieteren Group		37,047		7,080,251
Elia Group SA/NV		49,098		6,894,257
Sofina SA		14,884		3,536,024
UCB SA		93,819		7,702,972
Umicore SA		108,878		4,116,076
				88,349,390
Denmark — 5.0%
AP Moller - Maersk A/S, Class A		2,354		5,016,255
Carlsberg A/S, Class B		143,384		20,355,024
Chr Hansen Holding A/S		156,380		11,546,304
Coloplast A/S, Class B		175,141		21,145,550
Demant A/S(b)		138,127		3,909,920

Security	Shares		Value
Denmark (continued)
DSV A/S		277,234	$	45,862,829
Genmab A/S(b)		97,458		38,193,445
Novo Nordisk A/S, Class B		2,448,232		338,810,256
Novozymes A/S, Class B		303,096		15,772,068
Orsted A/S(c)		98,193		8,744,281
Tryg A/S		533,769		12,248,982
Vestas Wind Systems A/S		1,495,537		43,761,797
				565,366,711
Finland — 0.4%
Elisa OYJ		73,335		4,178,124
Kone OYJ, Class B		176,397		9,620,001
Neste OYJ		626,625		29,954,102
Orion OYJ, Class B		79,236		4,245,039
				47,997,266
France — 14.3%
Accor SA(b)		166,794		5,413,794
Aeroports de Paris(b)		44,069		6,836,755
Air Liquide SA		773,987		123,238,980
Airbus SE		874,273		109,603,967
BioMerieux		61,735		6,293,629
Bureau Veritas SA		435,828		12,460,961
Capgemini SE		242,542		46,030,972
Carrefour SA		440,455		8,377,880
Dassault Aviation SA		24,182		4,129,397
Dassault Systemes SE		984,287		36,606,513
Edenred		367,783		20,032,944
Eiffage SA		62,186		6,642,121
Electricite de France SA		562,282		7,385,605
EssilorLuxottica SA		215,127		39,471,359
Eurofins Scientific SE		99,886		7,164,800
Getlink SE		333,618		5,642,737
Hermes International		46,819		87,622,185
Ipsen SA		36,411		3,824,429
Kering SA		110,687		69,063,895
La Francaise des Jeux SAEM(c)		157,233		6,727,685
Legrand SA		395,184		35,236,211
L’Oreal SA		357,308		147,536,619
LVMH Moet Hennessy Louis Vuitton SE		409,346		357,349,077
Pernod Ricard SA		305,607		63,269,808
Remy Cointreau SA		34,437		6,484,113
Safran SA		505,240		72,651,243
Sartorius Stedim Biotech		40,988		14,297,771
Schneider Electric SE		802,420		130,164,998
Sodexo SA		131,155		13,001,764
Teleperformance		87,578		24,345,528
Thales SA		158,082		20,907,818
Ubisoft Entertainment SA(b)		91,277		1,890,031
Valeo		306,058		6,688,823
Vinci SA		795,301		89,860,697
Wendel SE		39,775		4,211,697
Worldline SA/France(b)(c)		354,508		16,082,569
				1,616,549,375
Germany — 5.7%
adidas AG		256,049		41,228,037
Bechtle AG		121,690		5,128,108
Beiersdorf AG		149,351		18,157,737
Brenntag SE		228,954		17,090,961
Carl Zeiss Meditec AG, Bearer		59,699		8,615,653
Delivery Hero SE(b)(c)		252,044		15,237,791

S C H E D U L E   O F   I N V E S  T M E N T S 7

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Boerse AG		280,765	$	50,240,730
Deutsche Telekom AG, Registered		4,793,820		106,800,556
GEA Group AG		146,049		6,589,717
Hannover Rueck SE		44,709		9,078,988
HelloFresh SE(b)		246,023		5,981,133
Infineon Technologies AG		1,933,776		69,636,156
Merck KGaA		191,406		39,951,827
MTU Aero Engines AG		79,177		19,787,326
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		134,526		48,591,778
Nemetschek SE		84,777		4,532,546
Puma SE		156,536		10,689,589
Rational AG		7,657		5,036,647
Rheinmetall AG		64,553		15,083,295
RWE AG		333,242		14,835,558
SAP SE		541,205		64,154,420
Scout24 SE(c)		119,351		6,948,379
Siemens Healthineers AG(c)		417,785		22,405,253
Symrise AG		196,712		20,912,385
Zalando SE(b)(c)		331,926		15,479,373
				642,193,943
Hong Kong — 3.2%
AIA Group Ltd.		17,651,400		199,595,757
Budweiser Brewing Co. APAC Ltd.(a)(c)		2,553,000		8,055,527
ESR Group Ltd.(c)		2,968,200		5,942,593
Futu Holdings Ltd., ADR(a)(b)		89,059		4,520,635
Galaxy Entertainment Group Ltd.		3,220,000		22,415,378
Hong Kong Exchanges & Clearing Ltd.		1,781,400		80,123,056
Sands China Ltd.(b)		2,334,800		8,755,699
Techtronic Industries Co. Ltd.(a)		2,026,500		26,125,197
WH Group Ltd.(c)		6,200,000		3,818,359
				359,352,201
Ireland — 0.7%
Flutter Entertainment PLC, Class DI(b)		247,389		38,427,671
Kerry Group PLC, Class A		235,913		22,105,068
Kingspan Group PLC		228,874		14,720,269
				75,253,008
Israel — 0.7%
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		3,083,730		5,110,396
Check Point Software Technologies Ltd.(b)		148,486		18,887,419
CyberArk Software Ltd.(b)		30,271		4,264,579
Elbit Systems Ltd.		39,479		6,627,895
ICL Group Ltd.		1,050,280		8,338,840
Mizrahi Tefahot Bank Ltd.		80,349		2,653,981
Nice Ltd.(b)		94,140		19,468,931
Tower Semiconductor Ltd.(b)		162,154		6,821,031
Wix.com Ltd.(b)		84,969		7,390,604
				79,563,676
Italy — 1.2%
Amplifon SpA		186,330		5,145,177
DiaSorin SpA		37,709		4,908,949
Ferrari NV		186,677		46,647,627
FinecoBank Banca Fineco SpA		904,111		16,230,463
Infrastrutture Wireless Italiane SpA(c)		504,429		5,527,925
Moncler SpA		304,147		19,035,845
Nexi SpA(b)(c)		875,751		7,713,035
Prysmian SpA		377,543		15,417,977
Recordati Industria Chimica e Farmaceutica SpA		155,737		6,822,602
Telecom Italia SpA/Milano(a)(b)		5,223,025		1,503,750

Security	Shares		Value
Italy (continued)
Tenaris SA		455,375	$	8,069,585
				137,022,935
Japan — 21.2%
Advantest Corp.		280,400		20,099,347
Aeon Co. Ltd.		962,300		19,728,761
Ajinomoto Co. Inc.		677,400		22,332,924
ANA Holdings Inc.(b)		117,400		2,598,385
Asahi Intecc Co. Ltd.		321,800		5,645,717
Astellas Pharma Inc.		947,400		13,945,852
Azbil Corp.		171,300		4,830,396
Bandai Namco Holdings Inc.		296,500		19,828,065
Capcom Co. Ltd.		257,200		8,334,259
Chugai Pharmaceutical Co. Ltd.		989,800		25,660,645
CyberAgent Inc.		637,300		5,959,998
Daifuku Co. Ltd.		150,400		8,281,580
Daiichi Sankyo Co. Ltd.		2,590,600		81,362,797
Daikin Industries Ltd.		368,900		64,075,929
Denso Corp.		641,900		34,666,257
Disco Corp.		42,000		12,618,169
East Japan Railway Co.		156,500		8,726,159
Eisai Co. Ltd.		186,400		11,532,558
FANUC Corp.		184,400		32,581,554
Fast Retailing Co. Ltd.		86,500		52,536,582
Fuji Electric Co. Ltd.		66,400		2,687,738
Fujitsu Ltd.		289,500		41,218,813
GLP J-REIT		3,219		3,642,494
GMO Payment Gateway Inc.		62,400		5,773,992
Hamamatsu Photonics KK		206,000		11,006,636
Hankyu Hanshin Holdings Inc.		118,800		3,531,025
Hikari Tsushin Inc.		30,100		4,296,422
Hirose Electric Co. Ltd.		43,300		5,636,979
Hoshizaki Corp.		81,400		2,926,026
Hoya Corp.		533,300		58,648,023
Ibiden Co. Ltd.		166,300		6,490,504
Ito En Ltd.		39,000		1,391,510
ITOCHU Corp.		879,800		28,436,735
Itochu Techno-Solutions Corp.		142,200		3,520,517
Japan Airlines Co. Ltd.(b)		105,900		2,245,881
Japan Exchange Group Inc.		743,100		11,372,823
JSR Corp.		263,200		5,922,042
Kakaku.com Inc.		200,000		3,334,417
Kao Corp.		350,800		14,179,980
Keio Corp.		75,211		2,760,581
Keisei Electric Railway Co. Ltd.		124,300		3,625,703
Keyence Corp.		287,048		132,147,931
Kikkoman Corp.		215,300		11,387,668
Kintetsu Group Holdings Co. Ltd.		88,200		2,872,231
Kirin Holdings Co. Ltd.		1,210,400		18,651,929
Kobayashi Pharmaceutical Co. Ltd.		80,000		5,743,368
Kobe Bussan Co. Ltd.		222,300		6,418,189
Koei Tecmo Holdings Co. Ltd.		173,300		3,151,661
Koito Manufacturing Co. Ltd.		310,700		5,240,942
Konami Group Corp.		137,300		6,751,518
Kose Corp.		50,100		5,527,677
Kubota Corp.		528,300		7,939,445
Kurita Water Industries Ltd.		154,800		6,999,784
Kyowa Kirin Co. Ltd.		399,800		8,915,918
Lasertec Corp.		112,100		21,223,097
M3 Inc.		652,900		17,852,184
Makita Corp.		115,600		3,079,217

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
McDonald’s Holdings Co. Japan Ltd.		128,200	$	5,064,846
MINEBEA MITSUMI Inc.		538,300		9,384,019
MISUMI Group Inc.		421,800		10,615,636
Mitsui Fudosan Co. Ltd.		1,342,400		25,161,465
MonotaRO Co. Ltd.		371,000		5,620,039
Murata Manufacturing Co. Ltd.		849,300		48,529,413
NEC Corp.		340,700		12,308,675
Nexon Co. Ltd.		704,200		16,980,054
Nidec Corp.		659,400		36,543,185
Nihon M&A Center Holdings Inc.		451,300		4,613,822
Nintendo Co. Ltd.		1,631,700		70,746,869
Nippon Paint Holdings Co. Ltd.		1,228,500		11,215,559
Nippon Prologis REIT Inc.		1,106		2,509,670
Nippon Sanso Holdings Corp.		257,700		4,203,310
Nippon Shinyaku Co. Ltd.		71,300		3,669,535
Nippon Telegraph & Telephone Corp.		1,764,900		52,921,441
Nissan Chemical Corp.		188,200		8,884,854
Nissin Foods Holdings Co. Ltd.		92,600		7,239,249
Nitori Holdings Co. Ltd.		79,000		10,456,100
Nitto Denko Corp.		210,900		13,632,031
Nomura Research Institute Ltd.		587,370		14,101,328
NTT Data Corp.		934,600		14,496,930
Obic Co. Ltd.		102,500		16,433,482
Odakyu Electric Railway Co. Ltd.		217,900		2,864,811
Olympus Corp.		1,799,300		33,826,139
Omron Corp.		178,900		10,351,257
Ono Pharmaceutical Co. Ltd.		534,600		11,600,116
Open House Group Co. Ltd.		119,900		4,535,849
Oracle Corp. Japan		57,000		3,904,889
Oriental Land Co. Ltd./Japan		191,900		31,974,349
Otsuka Corp.		110,500		3,635,399
Otsuka Holdings Co. Ltd.		578,500		18,558,516
Pan Pacific International Holdings Corp.		562,900		10,409,779
Persol Holdings Co. Ltd.		263,700		5,781,757
Rakuten Group Inc.(b)		640,800		3,267,083
Recruit Holdings Co. Ltd.		2,130,300		68,511,003
Renesas Electronics Corp.(b)		1,725,500		17,748,666
Rohm Co. Ltd.		127,800		10,240,804
SCSK Corp.		232,400		3,785,195
Secom Co. Ltd.		157,700		9,395,098
Sekisui Chemical Co. Ltd.		549,300		7,694,751
Seven & i Holdings Co. Ltd.		1,115,100		52,647,102
SG Holdings Co. Ltd.		427,800		6,601,517
Shimadzu Corp.		349,900		10,752,798
Shimano Inc.		108,900		19,420,724
Shin-Etsu Chemical Co. Ltd.		554,300		81,716,576
Shionogi & Co. Ltd.		254,300		12,118,536
Shiseido Co. Ltd.		591,700		30,754,196
SMC Corp.		85,200		43,273,979
Sony Group Corp.		1,865,800		166,712,093
Square Enix Holdings Co. Ltd.		126,700		5,991,802
Subaru Corp.		318,200		5,228,546
Suntory Beverage & Food Ltd.		133,200		4,497,863
Sysmex Corp.		248,200		16,476,771
TDK Corp.		576,100		20,581,898
Terumo Corp.		955,700		27,820,764
TIS Inc.		330,300		9,524,317
Tobu Railway Co. Ltd.		140,600		3,298,912
Toho Co. Ltd./Tokyo		105,800		3,907,558
Tokio Marine Holdings Inc.		2,712,600		56,814,602

Security	Shares		Value
Japan (continued)
Tokyo Electron Ltd.		220,500	$	77,070,075
Tokyu Corp.		393,300		5,057,595
Toshiba Corp.		577,600		19,838,625
TOTO Ltd.		103,900		4,037,855
Trend Micro Inc./Japan(b)		98,600		4,882,082
Unicharm Corp.		593,900		22,654,691
USS Co. Ltd.		198,700		3,268,250
Welcia Holdings Co. Ltd.		140,200		3,133,563
West Japan Railway Co.		114,400		4,790,900
Yakult Honsha Co. Ltd.		189,600		13,535,146
Yamaha Corp.		208,400		8,103,440
Yamato Holdings Co. Ltd.		424,800		7,432,699
Yaskawa Electric Corp.		235,000		9,185,936
Yokogawa Electric Corp.		221,300		3,885,935
Z Holdings Corp.		3,959,400		11,520,739
ZOZO Inc.		186,400		4,832,086
				2,386,684,678
Netherlands — 6.8%
Adyen NV(b)(c)		32,093		48,521,631
Akzo Nobel NV		269,118		20,045,245
ASM International NV		69,385		23,466,419
ASML Holding NV		601,133		397,738,231
Davide Campari-Milano NV		775,405		8,317,831
Heineken Holding NV		149,449		12,339,390
Heineken NV		383,898		38,366,343
IMCD NV		84,462		13,389,913
JDE Peet’s NV		97,278		2,915,707
Koninklijke DSM NV		168,143		21,623,524
Prosus NV		1,226,508		99,034,669
QIAGEN NV(b)		336,018		16,391,998
Universal Music Group NV		1,074,433		27,465,049
Wolters Kluwer NV		388,788		42,386,842
				772,002,792
New Zealand — 0.2%
Auckland International Airport Ltd.(b)		1,206,866		6,642,030
Fisher & Paykel Healthcare Corp. Ltd.		855,771		14,044,218
Meridian Energy Ltd.		959,073		3,314,753
				24,001,001
Norway — 0 2%
Adevinta ASA(b)		431,002		3,694,909
Gjensidige Forsikring ASA		104,544		1,879,016
Kongsberg Gruppen ASA		131,440		5,232,849
Mowi ASA		613,429		11,343,322
Salmar ASA		72,536		3,372,899
				25,522,995
Portugal — 0.1%
Jeronimo Martins SGPS SA		419,980		9,118,071
Singapore — 1.5%
Capitaland Investment Ltd/Singapore		3,856,900		11,684,904
DBS Group Holdings Ltd.		2,681,400		73,406,733
Genting Singapore Ltd.		4,495,800		3,404,934
Grab Holdings Ltd., Class A(a)(b)		1,924,060		7,292,187
Sea Ltd., ADR(a)(b)		535,216		34,494,671
Singapore Airlines Ltd.		1,986,700		8,983,589
Singapore Exchange Ltd.		745,200		5,248,829
Singapore Technologies Engineering Ltd.		2,326,300		6,540,489
Singapore Telecommunications Ltd.		8,002,800		15,326,653

S C H E D U L E   O F   I N V E S  T M E N T S 9

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
UOL Group Ltd.		243,000	$	1,296,543
				167,679,532
Spain — 1.4%
Acciona SA		36,687		7,157,635
Aena SME SA(b)(c)		72,235		10,853,234
Amadeus IT Group SA(b)		667,188		42,035,481
Cellnex Telecom SA(c)		805,019		31,547,072
Corp. ACCIONA Energias Renovables SA		97,924		4,004,514
EDP Renovaveis SA		213,878		4,652,078
Grifols SA(b)		442,927		5,863,489
Industria de Diseno Textil SA		1,615,500		50,437,215
				156,550,718
Sweden — 3.2%
Alfa Laval AB		428,342		13,460,916
Assa Abloy AB, Class B		1,479,807		34,858,704
Atlas Copco AB, Class A		2,583,995		30,661,843
Atlas Copco AB, Class B		2,312,125		24,387,382
Embracer Group AB(a)(b)		965,266		4,499,228
Epiroc AB, Class A		976,410		18,997,770
Epiroc AB, Class B		578,312		9,641,893
EQT AB		442,111		9,976,131
Essity AB, Class B		902,181		23,568,699
Evolution AB(c)		270,839		30,439,881
Fastighets AB Balder, Class B(b)		330,011		1,700,296
Getinge AB, Class B		339,519		7,648,540
Hexagon AB, Class B		2,882,919		33,048,346
Industrivarden AB, Class A		68,193		1,806,456
Industrivarden AB, Class C		228,630		6,023,180
Indutrade AB		405,260		8,999,698
Investment AB Latour, Class B		217,530		4,589,646
Investor AB, Class B		943,891		18,341,665
Kinnevik AB, Class B(b)		363,132		5,612,984
L E Lundbergforetagen AB, Class B		39,643		1,835,758
Lifco AB, Class B		347,805		6,389,295
Nibe Industrier AB, Class B		2,245,131		24,256,992
Sagax AB, Class B		283,560		7,053,554
Sandvik AB		1,026,055		21,206,131
Svenska Cellulosa AB SCA, Class B		323,133		4,487,133
Swedish Orphan Biovitrum AB(b)		253,202		5,646,547
				359,138,668
Switzerland — 14.2%
ABB Ltd., Registered		2,327,440		81,031,340
Alcon Inc.		739,995		55,838,914
Bachem Holding AG, Class A		49,818		4,405,597
Barry Callebaut AG, Registered		5,279		11,029,586
BKW AG		30,555		4,393,878
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,538		16,891,421
Chocoladefabriken Lindt & Spruengli AG, Registered		169		19,022,528
Cie. Financiere Richemont SA, Class A, Registered		772,893		119,147,025
Clariant AG, Registered		206,730		3,545,093
Coca-Cola HBC AG, Class DI		104,423		2,537,622
Credit Suisse Group AG, Registered		2,666,400		9,185,432
EMS-Chemie Holding AG, Registered		10,402		7,754,485
Geberit AG, Registered		53,137		30,234,014
Givaudan SA, Registered		13,662		44,295,345
Kuehne + Nagel International AG, Registered		80,059		19,090,594
Logitech International SA, Registered		256,499		15,009,491
Lonza Group AG, Registered		110,062		62,783,915

Security	Shares		Value
Switzerland (continued)
Nestle SA, Registered		4,070,888	$	496,685,158
Partners Group Holding AG		21,825		20,478,320
Roche Holding AG, Bearer		39,521		14,466,299
Roche Holding AG, NVS		1,039,806		324,596,625
Schindler Holding AG, Participation Certificates, NVS		29,831		6,358,099
Schindler Holding AG, Registered		34,835		7,046,734
SGS SA, Registered		4,668		11,383,544
SIG Group AG		453,421		11,238,475
Sika AG, Registered		215,861		61,336,224
Sonova Holding AG, Registered		79,150		19,793,171
STMicroelectronics NV		1,012,192		47,662,410
Straumann Holding AG		164,434		21,530,493
Swiss Re AG		290,406		30,408,674
Temenos AG, Registered		94,719		6,761,101
VAT Group AG(c)		40,014		12,456,507
				1,598,398,114
United Kingdom — 10.5%
Ashtead Group PLC		652,375		42,971,141
Associated British Foods PLC		527,401		12,106,598
AstraZeneca PLC		2,291,446		300,207,967
Auto Trader Group PLC(c)		1,394,134		10,816,364
BAE Systems PLC		1,621,990		17,170,449
Bunzl PLC		324,585		11,915,904
Burberry Group PLC		580,170		17,672,505
CNH Industrial NV		1,508,960		26,695,543
Compass Group PLC		2,601,630		62,147,745
Croda International PLC		134,268		11,444,566
Diageo PLC		3,367,317		147,239,541
Entain PLC		871,650		16,073,821
Experian PLC		1,362,873		49,839,547
Halma PLC		562,042		14,963,820
Informa PLC		2,146,752		17,755,243
InterContinental Hotels Group PLC		272,414		18,911,948
Intertek Group PLC		238,936		12,842,100
JD Sports Fashion PLC		3,820,708		7,701,092
London Stock Exchange Group PLC		487,220		44,602,494
Melrose Industries PLC		5,997,763		10,575,059
NMC Health PLC, NVS(d)		50,450		1
Ocado Group PLC(b)		298,961		2,392,402
Reckitt Benckiser Group PLC		1,057,920		75,388,331
RELX PLC		2,838,042		84,315,112
Rentokil Initial PLC		3,697,605		22,420,160
Rolls-Royce Holdings PLC(b)		12,387,644		16,207,166
Sage Group PLC (The)		1,508,255		14,490,815
Segro PLC		1,163,495		11,976,540
Severn Trent PLC		130,202		4,531,145
Smiths Group PLC		187,763		4,008,178
Spirax-Sarco Engineering PLC		108,981		15,567,057
Standard Chartered PLC		1,295,487		10,881,590
Unilever PLC		1,318,860		67,128,728
Whitbread PLC		104,608		3,939,769
				1,186,900,441
Total Common Stocks — 99.3% (Cost: $10,433,338,034)				11,195,768,425
Preferred Stocks
Germany — 0.3%
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		168,717		20,060,236

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		36,064	$	16,171,533
				36,231,769
Total Preferred Stocks — 0.3% (Cost: $26,178,890)				36,231,769
Total Long-Term Investments — 99.6% (Cost: $10,459,516,924)				11,232,000,194
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		57,669,528		57,704,129
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		3,430,000		3,430,000
Total Short-Term Securities — 0.5% (Cost: $61,088,429)				61,134,129
Total Investments — 100.1% (Cost: $10,520,605,353)				11,293,134,323
Liabilities in Excess of Other Assets — (0.1)%				(12,762,520	)
Net Assets — 100.0%			$	11,280,371,803

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

^(b) Non-income producing security.

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

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

^(e) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	30,380,895	$	27,257,928	(a)	$	—	$	24,602	$	40,704	$	57,704,129		57,669,528	$	224,769	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,190,000		1,240,000	(a)		—		—		—		3,430,000		3,430,000		51,440			2
								$	24,602	$	40,704	$	61,134,129			$	276,209		$	2

^(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		110		03/09/23	$	16,782	$	469,067
Euro STOXX 50 Index		489		03/17/23		22,277		1,219,896
FTSE 100 Index		82		03/17/23		7,865		258,752
							$	1,947,715

S C H E D U L E   O F   I N V E S  T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,947,715	$	—	$	—	$	—	$	1,947,715

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,621,209	$	—	$	—	$	—	$	2,621,209
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,145,675	$	—	$	—	$	—	$	1,145,675

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$43,877,838

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	889,523,114	$	—	$	889,523,114
Austria		—		8,599,796		—		8,599,796
Belgium		—		88,349,390		—		88,349,390
Denmark		—		565,366,711		—		565,366,711
Finland		—		47,997,266		—		47,997,266
France		—		1,616,549,375		—		1,616,549,375
Germany		—		642,193,943		—		642,193,943
Hong Kong		4,520,635		354,831,566		—		359,352,201
Ireland		—		75,253,008		—		75,253,008
Israel		30,542,602		49,021,074		—		79,563,676
Italy		—		137,022,935		—		137,022,935
Japan		—		2,386,684,678		—		2,386,684,678
Netherlands		—		772,002,792		—		772,002,792
New Zealand		—		24,001,001		—		24,001,001
Norway		—		25,522,995		—		25,522,995
Portugal		—		9,118,071		—		9,118,071
Singapore		41,786,858		125,892,674		—		167,679,532
Spain		—		156,550,718		—		156,550,718

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Growth ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Sweden	$	—	$	359,138,668	$	—	$	359,138,668
Switzerland		—		1,598,398,114		—		1,598,398,114
United Kingdom		—		1,186,900,440		1		1,186,900,441
Preferred Stocks		—		36,231,769		—		36,231,769
Short-Term Securities
Money Market Funds		61,134,129		—		—		61,134,129
	$	137,984,224	$	11,155,150,098	$	1	$	11,293,134,323
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,947,715	$	—	$	1,947,715

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

See notes to financial statements.

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

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.4%
Australia & New Zealand Banking Group Ltd.		6,253,102	$	111,282,641
BHP Group Ltd.		10,594,615		371,045,997
BlueScope Steel Ltd.		988,488		13,479,497
Commonwealth Bank of Australia		1,779,292		138,895,201
Fortescue Metals Group Ltd.		3,542,292		55,952,460
GPT Group (The)		4,023,454		13,042,169
Lendlease Corp. Ltd.		1,452,223		8,867,716
Macquarie Group Ltd.		766,598		102,271,020
Mirvac Group		8,289,522		13,392,621
Newcrest Mining Ltd.		1,868,061		29,681,798
Origin Energy Ltd.		3,611,037		19,173,052
Qantas Airways Ltd.(a)		691,060		3,119,326
Ramsay Health Care Ltd.		134,367		6,349,339
Rio Tinto Ltd.		776,358		69,668,236
Santos Ltd.		6,666,681		34,032,551
Scentre Group		10,874,711		23,596,016
Sonic Healthcare Ltd.		339,614		7,606,523
South32 Ltd.		9,664,268		31,011,947
Stockland		5,019,727		14,026,459
Suncorp Group Ltd.		2,646,451		23,525,208
Telstra Corp. Ltd.		4,227,147		12,217,226
Transurban Group		3,204,764		31,419,946
Vicinity Ltd.		8,061,767		11,794,690
Washington H Soul Pattinson & Co. Ltd.		451,548		9,196,642
Westpac Banking Corp.		7,322,229		123,202,861
Woodside Energy Group Ltd.		3,971,029		102,825,316
				1,380,676,458
Austria — 0.3%
Erste Group Bank AG		717,230		27,214,669
OMV AG		308,999		15,477,833
voestalpine AG		245,862		8,169,153
				50,861,655
Belgium — 1.2%
Ageas SA/NV		339,858		16,592,535
Anheuser-Busch InBev SA/NV		906,809		54,736,565
Argenx SE(a)		40,404		15,389,336
Groupe Bruxelles Lambert NV		208,493		17,835,578
KBC Group NV		522,281		38,683,929
Sofina SA		11,481		2,727,566
Solvay SA		155,890		18,166,094
UCB SA		133,067		10,925,413
Umicore SA		283,836		10,730,272
Warehouses De Pauw CVA		336,744		10,678,786
				196,466,074
Denmark — 0.6%
AP Moller - Maersk A/S, Class A		3,202		6,823,300
AP Moller - Maersk A/S, Class B, NVS		10,491		22,820,984
Danske Bank A/S		1,439,140		29,982,419
Orsted A/S(b)		258,489		23,018,958
Pandora A/S		193,017		16,072,701
Rockwool A/S, Class B		18,554		5,319,657
				104,038,019
Finland — 1.5%
Elisa OYJ		192,798		10,984,304
Fortum OYJ		949,879		14,278,812
Kesko OYJ, Class B		581,030		13,534,210
Kone OYJ, Class B		462,049		25,198,341

Security	Shares		Value
Finland (continued)
Nokia OYJ		11,302,519	$	53,591,073
Orion OYJ, Class B		112,116		6,006,573
Sampo OYJ, Class A		1,003,356		52,675,662
Stora Enso OYJ, Class R		1,155,544		16,518,929
UPM-Kymmene OYJ		1,111,272		40,279,403
Wartsila OYJ Abp		989,061		9,406,966
				242,474,273
France — 9.6%
Accor SA(a)		126,498		4,105,868
Alstom SA		670,384		19,933,979
Amundi SA(b)		128,047		8,383,234
ArcelorMittal SA		1,101,819		34,181,647
Arkema SA		125,121		12,660,711
AXA SA		3,909,052		121,958,597
BNP Paribas SA		2,323,324		159,570,266
Bollore SE		1,868,210		10,453,333
Bouygues SA(c)		478,470		15,762,686
Carrefour SA		619,954		11,792,124
Cie. de Saint-Gobain		1,032,060		59,272,408
Cie. Generale des Etablissements Michelin SCA		1,418,827		44,863,035
Covivio		99,496		6,829,839
Credit Agricole SA		2,523,751		30,389,078
Danone SA		1,342,670		73,631,021
Dassault Aviation SA		18,659		3,186,272
Eiffage SA		86,921		9,284,081
Electricite de France SA		426,739		5,605,240
Engie SA		3,820,668		54,252,965
EssilorLuxottica SA		304,213		55,816,799
Eurazeo SE		91,663		6,429,900
Eurofins Scientific SE		143,307		10,279,378
Euronext NV(b)		180,025		14,587,766
Gecina SA		95,924		11,362,164
Getlink SE		458,731		7,758,869
Ipsen SA		28,096		2,951,063
Klepierre SA		449,056		11,397,198
Orange SA		4,154,384		43,964,810
Publicis Groupe SA		477,813		33,704,751
Renault SA(a)		404,124		16,431,457
Sanofi		2,385,716		233,619,866
SEB SA		52,251		5,464,200
Societe Generale SA		1,685,850		50,181,973
TotalEnergies SE		5,203,748		321,699,636
Ubisoft Entertainment SA(a)		67,977		1,407,569
Unibail-Rodamco-Westfield(a)		247,255		16,001,177
Veolia Environnement SA		1,387,436		41,182,504
Vivendi SE		1,513,192		16,251,337
				1,586,608,801
Germany — 9.9%
Allianz SE, Registered		854,245		204,261,784
Aroundtown SA(c)		2,098,472		5,842,567
BASF SE(c)		1,920,899		110,135,554
Bayer AG, Registered		2,051,282		127,681,915
Bayerische Motoren Werke AG		692,454		70,536,575
Commerzbank AG(a)		2,229,672		25,488,345
Continental AG		230,315		16,171,616
Covestro AG(b)		405,176		18,656,125
Daimler Truck Holding AG(a)		945,141		31,760,158
Deutsche Bank AG, Registered		4,323,324		57,697,882
Deutsche Lufthansa AG, Registered(a)		1,262,069		13,371,255

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Post AG, Registered		2,073,086	$	89,260,227
E.ON SE		4,700,284		51,246,773
Evonik Industries AG		437,909		9,734,078
Fresenius Medical Care AG & Co. KGaA		431,905		16,220,049
Fresenius SE & Co. KGaA		883,462		25,603,485
GEA Group AG		112,835		5,091,104
Hannover Rueck SE		62,964		12,786,004
HeidelbergCement AG		304,773		20,912,734
Henkel AG & Co. KGaA		216,327		14,454,592
Knorr-Bremse AG		153,154		10,066,508
LEG Immobilien SE		154,777		12,099,550
Mercedes-Benz Group AG		1,678,087		124,869,855
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		102,390		36,984,019
RWE AG		871,916		38,816,718
SAP SE		1,419,529		168,270,913
Siemens AG, Registered		1,599,915		249,915,160
Telefonica Deutschland Holding AG		2,190,199		6,450,950
United Internet AG, Registered		200,663		4,658,662
Volkswagen AG		61,489		10,763,042
Vonovia SE		1,497,991		42,315,106
				1,632,123,305
Hong Kong — 2.6%
BOC Hong Kong Holdings Ltd.		7,739,000		27,046,931
CK Asset Holdings Ltd.		4,171,500		26,670,523
CK Hutchison Holdings Ltd.		5,584,500		35,539,485
CK Infrastructure Holdings Ltd.		1,335,000		7,427,342
CLP Holdings Ltd.		3,446,500		25,607,251
Hang Lung Properties Ltd.		4,224,088		7,964,708
Hang Seng Bank Ltd.		1,599,400		26,635,149
Henderson Land Development Co. Ltd.		3,043,794		11,243,760
HK Electric Investments & HK Electric Investments Ltd., Class SS(c)		5,586,000		3,861,226
HKT Trust & HKT Ltd., Class SS		7,915,000		10,370,043
Hong Kong & China Gas Co. Ltd.(c)		23,493,650		23,588,090
Hongkong Land Holdings Ltd.		2,347,500		11,476,395
Jardine Matheson Holdings Ltd.		334,600		17,785,854
Link REIT		4,416,800		35,353,658
MTR Corp. Ltd.(c)		3,256,000		17,424,507
New World Development Co. Ltd.		3,158,250		9,439,701
Power Assets Holdings Ltd.		2,913,500		16,485,070
Sands China Ltd.(a)		1,770,800		6,640,651
Sino Land Co. Ltd.		7,296,000		9,480,986
SITC International Holdings Co. Ltd.		2,836,000		6,195,524
Sun Hung Kai Properties Ltd.		3,020,000		42,828,493
Swire Pacific Ltd., Class A		1,047,000		9,594,592
Swire Properties Ltd.		2,428,600		6,825,717
WH Group Ltd.(b)		8,785,500		5,410,677
Wharf Real Estate Investment Co. Ltd.(c)		3,498,419		20,027,270
Xinyi Glass Holdings Ltd.		3,819,000		8,131,135
				429,054,738
Ireland — 0.8%
AIB Group PLC		2,254,806		9,471,516
Bank of Ireland Group PLC		2,231,308		23,838,946
CRH PLC		1,578,997		73,774,760
Smurfit Kappa Group PLC		521,275		21,885,486
				128,970,708
Israel — 0.7%
Azrieli Group Ltd.		89,012		5,733,494

Security	Shares		Value
Israel (continued)
Bank Hapoalim BM		2,647,542	$	23,829,348
Bank Leumi Le-Israel BM		3,218,326		28,441,575
CyberArk Software Ltd.(a)		42,968		6,053,332
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		2,595,324		13,274,340
Mizrahi Tefahot Bank Ltd.		209,686		6,926,069
Teva Pharmaceutical Industries Ltd., ADR(a)		2,336,907		24,631,000
ZIM Integrated Shipping Services Ltd.		179,477		3,401,089
				112,290,251
Italy — 3.3%
Assicurazioni Generali SpA		2,313,067		45,154,094
Enel SpA		17,081,455		100,577,661
Eni SpA		5,211,602		80,197,314
Intesa Sanpaolo SpA		34,882,371		91,715,164
Mediobanca Banca di Credito Finanziario SpA		1,270,821		13,661,259
Poste Italiane SpA(b)		1,101,677		11,770,345
Snam SpA		4,242,434		21,608,964
Stellantis NV		4,602,556		72,356,734
Telecom Italia SpA/Milano(a)(c)		13,624,039		3,922,468
Tenaris SA		345,168		6,116,634
Terna - Rete Elettrica Nazionale		2,963,747		23,448,752
UniCredit SpA		4,017,789		78,471,988
				549,001,377
Japan — 21.7%
AGC Inc.		404,500		14,904,129
Aisin Corp.		308,900		9,012,314
ANA Holdings Inc.(a)		165,200		3,656,330
Asahi Group Holdings Ltd.		954,300		31,513,125
Asahi Kasei Corp.		2,627,000		19,906,437
Astellas Pharma Inc.		2,495,700		36,737,030
Bridgestone Corp.		1,194,100		44,579,563
Brother Industries Ltd.		492,300		7,646,539
Canon Inc.		2,088,600		46,350,927
Central Japan Railway Co.		301,600		36,787,586
Chiba Bank Ltd. (The)		1,113,800		8,427,460
Chubu Electric Power Co. Inc.		1,351,000		14,551,717
Concordia Financial Group Ltd.		2,279,600		10,017,388
Dai Nippon Printing Co. Ltd.		463,600		10,945,429
Dai-ichi Life Holdings Inc.		2,050,300		48,105,705
Daito Trust Construction Co. Ltd.		130,100		12,856,293
Daiwa House Industry Co. Ltd.		1,254,200		30,119,629
Daiwa House REIT Investment Corp.		4,599		10,006,200
Daiwa Securities Group Inc.		2,799,300		13,210,170
Dentsu Group Inc.		452,700		14,580,958
East Japan Railway Co.		411,000		22,916,623
Eisai Co. Ltd.		264,200		16,346,040
ENEOS Holdings Inc.		6,390,850		22,880,498
FANUC Corp.		140,800		24,877,889
Fuji Electric Co. Ltd.		172,800		6,994,597
FUJIFILM Holdings Corp.		753,400		39,870,786
GLP J-REIT		4,426		5,008,287
Hakuhodo DY Holdings Inc.		492,700		5,324,777
Hankyu Hanshin Holdings Inc.		310,200		9,219,898
Hitachi Construction Machinery Co. Ltd.		224,300		5,289,738
Hitachi Ltd.		2,025,700		106,232,666
Honda Motor Co. Ltd.		3,409,600		84,341,609
Hoshizaki Corp.		114,700		4,123,036
Hulic Co. Ltd.		806,700		6,630,902
Idemitsu Kosan Co. Ltd.		433,283		10,832,408

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Iida Group Holdings Co. Ltd.		300,800	$	5,014,474
Inpex Corp.		2,165,700		23,798,095
Isuzu Motors Ltd.		1,222,300		15,456,399
Ito En Ltd.		57,100		2,037,314
ITOCHU Corp.		1,239,000		40,046,732
Japan Airlines Co. Ltd.(a)		150,500		3,191,739
Japan Metropolitan Fund Invest		14,567		11,261,515
Japan Post Bank Co. Ltd.		867,300		7,705,851
Japan Post Holdings Co. Ltd.		4,964,400		43,584,742
Japan Post Insurance Co. Ltd.		417,900		7,455,319
Japan Real Estate Investment Corp.		2,619		11,228,936
Japan Tobacco Inc.		2,509,700		51,177,565
JFE Holdings Inc.		1,025,400		13,520,564
Kajima Corp.		874,700		10,742,432
Kansai Electric Power Co. Inc. (The)		1,477,600		14,210,217
Kao Corp.		498,500		20,150,285
KDDI Corp.		3,373,300		105,393,471
Keio Corp.		109,200		4,008,129
Keisei Electric Railway Co. Ltd.		96,200		2,806,055
Kintetsu Group Holdings Co. Ltd.		234,300		7,629,974
Komatsu Ltd.		1,931,600		47,468,027
Kubota Corp.		1,386,800		20,841,230
Kyocera Corp.		671,300		34,834,697
Lixil Corp.		603,400		10,416,964
Makita Corp.		306,800		8,172,179
Marubeni Corp.		3,224,600		39,561,250
Mazda Motor Corp.		1,189,400		9,467,608
MEIJI Holdings Co. Ltd.		232,300		11,980,333
Mitsubishi Chemical Group Corp.		2,682,000		15,049,896
Mitsubishi Corp.		2,641,100		88,439,748
Mitsubishi Electric Corp.		4,030,900		44,423,546
Mitsubishi Estate Co. Ltd.		2,473,900		31,797,328
Mitsubishi HC Capital Inc.		1,387,400		7,081,493
Mitsubishi Heavy Industries Ltd.		668,100		26,196,173
Mitsubishi UFJ Financial Group Inc.		25,000,100		183,122,752
Mitsui & Co. Ltd.		2,997,400		88,431,488
Mitsui Chemicals Inc.		384,900		9,059,976
Mitsui OSK Lines Ltd.		720,600		17,884,365
Mizuho Financial Group Inc.		5,045,020		78,805,480
MS&AD Insurance Group Holdings Inc.		929,708		29,819,188
NGK Insulators Ltd.		496,800		6,876,351
Nippon Building Fund Inc.		3,197		13,972,050
Nippon Express Holdings Inc.		161,400		9,366,480
Nippon Prologis REIT Inc.		2,906		6,594,123
Nippon Steel Corp.		1,684,900		35,070,724
Nippon Yusen KK		1,013,600		24,112,380
Nissan Motor Co. Ltd.		4,862,800		17,471,745
Nisshin Seifun Group Inc.		417,830		5,233,525
Nitori Holdings Co. Ltd.		58,600		7,756,044
Nomura Holdings Inc.		6,086,700		24,290,985
Nomura Real Estate Holdings Inc.		249,400		5,496,887
Nomura Real Estate Master Fund Inc.		8,837		10,334,561
Obayashi Corp.		1,346,100		10,441,324
Odakyu Electric Railway Co. Ltd.		313,600		4,123,014
Oji Holdings Corp.		1,708,400		7,060,388
Omron Corp.		138,300		8,002,118
Oriental Land Co. Ltd./Japan		146,700		24,443,132
ORIX Corp.		2,493,000		43,834,371
Osaka Gas Co. Ltd.		785,100		12,669,067
Otsuka Corp.		83,400		2,743,821

Security	Shares		Value
Japan (continued)
Panasonic Holdings Corp.		4,611,800	$	42,766,921
Rakuten Group Inc.(a)		915,500		4,667,626
Resona Holdings Inc.		4,519,800		25,011,324
Ricoh Co. Ltd.		1,198,100		9,300,391
SBI Holdings Inc.		513,800		10,892,196
Secom Co. Ltd.		220,400		13,130,498
Seiko Epson Corp.		589,600		9,143,515
Sekisui House Ltd.		1,288,800		24,357,366
Sharp Corp./Japan		473,800		3,938,257
Shimizu Corp.		1,145,100		6,419,080
Shionogi & Co. Ltd.		194,600		9,273,563
Shizuoka Financial Group Inc., NVS		935,900		7,928,602
SoftBank Corp.		6,007,100		68,733,796
SoftBank Group Corp.		2,522,400		119,415,596
Sompo Holdings Inc.		654,200		28,162,582
Subaru Corp.		835,100		13,722,059
SUMCO Corp.		730,100		10,817,721
Sumitomo Chemical Co. Ltd.		3,104,300		11,916,264
Sumitomo Corp.		2,355,800		42,286,443
Sumitomo Electric Industries Ltd.		1,497,100		17,989,393
Sumitomo Metal Mining Co. Ltd.		518,200		21,040,593
Sumitomo Mitsui Financial Group Inc.		2,731,300		118,705,204
Sumitomo Mitsui Trust Holdings Inc.		705,005		25,682,369
Sumitomo Realty & Development Co. Ltd.		648,800		15,815,880
Suntory Beverage & Food Ltd.		103,500		3,494,961
Suzuki Motor Corp.		769,000		28,831,490
T&D Holdings Inc.		1,115,400		17,853,369
Taisei Corp.		377,500		13,032,043
Takeda Pharmaceutical Co. Ltd.		3,143,700		98,829,654
Tobu Railway Co. Ltd.		200,700		4,709,044
Toho Co. Ltd./Tokyo		82,400		3,043,316
Tokyo Electric Power Co. Holdings Inc.(a)		3,229,100		12,092,300
Tokyo Gas Co. Ltd.		823,100		17,235,463
Tokyu Corp.		553,700		7,120,239
Toppan Inc.		548,300		8,834,304
Toray Industries Inc.		2,905,000		17,848,459
Tosoh Corp.		545,800		7,140,925
TOTO Ltd.		149,900		5,825,548
Toyota Industries Corp.		307,800		18,736,592
Toyota Motor Corp.		22,178,680		325,709,723
Toyota Tsusho Corp.		446,000		18,884,599
Trend Micro Inc./Japan(a)		140,900		6,976,525
USS Co. Ltd.		148,600		2,444,197
West Japan Railway Co.		298,200		12,488,168
Yamaha Motor Co. Ltd.		624,000		15,369,546
Yaskawa Electric Corp.		175,100		6,844,499
Yokogawa Electric Corp.		169,100		2,969,325
				3,595,402,830
Netherlands — 2.3%
ABN AMRO Bank NV, CVA(b)		847,019		14,058,438
Aegon NV		3,746,942		20,667,348
AerCap Holdings NV(a)		283,295		17,907,077
EXOR NV, NVS(a)		228,574		18,169,032
ING Groep NV(a)		7,865,945		113,900,934
JDE Peet’s NV		74,929		2,245,842
Just Eat Takeaway.com NV(a)(b)		383,317		9,833,450
Koninklijke Ahold Delhaize NV		2,187,020		65,275,905
Koninklijke DSM NV		128,306		16,500,407
Koninklijke KPN NV		6,908,553		23,619,259
Koninklijke Philips NV		1,861,376		32,137,495

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
NN Group NV		582,054	$	25,289,126
OCI NV		219,708		7,478,960
Randstad NV		251,668		16,131,501
				383,214,774
New Zealand — 0.2%
Auckland International Airport Ltd.(a)		912,482		5,021,877
Mercury NZ Ltd.		1,460,697		5,674,732
Meridian Energy Ltd.		1,376,123		4,756,163
Spark New Zealand Ltd.		3,931,271		13,255,204
				28,707,976
Norway — 1.1%
Aker BP ASA		662,088		20,168,349
DNB Bank ASA		1,936,023		36,202,790
Equinor ASA		1,992,346		60,720,016
Gjensidige Forsikring ASA		272,596		4,899,490
Norsk Hydro ASA		2,818,027		22,848,134
Orkla ASA		1,573,501		11,747,313
Salmar ASA		48,678		2,263,510
Telenor ASA		1,466,722		15,354,541
Yara International ASA		348,281		15,474,571
				189,678,714
Portugal — 0.3%
EDP - Energias de Portugal SA		5,835,333		28,991,437
Galp Energia SGPS SA		1,051,075		14,387,161
				43,378,598
Singapore — 1.5%
CapitaLand Ascendas REIT		7,073,400		15,565,938
CapitaLand Integrated Commercial Trust		11,127,204		18,205,590
City Developments Ltd.		862,500		5,474,139
Genting Singapore Ltd.		6,434,400		4,873,150
Jardine Cycle & Carriage Ltd.		210,400		4,664,489
Keppel Corp. Ltd.		3,067,500		17,710,696
Mapletree Logistics Trust(c)		7,021,400		9,077,209
Mapletree Pan Asia Commercial Trust		4,904,400		6,824,093
Oversea-Chinese Banking Corp. Ltd.(c)		7,081,600		69,968,671
Singapore Telecommunications Ltd.		6,025,600		11,539,996
United Overseas Bank Ltd.		2,468,100		56,101,463
UOL Group Ltd.		621,400		3,315,521
Venture Corp. Ltd.		578,100		8,163,553
Wilmar International Ltd.		4,044,200		12,573,500
				244,058,008
Spain — 3.6%
ACS Actividades de Construccion y Servicios SA		477,321		14,125,702
Aena SME SA(a)(b)		61,854		9,293,500
Banco Bilbao Vizcaya Argentaria SA		12,776,668		90,251,473
Banco Santander SA		35,123,671		122,755,099
CaixaBank SA		9,461,326		41,979,519
EDP Renovaveis SA		301,898		6,566,608
Enagas SA		186,158		3,338,053
Endesa SA		701,566		13,986,924
Ferrovial SA		1,058,364		31,230,471
Iberdrola SA		12,694,555		148,929,539
Iberdrola SA, NVS		210,559		2,459,631
Naturgy Energy Group SA		329,244		9,338,088
Red Electrica Corp. SA		396,106		7,010,638
Repsol SA		2,948,200		48,429,594
Telefonica SA		11,047,400		41,969,301
				591,664,140

Security	Shares		Value
Sweden — 3.4%
Atlas Copco AB, Class A		1,959,859	$	23,255,807
Boliden AB		572,850		25,707,777
Electrolux AB, Class B(c)		464,945		6,585,410
Fastighets AB Balder, Class B(a)		872,669		4,496,202
H & M Hennes & Mauritz AB, Class B(c)		1,536,724		18,926,730
Holmen AB, Class B		198,043		8,168,396
Husqvarna AB, Class B		880,336		7,489,798
Industrivarden AB, Class A		178,174		4,719,889
Investor AB, Class A		1,039,657		20,750,084
Investor AB, Class B		2,474,252		48,079,600
L E Lundbergforetagen AB, Class B		103,845		4,808,774
Nordea Bank Abp		7,031,235		82,197,836
Sandvik AB		783,558		16,194,291
Securitas AB, Class B		1,029,298		9,421,736
Skandinaviska Enskilda Banken AB, Class A		3,379,536		40,912,017
Skanska AB, Class B		705,484		12,451,861
SKF AB, Class B		805,081		14,248,561
Svenska Cellulosa AB SCA, Class B		823,816		11,439,785
Svenska Handelsbanken AB, Class A		3,045,549		31,759,035
Swedbank AB, Class A		1,890,908		36,374,290
Tele2 AB, Class B		1,192,225		10,296,684
Telefonaktiebolaget LM Ericsson, Class B		6,104,304		35,407,774
Telia Co. AB		5,577,452		14,404,553
Volvo AB, Class A		417,493		8,672,885
Volvo AB, Class B		3,155,996		62,626,022
Volvo Car AB, Class B(a)(c)		1,242,514		6,199,520
				565,595,317
Switzerland — 6.4%
Adecco Group AG, Registered		336,009		12,479,610
Baloise Holding AG, Registered		95,974		15,785,120
Banque Cantonale Vaudoise, Registered		62,803		5,969,869
Clariant AG, Registered		160,479		2,751,961
Coca-Cola HBC AG, Class DI		275,207		6,687,907
Credit Suisse Group AG, Registered		3,783,820		13,034,811
Holcim AG		1,159,334		69,310,443
Julius Baer Group Ltd.		445,746		28,592,072
Novartis AG, Registered		4,524,410		409,047,544
Partners Group Holding AG		16,672		15,643,279
Schindler Holding AG, Participation Certificates, NVS		42,675		9,095,635
SGS SA, Registered		6,719		16,385,182
Siemens Energy AG(a)		917,351		19,180,716
Swatch Group AG (The), Bearer		60,322		21,840,698
Swatch Group AG (The), Registered		108,953		7,159,045
Swiss Life Holding AG, Registered		64,317		38,065,866
Swiss Prime Site AG, Registered		160,922		14,339,476
Swiss Re AG		221,431		23,186,239
Swisscom AG, Registered		53,967		31,886,702
UBS Group AG, Registered		7,002,824		149,477,898
Zurich Insurance Group AG		314,671		155,613,774
				1,065,533,847
United Kingdom — 19.5%
3i Group PLC		2,035,494		39,711,936
abrdn PLC		4,503,510		11,861,497
Admiral Group PLC		379,903		10,327,783
Anglo American PLC		2,657,529		114,620,226
Antofagasta PLC		828,371		17,798,831
Aviva PLC		5,861,679		33,058,977
BAE Systems PLC		4,248,369		44,973,399
Barclays PLC		33,562,903		77,154,097

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Barratt Developments PLC		2,148,280	$	12,210,235
Berkeley Group Holdings PLC		228,086		11,679,748
BP PLC		39,351,270		237,691,414
British American Tobacco PLC		4,462,577		171,067,518
British Land Co. PLC (The)		1,838,445		10,061,574
BT Group PLC		14,515,434		22,363,832
Bunzl PLC		251,303		9,225,634
Coca-Cola Europacific Partners PLC		430,375		24,195,682
Croda International PLC		101,877		8,683,663
DCC PLC		207,394		11,812,727
Glencore PLC		20,431,953		136,830,373
GSK PLC		8,506,428		149,415,535
Haleon PLC(a)		10,609,156		42,514,918
Hargreaves Lansdown PLC		742,906		8,178,816
Hikma Pharmaceuticals PLC		351,166		7,428,601
HSBC Holdings PLC		41,760,990		307,709,417
Imperial Brands PLC		1,890,044		47,414,063
J Sainsbury PLC		3,703,630		12,011,167
Johnson Matthey PLC		382,461		10,683,193
Kingfisher PLC		4,137,848		14,275,234
Land Securities Group PLC		1,480,097		12,966,843
Legal & General Group PLC		12,491,276		39,309,276
Lloyds Banking Group PLC		142,636,535		92,827,197
M&G PLC		5,245,537		13,099,780
Mondi PLC		1,021,937		19,271,527
National Grid PLC		7,654,635		97,312,563
NatWest Group PLC, NVS		11,114,835		42,403,724
Next PLC		270,929		22,182,084
Ocado Group PLC(a)(c)		787,245		6,299,840
Pearson PLC		1,392,046		15,875,141
Persimmon PLC		671,051		11,720,106
Phoenix Group Holdings PLC		1,566,568		12,416,426
Prudential PLC		5,749,894		95,534,784
Rio Tinto PLC		2,351,653		184,137,313
Schroders PLC		1,527,154		9,031,263
Segro PLC		890,748		9,168,994
Severn Trent PLC		344,323		11,982,745
Shell PLC		15,192,618		446,021,205
Smith & Nephew PLC		1,814,840		25,063,546
Smiths Group PLC		491,774		10,497,904
SSE PLC		2,242,596		47,867,472
St. James’s Place PLC		1,142,491		17,324,428
Standard Chartered PLC		3,393,183		28,501,425
Taylor Wimpey PLC		7,374,225		10,699,417
Tesco PLC		15,560,545		47,294,404
Unilever PLC		3,460,125		176,117,094
United Utilities Group PLC		1,435,317		18,781,217
Vodafone Group PLC		55,240,321		63,736,988
Whitbread PLC		275,459		10,374,395
WPP PLC		2,279,194		26,629,498
				3,229,408,689
Total Common Stocks — 98.9% (Cost: $15,911,249,666)				16,349,208,552

Security	Shares		Value
Preferred Stocks
Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		123,737	$	11,722,700
Henkel AG & Co. KGaA, Preference Shares, NVS		371,639		26,497,962
Porsche Automobil Holding SE, Preference Shares, NVS		322,198		19,266,369
Volkswagen AG, Preference Shares, NVS		388,305		53,854,279
				111,341,310
Total Preferred Stocks — 0.6% (Cost: $146,507,577)				111,341,310
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		477,321		242,180
Total Rights — 0.0% (Cost: $245,247)				242,180
Total Long-Term Investments — 99.5% (Cost: $16,058,002,490)				16,460,792,042
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		59,580,597		59,616,346
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		4,080,000		4,080,000
Total Short-Term Securities — 0.4% (Cost: $63,659,778)				63,696,346
Total Investments — 99.9% (Cost: $16,121,662,268)				16,524,488,388
Other Assets Less Liabilities — 0.1%				10,888,554
Net Assets — 100.0%			$	16,535,376,942

^(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.

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Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	57,872,151	$	1,715,920	(a)	$	—	$	(1,327	)	$	29,602	$	59,616,346		59,580,597	$	242,067	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,960,000		120,000	(a)		—		—			—		4,080,000		4,080,000		145,284			3
								$	(1,327	)	$	29,602	$	63,696,346			$	387,351		$	3

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		103		03/09/23	$	15,714	$	474,999
Euro STOXX 50 Index		560		03/17/23		25,512		1,725,834
FTSE 100 Index		286		03/17/23		27,430		1,057,324
							$	3,258,157

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,258,157	$	—	$	—	$	—	$	3,258,157

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	5,803,866	$	—	$	—	$	—	$	5,803,866
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	467,446	$	—	$	—	$	—	$	467,446

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

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	85,065,470

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	1,380,676,458	$	—	$	1,380,676,458
Austria		—		50,861,655		—		50,861,655
Belgium		—		196,466,074		—		196,466,074
Denmark		—		104,038,019		—		104,038,019
Finland		—		242,474,273		—		242,474,273
France		—		1,586,608,801		—		1,586,608,801
Germany		—		1,632,123,305		—		1,632,123,305
Hong Kong		—		429,054,738		—		429,054,738
Ireland		—		128,970,708		—		128,970,708
Israel		34,085,421		78,204,830		—		112,290,251
Italy		—		549,001,377		—		549,001,377
Japan		—		3,595,402,830		—		3,595,402,830
Netherlands		17,907,077		365,307,697		—		383,214,774
New Zealand		—		28,707,976		—		28,707,976
Norway		—		189,678,714		—		189,678,714
Portugal		—		43,378,598		—		43,378,598
Singapore		—		244,058,008		—		244,058,008
Spain		—		591,664,140		—		591,664,140
Sweden		—		565,595,317		—		565,595,317
Switzerland		—		1,065,533,847		—		1,065,533,847
United Kingdom		24,195,682		3,205,213,007		—		3,229,408,689
Preferred Stocks		—		111,341,310		—		111,341,310
Rights		242,180		—		—		242,180
Short-Term Securities
Money Market Funds		63,696,346		—		—		63,696,346
	$	140,126,706	$	16,384,361,682	$	—	$	16,524,488,388
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	3,258,157	$	—	$	3,258,157

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

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	11,232,000,194		$	16,460,792,042
Investments, at value — affiliated(c)		61,134,129			63,696,346
Cash		7,213			1,676
Foreign currency collateral pledged for futures contracts(d)		3,371,635			4,779,101
Foreign currency, at value(e)		26,723,644			28,607,188
Receivables:
Securities lending income — affiliated		31,739			27,682
Capital shares sold		34,123			—
Dividends — unaffiliated		3,887,056			15,690,203
Dividends — affiliated		9,397			22,115
Tax reclaims		14,259,002			25,631,011
Variation margin on futures contracts		183,387			240,221
Total assets		11,341,641,519			16,599,487,585
LIABILITIES
Collateral on securities loaned, at value		57,686,337			59,603,409
Payables:
Investments purchased		34,120			—
Investment advisory fees		3,265,326			4,507,234
Professional fees		283,933			—
Total liabilities		61,269,716			64,110,643
NET ASSETS	$	11,280,371,803		$	16,535,376,942
NET ASSETS CONSIST OF
Paid-in capital	$	11,397,363,687		$	17,313,812,569
Accumulated loss		(116,991,884	)		(778,435,627	)
NET ASSETS	$	11,280,371,803		$	16,535,376,942
NET ASSETVALUE
Shares outstanding		123,200,000			333,600,000
Net asset value	$	91.56		$	49.57
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	10,459,516,924		$	16,058,002,490
(b) Securities loaned, at value	$	49,672,445		$	55,835,569
(c)  Investments, at cost — affiliated	$	61,088,429		$	63,659,778
(d) Foreign currency collateral pledged, at cost	$	3,239,864		$	4,725,577
(e) Foreign currency, at cost	$	26,335,108		$	28,400,701

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 21

Statements of Operations (unaudited)

Six Months Ended January 31, 2023

	iShares MSCI EAFE Growth ETF			iShares MSCI EAFE Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	59,412,498		$	239,930,767
Dividends — affiliated		51,440			145,284
Interest — unaffiliated		—			7,472
Securities lending income — affiliated — net		224,769			242,067
Other income — unaffiliated		688,968			—
Foreign taxes withheld		(4,250,264	)		(13,625,012	)
Foreign withholding tax claims		2,517,964			—
IRS compliance fee for foreign withholding tax claims		(49	)		—
Total investment income		58,645,326			226,700,578
EXPENSES
Investment advisory		17,841,731			24,651,556
Professional		320,698			—
Total expenses		18,162,429			24,651,556
Net investment income		40,482,897			202,049,022
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(205,194,321	)		(59,716,834	)
Investments — affiliated		24,602			(1,327	)
Capital gain distributions from underlying funds — affiliated		2			3
Foreign currency transactions		951,220			(181,909	)
Futures contracts		2,621,209			5,803,866
In-kind redemptions — unaffiliated(a)		35,242,801			92,959,237
		(166,354,487	)		38,863,036
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		684,099,053			1,762,471,413
Investments — affiliated		40,704			29,602
Foreign currency translations		1,121,422			1,562,603
Futures contracts		1,145,675			467,446
		686,406,854			1,764,531,064
Net realized and unrealized gain		520,052,367			1,803,394,100
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	560,535,264		$	2,005,443,122
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI EAFE Growth ETF						iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	40,482,897		$	131,085,291		$	202,049,022		$	638,908,964
Net realized gain (loss)		(166,354,487	)		465,077,162			38,863,036			(157,544,110	)
Net change in unrealized appreciation (depreciation)		686,406,854			(2,957,163,351	)		1,764,531,064			(2,039,523,842	)
Net increase (decrease) in net assets resulting from operations		560,535,264			(2,361,000,898	)		2,005,443,122			(1,558,158,988	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(20,790,313	)		(185,249,184	)		(176,561,446	)		(793,319,046	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		605,008,913			566,537,999			433,181,815			2,190,485,100
NET ASSETS
Total increase (decrease) in net assets		1,144,753,864			(1,979,712,083	)		2,262,063,491			(160,992,934	)
Beginning of period		10,135,617,939			12,115,330,022			14,273,313,451			14,434,306,385
End of period	$	11,280,371,803		$	10,135,617,939		$	16,535,376,942		$	14,273,313,451

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 23

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI EAFE Growth ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	86.78		$	108.95		$	86.52		$	80.40		$	80.65		$	75.38
Net investment income(a)		0.34	(b)		1.19	(b)		1.15			1.06			1.42			1.41
Net realized and unrealized gain (loss)(c)		4.62			(21.67	)		22.53			6.06			(0.29	)		5.19
Net increase (decrease) from investment operations		4.96			(20.48	)		23.68			7.12			1.13			6.60
Distributions from net investment income(d)		(0.18	)		(1.69	)		(1.25	)		(1.00	)		(1.38	)		(1.33	)
Net asset value, end of period	$	91.56		$	86.78		$	108.95		$	86.52		$	80.40		$	80.65
Total Return(e)
Based on net asset value		5.73	%(b)(f)		(18.92	)%(b)		27.42	%		8.91	%		1.52	%		8.79	%
Ratios to Average Net Assets(g)
Total expenses		0.37	%(h)		0.36	%		0.36	%		0.39	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		0.36	%(h)		0.36	%		0.36	%		N/A			0.40	%		N/A
Net investment income		0.83	%(b)(h)		1.19	%(b)		1.15	%		1.31	%		1.86	%		1.77	%
Supplemental Data
Net assets, end of period (000)	$	11,280,372		$	10,135,618		$	12,115,330		$	7,994,330		$	3,955,693		$	3,516,376
Portfolio turnover rate(i)		10	%		25	%		24	%		33	%		22	%		22	%

^(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 six months ended January 31, 2023 and year ended July 31, 2022:

• Net investment income per share by $0.02 and $0.01.

• Total return by 0.02% and 0.01%.

• Ratio of net investment income to average net assets by 0.04% and 0.01%.

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

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

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

^(f) Not annualized.

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

^(h) Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Value ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period	$	44.33		$	51.48		$	39.94		$	47.08		$	52.87		$	53.18
Net investment income(a)		0.61			2.06	(b)		1.67			1.48			2.03			2.05
Net realized and unrealized gain (loss)(c)		5.17			(6.66	)		11.39			(7.18	)		(5.81	)		(0.15	)
Net increase (decrease) from investment operations		5.78			(4.60	)		13.06			(5.70	)		(3.78	)		1.90
Distributions from net investment income(d)		(0.54	)		(2.55	)		(1.52	)		(1.44	)		(2.01	)		(2.21	)
Net asset value, end of period	$	49.57		$	44.33		$	51.48		$	39.94		$	47.08		$	52.87
Total Return(e)
Based on net asset value		13.11	%(f)		(9.23	)%(b)		32.79	%		(12.48	)%		(7.05	)%		3.63	%
Ratios to Average Net Assets(g)
Total expenses		0.34	%(h)		0.35	%		0.36	%		0.39	%		0.39	%		0.38	%
Total expenses excluding professional fees for foreign withholding tax claims .		N/A			0.33	%		0.36	%		N/A			0.39	%		N/A
Net investment income		2.77	%(h)		4.17	%(b)		3.42	%		3.36	%		4.17	%		3.75	%
Supplemental Data
Net assets, end of period (000)	$	16,535,377		$	14,273,313		$	14,434,306		$	5,799,502		$	5,423,659		$	5,561,771
Portfolio turnover rate(i)		10	%		26	%		25	%		27	%		21	%		22	%

^(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 year ended July 31, 2022:

• Net investment income per share by $0.06.

• Total return by 0.12%.

• Ratio of net investment income to average net assets by 0.13%.

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

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

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

^(f) Not annualized.

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

^(h) Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
MSCI EAFE Growth	Diversified
MSCI EAFE Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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Notes to Financial Statements (unaudited)(continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair  Value(a)		Net Amount
MSCI EAFE Growth
Barclays Capital, Inc.	$	30,134	$	(30,071	)	$	—	$	63	(b)
BNP Paribas SA		6,427,276		(6,427,276	)		—		—
BofA Securities, Inc.		3,014,919		(3,014,919	)		—		—
Citigroup Global Markets, Inc.		1,166,422		(1,166,422	)		—		—
Goldman Sachs & Co. LLC		2,631,499		(2,631,499	)		—		—
HSBC Bank PLC		261,046		(260,503	)		—		543	(b)
J.P. Morgan Securities LLC		3,334,114		(3,327,168	)		—		6,946	(b)
Jefferies LLC		2,447,850		(2,447,850	)		—		—
Morgan Stanley		28,674,765		(28,674,765	)		—		—
UBS AG		1,684,420		(1,684,420	)		—		—
	$	49,672,445	$	(49,664,893	)	$	—	$	7,552
MSCI EAFE Value
Barclays Capital, Inc.	$	16,726,019	$	(16,726,019	)	$	—	$	—
BofA Securities, Inc.		1,980,951		(1,980,951	)		—		—
Citigroup Global Markets, Inc.		9,082,441		(9,082,441	)		—		—
Goldman Sachs & Co. LLC		18,737,454		(18,737,454	)		—		—
HSBC Bank PLC		1,930,849		(1,930,849	)		—		—
J.P. Morgan Securities LLC		311,611		(311,611	)		—		—
Morgan Stanley		7,066,244		(7,066,244	)		—		—
	$	55,835,569	$	(55,835,569	)	$	—	$	—

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

^(b) The market value of the loaned securities is determined as of January 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

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Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the iShares MSCI EAFE Growth ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fees
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3095
Over $10.5 billion		0.2940

For its investment advisory services to the iShares MSCI EAFE Value ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fees
First $3 billion		0.4000	%
Over $3 billion, up to and including $4.5 billion		0.3800
Over $4.5 billion, up to and including $6 billion		0.3610
Over $6 billion, up to and including $7.5 billion		0.3430
Over $7.5 billion, up to and including $9 billion		0.3258
Over $9 billion, up to and including $10.5 billion		0.3096
Over $10.5 billion, up to and including $12 billion		0.2941
Over $12 billion, up to and including $13.5 billion		0.2793
Over $13.5 billion, up to and including $15 billion		0.2653
Over $15 billion		0.2520

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

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Notes to Financial Statements (unaudited) (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI EAFE Growth	$	59,417
MSCI EAFE Value		61,162

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

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

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI EAFE Growth	$	836,620,362	$	779,014,061		$ (169,409,207	)
MSCI EAFE Value.		914,040,849		837,040,022		(8,113,610	)

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

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

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI EAFE Growth	$	997,457,389	$	967,088,174
MSCI EAFE Value		1,549,778,266		1,392,610,210

For the six months ended January 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI EAFE Growth	$	825,898,388	$	240,621,727
MSCI EAFE Value		800,080,870		492,741,573

8. INCOME TAX INFORMATION

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

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Notes to Financial Statements (unaudited)  (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

iShares ETF	Amounts
MSCI EAFE Growth	$	677,396,974
MSCI EAFE Value		936,771,230

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

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI EAFE Growth	$	10,572,221,070	$	1,294,393,074	$	(571,532,106	)	$	722,860,968
MSCI EAFE Value		16,424,938,724		1,480,158,656		(1,377,350,835	)		102,807,821

9. PRINCIPAL RISKS

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

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

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

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

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

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 31

Notes to Financial Statements (unaudited)  (continued)

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Growth
Shares sold		9,600,000		$	847,595,342			30,800,000		$	2,944,052,063
Shares redeemed		(3,200,000	)		(242,586,429	)		(25,200,000	)		(2,377,514,064	)
		6,400,000		$	605,008,913			5,600,000		$	566,537,999

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Notes to Financial Statements (unaudited)  (continued)

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI EAFE Value
Shares sold		22,800,000		$	938,368,112			71,600,000		$	3,596,755,484
Shares redeemed		(11,200,000	)		(505,186,297	)		(30,000,000	)		(1,406,270,384	)
		11,600,000		$	433,181,815			41,600,000		$	2,190,485,100

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

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

11. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“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 MSCI EAFE Growth ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

12. SUBSEQUENT EVENTS

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 33

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI EAFE Growth ETF and iShares MSCI EAFE Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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

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

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

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

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

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

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L   I N F O R M A T I O N 35

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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iShares.com    |    1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

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

iS-SAR-702-0123

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares China Large-Cap ETF | FXI | NYSE Arca

·  iShares MSCI China A ETF | CNYA | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

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

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		18
Statements of Operations		19
Statements of Changes in Net Assets		20
Financial Highlights		21
Notes to Financial Statements		23
Statement Regarding Liquidity Risk Management Program		31
Supplemental Information		32
General Information		33
Glossary of Terms Used in this Report		34

3

Fund Summaryas of January 31, 2023  iShares^® China Large-Cap ETF

Investment Objective

The iShares China Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China 50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.78	%		(13.66	)%		(7.47	)%		(0.12	)%		(13.66	)%		(32.17	)%		(1.21	)%
Fund Market		6.86			(14.05	)		(7.47	)		(0.13	)		(14.05	)		(32.18	)		(1.31	)
Index		6.75			(10.70	)		(6.76	)		0.64			(10.70	)		(29.52	)		6.55

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,067.80	$        3.86			$      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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	35.1	%
Financials	26.3
Communication Services	18.9
Energy	4.5
Health Care	3.7
Real Estate	3.0
Information Technology	2.6
Consumer Staples	2.3
Materials	1.9
Industrials	1.2
Utilities	0.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Alibaba Group Holding Ltd	9.6	%
Tencent Holdings Ltd	9.6
Meituan, Class B	8.0
JD.com Inc., Class A	5.6
Ping An Insurance Group Co. of China Ltd., Class H	4.7
China Construction Bank Corp., Class H	4.7
Industrial & Commercial Bank of China Ltd., Class H	4.3
Baidu Inc.	3.9
NetEase Inc.	3.5
Wuxi Biologics Cayman Inc.	3.2

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Fund Summaryas of January 31, 2023  iShares^® MSCI China A ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(0.35	)%		(11.93	)%		1.91	%		7.46	%		(11.93	)%		9.94	%		61.24	%
Fund Market		0.26			(11.85	)		1.80			7.50			(11.85	)		9.33			61.59
Index		(0.46	)		(11.02	)		1.47			6.54			(11.02	)		7.58			52.22

The inception date of the Fund was June 13, 2016. The first day of secondary market trading was June 15, 2016.

Index performance through April 25, 2018 reflects the performance of the MSCI China A International Index. Index performance beginning on April 26, 2018 reflects the performance of the MSCI China A Inclusion Index.

Past performance is 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      996.50	$      1.21			$      1,000.00	$      1,024.00	$        1.22		0.24	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	17.9	%
Consumer Staples	16.4
Industrials	16.1
Information Technology	13.0
Materials	12.3
Health Care	9.2
Consumer Discretionary	6.4
Energy	2.9
Utilities	2.9
Real Estate	1.7
Communication Services	1.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Kweichow Moutai Co. Ltd., Class A	5.7	%
Contemporary Amperex Technology Co. Ltd., Class A	2.8
China Merchants Bank Co. Ltd., Class A	2.1
Wuliangye Yibin Co. Ltd., Class A	2.0
Ping An Insurance Group Co. of China Ltd., Class A	1.4
BYD Co. Ltd., Class A	1.3
China Yangtze Power Co. Ltd., Class A	1.2
China Tourism Group Duty Free Corp. Ltd., Class A	1.0
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A	1.0
Industrial Bank Co. Ltd., Class A	0.9

F U N D   S U M M A R Y 5

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

6 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(unaudited) January 31, 2023 iShares^® China Large-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 3.3%
BYD Co. Ltd., Class H		5,545,500	$	175,612,356
Great Wall Motor Co. Ltd., Class H		20,072,000		28,340,692
				203,953,048
Banks — 18.0%
Agricultural Bank of China Ltd., Class H		206,559,000		74,347,410
Bank of China Ltd., Class H		511,467,000		194,697,366
Bank of Communications Co. Ltd., Class H		48,800,200		30,163,349
China CITIC Bank Corp. Ltd., Class H		62,436,000		30,122,250
China Construction Bank Corp., Class H		450,747,320		291,764,579
China Everbright Bank Co. Ltd., Class H		21,316,000		6,804,385
China Merchants Bank Co. Ltd., Class H		25,432,938		164,961,267
China Minsheng Banking Corp. Ltd., Class H(a)		42,750,100		15,983,248
Industrial & Commercial Bank of China Ltd., Class H		500,629,995		267,796,361
Postal Savings Bank of China Co. Ltd., Class H(b)		62,945,000		42,834,517
				1,119,474,732
Beverages — 2.3%
China Resources Beer Holdings Co. Ltd.		10,564,000		79,528,717
Nongfu Spring Co. Ltd., Class H(a)(b)		11,712,400		66,301,609
				145,830,326
Capital Markets — 1.0%
China International Capital Corp. Ltd., Class H(b)		9,916,000		22,158,553
CITIC Securities Co. Ltd., Class H		15,057,200		34,448,073
CSC Financial Co. Ltd., Class H(b)		6,193,000		6,421,633
				63,028,259
Chemicals — 0.4%
Ganfeng Lithium Co. Ltd., Class H(a)(b)		2,461,840		22,484,432
Construction & Engineering — 0.2%
China Railway Group Ltd., Class H		27,075,000		14,770,330
Construction Materials — 0.5%
Anhui Conch Cement Co. Ltd., Class H		7,944,000		30,158,772
Entertainment — 3.5%
NetEase Inc.		12,313,900		218,474,603
Hotels, Restaurants & Leisure — 2.7%
Yum China Holdings Inc.		2,815,050		170,558,142
Household Durables — 0.9%
Haier Smart Home Co. Ltd., Class H		15,533,400		57,289,015
Independent Power and Renewable Electricity Producers — 0.5%
China Longyuan Power Group Corp. Ltd., Class H		22,432,000		30,966,041
Industrial Conglomerates — 0.6%
CITIC Ltd.		32,961,000		38,570,056
Insurance — 7.3%
China Life Insurance Co. Ltd., Class H		49,985,000		92,010,980
China Pacific Insurance Group Co. Ltd., Class H		17,337,400		47,668,589
People’s Insurance Co. Group of China Ltd. (The), Class H		55,030,000		18,551,970
Ping An Insurance Group Co. of China Ltd., Class H		37,709,000		292,912,267
				451,143,806
Interactive Media & Services — 15.4%
Baidu Inc.(c)		14,507,000		243,863,213
Kuaishou Technology(b)(c)		12,985,400		114,256,034
Tencent Holdings Ltd.		12,223,100		595,618,336
				953,737,583

Security	Shares		Value
Internet & Direct Marketing Retail — 23.8%
Alibaba Group Holding Ltd.(c)		43,347,000	$	595,963,135
JD Health International Inc.(b)(c)		4,929,200		40,933,712
JD.com Inc., Class A		11,718,100		347,949,668
Meituan, Class B(b)(c)		22,122,120		494,559,383
				1,479,405,898
Life Sciences Tools & Services — 3.7%
WuXi AppTec Co. Ltd., Class H(b)		2,246,652		29,193,063
Wuxi Biologics Cayman Inc., New(b)(c)		23,812,500		198,843,912
				228,036,975
Marine — 0.4%
COSCO SHIPPING Holdings Co. Ltd., Class H		21,818,600		22,632,000
Metals & Mining — 1.0%
Zijin Mining Group Co. Ltd., Class H		38,442,000		63,585,019
Oil, Gas & Consumable Fuels — 4.5%
China Petroleum & Chemical Corp., Class H		171,362,600		92,530,537
China Shenhua Energy Co. Ltd., Class H		22,669,500		70,561,527
PetroChina Co. Ltd., Class H		139,754,000		74,761,399
Yankuang Energy Group Co. Ltd., Class H		12,638,000		40,644,434
				278,497,897
Real Estate Management & Development — 3.0%
China Overseas Land & Investment Ltd.		25,727,500		69,471,196
China Resources Land Ltd.		18,485,333		88,591,950
China Vanke Co. Ltd., Class H		12,770,300		25,815,157
				183,878,303
Technology Hardware, Storage & Peripherals — 2.6%
Xiaomi Corp., Class B(b)(c)		98,444,600		162,851,874
Textiles, Apparel & Luxury Goods — 4.3%
ANTA Sports Products Ltd.		7,614,600		115,502,864
Li Ning Co. Ltd.		15,240,000		150,657,523
				266,160,387
Total Long-Term Investments — 99.9% (Cost: $6,574,025,113)				6,205,487,498
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		7,538,459		7,542,982
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		6,160,000		6,160,000
Total Short-Term Securities — 0.2% (Cost: $13,696,985)				13,702,982
Total Investments — 100.1% (Cost: $6,587,722,098)				6,219,190,480
Liabilities in Excess of Other Assets — (0.1)%				(5,607,371	)
Net Assets — 100.0%			$	6,213,583,109
(a)   All or a portion of this security is on loan. (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)   Non-income producing security. (d)   Affiliate of the Fund. (e)   Annualized 7-day yield as of period end. (f)   All or a portion of this security was purchased with the cash collateral from loaned securities

S C H E D U L E   O F   I N V E S T M E N T S 7

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® China Large-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	53,497,119	$	—		$	(45,971,529	)(a)	$	12,730	$	4,662	$	7,542,982		7,538,459	$	208,806	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,890,000		3,270,000	(a)		—			—		—		6,160,000		6,160,000		109,090			2
									$	12,730	$	4,662	$	13,702,982			$	317,896		$	2

^(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		259		03/17/23	$	7,037	$	575,508

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)	$	—	$	—	$	575,508	$	—	$	—	$	—	$	575,508

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

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(13,936,084	)	$	—	$	—	$	—	$	(13,936,084	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	11,872,444		$	—	$	—	$	—	$	11,872,444

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$8,021,296

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

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® China Large-Cap ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	6,205,487,498	$	—	$	6,205,487,498
Short-Term Securities
Money Market Funds		13,702,982		—		—		13,702,982
	$	13,702,982	$	6,205,487,498	$	—	$	6,219,190,480
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	575,508	$	—	$	575,508

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

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments(unaudited) January 31, 2023 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
AECC Aero-Engine Control Co. Ltd., Class A		82,898	$	320,053
AECC Aviation Power Co. Ltd., Class A		166,098		1,119,389
AVIC Electromechanical Systems Co. Ltd., Class A		236,299		386,348
AVICOPTER PLC, Class A		41,499		296,869
Gaona Aero Material Co. Ltd.		20,700		138,112
Kuang-Chi Technologies Co. Ltd., Class A		124,940		341,078
				2,601,849
Air Freight & Logistics — 1.0%
SF Holding Co. Ltd., Class A		290,315		2,534,665
YTO Express Group Co. Ltd., Class A		207,000		644,670
Yunda Holding Co. Ltd., Class A		166,000		364,255
				3,543,590
Airlines — 0.6%
Air China Ltd., Class A(a)		455,400		698,256
China Eastern Airlines Corp. Ltd., Class A(a)		686,700		547,189
China Southern Airlines Co. Ltd., Class A(a)		644,924		701,388
Juneyao Airlines Co. Ltd., Class A(a)		103,500		234,353
				2,181,186
Auto Components — 1.3%
Bethel Automotive Safety Systems Co. Ltd.		20,700		266,148
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		20,797		417,951
Fuyao Glass Industry Group Co. Ltd., Class A		124,200		719,959
Huayu Automotive Systems Co. Ltd., Class A		187,100		506,439
Huizhou Desay Sv Automotive Co. Ltd., Class A		37,600		734,231
Ningbo Joyson Electronic Corp., Class A(a)		83,200		197,475
Ningbo Tuopu Group Co. Ltd., Class A		65,605		695,297
Sailun Group Co. Ltd., Class A		165,600		246,153
Shandong Linglong Tyre Co. Ltd., Class A		83,200		272,236
Shenzhen Kedali Industry Co. Ltd., Class A		20,700		463,924
				4,519,813
Automobiles — 2.3%
BYD Co. Ltd., Class A		107,473		4,591,978
Chongqing Changan Automobile Co. Ltd., Class A		499,438		1,051,795
FAW Jiefang Group Co. Ltd., Class A		165,600		202,281
Great Wall Motor Co. Ltd., Class A		144,989		668,611
Guangzhou Automobile Group Co. Ltd., Class A		289,800		506,048
SAIC Motor Corp. Ltd., Class A		476,506		1,063,299
				8,084,012
Banks — 9.9%
Agricultural Bank of China Ltd., Class A		5,097,200		2,197,487
Bank of Beijing Co. Ltd., Class A		1,290,400		812,938
Bank of Changsha Co. Ltd., Class A		248,400		252,801
Bank of Chengdu Co. Ltd., Class A		207,077		446,396
Bank of China Ltd., Class A		2,119,000		1,011,003
Bank of Communications Co. Ltd., Class A		2,362,202		1,698,084
Bank of Hangzhou Co. Ltd., Class A		352,388		680,737
Bank of Jiangsu Co. Ltd., Class A		866,900		954,781
Bank of Nanjing Co. Ltd., Class A		601,580		926,218
Bank of Ningbo Co. Ltd., Class A		397,421		1,936,835
Bank of Shanghai Co. Ltd., Class A		864,469		767,639
Bank of Suzhou Co. Ltd.		207,000		239,854
China Construction Bank Corp., Class A		574,700		477,835
China Everbright Bank Co. Ltd., Class A		2,503,800		1,139,624
China Merchants Bank Co. Ltd., Class A		1,230,402		7,544,018
China Minsheng Banking Corp. Ltd., Class A		2,172,680		1,123,953
China Zheshang Bank Co. Ltd., Class A(a)		1,055,700		463,333

Security	Shares		Value
Banks (continued)
Chongqing Rural Commercial Bank Co. Ltd., Class A		563,030	$	299,655
Huaxia Bank Co. Ltd., Class A		794,860		614,139
Industrial & Commercial Bank of China Ltd., Class A		3,770,000		2,413,414
Industrial Bank Co. Ltd., Class A		1,247,547		3,265,771
Ping An Bank Co. Ltd., Class A		1,158,356		2,582,672
Postal Savings Bank of China Co. Ltd., Class A		1,596,700		1,140,605
Shanghai Pudong Development Bank Co. Ltd., Class A		1,768,620		1,933,076
Shanghai Rural Commercial Bank Co. Ltd.		600,300		526,033
				35,448,901
Beverages — 11.5%
Anhui Gujing Distillery Co. Ltd., Class A		23,799		982,442
Anhui Kouzi Distillery Co. Ltd., Class A		29,400		243,381
Anhui Yingjia Distillery Co. Ltd., Class A		41,400		402,945
Beijing Yanjing Brewery Co. Ltd., Class A		144,900		241,822
Chongqing Brewery Co. Ltd., Class A		28,695		512,686
Jiangsu King’s Luck Brewery JSC Ltd., Class A		62,100		533,133
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		86,200		2,249,345
JiuGui Liquor Co. Ltd., Class A		20,700		432,659
Kweichow Moutai Co. Ltd., Class A		74,403		20,404,802
Luzhou Laojiao Co. Ltd., Class A		87,700		3,091,844
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		65,288		352,022
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		74,201		3,213,327
Sichuan Swellfun Co. Ltd., Class A		37,500		454,511
Tsingtao Brewery Co. Ltd., Class A		47,000		705,918
Wuliangye Yibin Co. Ltd., Class A		231,814		7,215,309
				41,036,146
Biotechnology — 1.7%
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		41,455		825,087
BGI Genomics Co. Ltd., Class A		26,300		212,428
Bloomage Biotechnology Corp. Ltd.		24,298		449,688
Chongqing Zhifei Biological Products Co. Ltd., Class A		91,000		1,323,884
Daan Gene Co. Ltd., Class A		62,144		146,634
Hualan Biological Engineering Inc., Class A		104,748		346,953
Imeik Technology Development Co. Ltd., Class A		12,800		1,132,211
Shanghai Junshi Biosciences Co. Ltd., Class A(a)		49,108		418,221
Shanghai RAAS Blood Products Co. Ltd., Class A		351,900		324,027
Shenzhen Kangtai Biological Products Co. Ltd., Class A		74,056		404,283
Walvax Biotechnology Co. Ltd., Class A		82,898		492,182
				6,075,598
Building Products — 0.4%
Beijing New Building Materials PLC, Class A		103,900		440,663
Guangdong Kinlong Hardware Products Co. Ltd., Class A		20,720		305,294
Zhejiang Weixing New Building Materials Co. Ltd., Class A		82,804		280,741
Zhuzhou Kibing Group Co. Ltd., Class A		150,000		267,540
				1,294,238
Capital Markets — 5.4%
BOC International China Co. Ltd., Class A		165,600		277,099
Caitong Securities Co. Ltd., Class A		269,151		311,996
Changjiang Securities Co. Ltd., Class A		331,600		283,049
China Galaxy Securities Co. Ltd., Class A		248,800		362,169
China Great Wall Securities Co. Ltd., Class A		186,700		252,658
China International Capital Corp. Ltd., Class A		84,000		498,596
China Merchants Securities Co. Ltd., Class A		434,707		922,142
CITIC Securities Co. Ltd., Class A		724,570		2,306,914
CSC Financial Co. Ltd., Class A		248,839		998,847
Dongxing Securities Co. Ltd., Class A		207,039		256,773
East Money Information Co. Ltd., Class A		786,616		2,636,619

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Everbright Securities Co. Ltd., Class A		228,100	$	538,812
First Capital Securities Co. Ltd., Class A		248,400		221,319
GF Securities Co. Ltd., Class A		352,300		912,066
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		233,491		229,602
Guolian Securities Co. Ltd., Class A		144,900		259,566
Guosen Securities Co. Ltd., Class A		366,200		509,981
Guotai Junan Securities Co. Ltd., Class A		435,145		922,135
Guoyuan Securities Co. Ltd., Class A		248,844		262,313
Haitong Securities Co. Ltd., Class A		581,200		805,910
Hithink RoyalFlush Information Network Co. Ltd., Class A		31,800		558,583
Huatai Securities Co. Ltd., Class A		435,900		840,034
Huaxi Securities Co. Ltd., Class A		145,300		176,222
Industrial Securities Co. Ltd., Class A		500,308		512,779
Orient Securities Co. Ltd., Class A		448,121		721,295
Sealand Securities Co. Ltd., Class A		332,400		174,647
Shanxi Securities Co. Ltd., Class A		228,157		200,504
Shenwan Hongyuan Group Co. Ltd., Class A		1,347,900		830,272
SooChow Securities Co. Ltd., Class A		290,638		306,537
Southwest Securities Co. Ltd., Class A		406,900		241,162
Western Securities Co. Ltd., Class A		249,620		246,039
Zheshang Securities Co. Ltd., Class A		228,127		360,764
Zhongtai Securities Co. Ltd.		332,400		341,027
				19,278,431
Chemicals — 6.8%
Asia - Potash International Investment Guangzhou Co. Ltd.(a)		41,400		178,257
CNGR Advanced Material Co. Ltd.		39,500		455,998
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		169,640		187,741
Do-Fluoride New Materials Co. Ltd., Class A		42,200		230,943
Ganfeng Lithium Group Co. Ltd., Class A		87,670		1,031,290
Guangzhou Tinci Materials Technology Co. Ltd., Class A		103,520		757,017
Hangzhou Oxygen Plant Group Co. Ltd., Class A		62,100		354,351
Hengli Petrochemical Co. Ltd., Class A		352,315		916,279
Hengyi Petrochemical Co. Ltd., Class A		228,576		264,680
Hoshine Silicon Industry Co. Ltd., Class A		41,400		572,611
Huafon Chemical Co. Ltd., Class A		269,100		303,398
Hubei Feilihua Quartz Glass Co. Ltd.		20,700		159,668
Hubei Xingfa Chemicals Group Co. Ltd., Class A		55,900		270,005
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		476,900		313,485
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		211,500		281,556
Jiangsu Eastern Shenghong Co. Ltd., Class A		248,400		576,840
Jiangsu Yangnong Chemical Co. Ltd., Class A		20,700		339,074
Jiangsu Yoke Technology Co. Ltd., Class A		35,700		276,719
LB Group Co. Ltd., Class A		144,909		448,606
Luxi Chemical Group Co. Ltd., Class A		124,200		247,502
Ningbo Shanshan Co. Ltd.		124,200		361,231
Ningxia Baofeng Energy Group Co. Ltd., Class A		360,800		717,259
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		331,300		1,233,135
Rongsheng Petrochemical Co. Ltd., Class A		601,901		1,183,561
Satellite Chemical Co. Ltd., Class A		195,677		514,502
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		125,060		627,463
Shandong Weifang Rainbow Chemical Co. Ltd.		20,700		251,420
Shanghai Putailai New Energy Technology Co. Ltd., Class A		90,520		743,471
Shenzhen Capchem Technology Co. Ltd., Class A		52,020		378,552
Shenzhen Dynanonic Co. Ltd.		10,200		407,708
Shenzhen Senior Technology Co. Ltd., Class A		62,117		215,164
Sichuan Hebang Biotechnology Co. Ltd., Class A		517,500		246,894
Sichuan Yahua Industrial Group Co. Ltd., Class A		60,800		233,229

Security	Shares		Value
Chemicals (continued)
Sinoma Science & Technology Co. Ltd., Class A		103,500	$	381,803
Sinopec Shanghai Petrochemical Co. Ltd., Class A		435,131		206,704
Skshu Paint Co. Ltd., Class A(a)		24,060		442,549
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		37,700		355,920
Tianqi Lithium Corp., Class A(a)		91,200		1,306,779
Tongkun Group Co. Ltd., Class A		145,797		339,979
Wanhua Chemical Group Co. Ltd., Class A		180,500		2,590,351
Weihai Guangwei Composites Co. Ltd., Class A		30,695		328,607
Xinjiang Zhongtai Chemical Co. Ltd., Class A		165,600		188,325
Yunnan Energy New Material Co. Ltd., Class A		52,215		1,212,857
Yunnan Yuntianhua Co. Ltd.(a)		112,900		389,407
Zangge Mining Co. Ltd.		86,200		357,607
Zhejiang Juhua Co. Ltd., Class A		145,300		357,176
Zhejiang Yongtai Technology Co. Ltd., Class A		45,100		163,579
Zibo Qixiang Tengda Chemical Co. Ltd., Class A(a)		170,500		183,483
				24,084,735
Commercial Services & Supplies — 0.3%
Beijing Originwater Technology Co. Ltd., Class A		227,700		165,562
Shanghai M&G Stationery Inc., Class A		62,100		494,506
Zhejiang Weiming Environment Protection Co. Ltd., Class A		103,853		299,784
				959,852
Communications Equipment — 0.6%
Guangzhou Haige Communications Group Inc. Co., Class A		124,200		161,603
Hengtong Optic-Electric Co. Ltd., Class A		150,800		347,219
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		41,800		219,244
Yealink Network Technology Corp. Ltd., Class A		53,555		485,851
Zhongji Innolight Co. Ltd., Class A		41,888		181,090
ZTE Corp., Class A		236,000		933,796
				2,328,803
Construction & Engineering — 1.8%
China Energy Engineering Corp. Ltd.		1,926,000		671,394
China National Chemical Engineering Co. Ltd., Class A		351,910		453,597
China Railway Group Ltd., Class A		1,221,300		1,032,982
China State Construction Engineering Corp. Ltd., Class A		2,504,700		2,058,948
Metallurgical Corp. of China Ltd., Class A		1,057,700		529,122
Power Construction Corp. of China Ltd., Class A		972,900		1,013,825
Shanghai Construction Group Co. Ltd., Class A		560,100		218,295
Sichuan Road & Bridge Co. Ltd., Class A		310,500		540,086
				6,518,249
Construction Materials — 0.6%
Anhui Conch Cement Co. Ltd., Class A		248,800		1,086,547
BBMG Corp., Class A		558,900		209,636
China Jushi Co. Ltd., Class A		228,050		499,380
Huaxin Cement Co. Ltd., Class A		82,819		200,863
Tangshan Jidong Cement Co. Ltd., Class A		165,600		213,287
				2,209,713
Containers & Packaging — 0.1%
Shenzhen YUTO Packaging Technology Co. Ltd.		41,400		193,134
Distributors — 0.1%
Wuchan Zhongda Group Co. Ltd., Class A		310,914		226,122
Diversified Financial Services — 0.1%
AVIC Industry-Finance Holdings Co. Ltd., Class A		538,201		418,387
Electrical Equipment — 7.0%
Beijing Easpring Material Technology Co. Ltd., Class A		18,400		184,655

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Contemporary Amperex Technology Co. Ltd., Class A		144,902	$	10,054,037
Dajin Heavy Industry Co. Ltd.		41,400		290,569
Dongfang Electric Corp. Ltd., Class A		166,090		527,890
Eve Energy Co. Ltd., Class A		127,382		1,673,791
Fangda Carbon New Material Co. Ltd., Class A(a)		228,128		222,879
Ginlong Technologies Co. Ltd., Class A(a)		24,800		676,120
Gotion High-tech Co. Ltd., Class A		84,300		407,305
Guangzhou Great Power Energy & Technology Co. Ltd.		20,700		233,908
Hongfa Technology Co. Ltd., Class A		28,500		158,541
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		6,766		409,581
Jiangsu Zhongtian Technology Co. Ltd., Class A		207,400		504,365
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		103,500		299,369
Ming Yang Smart Energy Group Ltd., Class A		118,100		488,876
NARI Technology Co. Ltd., Class A		399,874		1,567,421
Ningbo Orient Wires & Cables Co. Ltd.		41,400		395,033
Ningbo Ronbay New Energy Technology Co. Ltd.		35,058		411,051
Pylon Technologies Co. Ltd., NVS		8,557		390,148
Shanghai Electric Group Co. Ltd., Class A(a)		705,450		427,984
Shenzhen Kstar Science & Technology Co. Ltd.		41,400		357,313
Sieyuan Electric Co. Ltd.		42,200		272,866
Sungrow Power Supply Co. Ltd., Class A		87,100		1,686,841
Sunwoda Electronic Co. Ltd., Class A		103,599		362,874
Suzhou Maxwell Technologies Co. Ltd., Class A		10,160		669,463
TBEA Co. Ltd., Class A		228,100		721,937
Titan Wind Energy Suzhou Co. Ltd., Class A		104,300		252,701
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		184,451		321,102
Zhefu Holding Group Co. Ltd., Class A		295,000		180,270
Zhejiang Chint Electrics Co. Ltd., Class A		123,300		589,363
Zhejiang HangKe Technology Inc. Co., Class A		41,770		313,222
				25,051,475
Electronic Equipment, Instruments & Components — 4.2%
Avary Holding Shenzhen Co. Ltd., Class A		112,500		482,023
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		20,700		320,790
BOE Technology Group Co. Ltd., Class A		2,259,528		1,335,006
Chaozhou Three-Circle Group Co. Ltd., Class A		103,900		514,371
China Railway Signal & Communication Corp. Ltd., Class A		420,781		302,005
China Zhenhua Group Science & Technology Co. Ltd., Class A		37,400		629,794
Foxconn Industrial Internet Co. Ltd., Class A		600,306		847,299
GoerTek Inc., Class A		207,804		639,049
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		42,067		393,315
Hengdian Group DMEGC Magnetics Co. Ltd.		82,800		273,974
Huagong Tech Co. Ltd., Class A		62,183		173,286
Lens Technology Co. Ltd., Class A		290,200		573,253
Lingyi iTech Guangdong Co., Class A(a)		374,600		298,584
Luxshare Precision Industry Co. Ltd., Class A		415,268		2,011,604
Maxscend Microelectronics Co. Ltd., Class A		38,156		760,202
OFILM Group Co. Ltd., Class A(a)		187,100		140,002
Raytron Technology Co. Ltd., Class A		9,896		64,861
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		8,544		268,757
Shengyi Technology Co. Ltd., Class A		124,682		298,919
Shennan Circuits Co. Ltd., Class A		30,367		344,286
Shenzhen Sunlord Electronics Co. Ltd., Class A		38,800		165,256
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		89,700		381,317
Tianma Microelectronics Co. Ltd., Class A		145,700		203,952
Unisplendour Corp. Ltd., Class A		168,691		576,412
Westone Information Industry Inc., Class A		44,500		227,156

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Wingtech Technology Co. Ltd., Class A		88,711	$	772,560
Wuhan Guide Infrared Co. Ltd., Class A		179,411		313,757
WUS Printed Circuit Kunshan Co. Ltd., Class A		103,590		195,950
Xiamen Faratronic Co. Ltd.		17,500		466,081
Zhejiang Dahua Technology Co. Ltd., Class A		168,100		316,127
Zhejiang Supcon Technology Co. Ltd.		28,773		393,196
Zhuzhou Hongda Electronics Corp. Ltd.		20,700		146,796
				14,829,940
Energy Equipment & Services — 0.2%
Offshore Oil Engineering Co. Ltd., Class A		270,768		267,535
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		62,185		299,331
				566,866
Entertainment — 0.5%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		124,293		376,996
Beijing Enlight Media Co. Ltd., Class A		186,300		226,870
G-Bits Network Technology Xiamen Co. Ltd., Class A		5,500		288,644
Mango Excellent Media Co. Ltd., Class A		105,680		479,020
Perfect World Co. Ltd., Class A		103,552		216,050
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		414,882		244,643
				1,832,223
Food & Staples Retailing — 0.2%
DaShenLin Pharmaceutical Group Co. Ltd., Class A		53,526		302,123
Yifeng Pharmacy Chain Co. Ltd., Class A		41,417		348,706
				650,829
Food Products — 4.3%
Angel Yeast Co. Ltd., Class A		45,296		279,624
Anjoy Foods Group Co. Ltd., Class A		20,700		489,556
Beijing Dabeinong Technology Group Co. Ltd., Class A(a)		248,800		338,519
Chongqing Fuling Zhacai Group Co. Ltd., Class A		41,400		163,838
Foshan Haitian Flavouring & Food Co. Ltd., Class A		227,766		2,684,251
Fujian Sunner Development Co. Ltd., Class A		62,100		226,295
Guangdong Haid Group Co. Ltd., Class A		103,599		957,243
Heilongjiang Agriculture Co. Ltd., Class A		103,900		217,885
Henan Shuanghui Investment & Development Co. Ltd., Class A		207,400		784,566
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		373,400		1,804,678
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		57,762		310,246
Juewei Food Co. Ltd., Class A		41,400		327,657
Muyuan Foods Co. Ltd., Class A		310,919		2,303,123
New Hope Liuhe Co. Ltd., Class A(a)		262,600		510,553
Toly Bread Co. Ltd., Class A		90,765		225,245
Tongwei Co. Ltd., Class A		272,193		1,707,814
Wens Foodstuffs Group Co. Ltd., Class A		394,946		1,180,121
Yihai Kerry Arawana Holdings Co. Ltd., Class A		83,600		555,133
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a)		82,800		210,919
				15,277,266
Gas Utilities — 0.1%
ENN Natural Gas Co. Ltd., Class A		146,100		391,132
Health Care Equipment & Supplies — 1.5%
iRay Technology Co. Ltd.		3,930		272,446
Jafron Biomedical Co. Ltd., Class A		38,050		190,640
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		62,500		278,123
Lepu Medical Technology Beijing Co. Ltd., Class A		103,900		343,925
Ovctek China Inc., Class A		42,680		234,977
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		73,834		3,651,395

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		41,400	$	338,867
				5,310,373
Health Care Providers & Services — 1.5%
Aier Eye Hospital Group Co. Ltd., Class A		420,249		2,053,165
China Meheco Co. Ltd., Class A		88,920		200,612
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		83,200		373,614
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		31,697		396,002
Huadong Medicine Co. Ltd., Class A		103,925		731,559
Jointown Pharmaceutical Group Co. Ltd., Class A		119,470		240,190
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		248,760		235,402
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		166,009		459,910
Topchoice Medical Corp., Class A(a)		20,700		499,545
				5,189,999
Hotels, Restaurants & Leisure — 0.4%
BTG Hotels Group Co. Ltd., Class A		62,100		214,956
Shanghai Jinjiang International Hotels Co. Ltd., Class A		47,400		404,878
Shenzhen Overseas Chinese Town Co. Ltd., Class A		498,456		397,328
Songcheng Performance Development Co. Ltd., Class A		165,672		357,734
				1,374,896
Household Durables — 1.3%
Ecovacs Robotics Co. Ltd., Class A		38,900		503,955
Gree Electric Appliances Inc. of Zhuhai, Class A		169,500		871,357
Haier Smart Home Co. Ltd., Class A		373,400		1,427,405
Hangzhou Robam Appliances Co. Ltd., Class A		62,164		277,129
Jason Furniture Hangzhou Co. Ltd., Class A		39,720		251,542
Oppein Home Group Inc., Class A		29,583		552,047
TCL Technology Group Corp., Class A		995,238		620,876
Zhejiang Supor Co. Ltd., Class A		24,598		188,559
				4,692,870
Independent Power and Renewable Electricity Producers — 2.8%
CECEP Solar Energy Co. Ltd., Class A		231,600		263,582
CECEP Wind Power Corp, Class A		380,040		224,620
China National Nuclear Power Co. Ltd., Class A		1,117,847		1,002,040
China Three Gorges Renewables Group Co. Ltd., Class A		1,676,700		1,430,735
China Yangtze Power Co. Ltd., Class A		1,366,288		4,209,348
Datang International Power Generation Co. Ltd.(a)		476,100		195,525
GD Power Development Co. Ltd., Class A(a)		1,035,000		609,637
Huadian Power International Corp. Ltd., Class A		476,100		411,434
Huaneng Power International Inc., Class A(a)		539,400		599,221
Shanghai Electric Power Co. Ltd., Class A(a)		165,600		247,756
Shenzhen Energy Group Co. Ltd., Class A		290,206		266,423
Sichuan Chuantou Energy Co. Ltd., Class A		227,700		422,641
				9,882,962
Industrial Conglomerates — 0.1%
China Baoan Group Co. Ltd., Class A		145,300		270,492
Insurance — 2.3%
China Life Insurance Co. Ltd., Class A		166,400		840,845
China Pacific Insurance Group Co. Ltd., Class A		413,116		1,584,409
New China Life Insurance Co. Ltd., Class A		125,000		577,465
People’s Insurance Co. Group of China Ltd. (The), Class A		560,200		428,096
Ping An Insurance Group Co. of China Ltd., Class A		648,723		4,919,167
				8,349,982
IT Services — 0.0%
DHC Software Co. Ltd., Class A		186,300		171,259
Life Sciences Tools & Services — 1.0%
Hangzhou Tigermed Consulting Co. Ltd., Class A		25,704		444,473

Security	Shares		Value
Life Sciences Tools & Services (continued)
Joinn Laboratories China Co. Ltd., Class A		33,224	$	314,127
Pharmaron Beijing Co. Ltd., Class A		62,100		684,432
Shanghai Medicilon Inc., Class A		4,763		148,035
WuXi AppTec Co. Ltd., Class A		145,848		2,026,459
				3,617,526
Machinery — 2.8%
China CSSC Holdings Ltd., Class A		269,100		947,562
CRRC Corp. Ltd., Class A		1,432,890		1,137,068
Jiangsu Hengli Hydraulic Co. Ltd., Class A		82,824		804,305
Keda Industrial Group Co. Ltd.		103,500		246,914
Luoyang Xinqianglian Slewing Bearing Co. Ltd.		20,750		195,865
Ningbo Deye Technology Co. Ltd., NVS		11,700		606,312
North Industries Group Red Arrow Co. Ltd., Class A		91,300		310,556
Riyue Heavy Industry Co. Ltd., Class A		63,282		225,612
Sany Heavy Industry Co. Ltd., Class A		497,650		1,294,974
Shenzhen Inovance Technology Co. Ltd., Class A		165,611		1,752,880
Weichai Power Co. Ltd., Class A		414,000		689,474
Wuxi Shangji Automation Co. Ltd., Class A		24,980		424,600
XCMG Construction Machinery Co. Ltd., Class A		642,500		554,938
Zhejiang Dingli Machinery Co. Ltd., Class A		20,698		167,706
Zhuzhou CRRC Times Electric Co. Ltd., NVS		41,569		345,454
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		415,550		358,769
				10,062,989
Marine — 0.3%
COSCO SHIPPING Holdings Co. Ltd., Class A		748,650		1,182,892
Media — 0.2%
Focus Media Information Technology Co. Ltd., Class A		851,560		879,030
Metals & Mining — 4.7%
Aluminum Corp. of China Ltd., Class A		767,100		604,105
Anhui Honglu Steel Construction Group Co. Ltd., Class A		47,730		235,973
Baoshan Iron & Steel Co. Ltd., Class A		1,348,370		1,236,307
Chengtun Mining Group Co. Ltd., Class A		166,400		155,915
China Minmetals Rare Earth Co. Ltd., Class A(a)		62,100		380,768
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		216,300		933,606
CMOC Group Ltd., Class A		1,037,000		875,024
GEM Co. Ltd., Class A		270,796		321,206
Guangdong HEC Technology Holding Co. Ltd., Class A		165,600		237,064
Henan Shenhuo Coal & Power Co. Ltd.		124,200		324,030
Hesteel Co. Ltd., Class A		640,600		229,144
Huaibei Mining Holdings Co. Ltd.		144,900		288,879
Hunan Valin Steel Co. Ltd., Class A		416,940		307,312
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		2,737,200		829,808
Inner Mongolia ERDOS Resources Co. Ltd.		62,680		156,051
Jiangxi Copper Co. Ltd., Class A		124,600		360,666
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		497,600		384,551
Shandong Gold Mining Co. Ltd., Class A		207,428		609,879
Shandong Nanshan Aluminum Co. Ltd., Class A		684,300		367,194
Shanxi Meijin Energy Co. Ltd., Class A		248,800		355,499
Shanxi Taigang Stainless Steel Co. Ltd., Class A		352,300		240,225
Shenghe Resources Holding Co. Ltd., Class A		95,100		232,115
Sinomine Resource Group Co. Ltd., Class A		34,380		458,800
Tianshan Aluminum Group Co. Ltd., Class A		230,600		308,886
Tibet Summit Resources Co. Ltd., Class-A(a)		41,400		148,916
Tongling Nonferrous Metals Group Co. Ltd., Class A		632,700		328,660
Western Mining Co. Ltd., Class A		144,900		248,962
Western Superconducting Technologies Co. Ltd., Class A		34,168		498,987

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

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Xiamen Tungsten Co. Ltd., Class A		83,298	$	274,428
Yintai Gold Co. Ltd., Class A		157,420		291,773
YongXing Special Materials Technology Co. Ltd., Class A		23,400		395,161
Youngy Co. Ltd.(a)		20,700		350,827
Yunnan Aluminium Co. Ltd., Class A		207,000		414,892
Yunnan Tin Co. Ltd., Class A		103,500		234,031
Zhejiang Huayou Cobalt Co. Ltd., Class A		87,512		856,571
Zijin Mining Group Co. Ltd., Class A		1,222,900		2,148,128
				16,624,343
Oil, Gas & Consumable Fuels — 2.7%
China Merchants Energy Shipping Co. Ltd., Class A		460,000		436,554
China Petroleum & Chemical Corp., Class A		1,925,343		1,291,553
China Shenhua Energy Co. Ltd., Class A		393,799		1,659,387
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a)		207,049		437,696
Guanghui Energy Co. Ltd., Class A		373,783		568,214
Inner Mongolia Dian Tou Energy Corp. Ltd.		103,500		202,685
Jizhong Energy Resources Co. Ltd.		207,000		202,383
PetroChina Co. Ltd., Class A		1,317,400		1,013,171
Pingdingshan Tianan Coal Mining Co. Ltd.		144,900		242,348
Shaanxi Coal Industry Co. Ltd., Class A		560,501		1,625,857
Shan Xi Hua Yang Group New Energy Co. Ltd.		144,900		337,857
Shanxi Coking Coal Energy Group Co. Ltd., Class A		243,360		425,395
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		186,700		548,750
Yankuang Energy Group Co. Ltd., Class A		145,500		741,770
				9,733,620
Paper & Forest Products — 0.2%
Chengxin Lithium Group Co. Ltd., Class A		63,000		400,815
Shandong Sun Paper Industry JSC Ltd., Class A		166,000		275,105
				675,920
Personal Products — 0.3%
By-health Co. Ltd., Class A		103,900		355,508
Proya Cosmetics Co. Ltd., Class A		12,340		302,069
Yunnan Botanee Bio-Technology Group Co. Ltd.		20,700		430,419
				1,087,996
Pharmaceuticals — 3.5%
Apeloa Pharmaceutical Co. Ltd., Class A		62,500		225,344
Asymchem Laboratories Tianjin Co. Ltd., Class A		20,980		498,648
Beijing Tongrentang Co. Ltd., Class A		72,600		507,975
Betta Pharmaceuticals Co. Ltd., Class A		20,712		184,626
Changchun High & New Technology Industry Group Inc., Class A		28,140		840,525
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		62,100		446,602
Dong-E-E-Jiao Co. Ltd., Class A		41,400		270,335
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		41,400		179,520
Humanwell Healthcare Group Co. Ltd., Class A		103,500		407,985
Jiangsu Hengrui Medicine Co. Ltd., Class A		373,842		2,342,519
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		103,900		181,315
Livzon Pharmaceutical Group Inc., Class A		41,400		208,185
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		89,200		251,674
Porton Pharma Solutions Ltd.		20,700		145,582
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		65,127		185,337
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		124,263		628,600
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		58,000		311,707
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		103,960		448,097
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		83,200		335,362
Yunnan Baiyao Group Co. Ltd., Class A		103,560		882,461

Security	Shares		Value
Pharmaceuticals (continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A.		35,799	$	1,652,125
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		83,604		265,476
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		42,100		281,949
Zhejiang NHU Co. Ltd., Class A		187,468		541,673
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		25,200		210,776
				12,434,398
Real Estate Management & Development — 1.7%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		476,100		1,048,919
China Vanke Co. Ltd., Class A		565,700		1,534,550
Gemdale Corp., Class A		269,518		394,847
Hangzhou Binjiang Real Estate Group Co. Ltd.		144,900		228,488
Poly Developments and Holdings Group Co. Ltd., Class A		705,331		1,644,024
Seazen Holdings Co. Ltd., Class A(a)		124,266		393,108
Shanghai Lingang Holdings Corp. Ltd., Class A		103,500		188,988
Youngor Group Co. Ltd., Class A		290,194		278,430
Zhejiang China Commodities City Group Co. Ltd., Class A		289,800		219,387
				5,930,741
Road & Rail — 0.3%
Daqin Railway Co. Ltd., Class A		910,800		904,522
Semiconductors & Semiconductor Equipment — 5.7%
3peak Inc.		6,368		274,349
Advanced Micro-Fabrication Equipment Inc., Class A(a)		41,564		649,498
Amlogic Shanghai Co. Ltd.(a)		22,347		257,601
China Resources Microelectronics Ltd.		58,621		478,376
Flat Glass Group Co. Ltd., Class A		103,900		580,186
GCL System Integration Technology Co. Ltd., Class A(a)		333,200		160,219
GigaDevice Semiconductor Inc., Class A		41,957		715,968
Hangzhou Chang Chuan Technology Co. Ltd.		41,400		265,815
Hangzhou First Applied Material Co. Ltd., Class A		84,850		947,701
Hangzhou Lion Electronics Co. Ltd.		41,400		286,806
Hangzhou Silan Microelectronics Co. Ltd., Class A		82,800		435,326
Ingenic Semiconductor Co. Ltd., Class A		36,300		420,433
JA Solar Technology Co. Ltd., Class A		144,900		1,420,311
JCET Group Co. Ltd., Class A		84,000		333,339
LONGi Green Energy Technology Co. Ltd., Class A		449,546		3,223,446
Montage Technology Co. Ltd., Class A		65,945		543,095
NAURA Technology Group Co. Ltd., Class A		31,800		1,110,356
SG Micro Corp., Class A		24,250		641,954
Shanghai Fudan Microelectronics Group Co. Ltd.		30,429		306,376
Shenzhen SC New Energy Technology Corp., Class A		20,700		379,308
StarPower Semiconductor Ltd., Class A		10,000		469,911
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		194,399		1,226,432
Tianshui Huatian Technology Co. Ltd., Class A		144,900		192,104
TongFu Microelectronics Co. Ltd., Class A(a)		84,800		231,290
Trina Solar Co. Ltd.		136,243		1,447,394
Unigroup Guoxin Microelectronics Co. Ltd., Class A		48,879		913,117
Will Semiconductor Co. Ltd. Shanghai, Class A		62,155		872,051
Wuhan DR Laser Technology Corp. Ltd.		14,900		314,088
Wuxi Autowell Technology Co. Ltd.		8,358		266,880
Yangzhou Yangjie Electronic Technology Co. Ltd.		20,900		177,148
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		82,801		847,138
				20,388,016
Software — 1.8%
360 Security Technology Inc., Class A		436,300		453,631
Beijing Kingsoft Office Software Inc., Class A		27,344		1,141,813
Beijing Shiji Information Technology Co. Ltd., Class A		101,412		257,324

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

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
China National Software & Service Co. Ltd., Class A		41,400	$	463,008
Hundsun Technologies Inc., Class A		111,282		780,518
Iflytek Co. Ltd., Class A		124,250		748,619
NavInfo Co. Ltd., Class A		124,200		221,366
Sangfor Technologies Inc., Class A		25,000		560,791
Shanghai Baosight Software Co. Ltd., Class A		92,691		687,929
Thunder Software Technology Co. Ltd., Class A		31,500		514,385
Yonyou Network Technology Co. Ltd., Class A		207,849		757,293
				6,586,677
Specialty Retail — 1.1%
China Tourism Group Duty Free Corp. Ltd., Class A		115,541		3,659,484
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		228,006		267,536
				3,927,020
Technology Hardware, Storage & Peripherals — 0.6%
China Greatwall Technology Group Co. Ltd., Class A		186,800		337,558
GRG Banking Equipment Co. Ltd., Class A		124,200		187,497
Inspur Electronic Information Industry Co. Ltd., Class A		84,960		299,015
Ninestar Corp., Class A		82,810		630,541
Shenzhen Transsion Holding Co. Ltd., Class A		41,495		526,754
				1,981,365
Trading Companies & Distributors — 0.3%
Beijing United Information Technology Co. Ltd., Class A		21,955		315,621
COSCO SHIPPING Development Co. Ltd., Class A		621,800		231,608
Sichuan New Energy Power Co. Ltd., Class A(a)		92,500		272,096
Xiamen C & D Inc., Class A		165,600		326,151
				1,145,476

Security	Shares		Value
Transportation Infrastructure — 0.4%
Liaoning Port Co Ltd., Class A		1,014,300	$	245,168
Shanghai International Airport Co. Ltd., Class A(a)		82,822		744,263
Shanghai International Port Group Co. Ltd., Class A		560,500		443,551
				1,432,982
Wireless Telecommunication Services — 0.4%
China United Network Communications Ltd., Class A		1,791,000		1,389,105
Total Common Stocks — 99.6% (Cost: $258,053,475)				354,829,941
Rights
Pharmaceuticals — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)		30,064		—
Total Rights — 0.0% (Cost: $0)				—
Total Investments — 99.6% (Cost: $258,053,475)				354,829,941
Other Assets Less Liabilities — 0.4%				1,511,288
Net Assets — 100.0%			$	356,341,229

^(a) Non-income producing security.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE China A50		47		02/27/23	$	660	$	4,164

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	4,164	$	—	$	—	$	—	$	4,164

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

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

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	35,270	$	—	$	—	$	—	$	35,270
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	12,287	$	—	$	—	$	—	$	12,287

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$670,883

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	—	$	2,601,849	$	—	$	2,601,849
Air Freight & Logistics		—		3,543,590		—		3,543,590
Airlines		—		2,181,186		—		2,181,186
Auto Components		—		4,519,813		—		4,519,813
Automobiles		—		8,084,012		—		8,084,012
Banks		—		35,448,901		—		35,448,901
Beverages		—		41,036,146		—		41,036,146
Biotechnology		324,027		5,751,571		—		6,075,598
Building Products		—		1,294,238		—		1,294,238
Capital Markets		—		19,278,431		—		19,278,431
Chemicals		—		24,084,735		—		24,084,735
Commercial Services & Supplies		—		959,852		—		959,852
Communications Equipment		—		2,328,803		—		2,328,803
Construction & Engineering		—		6,518,249		—		6,518,249
Construction Materials		—		2,209,713		—		2,209,713
Containers & Packaging		—		193,134		—		193,134
Distributors		—		226,122		—		226,122
Diversified Financial Services		—		418,387		—		418,387
Electrical Equipment		—		25,051,475		—		25,051,475
Electronic Equipment, Instruments & Components		—		14,829,940		—		14,829,940
Energy Equipment & Services		—		566,866		—		566,866
Entertainment		—		1,832,223		—		1,832,223
Food & Staples Retailing		—		650,829		—		650,829
Food Products		—		15,277,266		—		15,277,266
Gas Utilities		—		391,132		—		391,132
Health Care Equipment & Supplies		—		5,310,373		—		5,310,373
Health Care Providers & Services		200,612		4,989,387		—		5,189,999
Hotels, Restaurants & Leisure		—		1,374,896		—		1,374,896
Household Durables		—		4,692,870		—		4,692,870
Independent Power and Renewable Electricity Producers		—		9,882,962		—		9,882,962
Industrial Conglomerates		—		270,492		—		270,492
Insurance		—		8,349,982		—		8,349,982
IT Services		—		171,259		—		171,259
Life Sciences Tools & Services		—		3,617,526		—		3,617,526
Machinery		—		10,062,989		—		10,062,989

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

Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® MSCI China A ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Marine	$	—	$	1,182,892	$	—	$	1,182,892
Media		—		879,030		—		879,030
Metals & Mining		—		16,624,343		—		16,624,343
Oil, Gas & Consumable Fuels		437,696		9,295,924		—		9,733,620
Paper & Forest Products		—		675,920		—		675,920
Personal Products		—		1,087,996		—		1,087,996
Pharmaceuticals		922,854		11,511,544		—		12,434,398
Real Estate Management & Development		—		5,930,741		—		5,930,741
Road & Rail		—		904,522		—		904,522
Semiconductors & Semiconductor Equipment		—		20,388,016		—		20,388,016
Software		—		6,586,677		—		6,586,677
Specialty Retail		—		3,927,020		—		3,927,020
Technology Hardware, Storage & Peripherals		—		1,981,365		—		1,981,365
Trading Companies & Distributors		—		1,145,476		—		1,145,476
Transportation Infrastructure		—		1,432,982		—		1,432,982
Wireless Telecommunication Services		—		1,389,105		—		1,389,105
Rights		—		—		—		—
	$	1,885,189	$	352,944,752	$	—	$	354,829,941
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	4,164	$	—	$	4,164

^(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

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares China Large-Cap ETF			iShares MSCI China AETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	6,205,487,498		$	354,829,941
Investments, at value — affiliated(c)		13,702,982			—
Cash		16,379			523,422
Cash pledged for futures contracts		900,000			63,000
Foreign currency, at value(d)		4,679,059			336,828
Receivables:
Securities lending income — affiliated		4,560			—
Capital shares sold		—			8,586,783
Dividends — unaffiliated		—			5,669
Dividends — affiliated		14,129			—
Total assets		6,224,804,607			364,345,643
LIABILITIES
Collateral on securities loaned, at value		7,387,987			—
Payables:
Investments purchased		—			7,933,937
Investment advisory fees		3,762,150			68,068
Variation margin on futures contracts		71,361			2,409
Total liabilities		11,221,498			8,004,414
NET ASSETS	$	6,213,583,109		$	356,341,229
NET ASSETS CONSIST OF
Paid-in capital	$	10,167,666,015		$	387,002,050
Accumulated loss		(3,954,082,906	)		(30,660,821	)
NET ASSETS	$	6,213,583,109		$	356,341,229
NET ASSETVALUE
Shares outstanding		195,600,000			10,350,000
Net asset value	$	31.77		$	34.43
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	6,574,025,113		$	258,053,475
(b) Securities loaned, at value	$	6,877,390		$	—
(c)  Investments, at cost — affiliated	$	13,696,985		$	—
(d) Foreign currency, at cost	$	4,698,431		$	331,705

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended January 31, 2023

	iShares China Large-Cap ETF			iShares MSCI China AETF
INVESTMENT INCOME
Dividends — unaffiliated	$	24,819,219		$	1,987,604
Dividends — affiliated		109,090			—
Interest — unaffiliated		54,551			44,079
Securities lending income — affiliated — net		208,806			—
Foreign taxes withheld		(1,849,555	)		(198,838	)
Total investment income		23,342,111			1,832,845
EXPENSES
Commitment costs		—			2,605
Investment advisory		18,656,030			1,359,012
Total expenses		18,656,030			1,361,617
Less:
Investment advisory fees waived		—			(818,012	)
Total expenses after fees waived		18,656,030			543,605
Net investment income		4,686,081			1,289,240
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(334,558,701	)		(656,513	)
Investments — affiliated		12,730			—
Capital gain distributions from underlying funds — affiliated		2			—
Foreign currency transactions		50,556			16,017
Futures contracts		(13,936,084	)		35,270
		(348,431,497	)		(605,226	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		726,350,126			(19,660,810	)
Investments — affiliated		4,662			—
Foreign currency translations		(3,660	)		3,432
Futures contracts		11,872,444			12,287
		738,223,572			(19,645,091	)
Net realized and unrealized gain (loss)		389,792,075			(20,250,317	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	394,478,156		$	(18,961,077	)

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

Statements of Changes in Net Assets

	iShares China Large-Cap ETF						iShares MSCI China A ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,686,081		$	111,144,219		$	1,289,240		$	8,412,505
Net realized loss		(348,431,497	)		(696,107,215	)		(605,226	)		(100,193,129	)
Net change in unrealized appreciation (depreciation)		738,223,572			(875,861,384	)		(19,645,091	)		(67,300,859	)
Net increase (decrease) in net assets resulting from operations		394,478,156			(1,460,824,380	)		(18,961,077	)		(159,081,483	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(108,901,606	)(b)		(82,196,257	)		(7,698,265	)		(8,184,031	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		634,311,940			2,024,227,917			(167,304,675	)		90,044,292
NET ASSETS
Total increase (decrease) in net assets		919,888,490			481,207,280			(193,964,017	)		(77,221,222	)
Beginning of period		5,293,694,619			4,812,487,339			550,305,246			627,526,468
End of period	$	6,213,583,109		$	5,293,694,619		$	356,341,229		$	550,305,246

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

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares China Large-Cap ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	30.37		$	40.36		$	41.57		$	41.63		$	43.14		$	42.57
Net investment income(a)			0.03			0.75			0.88			0.89			1.07			1.27
Net realized and unrealized gain (loss)(b)			1.96			(10.16	)		(1.26	)		0.17			(1.73	)		0.80
Net increase (decrease) from investment operations			1.99			(9.41	)		(0.38	)		1.06			(0.66	)		2.07
Distributions from net investment income(c)			(0.59	)(d)		(0.58	)		(0.83	)		(1.12	)		(0.85	)		(1.50	)
Net asset value, end of period		$	31.77		$	30.37		$	40.36		$	41.57		$	41.63		$	43.14
Total Return(e)
Based on net asset value			6.78	%(f)		(23.54	)%		(1.13	)%		2.59	%		(1.44	)%		4.73	%
Ratios to Average Net Assets(g)
Total expenses			0.74	%(h)		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income			0.19	%(h)		2.12	%		1.90	%		2.18	%		2.55	%		2.75	%
Supplemental Data
Net assets, end of period (000)		$	6,213,583		$	5,293,695		$	4,812,487		$	3,429,710		$	5,039,411		$	4,096,070
Portfolio turnover rate(i)			9	%		29	%		62	%		18	%		14	%		18	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 21

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI China A ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	35.39		$	41.70		$	36.39		$	28.68		$	27.06		$	29.19
Net investment income(a)			0.09			0.46			0.52			0.59			0.84			0.56
Net realized and unrealized gain (loss)(b)			(0.28	)		(6.29	)		5.22			7.47			1.67			(2.38	)
Net increase (decrease) from investment operations			(0.19	)		(5.83	)		5.74			8.06			2.51			(1.82	)
Distributions(c)
From net investment income			(0.77	)		(0.48	)		(0.43	)		(0.35	)		(0.19	)		(0.31	)
From net realized gain			—			—			—			—			(0.70	)		—
Total distributions			(0.77	)		(0.48	)		(0.43	)		(0.35	)		(0.89	)		(0.31	)
Net asset value, end of period		$	34.43		$	35.39		$	41.70		$	36.39		$	28.68		$	27.06
Total Return(d)
Based on net asset value			(0.35	)%(e)		(14.18	)%		15.79	%		28.40	%		9.97	%		(6.33	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.60	%(h)		0.60	%		0.60	%		0.63	%		0.65	%		0.65	%
Total expenses after fees waived			0.24	%(h)		0.24	%		0.24	%		0.24	%		0.24	%		0.55	%
Net investment income			0.57	%(h)		1.15	%		1.24	%		1.98	%		3.10	%		1.81	%
Supplemental Data
Net assets, end of period (000)		$	356,341		$	550,305		$	627,526		$	484,005		$	141,989		$	13,529
Portfolio turnover rate(i)			10	%(j)		64	%		38	%(j)		31	%(j)		44	%(j)		154	%
(a)   Based on average shares outstanding.
(b)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)   Where applicable, assumes the reinvestment of distributions.
(e)   Not annualized.
(f)   Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -6.54%.
(g)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)   Annualized.
(i) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(j) Portfolio turnover rate excluding cash creations was as follows:			5	%		—			24	%		28	%		22	%		—

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
China Large-Cap		Non-diversified
MSCI China A		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 23

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

24 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

	Securities Loaned			Cash Collateral					Non-Cash Collateral
iShares ETF and Counterparty			at Value			Received	(a)		Received, at Fair Value	(a)	Net Amount
China Large-Cap
Barclays Capital, Inc.		$	747,752		$	(747,752	)	$	—			$	—
BofA Securities, Inc.			503,878			(503,878	)		—				—
Goldman Sachs & Co. LLC			5,106,046			(5,106,046	)		—				—
Macquarie Bank Ltd			24,294			(24,294	)		—				—
Morgan Stanley			495,420			(495,420	)		—				—
		$	6,877,390		$	(6,877,390	)	$	—			$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 25

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the iShares China Large-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets	Investment Advisory Fees
First $6 billion		0.74%
Over $6 billion, up to and including $9 billion		0.67
Over $9 billion, up to and including $12 billion		0.60
Over $12 billion		0.54

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.60%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: BFAmay from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver in order to limit the iShares MSCI China A ETF’s total annual operating expenses after fee waiver to 0.24%, and currently intends to keep such voluntary fee waiver for the Fund in place through December 31, 2023. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended January 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
MSCI China A	$	818,012

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.

26 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
China Large-Cap	$	53,415

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
China Large-Cap	$	3,643,933	$	14,874,715	$	(19,961,069	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
China Large-Cap	$	1,081,064,949	$	435,885,412
MSCI China A		46,066,397		220,328,419

There were no in-kind transactions for the six months ended January 31, 2023.

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
China Large-Cap	$	2,902,220,355
MSCI China A		98,953,389

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
China Large-Cap	$	6,946,192,449	$	323,403,919	$	(1,049,830,380	)	$	(726,426,461	)
MSCI China A		286,031,891		111,031,287		(42,229,073	)		68,802,214

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 27

Notes to Financial Statements (unaudited) (continued)

9. LINE OF CREDIT

The iShares MSCI China A ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended January 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: The iShares MSCI China A ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While

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Notes to Financial Statements (unaudited) (continued)

offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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:

	Six Months Ended 01/31/23				Year Ended 07/31/22
iShares ETF	Shares		Amount		Shares			Amount
China Large-Cap
Shares sold		21,300,000	$	634,311,940		55,800,000		$	2,047,521,737
Shares redeemed		—		—		(750,000	)		(23,293,820	)
		21,300,000	$	634,311,940		55,050,000		$	2,024,227,917

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 (unaudited) (continued)

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI China A
Shares sold		800,000		$	27,372,094			10,350,000		$	432,813,220
Shares redeemed		(6,000,000	)		(194,676,769	)		(9,850,000	)		(342,768,928	)
		(5,200,000	)	$	(167,304,675	)		500,000		$	90,044,292

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares China Large-Cap ETF and iShares MSCI China A ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 31

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

January 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
China Large-Cap(a)	$	0.592996	$	—	$	0.000150	$	0.593146		100	%		—	%		0	%(b)		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 33

Glossary of Terms Used in this Report

Portfolio Abbreviation
JSC	Joint Stock Company
NVS	Non-Voting Shares

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-708-0123

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares International Equity Factor ETF | INTF | NYSE Arca

·  iShares MSCI EAFE Min Vol Factor ETF | EFAV | Cboe BZX

·  iShares MSCI Global Multifactor ETF | ACWF | NYSE Arca

·  iShares MSCI Intl Small-Cap Multifactor ETF | ISCF | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		39
Statements of Operations		40
Statements of Changes in Net Assets		41
Financial Highlights		43
Notes to Financial Statements		47
Statement Regarding Liquidity Risk Management Program		56
Supplemental Information		57
General Information		58
Glossary of Terms Used in this Report		59

3

Fund Summary as of January31,  2023 iShares^® International Equity Factor ETF

Investment Objective

The iShares International Equity Factor ETF(the “Fund”) seeks to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the STOXX International Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since    Inception		1 Year			5 Years			Since Inception
Fund NAV		8.86	%		(1.76	)%		0.60	%		3.80%		(1.76	)%		3.02	%		33.57	%
Fund Market		9.00			(1.69	)		0.62			3.81		(1.69	)		3.16			33.73
Index		8.83			(1.44	)		0.59			3.84		(1.44	)		2.97			33.93

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$     1,088.60	$      0.79			$      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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	20.8	%
Industrials	13.1
Consumer Discretionary	12.3
Health Care	10.4
Consumer Staples	8.7
Materials	8.6
Information Technology	8.2
Energy	5.7
Communication Services	5.4
Utilities	3.8
Real Estate	3.0

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	21.8	%
United Kingdom	13.5
France	10.3
Switzerland	8.3
Australia	7.5
Canada	7.4
Germany	6.3
Netherlands	5.2
Hong Kong	2.9
Denmark	2.9

4 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January31, 2023 iShares^® MSCI EAFE Min Vol Factor ETF

Investment Objective

The iShares MSCI EAFE MinVol Factor ETF(the “Fund”) seeks to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the U.S. and Canada, as represented by the MSCI EAFE Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		2.47	%		(6.11	)%		0.37	%		4.71%		(6.11	)%		1.84	%		58.52	%
Fund Market		2.52			(6.07	)		0.37			4.70		(6.07	)		1.88			58.30
Index		2.47			(5.85	)		0.29			4.71		(5.85	)		1.44			58.38

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,024.70	$        1.02			$      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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	17.8	%
Financials	16.1
Consumer Staples	15.4
Industrials	14.1
Communication Services	9.8
Utilities	8.2
Consumer Discretionary	6.5
Materials	5.0
Information Technology	3.8
Real Estate	2.0
Energy	1.3

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.1	%
Switzerland	14.8
United Kingdom	10.3
Hong Kong	7.9
France	7.2
Singapore	4.6
Australia	4.2
Netherlands	3.8
Denmark	3.4
Germany	3.4

F U N D   S U M M A R Y 5

Fund Summary as of January31, 2023 iShares^® MSCI Global Multifactor ETF

Investment Objective

The iShares MSCI Global Multifactor ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging market stocks that have favorable exposure to target style factors subject to constraints, as represented by the MSCI ACWI Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On December 12, 2022, the Board approved a proposal to change the Fund’s index to STOXX Global Equity Factor Index and change the name of the Fund to iShares Global Equity Factor ETF. The Board also approved a proposal to change the Fund’s ticker from ACWF to GLOF. These changes became effective on March 1, 2023.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since    Inception		1 Year			5 Years			Since Inception
Fund NAV		3.81	%		(5.67	)%		3.32	%		6.00%		(5.67	)%		17.74	%		57.22	%
Fund Market		3.69			(6.18	)		3.10			5.98		(6.18	)		16.50			56.93
Index		3.80			(5.53	)		3.43			6.19		(5.53	)		18.40			59.29

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,038.10	$        1.59			$      1,000.00	$      1,023.60	$        1.58		0.31	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	21.9	%
Financials	13.5
Health Care	11.4
Industrials	11.3
Consumer Discretionary	11.2
Consumer Staples	7.8
Materials	7.4
Energy	6.3
Real Estate	3.6
Communication Services	3.1
Utilities	2.5

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	57.6	%
China	7.2
Japan	7.1
Canada	4.6
United Kingdom	3.8
India	2.8
Netherlands	1.9
Australia	1.8
South Korea	1.7
Switzerland	1.7

6 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of January31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF

Investment Objective

The iShares MSCI Intl Small-Cap Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of global developed market small-capitalization stocks, excluding the U.S., that have favorable exposure to target style factors subject to constraints, as represented by the MSCI World ex USA Small Cap Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On December 12, 2022, the Board approved a proposal to change the Fund’s index to STOXX International Small-Cap Equity Factor Index and change the name of the Fund to iShares International Small-Cap Equity Factor ETF. These changes became effective on March 1, 2023.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since    Inception		1 Year			5 Years			Since Inception
Fund NAV		4.62	%		(4.91	)%		1.76	%		5.97%		(4.91	)%		9.13	%		56.91	%
Fund Market		4.98			(4.66	)		1.63			6.00		(4.66	)		8.43			57.19
Index		4.72			(4.48	)		1.85			6.18		(4.48	)		9.62			59.16

The inception date of the Fund was April 28, 2015. The first day of secondary market trading was April 30, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,046.20	$        1.81			$      1,000.00	$      1,023.40	$        1.79		0.35	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	24.6	%
Consumer Discretionary	13.4
Information Technology	11.0
Materials	9.4
Financials	9.1
Health Care	9.0
Energy	8.8
Real Estate	6.0
Consumer Staples	3.9
Communication Services	2.5
Utilities	2.3

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.1	%
United Kingdom	15.6
Canada	14.1
Australia	10.5
France	5.6
Switzerland	5.6
Netherlands	4.2
Germany	3.8
Hong Kong	2.7
Singapore	2.7

F U N D   S U M M A R Y 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.5%
AGL Energy Ltd.		253,052	$	1,372,370
ALS Ltd.		97,158		901,429
Alumina Ltd.		110,205		122,598
Aristocrat Leisure Ltd.		39,267		948,032
ASX Ltd.		39,599		1,937,782
Aurizon Holdings Ltd.		1,535,761		4,014,109
Australia & New Zealand Banking Group Ltd.		68,919		1,226,509
BHP Group Ltd.		272,954		9,559,431
BlueScope Steel Ltd.		103,922		1,417,130
carsales.com Ltd.		9,063		146,732
Commonwealth Bank of Australia		41,009		3,201,247
CSL Ltd.		15,664		3,307,460
Fortescue Metals Group Ltd.		214,547		3,388,889
Goodman Group		108,496		1,547,541
Harvey Norman Holdings Ltd.		196,848		624,941
JB Hi-Fi Ltd.		109,648		3,769,971
Macquarie Group Ltd.		33,012		4,404,096
Metcash Ltd.		795,422		2,357,169
Mineral Resources Ltd.		26,478		1,676,324
Mirvac Group		154,149		249,044
New Hope Corp. Ltd.		551,022		2,283,659
Pro Medicus Ltd.		15,806		754,874
Rio Tinto Ltd.		64,190		5,760,235
Sims Ltd.		162,436		1,763,721
Sonic Healthcare Ltd.		2,797		62,646
South32 Ltd.		539,423		1,730,970
Stockland		786,765		2,198,432
Telstra Corp. Ltd.		513,853		1,485,129
Wesfarmers Ltd.		50,026		1,763,752
Whitehaven Coal Ltd.		383,652		2,281,247
Woodside Energy Group Ltd.		20,102		520,519
Woolworths Group Ltd.		102,834		2,628,174
Yancoal Australia Ltd., NVS		493,783		2,055,980
				71,462,142
Austria — 0.8%
BAWAG Group AG(a)		15,634		968,445
OMV AG		55,620		2,786,019
Verbund AG		4,448		378,717
Wienerberger AG		108,031		3,248,599
				7,381,780
Belgium — 0.6%
Ageas SA/NV		71,704		3,500,730
D’ieteren Group		6,911		1,320,798
KBC Group NV		12,950		959,171
Solvay SA		2,090		243,551
				6,024,250
Canada — 7.4%
Bank of Montreal		65,330		6,574,489
BCE Inc.		15,895		751,415
Canadian Imperial Bank of Commerce		22,537		1,028,821
Canadian National Railway Co.		3,185		379,122
Canadian Natural Resources Ltd.		56,370		3,460,026
Canadian Pacific Railway Ltd.		19,130		1,509,926
CGI Inc.(b)		30,534		2,617,036
Constellation Software Inc./Canada		1,833		3,238,481
Dollarama Inc.		13,427		802,966
Fairfax Financial Holdings Ltd.		828		548,165
Loblaw Companies Ltd.		37,803		3,386,658

Security	Shares		Value
Canada (continued)
Magna International Inc.		38,887	$	2,524,564
Manulife Financial Corp.		118,089		2,336,841
National Bank of Canada		49,043		3,684,076
Nutrien Ltd.		43,348		3,588,252
Power Corp. of Canada		75,240		2,040,819
Royal Bank of Canada		115,507		11,820,250
Sun Life Financial Inc.		4,720		237,180
Suncor Energy Inc.		56,228		1,951,531
Teck Resources Ltd., Class B		67,039		2,900,128
Thomson Reuters Corp.		59,525		7,080,994
Toronto-Dominion Bank (The)		116,334		8,049,083
				70,510,823
Denmark — 2.9%
AP Moller - Maersk A/S, Class B, NVS		445		968,005
Carlsberg A/S, Class B		22,875		3,247,372
Coloplast A/S, Class B		6,915		834,879
Danske Bank A/S		25,182		524,631
Demant A/S(b)		5,691		161,093
Genmab A/S(b)		3,616		1,417,098
GN Store Nord A/S		22,562		556,295
ISS A/S(b)		19,591		428,332
Jyske Bank A/S, Registered(b)		4,388		316,477
Novo Nordisk A/S, Class B		109,361		15,134,443
Pandora A/S		31,904		2,656,675
Ringkjoebing Landbobank A/S		4,244		617,598
Royal Unibrew A/S		13,163		924,332
				27,787,230
Finland — 1.3%
Fortum OYJ		89,393		1,343,777
Kesko OYJ, Class B		69,200		1,611,909
Kone OYJ, Class B		11,705		638,345
Nokia OYJ		81,388		385,903
Nordea Bank Abp, New		362,576		4,247,478
Orion OYJ, Class B		31,783		1,702,762
Valmet OYJ		92,990		2,920,149
				12,850,323
France — 10.2%
Air Liquide SA		1,168		185,976
Airbus SE		5,778		724,364
ArcelorMittal SA		33,528		1,040,137
AXA SA		4,071		127,011
BNP Paribas SA		106,391		7,307,134
Bollore SE		104,140		582,702
Bouygues SA		81,381		2,681,011
Capgemini SE		7,188		1,364,179
Carrefour SA		116,083		2,208,011
Christian Dior SE, NVS		4,495		3,884,088
Cie. de Saint-Gobain		31,031		1,782,146
Cie. Generale des Etablissements Michelin SCA		31,022		980,910
Credit Agricole SA		407,294		4,904,323
Danone SA		1,851		101,507
Dassault Systemes SE		44,324		1,648,449
Edenred		4,857		264,558
Eiffage SA		20,539		2,193,782
Engie SA		141,283		2,006,199
EssilorLuxottica SA		1,729		317,236
Euronext NV(a)		1,120		90,756
Gaztransport Et Technigaz SA		6,023		665,880
Hermes International		73		136,620

S C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Kering SA		6,434	$	4,014,537
Klepierre SA		11,630		295,173
La Francaise des Jeux SAEM(a)		93,766		4,012,059
Legrand SA		9,925		884,953
L’Oreal SA		17,083		7,053,769
LVMH Moet Hennessy Louis Vuitton SE		13,879		12,116,029
Orange SA		187,929		1,988,806
Pernod Ricard SA		5,236		1,084,009
Publicis Groupe SA		50,384		3,554,069
Renault SA(b)		14,028		570,371
Sanofi		63,598		6,227,798
Sartorius Stedim Biotech		3,179		1,108,925
Schneider Electric SE		33,302		5,402,102
SES SA		13,016		101,006
Societe Generale SA		73,516		2,188,319
Sodexo SA		1,591		157,720
TotalEnergies SE		137,642		8,509,132
Vinci SA		16,099		1,819,019
Vivendi SE		135,231		1,452,350
				97,737,125
Germany — 5.1%
adidas AG		7,095		1,142,410
AIXTRON SE		59,012		1,758,294
Allianz SE, Registered		22,162		5,299,240
Aurubis AG		7,032		743,682
BASF SE(c)		18,918		1,084,672
Bayer AG, Registered		27,607		1,718,396
Bayerische Motoren Werke AG		27,252		2,776,015
Commerzbank AG(b)		100,274		1,146,275
Covestro AG(a)		17,729		816,323
Deutsche Bank AG, Registered		28,795		384,290
Deutsche Boerse AG		7,449		1,332,941
Deutsche Post AG, Registered		69,007		2,971,213
Deutsche Telekom AG, Registered		104,941		2,337,960
E.ON SE		85,785		935,306
Evonik Industries AG		11,973		266,142
GEA Group AG		21,018		948,330
Hannover Rueck SE		3,885		788,921
HelloFresh SE(b)		43,125		1,048,424
Hugo Boss AG		11,134		756,112
Knorr-Bremse AG		11,764		773,224
Mercedes-Benz Group AG		67,888		5,051,684
Merck KGaA		3,708		773,964
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		8,951		3,233,167
Rheinmetall AG		551		128,745
SAP SE		44,290		5,250,135
Siemens AG, Registered		20,205		3,156,128
Telefonica Deutschland Holding AG		439,468		1,294,397
Wacker Chemie AG		2,163		326,915
				48,243,305
Hong Kong — 2.9%
AIA Group Ltd.		606,000		6,852,433
CK Asset Holdings Ltd.		220,000		1,406,572
CK Hutchison Holdings Ltd.		308,500		1,963,279
CLP Holdings Ltd.		148,500		1,103,344
ESR Group Ltd.(a)		97,000		194,202
Hang Seng Bank Ltd.		66,000		1,099,112
Henderson Land Development Co. Ltd.		79,000		291,826

Security	Shares		Value
Hong Kong (continued)
HK Electric Investments & HK Electric Investments Ltd., Class SS		2,249,000	$	1,554,582
HKT Trust & HKT Ltd., Class SS		71,000		93,022
Hong Kong Exchanges & Clearing Ltd.		84,400		3,796,108
Link REIT		149,800		1,199,053
Pacific Basin Shipping Ltd.		2,102,000		741,773
PCCW Ltd.		729,000		358,204
SITC International Holdings Co. Ltd.		785,000		1,714,910
Swire Properties Ltd.		751,200		2,111,290
Techtronic Industries Co. Ltd.		47,500		612,360
WH Group Ltd.(a)		2,833,000		1,744,744
Wharf Real Estate Investment Co. Ltd.		196,000		1,122,034
				27,958,848
Ireland — 1.1%
AIB Group PLC		133,609		561,237
Bank of Ireland Group PLC		110,507		1,180,640
CRH PLC		41,822		1,954,030
Linde PLC, New, NVS(b)(c)		20,089		6,645,834
				10,341,741
Italy — 2.0%
A2A SpA		1,532,667		2,307,403
Enel SpA		416,743		2,453,833
Eni SpA		265,270		4,082,035
Hera SpA		245,940		706,491
Intesa Sanpaolo SpA		246,592		648,357
Italgas SpA		281,044		1,645,148
Mediobanca Banca di Credito Finanziario SpA		49,403		531,080
Poste Italiane SpA(a)		80,590		861,026
Recordati Industria Chimica e Farmaceutica SpA		9,023		395,284
Snam SpA		386,787		1,970,111
Stellantis NV		45,127		709,441
Terna - Rete Elettrica Nazionale		115,493		913,764
UniCredit SpA		111,624		2,180,144
				19,404,117
Japan — 21.7%
ADEKA Corp.		56,800		961,126
Advance Residence Investment Corp.		208		508,094
Advantest Corp.		28,700		2,057,244
Amada Co. Ltd.		19,800		177,859
Aozora Bank Ltd.		38,100		761,779
Asics Corp.		38,400		913,940
Astellas Pharma Inc.		178,000		2,620,183
Azbil Corp.		24,900		702,142
Bandai Namco Holdings Inc.		11,000		735,611
BayCurrent Consulting Inc.		51,600		2,193,493
BIPROGY Inc.		69,600		1,818,419
Bridgestone Corp.		4,300		160,533
Canon Inc.		26,200		581,439
Capcom Co. Ltd.		81,200		2,631,189
Chubu Electric Power Co. Inc.		132,700		1,429,321
Chugai Pharmaceutical Co. Ltd.		51,900		1,345,512
Cosmo Energy Holdings Co. Ltd.		69,800		1,957,469
Dai Nippon Printing Co. Ltd.		66,200		1,562,958
Daicel Corp.		74,000		545,993
Dai-ichi Life Holdings Inc.		105,100		2,465,937
Daiichi Sankyo Co. Ltd.		108,700		3,413,933
Daikin Industries Ltd.		2,300		399,498
Daiwa Securities Group Inc.		313,300		1,478,493
Ebara Corp.		37,700		1,600,726
Eisai Co. Ltd.		14,500		897,114

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Fast Retailing Co. Ltd.		2,200	$	1,336,191
Frontier Real Estate Investment Corp.		506		1,951,230
Fuji Electric Co. Ltd.		8,000		323,824
FUJIFILM Holdings Corp.		24,500		1,296,568
Fujikura Ltd.		277,800		2,111,657
Fujitsu Ltd.		21,300		3,032,680
GMO Payment Gateway Inc.		5,300		490,419
Hikari Tsushin Inc.		1,100		157,012
Hirose Electric Co. Ltd.		2,100		273,387
Hitachi Ltd.		50,400		2,643,099
Honda Motor Co. Ltd.		99,400		2,458,809
Hoya Corp.		38,400		4,222,922
Ibiden Co. Ltd.		39,700		1,549,447
IHI Corp.		13,700		416,270
Inpex Corp.		23,100		253,838
Internet Initiative Japan Inc.		147,400		2,766,074
ITOCHU Corp.		111,700		3,610,347
Japan Exchange Group Inc.		28,900		442,302
Japan Post Bank Co. Ltd.		126,700		1,125,713
Japan Post Holdings Co. Ltd.		112,100		984,177
Japan Post Insurance Co. Ltd.		199,200		3,553,720
Japan Real Estate Investment Corp.		310		1,329,122
Japan Tobacco Inc.		5,700		116,234
Jeol Ltd.		12,700		372,923
Kagome Co. Ltd.		86,100		2,102,943
KDDI Corp.		57,300		1,790,249
Keyence Corp.		7,000		3,222,581
Kikkoman Corp.		5,600		296,196
Kirin Holdings Co. Ltd.		12,500		192,622
Koei Tecmo Holdings Co. Ltd.		59,600		1,083,895
Konami Group Corp.		22,900		1,126,073
LaSalle Logiport REIT		1,353		1,639,299
Marubeni Corp.		64,600		792,550
Maruichi Steel Tube Ltd.		11,100		239,008
Mitsubishi Corp.		102,300		3,425,613
Mitsubishi Estate Co. Ltd.		78,800		1,012,826
Mitsubishi Gas Chemical Co. Inc.		110,500		1,614,682
Mitsubishi Heavy Industries Ltd.		18,600		729,305
Mitsubishi Logistics Corp.		22,200		518,401
Mitsubishi UFJ Financial Group Inc.		769,500		5,636,496
Mitsui & Co. Ltd.		60,300		1,779,015
Mitsui Chemicals Inc.		23,600		555,509
Mitsui High-Tec Inc.		25,200		1,328,858
MS&AD Insurance Group Holdings Inc.		94,500		3,030,966
Nihon Kohden Corp.		10,000		262,710
Nintendo Co. Ltd.		90,600		3,928,214
Nippon Accommodations Fund Inc.		330		1,481,179
Nippon Express Holdings Inc.		39,100		2,269,079
Nippon Gas Co. Ltd.		115,100		1,837,149
Nippon Sanso Holdings Corp.		20,100		327,848
Nippon Telegraph & Telephone Corp.		228,600		6,854,689
Nissan Chemical Corp.		42,400		2,001,689
Nissan Motor Co. Ltd.		149,000		535,348
Nissin Foods Holdings Co. Ltd.		10,800		844,318
Nitto Denko Corp.		19,100		1,234,575
NOF Corp.		9,200		391,894
Nomura Holdings Inc.		748,300		2,986,338
Nomura Real Estate Holdings Inc.		116,700		2,572,120
Nomura Research Institute Ltd.		122,900		2,950,531
Obic Co. Ltd.		7,500		1,202,450

Security	Shares		Value
Japan (continued)
Olympus Corp.		151,500	$	2,848,141
Omron Corp.		2,800		162,010
ORIX Corp.		146,600		2,577,665
Osaka Gas Co. Ltd.		65,200		1,052,125
Panasonic Holdings Corp.		65,200		604,624
Persol Holdings Co. Ltd.		52,900		1,159,859
Recruit Holdings Co. Ltd.		78,800		2,534,229
Rohto Pharmaceutical Co. Ltd.		21,800		402,241
Sanrio Co. Ltd.		47,500		1,811,756
Sanwa Holdings Corp.		123,400		1,306,364
SBI Holdings Inc.		121,300		2,571,474
SCSK Corp.		142,600		2,322,585
Sega Sammy Holdings Inc.		61,200		969,072
Sekisui House Ltd.		23,600		446,023
Seven & i Holdings Co. Ltd.		4,700		221,901
Shimadzu Corp.		6,600		202,825
Shimamura Co. Ltd.		2,600		243,890
Shin-Etsu Chemical Co. Ltd.		10,200		1,503,715
Shinko Electric Industries Co. Ltd.		3,000		84,408
Shionogi & Co. Ltd.		15,800		752,941
Shiseido Co. Ltd.		9,700		504,167
SHO-BOND Holdings Co. Ltd.		47,400		2,022,374
SMC Corp.		600		304,746
SoftBank Corp.		112,800		1,290,668
SoftBank Group Corp.		42,500		2,012,037
Sohgo Security Services Co. Ltd.		58,700		1,616,121
Sompo Holdings Inc.		29,500		1,269,942
Sony Group Corp.		66,500		5,941,877
Sumitomo Mitsui Financial Group Inc.		24,400		1,060,450
Sumitomo Mitsui Trust Holdings Inc.		17,300		630,215
Sumitomo Realty & Development Co. Ltd.		30,000		731,314
T&D Holdings Inc.		153,100		2,450,557
TDK Corp.		4,000		142,905
TIS Inc.		83,600		2,410,635
Tokio Marine Holdings Inc.		134,100		2,808,685
Tokyo Electric Power Co. Holdings Inc.(b)		183,100		685,671
Tokyo Electron Ltd.		11,600		4,054,480
Tokyo Ohka Kogyo Co. Ltd.		23,300		1,148,375
Tokyo Tatemono Co. Ltd.		154,500		1,915,415
Toyo Suisan Kaisha Ltd.		17,300		714,850
Toyota Motor Corp.		661,100		9,708,725
Trend Micro Inc./Japan(b)		19,000		940,766
Ulvac Inc.		49,000		2,292,316
Yakult Honsha Co. Ltd.		3,800		271,274
Yamada Holdings Co. Ltd.		105,000		381,252
Yamato Holdings Co. Ltd.		5,400		94,483
Yokohama Rubber Co. Ltd. (The)		21,600		354,863
Zenkoku Hosho Co. Ltd.		7,400		288,213
Zensho Holdings Co. Ltd.		39,400		1,005,692
ZOZO Inc.		9,700		251,455
				207,617,559
Netherlands — 5.2%
ABN AMRO Bank NV, CVA(a)		71,914		1,193,596
Adyen NV(a)(b)		3,031		4,582,590
Akzo Nobel NV		22,923		1,707,419
ASM International NV		6,439		2,177,708
ASML Holding NV(c)		18,235		12,065,145
ASR Nederland NV		51,506		2,437,856
BE Semiconductor Industries NV		12,848		918,971
EXOR NV, NVS(b)		21,327		1,695,254

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
ING Groep NV(b)		180,955	$	2,620,275
Koninklijke Ahold Delhaize NV		201,889		6,025,773
Koninklijke KPN NV		313,879		1,073,103
Koninklijke Philips NV		37,725		651,339
NN Group NV		70,830		3,077,427
OCI NV		121,028		4,119,848
QIAGEN NV(b)		9,432		460,122
Randstad NV		32,375		2,075,184
Signify NV(a)(c)		52,721		1,908,785
Universal Music Group NV		32,883		840,567
				49,630,962
New Zealand — 0.6%
Fisher & Paykel Healthcare Corp. Ltd.		57,260		939,704
Fletcher Building Ltd.		726,723		2,393,061
Mainfreight Ltd.		12,458		576,617
Meridian Energy Ltd.		190,407		658,086
Spark New Zealand Ltd.		222,316		749,591
				5,317,059
Norway — 1.0%
DNB Bank ASA		96,321		1,801,161
Equinor ASA		32,106		978,483
Gjensidige Forsikring ASA		5,264		94,612
Kongsberg Gruppen ASA		69,518		2,767,630
Orkla ASA		265,873		1,984,933
Telenor ASA		114,966		1,203,534
Yara International ASA		17,595		781,768
				9,612,121
Poland — 0.3%
LPP SA		781		1,829,407
Polski Koncern Naftowy ORLEN SA		60,853		913,989
				2,743,396
Portugal — 0.1%
Galp Energia SGPS SA		72,958		998,652
Jeronimo Martins SGPS SA		7,538		163,656
				1,162,308
Singapore — 1.7%
Capitaland Investment Ltd/Singapore		319,700		968,566
DBS Group Holdings Ltd.		52,400		1,434,517
Jardine Cycle & Carriage Ltd.		42,800		948,860
NetLink NBN Trust		2,695,900		1,797,934
Oversea-Chinese Banking Corp. Ltd.		179,700		1,775,499
Sembcorp Industries Ltd.		830,000		2,288,869
Singapore Technologies Engineering Ltd.		452,800		1,273,066
STMicroelectronics NV , New		45,219		2,128,625
United Overseas Bank Ltd.		128,100		2,911,793
Wilmar International Ltd.(c)		265,800		826,378
Yangzijiang Shipbuilding Holdings Ltd.		331,200		326,514
				16,680,621
Spain — 2.0%
Acciona SA		11,920		2,325,592
Banco Bilbao Vizcaya Argentaria SA		313,790		2,216,541
Banco de Sabadell SA		1,398,161		1,827,905
Banco Santander SA		73,993		258,601
Bankinter SA		31,348		226,176
CaixaBank SA		122,176		542,090
Corp. ACCIONA Energias Renovables SA		20,624		843,400
Endesa SA		85,914		1,712,843
Iberdrola SA		208,930		2,451,118
Iberdrola SA, NVS		3,383		39,523

Security	Shares		Value
Spain (continued)
Naturgy Energy Group SA		8,734	$	247,716
Red Electrica Corp. SA		6,608		116,954
Repsol SA		300,634		4,938,465
Telefonica SA		414,813		1,575,883
				19,322,807
Sweden — 2.2%
Axfood AB		105,417		2,715,092
EQT AB		58,356		1,316,789
Getinge AB, Class B		31,012		698,625
H & M Hennes & Mauritz AB, Class B		7,081		87,212
Husqvarna AB, Class B		89,652		762,749
Kindred Group PLC		228,286		2,300,489
Kinnevik AB, Class B(b)		76,382		1,180,648
Millicom International Cellular SA, SDR(b)		5,405		92,606
Sandvik AB		24,392		504,125
Skandinaviska Enskilda Banken AB, Class A		144,774		1,752,606
SKF AB, Class B		11,108		196,593
SSAB AB, Class B		540,515		3,683,428
Svenska Handelsbanken AB, Class A		48,167		502,286
Swedbank AB, Class A		54,250		1,043,576
Telefonaktiebolaget LM Ericsson, Class B		285,029		1,653,299
Thule Group AB(a)		13,143		314,956
Volvo AB, Class B		92,443		1,834,393
				20,639,472
Switzerland — 8.2%
ABB Ltd., Registered		47,693		1,660,463
Adecco Group AG, Registered		47,407		1,760,729
Alcon Inc.		34,046		2,569,060
Bucher Industries AG, Registered		6,602		3,008,310
Cie. Financiere Richemont SA, Class A, Registered		21,767		3,355,540
Coca-Cola HBC AG, Class DI		116,114		2,821,729
Galenica AG(a)		6,613		517,187
Georg Fischer Ltd.		13,915		959,405
Givaudan SA, Registered		34		110,236
Julius Baer Group Ltd.		17,896		1,147,927
Kuehne + Nagel International AG, Registered		8,136		1,940,083
Logitech International SA, Registered		14,428		844,280
Lonza Group AG, Registered		342		195,091
Nestle SA, Registered		146,429		17,865,662
Novartis AG, Registered		128,183		11,588,901
PSP Swiss Property AG, Registered		15,034		1,874,194
Roche Holding AG, NVS		36,098		11,268,726
Sika AG, Registered		6,380		1,812,857
Sonova Holding AG, Registered		3,981		995,535
Straumann Holding AG		11,095		1,452,746
Swiss Life Holding AG, Registered		3,908		2,312,941
Swiss Re AG		12,021		1,258,730
Swisscom AG, Registered		245		144,760
Tecan Group AG, Registered		1,339		561,943
UBS Group AG, Registered		279,718		5,970,685
VAT Group AG(a)		2,185		680,199
Zurich Insurance Group AG		286		141,435
				78,819,354
United Kingdom — 13.5%
3i Group PLC		91,756		1,790,135
Anglo American PLC		94,447		4,073,535
AstraZeneca PLC		65,230		8,545,942
B&M European Value Retail SA		135,142		747,378
BAE Systems PLC		182,645		1,933,487

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® International Equity Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Barclays PLC		516,041	$	1,186,270
Barratt Developments PLC		87,243		495,865
Berkeley Group Holdings PLC		28,916		1,480,720
BP PLC		1,026,034		6,197,499
British American Tobacco PLC		39,343		1,508,167
Bunzl PLC		10,903		400,262
Burberry Group PLC		97,068		2,956,779
CNH Industrial NV		102,307		1,809,949
Computacenter PLC		74,156		2,037,988
Diageo PLC		112,713		4,928,497
Drax Group PLC		154,572		1,234,485
Entain PLC		5,316		98,031
Ferguson PLC		38,381		5,407,689
Glencore PLC		334,367		2,239,216
Grafton Group PLC		107,418		1,219,296
Greggs PLC		62,086		2,073,173
GSK PLC		232,978		4,092,262
Haleon PLC(b)		222,766		892,708
Harbour Energy PLC		44,280		171,266
Howden Joinery Group PLC		218,569		1,865,001
HSBC Holdings PLC		698,994		5,150,430
IG Group Holdings PLC		32,798		322,479
IMI PLC		92,160		1,650,133
Imperial Brands PLC		103,593		2,598,757
Inchcape PLC		207,698		2,341,737
Indivior PLC, NVS(b)		138,883		3,334,774
Intermediate Capital Group PLC		132,860		2,286,178
International Distributions Services PLC		681,129		1,927,933
Investec PLC		374,341		2,388,756
JD Sports Fashion PLC		1,303,430		2,627,218
Kingfisher PLC		635,275		2,191,646
Land Securities Group PLC		30,528		267,450
Legal & General Group PLC		520,831		1,639,023
Lloyds Banking Group PLC		1,045,885		680,657
M&G PLC		147,886		369,319
Man Group PLC/Jersey		630,780		1,940,566
Marks & Spencer Group PLC(b)		141,091		254,502
Next PLC		31,948		2,615,716
OSB Group PLC		66,931		451,241
Pearson PLC		54,254		618,722
Persimmon PLC		22,374		390,769
Prudential PLC		20,198		335,591
Reckitt Benckiser Group PLC		20,626		1,469,827
Rentokil Initial PLC		159,981		970,033
Rightmove PLC		196,724		1,429,374
Rio Tinto PLC		58,712		4,597,222
RS GROUP PLC		43,919		510,596
Safestore Holdings PLC		143,346		1,784,900

Security	Shares		Value
United Kingdom (continued)
Sage Group PLC (The)		151,030	$	1,451,046
Shell PLC		310,051		9,093,224
Softcat PLC		31,531		471,827
Tesco PLC		87,387		265,602
Unilever PLC		102,769		5,230,845
United Utilities Group PLC		41,682		545,412
Vodafone Group PLC		2,596,820		2,996,244
WPP PLC		199,346		2,329,106
				128,914,455
Total Common Stocks — 98.3% (Cost: $897,006,875)				940,161,798
Preferred Stocks
Germany — 1.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)		85,867		10,209,477
Volkswagen AG, Preference Shares, NVS		9,326		1,293,429
				11,502,906
Total Preferred Stocks — 1.2% (Cost: $10,078,213)				11,502,906
Total Long-Term Investments — 99.5% (Cost: $907,085,088)				951,664,704
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		3,228,934		3,230,871
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		390,000		390,000
Total Short-Term Securities — 0.4% (Cost: $3,618,802)				3,620,871
Total Investments — 99.9% (Cost: $910,703,890)				955,285,575
Other Assets Less Liabilities — 0.1%				834,656
Net Assets — 100.0%			$	956,120,231

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® International Equity Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,549,608	$	—		$	(2,319,235	)(a)	$	(1,441	)	$	1,939	$	3,230,871		3,228,934	$	56,908	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		210,000	(a)		—			—			—		390,000		390,000		6,275			—
									$	(1,441	)	$	1,939	$	3,620,871			$	63,183		$	—

^(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		6		03/09/23	$	915	$	24,967
SPI 200 Index		5		03/16/23		659		25,126
Euro STOXX 50 Index		32		03/17/23		1,458		92,555
FTSE 100 Index		13		03/17/23		1,247		43,958
							$	186,606

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)	$	—	$	—	$	186,606	$	—	$	—	$	—	$	186,606

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	329,387	$	—	$	—	$	—	$	329,387
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	6,063	$	—	$	—	$	—	$	6,063

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,787,364

14 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® International Equity Factor ETF

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	71,462,142	$	—	$	71,462,142
Austria		—		7,381,780		—		7,381,780
Belgium		—		6,024,250		—		6,024,250
Canada		70,510,823		—		—		70,510,823
Denmark		—		27,787,230		—		27,787,230
Finland		—		12,850,323		—		12,850,323
France		—		97,737,125		—		97,737,125
Germany		—		48,243,305		—		48,243,305
Hong Kong		—		27,958,848		—		27,958,848
Ireland		—		10,341,741		—		10,341,741
Italy		—		19,404,117		—		19,404,117
Japan		243,890		207,373,669		—		207,617,559
Netherlands		—		49,630,962		—		49,630,962
New Zealand		—		5,317,059		—		5,317,059
Norway		—		9,612,121		—		9,612,121
Poland		—		2,743,396		—		2,743,396
Portugal		—		1,162,308		—		1,162,308
Singapore		—		16,680,621		—		16,680,621
Spain		—		19,322,807		—		19,322,807
Sweden		—		20,639,472		—		20,639,472
Switzerland		—		78,819,354		—		78,819,354
United Kingdom		2,388,756		126,525,699		—		128,914,455
Preferred Stocks		—		11,502,906		—		11,502,906
Short-Term Securities
Money Market Funds		3,620,871		—		—		3,620,871
	$	76,764,340	$	878,521,235	$	—	$	955,285,575
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	186,606	$	—	$	186,606

^(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 (unaudited)  January 31, 2023 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.1%
Brambles Ltd.		1,029,037	$	8,750,468
Cochlear Ltd.		31,256		4,722,051
Coles Group Ltd.		1,545,632		19,440,379
Commonwealth Bank of Australia		328,341		25,630,975
CSL Ltd.		107,654		22,731,187
Medibank Pvt Ltd.		4,996,410		10,408,937
Newcrest Mining Ltd.		1,909,276		30,336,667
Sonic Healthcare Ltd.		609,640		13,654,445
Telstra Corp. Ltd.		8,473,145		24,488,935
Transurban Group		1,959,575		19,211,942
Wesfarmers Ltd.		2,272,458		80,119,362
Woolworths Group Ltd.		1,815,092		46,389,110
				305,884,458
Belgium — 1.6%
Groupe Bruxelles Lambert NV		750,372		64,190,735
UCB SA		679,334		55,776,448
				119,967,183
Denmark — 3.4%
Carlsberg A/S, Class B		79,769		11,324,136
Chr Hansen Holding A/S		399,014		29,461,164
Genmab A/S(a)		82,358		32,275,808
Novo Nordisk A/S, Class B		900,226		124,582,066
Novozymes A/S, Class B		422,062		21,962,648
Tryg A/S		1,338,053		30,705,768
				250,311,590
Finland — 2.5%
Elisa OYJ		1,192,440		67,937,029
Kone OYJ, Class B		962,785		52,506,519
Nokia OYJ		1,925,786		9,131,145
Orion OYJ, Class B		800,643		42,894,150
Sampo OYJ, Class A		299,672		15,732,622
				188,201,465
France — 7.1%
Air Liquide SA		352,107		56,064,647
BioMerieux		119,903		12,223,617
Carrefour SA		2,220,310		42,232,443
Danone SA		516,165		28,306,103
Eurofins Scientific SE(b)		79,698		5,716,719
Getlink SE		622,424		10,527,534
Hermes International		10,198		19,085,650
Ipsen SA		146,082		15,343,722
La Francaise des Jeux SAEM(c)		387,497		16,580,219
L’Oreal SA		120,255		49,654,685
Orange SA		7,725,745		81,759,633
Pernod Ricard SA		167,551		34,688,078
Sanofi		1,162,408		113,828,134
SEB SA		165,731		17,331,483
Thales SA		60,137		7,953,679
TotalEnergies SE		257,009		15,888,491
				527,184,837
Germany — 3.4%
Beiersdorf AG		381,369		46,365,930
Deutsche Boerse AG		139,279		24,922,902
Deutsche Telekom AG, Registered		2,509,316		55,904,549
Henkel AG & Co. KGaA		46,253		3,090,544
Merck KGaA		256,536		53,546,293
Symrise AG		561,579		59,701,272

Security	Shares		Value
Germany (continued)
Telefonica Deutschland Holding AG		1,645,708	$	4,847,222
				248,378,712
Hong Kong — 7.9%
BOC Hong Kong Holdings Ltd.		15,764,500		55,095,148
CK Infrastructure Holdings Ltd.		5,277,000		29,358,863
CLP Holdings Ltd.		9,469,500		70,357,714
Hang Seng Bank Ltd.		6,105,100		101,669,532
HK Electric Investments & HK Electric Investments Ltd., Class SS(b)		26,691,000		18,449,691
HKT Trust & HKT Ltd., Class SS		33,740,349		44,205,793
Hong Kong & China Gas Co. Ltd.(b)		14,913,799		14,973,750
Jardine Matheson Holdings Ltd.		672,700		35,757,753
Link REIT		5,651,000		45,232,640
MTR Corp. Ltd.		14,930,248		79,899,328
Power Assets Holdings Ltd.		13,693,500		77,480,113
Sun Hung Kai Properties Ltd.		679,500		9,636,411
				582,116,736
Ireland — 0.7%
Kerry Group PLC, Class A		542,926		50,872,212
Israel — 2.1%
Azrieli Group Ltd.		67,327		4,336,707
Bank Hapoalim BM		4,223,106		38,010,300
Bank Leumi Le-Israel BM		5,114,965		45,202,897
Check Point Software Technologies Ltd.(a)(b)		247,312		31,458,086
ICL Group Ltd.		1,843,428		14,636,147
Isracard Ltd.		2		6
Mizrahi Tefahot Bank Ltd.		570,265		18,836,236
				152,480,379
Italy — 2.3%
Eni SpA		994,803		15,308,254
Ferrari NV		188,385		47,074,429
Infrastrutture Wireless Italiane SpA(c)		2,270,215		24,878,781
Recordati Industria Chimica e Farmaceutica SpA		658,989		28,869,308
Snam SpA		7,125,993		36,296,457
Terna - Rete Elettrica Nazionale		2,148,546		16,998,996
				169,426,225
Japan — 26.9%
Astellas Pharma Inc.		344,200		5,066,669
Bandai Namco Holdings Inc.		122,800		8,212,096
Bridgestone Corp.		471,400		17,598,866
Canon Inc.		2,340,500		51,941,178
Central Japan Railway Co.		158,900		19,381,788
Chiba Bank Ltd. (The)		3,083,100		23,327,977
Chubu Electric Power Co. Inc.		3,388,400		36,496,697
Chugai Pharmaceutical Co. Ltd.		1,017,100		26,368,400
Concordia Financial Group Ltd.		3,286,400		14,441,632
East Japan Railway Co.		747,900		41,701,563
ENEOS Holdings Inc.		8,219,400		29,427,066
Fast Retailing Co. Ltd.		8,400		5,101,818
FUJIFILM Holdings Corp.		517,000		27,360,229
Hamamatsu Photonics KK		86,900		4,643,091
Hankyu Hanshin Holdings Inc.		320,700		9,531,984
Hikari Tsushin Inc.		55,700		7,950,522
Hirose Electric Co. Ltd.		283,200		36,868,188
Idemitsu Kosan Co. Ltd.		1,369,600		34,241,052
ITOCHU Corp.		1,939,400		62,684,933
Itochu Techno-Solutions Corp.		282,400		6,991,518
Japan Post Bank Co. Ltd.		4,101,800		36,443,974
Japan Post Holdings Co. Ltd.		4,952,100		43,476,755

16 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Tobacco Inc.		1,754,700	$	35,781,676
Kao Corp.		169,300		6,843,417
KDDI Corp.		1,283,300		40,094,697
Keio Corp.		410,800		15,078,200
Keisei Electric Railway Co. Ltd.		194,700		5,679,199
Kintetsu Group Holdings Co. Ltd.		987,700		32,164,426
Kirin Holdings Co. Ltd.		335,600		5,171,503
Kobayashi Pharmaceutical Co. Ltd.		143,000		10,266,271
Kyowa Kirin Co. Ltd.		426,000		9,500,203
McDonald’s Holdings Co. Japan Ltd.(b)		877,800		34,679,574
MEIJI Holdings Co. Ltd.		738,300		38,076,109
Mitsubishi Corp.		937,800		31,403,126
Mitsubishi UFJ Financial Group Inc.		4,776,900		34,990,223
Mizuho Financial Group Inc.		5,578,920		87,145,238
MS&AD Insurance Group Holdings Inc.		219,800		7,049,802
NEC Corp.		552,700		19,967,728
Nippon Express Holdings Inc.		68,800		3,992,651
Nippon Prologis REIT Inc.		10,275		23,315,422
Nippon Shinyaku Co. Ltd.		174,500		8,980,838
Nippon Telegraph & Telephone Corp.		2,472,500		74,139,193
Nissin Foods Holdings Co. Ltd.		511,200		39,964,407
Nitori Holdings Co. Ltd.		397,400		52,598,153
Nitto Denko Corp.		54,200		3,503,348
Nomura Research Institute Ltd.		236,900		5,687,394
Obayashi Corp.		1,666,900		12,929,681
Obic Co. Ltd.		197,300		31,632,448
Odakyu Electric Railway Co. Ltd.		737,500		9,696,183
Ono Pharmaceutical Co. Ltd.		1,754,800		38,076,850
Oracle Corp. Japan		108,000		7,398,737
Oriental Land Co. Ltd./Japan		155,900		25,976,034
Osaka Gas Co. Ltd.		1,949,900		31,465,310
Otsuka Corp.		359,900		11,840,543
Otsuka Holdings Co. Ltd.		2,680,200		85,981,910
Pan Pacific International Holdings Corp.		1,333,200		24,655,032
Secom Co. Ltd.		631,600		37,628,051
Sekisui Chemical Co. Ltd.		387,200		5,424,008
Sekisui House Ltd.		1,600,200		30,242,595
Seven & i Holdings Co. Ltd.		217,200		10,254,641
SG Holdings Co. Ltd.		2,053,500		31,688,209
Shionogi & Co. Ltd.		204,700		9,754,874
Shizuoka Financial Group Inc., NVS		4,133,700		35,019,193
SoftBank Corp.		7,643,000		87,451,916
Sumitomo Mitsui Financial Group Inc.		346,700		15,067,951
Suntory Beverage & Food Ltd.		1,013,500		34,223,607
Takeda Pharmaceutical Co. Ltd.		1,379,600		43,370,993
Tobu Railway Co. Ltd.		1,214,700		28,500,625
Tokio Marine Holdings Inc.		748,300		15,672,921
Tokyo Gas Co. Ltd.		1,213,000		25,399,849
Tokyu Corp.		311,000		3,999,268
Trend Micro Inc./Japan(a)		183,900		9,105,628
USS Co. Ltd.		2,003,000		32,945,672
Welcia Holdings Co. Ltd.		918,800		20,535,786
West Japan Railway Co.		394,500		16,521,068
Yakult Honsha Co. Ltd.		402,400		28,726,492
Yamato Holdings Co. Ltd.		595,500		10,419,426
				1,986,936,295
Netherlands — 3.8%
Davide Campari-Milano NV		482,986		5,181,029
Heineken NV		164,160		16,405,970
JDE Peet’s NV		335,863		10,066,799

Security	Shares		Value
Netherlands (continued)
Koninklijke Ahold Delhaize NV		3,410,096	$	101,781,009
Koninklijke DSM NV		79,639		10,241,734
Koninklijke KPN NV		7,840,092		26,804,045
OCI NV		106,826		3,636,405
QIAGEN NV(a)		1,314,952		64,147,427
Wolters Kluwer NV		380,988		41,536,462
				279,800,880
New Zealand — 0.6%
Auckland International Airport Ltd.(a)		2,427,502		13,359,844
Fisher & Paykel Healthcare Corp. Ltd.		530,475		8,705,724
Spark New Zealand Ltd.		6,165,805		20,789,460
				42,855,028
Norway — 0.2%
Telenor ASA		1,492,246		15,621,742
Portugal — 0.6%
Jeronimo Martins SGPS SA		2,148,638		46,648,492
Singapore — 4.6%
DBS Group Holdings Ltd.(b)		2,817,000		77,118,956
Oversea-Chinese Banking Corp. Ltd.(b)		5,876,299		58,059,878
Singapore Exchange Ltd.		7,772,700		54,747,141
Singapore Technologies Engineering Ltd.		14,500,800		40,769,598
Singapore Telecommunications Ltd.		11,457,200		21,942,387
United Overseas Bank Ltd.		3,114,800		70,801,360
Venture Corp. Ltd.		877,700		12,394,310
				335,833,630
Spain — 2.4%
Aena SME SA(a)(c)		101,652		15,273,108
Enagas SA		342,777		6,146,434
Endesa SA		976,114		19,460,511
Grifols SA(a)(b)		787,410		10,423,772
Iberdrola SA		2,147,605		25,195,198
Iberdrola SA, NVS		45,371		530,002
Industria de Diseno Textil SA		1,436,498		44,848,628
Naturgy Energy Group SA		364,986		10,351,810
Red Electrica Corp. SA		2,348,586		41,567,375
				173,796,838
Sweden — 0.2%
Telia Co. AB		5,483,487		14,161,875
Switzerland — 14.7%
Alcon Inc.		63,837		4,817,044
Baloise Holding AG, Registered		136,422		22,437,718
Banque Cantonale Vaudoise, Registered		282,489		26,852,575
Barry Callebaut AG, Registered		18,827		39,335,864
BKW AG		162,005		23,296,686
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		942		10,345,721
EMS-Chemie Holding AG, Registered		68,505		51,069,118
Geberit AG, Registered		68,923		39,215,969
Givaudan SA, Registered		18,221		59,076,671
Kuehne + Nagel International AG, Registered		203,287		48,475,119
Lonza Group AG, Registered		6,479		3,695,889
Nestle SA, Registered		874,305		106,673,118
Novartis AG, Registered		1,211,625		109,541,848
Roche Holding AG, Bearer		206,842		75,712,613
Roche Holding AG, NVS		323,708		101,052,047
Schindler Holding AG, Participation Certificates, NVS		104,633		22,301,196
Schindler Holding AG, Registered		198,228		40,099,327

S C H E D U L E    O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
SGS SA, Registered		22,171	$	54,066,955
Swatch Group AG (The), Registered		137,521		9,036,182
Swiss Prime Site AG, Registered		757,452		67,495,212
Swisscom AG, Registered		189,418		111,918,677
Zurich Insurance Group AG		121,987		60,326,047
				1,086,841,596
United Kingdom — 10.3%
Admiral Group PLC		236,743		6,435,933
AstraZeneca PLC		564,218		73,919,586
BAE Systems PLC		4,812,187		50,941,998
British American Tobacco PLC		248,135		9,511,957
Bunzl PLC		655,098		24,049,432
Croda International PLC		219,157		18,680,227
DCC PLC		113,045		6,438,806
Diageo PLC		161,730		7,071,817
GSK PLC		4,720,553		82,916,584
Halma PLC		126,163		3,358,967
Hikma Pharmaceuticals PLC		726,865		15,376,175
HSBC Holdings PLC		8,302,630		61,176,649
J Sainsbury PLC		8,548,719		27,724,177
National Grid PLC		6,939,177		88,217,022
Reckitt Benckiser Group PLC		778,126		55,449,959
RELX PLC		1,595,830		47,410,357
Rio Tinto PLC		92,914		7,275,280
Sage Group PLC (The)		725,632		6,971,632
Severn Trent PLC		557,963		19,417,605
Tesco PLC		15,273,828		46,422,962
Unilever PLC		1,655,317		84,254,072
United Utilities Group PLC		1,081,881		14,156,484
				757,177,681
Total Long-Term Investments — 99.4% (Cost: $7,200,215,243)				7,334,497,854

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		20,100,937	$	20,112,998
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		1,360,000		1,360,000
Total Short-Term Securities — 0.3% (Cost: $21,468,283)				21,472,998
Total Investments — 99.7% (Cost: $7,221,683,526)				7,355,970,852
Other Assets Less Liabilities — 0.3%				21,471,997
Net Assets — 100.0%			$	7,377,442,849

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,760,113	$	17,344,661	(a)	$	—	$	4,172	$	4,052	$	20,112,998		20,100,937	$	37,511	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		980,000		380,000	(a)		—		—		—		1,360,000		1,360,000		50,213			1
								$	4,172	$	4,052	$	21,472,998			$	87,724		$	1

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

18 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Min Vol Factor ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		74		03/09/23	$	11,290	$	306,977
SPI 200 Index		62		03/16/23		8,173		364,405
Euro STOXX 50 Index		161		03/17/23		7,335		465,810
FTSE 100 Index		65		03/17/23		6,234		237,738
2-Year U.S. Treasury Note		39		03/31/23		8,024		16,400
							$	1,391,330

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,374,930	$	—	$	16,400	$	—	$	1,391,330

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,772,130	$	—	$	(244,070	)	$	—	$	2,528,060
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	488,927	$	—	$	33,218		$	—	$	522,145

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	43,497,002

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	305,884,458	$	—	$	305,884,458
Belgium		—		119,967,183		—		119,967,183
Denmark		—		250,311,590		—		250,311,590
Finland		—		188,201,465		—		188,201,465
France		—		527,184,837		—		527,184,837

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI EAFE Min Vol Factor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Germany	$	—	$	248,378,712	$	—	$	248,378,712
Hong Kong		—		582,116,736		—		582,116,736
Ireland		—		50,872,212		—		50,872,212
Israel		31,458,086		121,022,293		—		152,480,379
Italy		—		169,426,225		—		169,426,225
Japan		—		1,986,936,295		—		1,986,936,295
Netherlands		—		279,800,880		—		279,800,880
New Zealand		—		42,855,028		—		42,855,028
Norway		—		15,621,742		—		15,621,742
Portugal		—		46,648,492		—		46,648,492
Singapore		—		335,833,630		—		335,833,630
Spain		—		173,796,838		—		173,796,838
Sweden		—		14,161,875		—		14,161,875
Switzerland		—		1,086,841,596		—		1,086,841,596
United Kingdom		—		757,177,681		—		757,177,681
Short-Term Securities
Money Market Funds		21,472,998		—		—		21,472,998
	$	52,931,084	$	7,303,039,768	$	—	$	7,355,970,852
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,374,930	$	—	$	1,374,930
Interest Rate Contracts		16,400		—		—		16,400
	$	16,400	$	1,374,930	$	—		1,391,330

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

20 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.8%
Aurizon Holdings Ltd.		22,824	$	59,657
BlueScope Steel Ltd.		4,888		66,655
Brambles Ltd.		12,744		108,369
Computershare Ltd.		5,688		95,797
Dexus		11,368		65,912
Endeavour Group Ltd./Australia		15,840		74,378
GPT Group (The)		24,336		78,886
IDP Education Ltd.		2,664		59,283
James Hardie Industries PLC		4,680		105,012
Medibank Pvt Ltd.		28,712		59,815
Mirvac Group		48,960		79,100
REA Group Ltd.		648		58,107
Rio Tinto Ltd.		7,560		678,414
Sonic Healthcare Ltd.		4,536		101,595
South32 Ltd.		46,800		150,178
Stockland		26,568		74,238
Treasury Wine Estates Ltd.		8,496		87,515
Vicinity Ltd.		48,744		71,315
WiseTech Global Ltd.		1,757		76,183
				2,150,409
Austria — 0.0%
voestalpine AG		1,389		46,152
Belgium — 0.0%
Sofina SA		216		51,315
Brazil — 0.6%
BB Seguridade Participacoes SA		15,192		113,065
Cia. de Saneamento Basico do Estado de Sao Paulo		7,056		77,367
Hypera SA		8,424		77,000
Petroleo Brasileiro SA		73,368		425,787
Telefonica Brasil SA		9,821		80,908
Tim SA		9,576		22,241
				796,368
Canada — 4.5%
Alimentation Couche-Tard Inc.		16,272		743,063
ARC Resources Ltd.		7,056		81,985
BRP Inc.		504		42,057
CAE Inc.(a)		3,384		76,426
Canadian Tire Corp. Ltd., Class A, NVS		792		94,167
CCL Industries Inc., Class B, NVS		1,584		74,084
CGI Inc.(a)		4,176		357,920
Constellation Software Inc./Canada		396		699,639
Descartes Systems Group Inc. (The)(a)		1,080		78,816
Dollarama Inc.		2,808		167,925
Element Fleet Management Corp.		4,608		65,109
George Weston Ltd.		1,445		185,894
Gildan Activewear Inc.		2,088		65,470
iA Financial Corp. Inc.		1,368		84,442
Imperial Oil Ltd.		4,453		243,375
Loblaw Companies Ltd.		3,456		309,613
Lundin Mining Corp.		8,496		64,300
Magna International Inc.		5,760		373,942
Nutrien Ltd.		11,016		911,880
Open Text Corp.		2,664		89,357
RioCan REIT		2,592		44,961
Ritchie Bros Auctioneers Inc.		1,224		74,017
Saputo Inc.		2,808		77,410
TFI International Inc.		864		96,228

Security	Shares		Value
Canada (continued)
Toromont Industries Ltd.		936	$	74,772
Tourmaline Oil Corp.		3,312		154,355
West Fraser Timber Co. Ltd.		648		56,343
WSP Global Inc.		1,296		165,274
				5,552,824
Chile — 0.0%
Cencosud SA		30,096		54,056
China — 7.2%
360 DigiTech Inc.		1,512		36,485
Agricultural Bank of China Ltd., Class A		115,200		49,665
Anhui Gujing Distillery Co. Ltd., Class B		7,200		123,115
Autohome Inc., ADR		1,080		37,649
Bank of China Ltd., Class H		1,584,000		602,973
Bank of Communications Co. Ltd., Class A		57,600		41,406
Bank of Communications Co. Ltd., Class H		216,000		133,509
Beijing Tongrentang Co. Ltd., Class A		7,200		50,378
CGN Power Co. Ltd., Class H(b)		288,000		67,294
China CITIC Bank Corp. Ltd., Class H		216,000		104,209
China Coal Energy Co. Ltd., Class H		72,000		57,778
China Conch Venture Holdings Ltd.		36,000		76,395
China Construction Bank Corp., Class H		2,016,000		1,304,938
China Everbright Bank Co. Ltd., Class A		108,000		49,157
China Gas Holdings Ltd.		71,600		111,468
China Hongqiao Group Ltd.		72,000		83,745
China Longyuan Power Group Corp. Ltd., Class H		72,000		99,392
China National Building Material Co. Ltd., Class H		74,000		67,899
China Oilfield Services Ltd., Class H		44,000		53,329
China Overseas Land & Investment Ltd.		78,000		210,621
China Petroleum & Chemical Corp., Class A		14,400		9,660
China Petroleum & Chemical Corp., Class H		576,000		311,022
China Railway Group Ltd., Class A		36,000		30,449
China Railway Group Ltd., Class H		72,000		39,278
China Renewable Energy Investment Ltd.(c)		659		—
China Resources Gas Group Ltd.		29,200		122,793
China Shenhua Energy Co. Ltd., Class A		7,200		30,339
China Shenhua Energy Co. Ltd., Class H		72,000		224,109
China Tower Corp. Ltd., Class H(b)		1,008,000		114,530
China United Network Communications Ltd., Class A		86,400		67,012
CITIC Ltd.		144,000		168,505
CRRC Corp. Ltd., Class A		72,000		57,136
CRRC Corp. Ltd., Class H		152,000		68,896
CSPC Pharmaceutical Group Ltd.		144,000		164,189
Dali Foods Group Co. Ltd.(b)		108,000		48,160
Daqin Railway Co. Ltd., Class A		36,000		35,752
Daqo New Energy Corp., ADR(a)		713		32,449
Dongfeng Motor Group Co. Ltd., Class H		144,000		85,855
ENN Energy Holdings Ltd.		14,400		216,961
Fosun International Ltd.		72,000		66,848
Foxconn Industrial Internet Co. Ltd., Class A		43,200		60,974
GF Securities Co. Ltd., Class H		43,200		70,743
Guangdong Investment Ltd.		144,000		156,444
Huizhou Desay Sv Automotive Co. Ltd., Class A		800		15,622
Industrial & Commercial Bank of China Ltd., Class A		79,200		50,701
Industrial & Commercial Bank of China Ltd., Class H		1,152,000		616,226
Inner Mongolia Yitai Coal Co. Ltd., Class B		21,600		32,464
Jiangsu Expressway Co. Ltd., Class H		22,000		21,667
Jiumaojiu International Holdings Ltd.(b)		9,000		23,060
Jizhong Energy Resources Co. Ltd.		2,500		2,444
Kingboard Holdings Ltd.		21,000		85,782

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Kunlun Energy Co. Ltd.		144,000	$	113,566
Lenovo Group Ltd.		144,000		115,498
Lufax Holding Ltd., ADR		18,648		56,876
Metallurgical Corp. of China Ltd., Class A		57,600		28,815
People’s Insurance Co. Group of China Ltd. (The), Class H		288,000		97,092
PetroChina Co. Ltd., Class A		21,600		16,612
PetroChina Co. Ltd., Class H		432,000		231,098
PICC Property & Casualty Co. Ltd., Class H		144,000		135,382
Shaanxi Coal Industry Co. Ltd., Class A		21,600		62,656
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		57,600		95,753
Shanghai Baosight Software Co. Ltd., Class B		13,680		42,878
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		21,600		17,310
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		28,800		50,780
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		8,200		33,053
Sinopharm Group Co. Ltd., Class H		28,800		70,589
Tongcheng Travel Holdings Ltd.(a)		28,800		65,255
Vipshop Holdings Ltd., ADR(a)		4,896		75,741
Want Want China Holdings Ltd.		144,000		93,787
Yankuang Energy Group Co. Ltd., Class H		32,000		102,914
Yuexiu Property Co. Ltd.		9,800		14,256
Yum China Holdings Inc.		9,000		554,490
Zhaojin Mining Industry Co. Ltd., Class H(a)		14,000		16,111
Zhuzhou Kibing Group Co. Ltd., Class A		14,400		25,684
ZTO Express Cayman Inc., ADR		9,288		264,801
				8,772,472
Denmark — 0.3%
AP Moller - Maersk A/S, Class A		72		153,428
Demant A/S(a)		1,368		38,724
Pandora A/S		1,211		100,841
Rockwool A/S, Class B		119		34,119
				327,112
Finland — 0.1%
Orion OYJ, Class B		1,296		69,433
France — 1.7%
Arkema SA		648		65,570
BioMerieux		432		44,041
Bollore SE		10,584		59,221
Bouygues SA		1,800		59,299
Carrefour SA		5,832		110,930
Cie. de Saint-Gobain		9,936		570,636
Cie. Generale des Etablissements Michelin SCA		12,960		409,793
Covivio		702		48,188
Dassault Aviation SA		360		61,475
Eiffage SA		368		39,306
Eurazeo SE		648		45,455
Gecina SA		620		73,439
Ipsen SA		504		52,938
Klepierre SA		2,502		63,502
La Francaise des Jeux SAEM(b)		1,296		55,453
Publicis Groupe SA		2,442		172,258
Valeo		2,467		53,916
Vivendi SE		7,584		81,450
				2,066,870
Germany — 1.1%
Brenntag SE		1,656		123,617
Continental AG		1,193		83,767
Fresenius SE & Co. KGaA		8,424		244,135

Security	Shares		Value
Germany (continued)
GEA Group AG		1,656	$	74,719
Hannover Rueck SE		1,152		233,935
HeidelbergCement AG		1,152		79,047
Henkel AG & Co. KGaA		1,944		129,895
Nemetschek SE		792		42,344
Rational AG		72		47,360
Rheinmetall AG		504		117,763
Telefonica Deutschland Holding AG		15,264		44,958
United Internet AG, Registered		1,152		26,745
Volkswagen AG		504		88,220
				1,336,505
Greece — 0.1%
FF Group(a)(c)		165		—
Hellenic Telecommunications Organization SA		4,472		70,498
JUMBO SA		1,080		19,394
				89,892
Hong Kong — 1.1%
Chow Tai Fook Jewellery Group Ltd.		43,200		92,477
CK Asset Holdings Ltd.		48,500		310,085
CK Hutchison Holdings Ltd.		61,000		388,201
Henderson Land Development Co. Ltd.		30,000		110,820
Jardine Matheson Holdings Ltd.		3,800		201,991
Power Assets Holdings Ltd.		22,000		124,480
Swire Properties Ltd.		28,800		80,944
WH Group Ltd.(b)		108,000		66,513
				1,375,511
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		4,192		31,327
Richter Gedeon Nyrt		1,872		42,273
				73,600
India — 2.8%
ABB India Ltd.		720		25,057
ACC Ltd.		1,080		26,045
Adani Enterprises Ltd.		5,400		196,936
Adani Total Gas Ltd.		5,733		148,106
Adani Transmission Ltd.(a)		5,616		122,312
Ambuja Cements Ltd.		7,488		36,839
Balkrishna Industries Ltd.		1,152		31,363
Bharat Electronics Ltd.		46,368		53,951
Cipla Ltd.		10,296		128,347
Coal India Ltd.		28,728		79,299
Colgate-Palmolive India Ltd.		2,304		40,938
Container Corp. of India Ltd.		4,824		37,152
Dr. Reddy’s Laboratories Ltd.		2,520		133,646
Eicher Motors Ltd.		2,745		109,735
GAIL India Ltd.		54,144		63,151
Havells India Ltd.		3,168		45,874
HCL Technologies Ltd.		21,024		289,913
Hero MotoCorp Ltd.		1,440		48,759
ITC Ltd.		62,502		269,735
Jindal Steel & Power Ltd.		5,400		38,735
LTIMindtree Ltd.(b)		1,142		61,378
Marico Ltd.		8,136		49,597
NTPC Ltd.		70,632		147,937
Oil & Natural Gas Corp. Ltd.		50,976		90,832
Page Industries Ltd.		72		35,288
Power Grid Corp. of India Ltd.		56,448		149,799
Shriram Finance Ltd.		2,338		36,883
Siemens Ltd.		2,088		74,832

22 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
SRF Ltd.		2,160	$	57,828
Sun Pharmaceutical Industries Ltd.		20,952		265,282
Tata Elxsi Ltd.		360		29,358
Tata Steel Ltd.		137,016		201,789
Tech Mahindra Ltd.		12,168		151,936
Torrent Pharmaceuticals Ltd.		1,584		29,499
United Spirits Ltd.(a)		4,536		42,723
Varun Beverages Ltd.		4,392		61,683
Vedanta Ltd.		16,344		66,781
				3,479,318
Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		302,400		59,919
Indah Kiat Pulp & Paper Tbk PT		50,400		28,086
Indofood Sukses Makmur Tbk PT		144,000		64,714
Sumber Alfaria Trijaya Tbk PT		223,200		42,192
Unilever Indonesia Tbk PT		172,800		53,789
				248,700
Israel — 0.0%
Tower Semiconductor Ltd.(a)		1,224		51,488
Italy — 0.2%
DiaSorin SpA		360		46,864
Moncler SpA		2,088		130,683
Recordati Industria Chimica e Farmaceutica SpA		1,656		72,547
				250,094
Japan — 7.0%
AGC Inc.		3,800		140,014
Astellas Pharma Inc.		36,000		529,925
Azbil Corp.		2,400		67,676
Bridgestone Corp.		7,200		268,799
Brother Industries Ltd.		7,200		111,832
Canon Inc.		21,600		479,355
Daito Trust Construction Co. Ltd.		1,200		118,582
Fuji Electric Co. Ltd.		1,500		60,717
FUJIFILM Holdings Corp.		7,200		381,032
Fujitsu Ltd.		3,900		555,279
Hakuhodo DY Holdings Inc.		7,200		77,813
Honda Motor Co. Ltd.		36,000		890,514
Iida Group Holdings Co. Ltd.		7,200		120,027
Inpex Corp.		5,200		57,141
Isuzu Motors Ltd.		7,200		91,047
Kajima Corp.		7,200		88,425
Marubeni Corp.		28,800		353,335
Mazda Motor Corp.		7,200		57,312
MEIJI Holdings Co. Ltd.		2,000		103,145
MISUMI Group Inc.		2,200		55,368
Mitsubishi Electric Corp.		43,200		476,097
NEC Corp.		2,200		79,481
NGK Insulators Ltd.		7,200		99,657
Nippon Telegraph & Telephone Corp.		24,100		722,651
NTT Data Corp.		14,400		223,364
Obayashi Corp.		7,200		55,848
Oji Holdings Corp.		14,400		59,512
Ono Pharmaceutical Co. Ltd.		4,300		93,304
Otsuka Holdings Co. Ltd.		8,300		266,267
Panasonic Holdings Corp.		43,200		400,610
Ricoh Co. Ltd.		7,200		55,891
Rohm Co. Ltd.		1,000		80,132
SCSK Corp.		7,200		117,269
Sekisui Chemical Co. Ltd.		7,200		100,860

Security	Shares		Value
Japan (continued)
Sekisui House Ltd.		14,400	$	272,149
Shizuoka Financial Group Inc., NVS		7,200		60,996
Subaru Corp.		7,200		118,308
Sumitomo Electric Industries Ltd.		7,200		86,516
Tokyo Gas Co. Ltd.		7,200		150,766
Toppan Inc.		7,200		116,008
Toray Industries Inc.		14,400		88,474
Toyota Tsusho Corp.		5,500		232,882
USS Co. Ltd.		2,600		42,765
				8,607,145
Kuwait — 0.1%
Mobile Telecommunications Co. KSCP		42,336		77,012
Malaysia — 0.1%
Petronas Gas Bhd		21,600		85,170
Telekom Malaysia Bhd		36,000		44,162
				129,332
Mexico — 0.1%
Grupo Financiero Inbursa SAB de CV, Class O(a)		50,400		108,399
Netherlands — 1.9%
ABN AMRO Bank NV, CVA(b)		4,104		68,116
Aegon NV		21,240		117,155
AerCap Holdings NV(a)(d)		1,584		100,125
ASM International NV		504		170,456
EXOR NV, NVS(a)		1,080		85,848
Heineken Holding NV		1,872		154,563
IMCD NV		576		91,314
Koninklijke Ahold Delhaize NV		20,736		618,907
Koninklijke KPN NV		34,367		117,495
NN Group NV		2,736		118,874
OCI NV		1,296		44,117
Randstad NV		1,080		69,226
Wolters Kluwer NV		5,256		573,025
				2,329,221
Norway — 0.2%
Kongsberg Gruppen ASA		1,368		54,462
Norsk Hydro ASA		14,247		115,513
Orkla ASA		9,504		70,954
Yara International ASA		1,368		60,782
				301,711
Philippines — 0.1%
Metropolitan Bank & Trust Co.		22,320		23,450
PLDT Inc.		2,160		53,532
				76,982
Poland — 0.0%
Cyfrowy Polsat SA		6,984		29,655
PGE Polska Grupa Energetyczna SA(a)		10,224		17,704
				47,359
Qatar — 0.2%
Barwa Real Estate Co.		20,717		16,110
Industries Qatar QSC		26,928		103,725
Ooredoo QPSC		12,620		30,829
Qatar Electricity & Water Co. QSC		7,848		38,094
				188,758
Russia — 0.0%
Alrosa PJSC(a)(c)		59,760		9
PhosAgro PJSC(c)		1,025		—
PhosAgro PJSC, GDR(c)		1		—

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
PhosAgro PJSC, New(c)		20	$	—
United Co. RUSAL International PJSC(a)(c)		70,560		10
				19
Saudi Arabia — 0.9%
Advanced Petrochemical Co.		2,927		36,914
Almarai Co. JSC		5,400		80,027
Arab National Bank		12,528		92,620
Bank AlBilad(a)		9,648		115,858
Banque Saudi Fransi		11,880		129,906
Bupa Arabia for Cooperative Insurance Co.		720		30,038
Dr Sulaiman Al Habib Medical Services Group Co.		2,016		126,006
Etihad Etisalat Co.		6,336		59,858
Jarir Marketing Co.		602		24,197
Mouwasat Medical Services Co.		504		27,747
Reinet Investments SCA		2,448		46,359
Riyad Bank		28,008		231,021
Saudi Investment Bank (The)		6,336		30,439
Saudi Research & Media Group(a)		288		14,439
Yanbu National Petrochemical Co.		3,456		40,954
				1,086,383
Singapore — 0.3%
Singapore Exchange Ltd.		15,800		111,287
Venture Corp. Ltd.		7,200		101,674
Wilmar International Ltd.		36,000		111,925
				324,886
South Africa — 0.4%
Anglo American Platinum Ltd.		720		53,547
Aspen Pharmacare Holdings Ltd.		4,032		35,178
Exxaro Resources Ltd.		3,528		44,276
Foschini Group Ltd. (The)		3,384		21,153
Growthpoint Properties Ltd.		30,960		24,946
Kumba Iron Ore Ltd.		1,296		39,683
Mr. Price Group Ltd.		3,744		35,430
Nedbank Group Ltd.		5,328		68,949
Pepkor Holdings Ltd.(b)		16,488		19,473
Remgro Ltd.		6,333		50,955
Vodacom Group Ltd.		10,584		74,383
				467,973
South Korea — 1.7%
CJ CheilJedang Corp.		144		40,401
Coway Co. Ltd.		1,152		52,241
DB Insurance Co. Ltd.		720		38,370
E-MART Inc.(a)		288		24,476
F&F Co. Ltd./New		360		44,659
GS Holdings Corp.(a)		360		12,936
Hankook Tire & Technology Co. Ltd.		1,296		34,201
Hanmi Pharm Co. Ltd.		220		45,962
Hyundai Engineering & Construction Co. Ltd.		1,224		38,053
Hyundai Glovis Co. Ltd.		216		29,232
Hyundai Mobis Co. Ltd.		1,296		216,700
Kia Corp.		5,256		286,357
Korea Zinc Co. Ltd.		216		95,134
KT&G Corp.(a)		2,232		167,426
Kumho Petrochemical Co. Ltd.		216		25,979
LG Corp.		1,944		130,917
LG Innotek Co. Ltd.		216		48,122
Lotte Shopping Co. Ltd.		216		16,553
POSCO Holdings Inc.		1,440		353,847
S-1 Corp.		288		13,475

Security	Shares		Value
South Korea (continued)
Samsung Electro-Mechanics Co. Ltd.		1,296	$	151,364
Samsung Fire & Marine Insurance Co. Ltd.		576		94,975
Samsung SDS Co. Ltd.		648		66,080
Woori Financial Group Inc.		10,440		108,898
				2,136,358
Spain — 0.1%
Corp. ACCIONA Energias Renovables SA		1,152		47,110
Red Electrica Corp. SA		2,260		39,999
				87,109
Sweden — 0.4%
Getinge AB, Class B		2,520		56,770
Husqvarna AB, Class B		4,968		42,267
Investment AB Latour, Class B		2,376		50,131
Investor AB, Class A		8,856		176,753
L E Lundbergforetagen AB, Class B		792		36,675
Sagax AB, Class B		2,376		59,103
Volvo AB, Class A		2,952		61,324
				483,023
Switzerland — 1.7%
BKW AG		360		51,769
Coca-Cola HBC AG, Class DI		2,304		55,990
Roche Holding AG, Bearer		576		210,839
Schindler Holding AG, Registered		432		87,389
Sonova Holding AG, Registered		1,141		285,332
Swatch Group AG (The), Bearer		360		130,345
Swisscom AG, Registered		504		297,791
TE Connectivity Ltd.		6,624		842,242
VAT Group AG(b)		360		112,069
				2,073,766
Taiwan — 0.5%
Compal Electronics Inc.		144,000		108,703
Far Eastern New Century Corp.		72,000		78,691
Inventec Corp.		72,000		60,696
Lite-On Technology Corp.		36,000		79,995
Pegatron Corp.		42,000		90,537
Pou Chen Corp.		72,000		82,609
Shanghai Commercial & Savings Bank Ltd. (The)		77,278		120,101
Winbond Electronics Corp.		36,000		26,081
				647,413
Thailand — 0.2%
Bumrungrad Hospital PCL, NVDR		10,700		70,518
PTT Exploration & Production PCL, NVDR		36,000		187,923
				258,441
Turkey — 0.2%
Akbank TAS		34,848		31,575
BIM Birlesik Magazalar AS		5,544		36,762
Ford Otomotiv Sanayi AS		1,800		48,958
Turkcell Iletisim Hizmetleri AS		15,336		29,728
Turkiye Is Bankasi AS, Class C		75,456		43,765
Turkiye Sise ve Cam Fabrikalari AS		18,576		39,222
Yapi ve Kredi Bankasi AS		30,384		14,734
				244,744
United Arab Emirates — 0.3%
Abu Dhabi Islamic Bank PJSC		19,440		49,967
Abu Dhabi National Oil Co. for Distribution PJSC		60,768		72,896
Emaar Properties PJSC		53,064		80,632
Emirates Telecommunications Group Co. PJSC		18,360		128,641
				332,136

24 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom — 3.8%
3i Group PLC		10,350	$	201,926
abrdn PLC		26,331		69,351
Associated British Foods PLC		7,783		178,663
Auto Trader Group PLC(b)		10,008		77,647
Barratt Developments PLC		10,413		59,185
British Land Co. PLC (The)		12,696		69,484
BT Group PLC		142,416		219,419
Burberry Group PLC		4,320		131,591
Coca-Cola Europacific Partners PLC		4,320		242,870
DCC PLC		936		53,313
Haleon PLC(a)		103,337		414,111
Halma PLC		4,176		111,182
Hargreaves Lansdown PLC		3,960		43,596
Hikma Pharmaceuticals PLC		1,944		41,124
Imperial Brands PLC		18,288		458,777
J Sainsbury PLC		16,998		55,126
JD Sports Fashion PLC		35,622		71,800
Kingfisher PLC		22,896		78,989
Land Securities Group PLC		8,429		73,845
Melrose Industries PLC		43,753		77,144
Mondi PLC		4,320		81,466
Pearson PLC		7,140		81,426
Persimmon PLC		2,965		51,785
Rio Tinto PLC		17,496		1,369,958
Sage Group PLC (The)		11,232		107,913
Smiths Group PLC		3,744		79,923
Spirax-Sarco Engineering PLC		792		113,131
Taylor Wimpey PLC		42,644		61,873
				4,676,618
United States — 57.5%
A O Smith Corp.		1,512		102,362
Advance Auto Parts Inc.		576		87,714
Aflac Inc.		12,240		899,640
Agilent Technologies Inc.		6,120		930,730
Akamai Technologies Inc.(a)		1,593		141,697
Albemarle Corp.		1,185		333,518
Allegion PLC		936		110,027
Allstate Corp. (The)		5,544		712,238
Ally Financial Inc.		3,168		102,928
AMERCO		1,350		83,417
American Financial Group Inc./OH		792		112,931
Ameriprise Financial Inc.		2,016		705,842
APA Corp.		3,384		150,013
Apple Inc.		17,286		2,494,197
Arch Capital Group Ltd.(a)		3,888		250,193
Archer-Daniels-Midland Co.		11,088		918,641
Arista Networks Inc.(a)		2,520		317,570
Arrow Electronics Inc.(a)		648		76,134
Aspen Technology Inc.(a)		360		71,550
AutoZone Inc.(a)		432		1,053,583
AvalonBay Communities Inc.		2,808		498,252
Bath & Body Works Inc.		2,376		109,320
Bentley Systems Inc., Class B		2,232		87,160
Best Buy Co. Inc.		2,160		191,635
Biogen Inc.(a)		2,952		858,737
Bio-Techne Corp.		1,800		143,388
Booz Allen Hamilton Holding Corp.		1,366		129,278
BorgWarner Inc.		3,024		142,975
Brown & Brown Inc.		2,520		147,571
Bunge Ltd.		1,584		156,974

Security	Shares		Value
United States (continued)
Cadence Design Systems Inc.(a)		5,616	$	1,026,773
Camden Property Trust		1,008		124,196
Capital One Financial Corp.		7,560		899,640
Carlisle Companies Inc.		547		137,220
Cboe Global Markets Inc.		1,055		129,638
CBRE Group Inc., Class A(a)		3,296		281,841
Celanese Corp.		1,152		141,926
CF Industries Holdings Inc.		2,088		176,854
CH Robinson Worldwide Inc.		1,224		122,608
Cigna Corp.		288		91,201
Cincinnati Financial Corp.		1,584		179,230
Cintas Corp.		1,872		830,681
Cisco Systems Inc.		57,008		2,774,579
Citizens Financial Group Inc.		4,968		215,214
Cognex Corp.		1,872		102,473
Cognizant Technology Solutions Corp., Class A		10,440		696,870
Constellation Energy Corp.		3,261		278,359
Cooper Companies Inc. (The)		504		175,861
Corning Inc.		16,467		569,923
Corteva Inc.		14,976		965,203
Darling Ingredients Inc.(a)		1,728		114,549
DENTSPLY SIRONA Inc.		2,448		90,160
Devon Energy Corp.		12,600		796,824
Discover Financial Services		2,880		336,182
Dover Corp.		1,368		207,703
DR Horton Inc.		3,384		333,967
Eastman Chemical Co.		1,326		116,913
Electronic Arts Inc.		5,544		713,402
Elevance Health Inc.		4,896		2,447,951
EOG Resources Inc.		11,880		1,571,130
EPAM Systems Inc.(a)		576		191,606
EQT Corp.		3,456		112,908
Equity Residential		7,056		449,114
Essex Property Trust Inc.		648		146,493
Everest Re Group Ltd.		360		125,888
F5 Inc.(a)		627		92,583
FactSet Research Systems Inc.		432		182,710
Fair Isaac Corp.(a)		238		158,496
Fastenal Co.		5,688		287,528
Fidelity National Financial Inc.		2,808		123,636
First Citizens BancShares Inc./NC, Class A		144		111,986
FleetCor Technologies Inc.(a)		720		150,343
Fortinet Inc.(a)		13,896		727,317
Fortune Brands Home & Security Inc., NVS		1,512		97,539
Fox Corp., Class A, NVS		4,248		144,177
Franklin Resources Inc.		3,168		98,842
Gaming and Leisure Properties Inc.		2,841		152,164
Garmin Ltd.		1,512		149,507
General Motors Co.		25,632		1,007,850
Genuine Parts Co.		1,512		253,744
Globe Life Inc.		936		113,116
Hartford Financial Services Group Inc. (The)		3,240		251,456
HCA Healthcare Inc.		4,680		1,193,728
HEICO Corp.		432		73,850
HEICO Corp., Class A		720		96,250
Henry Schein Inc.(a)		1,440		124,056
Hess Corp.		5,728		860,116
Hewlett Packard Enterprise Co.		13,032		210,206
Hologic Inc.(a)		2,592		210,911
Howmet Aerospace Inc.		3,816		155,273

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
HP Inc.		21,168	$	616,836
Hubbell Inc.		576		131,852
Humana Inc.		2,592		1,326,326
Huntington Ingalls Industries Inc.		361		79,615
IDEX Corp.		720		172,570
Intel Corp.		51,624		1,458,894
International Paper Co.		3,384		141,519
Invesco Ltd.		4,680		86,627
Jack Henry & Associates Inc.		748		134,707
JB Hunt Transport Services Inc.		792		149,728
JM Smucker Co. (The)		1,152		176,026
Johnson Controls International PLC		14,040		976,763
Juniper Networks Inc.		3,168		102,326
Keysight Technologies Inc.(a)		1,872		335,743
Knight-Swift Transportation Holdings Inc.		1,512		89,359
Kroger Co. (The)		13,752		613,752
Laboratory Corp. of America Holdings		936		235,984
Lamb Weston Holdings Inc.		1,656		165,418
Lear Corp.		720		104,962
Lennar Corp., Class A		2,591		265,318
Lennox International Inc.		365		95,126
Lincoln National Corp.		2,088		73,978
LKQ Corp.		2,736		161,315
Loews Corp.		1,368		84,105
LPL Financial Holdings Inc.		864		204,872
M&T Bank Corp.		1,728		269,568
Marathon Oil Corp.		6,480		178,006
Masco Corp.		2,247		119,540
Masimo Corp.(a)		576		97,966
MetLife Inc.		13,576		991,320
Mettler-Toledo International Inc.(a)		216		331,111
Micron Technology Inc.		22,176		1,337,213
Microsoft Corp.		5,904		1,463,070
Mid-America Apartment Communities Inc.		1,080		180,058
Molina Healthcare Inc.(a)		603		188,033
Molson Coors Beverage Co., Class B		1,944		102,216
Monolithic Power Systems Inc.		504		214,986
Monster Beverage Corp.(a)		7,992		831,807
Mosaic Co. (The)		3,672		181,911
NetApp Inc.		2,160		143,057
Newell Brands Inc., NVS		3,960		63,202
News Corp., Class A, NVS		3,672		74,395
Nordson Corp.		504		122,623
NRG Energy Inc.		2,448		83,771
Nucor Corp.		5,328		900,539
NVR Inc.(a)		37		194,990
Old Dominion Freight Line Inc.		1,008		335,906
ON Semiconductor Corp.(a)		4,608		338,458
Ovintiv Inc.		2,448		120,515
Owens Corning		1,008		97,423
Packaging Corp. of America		936		133,567
Paychex Inc.		6,624		767,457
Pentair PLC		1,872		103,671
PPL Corp.		14,544		430,502
Principal Financial Group Inc.		2,448		226,562
Public Storage		692		210,603
PulteGroup Inc.		2,304		131,075
Qorvo Inc.(a)		1,152		125,176
Quanta Services Inc.(d)		1,512		230,111
Quest Diagnostics Inc.		1,152		171,049

Security	Shares		Value
United States (continued)
Raymond James Financial Inc.		1,923	$	216,857
Regency Centers Corp.		1,640		109,273
Regions Financial Corp.		9,144		215,250
ResMed Inc.		2,952		674,148
Robert Half International Inc.		1,152		96,722
Rollins Inc.		2,330		84,812
RPM International Inc.		1,368		122,997
Seagate Technology Holdings PLC		1,944		131,764
SEI Investments Co.		1,152		71,919
Skyworks Solutions Inc.		1,656		181,614
Snap-on Inc.		504		125,360
State Street Corp.		7,488		683,879
Steel Dynamics Inc.		1,944		234,524
STERIS PLC		1,008		208,162
Synchrony Financial		5,040		185,119
Synopsys Inc.(a)		3,096		1,095,210
T Rowe Price Group Inc.		4,680		545,080
Target Corp.		9,360		1,611,230
Teleflex Inc.		504		122,684
Teradyne Inc.		1,728		175,738
Texas Instruments Inc.		6,696		1,186,598
Texas Pacific Land Corp.		74		147,693
Textron Inc.		2,026		147,594
Tractor Supply Co.		1,152		262,644
Tradeweb Markets Inc., Class A		1,368		101,971
Trimble Inc.(a)		2,952		171,393
Tyson Foods Inc., Class A		5,760		378,720
UGI Corp.		2,088		83,165
Ulta Beauty Inc.(a)		504		259,036
United Rentals Inc.(a)		720		317,484
UnitedHealth Group Inc.		360		179,708
Universal Health Services Inc., Class B		720		106,711
Valero Energy Corp.		7,956		1,114,079
W R Berkley Corp.		2,232		156,552
Walgreens Boots Alliance Inc.		14,400		530,784
Waters Corp.(a)		648		212,920
Webster Financial Corp.		1,944		102,352
West Pharmaceutical Services Inc.		792		210,355
Western Digital Corp.(a)		3,168		139,234
Western Union Co. (The)		4,630		65,607
Westlake Corp.		504		61,866
Westrock Co.		2,592		101,710
Weyerhaeuser Co.		14,760		508,187
Whirlpool Corp.		504		78,417
WW Grainger Inc.		504		297,098
Zebra Technologies Corp., Class A(a)		576		182,120
				70,294,197
Total Common Stocks — 99.5% (Cost: $114,324,626)				121,771,104
Preferred Stocks
Germany — 0.2%
Porsche Automobil Holding SE, Preference Shares, NVS		3,168		189,436

26 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(c)		145,100	$	21
Total Preferred Stocks — 0.2% (Cost: $342,561)				189,457
Total Long-Term Investments — 99.7% (Cost: $114,667,187)				121,960,561
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		252,635		252,786
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		110,000		110,000
Total Short-Term Securities — 0.3% (Cost: $362,761)				362,786
Total Investments — 100.0% (Cost: $115,029,948)				122,323,347
Other Assets Less Liabilities — 0.0%				13,716
Net Assets — 100.0%			$	122,337,063

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  All or a portion of this security is on loan.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	534,925	$	—	$	(282,389	)(a)	$	253	$	(3	)	$	252,786		252,635	$	780	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		—		(80,000	)(a)		—		—			110,000		110,000		2,871			—
								$	253	$	(3	)	$	362,786			$	3,651		$	—

^(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		2		03/17/23	$	212	$	13,141
MSCI Emerging Markets Index		1		03/17/23		52		3,852
							$	16,993

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	16,993	$	—	$	—	$	—	$	16,993

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(10,975	)	$	—	$	—	$	—	$	(10,975	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(21,179	)	$	—	$	—	$	—	$	(21,179	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	294,378

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	2,150,409	$	—	$	2,150,409
Austria		—		46,152		—		46,152
Belgium		—		51,315		—		51,315
Brazil		796,368		—		—		796,368
Canada		5,552,824		—		—		5,552,824
Chile		54,056		—		—		54,056
China		1,058,491		7,713,981		—		8,772,472
Denmark		—		327,112		—		327,112
Finland		—		69,433		—		69,433
France		—		2,066,870		—		2,066,870
Germany		—		1,336,505		—		1,336,505
Greece		—		89,892		—		89,892
Hong Kong		—		1,375,511		—		1,375,511
Hungary		—		73,600		—		73,600
India		—		3,479,318		—		3,479,318
Indonesia		—		248,700		—		248,700
Israel		—		51,488		—		51,488
Italy		—		250,094		—		250,094
Japan		—		8,607,145		—		8,607,145
Kuwait		—		77,012		—		77,012
Malaysia		85,170		44,162		—		129,332

28 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Global Multifactor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Mexico	$	108,399	$	—	$	—	$	108,399
Netherlands		100,125		2,229,096		—		2,329,221
Norway		—		301,711		—		301,711
Philippines		—		76,982		—		76,982
Poland		—		47,359		—		47,359
Qatar		38,094		150,664		—		188,758
Russia		—		—		19		19
Saudi Arabia		46,359		1,040,024		—		1,086,383
Singapore		—		324,886		—		324,886
South Africa		164,323		303,650		—		467,973
South Korea		—		2,136,358		—		2,136,358
Spain		—		87,109		—		87,109
Sweden		—		483,023		—		483,023
Switzerland		842,242		1,231,524		—		2,073,766
Taiwan		—		647,413		—		647,413
Thailand		—		258,441		—		258,441
Turkey		—		244,744		—		244,744
United Arab Emirates		—		332,136		—		332,136
United Kingdom		242,870		4,433,748		—		4,676,618
United States		70,294,197		—		—		70,294,197
Preferred Stocks		—		189,436		21		189,457
Short-Term Securities
Money Market Funds		362,786		—		—		362,786
	$	79,746,304	$	42,577,003	$	40	$	122,323,347
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	16,993	$	—		—	$	16,993

^(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 (unaudited)  January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 10.5%
Accent Group Ltd.		351,699	$	546,916
Ansell Ltd.		123,376		2,465,738
Arena REIT		398,112		1,056,099
Argosy Minerals Ltd.(a)		1,373,328		626,148
AUB Group Ltd.		72,160		1,208,747
Austal Ltd.		390,667		458,458
Australian Clinical Labs Ltd.		118,976		261,191
Australian Ethical Investment Ltd.		98,384		307,746
BWP Trust		563,612		1,567,812
Charter Hall Social Infrastructure REIT		389,664		961,540
Clinuvel Pharmaceuticals Ltd.		46,288		829,763
Credit Corp. Group Ltd.		80,608		1,244,770
CSR Ltd.		565,840		2,117,653
Dexus Industria REIT		256,256		560,038
Eclipx Group Ltd.(a)		327,712		473,358
GrainCorp Ltd., Class A		225,104		1,208,675
Grange Resources Ltd.		609,312		439,673
Growthpoint Properties Australia Ltd.		313,808		724,836
GWA Group Ltd.		257,664		396,244
Hansen Technologies Ltd.		156,640		591,859
Healius Ltd.		489,698		1,117,169
Helia Group Ltd.		442,414		877,127
Imdex Ltd.		416,416		739,418
Integral Diagnostics Ltd.		239,184		541,837
IPH Ltd.		241,120		1,458,426
JB Hi-Fi Ltd.		112,310		3,861,497
Jumbo Interactive Ltd.		64,768		717,405
Lovisa Holdings Ltd.		68,992		1,295,921
Magellan Financial Group Ltd.		161,040		1,023,717
Mayne Pharma Group Ltd.(b)		83,776		179,390
McMillan Shakespeare Ltd.		80,080		801,744
Monadelphous Group Ltd.		107,008		1,054,691
New Hope Corp. Ltd.		442,464		1,833,751
nib holdings Ltd.		442,579		2,467,224
Nick Scali Ltd.		76,042		646,774
NRW Holdings Ltd.		505,120		1,090,407
Objective Corp. Ltd.		23,584		232,539
Perenti Global Ltd.(a)		749,232		665,704
Perseus Mining Ltd.		1,176,912		1,788,056
Platinum Asset Management Ltd.		640,640		978,409
Pro Medicus Ltd.		45,936		2,193,844
PWR Holdings Ltd.		86,416		754,676
Rural Funds Group(b)		455,312		807,480
Seven West Media Ltd.(a)		1,119,536		358,125
Sigma Healthcare Ltd.		1,268,080		569,872
SmartGroup Corp. Ltd.		146,256		586,040
Super Retail Group Ltd.		186,384		1,681,941
Tabcorp Holdings Ltd.		2,636,304		1,960,868
Technology One Ltd.		259,600		2,684,108
Terracom Ltd.		648,736		397,300
Waypoint REIT Ltd.		796,848		1,573,416
Whitehaven Coal Ltd.		674,080		4,008,172
				58,994,312
Austria — 0.0%
Semperit AG Holding(b)		8,624		211,811
Belgium — 0.6%
AGFA-Gevaert NV(a)		147,488		462,298
Econocom Group SA/NV		127,600		395,353

Security	Shares		Value
Belgium (continued)
Intervest Offices & Warehouses NV		25,382	$	554,641
Ion Beam Applications		22,176		399,721
Tessenderlo Group SA(a)		17,072		603,730
Van de Velde NV		6,864		232,418
X-Fab Silicon Foundries SE(a)(b)(c)		73,744		645,090
				3,293,251
Canada — 14.1%
Advantage Energy Ltd.(a)		221,408		1,381,148
Aecon Group Inc.		54,560		459,673
Algoma Steel Group Inc.		66,176		555,052
Andlauer Healthcare Group Inc.		16,407		595,833
Artis REIT		64,064		457,411
Athabasca Oil Corp.(a)		690,624		1,520,821
Badger Infrastructure Solutions Ltd.		34,496		821,858
Baytex Energy Corp.(a)		547,712		2,535,723
Birchcliff Energy Ltd.		311,344		1,995,990
Boardwalk REIT		26,752		1,130,358
Calian Group Ltd.		3,696		171,251
Canaccord Genuity Group Inc.		103,136		892,184
Canfor Corp.(a)		73,449		1,391,642
Cardinal Energy Ltd.		159,984		921,031
Cascades Inc.		81,840		566,492
Celestica Inc.(a)		123,552		1,645,441
Centerra Gold Inc.		248,046		1,592,058
CES Energy Solutions Corp.		293,568		639,846
Cogeco Inc.		5,104		227,514
Corby Spirit and Wine Ltd.		14,432		176,692
Corus Entertainment Inc., Class B, NVS		216,304		365,777
Crescent Point Energy Corp.		668,624		4,995,019
Crew Energy Inc.(a)		167,552		580,523
Dream Office REIT		26,752		329,336
Dundee Precious Metals Inc.		185,328		1,210,402
ECN Capital Corp.		270,336		593,274
Enerplus Corp.		275,264		4,884,434
Evertz Technologies Ltd.		32,208		302,097
Extendicare Inc.		92,400		465,976
Finning International Inc.		96,324		2,717,675
Freehold Royalties Ltd.		116,160		1,403,820
Frontera Energy Corp.(a)		66,646		608,081
H&R Real Estate Investment Trust		153,253		1,498,494
Home Capital Group Inc.		47,087		1,501,207
Interfor Corp.(a)		63,888		1,277,712
Kelt Exploration Ltd.(a)		193,072		663,139
Labrador Iron Ore Royalty Corp.		67,408		1,977,328
Lassonde Industries Inc., Class A		3,696		324,586
Linamar Corp.		51,568		2,633,532
Major Drilling Group International Inc.(a)		89,760		744,093
Martinrea International Inc.		80,608		779,696
Morguard Corp.		5,984		527,634
Morguard North American Residential REIT		22,880		312,105
Mullen Group Ltd.		102,784		1,087,670
North West Co. Inc. (The)		56,144		1,529,186
NuVista Energy Ltd.(a)		212,608		1,781,654
Obsidian Energy Ltd.(a)		83,424		553,004
Paramount Resources Ltd., Class A		72,336		1,672,282
Parex Resources Inc.		131,810		2,243,806
Pason Systems Inc.		54,736		649,156
Peyto Exploration & Development Corp.		200,288		1,825,932
Precision Drilling Corp.(a)		16,016		1,276,658
Russel Metals Inc.		74,800		1,822,004

30 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
ShawCor Ltd.(a)		81,840	$	873,419
Sleep Country Canada Holdings Inc.(c)		41,536		808,212
Sprott Inc.		23,241		919,299
Surge Energy Inc.		85,712		628,724
Tamarack Valley Energy Ltd.		394,240		1,428,159
Timbercreek Financial Corp.		96,448		576,274
Topaz Energy Corp.		1,437		22,345
Torex Gold Resources Inc.(a)		99,325		1,365,341
Transcontinental Inc., Class A		84,832		948,068
Trican Well Service Ltd.(a)		254,144		657,063
Uni-Select Inc.(a)		46,288		1,380,412
Vermilion Energy Inc.		191,136		2,930,498
Westshore Terminals Investment Corp.		47,344		872,122
Winpak Ltd.		31,856		995,029
				79,220,275
Denmark — 1.1%
cBrain A/S		8,624		194,456
D/S Norden A/S		26,048		1,404,127
Matas A/S		47,696		519,041
Per Aarsleff Holding A/S		20,768		861,957
Scandinavian Tobacco Group A/S, Class A(c)		65,472		1,137,917
Solar A/S, Class B		6,336		585,396
Spar Nord Bank A/S		101,024		1,609,197
				6,312,091
Finland — 0.4%
F-Secure OYJ(a)		130,064		415,214
Marimekko OYJ		30,800		308,793
Oriola OYJ, Class B		133,936		251,321
Rovio Entertainment OYJ(c)		48,576		388,677
Talenom OYJ		26,928		266,108
Uponor OYJ		51,920		924,669
				2,554,782
France — 5.6%
ABC arbitrage		46,640		328,566
AKWEL(b)		10,560		180,930
Aubay		8,976		462,487
Beneteau SA		44,352		726,982
Boiron SA		5,104		232,773
Bonduelle SCA		14,256		191,533
Carmila SA		68,640		1,036,058
Chargeurs SA		22,704		379,394
Coface SA(a)		123,200		1,722,691
Derichebourg SA		94,512		648,659
Equasens		3,696		298,134
Eramet SA		9,152		914,679
Esker SA		6,336		1,057,907
Etablissements Maurel et Prom SA		72,160		289,963
Euroapi SA(a)(b)		61,072		980,314
Eutelsat Communications SA(b)		202,752		1,550,523
Fnac Darty SA		18,656		692,387
IPSOS		46,464		3,011,219
Maisons du Monde SA(c)		34,144		419,899
Manitou BF SA(b)		11,440		335,799
Mercialys SA		89,584		994,903
Mersen SA		20,416		906,312
Metropole Television SA		30,624		487,748
Quadient SA		39,776		701,476
Rubis SCA		109,296		3,058,680
Seche Environnement SA, NVS		2,288		249,238

Security	Shares		Value
France (continued)
SMCP SA(a)(c)		48,400	$	384,139
Societe BIC SA		28,864		2,095,692
Sopra Steria Group SACA		18,128		3,015,104
Television Francaise 1		51,040		408,214
Trigano SA		8,448		1,177,605
Vicat SA		19,184		535,686
Vilmorin & Cie. SA		6,864		345,127
Virbac SA		4,070		1,235,140
Wavestone		9,856		517,370
				31,573,331
Germany — 3.6%
ADVA Optical Networking SE(a)		20,416		499,393
AURELIUS Equity Opportunities SE & Co. KGaA(b)		31,856		545,770
Basler AG		10,424		385,853
Bertrandt AG		6,512		318,412
Borussia Dortmund GmbH & Co. KGaA(a)		79,200		353,425
Cewe Stiftung & Co. KGaA		6,512		645,450
Deutz AG		134,816		736,931
Draegerwerk AG & Co. KGaA		3,344		134,875
Elmos Semiconductor SE		9,328		633,720
ElringKlinger AG		29,085		253,156
GFT Technologies SE		20,592		859,789
Heidelberger Druckmaschinen AG(a)		310,464		638,210
Hornbach Holding AG & Co. KGaA		9,328		826,361
Indus Holding AG		23,056		609,581
K+S AG, Registered		224,659		5,377,537
Kloeckner & Co. SE		87,648		926,216
PVA TePla AG(a)		23,232		554,170
Salzgitter AG(b)		35,552		1,450,923
Software AG(b)		51,744		1,442,133
Stratec SE		7,744		705,404
Takkt AG		39,424		609,587
Vitesco Technologies Group AG(a)		23,408		1,622,508
				20,129,404
Hong Kong — 2.7%
Chow Sang Sang Holdings International Ltd.		464,000		707,104
CITIC Telecom International Holdings Ltd.		1,958,000		697,467
Cowell e Holdings Inc.(a)		356,000		699,630
Dah Sing Banking Group Ltd.		426,400		344,789
Dah Sing Financial Holdings Ltd.(b)		176,800		468,604
E-Commodities Holdings Ltd.		1,424,000		300,355
Far East Consortium International Ltd.		1,341,900		351,305
First Pacific Co. Ltd.		2,844,000		991,799
Hutchison Telecommunications Hong Kong Holdings Ltd.		1,780,000		308,681
K Wah International Holdings Ltd.		1,068,000		397,515
Luk Fook Holdings International Ltd.		372,000		1,290,086
Pacific Basin Shipping Ltd.		6,260,000		2,209,087
Pacific Textiles Holdings Ltd.		1,068,000		384,482
PAX Global Technology Ltd.		888,000		839,294
Perfect Medical Health Management Ltd.		534,000		313,434
Prosperity REIT		1,424,000		414,301
SmarTone Telecommunications Holdings Ltd.		356,000		239,586
Stella International Holdings Ltd.		623,000		628,470
Sun Hung Kai & Co. Ltd.		712,000		304,281
Sunlight REIT		1,246,000		551,733
Texhong Textile Group Ltd.		268,500		245,272
United Laboratories International Holdings Ltd. (The)		1,072,000		709,711
VSTECS Holdings Ltd.		712,000		445,486

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
VTech Holdings Ltd.		195,800	$	1,294,394
				15,136,866
Ireland — 0.2%
Greencore Group PLC(a)		593,472		584,232
Origin Enterprises PLC		133,232		603,996
				1,188,228
Israel — 0.4%
Carasso Motors Ltd.		32,736		208,880
Equital Ltd.(a)		2		46
IDI Insurance Co. Ltd.		8,976		214,598
Isracard Ltd.		239,008		805,700
Ituran Location and Control Ltd.		18,657		409,521
Mehadrin Ltd.(a)		1		24
Naphtha Israel Petroleum Corp. Ltd.(a)		31,680		162,755
Tremor International Ltd.(a)(b)		100,496		408,037
				2,209,561
Italy — 1.0%
Banca IFIS SpA		34,672		580,660
Biesse SpA		17,072		275,208
Danieli & C Officine Meccaniche SpA		14,784		383,119
Digital Bros. SpA		5,984		141,563
El.En. SpA		51,216		798,959
Esprinet SpA		29,392		233,089
Iren SpA		624,800		1,131,569
OVS SpA(c)		252,784		608,610
Pharmanutra SpA		4,048		259,573
RAI Way SpA(c)		93,280		532,751
SOL SpA		33,968		749,531
				5,694,632
Japan — 27.0%
Adastria Co. Ltd.		35,200		594,053
Ai Holdings Corp.		35,200		594,641
Aichi Corp.		35,200		210,853
Aida Engineering Ltd.		52,800		331,525
Alpha Systems Inc.		3,300		106,980
Alps Alpine Co. Ltd.		228,800		2,344,281
AOKI Holdings Inc.		35,200		185,597
Arata Corp.		17,600		570,836
Arcs Co. Ltd.		52,800		892,280
Argo Graphics Inc.		17,600		550,378
Axial Retailing Inc.		18,400		498,868
Belc Co. Ltd.		9,900		426,562
Belluna Co. Ltd.		52,800		283,849
BML Inc.		23,000		571,924
Bunka Shutter Co. Ltd.		52,800		472,964
C.I. Takiron Corp.		35,800		144,270
Canon Electronics Inc.		17,600		231,296
Canon Marketing Japan Inc.		40,100		951,791
Cawachi Ltd.		17,700		305,778
Central Glass Co. Ltd.		24,700		545,471
Chofu Seisakusho Co. Ltd.		17,600		286,444
Citizen Watch Co. Ltd.		281,600		1,339,733
Daihen Corp.		17,700		577,562
Daiho Corp.		2,300		64,941
Daiken Corp.		17,600		297,380
Daiki Aluminium Industry Co. Ltd.		35,200		390,203
Daikokutenbussan Co. Ltd.		4,800		201,034
Daiwa Industries Ltd.		35,200		327,747
Daiwabo Holdings Co. Ltd.		88,000		1,331,961

Security	Shares		Value
Japan (continued)
DCM Holdings Co. Ltd.		123,200	$	1,121,185
Dexerials Corp.		70,400		1,504,862
Doshisha Co. Ltd.		35,200		460,921
DTS Corp.		40,200		985,948
Duskin Co. Ltd.		52,800		1,234,015
DyDo Group Holdings Inc.		6,800		247,376
EDION Corp.		88,000		869,165
Eiken Chemical Co. Ltd.		35,400		433,486
Eizo Corp.		17,700		494,758
Electric Power Development Co. Ltd.		176,000		2,840,381
EM Systems Co. Ltd.		35,200		255,573
Exedy Corp.		35,200		473,479
FCC Co. Ltd.		35,200		392,130
Ferrotec Holdings Corp.		35,200		881,642
Financial Products Group Co. Ltd.		70,400		576,310
Fujicco Co. Ltd.		17,900		260,312
Fujimori Kogyo Co. Ltd.		17,600		451,885
Fukui Computer Holdings Inc.		12,400		285,955
Fukushima Galilei Co. Ltd.		17,600		597,424
Fullcast Holdings Co. Ltd.		25,600		556,047
Furukawa Co. Ltd.		35,200		358,820
G-7 Holdings Inc.		17,900		221,622
Geo Holdings Corp.		35,200		514,217
GLOBERIDE Inc.		17,600		360,852
Glory Ltd.		52,800		923,478
GMO GlobalSign Holdings KK		6,000		199,985
Goldcrest Co. Ltd.		17,700		222,051
G-Tekt Corp.		35,200		418,421
Gunze Ltd.		17,600		579,590
H.U. Group Holdings Inc.		56,800		1,205,581
Hakuto Co. Ltd.		11,900		416,564
Halows Co. Ltd.		4,800		117,577
Hamakyorex Co. Ltd.		17,600		440,752
Heiwado Co. Ltd.		35,200		588,310
Hioki E.E. Corp.		10,000		571,769
Hogy Medical Co. Ltd.		35,200		914,205
Hokuetsu Corp.		123,200		793,094
Hosiden Corp.		52,800		640,448
Idec Corp./Japan		35,200		838,173
Iino Kaiun Kaisha Ltd.		88,000		623,049
Inaba Denki Sangyo Co. Ltd.		45,000		977,663
Inabata & Co. Ltd.		46,900		910,362
Insource Co. Ltd.		51,600		580,527
Itochu-Shokuhin Co. Ltd.		2,800		108,670
Itoham Yonekyu Holdings Inc.		158,400		869,684
JAC Recruitment Co. Ltd.		17,700		321,686
Jaccs Co. Ltd.		17,900		577,456
Japan Aviation Electronics Industry Ltd.		55,800		958,630
Japan Lifeline Co. Ltd.		70,400		517,415
Japan Pulp & Paper Co. Ltd.		10,500		443,005
Japan Wool Textile Co. Ltd. (The)		52,800		393,115
JDC Corp.		52,800		226,145
Joshin Denki Co. Ltd.		17,600		270,612
Joyful Honda Co. Ltd.		53,100		762,867
Kaga Electronics Co. Ltd.		17,600		586,255
Kaken Pharmaceutical Co. Ltd.		28,200		818,530
Kanamoto Co. Ltd.		35,400		615,709
Kandenko Co. Ltd.		88,000		591,461
Kaneka Corp.		52,800		1,386,231
Kanematsu Corp.		88,400		1,080,975

32 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kanematsu Electronics Ltd.		10,800	$	515,778
Kanto Denka Kogyo Co. Ltd.		52,800		409,884
Katakura Industries Co. Ltd.		17,900		243,114
KeePer Technical Laboratory Co. Ltd.		17,600		453,360
Keiyo Bank Ltd. (The)		123,200		585,190
Keiyo Co. Ltd.		35,400		244,567
KFC Holdings Japan Ltd.		17,600		378,840
Kissei Pharmaceutical Co. Ltd.		35,200		693,464
Kitz Corp.		70,400		445,819
Koa Corp.		35,200		513,075
Kohnan Shoji Co. Ltd.		20,100		517,845
Komeri Co. Ltd.		35,200		722,090
Konica Minolta Inc.		457,600		1,917,708
Konishi Co. Ltd.		35,200		498,983
Konoike Transport Co. Ltd.		35,200		417,604
K’s Holdings Corp.		176,000		1,556,002
Kureha Corp.		17,600		1,149,498
KYB Corp.		17,600		498,770
Kyoei Steel Ltd.		17,900		195,674
Kyokuto Kaihatsu Kogyo Co. Ltd.		35,200		404,351
KYORIN Holdings Inc.		35,200		466,566
Leopalace21 Corp.(a)		193,600		480,498
Link And Motivation Inc.		52,800		268,136
Macnica Holdings Inc.		43,900		1,166,715
Makino Milling Machine Co. Ltd.		27,100		972,835
MARUKA FURUSATO Corp.		23,300		626,777
Maruzen Showa Unyu Co. Ltd.		17,600		426,473
Matsuda Sangyo Co. Ltd.		17,600		320,669
Max Co. Ltd.		35,200		550,713
Maxell Ltd.		52,800		576,227
MCJ Co. Ltd.		70,400		547,586
Megachips Corp.		17,600		367,486
Megmilk Snow Brand Co. Ltd.		52,800		738,991
Meidensha Corp.		35,200		522,913
Meiko Electronics Co. Ltd.		17,600		394,542
Melco Holdings Inc.		3,900		100,653
Micronics Japan Co. Ltd.		35,200		377,580
Mimasu Semiconductor Industry Co. Ltd.		17,600		349,094
Mitsubishi Pencil Co. Ltd.		35,200		394,862
Mitsubishi Research Institute Inc.		9,500		369,628
Mitsubishi Shokuhin Co. Ltd.		17,600		424,236
Mitsuboshi Belting Ltd.		23,600		673,401
Mitsui DM Sugar Holdings Co. Ltd.		17,600		275,278
Mitsui-Soko Holdings Co. Ltd.		17,700		508,894
Mizuno Corp.		17,700		401,604
Mochida Pharmaceutical Co. Ltd.		23,700		636,574
Monogatari Corp. (The)		10,600		531,116
Morita Holdings Corp.		35,200		329,457
Musashino Bank Ltd. (The)		17,600		308,869
Nachi-Fujikoshi Corp.		17,600		532,142
Nafco Co. Ltd.		17,600		220,792
Nagaileben Co. Ltd.		17,600		266,635
Nagase & Co. Ltd.		89,500		1,444,292
NHK Spring Co. Ltd.		228,800		1,617,286
Nichiden Corp.		17,600		244,209
Nichiha Corp.		35,200		755,506
Nikkon Holdings Co. Ltd.		61,300		1,180,252
Nippn Corp., New		52,800		659,920
Nippon Ceramic Co. Ltd.		17,600		328,051
Nippon Electric Glass Co. Ltd.		88,000		1,634,194

Security	Shares		Value
Japan (continued)
Nippon Gas Co. Ltd.		123,200	$	1,966,436
Nippon Light Metal Holdings Co. Ltd.		52,800		605,188
Nippon Parking Development Co. Ltd.		228,800		455,344
Nippon Road Co. Ltd. (The)		3,700		176,618
Nippon Signal Company Ltd.		52,800		424,053
Nippon Soda Co. Ltd.		23,300		761,572
Nippon Television Holdings Inc.		53,100		429,300
Nishimatsuya Chain Co. Ltd.		35,400		420,369
Nishio Rent All Co. Ltd.		21,100		508,992
Nissha Co. Ltd.		52,800		785,586
Nisshinbo Holdings Inc.		158,400		1,184,028
Nissin Electric Co. Ltd.		52,800		547,439
Nitta Corp.		17,900		395,807
Nittetsu Mining Co. Ltd.		13,400		373,154
Nitto Kogyo Corp.		35,200		658,929
Nojima Corp.		70,400		755,735
Noritake Co. Ltd./Nagoya Japan		9,500		308,003
Noritsu Koki Co. Ltd.		17,600		318,777
Noritz Corp.		31,800		367,628
NS United Kaiun Kaisha Ltd.		9,800		295,142
Obara Group Inc.		10,700		309,600
Oiles Corp.		35,200		418,956
Okamura Corp.		70,400		772,180
Okinawa Electric Power Co. Inc. (The)		52,836		439,416
Optex Group Co. Ltd.		35,200		577,085
Organo Corp.		21,300		541,432
Osaka Soda Co. Ltd.		17,600		575,241
Pacific Industrial Co. Ltd.		52,800		437,712
Paramount Bed Holdings Co. Ltd.		53,000		1,017,937
Pilot Corp.		35,200		1,256,365
Piolax Inc.		35,200		481,542
Pressance Corp.		35,500		454,202
Prima Meat Packers Ltd.		25,100		425,801
Raito Kogyo Co. Ltd.		52,800		783,592
Raiznext Corp.		35,200		357,897
Relia Inc.		53,000		597,733
Riken Keiki Co. Ltd.		13,500		481,569
Riken Vitamin Co. Ltd.		17,600		260,909
Riso Kagaku Corp.		23,300		388,755
Ryosan Co. Ltd.		25,900		586,947
Sakata INX Corp.		35,200		296,622
San-Ai Obbli Co. Ltd.		53,100		552,465
Sanki Engineering Co. Ltd.		35,200		422,651
Sanyo Chemical Industries Ltd.		10,600		345,645
Sanyo Denki Co. Ltd.		10,000		484,775
Seiko Group Corp.		35,200		794,705
Seiren Co. Ltd.		35,800		657,489
Sekisui Jushi Corp.		35,200		534,257
Shibuya Corp.		17,600		343,207
Shikoku Chemicals Corp.		35,200		346,183
Shin Nippon Biomedical Laboratories Ltd.		17,600		316,843
Shin-Etsu Polymer Co. Ltd.		52,800		525,768
Shinmaywa Industries Ltd.		70,400		585,536
Shizuoka Gas Co. Ltd.		52,800		462,924
Shoei Co. Ltd.		19,300		743,158
Siix Corp.		35,200		380,417
SKY Perfect JSAT Holdings Inc.		211,200		815,299
SPARX Group Co. Ltd.		16,280		227,918
Star Micronics Co. Ltd.		35,200		459,255
Starts Corp. Inc.		35,200		699,970

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Densetsu Co. Ltd.		17,700	$	323,465
Sumitomo Osaka Cement Co. Ltd.		35,200		926,202
Sumitomo Riko Co. Ltd.		35,200		173,054
Sumitomo Rubber Industries Ltd.		17,600		156,249
Sun Frontier Fudousan Co. Ltd.		35,600		306,883
T Hasegawa Co. Ltd.		35,200		861,718
Taihei Dengyo Kaisha Ltd.		17,600		471,566
Takamatsu Construction Group Co. Ltd.		17,700		270,998
Takara Standard Co. Ltd.		35,200		384,146
Takasago International Corp.		17,600		349,030
Tama Home Co. Ltd.(b)		17,600		432,026
Tamron Co. Ltd.		17,600		426,662
Tenma Corp.		17,600		300,516
T-Gaia Corp.		17,900		228,676
TKC Corp.		25,600		729,450
Toa Corp./Tokyo		17,600		340,951
Toagosei Co. Ltd.		105,600		958,313
TOC Co. Ltd.		35,800		187,625
Tocalo Co. Ltd.		70,400		674,393
Toenec Corp.		3,700		98,334
Toho Holdings Co. Ltd.		70,400		1,149,794
Toho Titanium Co. Ltd.		35,200		656,930
Tokai Corp./Gifu		17,900		269,360
TOKAI Holdings Corp.		105,600		704,415
Tokai Rika Co. Ltd.		52,800		612,881
Token Corp.		5,300		320,523
Tokushu Tokai Paper Co. Ltd.		8,700		194,944
TOMONY Holdings Inc.		176,000		540,568
Tomy Co. Ltd.		105,600		1,042,197
Topre Corp.		52,800		515,062
Tosei Corp.		35,400		404,155
Towa Pharmaceutical Co. Ltd.		35,200		555,754
Toyo Construction Co. Ltd.		70,400		462,595
Toyo Tanso Co. Ltd.		17,600		562,108
Trancom Co. Ltd.		6,000		343,784
TS Tech Co. Ltd.		88,000		1,096,189
Tsubakimoto Chain Co.		26,300		629,587
TV Asahi Holdings Corp.		17,900		185,247
Union Tool Co.		6,000		158,306
United Arrows Ltd.		17,600		237,672
United Super Markets Holdings Inc.		52,800		461,093
Valor Holdings Co. Ltd.		35,200		507,267
VT Holdings Co. Ltd.		88,000		338,787
Wakita & Co. Ltd.		52,800		492,504
Weathernews Inc.		6,300		343,112
WingArc1st Inc.		17,600		267,438
YAMABIKO Corp.		35,200		308,191
Yamazen Corp.		70,400		576,653
Yellow Hat Ltd.		35,200		482,593
Yodogawa Steel Works Ltd.		22,300		475,164
Yokogawa Bridge Holdings Corp.		35,200		543,307
Yokohama Rubber Co. Ltd. (The)		140,800		2,313,180
Yokowo Co. Ltd.		17,600		304,409
Yonex Co. Ltd.		70,400		688,486
Yuasa Trading Co. Ltd.		17,600		501,515
Yurtec Corp.		52,800		310,998
Zenrin Co. Ltd.		35,200		218,824
ZERIA Pharmaceutical Co. Ltd.		24,600		410,641
Zuken Inc.		17,600		429,510
				151,966,938

Security	Shares		Value
Netherlands — 4.2%
Aalberts NV		45,898	$	2,170,175
Arcadis NV		84,480		3,668,163
B&S Group Sarl(c)		32,912		180,690
Brunel International NV		23,760		271,222
Cementir Holding NV		45,056		355,390
Eurocommercial Properties NV		51,216		1,282,500
Fugro NV(a)		127,424		1,696,756
Koninklijke BAM Groep NV(a)		314,688		802,017
NSI NV		22,352		583,200
Pharming Group NV(a)		783,552		1,086,758
PostNL NV		414,656		868,209
Signify NV(b)(c)		150,567		5,451,339
Sligro Food Group NV		25,168		483,749
TKH Group NV		47,122		2,138,641
TomTom NV(a)		87,472		621,681
Van Lanschot Kempen NV		36,432		1,048,291
Vastned Retail NV		12,496		288,003
Wereldhave NV		39,072		586,935
				23,583,719
Norway — 1.4%
BW LPG Ltd.(c)		101,024		836,102
Cool Co. Ltd.(a)		15,488		164,077
Elkem ASA(c)		332,640		1,178,275
Europris ASA(c)		156,992		1,011,436
Golden Ocean Group Ltd.		153,398		1,467,510
Hoegh Autoliners ASA		54,736		339,989
MPC Container Ships AS		306,944		488,578
Norske Skog ASA(a)(c)		70,576		486,007
Odfjell Drilling Ltd.(a)		108,944		290,623
Stolt-Nielsen Ltd.		20,592		541,422
Wallenius Wilhelmsen ASA		124,784		1,184,210
				7,988,229
Singapore — 2.7%
Bumitama Agri Ltd.		457,600		211,657
Capitaland India Trust		822,200		760,203
ComfortDelGro Corp. Ltd.		2,094,400		1,918,785
First Resources Ltd.		563,200		660,063
Frencken Group Ltd.		369,600		332,349
Golden Agri-Resources Ltd.		7,454,300		1,420,039
Hour Glass Ltd. (The)		281,600		446,819
Hutchison Port Holdings Trust, Class U		5,051,200		1,039,294
Keppel Pacific Oak US REIT		775,700		415,621
Raffles Medical Group Ltd.		924,000		1,022,039
Riverstone Holdings Ltd./Singapore(b)		422,400		207,951
Sasseur Real Estate Investment Trust		668,800		415,404
Sheng Siong Group Ltd.		704,000		879,810
Silverlake Axis Ltd.		915,200		251,686
Starhill Global REIT		1,355,200		589,504
Yangzijiang Financial Holding Ltd.(a)(b)		2,816,000		797,840
Yangzijiang Shipbuilding Holdings Ltd.		3,055,200		3,011,972
Yanlord Land Group Ltd.		686,400		581,322
				14,962,358
Spain — 0.8%
Applus Services SA		167,904		1,288,622
Atresmedia Corp. de Medios de Comunicacion SA		118,272		440,920
Faes Farma SA		363,968		1,364,263
Global Dominion Access SA(c)		98,384		421,869
Indra Sistemas SA		35,024		427,654
Lar Espana Real Estate Socimi SA		63,407		316,402

34 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Mediaset Espana Comunicacion SA(a)		72,688	$	260,437
Miquel y Costas & Miquel SA		17,600		234,198
				4,754,365
Sweden — 1.7%
AcadeMedia AB(c)		99,968		470,861
Ambea AB(c)		81,840		307,216
Arjo AB, Class B		208,560		809,317
Betsson AB		136,048		1,127,737
Bilia AB, Class A		77,045		890,208
Biotage AB		63,360		979,225
Clas Ohlson AB, Class B		45,408		302,776
GARO AB		26,224		258,455
Inwido AB		67,584		736,545
Kambi Group PLC, Class B(a)		29,787		535,657
KNOW IT AB		19,184		374,953
MEKO AB		39,248		435,000
New Wave Group AB, Class B		49,632		1,116,779
Nobia AB		118,096		206,106
Orron Energy AB		234,960		435,586
Platzer Fastigheter Holding AB, Class B		3,872		33,967
Resurs Holding AB(c)		150,480		400,688
				9,421,076
Switzerland — 5.5%
Arbonia AG		61,776		865,931
Autoneum Holding AG(b)		3,168		422,751
Belimo Holding AG, Registered		4,853		2,559,688
Bucher Industries AG, Registered		6,434		2,931,758
Burckhardt Compression Holding AG		3,520		2,179,390
Burkhalter Holding AG		8,096		752,301
Coltene Holding AG, Registered		3,168		261,261
Comet Holding AG, Registered		6,688		1,546,002
Galenica AG(c)		48,576		3,799,011
Huber + Suhner AG, Registered		18,656		1,789,172
Implenia AG, Registered(a)		14,608		613,631
Inficon Holding AG, Registered		1,769		1,852,149
Intershop Holding AG		1,322		886,768
Kardex Holding AG, Registered		6,023		1,173,863
Medacta Group SA(c)		7,040		750,233
Medartis Holding AG(a)(c)		4,822		404,580
Metall Zug AG, Class B, Registered		223		501,780
Mobilezone Holding AG, Registered		49,031		890,306
Orior AG		7,568		626,513
Sensirion Holding AG(a)(c)		9,032		1,074,803
SFS Group AG		16,368		1,883,211
Trifork Holding AG		14,608		332,180
TX Group AG		3,168		496,685
u-blox Holding AG		7,920		947,319
Vetropack Holding AG, Registered		11,968		552,119
V-ZUG Holding AG(a)		2,464		248,155
Zehnder Group AG, Registered		11,264		838,362
				31,179,922
United Kingdom — 15.6%
Advanced Medical Solutions Group PLC		255,904		801,347
AG Barr PLC		112,992		764,190
AJ Bell PLC		360,976		1,497,968
Alliance Pharma PLC		599,104		465,321
Atalaya Mining PLC		136,576		587,638
Balanced Commercial Property Trust Ltd.		825,388		807,958
Bank of Georgia Group PLC		42,416		1,396,211

Security	Shares		Value
United Kingdom (continued)
Bodycote PLC		190,432	$	1,528,379
Centamin PLC		1,369,984		1,878,062
Central Asia Metals PLC		201,168		700,689
Civitas Social Housing PLC		701,360		493,863
Clarkson PLC		32,560		1,234,354
CLS Holdings PLC(b)		189,200		347,550
CMC Markets PLC(c)		154,352		460,509
Coats Group PLC		1,103,520		992,281
Craneware PLC		31,680		566,322
Currys PLC		1,068,496		858,368
Custodian REIT PLC		481,008		540,826
CVS Group PLC		65,648		1,632,418
Drax Group PLC		111,243		888,439
EMIS Group PLC		67,760		1,568,841
Empiric Student Property PLC		717,376		772,980
EnQuest PLC(a)		1,816,496		491,124
Ergomed PLC(a)		46,695		691,745
Ferrexpo PLC		348,480		681,779
Firstgroup PLC		887,744		1,186,389
Forterra PLC(c)		253,264		666,625
Greggs PLC		119,680		3,996,349
Gulf Keystone Petroleum Ltd.		248,336		635,284
Halfords Group PLC		266,464		674,103
IG Group Holdings PLC		372,064		3,658,235
Impact Healthcare REIT PLC		354,464		454,481
Impax Asset Management Group PLC		84,656		813,933
Indivior PLC, NVS(a)		162,384		3,899,066
Investec PLC		806,025		5,143,430
IP Group PLC		982,960		739,223
Johnson Service Group PLC		489,984		680,190
Judges Scientific PLC		6,336		654,590
Jupiter Fund Management PLC		522,368		901,602
Keller Group PLC		86,592		863,647
Man Group PLC/Jersey		1,522,816		4,684,873
Mediclinic International PLC		473,544		2,897,325
Moneysupermarket.com Group PLC		374,880		1,103,663
Morgan Advanced Materials PLC		330,352		1,282,112
Morgan Sindall Group PLC		47,696		965,529
NCC Group PLC		354,992		821,910
Pagegroup PLC		385,792		2,171,862
Pan African Resources PLC		2,105,488		437,212
Patisserie Holdings PLC, NVS(d)		3,062		—
Pets at Home Group PLC		495,792		2,156,805
Picton Property Income Ltd. (The)		628,848		596,962
Plus500 Ltd.		112,464		2,577,526
Polar Capital Holdings PLC		87,120		556,362
Premier Foods PLC		763,840		1,047,437
Reach PLC		351,648		394,728
Redde Northgate PLC		261,888		1,401,249
Renewi PLC(a)		89,056		721,554
Safestore Holdings PLC		190,608		2,373,392
Savills PLC		168,256		2,024,216
Serica Energy PLC		240,240		751,768
Spirent Communications PLC		722,656		1,958,464
SThree PLC		145,904		762,681
TBC Bank Group PLC		48,576		1,425,308
Telecom Plus PLC		74,272		1,829,277
TP ICAP Group PLC		924,880		2,013,660
Tyman PLC		225,456		722,679
Volution Group PLC		227,404		1,060,497

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Warehouse REIT PLC		226,576	$	295,535
Wickes Group PLC		313,456		587,781
Wincanton PLC		143,088		522,162
				87,760,838
United States — 0.2%
Resolute Forest Products Inc.(a)		54,384		1,177,560
Total Common Stocks — 99.3% (Cost: $519,576,615)				559,313,549
Preferred Stocks
Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		9,918		444,013
STO SE & Co. KGaA, Preference Shares, NVS		2,992		502,604
				946,617
Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		42,618		794,712
Total Preferred Stocks — 0.3% (Cost: $1,578,462)				1,741,329
Total Long-Term Investments — 99.6% (Cost: $521,155,077)				561,054,878
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		9,120,512		9,125,984

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		200,000	$	200,000
Total Short-Term Securities — 1.7% (Cost: $9,321,416)				9,325,984
Total Investments — 101.3% (Cost: $530,476,493)				570,380,862
Liabilities in Excess of Other Assets — (1.3)%				(7,323,043	)
Net Assets — 100.0%			$	563,057,819

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,998,368	$	5,123,043	(a)	$	—	$	456	$	4,117	$	9,125,984		9,120,512	$	30,857	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		100,000	(a)		—		—		—		200,000		200,000		4,996			—
								$	456	$	4,117	$	9,325,984			$	35,853		$	—

^(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		22		03/17/23	$	1,002	$	62,195

36 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		8		03/17/23	$	768	$	22,182
							$	84,377

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)	$	—	$	—	$	84,377	$	—	$	—	$	—	$	84,377

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	369,172	$	—	$	—	$	—	$	369,172
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	22,633	$	—	$	—	$	—	$	22,633

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,203,001

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	58,994,312	$	—	$	58,994,312
Austria		—		211,811		—		211,811
Belgium		1,349,715		1,943,536		—		3,293,251
Canada		79,220,275		—		—		79,220,275
Denmark		861,957		5,450,134		—		6,312,091
Finland		906,106		1,648,676		—		2,554,782
France		2,652,747		28,920,584		—		31,573,331
Germany		634,268		19,495,136		—		20,129,404
Hong Kong		628,470		14,508,396		—		15,136,866
Ireland		1,188,228		—		—		1,188,228
Israel		409,521		1,800,040		—		2,209,561

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Small-Cap Multifactor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Italy	$	—	$	5,694,632	$	—	$	5,694,632
Japan		—		151,966,938		—		151,966,938
Netherlands		1,806,864		21,776,855		—		23,583,719
Norway		339,989		7,648,240		—		7,988,229
Singapore		—		14,962,358		—		14,962,358
Spain		550,600		4,203,765		—		4,754,365
Sweden		—		9,421,076		—		9,421,076
Switzerland		1,095,221		30,084,701		—		31,179,922
United Kingdom		39,923,503		47,837,335		—		87,760,838
United States		1,177,560		—		—		1,177,560
Preferred Stocks		—		1,741,329		—		1,741,329
Short-Term Securities
Money Market Funds		9,325,984		—		—		9,325,984
	$	142,071,008	$	428,309,854	$	—	$	570,380,862
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	84,377	$	—	$	84,377

^(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 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

January 31, 2023

	iShares International Equity Factor ETF			iShares MSCI EAFE Min Vol Factor ETF			iShares MSCI Global Multifactor ETF			iShares MSCI Intl Small-Cap Multifactor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	951,664,704		$	7,334,497,854		$	121,960,561		$	561,054,878
Investments, at value — affiliated(c)		3,620,871			21,472,998			362,786			9,325,984
Cash		3,335			13,064			740			2,516
Cash pledged for futures contracts		—			40,001			11,000			—
Foreign currency collateral pledged for futures contracts		311,560			2,214,099			—			145,487
Foreign currency, at value(d)		1,523,165			13,859,942			161,182			879,073
Receivables:
Investments sold		—			—			105			180,509
Securities lending income — affiliated		7,024			4,760			89			6,411
Capital shares sold		261,518			—			—			—
Dividends — unaffiliated		762,441			7,763,305			125,148			578,086
Dividends — affiliated		1,109			4,147			422			471
Tax reclaims		1,559,029			18,794,371			21,706			202,042
Variation margin on futures contracts		17,426			127,634			977			7,427
Total assets		959,732,182			7,398,792,175			122,644,716			572,382,884
LIABILITIES
Cash received for futures contracts		2,865			—			—			—
Collateral on securities loaned, at value		3,231,120			20,059,946			252,759			9,122,501
Payables:
Investments purchased		261,518			—			—			97,118
Deferred foreign capital gain tax		—			—			34,699			—
Investment advisory fees		116,448			1,289,380			20,195			105,446
Total liabilities		3,611,951			21,349,326			307,653			9,325,065
NET ASSETS	$	956,120,231		$	7,377,442,849		$	122,337,063		$	563,057,819
NET ASSETS CONSIST OF
Paid-in capital	$	1,078,087,003		$	8,025,869,653		$	124,171,621		$	540,912,433
Accumulated earnings (loss)		(121,966,772	)		(648,426,804	)		(1,834,558	)		22,145,386
NET ASSETS	$	956,120,231		$	7,377,442,849		$	122,337,063		$	563,057,819
NET ASSETVALUE
Shares outstanding		35,900,000			110,400,000			3,600,000			17,600,000
Net asset value	$	26.63		$	66.82		$	33.98		$	31.99
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	907,085,088		$	7,200,215,243		$	114,667,187		$	521,155,077
(b) Securities loaned, at value	$	2,997,407		$	19,126,075		$	251,303		$	8,193,674
(c)  Investments, at cost — affiliated	$	3,618,802		$	21,468,283		$	362,761		$	9,321,416
(d) Foreign currency, at cost	$	1,498,940		$	13,706,888		$	157,986		$	879,013

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 Operations (unaudited)

Six Months Ended January 31, 2023

	iShares International Equity Factor ETF			iShares MSCI EAFE Min Vol Factor ETF			iShares MSCI Global Multifactor ETF			iShares MSCI Intl Small-Cap Multifactor ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	11,186,300		$	72,091,147		$	1,462,709		$	7,069,449
Dividends — affiliated		6,275			50,213			2,871			4,996
Interest — unaffiliated		276			19,253			260			23
Securities lending income — affiliated — net		56,908			37,511			780			30,857
Foreign taxes withheld		(783,998	)		(5,230,587	)		(61,298	)		(506,207	)
Total investment income		10,465,761			66,967,537			1,405,322			6,599,118
EXPENSES
Commitment costs		—			—			491			—
Investment advisory		627,876			11,045,257			181,598			777,992
Interest expense		—			—			797			—
Total expenses		627,876			11,045,257			182,886			777,992
Less:
Investment advisory fees waived		—			(4,202,218	)		—			—
Total expenses after fees waived		627,876			6,843,039			182,886			777,992
Net investment income		9,837,885			60,124,498			1,222,436			5,821,126
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(12,920,150	)		(111,228,584	)		(2,648,619	)		(13,571,280	)
Investments — affiliated		(1,441	)		4,172			253			456
Capital gain distributions from underlying funds — affiliated		—			1			—			—
Foreign currency transactions		51,743			268,030			4,247			285,723
Futures contracts		329,387			2,528,060			(10,975	)		369,172
In-kind redemptions — unaffiliated(b)		(1,987,310	)		125,434,783			—			—
		(14,527,771	)		17,006,462			(2,655,094	)		(12,915,929	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		77,344,576			372,507,375			5,955,784			42,913,908
Investments — affiliated		1,939			4,052			(3	)		4,117
Foreign currency translations		104,782			1,308,955			7,051			15,391
Futures contracts		6,063			522,145			(21,179	)		22,633
		77,457,360			374,342,527			5,941,653			42,956,049
Net realized and unrealized gain		62,929,589			391,348,989			3,286,559			30,040,120
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	72,767,474		$	451,473,487		$	4,508,995		$	35,861,246
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	(5,923	)	$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	13,898		$	—

See notes to financial statements.

40 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

		iShares International Equity Factor ETF						iShares MSCI EAFE Min Vol Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	9,837,885		$	31,172,824		$	60,124,498		$	176,070,182
Net realized gain (loss)			(14,527,771	)		15,530,912			17,006,462			50,742,279
Net change in unrealized appreciation (depreciation)			77,457,360			(176,859,143	)		374,342,527			(1,227,024,162	)
Net increase (decrease) in net assets resulting from operations			72,767,474			(130,155,407	)		451,473,487			(1,000,211,701	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,518,654	)		(44,913,686	)		(59,284,345	)(b)		(170,963,661	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			64,124,882			102,005,132			1,051,278,750			(1,526,195,378	)
NET ASSETS
Total increase (decrease) in net assets			131,373,702			(73,063,961	)		1,443,467,892			(2,697,370,740	)
Beginning of period			824,746,529			897,810,490			5,933,974,957			8,631,345,697
End of period		$	956,120,231		$	824,746,529		$	7,377,442,849		$	5,933,974,957

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 41

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Multifactor ETF						iShares MSCI Intl Small-Cap Multifactor ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,222,436		$	2,956,494		$	5,821,126		$	6,504,932
Net realized gain (loss)		(2,655,094	)		4,508,549			(12,915,929	)		8,839,097
Net change in unrealized appreciation (depreciation)		5,941,653			(22,521,757	)		42,956,049			(44,172,773	)
Net increase (decrease) in net assets resulting from operations		4,508,995			(15,056,714	)		35,861,246			(28,828,744	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,763,651	)		(2,712,880	)		(5,332,477	)		(9,265,089	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		8			3,898,080			306,940,414			68,863,364
NET ASSETS
Total increase (decrease) in net assets		2,745,352			(13,871,514	)		337,469,183			30,769,531
Beginning of period		119,591,711			133,463,225			225,588,636			194,819,105
End of period	$	122,337,063		$	119,591,711		$	563,057,819		$	225,588,636

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

42 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares International Equity Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	24.62		$	30.13		$	23.89		$	25.68		$	28.29		$	27.06
Net investment income(a)			0.28			0.98			0.79			0.60			0.86			0.83
Net realized and unrealized gain (loss)(b)			1.89			(5.09	)		6.35			(1.61	)		(2.66	)		1.28
Net increase (decrease) from investment operations			2.17			(4.11	)		7.14			(1.01	)		(1.80	)		2.11
Distributions from net investment income(c)			(0.16	)		(1.40	)		(0.90	)		(0.78	)		(0.81	)		(0.88	)
Net asset value, end of period		$	26.63		$	24.62		$	30.13		$	23.89		$	25.68		$	28.29
Total Return(d)
Based on net asset value			8.86	%(e)		(13.97	)%		29.97	%		(4.03	)%		(6.26	)%		7.84	%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)		0.25	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.25	%		N/A			N/A			0.30	%		N/A
Net investment income			2.35	%(g)		3.54	%		2.89	%		2.44	%		3.31	%		2.88	%
Supplemental Data
Net assets, end of period (000)		$	956,120		$	824,747		$	897,810		$	910,213		$	1,271,005		$	981,627
Portfolio turnover rate(h)			11	%		113	%		45	%		40	%		44	%		39	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 43

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI EAFE Min Vol Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	65.71		$	77.27		$	66.79		$	71.90		$	72.92		$	70.34
Net investment income(a)			0.55			1.72	(b)		1.79			1.86			2.15			2.15
Net realized and unrealized gain (loss)(c)			1.06			(11.54	)		9.96			(4.26	)		(1.01	)		2.28
Net increase (decrease) from investment operations			1.61			(9.82	)		11.75			(2.40	)		1.14			4.43
Distributions from net investment income(d)			(0.50	)(e)		(1.74	)		(1.27	)		(2.71	)		(2.16	)		(1.85	)
Net asset value, end of period		$	66.82		$	65.71		$	77.27		$	66.79		$	71.90		$	72.92
Total Return(f)
Based on net asset value			2.47	%(g)		(12.76	)%(b)		17.61	%		(3.51	)%		1.68	%		6.36	%
Ratios to Average Net Assets(h)
Total expenses			0.32	%(i)		0.32	%		0.32	%		0.32	%		0.32	%		0.31	%
Total expenses after fees waived			0.20	%(i)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.32	%		0.32	%		N/A			0.32	%		N/A
Net investment income			1.76	%(i)		2.36	%(b)		2.48	%		2.65	%		3.04	%		2.96	%
Supplemental Data
Net assets, end of period (000)		$	7,377,443		$	5,933,975		$	8,631,346		$	10,559,196		$	11,295,536		$	8,852,315
Portfolio turnover rate(j)			13	%		23	%		25	%		23	%		22	%		23	%

^(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 year ended July 31, 2022:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

44 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Multifactor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	33.22		$	38.13		$	29.39		$	29.23		$	30.57		$	27.77
Net investment income(a)			0.34			0.81			0.66			0.57			0.66			0.62
Net realized and unrealized gain (loss)(b)			0.91			(4.99	)		8.73			0.28			(1.36	)		2.74
Net increase (decrease) from investment operations			1.25			(4.18	)		9.39			0.85			(0.70	)		3.36
Distributions from net investment income(c)			(0.49	)		(0.73	)		(0.65	)		(0.69	)		(0.64	)		(0.56	)
Net asset value, end of period		$	33.98		$	33.22		$	38.13		$	29.39		$	29.23		$	30.57
Total Return(d)
Based on net asset value			3.81	%(e)		(11.08	)%		32.16	%		2.90	%		(2.10	)%		12.14	%
Ratios to Average Net Assets(f)
Total expenses			0.31	%(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Total expenses after fees waived			0.31	%(g)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income			2.09	%(g)		2.24	%		1.92	%		2.00	%		2.30	%		2.05	%
Supplemental Data
Net assets, end of period (000)		$	122,337		$	119,592		$	133,463		$	114,623		$	112,537		$	67,250
Portfolio turnover rate(h)			24	%		51	%		48	%		43	%		43	%		46	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Intl Small-Cap Multifactor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	30.90		$	37.47		$	28.44		$	28.88		$	31.73		$	29.27
Net investment income(a)			0.39			1.08			0.78			0.68			0.77			0.65
Net realized and unrealized gain (loss)(b)			1.02			(6.15	)		9.15			(0.32	)		(2.97	)		2.49
Net increase (decrease) from investment operations			1.41			(5.07	)		9.93			0.36			(2.20	)		3.14
Distributions from net investment income(c)			(0.32	)		(1.50	)		(0.90	)		(0.80	)		(0.65	)		(0.68	)
Net asset value, end of period		$	31.99		$	30.90		$	37.47		$	28.44		$	28.88		$	31.73
Total Return(d)
Based on net asset value			4.62	%(e)		(13.81	)%		35.22	%		1.16	%		(6.80	)%		10.75	%
Ratios to Average Net Assets(f)
Total expenses			0.35	%(g)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income			2.61	%(g)		3.16	%		2.31	%		2.44	%		2.67	%		2.03	%
Supplemental Data
Net assets, end of period (000)		$	563,058		$	225,589		$	194,819		$	122,273		$	77,964		$	44,417
Portfolio turnover rate(h)			23	%		52	%		47	%		47	%		45	%		44	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited) 

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):    

iShares ETF	Diversification     Classification
International Equity Factor		Diversified
MSCI EAFE Min Vol Factor		Diversified
MSCI Global Multifactor		Diversified
MSCI Intl Small-Cap Multifactor		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 47

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

48 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
International Equity Factor
BofA Securities, Inc.	$	55,962	$	(55,962	)	$	—		$	—
Citigroup Global Markets, Inc.		20,842		(20,842	)		—			—
HSBC Bank PLC		2,920,603		(2,920,603	)		—			—
	$	2,997,407	$	(2,997,407	)	$	—		$	—
MSCI EAFE Min Vol Factor
Goldman Sachs & Co. LLC	$	4,094,732	$	(4,094,732	)	$	—		$	—
J.P. Morgan Securities LLC		76,849		(76,849	)		—			—
Morgan Stanley		14,868,447		(14,868,447	)		—			—
State Street Bank & Trust Co.		86,047		(86,047	)		—			—
	$	19,126,075	$	(19,126,075	)	$	—		$	—
MSCI Global Multifactor
SG Americas Securities LLC	$	152,190	$	(152,190	)	$	—		$	—
UBS AG		99,113		(99,113	)		—			—
	$	251,303	$	(251,303	)	$	—		$	—
MSCI Intl Small-Cap Multifactor
BofA Securities, Inc.	$	1,831,313	$	(1,831,313	)	$	—		$	—
Citigroup Global Markets, Inc.		343,902		(343,902	)		—			—
HSBC Bank PLC		2,457,906		(2,457,906	)		—			—
J.P. Morgan Securities LLC		2,610,316		(2,610,316	)		—			—
Macquarie Bank Ltd.		751,908		(751,908	)		—			—
UBS AG		198,329		(198,329	)		—			—
	$	8,193,674	$	(8,193,674	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the

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 49

Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
International Equity Factor		0.15	%
MSCI Global Multifactor		0.20
MSCI Intl Small-Cap Multifactor		0.23

Effective December 16, 2022, for its investment advisory services to the iShares MSCI Global Multifactor ETF, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 16, 2022, BFA was entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Effective December 16, 2022, for its investment advisory services to the iShares MSCI Intl Small-Cap Multifactor ETF, BFA is entitled to an annual investment advisory fee of 0.23%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 16, 2022, BFA was entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares MSCI EAFE Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

Expense Waivers: The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expenses. For the iShares MSCI EAFE Min Vol Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.

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

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Notes to Financial Statements (unaudited) (continued)

does not include acquired fund fees and expenses. For the iShares MSCI Global Multifactor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
MSCI EAFE Min Vol Factor	$	4,202,218

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
International Equity Factor	$	12,259
MSCI EAFE Min Vol Factor		10,008
MSCI Global Multifactor		284
MSCI Intl Small-Cap Multifactor		6,968

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:    

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
International Equity Factor	$	16,624,640	$	23,653,327	$	(2,814,625	)
MSCI EAFE Min Vol Factor		142,855,386		155,337,231		(26,710,662	)
MSCI Global Multifactor		10,522,862		9,957,087		(1,124,297	)
MSCI Intl Small-Cap Multifactor		1,733,503		4,818,553		531,939

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
International Equity Factor	$	97,101,079	$	87,376,124
MSCI EAFE Min Vol Factor		931,070,883		872,715,082
MSCI Global Multifactor		28,012,410		28,230,662
MSCI Intl Small-Cap Multifactor		114,264,404		99,426,345

For the six months ended January 31, 2023, in-kind transactions were as follows:    

iShares ETF	In-kind Purchases		In-kind Sales
International Equity Factor	$	128,297,650	$	68,826,462
MSCI EAFE Min Vol Factor		1,697,387,303		700,856,914
MSCI Intl Small-Cap Multifactor		293,970,251		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
International Equity Factor	$	150,296,500
MSCI EAFE Min Vol Factor		780,421,361
MSCI Global Multifactor		6,229,255
MSCI Intl Small-Cap Multifactor		1,891,910

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
International Equity Factor	$	913,677,724	$	80,268,611	$	(38,474,154	)	$	41,794,457
MSCI EAFE Min Vol Factor		7,243,578,969		676,790,978		(563,007,765	)		113,783,213
MSCI Global Multifactor		115,346,968		15,123,676		(8,130,304	)		6,993,372
MSCI Intl Small-Cap Multifactor		533,589,973		56,653,038		(19,777,772	)		36,875,266

9. LINE OF CREDIT

The iShares MSCI Global Multifactor ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

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Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Global Multifactor	$	602,000	$	39,870		4.33	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
International Equity Factor
Shares sold		5,500,000		$	133,358,179			4,600,000		$	125,984,771
Shares redeemed		(3,100,000	)		(69,233,297	)		(900,000	)		(23,979,639	)
		2,400,000		$	64,124,882			3,700,000		$	102,005,132
MSCI EAFE Min Vol Factor
Shares sold		30,900,000		$	1,756,563,222			500,000		$	34,875,532
Shares redeemed		(10,800,000	)		(705,284,472	)		(21,900,000	)		(1,561,070,910	)
		20,100,000		$	1,051,278,750			(21,400,000	)	$	(1,526,195,378	)

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/23				Year Ended 07/31/22
iShares ETF	Shares		Amount		Shares			Amount
MSCI Global Multifactor
Shares sold		—	$	8		800,000		$	30,535,806
Shares redeemed		—		—		(700,000	)		(26,637,726	)
		—	$	8		100,000		$	3,898,080
MSCI Intl Small-Cap Multifactor
Shares sold		10,300,000	$	306,940,413		2,600,000		$	85,244,456
Shares redeemed		—		1		(500,000	)		(16,381,092	)
		10,300,000	$	306,940,414		2,100,000		$	68,863,364

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’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On December 12, 2022, the Board approved a proposal to change MSCI International Small-Cap Multifactor’s index to STOXX International Small-Cap Equity Factor Index and MSCI Global Multifactor’s index to STOXX Global Equity Factor Index. The Board also approved a proposal to change the Funds’ names to iShares International Small-Cap Equity Factor ETF and iShares Global Equity Factor ETF, respectively. In addition to MSCI Global Multifactor’s name change, its ticker was updated from ACWF to GLOF. These changes became effective on March 1, 2023.

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

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares International Equity Factor ETF, iShares MSCI EAFE Min Vol Factor ETF, iShares MSCI Global Multifactor ETF and iShares MSCI Intl Small-Cap Multifactor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

January 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI EAFE Min Vol Factor(a)	$	0.495282	$	—	$	0.001653	$	0.496935		100	%		—	%		0	%(b)		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%.

S U P P L E M E N T A L   I N F O R M A T I O N 57

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 Abbreviation
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 59

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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. and STOXX Ltd., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-719-0123

        

JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Core MSCI EAFE ETF | IEFA | Cboe BZX

·  iShares Core MSCI Europe ETF | IEUR | NYSE Arca

·  iShares Core MSCI International Developed Markets ETF | IDEV | NYSE Arca

·  iShares Core MSCI Pacific ETF | IPAC | NYSE Arca

·  iShares Core MSCI Total International Stock ETF | IXUS | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review	2
Semi-Annual Report:
Fund Summary	4
About Fund Performance	9
Disclosure of Expenses	9
Schedules of Investments	10
Financial Statements:
Statements of Assets and Liabilities	130
Statements of Operations	132
Statements of Changes in Net Assets	134
Financial Highlights	137
Notes to Financial Statements	142
Statement Regarding Liquidity Risk Management Program	153
General Information	154
Glossary of Terms Used in this Report	155

3

Fund Summary as of January 31, 2023 iShares^® Core MSCI EAFE ETF

Investment Objective

The iShares Core MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.87	%		(3.90	)%		2.19	%		5.37	%		(3.90	)%		11.44	%		68.73	%
Fund Market		8.66			(3.84	)		2.21			5.33			(3.84	)		11.54			68.13
Index		8.88			(3.75	)		1.86			5.13			(3.75	)		9.68			64.86

The inception date of the Fund was October 18, 2012. The first day of secondary market trading was October 22, 2012.

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$      1,088.70	$        0.37		$      1,000.00	$      1,024.90	$        0.36		0.07	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	18.0%
Industrials	16.3
Health Care	11.9
Consumer Discretionary	11.8
Consumer Staples	9.5
Information Technology	8.3
Materials	8.3
Energy	4.4
Communication Services	4.4
Real Estate	3.8
Utilities	3.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan	22.9%
United Kingdom	15.1
France	10.8
Switzerland	9.5
Australia	8.5
Germany	7.8
Netherlands	4.2
Sweden	3.7
Hong Kong	2.8
Denmark	2.7

^(a) Excludes money market funds.

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Fund Summary as of January 31, 2023 iShares^® Core MSCI Europe ETF

Investment Objective

The iShares Core MSCI Europe ETF(the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization European equities, as represented by the MSCI Europe IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		10.41	%		(4.85	)%		2.55	%		3.24	%		(4.85	)%		13.44	%		31.79	%
Fund Market		10.70			(4.61	)		2.66			3.28			(4.61	)		14.00			32.15
Index		10.32			(4.60	)		2.23			2.97			(4.60	)		11.63			28.77

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$      1,104.10	$        0.48		$      1,000.00	$     1,024.80	$        0.46		0.09	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	17.2%
Industrials	15.6
Health Care	14.3
Consumer Staples	11.6
Consumer Discretionary	10.9
Information Technology	7.6
Materials	7.5
Energy	5.9
Utilities	4.1
Communication Services	3.5
Real Estate	1.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United Kingdom	24.0%
France	17.1
Switzerland	15.1
Germany	12.4
Netherlands	6.7
Sweden	5.8
Denmark	4.3
Spain	3.9
Italy	3.9
Belgium	1.7

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of January 31, 2023 iShares^® Core MSCI International Developed Markets ETF

Investment Objective

The iShares Core MSCI International Developed Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the United States, as represented by the MSCI World ex USA IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month									Since									Since
	Total Returns			1 Year			5 Years			Inception			1 Year			5 Years			Inception
Fund NAV		8.31	%		(3.94	)%		2.65	%		5.89	%		(3.94	)%		13.96	%		39.89	%
Fund Market		8.23			(3.74	)		2.73			5.93			(3.74	)		14.44			40.20
Index		8.20			(3.77	)		2.25			5.51			(3.77	)		11.76			36.90

The inception date of the Fund was March 21, 2017. The first day of secondary market trading was March 23, 2017.

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$      1,083.10	$        0.21		$      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.

Portfolio Information

SECTOR ALLOCATION
	Percent of
Sector	Total Investments	(a)
Financials	19.6	%
Industrials	15.7
Consumer Discretionary	10.9
Health Care	10.7
Consumer Staples	8.9
Materials	8.9
Information Technology	8.1
Energy	6.0
Communication Services	4.2
Real Estate	3.6
Utilities	3.4

GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments	(a)
Japan	20.5	%
United Kingdom	13.5
Canada	10.7
France	9.6
Switzerland	8.5
Australia	7.6
Germany	7.0
Netherlands	3.8
Sweden	3.3
Hong Kong	2.5

^(a)  Excludes money market funds.

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Fund Summary as of January 31, 2023 iShares^® Core MSCI Pacific ETF

Investment Objective

The iShares Core MSCI Pacific ETF(the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization Pacific region equities, as represented by the MSCI Pacific IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month									Since									Since
	Total Returns			1 Year			5 Years			Inception			1 Year			5 Years			Inception
Fund NAV		6.68	%		(2.13	)%		1.46	%		4.57	%		(2.13	)%		7.53	%		47.14	%
Fund Market		6.65			(1.61	)		1.51			4.60			(1.61	)		7.78			47.54
Index		6.88			(1.70	)		1.19			4.42			(1.70	)		6.09			45.31

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$      1,066.80	$        0.47		$      1,000.00	$      1,024.80	$        0.46		0.09	%

^(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.

Portfolio Information

SECTOR ALLOCATION
	Percent of
Sector	Total Investments	(a)
Financials	19.1	%
Industrials	17.3
Consumer Discretionary	13.6
Materials	9.8
Information Technology	9.1
Health Care	8.0
Real Estate	7.0
Consumer Staples	6.1
Communication Services	6.0
Utilities	2.0
Energy	2.0

GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments
Japan	63.4	%
Australia	23.5
Hong Kong	7.7
Singapore	4.4
New Zealand	1.0

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of January 31, 2023 iShares^® Core MSCI Total International Stock ETF

Investment Objective

The iShares Core MSCI Total International Stock ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA IMI (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month
	Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.46	%		(6.44	)%		1.56	%		4.54	%		(6.44	)%		8.07	%		55.95	%
Fund Market		7.17			(6.42	)		1.58			4.51			(6.42	)		8.14			55.45
Index		7.29			(6.11	)		1.32			4.37			(6.11	)		6.78			53.32

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 (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$      1,074.60	$        0.37		$      1,000.00	$      1,024.90	$        0.36		0.07	%

^(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.

Portfolio Information

SECTOR ALLOCATION
	Percent of
Sector	Total Investments	(a)
Financials	19.6	%
Industrials	13.3
Consumer Discretionary	11.9
Information Technology	11.3
Health Care	9.0
Materials	9.0
Consumer Staples	8.2
Communication Services	5.7
Energy	5.5
Real Estate	3.3
Utilities	3.2

GEOGRAPHIC ALLOCATION
	Percent of
Country/Geographic Region	Total Investments	(a)
Japan	14.7	%
United Kingdom	9.7
China	8.5
Canada	7.7
France	6.9
Switzerland	6.1
Australia	5.5
Germany	5.0
Taiwan	4.3
India	3.9

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T   F U N D   P E R F O R M A N C E / D I S C L O S U R E   O F   E X P E N S E S 9

Schedule of Investments (unaudited)  January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.5%
29Metals Ltd.(a)		1,031,287	$	1,439,284
Abacus Property Group		2,783,350		5,515,419
Accent Group Ltd.		1,537,595		2,391,065
Adbri Ltd.		2,529,823		3,326,520
AGL Energy Ltd.		3,522,995		19,106,160
Allkem Ltd.(b)		3,080,549		28,599,630
ALS Ltd.		2,488,774		23,090,758
Altium Ltd.		649,283		17,976,736
Alumina Ltd.		13,098,235		14,571,238
AMP Ltd.(b)		16,352,237		15,511,825
Ampol Ltd.		1,273,538		27,617,779
Ansell Ltd.		687,897		13,748,003
APA Group		6,178,387		46,238,489
APM Human Services International Ltd.		1,463,371		2,691,565
ARB Corp. Ltd.		498,545		11,327,917
Arena REIT		1,871,677		4,965,126
Argosy Minerals Ltd.(a)(b)		6,206,581		2,829,794
Aristocrat Leisure Ltd.		3,193,565		77,102,955
ASX Ltd.		1,027,529		50,282,258
Atlas Arteria Ltd.		7,662,326		37,265,149
AUB Group Ltd.		419,079		7,019,961
Aurizon Holdings Ltd.		9,584,556		25,051,719
Aussie Broadband Ltd.(b)		997,292		2,127,328
Austal Ltd.		2,091,717		2,454,686
Australia & New Zealand Banking Group Ltd.		15,851,875		282,106,148
Australian Agricultural Co. Ltd.(b)		2,483,949		3,038,092
Australian Clinical Labs Ltd.		579,802		1,272,856
Australian Ethical Investment Ltd.(a)		447,348		1,399,310
AVZ Minerals Ltd.(a)(b)(c)		12,873,189		6,024,375
Bank of Queensland Ltd.		3,474,409		17,180,428
Bapcor Ltd.		2,073,541		9,377,414
Beach Energy Ltd.		9,260,440		9,951,143
Bega Cheese Ltd.		1,682,871		4,631,919
Bellevue Gold Ltd.(b)		5,221,639		4,430,383
Bendigo & Adelaide Bank Ltd.		2,949,267		21,023,575
BHP Group Ltd.		26,934,273		943,295,643
Blackmores Ltd.		91,239		5,666,998
BlueScope Steel Ltd.		2,455,211		33,480,436
Boral Ltd.		2,050,795		5,010,706
Boss Energy Ltd. (b)		1,764,146		3,244,085
BrainChip Holdings Ltd.(a)(b)		8,265,542		3,737,624
Brambles Ltd.		7,310,008		62,161,022
Breville Group Ltd.(a)		538,632		8,684,298
Brickworks Ltd.		374,451		6,306,743
BWP Trust		3,124,837		8,692,431
Calix Ltd.(b)		668,004		2,641,356
Capricorn Metals Ltd.(b)		1,263,602		4,073,667
carsales.com Ltd.		1,823,429		29,521,752
Centuria Capital Group		2,338,723		3,108,726
Centuria Industrial REIT		2,895,858		6,885,439
Centuria Office REIT		982,602		1,115,554
Chalice Mining Ltd.(b)		1,809,967		8,344,108
Challenger Ltd.		3,030,674		15,537,543
Champion Iron Ltd.		1,762,365		8,967,754
Charter Hall Group		2,652,306		26,116,134
Charter Hall Long Wale REIT		3,530,029		11,423,962
Charter Hall Retail REIT		2,614,171		7,423,724
Charter Hall Social Infrastructure REIT		560,017		1,381,906

Security	Shares		Value
Australia (continued)
Cleanaway Waste Management Ltd.		11,693,369	$	22,657,691
Clinuvel Pharmaceuticals Ltd.(a)		209,966		3,763,868
Cochlear Ltd.		347,824		52,548,076
Codan Ltd./Australia		564,812		2,132,743
Coles Group Ltd.		7,114,265		89,480,553
Collins Foods Ltd.(a)		433,184		2,471,659
Commonwealth Bank of Australia		9,037,935		705,519,835
Computershare Ltd.		2,875,660		48,431,439
Core Lithium Ltd.(a)(b)		7,749,094		6,462,102
Coronado Global Resources Inc.(d)		4,026,541		5,834,035
Corporate Travel Management Ltd.(a)		724,459		9,494,176
Costa Group Holdings Ltd.		2,432,404		5,060,574
Credit Corp. Group Ltd.		358,291		5,532,822
Cromwell Property Group		11,580,873		5,950,351
CSL Ltd.		2,566,938		542,010,023
CSR Ltd.		2,967,632		11,106,345
Data#3 Ltd.		370,255		1,923,876
De Grey Mining Ltd.(a)(b)		6,508,552		6,897,076
Deterra Royalties Ltd.		2,316,709		8,037,873
Dexus		5,789,586		33,568,358
Dexus Industria REIT		327,748		716,281
Dicker Data Ltd.		207,741		1,568,119
Domain Holdings Australia Ltd.		2,063,574		4,721,133
Domino’s Pizza Enterprises Ltd.		322,700		17,396,131
Downer EDI Ltd.		3,754,043		10,046,021
Eagers Automotive Ltd.		758,501		6,169,094
Eclipx Group Ltd.(a)(b)		1,444,957		2,087,145
Elders Ltd.		900,440		6,199,223
Endeavour Group Ltd./Australia		7,560,932		35,502,804
Evolution Mining Ltd.		9,623,291		21,868,009
EVT Ltd.		579,346		5,789,617
Firefinch Ltd.(a)(b)(c)		5,815,203		697,792
Flight Centre Travel Group Ltd.(a)(b)		834,036		9,381,643
Fortescue Metals Group Ltd.		9,013,842		142,378,617
G8 Education Ltd.		4,244,888		3,775,606
Gold Road Resources Ltd.		4,888,927		5,719,094
Goodman Group		9,002,162		128,403,006
Goulamina Holdings Pty Ltd.(b)		4,494,246		1,960,481
GPT Group (The)		10,165,331		32,951,281
GrainCorp Ltd., Class A		1,234,492		6,628,488
Grange Resources Ltd.(a)		2,693,344		1,943,489
Growthpoint Properties Australia Ltd.		560,657		1,295,009
GUD Holdings Ltd.		871,751		5,178,691
GWA Group Ltd.		1,577,333		2,425,672
Hansen Technologies Ltd.		635,317		2,400,523
Harvey Norman Holdings Ltd.		3,475,197		11,032,843
Healius Ltd.		3,659,530		8,348,644
Helia Group Ltd.		2,600,776		5,156,280
Home Consortium Ltd.		815,446		2,669,322
HomeCo Daily Needs REIT		7,806,964		7,493,618
HUB24 Ltd.(a)		398,785		7,437,002
IDP Education Ltd.		1,097,809		24,430,029
IGO Ltd.(a)		3,640,279		37,841,684
Iluka Resources Ltd.		2,253,943		17,343,360
Imdex Ltd.		869,818		1,544,512
Imugene Ltd.(a)(b)		26,476,381		2,561,743
Incitec Pivot Ltd.		10,209,221		24,963,687
Ingenia Communities Group		1,845,548		6,077,901
Inghams Group Ltd.		1,917,613		3,942,313
Insignia Financial Ltd.		3,160,924		7,847,132

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Insurance Australia Group Ltd.		13,015,270	$	45,199,063
Integral Diagnostics Ltd.		565,911		1,281,991
InvoCare Ltd.		740,451		6,051,289
ionner Ltd.(a)(b)		7,520,508		2,314,281
IPH Ltd.		1,377,037		8,329,076
IRESS Ltd.		1,069,873		7,550,006
James Hardie Industries PLC		2,368,277		53,140,642
JB Hi-Fi Ltd.		605,233		20,809,418
Jervois Global Ltd.(b)		8,367,630		1,457,584
Johns Lyng Group Ltd.(a)		867,192		3,614,371
Judo Capital Holdings Ltd.(a)(b)		2,940,610		2,781,571
Jumbo Interactive Ltd.		195,416		2,164,533
Karoon Energy Ltd.(b)		2,148,251		3,553,649
Kelsian Group Ltd.		622,628		2,582,271
Lake Resources NL(a)(b)		6,544,103		3,837,450
Lendlease Corp. Ltd.		3,585,429		21,893,721
Lifestyle Communities Ltd.		313,406		4,369,281
Link Administration Holdings Ltd.		2,902,106		3,955,450
Liontown Resources Ltd.(a)(b)		8,731,169		9,828,861
Lottery Corp. Ltd. (The)(b)		11,726,280		39,108,938
Lovisa Holdings Ltd.		282,440		5,305,254
Lynas Rare Earths Ltd.(b)		4,830,518		32,336,111
MA Financial Group Ltd.(a)		243,296		861,717
Maas Group Holdings Ltd.(a)		226,020		448,953
Macquarie Group Ltd.		1,957,062		261,089,551
Magellan Financial Group Ltd.		734,075		4,666,451
Mayne Pharma Group Ltd.(a)		230,553		493,683
McMillan Shakespeare Ltd.		509,296		5,098,962
Medibank Pvt Ltd.		14,662,868		30,546,907
Megaport Ltd.(a)(b)		868,828		3,613,665
Mesoblast Ltd.(a)(b)		3,635,411		2,452,876
Metcash Ltd.		5,407,441		16,024,515
Mincor Resources NL(a)(b)		1,916,588		2,072,620
Mineral Resources Ltd.		899,179		56,927,090
Mirvac Group		20,522,526		33,156,364
Monadelphous Group Ltd.		585,447		5,770,277
Mount Gibson Iron Ltd.(a)(b)		3,130,242		1,330,600
Nanosonics Ltd.(a)(b)		1,433,826		4,948,413
National Australia Bank Ltd.		16,803,265		379,151,044
National Storage REIT		6,509,436		10,712,818
Neometals Ltd.(a)(b)		2,428,745		1,466,758
Netwealth Group Ltd.		628,391		5,993,145
Neuren Pharmaceuticals Ltd., NVS(b)		579,808		3,183,740
New Hope Corp. Ltd.		2,793,009		11,575,366
Newcrest Mining Ltd.		4,706,269		74,778,354
NEXTDC Ltd.(b)		2,458,109		17,371,658
nib holdings Ltd.		2,432,020		13,557,665
Nick Scali Ltd.(a)		346,107		2,943,809
Nickel Mines Ltd.		6,296,411		4,922,992
Nine Entertainment Co. Holdings Ltd.		8,633,730		12,491,537
Northern Star Resources Ltd.		6,217,596		55,402,014
Novonix Ltd.(a)(b)		1,671,612		2,187,625
NRW Holdings Ltd.		2,253,051		4,863,681
Nufarm Ltd./Australia		1,854,788		7,804,619
Objective Corp. Ltd.		13,868		136,739
Omni Bridgeway Ltd.(b)		1,288,901		3,700,278
oOh!media Ltd.(a)		2,910,765		2,963,773
Orica Ltd.		2,371,674		24,887,288
Origin Energy Ltd.		9,112,873		48,385,432
Orora Ltd.		4,911,299		10,391,969

Security	Shares		Value
Australia (continued)
OZ Minerals Ltd.		1,804,981	$	35,750,985
Paladin Energy Ltd.(a)(b)		14,207,559		8,664,149
Perenti Global Ltd.(b)		3,121,043		2,773,092
Perpetual Ltd.		560,479		10,154,091
Perseus Mining Ltd.		6,759,447		10,269,476
PEXA Group Ltd.(b)		751,456		6,938,012
Pilbara Minerals Ltd.(b)		13,533,546		46,040,013
Pinnacle Investment Management Group Ltd.		620,070		4,619,601
Platinum Asset Management Ltd.		2,822,518		4,310,655
PointsBet Holdings Ltd.(a)(b)		1,082,025		1,090,338
PolyNovo Ltd.(a)(b)		3,607,621		6,450,982
Premier Investments Ltd.		591,719		11,700,802
Pro Medicus Ltd.(a)		270,907		12,938,169
PWR Holdings Ltd.(a)		406,148		3,546,916
Qantas Airways Ltd.(b)		4,923,338		22,223,102
QBE Insurance Group Ltd.		7,815,704		76,257,161
Qube Holdings Ltd.		8,771,526		19,073,481
Ramelius Resources Ltd.		4,640,809		3,292,381
Ramsay Health Care Ltd.		969,924		45,832,504
REA Group Ltd.		279,483		25,061,715
Reece Ltd.		1,189,204		13,668,588
Region RE Ltd.		6,319,222		12,125,919
Regis Resources Ltd.		4,242,871		6,449,773
Reliance Worldwide Corp. Ltd.		4,531,830		11,349,814
Rio Tinto Ltd.		2,010,228		180,392,344
Rural Funds Group(a)		687,015		1,218,397
Sandfire Resources Ltd.		2,578,139		11,489,685
Santos Ltd.		16,750,226		85,507,754
Sayona Mining Ltd.(a)(b)		34,968,671		6,540,551
Scentre Group		27,296,929		59,229,048
SEEK Ltd.		1,790,843		31,015,509
Select Harvests Ltd.		402,891		1,140,291
Seven Group Holdings Ltd.(a)		985,523		15,861,724
Seven West Media Ltd.(a)(b)		4,933,986		1,578,317
Sigma Healthcare Ltd.		1,821,952		818,781
Silver Lake Resources Ltd.(b)		5,461,077		5,049,368
Sims Ltd.		962,953		10,455,690
SiteMinder Ltd.(a)(b)		1,124,467		3,000,887
SmartGroup Corp. Ltd.		539,600		2,162,148
Sonic Healthcare Ltd.		2,418,287		54,163,713
South32 Ltd.		24,594,050		78,920,553
Star Entertainment Grp Ltd. (The)(b)		4,711,160		6,500,739
Steadfast Group Ltd.		5,466,607		20,309,458
Stockland		12,728,829		35,567,752
Suncorp Group Ltd.		6,663,053		59,230,156
Super Retail Group Ltd.		901,010		8,130,769
Syrah Resources Ltd.(b)		3,357,321		5,279,034
Tabcorp Holdings Ltd.		11,618,135		8,641,501
Technology One Ltd.		1,621,070		16,760,888
Telix Pharmaceuticals Ltd.(b)		1,193,171		6,042,061
Telstra Corp. Ltd.		21,082,697		60,932,841
Temple & Webster Group Ltd.(a)(b)		546,899		2,231,346
Terracom Ltd.		2,960,178		1,812,876
Transurban Group		16,319,455		159,998,177
Treasury Wine Estates Ltd.		3,782,177		38,959,366
Tyro Payments Ltd.(a)(b)		2,340,404		2,493,899
United Malt Grp Ltd.(a)		1,382,959		3,575,943
Ventia Services Group Pty Ltd.		1,394,153		2,377,547
Vicinity Ltd.		20,395,083		29,838,828
Viva Energy Group Ltd.(d)		5,090,877		10,525,017

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Vulcan Energy Resources Ltd.(a)(b)		497,288	$	2,532,548
Vulcan Steel Ltd.		286,169		1,832,070
Washington H Soul Pattinson & Co. Ltd.		1,189,275		24,221,869
Waypoint REIT Ltd.		3,819,868		7,542,520
Webjet Ltd.(a)(b)		2,066,755		10,072,913
Wesfarmers Ltd.		6,027,638		212,514,603
West African Resources Ltd.(b)		5,282,588		4,186,115
Westpac Banking Corp.		18,597,540		312,919,758
Whitehaven Coal Ltd.		4,536,744		26,976,100
WiseTech Global Ltd.		777,932		33,730,774
Woodside Energy Group Ltd.		10,088,487		261,229,991
Woolworths Group Ltd.		6,464,192		165,208,217
Worley Ltd.		1,714,405		18,820,155
Xero Ltd.(b)		727,551		40,100,033
Zip Co. Ltd.(a)(b)		3,464,226		1,634,201
				8,165,981,435
Austria — 0.3%
ams-OSRAM AG(b)		1,475,468		13,783,906
ANDRITZ AG(a)		352,649		21,088,943
AT&S Austria Technologie & Systemtechnik AG(a)		141,391		4,851,362
BAWAG Group AG(d)		455,814		28,235,318
CA Immobilien Anlagen AG		287,030		8,951,976
DO & CO AG(a)(b)		37,278		3,947,763
Erste Group Bank AG		1,818,323		68,994,687
EVN AG		194,388		4,101,691
IMMOFINANZ AG(a)(b)		195,273		2,630,821
Kontron AG(a)		301,191		6,120,445
Lenzing AG(a)		81,740		5,788,931
Oesterreichische Post AG(a)		192,397		6,851,750
OMV AG		790,258		39,584,209
Palfinger AG(a)		9,539		288,881
Porr AG		10,364		148,953
Raiffeisen Bank International AG(b)		793,479		14,276,402
Schoeller-Bleckmann Oilfield Equipment AG		36,758		2,696,331
Semperit AG Holding(a)		67,318		1,653,372
Strabag SE		81,879		3,459,911
UNIQA Insurance Group AG(a)		787,741		6,624,433
Verbund AG		362,915		30,899,717
Vienna Insurance Group AG Wiener Versicherung Gruppe		240,426		6,543,042
voestalpine AG		611,157		20,306,657
Wienerberger AG		616,957		18,552,508
				320,382,009
Belgium — 1.1%
Ackermans & van Haaren NV		117,434		20,322,499
Aedifica SA		207,715		18,227,410
Ageas SA/NV		857,046		41,842,669
AGFA-Gevaert NV(b)		1,076,501		3,374,271
Anheuser-Busch InBev SA/NV		4,637,314		279,916,319
Argenx SE(b)		292,265		111,319,776
Barco NV		405,003		10,252,127
Bekaert SA		227,743		9,607,327
bpost SA		522,010		2,830,064
Cofinimmo SA		162,847		14,812,419
Deme Group NV(b)		43,511		5,629,983
D’ieteren Group		145,706		27,846,655
Econocom Group SA/NV		77,987		241,633
Elia Group SA/NV		182,889		25,680,961
Etablissements Franz Colruyt NV(a)		294,820		7,796,145

Security	Shares		Value
Belgium (continued)
Euronav NV		945,429	$	14,887,626
Exmar NV		173,090		1,454,592
Fagron		443,368		6,555,522
Galapagos NV(b)		246,101		10,892,032
Groupe Bruxelles Lambert NV		530,223		45,358,041
Immobel SA(a)		2,645		135,757
Intervest Offices & Warehouses NV		21,990		480,519
Ion Beam Applications		128,465		2,315,575
KBC Ancora		254,845		12,512,309
KBC Group NV		1,324,894		98,131,284
Kinepolis Group NV(a)(b)		93,790		3,970,195
Melexis NV		119,265		12,704,631
Mithra Pharmaceuticals SA(a)(b)		120,026		408,198
Montea NV		53,839		4,320,842
Ontex Group NV(a)(b)		379,015		2,945,687
Proximus SADP		819,007		8,392,460
Recticel SA(a)		126,494		2,372,242
Retail Estates NV		19,258		1,329,482
Shurgard Self Storage SA		44,363		2,140,698
Sofina SA(a)		81,974		19,474,739
Solvay SA		392,898		45,784,990
Telenet Group Holding NV		233,665		4,027,706
Tessenderlo Group SA(b)		226,906		8,024,248
UCB SA		674,415		55,372,575
Umicore SA		1,107,402		41,864,757
VGP NV		68,318		6,826,413
Warehouses De Pauw CVA		854,829		27,108,236
X-Fab Silicon Foundries SE(a)(b)(d)		177,515		1,552,846
Xior Student Housing NV		130,464		4,383,222
				1,025,427,682
Denmark — 2.7%
ALK-Abello A/S(b)		807,351		12,060,222
Alm Brand A/S		4,984,701		9,250,640
Ambu A/S, Class B(a)(b)		887,402		12,257,929
AP Moller - Maersk A/S, Class A		16,029		34,156,987
AP Moller - Maersk A/S, Class B, NVS		26,967		58,661,087
Bavarian Nordic A/S(a)(b)		395,513		12,665,688
Better Collective A/S(b)		157,675		2,366,715
Cadeler A/S(b)		435,699		1,813,618
Carlsberg A/S, Class B		513,051		72,833,548
cBrain A/S		52,774		1,189,961
Chemometec A/S(b)		86,548		7,582,471
Chr Hansen Holding A/S		556,828		41,113,346
Coloplast A/S, Class B		630,577		76,132,358
D/S Norden A/S		171,145		9,225,633
Danske Bank A/S		3,622,057		75,460,366
Demant A/S(b)		485,205		13,734,555
Dfds A/S		203,783		7,681,677
DSV A/S		993,433		164,343,651
FLSmidth & Co. A/S(a)		272,814		11,721,738
Genmab A/S(b)		350,336		137,295,437
GN Store Nord A/S		689,777		17,007,351
H Lundbeck A/S		1,469,756		5,461,359
H Lundbeck A/S, Class A(b)		367,453		1,265,172
ISS A/S(b)		815,104		17,821,188
Jyske Bank A/S, Registered(b)		282,849		20,400,018
Matas A/S		288,232		3,136,619
Netcompany Group A/S(b)(d)		211,227		8,406,190
Nilfisk Holding A/S(b)		91,566		1,822,531
NKT A/S(b)		229,926		14,347,806

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Denmark (continued)
Novo Nordisk A/S, Class B		8,796,727	$	1,217,376,998
Novozymes A/S, Class B		1,089,203		56,678,360
NTG Nordic Transport Group A/S, Class A(a)(b)		33,424		1,366,768
Orsted A/S(d)		1,002,928		89,312,727
Pandora A/S		482,599		40,186,458
Per Aarsleff Holding A/S		133,044		5,521,870
Ringkjoebing Landbobank A/S		176,342		25,661,746
Rockwool A/S, Class B		45,694		13,101,025
Royal Unibrew A/S		272,338		19,124,118
Scandinavian Tobacco Group A/S, Class A(d)		375,061		6,518,640
Schouw & Co. A/S		77,599		6,012,609
SimCorp A/S		225,398		15,784,604
Solar A/S, Class B		5,019		463,716
Spar Nord Bank A/S		553,053		8,809,502
Sydbank A/S		366,661		16,719,114
Topdanmark A/S		232,624		12,556,508
Tryg A/S		1,912,217		43,881,739
Vestas Wind Systems A/S		5,350,069		156,551,548
Zealand Pharma A/S(b)		230,639		7,203,109
				2,594,047,020
Finland — 1.1%
Aktia Bank OYJ		61,295		725,009
Anora Group OYJ		24,582		197,090
Cargotec OYJ, Class B		232,942		11,859,718
Caverion OYJ		533,702		4,920,217
Citycon OYJ		549,701		4,142,542
Elisa OYJ		758,806		43,231,546
Finnair OYJ(a)(b)		3,879,257		2,186,039
Fortum OYJ		2,353,075		35,371,994
F-Secure OYJ(b)		108,528		346,463
Huhtamaki OYJ		524,157		19,604,970
Kemira OYJ		644,633		10,458,758
Kempower OYJ(a)(b)		87,782		2,193,987
Kesko OYJ, Class B		1,436,308		33,456,611
Kojamo OYJ		713,973		10,962,782
Kone OYJ, Class B		1,807,329		98,564,638
Konecranes OYJ		367,906		11,972,215
Marimekko OYJ		34,951		350,410
Metsa Board OYJ, Class B		1,108,618		9,896,135
Metso Outotec OYJ		3,519,751		40,452,058
Musti Group OYJ		88,839		1,503,513
Neste OYJ		2,252,508		107,675,013
Nokia OYJ		28,793,425		136,524,482
Nokian Renkaat OYJ		703,982		8,432,681
Oriola OYJ, Class B		763,394		1,432,449
Orion OYJ, Class B		559,911		29,997,023
Outokumpu OYJ		2,001,725		11,463,003
Puuilo OYJ(a)		77,435		532,890
QT Group OYJ(a)(b)		89,778		5,264,898
Revenio Group OYJ		113,526		4,641,019
Rovio Entertainment OYJ(d)		93,952		751,750
Sampo OYJ, Class A		2,544,890		133,605,386
Sanoma OYJ		446,691		4,751,550
Stora Enso OYJ, Class R		2,950,298		42,175,602
Talenom OYJ(a)		159,542		1,576,625
TietoEVRY OYJ		461,968		14,068,794
Tokmanni Group OYJ		184,498		2,378,844
UPM-Kymmene OYJ		2,852,255		103,383,447
Uponor OYJ		357,133		6,360,359
Valmet OYJ		871,724		27,374,601

Security	Shares		Value
Finland (continued)
Wartsila OYJ Abp		2,452,558	$	23,326,295
YIT OYJ(a)		1,009,915		2,955,359
				1,011,068,765
France — 10.7%
AB Science SA(a)(b)		132,266		914,239
ABC arbitrage		498,501		3,511,807
Accor SA(b)		892,990		28,984,638
Aeroports de Paris(b)		157,433		24,423,765
Air France-KLM(a)(b)		6,430,202		10,870,258
Air Liquide SA		2,779,995		442,647,937
Airbus SE		3,135,451		393,078,442
ALD SA(d)		830,108		10,435,907
Alstom SA		1,695,410		50,413,297
Altarea SCA		18,381		2,505,220
Alten SA		167,524		25,741,074
Amundi SA(d)		319,257		20,901,748
Antin Infrastructure Partners SA(a)		182,692		4,115,275
APERAM SA		269,494		10,635,145
ArcelorMittal SA		2,804,228		86,995,351
Arkema SA		310,706		31,439,638
Atos SE(a)(b)		528,888		6,976,830
Aubay		3,120		160,758
AXA SA		9,965,626		310,917,778
Believe SA(a)(b)		22,402		271,446
Beneteau SA		70,756		1,159,775
BioMerieux		222,770		22,710,484
BNP Paribas SA		5,890,199		404,549,955
Boiron SA		46,897		2,138,782
Bollore SE		4,746,714		26,559,638
Bonduelle SCA		112,176		1,507,113
Bouygues SA		1,215,938		40,057,786
Bureau Veritas SA		1,562,460		44,673,021
Capgemini SE		871,234		165,347,643
Carmila SA		297,434		4,489,496
Carrefour SA		3,081,019		58,603,960
Casino Guichard Perrachon SA(a)(b)		246,051		3,023,715
CGG SA(a)(b)		4,190,294		3,528,902
Chargeurs SA		77,974		1,302,980
Cie. de Saint-Gobain		2,620,506		150,498,712
Cie. des Alpes(b)		14,470		228,844
Cie. Generale des Etablissements Michelin SCA		3,601,467		113,877,688
Cie. Plastic Omnium SA		364,224		6,374,430
Coface SA(b)		632,537		8,844,691
Covivio		247,493		16,988,999
Credit Agricole SA		6,395,293		77,007,223
Danone SA		3,416,434		187,354,692
Dassault Aviation SA		135,202		23,087,535
Dassault Systemes SE		3,541,768		131,721,518
Derichebourg SA		680,378		4,669,604
Edenred		1,321,684		71,991,424
Eiffage SA(a)		440,046		47,001,560
Electricite de France SA		3,101,253		40,735,127
Elior Group SA(a)(b)(d)		690,897		2,390,979
Elis SA		1,032,375		18,131,925
Engie SA		9,703,751		137,791,943
Equasens		23,672		1,909,475
Eramet SA		53,276		5,324,567
Esker SA		19,958		3,332,341
EssilorLuxottica SA		1,545,705		283,604,924
Etablissements Maurel et Prom SA		322,656		1,296,540

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Eurazeo SE		250,441	$	17,567,729
Euroapi SA(b)		257,784		4,137,891
Eurofins Scientific SE		713,212		51,158,531
Euronext NV(d)		454,662		36,842,122
Eutelsat Communications SA(a)		885,406		6,771,041
Faurecia SE(b)		832,385		16,542,393
Fnac Darty SA		103,228		3,831,138
Gaztransport Et Technigaz SA		150,560		16,645,339
Gecina SA		240,547		28,492,708
Getlink SE		2,323,870		39,305,394
Hermes International		168,743		315,804,060
ICADE		176,715		8,393,995
ID Logistics Group(b)		2,707		841,389
Imerys SA		203,495		8,439,901
Interparfums SA		49,732		3,255,472
Ipsen SA		198,311		20,829,595
IPSOS		233,015		15,101,136
JCDecaux SE(b)		331,529		7,502,119
Kaufman & Broad SA		54,850		1,723,509
Kering SA		398,559		248,683,557
Klepierre SA		1,128,991		28,654,186
Korian SA		408,708		4,279,561
La Francaise des Jeux SAEM(d)		548,711		23,478,243
Legrand SA		1,410,555		125,770,816
LISI		113,966		2,535,482
L’Oreal SA		1,283,711		530,059,165
LVMH Moet Hennessy Louis Vuitton SE		1,473,724		1,286,525,119
Maisons du Monde SA(a)(d)		204,983		2,520,860
McPhy Energy SA(a)(b)		115,925		1,764,425
Mercialys SA		422,400		4,691,095
Mersen SA		131,688		5,845,924
Metropole Television SA		213,658		3,402,925
Neoen SA(d)		264,630		9,936,703
Nexans SA		160,206		16,988,814
Nexity SA		246,566		7,448,490
Orange SA		10,595,364		112,128,095
Orpea SA(a)(b)(c)		308,521		2,388,110
Pernod Ricard SA		1,090,477		225,761,420
Peugeot Invest		35,388		3,654,385
Publicis Groupe SA		1,205,871		85,061,690
Quadient SA		221,832		3,912,155
Remy Cointreau SA		121,272		22,834,200
Renault SA(b)		1,015,196		41,277,305
Rexel SA		1,294,356		28,634,263
Rubis SCA		470,664		13,171,668
Safran SA		1,814,113		260,861,301
Sanofi		6,056,692		593,098,079
Sartorius Stedim Biotech		145,895		50,892,291
Schneider Electric SE		2,880,196		467,212,567
SCOR SE		796,649		19,663,066
SEB SA		131,412		13,742,540
Seche Environnement SA, NVS		12,468		1,358,170
SES SA		1,971,449		15,298,696
SES-Imagotag SA(b)		11,463		1,437,520
SMCP SA(b)(d)		156,920		1,245,437
Societe BIC SA		133,167		9,668,689
Societe Generale SA		4,254,138		126,631,098
Sodexo SA		470,870		46,678,667
SOITEC(b)		147,048		22,302,240
Sopra Steria Group SACA		89,011		14,804,582

Security	Shares		Value
France (continued)
SPIE SA		672,523	$	18,360,054
Technicolor Creative Studios SA(a)(b)		1,032,630		255,509
Teleperformance		314,318		87,376,256
Television Francaise 1		378,775		3,029,410
Thales SA		563,582		74,538,971
TotalEnergies SE		13,224,052		817,520,893
Trigano SA		59,641		8,313,627
Ubisoft Entertainment SA(b)		498,574		10,323,746
Unibail-Rodamco-Westfield(b)		638,699		41,333,585
Valeo		1,090,656		23,836,020
Vallourec SA(b)		716,920		10,464,845
Valneva SE(a)(b)		601,331		4,103,649
Veolia Environnement SA		3,537,723		105,008,297
Verallia SA(d)		390,235		14,408,159
Vicat SA		84,978		2,372,890
Vinci SA		2,858,759		323,009,875
Virbac SA		28,344		8,601,670
Vivendi SE		3,797,452		40,783,769
Voltalia SA(a)(b)		154,029		2,915,336
Waga Energy SA(a)(b)		26,976		821,155
Wavestone		42,749		2,244,020
Wendel SE		136,558		14,459,860
Worldline SA/France(b)(d)		1,274,522		57,819,817
				10,341,149,018
Germany — 7.3%
1&1 AG		238,721		3,332,189
Aareal Bank AG(b)		323,051		11,379,042
About You Holding SE(a)(b)		130,837		860,102
Adesso SE		16,768		2,652,489
adidas AG		919,671		148,081,931
ADVA Optical Networking SE(b)		96,187		2,352,819
AIXTRON SE		634,875		18,916,442
Allianz SE, Registered		2,178,674		520,951,061
Amadeus Fire AG		19,081		2,657,872
Aroundtown SA(a)		5,395,423		15,021,940
Atoss Software AG		6,286		1,112,174
AURELIUS Equity Opportunities SE & Co. KGaA		105,599		1,809,166
Aurubis AG		174,053		18,407,292
Auto1 Group SE(a)(b)(d)		459,567		3,723,163
BASF SE		4,877,634		279,661,203
Basler AG(a)		17,931		663,731
Bayer AG, Registered		5,205,548		324,018,997
Bayerische Motoren Werke AG		1,771,165		180,419,079
BayWa AG		82,158		3,746,956
Bechtle AG		429,669		18,106,574
Beiersdorf AG		541,251		65,804,000
Bertrandt AG		40,274		1,969,247
Bilfinger SE(a)		192,026		6,611,475
Borussia Dortmund GmbH & Co. KGaA(a)(b)		540,010		2,409,758
Brenntag SE		813,929		60,758,181
CANCOM SE		207,033		7,137,381
Carl Zeiss Meditec AG, Bearer		214,225		30,916,569
Ceconomy AG(a)		670,312		1,643,926
Cewe Stiftung & Co. KGaA		47,877		4,745,428
Commerzbank AG(b)		5,639,505		64,467,620
CompuGroup Medical SE & Co. KgaA		142,696		6,687,768
Continental AG		576,894		40,506,733
Covestro AG(d)		1,016,624		46,809,941
CropEnergies AG		96,457		1,255,937
CTS Eventim AG & Co. KGaA(b)		321,548		22,571,619

14 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Daimler Truck Holding AG(b)		2,412,723	$	81,076,223
Datagroup SE		2,288		177,849
Delivery Hero SE(b)(d)		899,320		54,370,072
Dermapharm Holding SE		95,923		3,981,677
Deutsche Bank AG, Registered		10,962,085		146,296,944
Deutsche Beteiligungs AG		145,792		4,697,489
Deutsche Boerse AG		1,012,723		181,218,965
Deutsche Lufthansa AG, Registered(b)		3,171,319		33,599,206
Deutsche Pfandbriefbank AG(d)		819,655		7,476,382
Deutsche Post AG, Registered		5,265,541		226,716,781
Deutsche Telekom AG, Registered		17,223,673		383,722,761
Deutz AG		799,893		4,372,373
DIC Asset AG		333,465		3,205,187
Duerr AG		302,074		11,525,302
E.ON SE		11,909,722		129,850,625
Eckert & Ziegler Strahlen- und Medizintechnik AG		77,162		4,489,940
ElringKlinger AG		74,463		648,125
Encavis AG		652,561		12,643,667
Energiekontor AG		19,133		1,641,569
Evonik Industries AG		1,096,439		24,372,238
Evotec SE(b)		753,717		14,820,394
Fielmann AG		59,215		2,231,825
flatexDEGIRO AG(a)(b)		357,846		3,045,008
Fraport AG Frankfurt Airport Services Worldwide(b)		195,713		11,138,265
Freenet AG		597,049		14,513,813
Fresenius Medical Care AG & Co. KGaA		1,079,192		40,528,697
Fresenius SE & Co. KGaA		2,222,555		64,411,547
GEA Group AG		786,885		35,504,176
Gerresheimer AG		168,838		12,486,261
GFT Technologies SE		72,116		3,011,098
Global Fashion Group SA(b)		513,853		656,096
Grand City Properties SA		527,324		5,620,307
GRENKE AG(a)		148,118		4,302,318
Hamborner REIT AG		555,375		4,346,876
Hamburger Hafen und Logistik AG(a)		162,031		2,288,426
Hannover Rueck SE		321,059		65,196,962
HeidelbergCement AG		759,595		52,121,441
Heidelberger Druckmaschinen AG(b)		1,121,973		2,306,399
HelloFresh SE(a)(b)		878,894		21,367,034
Henkel AG & Co. KGaA		538,779		36,000,270
Hensoldt AG		189,222		5,486,148
HOCHTIEF AG		143,687		9,109,548
Hornbach Holding AG & Co. KGaA		53,503		4,739,794
Hugo Boss AG		313,792		21,309,663
Hypoport SE(a)(b)		24,038		3,274,847
Indus Holding AG		129,612		3,426,833
Infineon Technologies AG		6,922,792		249,292,898
Instone Real Estate Group SE(a)(d)		247,620		2,526,765
Jenoptik AG		312,141		9,700,757
JOST Werke AG(d)		26,325		1,524,227
K+S AG, Registered		1,004,880		24,053,252
KION Group AG		379,178		15,268,153
Kloeckner & Co. SE		459,952		4,860,522
Knorr-Bremse AG		392,011		25,766,105
Krones AG		89,008		10,392,887
KWS Saat SE & Co. KGaA		61,270		4,153,361
LANXESS AG		433,940		21,657,896
LEG Immobilien SE		395,648		30,929,419
MBB SE(a)		694		66,649
Medios AG(a)(b)		73,383		1,438,752

Security	Shares		Value
Germany (continued)
Mercedes-Benz Group AG		4,251,053	$	316,329,469
Merck KGaA		684,009		142,771,956
METRO AG(b)		723,292		7,126,907
MLP SE		600,016		3,326,769
MorphoSys AG(a)(b)		187,214		3,761,221
MTU Aero Engines AG		283,322		70,805,724
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		746,361		269,591,068
Nagarro SE(a)(b)		42,718		5,852,084
Nemetschek SE		319,542		17,084,100
Nordex SE(b)		725,499		11,025,251
Norma Group SE		195,185		4,201,675
PATRIZIA SE		312,093		3,864,876
Pfeiffer Vacuum Technology AG		38,052		6,948,106
PNE AG		79,288		1,424,374
ProSiebenSat.1 Media SE		905,208		9,310,232
Puma SE		584,632		39,923,569
PVA TePla AG(b)		81,104		1,934,634
Rational AG		26,869		17,673,979
Rheinmetall AG		230,376		53,829,090
RWE AG		3,419,364		152,226,231
Salzgitter AG(a)		159,462		6,507,850
SAP SE		5,557,635		658,801,839
Scout24 SE(d)		431,982		25,149,136
Secunet Security Networks AG		8,569		2,032,512
SGL Carbon SE(a)(b)		413,347		3,582,062
Siemens AG, Registered		4,073,257		636,264,224
Siemens Healthineers AG(d)		1,511,607		81,065,471
Siltronic AG		91,777		7,651,034
Sixt SE		80,094		9,958,158
SMA Solar Technology AG(a)(b)		79,106		6,710,447
Software AG(a)		283,636		7,905,087
Stabilus SE		141,646		9,770,077
Steico SE		28,794		1,549,862
Stratec SE(a)		40,901		3,725,686
Stroeer SE & Co. KGaA		203,808		11,174,978
Suedzucker AG		409,740		6,647,284
SUSE SA(a)(b)		223,855		4,345,397
Symrise AG		706,606		75,119,043
Synlab AG		348,425		3,827,643
TAG Immobilien AG		938,959		8,041,097
Takkt AG		197,088		3,047,442
TeamViewer AG(b)(d)		742,142		10,454,492
Telefonica Deutschland Holding AG		5,430,824		15,995,796
thyssenkrupp AG(b)		2,475,047		19,443,607
Tonies SE, Class A(a)(b)		267,620		1,640,919
TUI AG(a)(b)		5,957,396		12,475,352
United Internet AG, Registered(e)		523,060		12,143,543
Varta AG(a)		101,310		3,084,237
VERBIO Vereinigte BioEnergie AG		118,573		7,474,862
Vitesco Technologies Group AG(b)		104,520		7,244,726
Volkswagen AG		156,022		27,310,110
Vonovia SE		3,788,759		107,024,500
Vossloh AG		67,761		2,986,119
Wacker Neuson SE		200,336		3,965,015
Zalando SE(b)(d)		1,183,930		55,212,589
				7,081,472,380
Hong Kong — 2.8%
AIA Group Ltd		63,488,400		717,904,260
Apollo Future Mobility Group Ltd.(a)(b)		17,748,000		462,994

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
ASMPT Ltd.		1,663,700	$	13,741,537
Atlas Corp.		560,795		8,305,374
Bank of East Asia Ltd. (The)		6,547,400		8,410,869
BOC Hong Kong Holdings Ltd.		19,900,500		69,550,001
Brightoil Petroleum Holdings Ltd.(c)		6,240,000		8
Budweiser Brewing Co. APAC Ltd.(a)(d)		9,313,600		29,387,371
Cafe de Coral Holdings Ltd.		1,634,000		2,860,560
Champion REIT		14,925,000		6,616,906
Chinese Estates Holdings Ltd.(a)(b)		567,500		179,920
Chow Sang Sang Holdings International Ltd.		1,027,000		1,565,077
CITIC Telecom International Holdings Ltd.		12,488,000		4,448,400
CK Asset Holdings Ltd.		10,491,016		67,074,406
CK Hutchison Holdings Ltd.		14,176,516		90,218,654
CK Infrastructure Holdings Ltd.		3,420,000		19,027,347
CK Life Sciences International Holdings Inc.		14,682,000		1,522,016
CLP Holdings Ltd.		8,776,500		65,208,773
C-Mer Eye Care Holdings Ltd.(a)(b)		3,180,000		1,991,022
Comba Telecom Systems Holdings Ltd.		10,064,000		1,930,473
Cowell e Holdings Inc.(a)(b)		1,484,000		2,916,435
Dah Sing Banking Group Ltd.		3,150,800		2,547,750
Dah Sing Financial Holdings Ltd.		812,800		2,154,307
EC Healthcare		2,257,000		2,708,597
E-Commodities Holdings Ltd.		6,890,000		1,453,260
ESR Group Ltd.(d)		10,508,000		21,037,923
Far East Consortium International Ltd.		7,673,600		2,008,926
First Pacific Co. Ltd.		14,170,250		4,941,645
Fortune REIT		7,488,000		6,480,372
Fosun Tourism Group(b)(d)		1,265,600		1,825,686
Futu Holdings Ltd., ADR(a)(b)		320,841		16,285,889
Galaxy Entertainment Group Ltd.(a)		11,542,000		80,347,297
Guotai Junan International Holdings Ltd.		24,856,000		2,479,885
Haitong International Securities Group Ltd.(a)(b)		18,518,299		2,131,255
Hang Lung Group Ltd.		5,390,000		9,946,789
Hang Lung Properties Ltd.		10,716,000		20,205,500
Hang Seng Bank Ltd.		4,125,300		68,699,501
Health and Happiness H&H International Holdings Ltd.		1,099,500		2,051,088
Henderson Land Development Co. Ltd.		7,691,570		28,412,621
HK Electric Investments & HK Electric Investments Ltd., Class SS(a)		14,599,500		10,091,651
HKBN Ltd.		4,960,500		3,491,207
HKT Trust & HKT Ltd., Class SS		20,300,200		26,596,833
Hong Kong & China Gas Co. Ltd.		59,944,864		60,185,832
Hong Kong Exchanges & Clearing Ltd.		6,408,400		288,234,305
Hong Kong Technology Venture Co. Ltd.(a)		2,962,000		2,117,866
Hongkong Land Holdings Ltd.		5,940,800		29,043,223
Hsin Chong Group Holdings Ltd.(c)		7,490,000		10
Hutchison Telecommunications Hong Kong Holdings Ltd.		12,936,000		2,243,316
Hysan Development Co. Ltd.		3,106,000		10,449,967
IGG Inc.(b)		4,249,000		1,598,057
Jardine Matheson Holdings Ltd.		843,300		44,826,094
Johnson Electric Holdings Ltd.		2,065,750		2,837,399
K Wah International Holdings Ltd.		299,000		111,289
Kerry Logistics Network Ltd.		2,467,387		4,818,228
Kerry Properties Ltd.		3,083,000		7,816,655
Link REIT		11,221,200		89,818,527
Luk Fook Holdings International Ltd.		1,555,000		5,392,698
Man Wah Holdings Ltd.		9,424,000		10,895,472
MECOM Power and Construction Ltd.(a)		3,890,000		930,026

Security	Shares		Value
Hong Kong (continued)
Melco International Development Ltd.(b)		4,893,000	$	6,367,742
Melco Resorts & Entertainment Ltd., ADR(b)		1,084,734		14,817,466
MGM China Holdings Ltd.(a)(b)		4,810,000		6,076,905
MTR Corp. Ltd.		8,190,500		43,831,519
New World Development Co. Ltd.		8,035,000		24,015,832
Nissin Foods Co. Ltd.		324,000		280,043
NWS Holdings Ltd.		8,169,166		7,698,758
Pacific Basin Shipping Ltd.		29,268,000		10,328,364
Pacific Textiles Holdings Ltd.		5,169,000		1,860,851
PAX Global Technology Ltd.		2,614,000		2,470,624
PCCW Ltd.		23,049,000		11,325,429
Perfect Medical Health Management Ltd.		1,615,000		947,931
Power Assets Holdings Ltd.		7,492,000		42,390,989
Prosperity REIT		8,620,000		2,507,917
Realord Group Holdings Ltd.(a)(b)		2,422,000		2,731,014
Sa Sa International Holdings Ltd.(b)		9,204,000		2,398,891
Sands China Ltd.(b)		12,937,600		48,517,103
Shangri-La Asia Ltd.(b)		8,958,000		7,821,307
Shun Tak Holdings Ltd.(b)		10,386,000		2,247,027
Sino Land Co. Ltd.		17,514,000		22,759,045
SITC International Holdings Co. Ltd.		7,275,000		15,892,960
SJM Holdings Ltd.(b)		13,097,000		7,427,357
SmarTone Telecommunications Holdings Ltd.		2,217,000		1,492,026
Stella International Holdings Ltd.		570,500		575,509
Sun Hung Kai & Co. Ltd.		1,041,000		444,883
Sun Hung Kai Properties Ltd.		7,767,500		110,155,736
SUNeVision Holdings Ltd.		2,109,000		1,222,998
Sunlight REIT		2,643,000		1,170,328
Swire Pacific Ltd., Class A		2,690,500		24,655,444
Swire Properties Ltd.		6,134,400		17,241,077
Techtronic Industries Co. Ltd.(a)		7,346,500		94,709,481
Texhong Textile Group Ltd.		1,281,500		1,170,639
Theme International Holdings Ltd.(a)(b)		24,500,000		3,194,060
United Energy Group Ltd.(a)		41,316,000		4,063,328
United Laboratories International Holdings Ltd. (The)		4,714,000		3,120,873
Value Partners Group Ltd.(a)		7,726,000		3,149,951
Vesync Co. Ltd.		1,712,000		931,107
Vitasoy International Holdings Ltd.		4,456,000		9,466,505
Vobile Group Ltd.(a)(b)		8,315,000		4,770,099
VSTECS Holdings Ltd.(a)		2,230,000		1,395,271
VTech Holdings Ltd.		909,200		6,010,538
WH Group Ltd.(d)		44,510,000		27,412,124
Wharf Real Estate Investment Co. Ltd.		8,851,000		50,668,993
Wynn Macau Ltd.(a)(b)		8,281,600		9,478,554
Xinyi Glass Holdings Ltd.		9,764,000		20,788,793
Yue Yuen Industrial Holdings Ltd.		4,088,500		6,707,084
				2,679,249,824
Ireland — 0.6%
AIB Group PLC		5,570,570		23,399,681
Bank of Ireland Group PLC		5,523,523		59,012,456
C&C Group PLC(b)		2,244,589		4,460,681
Cairn Homes PLC(b)		3,469,173		3,687,913
CRH PLC		3,912,988		182,824,763
Dalata Hotel Group PLC(b)		1,187,731		5,017,793
Flutter Entertainment PLC, Class DI(b)		882,186		137,032,581
Glanbia PLC		932,871		11,383,761
Glenveagh Properties PLC(b)(d)		1,769,809		1,810,530
Greencore Group PLC(b)		2,869,967		2,825,283
Irish Residential Properties REIT PLC		1,557,963		1,938,314
Kerry Group PLC, Class A		833,276		78,078,031

16 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Kingspan Group PLC		804,188	$	51,722,187
Origin Enterprises PLC		629,794		2,855,119
Smurfit Kappa Group PLC		1,283,455		53,885,256
Uniphar PLC(b)		717,006		2,626,892
				622,561,241
Israel — 1.0%
AFI Properties Ltd.(b)		30,099		983,559
Africa Israel Residences Ltd.		33,134		1,555,852
Airport City Ltd.(b)		494,192		7,827,859
Alony Hetz Properties & Investments Ltd.		949,113		10,183,258
Altshuler Shaham Penn Ltd.(a)		431,732		872,485
Amot Investments Ltd.		1,111,892		6,526,071
Arad Investment & Industrial Development Ltd.		15,734		1,974,370
Ashtrom Group Ltd.		125,085		2,368,457
AudioCodes Ltd.(a)		125,364		2,428,279
Azorim-Investment Development & Construction Co. Ltd.		104,537		352,393
Azrieli Group Ltd.		230,101		14,821,404
Bank Hapoalim BM		6,732,638		60,597,481
Bank Leumi Le-Israel BM		8,184,189		72,326,801
Bezeq The Israeli Telecommunication Corp. Ltd.		11,414,827		18,916,796
Big Shopping Centers Ltd.		64,818		6,516,762
Blue Square Real Estate Ltd.		3,336		202,680
Camtek Ltd./Israel(a)(b)		153,398		4,046,502
Carasso Motors Ltd.		169,211		1,079,690
Cellcom Israel Ltd.(b)		526,734		2,723,962
Cellebrite DI Ltd.(a)(b)		34,423		188,982
Check Point Software Technologies Ltd.(b)		537,318		68,346,850
Clal Insurance Enterprises Holdings Ltd.(b)		357,172		6,132,790
CyberArk Software Ltd.(b)		216,434		30,491,222
Danel Adir Yeoshua Ltd.		30,132		2,316,953
Danya Cebus Ltd.		41,043		1,057,661
Delek Automotive Systems Ltd.		276,326		3,412,602
Delek Group Ltd.(b)		47,475		5,154,545
Delta Galil Industries Ltd.		43,116		1,699,608
Doral Group Renewable Energy Resources Ltd.(a)(b)		476,199		1,181,312
Elbit Systems Ltd.(a)		141,010		23,673,331
Elco Ltd.		19,064		887,362
Electra Consumer Products 1970 Ltd.(a)		69,260		2,044,136
Electra Ltd./Israel(a)		10,167		5,210,420
Electra Real Estate Ltd.		66,016		742,157
Energix-Renewable Energies Ltd.		1,307,914		4,329,920
Enlight Renewable Energy Ltd.(b)		529,969		11,016,022
Equital Ltd.(b)		6,186		173,017
Fattal Holdings 1998 Ltd.(a)(b)		31,374		3,034,883
FIBI Holdings Ltd.		19,566		823,452
First International Bank Of Israel Ltd. (The)		424,115		17,131,621
Fiverr International Ltd.(b)		172,754		6,407,446
Formula Systems 1985 Ltd.		45,603		3,622,325
Fox Wizel Ltd.		45,928		4,153,900
G City Ltd.		762,142		2,979,089
Gav-Yam Lands Corp. Ltd.		—		4
Gilat Satellite Networks Ltd.(a)(b)		134,532		728,844
Hadera Paper Ltd.		20,579		2,145,724
Harel Insurance Investments & Financial Services Ltd.		948,288		9,173,483
Hilan Ltd.		38,874		1,894,169
ICL Group Ltd.		3,792,184		30,108,559
Inmode Ltd.(b)		390,852		13,699,363
Innoviz Technologies Ltd.(b)		574,661		3,206,608

Security	Shares		Value
Israel (continued)
Isracard Ltd.(a)		602,414	$	2,030,750
Israel Canada T.R Ltd.(a)		757,705		1,999,697
Israel Corp Ltd.		27,124		10,064,259
Israel Discount Bank Ltd., Class A		6,654,886		34,037,837
Israel Land Development - Urban Renewal Ltd.		89,480		1,039,898
Isras Investment Co. Ltd.		9,599		1,873,340
Ituran Location and Control Ltd.		151,151		3,317,764
Kornit Digital Ltd.(b)		264,486		6,667,692
M Yochananof & Sons Ltd.		4,354		234,698
Magic Software Enterprises Ltd.		137,036		2,227,567
Malam - Team Ltd.		4,606		97,818
Matrix IT Ltd.		178,214		3,772,782
Maytronics Ltd.(a)		225,556		2,749,458
Mega Or Holdings Ltd.		104,616		2,904,799
Melisron Ltd.		155,118		10,846,327
Menora Mivtachim Holdings Ltd.		28,071		621,739
Migdal Insurance & Financial Holdings Ltd.(a)(b)		3,635,543		4,481,200
Mivne Real Estate KD Ltd.(a)		3,204,113		10,280,811
Mizrahi Tefahot Bank Ltd.		861,536		28,457,113
Nano Dimension Ltd., ADR(a)(b)		1,327,134		3,662,890
Nano-X Imaging Ltd.(a)(b)		219,738		2,025,984
Nayax Ltd.(b)		15,230		311,700
NEOGAMES SA(b)		79,692		1,028,027
Neto Malinda Trading Ltd.(b)		60,016		1,373,637
Nice Ltd.(b)		336,337		69,557,275
Nova Ltd.(b)		146,320		13,300,487
Oil Refineries Ltd.		14,860,222		5,139,541
One Software Technologies Ltd.		202,466		2,551,412
OPC Energy Ltd.(a)(b)		371,081		3,853,517
OY Nofar Energy Ltd.(b)		82,289		2,215,303
Partner Communications Co. Ltd.(b)		771,923		5,550,696
Paz Oil Co. Ltd.(b)		66,550		8,296,228
Perion Network Ltd.(b)		158,017		5,314,945
Phoenix Holdings Ltd. (The)		733,744		7,891,147
Prashkovsky Investments and Construction Ltd.(a)		13,807		373,532
Property & Building Corp. Ltd.(b)		8,166		513,804
Radware Ltd.(b)		303,408		6,462,590
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		73,910		4,704,617
Reit 1 Ltd.		966,281		4,789,373
Retailors Ltd.		23,993		445,590
Riskified Ltd.(b)		270,116		1,642,305
Sapiens International Corp. NV		166,097		3,718,546
Scope Metals Group Ltd.		38,882		1,445,880
Sella Capital Real Estate Ltd.		1,109,562		2,636,432
Shapir Engineering and Industry Ltd.		721,703		5,474,868
Shikun & Binui Ltd.(b)		1,777,483		5,210,168
Shufersal Ltd.(a)		1,466,870		8,231,032
SimilarWeb Ltd.(a)(b)		98,566		679,120
Sisram Medical Ltd.(d)		383,600		624,510
Strauss Group Ltd.		336,600		8,612,563
Summit Real Estate Holdings Ltd.		104,457		1,484,785
Taboola.com Ltd.(a)(b)		493,440		1,963,891
Tadiran Group Ltd.(a)		19,978		2,018,055
Taro Pharmaceutical Industries Ltd.(a)(b)		48,633		1,450,236
Tel Aviv Stock Exchange Ltd.(a)		533,148		3,220,657
Teva Pharmaceutical Industries Ltd., ADR(b)		5,895,062		62,133,953
Tower Semiconductor Ltd.(b)		608,091		25,579,441
Tremor International Ltd.(a)(b)		436,610		1,772,736
Turpaz Industries Ltd., NVS		185,280		924,884

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel (continued)
Wix.com Ltd.(b)		307,769	$	26,769,748
YH Dimri Construction & Development Ltd.(a)		7,454		481,970
ZIM Integrated Shipping Services Ltd.(a)		445,429		8,440,879
				935,057,524
Italy — 2.4%
A2A SpA		8,498,070		12,793,696
ACEA SpA		323,888		4,965,034
Amplifon SpA		665,845		18,386,143
Anima Holding SpA(d)		1,767,772		7,797,578
Antares Vision SpA(b)		142,978		1,327,056
Ascopiave SpA		309,593		896,345
Assicurazioni Generali SpA		5,928,020		115,722,705
Autogrill SpA(b)		1,135,804		8,288,044
Azimut Holding SpA		609,187		15,208,770
Banca Generali SpA(a)		389,872		14,382,958
Banca IFIS SpA		173,417		2,904,255
Banca Mediolanum SpA		1,225,270		11,722,663
Banca Monte dei Paschi di Siena SpA(b)		2,182,110		5,828,549
Banca Popolare di Sondrio SPA		2,703,716		13,279,220
Banco BPM SpA		7,676,506		34,550,361
BFF Bank SpA(d)		794,759		7,350,036
Biesse SpA		42,993		693,065
BPER Banca		5,915,769		16,251,225
Brembo SpA		933,753		12,605,765
Brunello Cucinelli SpA		190,781		15,890,252
Buzzi Unicem SpA		540,958		12,181,385
Carel Industries SpA(d)		138,363		3,422,419
CIR SpA-Compagnie Industriali(b)		4,045,218		1,952,605
Credito Emiliano SpA		549,371		4,678,907
Danieli & C Officine Meccaniche SpA(a)		109,019		2,825,163
Datalogic SpA		51,349		516,722
De’ Longhi SpA		415,174		9,583,912
DiaSorin SpA		136,098		17,717,208
Digital Bros. SpA(a)		20,898		494,384
Digital Value SpA(a)(b)		3,619		280,018
doValue SpA(d)		127,537		1,038,926
El.En. SpA		162,901		2,541,220
Enav SpA(d)		1,436,849		6,615,161
Enel SpA		43,324,869		255,102,040
Eni SpA		13,245,224		203,820,511
ERG SpA		354,760		10,712,493
Esprinet SpA		174,717		1,385,569
Ferrari NV		672,210		167,974,635
Fila SpA		22,658		176,258
Fincantieri SpA(a)(b)		1,548,424		1,020,656
FinecoBank Banca Fineco SpA		3,198,957		57,427,190
Gruppo MutuiOnline SpA		73,440		2,340,482
GVS SpA(a)(b)(d)		358,154		1,892,312
Hera SpA		4,331,670		12,443,226
Illimity Bank SpA(b)		141,871		1,164,106
Industrie De Nora SpA(b)		139,316		2,592,960
Infrastrutture Wireless Italiane SpA(d)		1,798,987		19,714,698
Interpump Group SpA		389,998		20,338,355
Intesa Sanpaolo SpA		88,744,777		233,333,961
Iren SpA		4,071,746		7,374,295
Italgas SpA		2,677,051		15,670,665
Italmobiliare SpA		11,189		299,704
Juventus Football Club SpA(a)(b)		6,038,888		1,951,591
Leonardo SpA		2,143,132		22,070,264
Maire Tecnimont SpA(a)		1,162,099		4,478,817

Security	Shares		Value
Italy (continued)
MARR SpA		242,153	$	3,183,946
Mediobanca Banca di Credito Finanziario SpA		3,239,053		34,819,651
Moncler SpA		1,101,364		68,931,780
Nexi SpA(b)(d)		3,153,589		27,774,726
OVS SpA(d)		1,005,361		2,420,537
Pharmanutra SpA		17,927		1,149,549
Piaggio & C SpA		1,510,397		5,705,795
Pirelli & C SpA(d)		1,894,080		9,483,062
Poste Italiane SpA(d)		2,849,610		30,445,305
Prysmian SpA		1,343,482		54,864,677
RAI Way SpA(d)		242,299		1,383,845
Recordati Industria Chimica e Farmaceutica SpA		558,793		24,479,873
Reply SpA		147,919		19,200,943
Safilo Group SpA(b)		1,211,397		1,814,335
Saipem SpA(b)		6,206,017		9,503,383
Salcef SpA(a)		78,539		1,536,545
Salvatore Ferragamo SpA(a)		345,366		6,853,936
Sanlorenzo SpA/Ameglia		19,451		853,927
Saras SpA(b)		3,466,815		6,010,539
Seco SpA(a)(b)		113,106		650,599
Sesa SpA		25,539		3,475,250
Snam SpA		10,947,096		55,759,359
SOL SpA		10,403		229,550
Stellantis NV		11,700,040		183,936,205
Tamburi Investment Partners SpA(a)		322,260		2,680,895
Technogym SpA(a)(d)		726,551		6,444,453
Technoprobe SpA(b)		649,877		4,777,005
Telecom Italia SpA/Milano(a)(b)		52,621,350		15,150,099
Tenaris SA		2,517,699		44,615,504
Terna - Rete Elettrica Nazionale		7,478,834		59,171,490
Tinexta SpA(a)		69,900		1,901,313
Tod’s SpA(a)(b)		63,400		2,479,085
UniCredit SpA		10,194,004		199,100,489
Unipol Gruppo SpA		2,334,674		12,227,535
Webuild SpA(a)		2,124,360		3,745,868
Wiit SpA(a)		26,995		622,582
Zignago Vetro SpA		64,674		1,103,935
				2,336,464,108
Japan — 22.8%
77 Bank Ltd. (The)		430,200		7,683,110
ABC-Mart Inc.		176,800		9,528,472
Activia Properties Inc.		3,173		9,502,024
Adastria Co. Ltd.		140,000		2,362,712
ADEKA Corp.		571,800		9,675,561
Advance Logistics Investment Corp.		3,385		3,641,165
Advance Residence Investment Corp.		6,858		16,752,454
Advantest Corp.		1,009,900		72,390,622
Adventure Inc.(a)		13,900		1,115,133
Aeon Co. Ltd.		3,462,000		70,976,795
Aeon Delight Co. Ltd.		101,000		2,397,652
AEON Financial Service Co. Ltd.		653,300		6,622,178
Aeon Hokkaido Corp.(a)		11,300		79,308
Aeon Mall Co. Ltd.		542,900		7,646,878
AEON REIT Investment Corp.		9,529		10,531,744
AGC Inc.		1,020,900		37,615,884
Ai Holdings Corp.		172,700		2,917,459
Aica Kogyo Co. Ltd.		247,500		5,985,301
Aichi Financial Group Inc., NVS		181,800		3,247,022
Aida Engineering Ltd.		447,400		2,809,173
Aiful Corp.		2,085,100		6,304,275

18 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Ain Holdings Inc.		128,100	$	5,538,955
Air Water Inc.		957,200		11,711,404
Airtrip Corp.		65,000		1,333,556
Aisin Corp.		774,100		22,584,760
Ajinomoto Co. Inc.		2,415,600		79,638,931
Alfresa Holdings Corp.		796,100		9,964,779
Alpen Co. Ltd.		52,700		789,066
Alps Alpine Co. Ltd.		1,008,576		10,333,855
Amada Co. Ltd.		1,751,500		15,733,313
Amano Corp.		422,100		7,722,738
Amvis Holdings Inc.		127,700		3,419,040
ANA Holdings Inc.(b)		850,300		18,819,476
Anicom Holdings Inc.		416,900		1,981,839
Anritsu Corp.		722,900		6,924,954
AOKI Holdings Inc.		159,600		841,513
Aozora Bank Ltd.		629,200		12,580,349
Appier Group Inc.(b)		294,900		3,770,440
Arata Corp.		10,400		337,312
ARCLANDS Corp.		107,800		1,214,577
Arcs Co. Ltd.		183,600		3,102,700
Argo Graphics Inc.		11,300		353,368
Ariake Japan Co. Ltd.		92,100		3,106,595
ARTERIA Networks Corp.		41,200		398,083
As One Corp.		144,900		6,495,188
Asahi Group Holdings Ltd.		2,421,800		79,973,265
Asahi Holdings Inc.		447,300		7,037,512
Asahi Intecc Co. Ltd.		1,155,600		20,274,055
Asahi Kasei Corp.		6,655,400		50,432,167
Asics Corp.		862,300		20,523,193
ASKUL Corp.		233,300		3,083,868
Astellas Pharma Inc.		9,691,400		142,658,672
Atom Corp.(a)(b)		760,500		4,652,277
Autobacs Seven Co. Ltd.		541,600		6,029,555
Avex Inc.		184,700		2,494,520
Awa Bank Ltd. (The)		170,700		2,872,781
Axial Retailing Inc.		21,700		588,339
Azbil Corp.		624,200		17,601,477
AZ-COM MARUWA Holdings Inc.		197,100		2,487,747
Bandai Namco Holdings Inc.		1,061,000		70,953,041
Bank of Kyoto Ltd. (The)		295,900		13,767,680
BayCurrent Consulting Inc.		700,400		29,773,686
Belc Co. Ltd.		40,500		1,745,025
Bell System24 Holdings Inc.		86,400		994,573
Belluna Co. Ltd.		141,000		758,005
Benefit One Inc.		444,000		7,328,238
Benesse Holdings Inc.		449,400		6,873,836
BeNext-Yumeshin Group Co.		297,600		4,389,759
Bengo4.com Inc.(a)(b)		49,600		1,032,292
Bic Camera Inc.		636,900		6,014,962
BIPROGY Inc.		422,700		11,043,762
BML Inc.		129,300		3,215,209
Bridgestone Corp.		3,039,700		113,481,700
Brother Industries Ltd.		1,245,100		19,339,235
Bunka Shutter Co. Ltd.		38,700		346,661
Bushiroad Inc.(a)		139,000		728,095
C Uyemura & Co. Ltd.		56,500		2,885,108
Calbee Inc.		472,700		10,675,530
Canon Electronics Inc.		97,100		1,276,069
Canon Inc.		5,330,400		118,294,063
Canon Marketing Japan Inc.		224,500		5,328,606

Security	Shares		Value
Japan (continued)
Capcom Co. Ltd.		939,900	$	30,456,339
Casio Computer Co. Ltd.		972,300		10,050,861
Cawachi Ltd.		90,000		1,554,801
CellSource Co. Ltd.(a)(b)		44,200		1,247,221
Central Glass Co. Ltd.		124,900		2,758,272
Central Japan Railway Co.		765,800		93,408,267
Change Inc.		198,300		3,679,945
Chiba Bank Ltd. (The)		3,133,500		23,709,324
Chiyoda Corp.(b)		830,400		2,468,863
Chofu Seisakusho Co. Ltd.		28,000		455,706
Chubu Electric Power Co. Inc.		3,363,100		36,224,189
Chudenko Corp.		18,400		303,413
Chugai Pharmaceutical Co. Ltd.		3,563,600		92,386,618
Chugin Financial Group Inc., NVS		896,700		6,524,973
Chugoku Electric Power Co. Inc. (The)		1,400,700		7,700,322
Chugoku Marine Paints Ltd.		42,200		321,400
Citizen Watch Co. Ltd.		1,528,900		7,273,856
CKD Corp.		366,800		5,680,694
Coca-Cola Bottlers Japan Holdings Inc.		680,350		7,163,314
COLOPL Inc.		430,600		2,204,993
Colowide Co. Ltd.(a)		423,900		6,004,832
Comforia Residential REIT Inc.		4,824		10,718,686
COMSYS Holdings Corp.		601,500		11,472,045
Comture Corp.		95,300		1,832,381
Concordia Financial Group Ltd.		5,707,100		25,079,064
Cosmo Energy Holdings Co. Ltd.		402,500		11,287,696
Cosmos Pharmaceutical Corp.		107,300		10,483,989
CRE Logistics REIT Inc.		2,644		3,595,037
Create Restaurants Holdings Inc.		635,800		4,855,874
Create SD Holdings Co. Ltd.		145,400		3,956,295
Credit Saison Co. Ltd.		759,400		9,949,253
Curves Holdings Co. Ltd.		127,000		811,943
CyberAgent Inc.		2,276,800		21,292,520
CYBERDYNE Inc.(a)(b)		578,100		1,364,826
Cybozu Inc.		119,000		2,414,120
Dai Nippon Printing Co. Ltd.		1,232,700		29,103,604
Daicel Corp.		1,328,000		9,798,365
Daido Steel Co. Ltd.		138,000		5,217,808
Daifuku Co. Ltd.		540,600		29,767,434
Daihen Corp.		105,000		3,426,217
Daiho Corp.		36,000		1,016,471
Dai-ichi Life Holdings Inc.		5,189,000		121,748,283
Daiichi Sankyo Co. Ltd.		9,307,100		292,307,454
Daiichikosho Co. Ltd.		196,800		6,119,154
Daiken Corp.		7,200		121,655
Daiki Aluminium Industry Co. Ltd.		97,800		1,084,143
Daikin Industries Ltd.		1,327,900		230,649,027
Daikokutenbussan Co. Ltd.(a)		18,600		779,005
Daio Paper Corp.		475,100		3,665,944
Daiseki Co. Ltd.		234,820		7,913,151
Daishi Hokuetsu Financial Group Inc.		178,200		4,251,544
Daito Trust Construction Co. Ltd.		326,800		32,293,901
Daiwa House Industry Co. Ltd.		3,185,500		76,499,823
Daiwa House REIT Investment Corp.		11,438		24,886,044
Daiwa Office Investment Corp.		1,529		7,200,064
Daiwa Securities Group Inc.		7,278,900		34,349,840
Daiwa Securities Living Investments Corp.		12,085		10,111,598
Daiwabo Holdings Co. Ltd.		490,000		7,416,599
DCM Holdings Co. Ltd.		655,700		5,967,214
Demae-Can Co. Ltd.(a)(b)		194,600		645,199

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
DeNA Co. Ltd.		522,300	$	7,323,575
Denka Co. Ltd.		450,200		9,339,233
Denso Corp.		2,310,200		124,763,960
Dentsu Group Inc.		1,142,500		36,798,639
Descente Ltd.		149,300		4,135,820
Dexerials Corp.		288,300		6,162,666
DIC Corp.		482,000		8,961,358
Digital Arts Inc.		58,100		2,595,159
Digital Garage Inc.		190,800		6,819,643
Dip Corp.		186,700		5,541,340
Direct Marketing MiX Inc.		55,600		707,118
Disco Corp.		152,500		45,815,970
DMG Mori Co. Ltd.		677,200		10,343,704
Doshisha Co. Ltd.		83,500		1,093,378
Doutor Nichires Holdings Co. Ltd.		185,500		2,669,727
Dowa Holdings Co. Ltd.		277,200		9,677,925
DTS Corp.		213,300		5,231,413
Duskin Co. Ltd.		242,600		5,669,924
DyDo Group Holdings Inc.		16,000		582,061
Earth Corp.		74,700		2,916,445
East Japan Railway Co.		1,606,000		89,547,680
Ebara Corp.		515,000		21,866,684
EDION Corp.		524,400		5,179,434
eGuarantee Inc.		133,700		2,494,215
Eiken Chemical Co. Ltd.		109,500		1,340,868
Eisai Co. Ltd.		1,339,300		82,862,422
Eizo Corp.		95,900		2,680,640
Elan Corp.		74,100		574,970
Elecom Co. Ltd.		220,400		2,313,507
Electric Power Development Co. Ltd.		763,200		12,316,924
en Japan Inc.		169,900		3,234,694
ENEOS Holdings Inc.		16,381,350		58,648,449
eRex Co. Ltd.		163,600		3,028,395
ES-Con Japan Ltd.		37,400		241,760
Euglena Co. Ltd.(b)		615,800		4,757,295
Exedy Corp.		152,100		2,045,915
EXEO Group Inc.		562,900		10,235,529
Ezaki Glico Co. Ltd.		223,200		6,237,067
Fancl Corp.		460,700		9,355,580
FANUC Corp.		1,020,400		180,294,022
Fast Retailing Co. Ltd.		310,500		188,585,072
FCC Co. Ltd.		183,200		2,040,859
Ferrotec Holdings Corp.		228,500		5,723,158
Financial Products Group Co. Ltd.		279,200		2,285,593
Food & Life Companies Ltd.		592,000		13,175,839
FP Corp.		243,100		6,606,167
Freee KK(b)		210,100		5,548,006
Frontier Real Estate Investment Corp.		2,290		8,830,665
Fuji Co. Ltd./Ehime		178,600		2,550,072
Fuji Corp./Aichi		475,800		7,922,114
Fuji Electric Co. Ltd.		662,400		26,812,620
Fuji Kyuko Co. Ltd.		111,100		3,903,009
Fuji Media Holdings Inc.		208,600		1,761,851
Fuji Oil Holdings Inc.		231,500		3,671,152
Fuji Seal International Inc.		229,000		2,976,222
Fuji Soft Inc.		140,100		8,362,226
Fujicco Co. Ltd.		9,800		142,517
FUJIFILM Holdings Corp.		1,931,100		102,196,010
Fujikura Ltd.		1,388,800		10,556,766
Fujimi Inc.		95,600		4,848,340

Security	Shares		Value
Japan (continued)
Fujimori Kogyo Co. Ltd.		13,900	$	356,887
Fujitec Co. Ltd.(a)		415,800		10,302,349
Fujitsu General Ltd.		419,400		11,854,738
Fujitsu Ltd.		1,045,400		148,843,342
Fujiya Co. Ltd.		73,900		1,444,316
Fukui Computer Holdings Inc.		20,500		472,748
Fukuoka Financial Group Inc.		895,680		20,664,781
Fukuoka REIT Corp.		5,194		6,679,520
Fukushima Galilei Co. Ltd.		4,900		166,328
Fukuyama Transporting Co. Ltd.		104,700		2,709,218
Fullcast Holdings Co. Ltd.		54,200		1,177,256
Funai Soken Holdings Inc.		157,000		3,397,889
Furukawa Co. Ltd.		180,500		1,839,970
Furukawa Electric Co. Ltd.		394,000		7,646,902
Fuso Chemical Co. Ltd.		72,600		2,062,789
Future Corp.		223,300		2,907,772
Fuyo General Lease Co. Ltd.		82,800		5,690,649
G-7 Holdings Inc.		67,800		839,441
Genky DrugStores Co. Ltd.		27,200		783,771
Geo Holdings Corp.		54,400		794,698
Giken Ltd.		68,400		1,557,288
Global One Real Estate Investment Corp.		6,531		5,393,003
GLOBERIDE Inc.		73,500		1,506,965
Glory Ltd.		228,300		3,992,992
GLP J-REIT		22,320		25,256,433
GMO Financial Gate Inc.(a)		18,400		1,178,044
GMO Financial Holdings Inc.		90,200		383,638
GMO GlobalSign Holdings KK		26,400		879,934
GMO internet group Inc.		456,200		8,977,956
GMO Payment Gateway Inc.		223,100		20,643,873
GNI Group Ltd.(b)		232,800		2,153,886
Goldcrest Co. Ltd.		69,500		871,896
Goldwin Inc.		122,500		9,332,324
Gree Inc.		485,100		2,639,606
GS Yuasa Corp.		428,100		7,491,342
GungHo Online Entertainment Inc.(b)		239,330		3,988,538
Gunma Bank Ltd. (The)		2,330,300		9,090,045
Gunze Ltd.		80,700		2,657,551
H.U. Group Holdings Inc.		270,200		5,735,001
H2O Retailing Corp.		566,200		5,525,655
Hachijuni Bank Ltd. (The)		2,286,600		9,931,545
Hakuhodo DY Holdings Inc.		1,231,500		13,309,240
Hakuto Co. Ltd.		55,100		1,928,797
Hamamatsu Photonics KK		739,100		39,490,315
Hankyu Hanshin Holdings Inc.		1,189,400		35,351,859
Hankyu Hanshin REIT Inc.		4,351		4,797,484
Hanwa Co. Ltd.		170,300		5,422,542
Harmonic Drive Systems Inc.		254,900		8,585,267
Haseko Corp.		1,275,400		14,755,316
Hazama Ando Corp.		1,099,300		7,293,223
Heiwa Corp.		411,900		7,473,512
Heiwa Real Estate Co. Ltd.		172,200		4,926,661
Heiwa Real Estate REIT Inc.		5,972		6,945,480
Heiwado Co. Ltd.		162,400		2,714,249
Hiday Hidaka Corp.		39,400		626,348
Hikari Tsushin Inc.		106,300		15,173,078
Hino Motors Ltd.(b)		1,491,000		6,377,810
Hioki E.E. Corp.		36,500		2,086,956
Hirata Corp.		47,800		2,364,989
Hirogin Holdings Inc.		1,640,800		8,555,856

20 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hirose Electric Co. Ltd.		147,045	$	19,142,948
HIS Co. Ltd.(a)(b)		263,900		4,324,432
Hisamitsu Pharmaceutical Co. Inc.		230,100		7,165,294
Hitachi Construction Machinery Co. Ltd.		563,800		13,296,274
Hitachi Ltd.		5,152,900		270,230,687
Hitachi Zosen Corp.		1,030,900		6,826,349
Hogy Medical Co. Ltd.		144,900		3,763,306
Hokkaido Electric Power Co. Inc.		1,002,600		3,709,076
Hokkoku Financial Holdings Inc.		112,200		3,555,971
Hokuetsu Corp.		838,100		5,395,227
Hokuhoku Financial Group Inc.		762,300		6,037,376
Hokuriku Electric Power Co.		891,600		3,688,040
Hokuto Corp.		125,000		1,816,832
Honda Motor Co. Ltd.		8,666,700		214,383,923
Horiba Ltd.		170,600		7,856,586
Hoshino Resorts REIT Inc.		1,273		7,292,965
Hoshizaki Corp.		570,900		20,521,722
Hosiden Corp.		370,000		4,487,990
House Foods Group Inc.		406,500		8,672,852
Hoya Corp.		1,920,700		211,223,061
Hulic Co. Ltd.		2,057,000		16,908,102
Hulic Reit Inc.		7,627		9,116,266
Hyakugo Bank Ltd. (The)		1,336,600		4,316,724
Ibiden Co. Ltd.		601,700		23,483,681
Ichibanya Co. Ltd.		89,100		3,241,999
Ichigo Inc.		1,740,400		3,988,958
Ichigo Office REIT Investment Corp.		8,616		5,639,917
Idec Corp./Japan		148,600		3,538,425
Idemitsu Kosan Co. Ltd.		1,098,028		27,451,543
IDOM Inc.		254,300		1,639,086
IHI Corp.		726,700		22,080,549
Iida Group Holdings Co. Ltd.		737,500		12,294,462
Iino Kaiun Kaisha Ltd.		725,500		5,136,615
Inaba Denki Sangyo Co. Ltd.		226,200		4,914,384
Inabata & Co. Ltd.		179,900		3,491,987
Inageya Co. Ltd.		105,000		1,050,016
Industrial & Infrastructure Fund Investment Corp.		10,124		11,219,817
Infocom Corp.		106,100		1,788,487
Infomart Corp.		1,178,000		3,810,899
Information Services International-Dentsu Ltd.		120,400		3,988,648
INFRONEER Holdings Inc.		1,461,356		11,665,188
Inpex Corp.		5,540,500		60,882,554
Insource Co. Ltd.		217,200		2,443,612
Internet Initiative Japan Inc.		537,400		10,084,724
Invincible Investment Corp.		35,787		15,262,127
IR Japan Holdings Ltd.(a)		47,700		672,420
Iriso Electronics Co. Ltd.		103,600		3,476,608
Isetan Mitsukoshi Holdings Ltd.		1,759,000		19,139,199
Isuzu Motors Ltd.		3,072,800		38,856,600
Ito En Ltd.		283,000		10,097,369
ITOCHU Corp.		6,298,400		203,575,735
Itochu Enex Co. Ltd.		202,500		1,735,709
Itochu Techno-Solutions Corp.		549,600		13,606,723
Itoham Yonekyu Holdings Inc.		868,600		4,768,989
Iwatani Corp.		215,100		9,271,065
Iyogin Holdings Inc., NVS		1,466,800		8,278,299
Izumi Co. Ltd.		152,900		3,461,924
J Front Retailing Co. Ltd.		1,260,800		11,742,440
J Trust Co. Ltd.(a)		389,400		1,710,306
JAC Recruitment Co. Ltd.		35,700		648,824

Security	Shares		Value
Japan (continued)
Jaccs Co. Ltd.		127,000	$	4,097,037
JAFCO Group Co. Ltd.		299,900		5,351,750
Japan Airlines Co. Ltd.(b)		768,800		16,304,378
Japan Airport Terminal Co. Ltd.(b)		317,700		16,559,930
Japan Aviation Electronics Industry Ltd.(a)		227,700		3,911,830
Japan Display Inc.(b)		4,705,900		1,597,982
Japan Elevator Service Holdings Co. Ltd.		315,100		4,448,302
Japan Excellent Inc.		7,497		7,154,093
Japan Exchange Group Inc.		2,664,900		40,785,137
Japan Hotel REIT Investment Corp.		25,053		15,875,738
Japan Lifeline Co. Ltd.		418,300		3,074,358
Japan Logistics Fund Inc.		5,491		12,520,808
Japan Material Co. Ltd.		310,400		5,821,715
Japan Metropolitan Fund Invest		37,942		29,332,354
Japan Petroleum Exploration Co. Ltd.		167,700		5,436,267
Japan Post Bank Co. Ltd.		2,215,900		19,687,991
Japan Post Holdings Co. Ltd.		12,538,600		110,082,115
Japan Post Insurance Co. Ltd.		1,092,300		19,486,588
Japan Prime Realty Investment Corp.		4,867		13,203,329
Japan Real Estate Investment Corp.		6,540		28,040,185
Japan Securities Finance Co. Ltd.		843,800		7,650,806
Japan Steel Works Ltd. (The)		391,300		8,336,195
Japan Tobacco Inc.		6,379,900		130,098,317
Japan Wool Textile Co. Ltd. (The)		41,100		306,004
JCR Pharmaceuticals Co. Ltd.		323,300		3,989,001
JCU Corp.		88,100		2,184,575
JDC Corp.		39,200		167,895
Jeol Ltd.		235,800		6,924,038
JFE Holdings Inc.		2,587,700		34,120,503
JGC Holdings Corp.		1,159,800		15,149,374
JINS Holdings Inc.		70,700		2,129,151
JMDC Inc.		139,300		4,603,640
J-Oil Mills Inc.		71,200		864,934
Joshin Denki Co. Ltd.		24,300		373,630
Joyful Honda Co. Ltd.		220,300		3,164,966
JSR Corp.		927,900		20,877,898
JTEKT Corp.		1,114,800		8,264,341
JTOWER Inc.(a)(b)		55,200		2,643,937
Juroku Financial Group Inc.		146,000		3,513,490
Justsystems Corp.		185,800		4,627,299
Kadokawa Corp.		557,400		10,429,679
Kaga Electronics Co. Ltd.		38,500		1,282,433
Kagome Co. Ltd.		512,000		12,505,307
Kajima Corp.		2,213,200		27,180,920
Kakaku.com Inc.		718,000		11,970,557
Kaken Pharmaceutical Co. Ltd.		165,400		4,800,882
Kameda Seika Co. Ltd.		25,800		872,594
Kamigumi Co. Ltd.		574,800		11,758,392
Kanamoto Co. Ltd.		147,400		2,563,717
Kandenko Co. Ltd.		598,400		4,021,932
Kaneka Corp.		231,400		6,075,261
Kanematsu Corp.		543,400		6,644,818
Kanematsu Electronics Ltd.		10,400		496,675
Kansai Electric Power Co. Inc. (The)		3,669,000		35,285,114
Kansai Paint Co. Ltd.		934,200		13,156,451
Kanto Denka Kogyo Co. Ltd.		460,000		3,570,962
Kao Corp.		2,526,200		102,113,642
Kappa Create Co. Ltd.(a)(b)		135,800		1,482,966
Katakura Industries Co. Ltd.		30,200		410,170
Katitas Co. Ltd.		250,100		6,132,562

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kato Sangyo Co. Ltd.		105,200	$	2,923,483
Kawasaki Heavy Industries Ltd.		789,900		18,074,972
Kawasaki Kisen Kaisha Ltd.		825,600		17,239,242
KDDI Corp.		8,576,200		267,949,926
KeePer Technical Laboratory Co. Ltd.		60,700		1,563,578
Keihan Holdings Co. Ltd.		500,200		13,458,123
Keihanshin Building Co. Ltd.		82,600		870,213
Keikyu Corp.		1,138,000		11,792,652
Keio Corp.		549,600		20,172,782
Keisei Electric Railway Co. Ltd.		678,000		19,776,564
Keiyo Bank Ltd. (The)		579,700		2,753,530
Keiyo Co. Ltd.		55,600		384,122
Kenedix Office Investment Corp.		4,054		9,630,531
Kenedix Residential Next Investment Corp.		6,450		9,613,499
Kenedix Retail REIT Corp.		4,542		8,515,679
Kewpie Corp.		507,400		8,834,075
Keyence Corp.		1,036,200		477,034,107
KFC Holdings Japan Ltd.		66,100		1,422,802
KH Neochem Co. Ltd.		168,300		3,587,193
Kikkoman Corp.		769,200		40,684,599
Kinden Corp.		765,600		8,774,959
Kintetsu Group Holdings Co. Ltd.		899,300		29,285,682
Kirin Holdings Co. Ltd.		4,317,400		66,529,938
Kisoji Co. Ltd.		142,600		2,359,148
Kissei Pharmaceutical Co. Ltd.		160,600		3,163,929
Ki-Star Real Estate Co. Ltd.		46,800		1,780,362
Kitz Corp.		515,500		3,264,483
Kiyo Bank Ltd. (The)		401,300		5,101,150
Koa Corp.(a)		168,300		2,453,142
Kobayashi Pharmaceutical Co. Ltd.		279,200		20,044,356
Kobe Bussan Co. Ltd.		802,300		23,163,801
Kobe Steel Ltd.		1,759,800		9,480,974
Koei Tecmo Holdings Co. Ltd.		789,932		14,365,828
Kohnan Shoji Co. Ltd.		154,100		3,970,145
Koito Manufacturing Co. Ltd.		1,121,200		18,912,597
Kokuyo Co. Ltd.		574,700		8,194,726
Komatsu Ltd.		4,910,500		120,672,887
KOMEDA Holdings Co. Ltd.		231,900		4,311,795
Komeri Co. Ltd.		142,900		2,931,438
Konami Group Corp.		506,900		24,926,034
Konica Minolta Inc.		2,399,400		10,055,393
Konishi Co. Ltd.		96,500		1,367,951
Kose Corp.		176,700		19,495,818
Koshidaka Holdings Co. Ltd.		239,900		1,737,064
Kotobuki Spirits Co. Ltd.		106,700		7,008,456
K’s Holdings Corp.		871,000		7,700,440
Kubota Corp.		5,431,200		81,621,638
Kumagai Gumi Co. Ltd.		163,400		3,358,008
Kumiai Chemical Industry Co. Ltd.		542,827		3,683,181
Kura Sushi Inc.(a)		106,900		2,483,602
Kuraray Co. Ltd.		1,598,600		13,231,691
Kureha Corp.		89,400		5,838,926
Kurita Water Industries Ltd.		586,200		26,506,933
Kusuri no Aoki Holdings Co. Ltd.		83,200		4,687,828
KYB Corp.		91,600		2,595,873
Kyocera Corp.		1,703,100		88,376,244
Kyoei Steel Ltd.		98,600		1,077,847
Kyokuto Kaihatsu Kogyo Co. Ltd.		131,000		1,504,829
KYORIN Holdings Inc.		398,100		5,276,700
Kyoritsu Maintenance Co. Ltd.		152,100		6,947,006

Security	Shares		Value
Japan (continued)
Kyowa Kirin Co. Ltd.		1,411,900	$	31,486,706
Kyudenko Corp.		205,800		5,334,251
Kyushu Electric Power Co. Inc.		2,072,400		11,930,055
Kyushu Financial Group Inc.		2,066,900		7,596,875
Kyushu Railway Co.		698,700		15,662,518
LaSalle Logiport REIT		9,833		11,913,696
Lasertec Corp.		402,300		76,164,603
Lawson Inc.		239,400		9,572,712
Leopalace21 Corp.(b)		854,000		2,119,552
Life Corp.		86,000		1,876,072
Link And Motivation Inc.(a)		183,400		931,366
Lintec Corp.		210,000		3,636,574
Lion Corp.		1,226,500		13,577,020
LITALICO Inc.		90,600		1,849,582
Lixil Corp.		1,507,600		26,026,873
M&A Capital Partners Co. Ltd.(b)		74,500		2,523,320
M&A Research Institute Inc., NVS(a)(b)		26,000		2,089,307
M3 Inc.		2,362,100		64,586,680
Mabuchi Motor Co. Ltd.		245,800		7,039,791
Macnica Holdings Inc.		239,500		6,365,110
Maeda Kosen Co. Ltd.(a)		33,500		866,918
Makino Milling Machine Co. Ltd.		123,300		4,426,221
Makita Corp.		1,193,800		31,799,047
Management Solutions Co. Ltd.		52,300		1,420,775
Mandom Corp.		211,900		2,402,385
Mani Inc.		461,400		6,748,912
Marubeni Corp.		8,113,100		99,536,182
Maruha Nichiro Corp.		232,900		4,422,307
Marui Group Co. Ltd.		924,400		15,752,262
Maruichi Steel Tube Ltd.		283,600		6,106,544
MARUKA FURUSATO Corp.		99,700		2,681,962
Maruwa Co. Ltd./Aichi		49,600		6,340,341
Matsuda Sangyo Co. Ltd.		24,900		453,674
Matsui Securities Co. Ltd.		785,700		4,704,950
MatsukiyoCocokara & Co.		577,050		28,785,758
Max Co. Ltd.		27,400		428,680
Maxell Ltd.		413,600		4,513,777
Maxvalu Tokai Co. Ltd.		2,500		54,222
Mazda Motor Corp.		2,983,400		23,747,824
McDonald’s Holdings Co. Japan Ltd.(a)		480,800		18,995,146
MCJ Co. Ltd.		252,700		1,965,553
Mebuki Financial Group Inc.		5,308,010		13,826,391
Medipal Holdings Corp.		893,800		11,933,107
Medley Inc.(b)		122,600		4,344,127
Megachips Corp.		81,300		1,697,537
Megmilk Snow Brand Co. Ltd.		233,100		3,262,475
Meidensha Corp.		173,900		2,583,367
MEIJI Holdings Co. Ltd.		583,200		30,077,187
Meiko Electronics Co. Ltd.		104,700		2,347,076
Meitec Corp.		404,600		7,611,210
Melco Holdings Inc.		43,200		1,114,924
Menicon Co. Ltd.		324,400		7,168,241
Mercari Inc.(b)		564,300		12,290,375
METAWATER Co. Ltd.		56,100		740,475
Micronics Japan Co. Ltd.		182,000		1,952,260
Midac Holdings Co. Ltd.		36,400		795,439
Milbon Co. Ltd.		141,600		6,227,260
Mimasu Semiconductor Industry Co. Ltd.		29,500		585,129
MINEBEA MITSUMI Inc.		1,944,659		33,900,643
Mirai Corp.		6,001		2,026,427

22 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
MIRAIT ONE corp.		559,700	$	6,825,654
MISUMI Group Inc.		1,497,300		37,683,242
Mitani Sekisan Co. Ltd.		15,000		490,095
Mitsubishi Chemical Group Corp.		6,754,400		37,901,945
Mitsubishi Corp.		6,695,900		224,218,587
Mitsubishi Electric Corp.		10,233,000		112,775,346
Mitsubishi Estate Co. Ltd.		6,305,500		81,045,334
Mitsubishi Estate Logistics REIT Investment Corp.		2,363		7,427,630
Mitsubishi Gas Chemical Co. Inc.		804,600		11,757,225
Mitsubishi HC Capital Inc.		3,795,870		19,374,676
Mitsubishi Heavy Industries Ltd.		1,694,900		66,456,959
Mitsubishi Logisnext Co. Ltd.		37,900		211,353
Mitsubishi Logistics Corp.		383,600		8,957,589
Mitsubishi Materials Corp.		613,000		10,529,361
Mitsubishi Motors Corp.(b)		3,555,900		13,700,534
Mitsubishi Pencil Co. Ltd.		172,600		1,936,171
Mitsubishi Research Institute Inc.		15,400		599,187
Mitsubishi Shokuhin Co. Ltd.		44,500		1,072,642
Mitsubishi UFJ Financial Group Inc.		63,502,800		465,150,439
Mitsui & Co. Ltd.		7,592,400		223,996,541
Mitsui Chemicals Inc.		957,300		22,533,423
Mitsui DM Sugar Holdings Co. Ltd.		108,800		1,701,718
Mitsui Fudosan Co. Ltd.		4,801,600		89,999,472
Mitsui Fudosan Logistics Park Inc.		2,831		9,880,369
Mitsui High-Tec Inc.		105,400		5,558,003
Mitsui Mining & Smelting Co. Ltd.		288,300		7,680,625
Mitsui OSK Lines Ltd.		1,823,200		45,249,478
Mitsui-Soko Holdings Co. Ltd.		112,800		3,243,121
Miura Co. Ltd.		496,000		12,411,557
Mixi Inc.		199,300		3,823,724
Mizuho Financial Group Inc.		12,787,370		199,744,466
Mizuho Leasing Co. Ltd.		139,300		3,695,715
Mochida Pharmaceutical Co. Ltd.		134,900		3,623,366
Modec Inc.(b)		108,500		1,180,921
Monex Group Inc.		976,400		3,444,507
Money Forward Inc.(b)		238,500		8,844,404
Monogatari Corp. (The)		46,000		2,304,842
MonotaRO Co. Ltd.		1,343,600		20,353,326
Mori Hills REIT Investment Corp.		8,604		9,777,042
Mori Trust Hotel Reit Inc.(a)		149		154,354
Mori Trust Sogo REIT Inc.		6,093		6,875,852
Morinaga & Co. Ltd./Japan		203,600		6,036,911
Morinaga Milk Industry Co. Ltd.		182,900		6,765,962
Morita Holdings Corp.		90,400		846,104
MOS Food Services Inc.		139,600		3,311,142
MS&AD Insurance Group Holdings Inc.		2,355,100		75,536,802
Murata Manufacturing Co. Ltd.		3,066,800		175,238,437
Musashi Seimitsu Industry Co. Ltd.		246,400		3,395,721
Musashino Bank Ltd. (The)		114,400		2,007,648
Nabtesco Corp.		579,900		16,978,603
Nachi-Fujikoshi Corp.		86,300		2,609,310
Nafco Co. Ltd.		59,700		748,936
Nagaileben Co. Ltd.		52,400		793,845
Nagase & Co. Ltd.		612,600		9,885,738
Nagawa Co. Ltd.(a)		16,100		989,904
Nagoya Railroad Co. Ltd.		973,500		16,096,676
Nakanishi Inc.		429,400		9,109,968
Nankai Electric Railway Co. Ltd.		552,100		11,996,916
Nanto Bank Ltd. (The)		137,100		2,843,933
NEC Corp.		1,306,100		47,186,266

Security	Shares		Value
Japan (continued)
NEC Networks & System Integration Corp.		546,400	$	7,296,855
NET One Systems Co. Ltd.		449,200		12,173,308
Nexon Co. Ltd.		2,518,500		60,727,444
Nextage Co. Ltd.		231,700		5,211,661
NGK Insulators Ltd.		1,239,500		17,156,275
NGK Spark Plug Co. Ltd.		805,700		15,744,275
NH Foods Ltd.		441,000		13,239,748
NHK Spring Co. Ltd.		1,183,700		8,367,054
Nichias Corp.		396,900		7,683,438
Nichicon Corp.		405,500		3,983,503
Nichiden Corp.		59,200		821,429
Nichiha Corp.		127,000		2,725,833
Nichirei Corp.		563,900		11,799,848
Nidec Corp.		2,389,900		132,445,491
Nifco Inc./Japan		483,400		12,547,477
Nihon Kohden Corp.		474,400		12,462,957
Nihon M&A Center Holdings Inc.		1,613,500		16,495,463
Nihon Parkerizing Co. Ltd.		629,000		4,644,141
Nikkiso Co. Ltd.		263,200		2,066,387
Nikkon Holdings Co. Ltd.		233,400		4,493,813
Nikon Corp.		1,586,100		15,660,209
Nintendo Co. Ltd.		5,880,400		254,961,013
Nippn Corp., New		270,800		3,384,589
Nippon Accommodations Fund Inc.		2,366		10,619,605
Nippon Building Fund Inc.		8,058		35,216,383
Nippon Carbon Co. Ltd.		8,900		303,096
Nippon Ceramic Co. Ltd.		51,200		954,330
Nippon Densetsu Kogyo Co. Ltd.		95,800		1,199,800
Nippon Electric Glass Co. Ltd.		468,500		8,700,228
Nippon Express Holdings Inc.		408,500		23,706,364
Nippon Gas Co. Ltd.		563,100		8,987,825
Nippon Kanzai Co. Ltd.		28,900		569,143
Nippon Kayaku Co. Ltd.		825,200		7,662,933
Nippon Light Metal Holdings Co. Ltd.		389,460		4,463,946
Nippon Paint Holdings Co. Ltd.		4,416,400		40,319,411
Nippon Paper Industries Co. Ltd.		512,800		3,817,823
Nippon Parking Development Co. Ltd.		580,400		1,155,078
Nippon Prologis REIT Inc.		11,861		26,914,279
NIPPON REIT Investment Corp.		2,409		6,134,510
Nippon Road Co. Ltd. (The)		24,900		1,188,594
Nippon Sanso Holdings Corp.		904,500		14,753,178
Nippon Seiki Co. Ltd.		116,100		748,463
Nippon Shinyaku Co. Ltd.		258,000		13,278,260
Nippon Shokubai Co. Ltd.		131,800		5,579,769
Nippon Signal Company Ltd.		272,300		2,186,925
Nippon Soda Co. Ltd.		122,000		3,987,628
Nippon Steel Corp.		4,278,808		89,062,195
Nippon Steel Trading Corp.		76,372		5,445,168
Nippon Suisan Kaisha Ltd.		1,821,600		7,569,159
Nippon Telegraph & Telephone Corp.		6,352,300		190,477,006
Nippon Television Holdings Inc.		205,700		1,663,031
Nippon Yusen KK		2,574,200		61,237,260
Nipro Corp.		805,900		6,469,279
Nishimatsu Construction Co. Ltd.		168,200		5,254,284
Nishimatsuya Chain Co. Ltd.		368,400		4,374,692
Nishi-Nippon Financial Holdings Inc.		856,900		7,132,396
Nishi-Nippon Railroad Co. Ltd.		425,000		7,848,700
Nishio Rent All Co. Ltd.		31,100		750,220
Nissan Chemical Corp.		670,200		31,639,899
Nissan Motor Co. Ltd.		12,384,000		44,494,960

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nissan Shatai Co. Ltd.		241,100	$	1,675,228
Nissha Co. Ltd.		224,400		3,338,739
Nisshin Oillio Group Ltd. (The)		132,900		3,264,499
Nisshin Seifun Group Inc.		1,097,100		13,741,715
Nisshinbo Holdings Inc.		744,800		5,567,322
Nissin Electric Co. Ltd.		426,700		4,424,094
Nissin Foods Holdings Co. Ltd.		331,100		25,884,615
Nitori Holdings Co. Ltd.		433,400		57,362,958
Nitta Corp.		100,500		2,222,269
Nittetsu Mining Co. Ltd.		20,400		568,085
Nitto Boseki Co. Ltd.		129,600		2,043,735
Nitto Denko Corp.		754,500		48,768,929
Nitto Kogyo Corp.		121,500		2,274,428
Noevir Holdings Co. Ltd.		88,700		3,905,894
NOF Corp.		431,800		18,393,467
Nohmi Bosai Ltd.		25,000		331,497
Nojima Corp.		283,300		3,041,191
NOK Corp.		541,100		5,138,997
Nomura Co. Ltd.		550,600		3,961,625
Nomura Holdings Inc.		15,335,000		61,199,379
Nomura Real Estate Holdings Inc.		621,100		13,689,321
Nomura Real Estate Master Fund Inc.		22,129		25,879,088
Nomura Research Institute Ltd.		2,113,140		50,731,362
Noritake Co. Ltd./Nagoya Japan		58,100		1,883,679
Noritsu Koki Co. Ltd.		70,100		1,269,676
Noritz Corp.		120,300		1,390,743
North Pacific Bank Ltd.		2,302,900		4,997,130
NS Solutions Corp.		174,000		4,478,501
NS United Kaiun Kaisha Ltd.		49,100		1,478,722
NSD Co. Ltd.		516,000		9,270,391
NSK Ltd.		1,940,300		10,912,948
NTN Corp.		2,407,600		4,991,113
NTT Data Corp.		3,375,600		52,360,195
NTT UD REIT Investment Corp.		8,696		8,868,903
Obara Group Inc.(a)		63,400		1,834,450
Obayashi Corp.		3,388,100		26,280,552
OBIC Business Consultants Co. Ltd.		155,000		6,087,206
Obic Co. Ltd.		382,400		61,308,911
Odakyu Electric Railway Co. Ltd.		1,547,000		20,338,976
Ogaki Kyoritsu Bank Ltd. (The)		186,500		2,796,454
Ohsho Food Service Corp.		70,300		3,285,389
Oiles Corp.		104,200		1,240,204
Oisix ra daichi Inc.(a)(b)		144,500		2,438,532
Oji Holdings Corp.		4,227,200		17,469,956
Okamoto Industries Inc.		43,900		1,321,201
Okamura Corp.		452,200		4,959,938
Okasan Securities Group Inc.		1,104,900		3,573,700
Oki Electric Industry Co. Ltd.		558,100		3,152,550
Okinawa Cellular Telephone Co.		115,000		2,782,440
Okinawa Electric Power Co. Inc. (The)		210,616		1,751,611
Okinawa Financial Group Inc.		71,200		1,323,249
OKUMA Corp.		124,600		5,050,417
Okumura Corp.		168,600		3,922,332
Olympus Corp.		6,500,900		122,214,388
Omron Corp.		995,100		57,577,060
One REIT Inc.		639		1,211,248
Ono Pharmaceutical Co. Ltd.		1,904,800		41,331,653
Open Door Inc.(a)(b)		61,400		867,528
Open House Group Co. Ltd.		408,500		15,453,664
Optex Group Co. Ltd.		114,200		1,872,248

Security	Shares		Value
Japan (continued)
Optorun Co. Ltd.		148,100	$	2,922,534
Oracle Corp. Japan		204,500		14,009,646
Organo Corp.		98,300		2,498,721
Orient Corp.		519,110		4,743,068
Oriental Land Co. Ltd./Japan		1,063,300		177,166,885
ORIX Corp.		6,297,700		110,732,337
Orix JREIT Inc.		14,135		19,447,824
Osaka Gas Co. Ltd.		1,963,000		31,676,703
Osaka Organic Chemical Industry Ltd.		74,300		1,225,993
Osaka Soda Co. Ltd.		21,100		689,636
OSAKA Titanium Technologies Co. Ltd.		146,000		4,142,665
OSG Corp.		502,800		7,891,395
Otsuka Corp.		610,000		20,068,717
Otsuka Holdings Co. Ltd.		2,042,000		65,508,194
Outsourcing Inc.		653,300		5,076,926
Pacific Metals Co. Ltd.		86,500		1,335,471
PAL GROUP Holdings Co. Ltd.		127,800		2,740,811
PALTAC Corp.		160,500		5,811,233
Pan Pacific International Holdings Corp.		2,019,000		37,337,616
Panasonic Holdings Corp.		11,740,400		108,873,055
Paramount Bed Holdings Co. Ltd.		217,400		4,175,461
Park24 Co. Ltd.(b)		675,300		11,453,577
Pasona Group Inc.		76,200		1,229,451
Penta-Ocean Construction Co. Ltd.		1,575,800		7,859,417
PeptiDream Inc.(b)		544,200		8,496,807
Persol Holdings Co. Ltd.		914,200		20,044,301
Pharma Foods International Co. Ltd.(a)		130,000		1,333,698
PHC Holdings Corp.		131,400		1,558,958
Pigeon Corp.		605,700		9,626,302
Pilot Corp.		147,400		5,261,027
Piolax Inc.		131,100		1,793,470
PKSHA Technology Inc.(a)(b)		91,900		1,283,716
Plus Alpha Consulting Co. Ltd.		42,200		914,674
Pola Orbis Holdings Inc.		504,400		7,277,340
Pressance Corp.		78,100		999,245
Prestige International Inc.		304,800		1,700,295
Prima Meat Packers Ltd.		148,700		2,522,572
Raito Kogyo Co. Ltd.		198,200		2,941,440
Raiznext Corp.		161,100		1,637,991
Raksul Inc.(a)(b)		255,000		2,760,447
Rakus Co. Ltd.		515,800		7,068,815
Rakuten Group Inc.(a)(b)		4,718,300		24,055,989
Recruit Holdings Co. Ltd.		7,674,500		246,813,921
Relia Inc.		241,300		2,721,379
Relo Group Inc.		572,600		9,703,511
Renesas Electronics Corp.(b)		6,218,800		63,967,201
Rengo Co. Ltd.		1,012,200		7,144,110
RENOVA Inc.(a)(b)		192,300		3,346,934
Resona Holdings Inc.		11,573,138		64,042,548
Resorttrust Inc.		530,500		9,693,660
Retail Partners Co. Ltd.		32,200		339,153
Ricoh Co. Ltd.		3,033,900		23,551,002
Ricoh Leasing Co. Ltd.		65,300		1,950,975
Riken Keiki Co. Ltd.		36,900		1,316,287
Ringer Hut Co. Ltd.(a)		157,900		2,754,771
Rinnai Corp.		197,900		15,620,243
Riso Kagaku Corp.		68,000		1,134,564
Riso Kyoiku Co. Ltd.		334,900		941,153
Rohm Co. Ltd.		472,400		37,854,113
Rohto Pharmaceutical Co. Ltd.		1,103,200		20,355,608

24 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Roland Corp.		65,500	$	1,955,683
Rorze Corp.		55,400		4,258,454
Round One Corp.		1,331,100		4,904,564
Royal Holdings Co. Ltd.(a)(b)		167,100		3,122,935
RS Technologies Co. Ltd.		61,200		1,859,817
Ryohin Keikaku Co. Ltd.		1,348,800		14,955,686
Ryosan Co. Ltd.		89,700		2,032,785
Ryoyo Electro Corp.		129,700		2,318,367
S Foods Inc.		48,700		1,113,123
Saibu Gas Holdings Co. Ltd.		101,400		1,433,473
Saizeriya Co. Ltd.		158,500		3,929,053
Sakai Moving Service Co. Ltd.		28,000		968,261
Sakata INX Corp.		5,500		46,347
Sakata Seed Corp.		187,400		5,987,069
SAMTY Co. Ltd.		85,300		1,347,240
Samty Residential Investment Corp.		588		493,035
San-A Co. Ltd.		105,300		3,389,234
San-Ai Obbli Co. Ltd.		48,600		505,646
SanBio Co. Ltd.(a)(b)		206,500		1,182,782
Sangetsu Corp.		231,300		4,064,662
San-in Godo Bank Ltd. (The)		829,400		5,158,950
Sanken Electric Co. Ltd.		127,200		7,223,433
Sanki Engineering Co. Ltd.		13,100		157,294
Sankyo Co. Ltd.		186,200		7,520,919
Sankyu Inc.		238,700		9,378,943
Sanrio Co. Ltd.		289,300		11,034,548
Sansan Inc.(b)		368,400		4,594,774
Santen Pharmaceutical Co. Ltd.		1,942,500		15,143,245
Sanwa Holdings Corp.		1,124,100		11,900,189
Sanyo Chemical Industries Ltd.		21,100		688,030
Sanyo Denki Co. Ltd.		34,200		1,657,932
Sanyo Special Steel Co. Ltd.		110,700		2,123,938
Sapporo Holdings Ltd.		428,100		10,454,659
Sato Holdings Corp.		160,200		2,611,330
Sawai Group Holdings Co. Ltd.		178,200		5,513,465
SB Technology Corp.		10,600		160,175
SBI Holdings Inc.		1,323,900		28,065,743
SBS Holdings Inc.		58,000		1,324,418
SCREEN Holdings Co. Ltd.		199,600		14,873,572
SCSK Corp.		764,100		12,445,214
Secom Co. Ltd.		1,108,700		66,051,647
Sega Sammy Holdings Inc.		801,400		12,689,777
Seibu Holdings Inc.		1,179,900		13,235,664
Seiko Epson Corp.		1,476,100		22,891,355
Seiko Group Corp.		142,300		3,212,684
Seino Holdings Co. Ltd.		733,200		7,322,452
Seiren Co. Ltd.		218,800		4,018,396
Sekisui Chemical Co. Ltd.		1,942,400		27,209,694
Sekisui House Ltd.		3,305,900		62,479,062
Sekisui House Reit Inc.		22,129		12,097,122
Senko Group Holdings Co. Ltd.		661,300		5,115,056
Septeni Holdings Co. Ltd.		285,500		756,148
Seria Co. Ltd.		220,800		4,852,111
Seven & i Holdings Co. Ltd.		3,993,900		188,563,591
Seven Bank Ltd.		3,393,100		6,972,683
SG Holdings Co. Ltd.		1,533,000		23,656,209
Sharp Corp./Japan		1,222,599		10,162,324
Shibaura Machine Co. Ltd.		147,600		3,233,749
SHIFT Inc.(b)		67,700		12,635,228
Shiga Bank Ltd. (The)		219,700		4,573,007

Security	Shares		Value
Japan (continued)
Shikoku Chemicals Corp.		86,100	$	846,771
Shikoku Electric Power Co. Inc.		842,600		4,871,664
Shima Seiki Manufacturing Ltd.		154,900		2,346,563
Shimadzu Corp.		1,259,200		38,696,551
Shimamura Co. Ltd.		116,600		10,937,548
Shimano Inc.		399,900		71,316,322
Shimizu Corp.		2,879,100		16,139,354
Shin Nippon Biomedical Laboratories Ltd.		110,100		1,982,067
Shin-Etsu Chemical Co. Ltd.		1,997,800		294,521,695
Shin-Etsu Polymer Co. Ltd.		60,600		603,438
Shinko Electric Industries Co. Ltd.		412,300		11,600,476
Shinmaywa Industries Ltd.		501,200		4,168,616
Shinsei Bank Ltd.(a)		334,700		6,173,309
Shionogi & Co. Ltd.		1,406,900		67,045,098
Ship Healthcare Holdings Inc.		512,000		9,941,617
Shiseido Co. Ltd.		2,127,500		110,578,929
Shizuoka Financial Group Inc., NVS		2,247,400		19,039,150
Shizuoka Gas Co. Ltd.		137,200		1,202,900
SHO-BOND Holdings Co. Ltd.		201,200		8,584,423
Shochiku Co. Ltd.(b)		46,700		3,981,726
Shoei Co. Ltd.		95,300		3,669,583
Shoei Foods Corp.(a)		18,300		585,015
Showa Denko KK		926,500		15,834,426
Showa Sangyo Co. Ltd.		79,900		1,558,778
Siix Corp.		170,500		1,842,642
Simplex Holdings Inc.		132,400		2,325,880
SKY Perfect JSAT Holdings Inc.		1,323,000		5,107,197
Skylark Holdings Co. Ltd.(a)(b)		1,197,200		14,247,726
SMC Corp.		305,200		155,014,301
SMS Co. Ltd.		442,100		11,629,224
Snow Peak Inc.(a)		144,400		2,398,640
SoftBank Corp.		15,304,600		175,116,655
SoftBank Group Corp.		6,419,900		303,931,250
Sohgo Security Services Co. Ltd.		449,300		12,370,074
Sojitz Corp.		1,231,200		24,410,152
Solasto Corp.		196,000		1,032,592
Sompo Holdings Inc.		1,656,100		71,293,262
Sony Group Corp.		6,715,100		600,004,489
Sosei Group Corp.(a)(b)		458,800		8,690,291
SOSiLA Logistics REIT Inc.		2,800		2,787,192
Sotetsu Holdings Inc.		477,800		8,168,386
SPARX Group Co. Ltd.		9,920		138,879
S-Pool Inc.		332,800		1,988,103
Square Enix Holdings Co. Ltd.		467,600		22,113,391
SRE Holdings Corp.(a)(b)		56,400		1,793,198
Stanley Electric Co. Ltd.		699,300		15,049,807
Star Asia Investment Corp.		5,997		2,432,859
Star Micronics Co. Ltd.		222,600		2,904,266
Starts Corp. Inc.		139,500		2,774,030
Starts Proceed Investment Corp.		236		413,519
Strike Co. Ltd.		29,100		942,838
Subaru Corp.		3,274,400		53,803,747
Sugi Holdings Co. Ltd.		184,800		8,077,259
SUMCO Corp.		1,876,800		27,808,107
Sumitomo Bakelite Co. Ltd.		176,000		5,734,786
Sumitomo Chemical Co. Ltd.		7,796,900		29,929,426
Sumitomo Corp.		5,934,500		106,523,853
Sumitomo Electric Industries Ltd.		3,767,900		45,275,690
Sumitomo Forestry Co. Ltd.		744,200		13,914,679
Sumitomo Heavy Industries Ltd.		571,200		12,701,920

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Metal Mining Co. Ltd.		1,309,100	$	53,153,685
Sumitomo Mitsui Construction Co. Ltd.		1,127,940		3,648,211
Sumitomo Mitsui Financial Group Inc.		6,904,300		300,068,225
Sumitomo Mitsui Trust Holdings Inc.		1,765,600		64,318,397
Sumitomo Osaka Cement Co. Ltd.		150,600		3,962,670
Sumitomo Pharma Co., Ltd.		914,100		6,426,913
Sumitomo Realty & Development Co. Ltd.		1,643,400		40,061,370
Sumitomo Riko Co. Ltd.		107,800		529,978
Sumitomo Rubber Industries Ltd.		873,500		7,754,730
Sumitomo Warehouse Co. Ltd. (The)		440,500		6,782,380
Sundrug Co. Ltd.		390,500		11,048,537
Suntory Beverage & Food Ltd.		727,000		24,549,149
Suruga Bank Ltd.		653,500		2,132,948
Suzuken Co. Ltd.		324,500		8,546,712
Suzuki Motor Corp.		1,960,200		73,492,180
Sysmex Corp.		894,300		59,368,158
Systena Corp.		1,914,300		6,145,267
T Hasegawa Co. Ltd.		117,900		2,886,267
T&D Holdings Inc.		2,778,400		44,471,759
Tadano Ltd.		628,200		4,664,214
Taihei Dengyo Kaisha Ltd.		54,000		1,446,851
Taiheiyo Cement Corp.		601,200		10,360,725
Taikisha Ltd.		121,800		3,340,468
Taisei Corp.		940,700		32,474,816
Taisho Pharmaceutical Holdings Co. Ltd.		199,800		8,404,723
Taiyo Holdings Co. Ltd.		199,500		3,680,310
Taiyo Yuden Co. Ltd.		624,500		21,211,464
Takamatsu Construction Group Co. Ltd.		75,700		1,159,014
Takara Bio Inc.		242,400		3,208,906
Takara Holdings Inc.		844,100		6,859,266
Takara Leben Real Estate Investment Corp.		2,778		2,082,595
Takasago Thermal Engineering Co. Ltd.		222,600		3,228,027
Takashimaya Co. Ltd.		806,200		11,263,659
Takeda Pharmaceutical Co. Ltd.		7,966,780		250,454,594
Takeuchi Manufacturing Co. Ltd.		236,900		5,243,175
Takuma Co. Ltd.		475,200		4,707,136
Tama Home Co. Ltd.		78,600		1,929,388
Tamron Co. Ltd.		100,700		2,441,186
TBS Holdings Inc.		182,100		2,125,911
TDK Corp.		2,065,400		73,789,017
TechMatrix Corp.		187,900		2,572,331
TechnoPro Holdings Inc.		574,100		17,874,699
Teijin Ltd.		840,500		8,630,530
Tenma Corp.		67,200		1,147,426
Terumo Corp.		3,442,900		100,224,034
T-Gaia Corp.		114,300		1,460,202
THK Co. Ltd.		619,800		13,153,603
TIS Inc.		1,233,200		35,559,755
TKC Corp.		72,400		2,062,976
TKP Corp.(b)		76,700		1,818,259
Toa Corp./Tokyo		90,400		1,751,250
Toagosei Co. Ltd.		647,800		5,878,745
Tobu Railway Co. Ltd.		980,600		23,007,914
TOC Co. Ltd.		109,700		574,930
Tocalo Co. Ltd.		488,500		4,679,559
Toda Corp.		1,315,700		7,176,464
Toei Animation Co. Ltd.(a)		43,700		4,356,177
Toei Co. Ltd.(a)		36,600		4,838,879
Toenec Corp.		35,900		954,109
Toho Bank Ltd. (The)		885,400		1,643,536

Security	Shares		Value
Japan (continued)
Toho Co. Ltd./Tokyo		595,800	$	22,004,946
Toho Gas Co. Ltd.		402,100		7,885,875
Toho Holdings Co. Ltd.		402,100		6,567,216
Toho Titanium Co. Ltd.		177,300		3,308,912
Tohoku Electric Power Co. Inc.		2,388,200		12,844,949
Tokai Carbon Co. Ltd.		1,221,300		10,536,939
Tokai Corp./Gifu		56,700		853,223
TOKAI Holdings Corp.		699,200		4,664,082
Tokai Rika Co. Ltd.		247,600		2,874,040
Tokai Tokyo Financial Holdings Inc.		1,871,600		5,455,162
Token Corp.		50,510		3,054,649
Tokio Marine Holdings Inc.		9,744,000		204,085,187
Tokushu Tokai Paper Co. Ltd.		9,700		217,352
Tokuyama Corp.		381,300		5,578,299
Tokyo Century Corp.		187,300		6,585,684
Tokyo Electric Power Co. Holdings Inc.(b)		8,060,500		30,184,875
Tokyo Electron Ltd.		795,900		278,186,272
Tokyo Gas Co. Ltd.		2,038,600		42,687,661
Tokyo Ohka Kogyo Co. Ltd.		171,000		8,427,986
Tokyo Seimitsu Co. Ltd.		196,000		6,748,253
Tokyo Steel Manufacturing Co. Ltd.		449,500		4,890,708
Tokyo Tatemono Co. Ltd.		1,088,400		13,493,448
Tokyotokeiba Co. Ltd.		76,000		2,265,614
Tokyu Construction Co. Ltd.		587,000		2,987,552
Tokyu Corp.		2,769,400		35,612,770
Tokyu Fudosan Holdings Corp.		3,229,100		16,385,201
Tokyu REIT Inc.		6,084		9,167,520
TOMONY Holdings Inc.		896,400		2,753,213
Tomy Co. Ltd.		566,600		5,591,942
Topcon Corp.		614,900		8,013,092
Toppan Inc.		1,436,500		23,145,136
Topre Corp.		181,500		1,770,526
Toray Industries Inc.		7,294,600		44,818,372
Toridoll Holdings Corp.(a)		266,800		5,787,669
Torii Pharmaceutical Co. Ltd.		48,600		1,164,512
Tosei Corp.		40,800		465,806
Toshiba Corp.		2,064,700		70,915,527
Toshiba TEC Corp.		164,000		4,666,803
Tosho Co. Ltd.		33,400		308,174
Tosoh Corp.		1,351,400		17,680,921
Totetsu Kogyo Co. Ltd.		115,200		2,381,323
TOTO Ltd.		737,900		28,676,930
Towa Pharmaceutical Co. Ltd.		72,800		1,149,400
Toyo Construction Co. Ltd.		177,000		1,163,059
Toyo Gosei Co. Ltd.(a)		24,900		1,777,250
Toyo Ink SC Holdings Co. Ltd.		165,100		2,371,449
Toyo Seikan Group Holdings Ltd.		703,400		9,130,747
Toyo Suisan Kaisha Ltd.		490,400		20,263,721
Toyo Tanso Co. Ltd.		106,900		3,414,167
Toyo Tire Corp.		620,700		7,425,721
Toyobo Co. Ltd.		537,300		4,277,289
Toyoda Gosei Co. Ltd.		320,700		5,324,925
Toyota Boshoku Corp.		483,500		7,171,214
Toyota Industries Corp.		767,900		46,744,085
Toyota Motor Corp.		56,514,925		829,961,953
Toyota Tsusho Corp.		1,124,700		47,622,216
Trancom Co. Ltd.		8,300		475,568
Transcosmos Inc.		111,200		2,902,972
TRE Holdings Corp.		186,800		2,104,963
Trend Micro Inc./Japan(b)		709,600		35,135,148

26 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tri Chemical Laboratories Inc.		128,800	$	2,338,908
Trusco Nakayama Corp.		217,500		3,563,356
TS Tech Co. Ltd.		502,700		6,261,982
Tsubakimoto Chain Co.		115,900		2,774,493
Tsugami Corp.		185,500		2,053,549
Tsumura & Co.		448,000		9,579,164
Tsuruha Holdings Inc.		209,700		15,439,698
TV Asahi Holdings Corp.		100,400		1,039,041
UACJ Corp.		151,900		2,852,134
UBE Corp.		529,400		8,303,830
Ulvac Inc.		244,000		11,414,799
Unicharm Corp.		2,138,000		81,555,361
United Arrows Ltd.		107,900		1,457,094
United Super Markets Holdings Inc.		452,900		3,955,093
United Urban Investment Corp.		15,817		17,998,190
Universal Entertainment Corp.(b)		96,700		1,838,273
Usen-Next Holdings Co. Ltd.		72,000		1,222,875
Ushio Inc.		547,500		7,338,990
USS Co. Ltd.		1,099,500		18,084,756
UT Group Co. Ltd.		147,500		3,004,542
Valor Holdings Co. Ltd.		194,300		2,800,055
ValueCommerce Co. Ltd.		70,200		963,165
Vector Inc.		110,500		1,091,057
Vision Inc./Tokyo Japan(b)		172,000		1,923,800
Visional Inc.(b)		91,900		6,658,936
VT Holdings Co. Ltd.		556,100		2,140,904
Wacoal Holdings Corp.		249,300		4,686,993
Wacom Co. Ltd.		835,500		4,126,197
WealthNavi Inc.(a)(b)		166,400		1,824,160
Weathernews Inc.		26,000		1,416,018
Welcia Holdings Co. Ltd.		508,400		11,363,076
West Holdings Corp.		122,930		3,686,124
West Japan Railway Co.		1,165,300		48,801,014
WingArc1st Inc.		100,200		1,522,574
Workman Co. Ltd.(a)		109,000		4,444,556
W-Scope Corp.(a)(b)		280,400		3,144,134
Yakult Honsha Co. Ltd.		673,900		48,108,307
Yamada Holdings Co. Ltd.		3,745,300		13,599,064
Yamaguchi Financial Group Inc.		1,195,800		8,270,573
Yamaha Corp.		742,700		28,879,197
Yamaha Motor Co. Ltd.		1,572,700		38,736,675
YA-MAN Ltd.		190,900		2,007,590
Yamato Holdings Co. Ltd.		1,513,900		26,488,614
Yamato Kogyo Co. Ltd.		191,700		7,265,744
Yamazaki Baking Co. Ltd.		630,100		7,371,992
Yamazen Corp.		424,000		3,473,023
Yaoko Co. Ltd.		88,200		4,604,411
Yaskawa Electric Corp.		1,270,300		49,654,868
Yellow Hat Ltd.		157,500		2,159,328
Yodogawa Steel Works Ltd.		63,600		1,355,176
Yokogawa Bridge Holdings Corp.		133,600		2,062,099
Yokogawa Electric Corp.		1,199,200		21,057,447
Yokohama Rubber Co. Ltd. (The)		660,000		10,843,033
Yokorei Co. Ltd.		268,900		2,264,858
Yokowo Co. Ltd.		49,000		847,502
Yonex Co. Ltd.		303,600		2,969,096
Yoshinoya Holdings Co. Ltd.		468,800		8,596,676
Yuasa Trading Co. Ltd.		61,900		1,763,851
Z Holdings Corp.		14,345,900		41,742,530
Zenkoku Hosho Co. Ltd.		253,400		9,869,361

Security	Shares		Value
Japan (continued)
Zenrin Co. Ltd.		155,900	$	969,168
Zensho Holdings Co. Ltd.		522,800		13,344,565
Zeon Corp.		761,400		7,489,522
ZERIA Pharmaceutical Co. Ltd.		18,600		310,485
Zojirushi Corp.		88,800		1,135,419
ZOZO Inc.		664,300		17,220,786
Zuken Inc.		30,700		749,203
				21,987,956,364
Netherlands — 4.2%
Aalberts NV		529,736		25,047,274
ABN AMRO Bank NV, CVA(d)		2,092,871		34,736,526
Adyen NV(b)(d)		115,159		174,109,698
Aegon NV		9,422,330		51,971,602
AerCap Holdings NV(a)(b)		706,341		44,647,815
Akzo Nobel NV		967,162		72,039,027
Alfen Beheer BV(a)(b)(d)		115,392		10,705,874
Allfunds Group PLC		1,397,813		11,119,544
AMG Advanced Metallurgical Group NV		188,197		7,351,469
Arcadis NV		425,768		18,487,056
Ariston Holding NV		439,341		4,547,035
ASM International NV		248,169		83,932,230
ASML Holding NV		2,164,122		1,431,886,215
ASR Nederland NV		721,933		34,170,165
Basic-Fit NV(a)(b)(d)		277,276		9,111,092
BE Semiconductor Industries NV		400,081		28,616,334
Brunel International NV		220,557		2,517,675
CM.Com NV(a)(b)		80,417		1,082,287
Corbion NV		334,232		12,861,594
CureVac NV(a)(b)		292,302		3,239,667
Davide Campari-Milano NV		2,865,336		30,736,687
Ebusco Holding NV(a)(b)		79,701		1,173,952
Eurocommercial Properties NV		272,639		6,827,152
EXOR NV, NVS(b)		568,230		45,167,819
Fastned BV(a)(b)		19,031		774,182
Flow Traders Ltd., NVS		184,370		4,742,361
Fugro NV(b)		555,011		7,390,430
Heineken Holding NV		538,906		44,495,253
Heineken NV		1,389,588		138,873,895
IMCD NV		303,059		48,044,490
ING Groep NV(b)		20,001,343		289,624,659
InPost SA(a)(b)		1,210,866		11,693,491
Iveco Group NV(b)		1,068,947		8,755,294
JDE Peet’s NV		535,868		16,061,536
Just Eat Takeaway.com NV(b)(d)		968,457		24,844,380
Koninklijke Ahold Delhaize NV		5,561,355		165,989,557
Koninklijke BAM Groep NV(b)		1,702,480		4,338,955
Koninklijke DSM NV		925,512		119,022,682
Koninklijke KPN NV		17,600,138		60,172,111
Koninklijke Philips NV		4,701,360		81,171,099
Koninklijke Vopak NV		385,773		11,623,558
Meltwater Holding BV(a)(b)		729,796		1,308,050
MFE-MediaForEurope NV, Class A		1,949,408		854,321
MFE-MediaForEurope NV, Class B		1,781,790		1,206,446
NN Group NV		1,476,474		64,149,954
NSI NV		130,039		3,392,927
OCI NV		572,808		19,498,643
Pharming Group NV(a)(b)		4,196,652		5,820,603
PostNL NV		2,018,376		4,226,087
Prosus NV		4,399,669		355,252,279
QIAGEN NV(b)		1,201,187		58,597,618

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Randstad NV		627,955	$	40,250,874
SBM Offshore NV		735,385		11,561,025
Shop Apotheke Europe NV(a)(b)(d)		77,136		5,561,782
Signify NV(a)(d)		670,514		24,276,230
Sligro Food Group NV		125,204		2,406,523
SNS Real NV(a)(c)		3,991		—
Technip Energies NV		713,438		13,831,632
TKH Group NV		234,442		10,640,198
TomTom NV(a)(b)		522,055		3,710,348
Universal Music Group NV		3,854,339		98,526,022
Van Lanschot Kempen NV		181,440		5,220,736
Vastned Retail NV		135,835		3,130,669
Wereldhave NV		222,132		3,336,839
Wolters Kluwer NV		1,395,712		152,164,738
				4,072,628,266
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)(b)		3,911,321		18,758,794
Air New Zealand Ltd.(b)		4,095,782		2,059,169
Argosy Property Ltd.		3,792,401		2,826,113
Auckland International Airport Ltd.(b)		6,683,354		36,782,078
Chorus Ltd.		2,265,070		12,257,746
Contact Energy Ltd.		4,057,562		20,406,107
EBOS Group Ltd.		899,177		25,066,204
Fisher & Paykel Healthcare Corp. Ltd.		3,100,916		50,889,711
Fletcher Building Ltd.		4,323,065		14,235,630
Genesis Energy Ltd.		2,871,826		5,323,750
Goodman Property Trust		4,934,696		6,576,412
Infratil Ltd.		3,882,689		22,352,789
Kiwi Property Group Ltd.		6,785,417		4,193,258
Mercury NZ Ltd.		4,097,914		15,920,183
Meridian Energy Ltd.		6,824,922		23,588,330
Oceania Healthcare Ltd.		1,247,866		720,473
Precinct Properties New Zealand Ltd.		6,114,534		4,969,379
Pushpay Holdings Ltd.(b)		5,822,554		4,883,116
Ryman Healthcare Ltd.		2,352,886		10,508,357
SKYCITY Entertainment Group Ltd.(b)		3,768,116		6,130,686
Spark New Zealand Ltd.		9,958,552		33,577,597
Summerset Group Holdings Ltd.		1,573,164		9,962,753
Warehouse Group Ltd. (The)(a)		642,013		1,080,860
				333,069,495
Norway — 0.9%
Adevinta ASA(b)		1,563,046		13,399,734
Aker ASA, Class A		135,718		9,813,373
Aker BP ASA		1,691,260		51,518,712
Aker Carbon Capture ASA(b)		1,789,193		2,651,953
Aker Horizons Holding AS(b)		983,378		1,424,499
Aker Solutions ASA		1,398,541		5,528,814
Atea ASA		569,055		6,418,801
Austevoll Seafood ASA		592,179		5,866,509
Bakkafrost P/F		259,885		16,126,244
Bewi ASA		243,660		1,266,927
Bonheur ASA		23,950		639,444
Borregaard ASA		635,755		9,801,571
BW Energy Ltd.(b)		314,190		882,731
BW LPG Ltd.(d)		606,615		5,020,508
Cool Co. Ltd.(b)		70,992		752,077
Crayon Group Holding ASA(a)(b)(d)		346,326		3,488,168
DNB Bank ASA		4,907,478		91,767,709
DNO ASA		2,045,288		2,523,284

Security	Shares		Value
Norway (continued)
Elkem ASA(d)		2,040,394	$	7,227,467
Entra ASA(d)		598,046		7,073,731
Equinor ASA		5,064,911		154,361,481
Europris ASA(d)		916,106		5,902,102
Flex LNG Ltd.(a)		176,736		5,461,472
Frontline PLC, NVS(a)		698,935		9,630,873
Gjensidige Forsikring ASA		1,046,461		18,808,514
Golden Ocean Group Ltd.		698,988		6,686,997
Grieg Seafood ASA		327,366		2,932,479
Hafnia Ltd.		661,864		3,480,364
Hexagon Composites ASA(b)		455,421		1,535,623
Hexagon Purus ASA(b)		140,614		370,012
Hoegh Autoliners ASA		252,256		1,566,870
Kahoot! ASA(a)(b)		1,440,526		2,546,475
Kongsberg Gruppen ASA		514,514		20,483,675
Leroy Seafood Group ASA		1,574,506		9,272,139
Mowi ASA		2,181,375		40,337,251
MPC Container Ships AS		1,366,052		2,174,415
NEL ASA(a)(b)		8,156,436		13,978,791
Nordic Semiconductor ASA(b)		861,117		13,731,418
Norsk Hydro ASA		7,069,213		57,316,103
Norske Skog ASA(b)(d)		324,081		2,231,719
Norwegian Air Shuttle ASA(a)(b)		3,439,260		3,276,429
Nykode Therapeutics AS(a)(b)		537,338		1,541,815
Odfjell Drilling Ltd.(b)		489,836		1,306,704
Orkla ASA		3,989,522		29,784,641
Protector Forsikring ASA		568,288		8,187,660
REC Silicon ASA(a)(b)		1,406,389		2,003,984
Salmar ASA		338,892		15,758,360
Scatec ASA(d)		624,468		5,093,271
Schibsted ASA, Class A		383,163		8,367,841
Schibsted ASA, Class B		493,315		10,312,702
SpareBank 1 Nord Norge		21,429		199,459
SpareBank 1 Oestlandet		10,247		120,022
SpareBank 1 SMN		1,109,449		14,148,541
SpareBank 1 SR-Bank ASA		1,013,426		11,749,957
Stolt-Nielsen Ltd.		106,537		2,801,160
Storebrand ASA		2,457,452		21,393,504
Subsea 7 SA		1,267,436		15,794,886
Telenor ASA		3,685,615		38,583,267
TGS ASA		739,324		12,241,066
TOMRA Systems ASA		1,237,637		21,848,421
Veidekke ASA		578,415		5,972,413
Volue ASA(b)		20,276		61,651
Wallenius Wilhelmsen ASA		664,643		6,307,513
Yara International ASA		881,419		39,162,576
				892,018,872
Portugal — 0.2%
Altri SGPS SA(a)		652,029		3,292,102
Banco Comercial Portugues SA, Class R(a)		47,224,984		10,061,228
Corticeira Amorim SGPS SA		45,382		448,474
CTT-Correios de Portugal SA		827,909		3,202,553
EDP - Energias de Portugal SA		14,851,786		73,787,496
Galp Energia SGPS SA		2,674,779		36,612,494
Greenvolt Energias Renovaveis SA(a)(b)		249,617		2,092,585
Jeronimo Martins SGPS SA		1,521,394		33,030,569
Navigator Co. SA (The)		1,684,679		5,898,199
NOS SGPS SA		1,106,365		4,744,418
REN - Redes Energeticas Nacionais SGPS SA		3,006,995		8,264,633

28 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Portugal (continued)
Sonae SGPS SA		6,655,867	$	6,784,167
				188,218,918
Singapore — 1.6%
AEM Holdings Ltd.(a)		1,616,800		4,291,859
AIMS APAC REIT(a)		616,400		644,778
Bumitama Agri Ltd.		1,851,600		856,433
CapitaLand Ascendas REIT		18,575,003		40,876,713
CapitaLand Ascott Trust		11,342,563		9,615,486
CapitaLand China Trust		6,498,980		6,197,147
Capitaland India Trust		3,949,700		3,651,879
CapitaLand Integrated Commercial Trust		28,435,257		46,523,872
Capitaland Investment Ltd/Singapore		13,938,200		42,227,314
CDL Hospitality Trusts		6,598,846		6,809,233
City Developments Ltd.		2,196,500		13,940,807
ComfortDelGro Corp. Ltd.		11,050,200		10,123,642
Cromwell European Real Estate Investment Trust		984,640		1,723,427
DBS Group Holdings Ltd.		9,711,900		265,875,608
Digital Core REIT Management Pte Ltd.(a)		4,073,400		2,574,552
ESR-LOGOS REIT		39,233,527		11,389,548
Far East Hospitality Trust		584,700		298,913
First Resources Ltd.		2,898,300		3,396,769
Frasers Centrepoint Trust		5,926,388		10,047,537
Frasers Logistics & Commercial Trust		15,920,086		15,322,992
Frencken Group Ltd.(a)		839,600		754,979
Genting Singapore Ltd.		31,463,100		23,828,856
Golden Agri-Resources Ltd.		38,782,200		7,387,983
Grab Holdings Ltd., Class A(a)(b)		6,845,020		25,942,626
Hour Glass Ltd. (The)		1,276,400		2,025,285
Hutchison Port Holdings Trust, Class U(a)		29,310,600		6,030,715
iFAST Corp. Ltd.(a)		822,300		3,269,615
Jardine Cycle & Carriage Ltd.(a)		522,600		11,585,846
Kenon Holdings Ltd./Singapore		120,995		3,770,649
Keppel Corp. Ltd.		7,708,100		44,503,934
Keppel DC REIT(a)		7,410,000		11,549,707
Keppel Infrastructure Trust(a)		18,833,400		8,257,782
Keppel Pacific Oak US REIT		989,000		529,907
Keppel REIT		14,669,180		10,811,458
Lendlease Global Commercial REIT		6,327,909		3,504,428
Manulife US Real Estate Investment Trust		8,039,100		2,659,511
Mapletree Industrial Trust(a)		10,766,220		19,566,011
Mapletree Logistics Trust		17,512,179		22,639,603
Mapletree Pan Asia Commercial Trust		12,569,256		17,489,147
Maxeon Solar Technologies Ltd.(a)(b)		117,743		2,585,636
Nanofilm Technologies International Ltd.(a)		1,516,800		1,676,251
NetLink NBN Trust		20,564,800		13,714,959
Olam Group Ltd.(a)		4,723,800		5,743,368
OUE Commercial Real Estate Investment Trust		11,486,140		3,066,261
Oversea-Chinese Banking Corp. Ltd.		17,950,800		177,360,148
Parkway Life REIT		2,655,700		8,219,590
Prime U.S. REIT		3,323,900		1,732,550
Raffles Medical Group Ltd.		6,461,600		7,147,195
Riverstone Holdings Ltd./Singapore(a)		2,306,300		1,135,411
Sasseur Real Estate Investment Trust		291,800		181,242
SATS Ltd.(a)(b)		3,658,600		8,442,967
Sea Ltd., ADR(a)(b)		1,927,355		124,218,030
Sembcorp Industries Ltd.		5,558,000		15,327,152
Sembcorp Marine Ltd.(a)(b)		89,831,720		9,752,465
Sheng Siong Group Ltd.		4,306,900		5,382,461
SIA Engineering Co. Ltd.(a)(b)		336,100		639,316
Singapore Airlines Ltd.(a)		7,281,000		32,923,698

Security	Shares		Value
Singapore (continued)
Singapore Exchange Ltd.		3,062,400	$	21,570,065
Singapore Post Ltd.(a)		9,540,300		4,075,621
Singapore Technologies Engineering Ltd.		8,563,000		24,075,228
Singapore Telecommunications Ltd.		43,826,300		83,934,436
SPH REIT		4,466,295		3,318,622
Starhill Global REIT		10,452,400		4,546,730
StarHub Ltd.		4,033,000		3,507,786
Straits Trading Co. Ltd.		816,324		1,500,683
Suntec REIT(a)		12,045,300		12,878,138
TDCX Inc., ADR(a)(b)		117,274		1,545,671
United Overseas Bank Ltd.		6,277,500		142,691,517
UOL Group Ltd.		2,388,500		12,744,000
Venture Corp. Ltd.		1,492,200		21,071,881
Wilmar International Ltd.		10,215,500		31,760,198
Yangzijiang Financial Holding Ltd.(b)		13,750,900		3,895,959
Yangzijiang Shipbuilding Holdings Ltd.		14,610,800		14,404,071
Yanlord Land Group Ltd.		6,125,300		5,187,604
				1,534,453,461
Spain — 2.5%
Acciona SA		129,791		25,322,228
Acerinox SA		1,035,871		11,218,422
ACS Actividades de Construccion y Servicios SA		1,166,148		34,510,652
Aena SME SA(b)(d)		398,608		59,890,442
Almirall SA		424,969		4,282,019
Amadeus IT Group SA(b)		2,396,264		150,974,102
Applus Services SA		867,936		6,661,197
Atresmedia Corp. de Medios de Comunicacion SA		712,400		2,655,835
Banco Bilbao Vizcaya Argentaria SA		32,107,581		226,800,639
Banco de Sabadell SA		29,607,917		38,708,310
Banco Santander SA		88,931,545		310,810,353
Bankinter SA		3,563,124		25,707,960
Befesa SA(d)		211,194		12,114,330
CaixaBank SA		23,496,883		104,254,716
Cellnex Telecom SA(d)		2,898,142		113,572,344
Cia. de Distribucion Integral Logista Holdings SA		333,552		9,037,072
Cie. Automotive SA		341,487		10,143,722
Construcciones y Auxiliar de Ferrocarriles SA		151,512		4,879,691
Corp. ACCIONA Energias Renovables SA		348,296		14,243,251
Distribuidora Internacional de Alimentacion SA(b)		11,100,995		177,949
Ebro Foods SA		420,228		7,219,101
EDP Renovaveis SA		1,526,312		33,198,935
eDreams ODIGEO SA(b)		120,132		694,757
Enagas SA		815,479		14,622,590
Ence Energia y Celulosa SA		955,278		3,147,963
Endesa SA		1,707,764		34,047,211
Faes Farma SA		2,109,041		7,905,329
Ferrovial SA		2,584,837		76,274,020
Fluidra SA		511,101		9,023,001
Gestamp Automocion SA(d)		1,112,423		4,911,718
Global Dominion Access SA(d)		327,806		1,405,625
Grenergy Renovables SA(a)(b)		67,796		2,453,823
Grifols SA(a)(b)		1,578,990		20,902,747
Grupo Catalana Occidente SA		258,468		8,011,615
Iberdrola SA		32,065,892		376,189,517
Iberdrola SA, NVS		531,451		6,208,109
Indra Sistemas SA		928,312		11,334,989
Industria de Diseno Textil SA		5,797,508		181,002,883
Inmobiliaria Colonial Socimi SA		1,520,975		11,093,618
Laboratorios Farmaceuticos Rovi SA		98,827		4,187,588
Lar Espana Real Estate Socimi SA		671,438		3,350,489

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		3,466,078	$	3,612,192
Mapfre SA		5,019,823		10,097,095
Mediaset Espana Comunicacion SA(b)		907,430		3,251,268
Melia Hotels International SA(b)		693,043		4,614,853
Merlin Properties Socimi SA		1,704,354		16,656,099
Naturgy Energy Group SA		765,891		21,722,362
Neinor Homes SA(d)		291,252		2,922,273
Opdenergy Holdings SA, NVS		234,894		1,131,267
Pharma Mar SA		82,137		5,416,428
Prosegur Cash SA(d)		196,989		156,763
Prosegur Cia. de Seguridad SA		1,556,931		3,523,833
Red Electrica Corp. SA		1,672,728		29,605,436
Repsol SA		7,212,402		118,476,936
Sacyr SA		2,817,034		8,665,826
Solaria Energia y Medio Ambiente SA(b)		415,028		8,515,824
Soltec Power Holdings SA(a)(b)		111,004		676,371
Tecnicas Reunidas SA(a)(b)		223,837		2,689,042
Telefonica SA		27,741,351		105,389,967
Unicaja Banco SA(d)		9,858,482		12,117,559
Vidrala SA		106,641		10,757,409
Viscofan SA		210,661		13,577,226
				2,366,726,891
Sweden — 3.6%
AAK AB		986,969		17,034,863
AcadeMedia AB(d)		196,308		924,633
AddLife AB		594,095		6,269,928
AddTech AB, Class B		1,335,433		21,325,971
AFRY AB		578,843		10,449,575
Alfa Laval AB		1,534,361		48,218,256
Alleima AB, NVS(b)		1,128,574		5,643,579
Ambea AB(d)		211,474		793,843
Arjo AB, Class B		1,352,081		5,246,747
Assa Abloy AB, Class B		5,383,531		126,815,805
Atlas Copco AB, Class A		14,421,970		171,131,981
Atlas Copco AB, Class B		8,222,427		86,726,914
Atrium Ljungberg AB, Class B		270,207		4,830,689
Attendo AB(b)(d)		699,165		1,757,613
Avanza Bank Holding AB		693,027		15,990,633
Axfood AB		592,483		15,259,834
Beijer Alma AB		236,597		4,691,795
Beijer Ref AB		1,299,156		20,042,008
Betsson AB		687,436		5,698,332
Bilia AB, Class A		476,384		5,504,325
Billerud AB		1,218,867		14,159,861
BioArctic AB(a)(b)(d)		162,719		4,852,883
BioGaia AB		534,722		4,700,089
Biotage AB		388,114		5,998,280
Boliden AB		1,458,442		65,450,470
Boozt AB(a)(b)(d)		288,449		3,748,491
Bravida Holding AB(d)		1,360,659		15,041,243
Bufab AB		92,650		2,400,671
Bure Equity AB		280,310		7,060,507
Calliditas Therapeutics AB, Class B(a)(b)		186,975		1,782,088
Camurus AB(b)		124,267		2,973,992
Castellum AB(a)		1,385,091		19,004,927
Catena AB		172,056		7,198,137
Cellavision AB		28,089		662,887
Cibus Nordic Real Estate AB		153,428		2,174,929
Cint Group AB(a)(b)		801,679		3,009,046

Security	Shares		Value
Sweden (continued)
Clas Ohlson AB, Class B		151,714	$	1,011,613
Cloetta AB, Class B		1,390,326		2,895,725
Collector Bank AB(b)		126,685		478,509
Coor Service Management Holding AB(d)		445,013		2,843,370
Corem Property Group AB, Class B		3,111,916		2,848,932
Creades AB, Class A		229,828		1,958,981
Dios Fastigheter AB		320,686		2,443,725
Dometic Group AB(d)		1,712,850		10,794,490
Duni AB(b)		26,733		231,450
Dustin Group AB(d)		253,977		856,003
Electrolux AB, Class B(a)		1,190,105		16,856,465
Electrolux Professional AB, Class B		1,607,916		7,492,253
Elekta AB, Class B		2,011,078		14,638,211
Embracer Group AB(a)(b)		3,492,607		16,279,487
Engcon AB(a)(b)		215,563		1,588,235
Epiroc AB, Class A		3,516,673		68,423,045
Epiroc AB, Class B		2,038,159		33,981,157
EQT AB		1,602,789		36,166,558
Essity AB, Class B		3,240,802		84,663,153
Evolution AB(d)		971,755		109,216,569
Fabege AB		1,402,508		13,255,374
Fagerhult AB		462,603		2,158,720
Fastighets AB Balder, Class B(b)		3,419,800		17,619,636
Fortnox AB		2,588,567		13,062,275
GARO AB(a)		171,845		1,693,647
Getinge AB, Class B		1,219,718		27,477,290
Granges AB		646,472		5,407,328
H & M Hennes & Mauritz AB, Class B(a)		3,921,778		48,301,734
Hemnet Group AB		222,228		3,094,056
Hexagon AB, Class B		10,415,456		119,397,595
Hexatronic Group AB		901,721		11,098,791
Hexpol AB		1,523,677		16,460,059
HMS Networks AB		94,632		3,527,912
Holmen AB, Class B		516,437		21,300,738
Hufvudstaden AB, Class A		680,809		10,253,085
Husqvarna AB, Class B(a)		2,282,763		19,421,487
Implantica AG, SDR(b)		77,688		303,469
Industrivarden AB, Class A		683,194		18,098,039
Industrivarden AB, Class C		823,149		21,685,581
Indutrade AB		1,497,853		33,263,152
Instalco AB		1,004,195		3,884,372
Intrum AB(a)		408,293		5,283,957
Investment AB Latour, Class B		779,080		16,437,740
Investor AB, Class A		2,585,024		51,593,426
Investor AB, Class B		9,766,920		189,790,532
INVISIO AB		206,438		3,615,019
Inwido AB		439,358		4,788,219
JM AB		345,531		6,441,440
Kambi Group PLC, Class B(b)		139,354		2,505,993
K-Fast Holding AB(a)(b)		111,017		296,008
Kindred Group PLC		1,264,343		12,741,065
Kinnevik AB, Class B(b)		1,267,883		19,597,850
KNOW IT AB		130,765		2,555,814
L E Lundbergforetagen AB, Class B		407,142		18,853,618
Lifco AB, Class B		1,243,114		22,836,423
Lindab International AB		457,273		6,485,676
Loomis AB		422,115		12,552,608
Medicover AB		340,620		5,817,821
MEKO AB		273,976		3,036,575
Millicom International Cellular SA, SDR(b)		908,858		15,571,774

30 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
MIPS AB(a)		148,135	$	5,669,012
Modern Times Group MTG AB, Class B		464,260		4,110,177
Munters Group AB(d)		477,799		4,581,188
Mycronic AB		434,389		9,285,353
NCC AB, Class B		495,616		4,903,062
Neobo Fastigheter AB(a)(b)		601,998		1,125,407
New Wave Group AB, Class B		227,931		5,128,720
Nibe Industrier AB, Class B		8,043,827		86,907,643
Nobia AB		933,204		1,628,668
Nolato AB, Class B		1,253,926		7,572,681
Nordea Bank Abp		17,762,527		207,650,759
Nordnet AB publ		723,469		11,759,648
Note AB(b)		89,934		1,887,863
NP3 Fastigheter AB(a)		144,416		3,189,046
Nyfosa AB		1,038,445		9,055,128
Orron Energy AB		1,058,622		1,962,552
OX2 AB(b)		267,996		2,068,835
Pandox AB(b)		506,927		6,979,328
Paradox Interactive AB(a)		157,017		2,790,718
Peab AB, Class B		1,060,242		6,616,381
Platzer Fastigheter Holding AB, Class B		324,794		2,849,243
PowerCell Sweden AB(a)(b)		257,029		3,446,285
Ratos AB, Class B		1,254,688		5,060,161
Resurs Holding AB(d)		432,841		1,152,541
Rvrc Holding AB		136,243		463,705
Saab AB, Class B		387,289		15,855,021
Sagax AB, Class B		998,309		24,832,934
Samhallsbyggnadsbolaget i Norden AB(a)		6,019,973		10,997,840
Samhallsbyggnadsbolaget i Norden AB, Class D(a)		483,519		954,596
Sandvik AB		5,692,188		117,644,068
Scandic Hotels Group AB(a)(b)(d)		758,505		2,796,226
Sdiptech AB, Class B(b)		151,564		3,700,564
Sectra AB, NVS		563,612		7,981,706
Securitas AB, Class B		2,584,162		23,654,270
Sinch AB(a)(b)(d)		2,938,929		12,149,448
Skandinaviska Enskilda Banken AB, Class A		8,574,220		103,797,868
Skanska AB, Class B		1,794,191		31,667,646
SKF AB, Class B		2,037,116		36,053,479
SkiStar AB		148,299		1,606,002
SSAB AB, Class A		1,171,694		8,374,838
SSAB AB, Class B		3,474,315		23,676,288
Stillfront Group AB(b)		2,851,352		4,976,506
Storskogen Group AB		7,448,394		6,503,889
Surgical Science Sweden AB(b)		112,817		1,595,680
Svenska Cellulosa AB SCA, Class B		3,234,606		44,916,822
Svenska Handelsbanken AB, Class A		7,780,647		81,136,715
Svolder AB(a)		500,286		3,243,456
Sweco AB, Class B		1,183,707		12,840,624
Swedbank AB, Class A		4,825,246		92,820,433
SwedenCare AB		489,685		1,595,204
Swedish Orphan Biovitrum AB(b)		896,886		20,001,064
Synsam AB(a)		232,743		952,697
Tele2 AB, Class B		2,976,723		25,708,550
Telefonaktiebolaget LM Ericsson, Class B		15,597,220		90,471,057
Telia Co. AB		14,203,228		36,681,831
Thule Group AB(d)		592,069		14,188,222
Trelleborg AB, Class B		1,268,659		31,722,155
Troax Group AB		114,608		2,411,639
Truecaller AB(a)(b)		1,085,266		3,856,548
Vestum AB(a)(b)		631,391		1,111,294

Security	Shares		Value
Sweden (continued)
Viaplay Group AB, Class B(b)		397,913	$	9,824,579
Vimian Group AB(b)		876,624		2,422,586
Vitec Software Group AB, Class B		58,384		2,473,025
Vitrolife AB		349,257		7,488,284
Volati AB		63,330		629,812
Volvo AB, Class A		1,050,507		21,822,943
Volvo AB, Class B		8,055,422		159,847,805
Volvo Car AB, Class B(a)(b)		3,155,350		15,743,609
Wallenstam AB, Class B		2,191,287		10,059,449
Wihlborgs Fastigheter AB		1,653,268		13,611,553
XANO Industri AB, Class B(a)		80,972		943,083
Xvivo Perfusion AB(b)		53,298		1,093,918
				3,508,091,584
Switzerland — 9.4%
ABB Ltd., Registered		8,331,756		290,075,514
Accelleron Industries AG, NVS(b)		431,785		10,198,430
Adecco Group AG, Registered		825,297		30,652,110
Alcon Inc.		2,653,998		200,266,715
Allreal Holding AG, Registered		73,404		12,581,140
ALSO Holding AG, Registered		32,494		6,618,848
Arbonia AG		348,923		4,890,951
Aryzta AG(b)		5,304,609		7,222,902
Autoneum Holding AG(a)		21,712		2,897,336
Bachem Holding AG, Class A(a)		176,138		15,576,559
Baloise Holding AG, Registered		238,904		39,293,227
Banque Cantonale Vaudoise, Registered		160,127		15,221,202
Barry Callebaut AG, Registered		18,955		39,603,298
Basilea Pharmaceutica AG, Registered(a)(b)		85,955		4,642,835
Belimo Holding AG, Registered		51,252		27,032,584
BKW AG		128,957		18,544,309
Bossard Holding AG, Class A, Registered		39,353		10,027,682
Bucher Industries AG, Registered		42,229		19,242,339
Burckhardt Compression Holding AG		21,238		13,149,401
Burkhalter Holding AG		31,938		2,967,759
Bystronic AG, Registered(a)		7,867		5,911,574
Cembra Money Bank AG		161,532		14,341,868
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		5,684		62,425,770
Chocoladefabriken Lindt & Spruengli AG, Registered		537		60,444,364
Cie. Financiere Richemont SA, Class A, Registered		2,776,035		427,945,799
Clariant AG, Registered		1,124,248		19,279,079
Coca-Cola HBC AG, Class DI		1,055,355		25,646,571
Coltene Holding AG, Registered		13,861		1,143,097
Comet Holding AG, Registered		46,559		10,762,605
COSMO Pharmaceuticals NV		55,244		4,012,808
Credit Suisse Group AG, Registered		19,084,026		65,742,208
Daetwyler Holding AG, Bearer		47,126		9,994,783
DKSH Holding AG		194,736		16,590,555
dormakaba Holding AG		17,503		7,312,344
Dottikon Es Holding AG(a)(b)		14,492		4,292,843
Dufry AG, Registered(a)(b)		376,418		17,280,439
EFG International AG		636,471		5,948,814
Emmi AG, Registered		12,921		12,037,817
EMS-Chemie Holding AG, Registered		36,971		27,561,147
Flughafen Zurich AG, Registered(b)		102,682		18,708,021
Forbo Holding AG, Registered		5,644		7,425,972
Galenica AG(d)		281,424		22,009,486
Geberit AG, Registered		191,449		108,931,098
Georg Fischer Ltd.		426,322		29,393,856
Givaudan SA, Registered		49,197		159,507,985

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Gurit Holding AG(a)		6,841	$	762,187
Helvetia Holding AG, Registered		193,043		24,149,359
Holcim AG		2,943,011		175,947,050
Huber + Suhner AG, Registered		110,754		10,621,673
Idorsia Ltd.(a)(b)		606,963		10,209,554
Implenia AG, Registered(b)		101,413		4,260,009
Inficon Holding AG, Registered		8,746		9,157,092
Interroll Holding AG, Registered		3,120		9,718,434
Intershop Holding AG		9,215		6,181,213
Julius Baer Group Ltd.		1,137,243		72,947,673
Kardex Holding AG, Registered		29,938		5,834,819
Komax Holding AG, Registered		27,291		8,979,126
Kuehne + Nagel International AG, Registered		288,762		68,857,194
Landis+Gyr Group AG(a)		139,732		10,294,294
LEM Holding SA, Registered		1,999		4,421,600
Leonteq AG		27,939		1,552,467
Logitech International SA, Registered		924,050		54,072,414
Lonza Group AG, Registered		395,966		225,875,376
Medacta Group SA(a)(d)		29,034		3,094,071
Medartis Holding AG(b)(d)		2,445		205,143
Medmix AG(d)		125,569		2,445,859
Meyer Burger Technology AG(b)		16,597,975		11,815,093
Mobilezone Holding AG, Registered		463,029		8,407,692
Mobimo Holding AG, Registered		47,227		12,144,038
Montana Aerospace AG(b)(d)		50,277		920,170
Nestle SA, Registered		14,629,471		1,784,927,790
Novartis AG, Registered		11,492,157		1,038,994,830
OC Oerlikon Corp. AG, Registered		1,174,474		8,063,643
Orior AG		33,925		2,808,466
Partners Group Holding AG		121,048		113,578,911
Peach Property Group AG(a)		52,949		1,146,080
PolyPeptide Group AG(d)		66,535		1,933,073
PSP Swiss Property AG, Registered		239,629		29,873,039
Rieter Holding AG, Registered		23,534		2,731,214
Roche Holding AG, Bearer		138,405		50,661,878
Roche Holding AG, NVS		3,742,965		1,168,442,774
Schindler Holding AG, Participation Certificates, NVS		213,166		45,433,627
Schindler Holding AG, Registered		127,226		25,736,409
Schweiter Technologies AG, Bearer		6,350		5,604,924
Sensirion Holding AG(b)(d)		38,954		4,635,507
SFS Group AG		117,155		13,479,201
SGS SA, Registered		33,938		82,762,362
Siegfried Holding AG, Registered		24,289		17,843,382
Siemens Energy AG(b)		2,292,373		47,930,786
SIG Group AG		1,630,967		40,425,084
Sika AG, Registered		776,358		220,599,682
SKAN Group AG		47,568		3,538,373
Softwareone Holding AG		480,223		7,753,863
Sonova Holding AG, Registered		284,967		71,262,167
St. Galler Kantonalbank AG, Class A, Registered		15,901		8,713,502
Stadler Rail AG(a)		264,538		10,118,419
STMicroelectronics NV		3,638,152		171,314,426
Straumann Holding AG		594,169		77,798,700
Sulzer AG, Registered(a)		124,167		10,573,278
Swatch Group AG (The), Bearer		152,599		55,251,295
Swatch Group AG (The), Registered		283,960		18,658,344
Swiss Life Holding AG, Registered		162,046		95,906,547
Swiss Prime Site AG, Registered		402,306		35,848,778
Swiss Re AG		1,596,440		167,164,669
Swiss Steel Holding AG, Registered(b)		611,337		128,211

Security	Shares		Value
Switzerland (continued)
Swisscom AG, Registered		137,368	$	81,164,646
Swissquote Group Holding SA, Registered		71,468		12,907,574
Tecan Group AG, Registered		69,668		29,237,837
Temenos AG, Registered		338,399		24,155,130
Trifork Holding AG(a)		25,695		584,293
TX Group AG		4,858		761,646
u-blox Holding AG		49,309		5,897,901
UBS Group AG, Registered		17,775,573		379,426,256
Valiant Holding AG, Registered		103,199		11,791,813
VAT Group AG(d)		146,064		45,470,265
Vetropack Holding AG, Registered		37,752		1,741,611
Vontobel Holding AG, Registered		180,412		12,777,303
Ypsomed Holding AG, Registered		30,602		6,280,033
Zehnder Group AG, Registered		88,400		6,579,473
Zur Rose Group AG(a)(b)		51,191		1,931,379
Zurich Insurance Group AG		800,076		395,660,375
				9,116,240,413
United Kingdom — 15.0%
3i Group PLC		5,238,811		102,207,783
888 Holdings PLC(b)		2,055,630		1,835,908
abrdn PLC		11,458,091		30,178,708
Admiral Group PLC		949,586		25,814,795
Advanced Medical Solutions Group PLC		1,939,109		6,072,199
AG Barr PLC		621,918		4,206,168
Airtel Africa PLC(d)		4,841,534		6,989,532
AJ Bell PLC		1,489,547		6,181,280
Alliance Pharma PLC(a)		1,460,539		1,134,394
Alpha Financial Markets Consulting PLC		602,763		3,455,490
Alpha FX Group PLC		150,236		3,445,062
Alphawave IP Group PLC(b)		895,311		1,055,096
Anglo American PLC		6,762,522		291,670,119
Antofagasta PLC		2,060,334		44,269,460
AO World PLC(a)(b)		2,094,806		1,624,443
Ascential PLC(b)		2,283,448		7,567,117
Ashmore Group PLC		2,342,824		7,716,688
Ashtead Group PLC		2,346,186		154,540,390
ASOS PLC(a)(b)		375,724		4,065,039
Associated British Foods PLC		1,941,508		44,567,715
Assura PLC		15,596,665		10,719,800
Aston Martin Lagonda Global Holdings PLC(a)(b)(d)		2,130,463		4,353,540
AstraZeneca PLC		8,240,359		1,079,589,667
Atalaya Mining PLC		576,372		2,479,924
Auction Technology Group PLC(b)		446,559		3,875,802
Auto Trader Group PLC(d)		5,016,831		38,922,995
Aviva PLC		14,646,242		82,602,574
Avon Protection PLC		163,915		2,041,034
B&M European Value Retail SA		5,100,356		28,206,563
Babcock International Group PLC(b)		1,402,673		5,299,386
BAE Systems PLC		16,554,142		175,242,788
Balanced Commercial Property Trust Ltd.		3,226,797		3,158,655
Balfour Beatty PLC		3,440,113		15,539,543
Bank of Georgia Group PLC		203,323		6,692,800
Barclays PLC		85,467,844		196,472,706
Barratt Developments PLC		5,557,000		31,584,465
Beazley PLC		3,259,751		26,825,787
Bellway PLC		661,785		17,309,397
Berkeley Group Holdings PLC		584,458		29,928,719
Big Yellow Group PLC		920,188		13,724,784
Bodycote PLC		1,054,422		8,462,633
boohoo Group PLC(b)		5,493,383		2,999,587

32 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Borr Drilling Ltd.(a)(b)		722,029	$	4,334,761
BP PLC		99,962,344		603,797,309
Breedon Group PLC		7,765,665		6,578,559
Bridgepoint Group PLC(d)		595,164		1,766,297
British American Tobacco PLC		11,355,098		435,284,016
British Land Co. PLC (The)		4,767,175		26,090,137
Britvic PLC		1,391,113		13,325,806
BT Group PLC		37,033,000		57,056,494
Bunzl PLC		1,776,045		65,200,739
Burberry Group PLC		2,071,518		63,100,320
Burford Capital Ltd.		1,105,597		9,936,523
Bytes Technology Group PLC		991,962		4,732,777
Capita PLC(b)		9,209,604		3,176,865
Capital & Counties Properties PLC		4,040,005		5,727,826
Capricorn Energy PLC(b)		3,015,448		9,026,317
Carnival PLC(a)(b)		791,173		7,559,048
Centamin PLC		7,163,636		9,820,375
Central Asia Metals PLC		223,196		777,415
Centrica PLC		31,288,222		38,978,925
Ceres Power Holdings PLC(a)(b)		669,642		3,941,891
Chemring Group PLC		1,448,496		5,035,893
Civitas Social Housing PLC		3,186,142		2,243,524
Clarkson PLC		74,900		2,839,468
Close Brothers Group PLC		759,963		9,078,755
CLS Holdings PLC(a)		945,017		1,735,945
CMC Markets PLC(d)		516,016		1,539,532
CNH Industrial NV		5,396,613		95,473,383
Coats Group PLC		8,905,358		8,007,663
Coca-Cola Europacific Partners PLC		1,091,088		61,340,967
Compass Group PLC		9,383,099		224,143,497
Computacenter PLC		473,555		13,014,450
ConvaTec Group PLC(d)		8,728,608		25,317,041
Craneware PLC		76,831		1,373,455
Cranswick PLC		290,849		11,409,794
Crest Nicholson Holdings PLC		1,770,776		5,328,417
Croda International PLC		744,427		63,452,526
Currys PLC		5,408,507		4,344,881
Custodian REIT PLC		2,195,012		2,467,981
CVS Group PLC		446,314		11,098,145
Darktrace PLC(b)		1,704,422		4,427,479
DCC PLC		524,785		29,890,653
Dechra Pharmaceuticals PLC		609,443		21,614,593
Deliveroo PLC(b)(d)		4,708,478		5,396,184
Derwent London PLC		540,433		17,239,663
Diageo PLC		12,120,373		529,976,287
Diploma PLC		674,692		22,823,074
Direct Line Insurance Group PLC		6,846,479		15,011,890
DiscoverIE Group PLC		504,888		5,358,190
Diversified Energy Co. PLC		4,797,958		6,562,983
Domino’s Pizza Group PLC		2,348,108		9,089,872
Dr. Martens PLC		3,259,397		6,246,816
Draper Esprit PLC(b)		740,258		3,274,871
Drax Group PLC		2,342,000		18,704,326
DS Smith PLC		7,409,916		32,439,929
Dunelm Group PLC		573,100		8,231,262
easyJet PLC(b)		1,643,160		10,009,448
Elementis PLC(b)		3,563,960		5,509,050
EMIS Group PLC		313,177		7,250,960
Empiric Student Property PLC		1,475,657		1,590,036
Energean PLC		650,637		9,344,902

Security	Shares		Value
United Kingdom (continued)
EnQuest PLC(b)		7,924,141	$	2,142,441
Entain PLC		3,122,361		57,578,466
Ergomed PLC(b)		226,750		3,359,098
Essentra PLC		1,682,849		4,497,250
Experian PLC		4,897,547		179,100,712
FD Technologies PLC(b)		95,463		1,612,374
Ferrexpo PLC		1,645,363		3,219,047
Fevertree Drinks PLC(a)		556,167		7,498,802
Firstgroup PLC		3,869,392		5,171,090
Forterra PLC(d)		773,388		2,035,661
Frasers Group PLC(b)		1,127,008		10,900,809
Frontier Developments PLC(a)(b)		86,387		515,471
Future PLC		636,619		11,854,337
Games Workshop Group PLC		184,195		21,365,343
Gamma Communications PLC		423,678		6,180,756
GB Group PLC		1,292,593		5,636,798
Genel Energy PLC		792,209		1,250,925
Genuit Group PLC		1,325,320		5,342,919
Genus PLC		371,117		13,310,821
Glencore PLC		51,791,002		346,838,216
Grafton Group PLC		1,213,501		13,774,385
Grainger PLC		4,112,986		13,163,519
Great Portland Estates PLC		1,313,370		9,221,273
Greatland Gold PLC(b)		23,697,143		2,232,027
Greggs PLC		583,800		19,494,220
GSK PLC		21,628,836		379,910,827
Gulf Keystone Petroleum Ltd.		1,106,041		2,829,433
Haleon PLC(b)		26,973,878		108,094,575
Halfords Group PLC		1,387,024		3,508,903
Halma PLC		2,037,912		54,257,421
Hammerson PLC(a)		19,688,160		6,514,749
Harbour Energy PLC		2,325,927		8,996,236
Hargreaves Lansdown PLC		1,925,018		21,192,948
Hays PLC		8,448,796		12,890,739
Helical PLC		715,355		3,174,930
Hikma Pharmaceuticals PLC		872,922		18,465,879
Hill & Smith PLC		436,862		6,786,172
Hiscox Ltd.		1,865,287		25,961,349
Hochschild Mining PLC		1,526,961		1,290,000
Home REIT PLC(c)		4,179,974		1,960,823
Howden Joinery Group PLC		2,983,624		25,458,602
HSBC Holdings PLC		106,109,612		781,852,319
Hunting PLC		1,002,813		4,308,567
Ibstock PLC(d)		2,511,482		5,220,327
IG Group Holdings PLC		2,162,189		21,259,236
IMI PLC		1,386,152		24,819,173
Impact Healthcare REIT PLC		1,702,667		2,183,097
Impax Asset Management Group PLC		327,951		3,153,115
Imperial Brands PLC		4,827,225		121,096,837
Inchcape PLC		2,078,195		23,431,068
Indivior PLC, NVS(b)		736,409		17,682,204
Informa PLC		7,653,427		63,299,561
IntegraFin Holdings PLC		1,648,940		6,358,895
InterContinental Hotels Group PLC		1,004,480		69,734,570
Intermediate Capital Group PLC		1,564,946		26,928,680
International Distributions Services PLC		3,997,485		11,314,868
Intertek Group PLC		876,459		47,107,067
Investec PLC		3,644,047		23,253,499
IP Group PLC		5,287,383		3,976,314
ITM Power PLC(a)(b)		2,313,966		2,900,174

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
ITV PLC(a)		19,098,874	$	19,126,211
IWG PLC(b)		4,056,576		9,306,481
J D Wetherspoon PLC(b)		530,399		2,984,647
J Sainsbury PLC		9,094,947		29,495,638
JD Sports Fashion PLC		13,956,972		28,131,938
JET2 PLC		834,386		12,578,008
John Wood Group PLC(b)		3,645,284		6,390,528
Johnson Matthey PLC		962,838		26,894,727
Johnson Service Group PLC		2,316,732		3,216,061
JTC PLC(d)		348,043		3,085,119
Judges Scientific PLC		4,658		481,231
Jupiter Fund Management PLC		2,503,701		4,321,361
Just Group PLC		5,759,880		5,826,424
Kainos Group PLC		440,236		7,994,630
Kape Technologies PLC(b)		745,043		2,296,315
Keller Group PLC		465,414		4,641,924
Keywords Studios PLC		396,069		13,911,287
Kier Group PLC(b)		1,612,269		1,361,564
Kingfisher PLC(a)		10,145,218		35,000,163
Lancashire Holdings Ltd.		1,276,951		9,856,935
Land Securities Group PLC		3,768,266		33,013,048
Learning Technologies Group PLC		3,112,503		5,379,821
Legal & General Group PLC		31,576,945		99,370,701
Liontrust Asset Management PLC		307,995		4,412,906
Lloyds Banking Group PLC		360,959,648		234,910,869
London Stock Exchange Group PLC		1,752,094		160,395,226
LondonMetric Property PLC		4,922,620		11,470,017
LXI REIT PLC		7,843,040		10,917,013
M&G PLC		13,063,293		32,623,212
Man Group PLC/Jersey		7,058,996		21,716,676
Marks & Spencer Group PLC(b)		10,243,613		18,477,574
Marlowe PLC(a)(b)		427,721		2,647,124
Marshalls PLC		1,356,036		5,680,737
Mediclinic International PLC		2,031,082		12,426,945
Melrose Industries PLC		21,443,667		37,808,769
Mitchells & Butlers PLC(b)		1,312,062		2,665,997
Mitie Group PLC		6,845,204		6,582,503
Mondi PLC		2,628,113		49,560,541
Moneysupermarket.com Group PLC		2,848,240		8,385,346
Moonpig Group PLC(b)		1,217,882		1,806,601
Morgan Advanced Materials PLC		1,941,214		7,533,948
Morgan Sindall Group PLC		187,526		3,796,162
National Express Group PLC(b)		2,857,343		4,706,789
National Grid PLC		19,413,850		246,806,217
NatWest Group PLC, NVS		27,906,738		106,465,783
NCC Group PLC		1,241,683		2,874,858
Network International Holdings PLC(b)(d)		2,684,016		8,729,110
Next Fifteen Communications Group PLC		432,861		5,347,198
Next PLC		687,349		56,276,121
Ninety One PLC		2,233,776		5,455,495
NMC Health PLC, NVS(c)		475,795		6
Ocado Group PLC(b)		3,068,550		24,555,728
OSB Group PLC		2,269,043		15,297,629
Oxford Biomedica PLC(a)(b)		351,440		1,845,741
Oxford Nanopore Technologies PLC(b)		1,763,508		5,152,186
Pagegroup PLC		1,829,882		10,301,538
Pan African Resources PLC		8,909,631		1,850,119
Pantheon Resources PLC(a)(b)		3,656,679		2,261,321
Paragon Banking Group PLC		1,587,173		11,760,040
Pearson PLC		3,424,299		39,051,317

Security	Shares		Value
United Kingdom (continued)
Penno Group PLC		1,352,772	$	15,356,685
Persimmon PLC		1,715,492		29,961,580
Petrofac Ltd.(a)(b)		2,347,835		2,408,247
Pets at Home Group PLC		2,755,149		11,985,509
Phoenix Group Holdings PLC		4,107,447		32,555,121
Picton Property Income Ltd. (The)		1,135,218		1,077,656
Playtech PLC(b)		1,282,857		8,935,868
Plus500 Ltd.		551,207		12,632,933
Polar Capital Holdings PLC		353,718		2,258,900
Premier Foods PLC		2,956,978		4,054,838
Primary Health Properties PLC		6,974,730		9,663,375
Provident Financial PLC		1,276,986		3,683,936
PRS REIT PLC (The)		2,759,460		3,095,819
Prudential PLC		14,593,085		242,464,857
PZ Cussons PLC		1,754,447		4,702,012
QinetiQ Group PLC		3,231,453		14,494,965
Quilter PLC(d)		7,573,557		8,989,718
Rank Group PLC(b)		1,062,738		1,185,727
Rathbones Group PLC		300,611		7,745,710
Reach PLC		1,502,207		1,686,242
Reckitt Benckiser Group PLC		3,803,092		271,011,756
Redde Northgate PLC		1,530,735		8,190,300
Redrow PLC		1,592,558		10,215,065
Regional REIT Ltd.(d)		244,933		179,368
RELX PLC		10,180,724		302,458,132
Renewi PLC(b)		293,999		2,382,055
Renishaw PLC		206,443		10,076,113
Rentokil Initial PLC		13,539,813		82,097,676
Restore PLC		99,682		364,740
RHI Magnesita NV		140,164		4,661,905
Rightmove PLC		4,582,783		33,297,985
Rio Tinto PLC		5,927,294		464,114,386
Rolls-Royce Holdings PLC(b)		44,590,594		58,339,355
Rotork PLC		4,546,801		17,910,902
RS GROUP PLC		2,481,786		28,852,862
RWS Holdings PLC		1,650,149		7,661,495
S4 Capital PLC(b)		1,495,285		4,039,280
Safestore Holdings PLC		1,326,345		16,515,239
Sage Group PLC (The)		5,542,091		53,246,576
Savills PLC		901,187		10,841,794
Schroders PLC		3,963,872		23,441,494
Segro PLC		6,514,135		67,053,832
Senior PLC		2,637,874		4,962,707
Serco Group PLC		6,599,342		11,870,418
Serica Energy PLC		1,073,508		3,359,260
Severn Trent PLC		1,346,869		46,872,231
Shaftesbury PLC(a)		1,275,162		6,210,513
Shell PLC		38,616,165		1,133,684,032
SIG PLC(b)		3,591,943		1,551,676
Sirius Real Estate Ltd.		5,824,929		6,068,166
Smart Metering Systems PLC		666,842		7,152,408
Smith & Nephew PLC		4,600,901		63,539,977
Smiths Group PLC		1,881,870		40,172,296
Softcat PLC		794,547		11,889,523
SolGold PLC(a)(b)		4,510,161		900,949
Spectris PLC		557,767		22,112,655
Spirax-Sarco Engineering PLC		386,057		55,145,131
Spire Healthcare Group PLC(b)(d)		1,017,612		3,048,587
Spirent Communications PLC		3,492,172		9,464,106
SSE PLC		5,712,531		121,932,090

34 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
SSP Group PLC(b)		4,258,362	$	13,633,406
St. James’s Place PLC		2,835,201		42,992,229
Standard Chartered PLC		13,188,557		110,778,780
SThree PLC		670,223		3,503,445
Supermarket Income REIT PLC		6,481,817		7,700,461
Synthomer PLC		1,983,865		3,830,200
Target Healthcare REIT PLC		3,278,019		3,273,456
Tate & Lyle PLC		2,174,812		20,251,980
Taylor Wimpey PLC		18,634,412		27,037,057
TBC Bank Group PLC		212,781		6,243,382
Team17 Group PLC(b)		559,148		3,239,923
Telecom Plus PLC		436,153		10,742,198
Tesco PLC		39,359,366		119,628,057
THG PLC(a)(b)		4,026,866		2,890,299
TI Fluid Systems PLC(d)		1,134,822		1,664,887
TORM PLC, Class A		190,319		4,819,932
TP ICAP Group PLC		4,452,855		9,694,810
Trainline PLC(b)(d)		2,529,940		8,851,822
Travis Perkins PLC		1,099,092		13,787,854
Tritax Big Box REIT PLC		10,074,515		19,411,236
Trustpilot Group PLC(b)(d)		1,188,762		1,504,757
Tullow Oil PLC(a)(b)		6,062,185		2,699,605
Tyman PLC		613,884		1,967,749
UK Commercial Property REIT Ltd.		1,576,022		1,126,535
Unilever PLC		13,539,957		689,171,023
UNITE Group PLC (The)		1,803,827		22,221,576
United Utilities Group PLC		3,716,386		48,629,154
Urban Logistics REIT PLC		2,477,011		4,382,177
Vesuvius PLC		1,236,365		6,234,191
Victoria PLC(a)(b)		484,571		2,712,210
Victrex PLC		461,812		10,510,161
Virgin Money UK PLC		7,023,458		16,805,051
Vistry Group PLC		1,845,617		16,940,115
Vodafone Group PLC		140,149,088		161,705,808
Volex PLC(a)		624,353		1,962,820
Volution Group PLC		600,083		2,798,482
Warehouse REIT PLC		1,352,355		1,763,951
Watches of Switzerland Group PLC(b)(d)		1,328,847		15,599,538
Weir Group PLC (The)		1,388,244		30,602,462
WH Smith PLC		729,602		14,407,855
Whitbread PLC		1,088,737		41,004,243
Wickes Group PLC		1,232,230		2,310,633
Wincanton PLC		650,838		2,375,061
Workspace Group PLC		749,101		4,663,820
WPP PLC		5,786,807		67,611,517
Yellow Cake PLC(b)(d)		930,822		4,795,785
YouGov PLC		549,163		6,597,636
Young & Co’s Brewery PLC, Series A		115,233		1,466,110
				14,524,144,933
Total Common Stocks — 99.0% (Cost: $88,911,827,893)				95,636,410,203
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		298,180		28,249,226
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)(b)		603,709		71,780,232

Security	Shares		Value
Germany (continued)
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		59,530	$	2,665,062
Einhell Germany AG, Preference Shares, NVS		1,029		173,383
Fuchs Petrolub SE, Preference Shares, NVS		368,479		14,700,241
Henkel AG & Co. KGaA, Preference Shares, NVS		959,725		68,428,655
Jungheinrich AG, Preference Shares, NVS		283,811		11,287,116
Porsche Automobil Holding SE, Preference Shares, NVS		813,816		48,663,490
Sartorius AG, Preference Shares, NVS		129,196		57,933,045
Schaeffler AG, Preference Shares, NVS(a)		491,489		3,527,661
Sixt SE, Preference Shares, NVS		80,094		6,103,617
STO SE & Co. KGaA, Preference Shares, NVS		9,178		1,541,744
Volkswagen AG, Preference Shares, NVS		984,808		136,583,678
				451,637,150
Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		154,281		2,876,930
Total Preferred Stocks — 0.5% (Cost: $485,304,952)				454,514,080
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(b)		1,166,148		591,672
Sacyr SA(b)(c)		2,817,034		190,490
			782,162
Total Rights — 0.0% (Cost: $776,466)				782,162
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD10.00)(b)		53,565		—
Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)(a)(b)		127,842		2
Spain — 0.0%
Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)(a)(b)(c)		1,476,448		9,631
Total Warrants — 0.0% (Cost: $—)				9,633
Total Long-Term Investments — 99.5% (Cost: $89,397,909,311)				96,091,716,078
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		990,210,672		990,804,798

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)		6,950,000	$	6,950,000
Total Short-Term Securities — 1.1% (Cost: $997,044,840)				997,754,798
Total Investments — 100.6% (Cost: $90,394,954,151)				97,089,470,876
Liabilities in Excess of Other Assets — (0.6)%				(546,876,033	)
Net Assets — 100.0%			$	96,542,594,843

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(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)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	823,172,643	$	166,936,738	(a)	$	—	$	57,660	$	637,757	$	990,804,798		990,210,672	$	10,582,396	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,530,000		420,000	(a)		—		—		—		6,950,000		6,950,000		370,130			13
								$	57,660	$	637,757	$	997,754,798			$	10,952,526		$	13

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		742		03/09/23	$	113,204	$	3,326,835
SPI 200 Index		414		03/16/23		54,576		2,642,114
Euro STOXX 50 Index		3,731		03/17/23		169,974		10,976,818
FTSE 100 Index		967		03/17/23		92,744		3,409,312
							$	20,355,079

36 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	20,355,079	$	—	$	—	$	—	$	20,355,079

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	36,150,309	$	—	$	—	$	—	$	36,150,309
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,048,722	$	—	$	—	$	—	$	2,048,722

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	478,547,812

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
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	1,832,070	$	8,157,427,198	$	6,722,167	$	8,165,981,435
Austria		148,953		320,233,056		—		320,382,009
Belgium		4,492,319		1,020,935,363		—		1,025,427,682
Denmark		6,787,042		2,587,259,978		—		2,594,047,020
Finland		11,600,037		999,468,728		—		1,011,068,765
France		16,338,589		10,322,422,319		2,388,110		10,341,149,018
Germany		18,877,398		7,062,594,982		—		7,081,472,380
Hong Kong		39,984,238		2,639,265,568		18		2,679,249,824
Ireland		10,117,824		612,443,417		—		622,561,241
Israel		248,585,550		686,471,974		—		935,057,524
Italy		1,952,605		2,334,511,503		—		2,336,464,108
Japan		10,937,548		21,977,018,816		—		21,987,956,364
Netherlands		65,385,005		4,007,243,261		—		4,072,628,266
New Zealand		—		333,069,495		—		333,069,495
Norway		13,165,765		878,853,107		—		892,018,872
Portugal		448,474		187,770,444		—		188,218,918
Singapore		156,015,390		1,378,438,071		—		1,534,453,461
Spain		4,638,519		2,362,088,372		—		2,366,726,891

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI EAFE ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Sweden	$	20,067,050	$	3,488,024,534	$	—	$	3,508,091,584
Switzerland		14,590,569		9,101,649,844		—		9,116,240,413
United Kingdom		661,304,047		13,860,880,057		1,960,829		14,524,144,933
Preferred Stocks		—		454,514,080		—		454,514,080
Rights		591,672		—		190,490		782,162
Warrants		—		2		9,631		9,633
Short-Term Securities
Money Market Funds		997,754,798		—		—		997,754,798
	$	2,305,615,462	$	94,772,584,169	$	11,271,245	$	97,089,470,876
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	20,355,079	$	—	$	20,355,079

^(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 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.5%
ams-OSRAM AG(a)		109,971	$	1,027,355
ANDRITZ AG(b)		26,520		1,585,936
AT&S Austria Technologie & Systemtechnik AG(b)		12,276		421,210
BAWAG Group AG(c)		31,447		1,947,979
CA Immobilien Anlagen AG		15,343		478,522
Erste Group Bank AG		120,212		4,561,340
IMMOFINANZ AG(a)(b)		16,677		224,681
Kontron AG(b)		16,620		337,732
Lenzing AG(b)		6,510		461,047
Oesterreichische Post AG(b)		15,349		546,617
OMV AG		56,566		2,833,404
Raiffeisen Bank International AG(a)		54,711		984,369
Schoeller-Bleckmann Oilfield Equipment AG		9,710		712,263
UNIQA Insurance Group AG		91,418		768,771
Verbund AG		24,629		2,096,990
voestalpine AG		51,451		1,709,541
Wienerberger AG		45,252		1,360,773
				22,058,530
Belgium — 1.7%
Ackermans & van Haaren NV		9,371		1,621,695
Aedifica SA		15,041		1,319,878
Ageas SA/NV		57,180		2,791,640
AGFA-Gevaert NV(a)		81,568		255,673
Anheuser-Busch InBev SA/NV		311,577		18,807,328
Argenx SE(a)		20,568		7,834,072
Barco NV		30,320		767,512
Bekaert SA		15,033		634,166
bpost SA		39,598		214,680
Cofinimmo SA		12,844		1,168,279
D’ieteren Group		9,495		1,814,640
Econocom Group SA/NV		75,955		235,337
Elia Group SA/NV		12,943		1,817,434
Etablissements Franz Colruyt NV(b)		19,451		514,357
Euronav NV		74,233		1,168,944
Fagron		29,366		434,198
Galapagos NV(a)		20,966		927,921
Groupe Bruxelles Lambert NV(b)		35,832		3,065,256
Intervest Offices & Warehouses NV		7,573		165,483
KBC Ancora		16,662		818,066
KBC Group NV		90,118		6,674,794
Kinepolis Group NV(a)(b)		6,376		269,901
Melexis NV		9,674		1,030,517
Montea NV		4,466		358,418
Ontex Group NV(a)(b)		28,985		225,270
Proximus SADP		54,966		563,243
Sofina SA(b)		5,531		1,314,012
Solvay SA		25,348		2,953,840
Telenet Group Holding NV		16,612		286,343
UCB SA		45,258		3,715,890
Umicore SA		77,723		2,938,278
VGP NV		5,220		521,588
Warehouses De Pauw CVA		55,677		1,765,623
				68,994,276
Denmark — 4.3%
ALK-Abello A/S(a)		59,026		881,731
Alm Brand A/S		304,156		564,455
Ambu A/S, Class B(a)(b)		61,793		853,564
AP Moller - Maersk A/S, Class A		1,170		2,493,211

Security	Shares		Value
Denmark (continued)
AP Moller - Maersk A/S, Class B, NVS		1,797	$	3,908,999
Bavarian Nordic A/S(a)		26,277		841,480
Carlsberg A/S, Class B		34,830		4,944,523
Chemometec A/S(a)		7,668		671,793
Chr Hansen Holding A/S		36,924		2,726,280
Coloplast A/S, Class B		41,446		5,003,959
D/S Norden A/S		11,215		604,549
Danske Bank A/S		244,581		5,095,495
Demant A/S(a)		36,424		1,031,043
Dfds A/S		15,063		567,805
DSV A/S		68,462		11,325,671
FLSmidth & Co. A/S(b)		18,845		809,695
Genmab A/S(a)		23,888		9,361,623
GN Store Nord A/S		52,899		1,304,294
H Lundbeck A/S		129,972		482,953
H Lundbeck A/S, Class A(a)		32,478		111,825
ISS A/S(a)		61,482		1,344,224
Jyske Bank A/S, Registered(a)		22,159		1,598,181
Netcompany Group A/S(a)(c)		17,317		689,164
NKT A/S(a)		18,004		1,123,483
Novo Nordisk A/S, Class B		598,425		82,815,896
Novozymes A/S, Class B		71,889		3,740,855
Orsted A/S(c)		66,423		5,915,100
Pandora A/S		32,482		2,704,806
Per Aarsleff Holding A/S		12,147		504,150
Ringkjoebing Landbobank A/S		10,878		1,582,995
Rockwool A/S, Class B		3,155		904,577
Royal Unibrew A/S		18,491		1,298,475
Scandinavian Tobacco Group A/S, Class A(c)		21,132		367,279
Schouw & Co. A/S		4,553		352,780
SimCorp A/S		16,186		1,133,504
Spar Nord Bank A/S		30,880		491,883
Sydbank A/S		26,598		1,212,823
Topdanmark A/S		16,905		912,493
Tryg A/S		125,349		2,876,521
Vestas Wind Systems A/S		359,638		10,523,581
Zealand Pharma A/S(a)		22,166		692,269
				176,369,987
Finland — 1.7%
Cargotec OYJ, Class B		16,172		823,361
Caverion OYJ		55,909		515,427
Elisa OYJ		50,893		2,899,533
Fortum OYJ		164,693		2,475,705
Huhtamaki OYJ		39,243		1,467,800
Kemira OYJ		57,498		932,868
Kesko OYJ, Class B		98,382		2,291,659
Kojamo OYJ		61,358		942,129
Kone OYJ, Class B		119,118		6,496,229
Konecranes OYJ		26,925		876,180
Metsa Board OYJ, Class B		83,278		743,385
Metso Outotec OYJ		245,094		2,816,835
Neste OYJ		154,687		7,394,391
Nokia OYJ		1,930,692		9,154,407
Nokian Renkaat OYJ		49,297		590,506
Orion OYJ, Class B		39,344		2,107,840
Outokumpu OYJ		140,910		806,930
QT Group OYJ(a)(b)		7,177		420,885
Revenio Group OYJ		12,652		517,222
Sampo OYJ, Class A		171,533		9,005,392
Sanoma OYJ		35,113		373,505

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Stora Enso OYJ, Class R		195,396	$	2,793,258
TietoEVRY OYJ		31,999		974,499
Tokmanni Group OYJ		31,620		407,696
UPM-Kymmene OYJ		189,200		6,857,784
Uponor OYJ		31,423		559,628
Valmet OYJ		62,573		1,964,969
Wartsila OYJ Abp		164,946		1,568,802
				68,778,825
France — 17.0%
Accor SA(a)		62,602		2,031,934
Aeroports de Paris(a)		11,546		1,791,218
Air France-KLM(a)(b)		471,991		797,901
Air Liquide SA		187,810		29,904,266
Airbus SE		215,556		27,023,359
ALD SA(b)(c)		58,581		736,465
Alstom SA		111,660		3,320,229
Alten SA		11,550		1,774,727
Amundi SA(c)		21,703		1,420,895
APERAM SA		19,060		752,172
ArcelorMittal SA		189,100		5,866,435
Arkema SA		22,504		2,277,129
Atos SE(a)(b)		34,831		459,473
AXA SA		670,610		20,922,376
BioMerieux		15,455		1,575,574
BNP Paribas SA		398,955		27,400,980
Bollore SE		347,034		1,941,785
Bouygues SA		81,061		2,670,468
Bureau Veritas SA		103,895		2,970,510
Capgemini SE		58,919		11,181,976
Carrefour SA		222,514		4,232,431
CGG SA(a)(b)		410,463		345,676
Cie. de Saint-Gobain		176,616		10,143,263
Cie. Generale des Etablissements Michelin SCA		241,504		7,636,310
Cie. Plastic Omnium SA		25,921		453,654
Coface SA(a)		57,796		808,155
Covivio		19,714		1,353,255
Credit Agricole SA		431,378		5,194,324
Danone SA		231,300		12,684,319
Dassault Aviation SA		9,882		1,687,483
Dassault Systemes SE		238,679		8,876,685
Edenred		89,546		4,877,523
Eiffage SA		30,914		3,301,942
Electricite de France SA		206,883		2,717,419
Elis SA		76,503		1,343,646
Engie SA		656,167		9,317,482
Esker SA		3,198		533,963
EssilorLuxottica SA		106,571		19,553,576
Eurazeo SE		16,974		1,190,678
Euroapi SA(a)		26,460		424,730
Eurofins Scientific SE		48,414		3,472,725
Euronext NV(c)		31,415		2,545,617
Eutelsat Communications SA(b)		67,638		517,254
Faurecia SE(a)		57,856		1,149,800
Fnac Darty SA		8,855		328,639
Gaztransport Et Technigaz SA		10,853		1,199,866
Gecina SA		16,583		1,964,251
Getlink SE		163,680		2,768,445
Hermes International		11,311		21,168,639
ICADE		11,867		563,685
Imerys SA		15,887		658,909

Security	Shares		Value
France (continued)
Interparfums SA		10,604	$	694,141
Ipsen SA		14,131		1,484,250
IPSOS		14,408		933,747
JCDecaux SE(a)		28,511		645,171
Kering SA		27,549		17,189,383
Klepierre SA		79,221		2,010,657
Korian SA		29,331		307,123
La Francaise des Jeux SAEM(c)		38,664		1,654,355
Legrand SA		95,284		8,495,909
L’Oreal SA		87,016		35,929,916
LVMH Moet Hennessy Louis Vuitton SE		100,475		87,712,225
McPhy Energy SA(a)(b)		10,299		156,755
Neoen SA(c)		18,202		683,475
Nexans SA		12,170		1,290,550
Nexity SA		21,115		637,861
Orange SA		720,966		7,629,803
Orpea SA(a)(b)(d)		18,990		146,992
Pernod Ricard SA		73,520		15,220,843
Publicis Groupe SA		83,213		5,869,814
Quadient SA		18,235		321,586
Remy Cointreau SA		8,491		1,598,763
Renault SA(a)		69,750		2,835,996
Rexel SA		92,841		2,053,866
Rubis SCA		32,460		908,402
Safran SA		122,618		17,631,918
Sanofi		410,197		40,168,305
Sartorius Stedim Biotech		10,053		3,506,770
Schneider Electric SE		197,508		32,038,868
SCOR SE		54,588		1,347,353
SEB SA		9,391		982,073
SES SA		151,682		1,177,072
Societe BIC SA		10,067		730,922
Societe Generale SA		288,301		8,581,732
Sodexo SA		31,912		3,163,526
SOITEC(a)		10,455		1,585,672
Sopra Steria Group SACA		6,967		1,158,773
SPIE SA		47,505		1,296,899
Teleperformance		21,062		5,854,958
Thales SA		38,004		5,026,383
TotalEnergies SE		900,511		55,670,271
Trigano SA		4,935		687,912
Ubisoft Entertainment SA(a)		33,570		695,119
Unibail-Rodamco-Westfield(a)(b)		42,234		2,733,185
Valeo		72,513		1,584,754
Vallourec SA(a)		80,506		1,175,142
Valneva SE(a)(b)		38,022		259,473
Veolia Environnement SA		238,966		7,093,097
Verallia SA(c)		28,418		1,049,242
Vicat SA		15,040		419,971
Vinci SA		192,834		21,788,226
Virbac SA		2,363		717,109
Vivendi SE		254,106		2,729,040
Wendel SE		9,987		1,057,504
Worldline SA/France(a)(c)		85,998		3,901,375
				702,058,443
Germany — 11.6%
Aareal Bank AG(a)		27,470		967,594
adidas AG		61,782		9,947,903
AIXTRON SE		44,799		1,334,810
Allianz SE, Registered		147,657		35,306,829

40 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Amadeus Fire AG		3,981	$	554,530
Aroundtown SA(b)		328,569		914,802
AURELIUS Equity Opportunities SE & Co. KGaA(b)		13,842		237,147
Aurubis AG		12,779		1,351,466
BASF SE		327,738		18,790,997
Bayer AG, Registered		352,060		21,913,952
Bayerische Motoren Werke AG		118,145		12,034,798
Bechtle AG		31,968		1,347,156
Beiersdorf AG		36,779		4,471,503
Bilfinger SE(b)		17,926		617,194
Brenntag SE		57,041		4,257,997
CANCOM SE		16,652		574,071
Carl Zeiss Meditec AG, Bearer		15,093		2,178,195
Commerzbank AG(a)		380,694		4,351,878
CompuGroup Medical SE & Co. KgaA		12,808		600,276
Continental AG		38,818		2,725,614
Covestro AG(c)		69,061		3,179,879
CropEnergies AG		12,491		162,642
CTS Eventim AG & Co. KGaA(a)		23,552		1,653,273
Daimler Truck Holding AG(a)		161,764		5,435,856
Delivery Hero SE(a)(c)		69,891		4,225,391
Dermapharm Holding SE		9,766		405,378
Deutsche Bank AG, Registered		780,135		10,411,465
Deutsche Boerse AG		68,871		12,323,934
Deutsche Lufthansa AG, Registered(a)		224,534		2,378,873
Deutsche Pfandbriefbank AG(c)		61,877		564,403
Deutsche Post AG, Registered		356,059		15,330,723
Deutsche Telekom AG, Registered		1,163,914		25,930,607
Draegerwerk AG & Co. KGaA		5,697		229,779
Duerr AG		22,958		875,937
E.ON SE		806,935		8,797,940
Eckert & Ziegler Strahlen- und Medizintechnik AG		7,869		457,885
Encavis AG		46,230		895,727
Evonik Industries AG		78,163		1,737,449
Evotec SE(a)(b)		53,901		1,059,859
Fraport AG Frankfurt Airport Services Worldwide(a)		14,262		811,668
Freenet AG		55,910		1,359,130
Fresenius Medical Care AG & Co. KGaA		72,183		2,710,809
Fresenius SE & Co. KGaA		158,152		4,583,380
GEA Group AG		57,199		2,580,813
Gerresheimer AG		13,324		985,364
Grand City Properties SA		38,662		412,066
GRENKE AG		11,347		329,591
Hannover Rueck SE		21,204		4,305,864
HeidelbergCement AG		50,214		3,445,555
HelloFresh SE(a)(b)		59,293		1,441,488
Henkel AG & Co. KGaA		38,326		2,560,876
HOCHTIEF AG		7,914		501,736
Hornbach Holding AG & Co. KGaA		5,149		456,146
Hugo Boss AG		23,741		1,612,255
Hypoport SE(a)(b)		1,570		213,891
Indus Holding AG		13,190		348,733
Infineon Technologies AG		468,387		16,866,830
Jenoptik AG		25,398		789,322
K+S AG, Registered		70,481		1,687,064
KION Group AG		25,830		1,040,082
Knorr-Bremse AG		25,134		1,652,008
Krones AG		4,924		574,944
LANXESS AG		30,062		1,500,391
LEG Immobilien SE		25,640		2,004,384

Security	Shares		Value
Germany (continued)
Mercedes-Benz Group AG		287,723	$	21,410,052
Merck KGaA		46,109		9,624,248
METRO AG(a)		51,293		505,412
MorphoSys AG(a)(b)		16,094		323,336
MTU Aero Engines AG		21,060		5,263,158
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		50,351		18,187,151
Nagarro SE(a)(b)		5,506		754,286
Nemetschek SE		21,368		1,142,426
Nordex SE(a)		54,173		823,255
Norma Group SE		14,239		306,518
PATRIZIA SE		20,714		256,517
Pfeiffer Vacuum Technology AG		2,248		410,474
ProSiebenSat.1 Media SE		62,726		645,149
Puma SE		41,503		2,834,172
Rational AG		1,883		1,238,606
Rheinmetall AG		15,724		3,674,031
RWE AG		233,185		10,381,133
Salzgitter AG(b)		14,145		577,276
SAP SE		378,440		44,860,263
Scout24 SE(c)		30,898		1,798,820
Siemens AG, Registered		274,240		42,837,734
Siemens Healthineers AG(c)		100,710		5,400,943
Siltronic AG		6,912		576,222
Sixt SE		6,027		749,342
Software AG(b)		22,179		618,141
Stabilus SE		11,894		820,392
Stratec SE(b)		5,096		464,196
Stroeer SE & Co. KGaA(b)		12,796		701,616
Suedzucker AG		34,275		556,049
Symrise AG		47,308		5,029,297
Synlab AG		32,365		355,548
TAG Immobilien AG		68,017		582,487
TeamViewer AG(a)(c)		56,459		795,333
Telefonica Deutschland Holding AG		480,672		1,415,758
thyssenkrupp AG(a)		164,702		1,293,875
TUI AG(a)(b)		490,832		1,027,849
United Internet AG, Registered(e)		36,298		842,707
Varta AG(b)		8,389		255,391
VERBIO Vereinigte BioEnergie AG		9,862		621,702
Vitesco Technologies Group AG(a)		10,069		697,925
Volkswagen AG		10,715		1,875,555
Vonovia SE		260,210		7,350,387
Vossloh AG		7,726		340,473
Zalando SE(a)(c)		79,980		3,729,868
				479,265,175
Ireland — 1.0%
AIB Group PLC		392,583		1,649,080
Bank of Ireland Group PLC		389,385		4,160,129
C&C Group PLC(a)		193,901		385,340
Cairn Homes PLC(a)		464,896		494,209
CRH PLC		272,237		12,719,606
Dalata Hotel Group PLC(a)		90,019		380,302
Flutter Entertainment PLC, Class DI(a)		60,113		9,337,532
Glanbia PLC		88,943		1,085,365
Kerry Group PLC, Class A		55,743		5,223,124
Kingspan Group PLC		55,567		3,573,849
Smurfit Kappa Group PLC		91,059		3,823,069
				42,831,605

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Israel — 0.0%
Tremor International Ltd.(a)(b)		44,158	$	179,292
Italy — 3.8%
A2A SpA		650,742		979,681
ACEA SpA		22,663		347,412
Amplifon SpA		47,080		1,300,032
Anima Holding SpA(c)		133,831		590,324
Ascopiave SpA		82,991		240,279
Assicurazioni Generali SpA		400,200		7,812,428
Autogrill SpA(a)		82,926		605,117
Azimut Holding SpA		48,142		1,201,898
Banca Generali SpA		28,961		1,068,414
Banca Mediolanum SpA		78,394		750,028
Banca Popolare di Sondrio SPA		207,846		1,020,829
Banco BPM SpA		536,109		2,412,915
BPER Banca		513,577		1,410,849
Brembo SpA		66,962		903,994
Brunello Cucinelli SpA		17,428		1,451,587
Buzzi Unicem SpA		37,136		836,235
Credito Emiliano SpA		66,497		566,345
De’ Longhi SpA		37,758		871,609
DiaSorin SpA		10,437		1,358,686
Enav SpA(c)		99,778		459,372
Enel SpA		2,892,128		17,029,197
Eni SpA		907,234		13,960,723
ERG SpA		26,149		789,607
Ferrari NV		45,176		11,288,767
FinecoBank Banca Fineco SpA		233,614		4,193,803
Gruppo MutuiOnline SpA		13,412		427,431
GVS SpA(a)(b)(c)		30,104		159,055
Hera SpA		413,571		1,188,031
Infrastrutture Wireless Italiane SpA(c)		126,528		1,386,592
Interpump Group SpA		28,505		1,486,533
Intesa Sanpaolo SpA		6,016,798		15,819,785
Iren SpA		391,829		709,637
Italgas SpA		192,893		1,129,139
Juventus Football Club SpA(a)(b)		923,364		298,404
Leonardo SpA		147,896		1,523,053
Mediobanca Banca di Credito Finanziario SpA		219,587		2,360,549
Moncler SpA		77,599		4,856,739
Nexi SpA(a)(c)		257,499		2,267,881
Pirelli & C SpA(c)		186,417		933,331
Poste Italiane SpA(c)		193,551		2,067,904
Prysmian SpA		98,379		4,017,569
Recordati Industria Chimica e Farmaceutica SpA		39,323		1,722,681
Reply SpA		9,758		1,266,658
Salvatore Ferragamo SpA(b)		25,884		513,679
Snam SpA		756,264		3,852,053
Stellantis NV		788,916		12,402,540
Tamburi Investment Partners SpA		97,313		809,551
Technogym SpA(b)(c)		76,627		679,676
Telecom Italia SpA/Milano(a)(b)		3,467,350		998,277
Tenaris SA		190,071		3,368,200
Terna - Rete Elettrica Nazionale		503,941		3,987,111
Tod’s SpA(a)		5,458		213,420
UniCredit SpA		693,530		13,545,429
Unipol Gruppo SpA		187,432		981,649
				158,422,688
Netherlands — 6.7%
Aalberts NV		39,028		1,845,344

Security	Shares		Value
Netherlands (continued)
ABN AMRO Bank NV, CVA(c)		137,484	$	2,281,897
Adyen NV(a)(c)		7,743		11,706,696
Aegon NV		639,274		3,526,102
AerCap Holdings NV(a)(b)		54,322		3,433,694
Akzo Nobel NV		63,864		4,756,908
Alfen Beheer BV(a)(c)		9,220		855,416
Allfunds Group PLC		122,073		971,086
Arcadis NV		31,580		1,371,219
ASM International NV		17,211		5,820,862
ASML Holding NV		147,276		97,444,818
ASR Nederland NV		51,218		2,424,224
Basic-Fit NV(a)(b)(c)		27,612		907,311
BE Semiconductor Industries NV		28,451		2,034,996
Corbion NV		23,568		906,921
Davide Campari-Milano NV		226,930		2,434,296
EXOR NV, NVS(a)		40,615		3,228,430
Flow Traders Ltd., NVS		14,738		379,090
Heineken Holding NV		38,424		3,172,512
Heineken NV		93,374		9,331,695
IMCD NV		20,912		3,315,217
ING Groep NV(a)		1,338,302		19,378,962
InPost SA(a)		81,692		788,910
Iveco Group NV(a)		113,504		929,663
JDE Peet’s NV		34,606		1,037,243
Just Eat Takeaway.com NV(a)(c)		37,948		973,502
Just Eat Takeaway.com NV(a)(c)		26,130		668,239
Koninklijke Ahold Delhaize NV		378,280		11,290,509
Koninklijke DSM NV		62,816		8,078,262
Koninklijke KPN NV		1,213,252		4,147,918
Koninklijke Philips NV		314,100		5,423,078
Koninklijke Vopak NV		27,604		831,724
NN Group NV		99,779		4,335,206
NSI NV		13,848		361,317
OCI NV		42,733		1,454,651
Pharming Group NV(a)(b)		369,114		511,948
PostNL NV		166,298		348,196
Prosus NV		299,597		24,191,028
QIAGEN NV(a)		81,375		3,969,724
Randstad NV		43,304		2,775,715
SBM Offshore NV		63,014		990,646
Shop Apotheke Europe NV(a)(c)		5,681		409,620
Signify NV(b)(c)		46,341		1,677,795
Technip Energies NV		52,243		1,012,850
TKH Group NV		19,581		888,688
TomTom NV(a)(b)		36,070		256,357
Universal Music Group NV		256,572		6,558,587
Wolters Kluwer NV		93,992		10,247,292
				275,686,364
Norway — 1.5%
Adevinta ASA(a)		105,318		902,874
Aker ASA, Class A		10,494		758,791
Aker BP ASA		121,364		3,696,958
Aker Carbon Capture ASA(a)		178,686		264,850
Atea ASA		51,391		579,678
Austevoll Seafood ASA		51,471		509,905
Bakkafrost P/F		20,381		1,264,671
Borregaard ASA		47,540		732,934
BW Energy Ltd.(a)		56,210		157,925
BW Offshore Ltd.		81,147		217,132
Crayon Group Holding ASA(a)(b)(c)		41,174		414,701

42 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
DNB Bank ASA		321,511	$	6,012,116
Elkem ASA(c)		238,920		846,301
Entra ASA(c)		32,863		388,706
Equinor ASA		346,959		10,574,145
Frontline PLC, NVS(b)		43,454		598,768
Gjensidige Forsikring ASA		71,071		1,277,391
Golden Ocean Group Ltd.		54,753		523,805
Kahoot! ASA(a)(b)		142,568		252,023
Kongsberg Gruppen ASA		40,523		1,613,289
Leroy Seafood Group ASA		108,918		641,409
Mowi ASA		162,534		3,005,524
MPC Container Ships AS		135,519		215,713
NEL ASA(a)(b)		561,993		963,164
Nordic Semiconductor ASA(a)		63,823		1,017,725
Norsk Hydro ASA		511,055		4,143,556
Norwegian Air Shuttle ASA(a)(b)		259,853		247,550
Nykode Therapeutics AS(a)		70,920		203,495
Orkla ASA		270,792		2,021,656
REC Silicon ASA(a)(b)		144,643		206,104
Salmar ASA		26,284		1,222,197
Scatec ASA(c)		49,079		400,297
Schibsted ASA, Class A		41,074		897,009
Schibsted ASA, Class B		26,383		551,534
SpareBank 1 SMN		81,563		1,040,154
SpareBank 1 SR-Bank ASA		101,239		1,173,794
Storebrand ASA		171,238		1,490,723
Subsea 7 SA		100,357		1,250,657
Telenor ASA		232,019		2,428,916
TGS ASA		53,045		878,272
TOMRA Systems ASA		87,898		1,551,693
Veidekke ASA		52,808		545,268
Yara International ASA		60,789		2,700,933
				60,384,306
Portugal — 0.3%
Banco Comercial Portugues SA, Class R(b)		3,447,676		734,523
EDP - Energias de Portugal SA		985,820		4,897,808
Galp Energia SGPS SA		196,375		2,687,990
Jeronimo Martins SGPS SA		94,671		2,055,376
Navigator Co. SA (The)		150,464		526,787
REN - Redes Energeticas Nacionais SGPS SA		312,955		860,147
Sonae SGPS SA		742,280		756,588
				12,519,219
Spain — 3.9%
Acciona SA		9,235		1,801,749
Acerinox SA		70,113		759,320
ACS Actividades de Construccion y Servicios SA		79,953		2,366,106
Aena SME SA(a)(c)		26,119		3,924,353
Amadeus IT Group SA(a)		158,719		9,999,924
Applus Services SA		60,965		467,891
Banco Bilbao Vizcaya Argentaria SA		2,186,055		15,441,795
Banco de Sabadell SA		2,018,569		2,639,003
Banco Santander SA		6,051,008		21,147,906
Bankinter SA		237,599		1,714,278
Befesa SA(c)		16,624		953,572
CaixaBank SA		1,604,383		7,118,582
Cellnex Telecom SA(c)		194,225		7,611,286
Cia. de Distribucion Integral Logista Holdings SA		36,308		983,709
Cie. Automotive SA		30,902		917,930
Corp. ACCIONA Energias Renovables SA		21,690		886,993

Security	Shares		Value
Spain (continued)
Ebro Foods SA		28,943	$	497,212
EDP Renovaveis SA		100,567		2,187,441
Enagas SA		76,645		1,374,344
Endesa SA		111,779		2,228,507
Faes Farma SA		171,794		643,936
Ferrovial SA		176,538		5,209,328
Fluidra SA		36,934		652,035
Global Dominion Access SA(c)		31,167		133,643
Grifols SA(a)(b)		104,130		1,378,478
Grupo Catalana Occidente SA		21,370		662,396
Iberdrola SA		2,180,527		25,581,431
Iberdrola SA, NVS		35,429		413,863
Indra Sistemas SA		56,225		686,525
Industria de Diseno Textil SA		395,650		12,352,513
Inmobiliaria Colonial Socimi SA		115,648		843,508
Lar Espana Real Estate Socimi SA		66,912		333,892
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		250,409		260,965
Mapfre SA		381,893		768,157
Merlin Properties Socimi SA		133,955		1,309,099
Miquel y Costas & Miquel SA		31,666		421,371
Naturgy Energy Group SA		51,979		1,474,239
Neinor Homes SA(c)		24,891		249,743
Prosegur Cia. de Seguridad SA		114,722		259,653
Red Electrica Corp. SA		130,938		2,317,458
Repsol SA		514,340		8,448,978
Sacyr SA		218,560		672,339
Solaria Energia y Medio Ambiente SA(a)		31,667		649,765
Telefonica SA		1,872,723		7,114,513
Unicaja Banco SA(c)		540,207		663,996
Vidrala SA		12,022		1,212,719
Viscofan SA		17,720		1,142,064
				160,878,508
Sweden — 5.7%
AAK AB		71,271		1,230,121
AddLife AB		40,043		422,604
AddTech AB, Class B		99,778		1,593,388
AFRY AB		40,932		738,926
Alfa Laval AB		102,744		3,228,795
Alleima AB, NVS(a)		74,802		374,057
Arjo AB, Class B		93,691		363,568
Assa Abloy AB, Class B		355,262		8,368,641
Atlas Copco AB, Class A		989,708		11,743,936
Atlas Copco AB, Class B		546,808		5,767,515
Avanza Bank Holding AB		48,304		1,114,548
Axfood AB		44,270		1,140,206
Beijer Ref AB		92,027		1,419,695
Bilia AB, Class A		24,173		279,304
Billerud AB		85,449		992,681
Biotage AB		23,655		365,587
Boliden AB		101,122		4,538,050
Bravida Holding AB(c)		73,062		807,655
Bure Equity AB		22,395		564,090
Calliditas Therapeutics AB, Class B(a)(b)		27,068		257,989
Castellum AB		123,315		1,692,013
Catena AB		13,468		563,447
Cint Group AB(a)		71,414		268,047
Corem Property Group AB, Class B		283,430		259,478
Dometic Group AB(c)		114,589		722,147
Electrolux AB, Class B		80,542		1,140,785

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Electrolux Professional AB, Class B		123,593	$	575,895
Elekta AB, Class B		198,212		1,442,743
Embracer Group AB(a)(b)		253,409		1,181,172
Epiroc AB, Class A		236,047		4,592,709
Epiroc AB, Class B		135,649		2,261,605
EQT AB		104,732		2,363,253
Essity AB, Class B		216,096		5,645,321
Evolution AB(c)		67,305		7,564,480
Fabege AB		139,400		1,317,496
Fastighets AB Balder, Class B(a)		226,102		1,164,932
Fortnox AB		174,962		882,883
Getinge AB, Class B		84,305		1,899,187
Granges AB		51,712		432,538
H & M Hennes & Mauritz AB, Class B		259,261		3,193,132
Hexagon AB, Class B		725,540		8,317,229
Hexatronic Group AB		68,097		838,169
Hexpol AB		110,654		1,195,379
Holmen AB, Class B		35,484		1,463,558
Hufvudstaden AB, Class A		47,331		712,812
Husqvarna AB, Class B		152,481		1,297,291
Industrivarden AB, Class A		47,232		1,251,192
Industrivarden AB, Class C		55,232		1,455,068
Indutrade AB		102,975		2,286,789
Instalco AB		102,002		394,559
Intrum AB(b)		26,207		339,160
Investment AB Latour, Class B		54,225		1,144,088
Investor AB, Class A		173,958		3,471,956
Investor AB, Class B		671,258		13,043,868
JM AB(b)		26,699		497,727
Kambi Group PLC, Class B(a)		15,318		275,463
Kindred Group PLC		91,117		918,206
Kinnevik AB, Class B(a)		86,564		1,338,032
L E Lundbergforetagen AB, Class B		27,016		1,251,036
Lifco AB, Class B		90,627		1,664,849
Lindab International AB		36,680		520,246
Loomis AB		29,322		871,960
Medicover AB		23,063		393,918
Millicom International Cellular SA, SDR(a)		64,947		1,112,759
MIPS AB		13,228		506,225
Modern Times Group MTG AB, Class B		45,566		403,404
Munters Group AB(c)		46,313		444,054
Mycronic AB		26,341		563,056
NCC AB, Class B		37,998		375,909
Neobo Fastigheter AB(a)(b)		42,029		78,571
Nibe Industrier AB, Class B		541,166		5,846,901
Nobia AB		82,801		144,508
Nolato AB, Class B		94,308		569,543
Nordea Bank Abp		1,211,309		14,160,667
Nordnet AB publ		56,054		911,131
Nyfosa AB		79,334		691,784
Pandox AB(a)		45,129		621,332
Paradox Interactive AB(b)		17,329		307,994
Peab AB, Class B		78,709		491,179
PowerCell Sweden AB(a)		22,984		308,173
Ratos AB, Class B		73,289		295,575
Saab AB, Class B		27,591		1,129,533
Sagax AB, Class B		68,376		1,700,853
Samhallsbyggnadsbolaget i Norden AB(b)		431,121		787,611
Sandvik AB		373,992		7,729,530
Scandic Hotels Group AB(a)(c)		94,233		347,390

Security	Shares		Value
Sweden (continued)
Sdiptech AB, Class B(a)		14,530	$	354,762
Sectra AB, NVS		48,576		687,919
Securitas AB, Class B		176,491		1,615,520
Sinch AB(a)(b)(c)		210,022		868,225
Skandinaviska Enskilda Banken AB, Class A		607,410		7,353,189
Skanska AB, Class B		115,033		2,030,344
SKF AB, Class B		133,070		2,355,112
SSAB AB, Class A		96,484		689,632
SSAB AB, Class B		217,460		1,481,917
Stillfront Group AB(a)		197,604		344,881
Storskogen Group AB		871,429		760,926
Surgical Science Sweden AB(a)(b)		23,329		329,965
Svenska Cellulosa AB SCA, Class B		223,677		3,106,054
Svenska Handelsbanken AB, Class A		554,151		5,778,696
Sweco AB, Class B		118,606		1,286,615
Swedbank AB, Class A		325,475		6,260,972
Swedish Orphan Biovitrum AB(a)		69,035		1,539,519
Tele2 AB, Class B		202,825		1,751,704
Telefonaktiebolaget LM Ericsson, Class B		1,097,489		6,365,942
Telia Co. AB		1,063,036		2,745,440
Thule Group AB(c)		37,506		898,786
Trelleborg AB, Class B		90,678		2,267,356
Troax Group AB		20,753		436,695
Viaplay Group AB, Class B(a)		28,204		696,364
Vitec Software Group AB, Class B		10,362		438,913
Vitrolife AB		29,307		628,360
Volvo AB, Class A		69,559		1,445,000
Volvo AB, Class B		535,123		10,618,716
Volvo Car AB, Class B(a)(b)		212,881		1,062,169
Wallenstam AB, Class B		140,648		645,667
Wihlborgs Fastigheter AB		117,203		964,946
				236,755,162
Switzerland — 15.0%
ABB Ltd., Registered		566,057		19,707,643
Accelleron Industries AG, NVS(a)		38,286		904,286
Adecco Group AG, Registered		57,010		2,117,391
Alcon Inc.		177,458		13,390,715
Allreal Holding AG, Registered		5,306		909,426
ALSO Holding AG, Registered		3,433		699,283
Arbonia AG		29,304		410,762
Aryzta AG(a)		448,214		610,301
Bachem Holding AG, Class A(b)		11,828		1,045,995
Baloise Holding AG, Registered		17,710		2,912,815
Banque Cantonale Vaudoise, Registered		11,069		1,052,187
Barry Callebaut AG, Registered		1,350		2,820,599
Belimo Holding AG, Registered		3,665		1,933,084
BKW AG		7,505		1,079,236
Bossard Holding AG, Class A, Registered		2,782		708,892
Bucher Industries AG, Registered		3,120		1,421,679
Burckhardt Compression Holding AG		1,620		1,003,015
Bystronic AG, Registered		634		476,413
Cembra Money Bank AG		12,664		1,124,393
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		364		3,997,709
Chocoladefabriken Lindt & Spruengli AG, Registered		38		4,277,255
Cie. Financiere Richemont SA, Class A, Registered		187,625		28,923,746
Clariant AG, Registered		78,295		1,342,636
Coca-Cola HBC AG, Class DI		69,223		1,682,214
Comet Holding AG, Registered		3,497		808,369
Credit Suisse Group AG, Registered		1,297,772		4,470,671

44 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Daetwyler Holding AG, Bearer		3,148	$	667,648
DKSH Holding AG		14,763		1,257,735
dormakaba Holding AG		1,351		564,416
Dufry AG, Registered(a)		29,812		1,368,597
Emmi AG, Registered		1,048		976,367
EMS-Chemie Holding AG, Registered		2,559		1,907,684
Flughafen Zurich AG, Registered(a)		7,576		1,380,300
Forbo Holding AG, Registered		312		410,507
Galenica AG(c)		20,078		1,570,252
Geberit AG, Registered		12,526		7,127,073
Georg Fischer Ltd.		28,736		1,981,277
Givaudan SA, Registered		3,304		10,712,328
Helvetia Holding AG, Registered		15,381		1,924,138
Holcim AG		198,683		11,878,205
Huber + Suhner AG, Registered		5,799		556,143
Idorsia Ltd.(a)(b)		43,099		724,956
Implenia AG, Registered(a)		11,036		463,584
Inficon Holding AG, Registered		800		837,603
Interroll Holding AG, Registered		281		875,282
Julius Baer Group Ltd.		75,346		4,833,018
Kardex Holding AG, Registered		3,233		630,101
Kuehne + Nagel International AG, Registered		19,165		4,570,020
Landis+Gyr Group AG(b)		10,441		769,206
Logitech International SA, Registered		64,117		3,751,919
Lonza Group AG, Registered		26,540		15,139,513
Medmix AG(c)		13,854		269,851
Meyer Burger Technology AG(a)(b)		1,483,451		1,055,979
Mobimo Holding AG, Registered		2,580		663,426
Nestle SA, Registered		994,251		121,307,615
Novartis AG, Registered		786,326		71,090,975
OC Oerlikon Corp. AG, Registered		89,728		616,050
Partners Group Holding AG		7,908		7,420,048
PolyPeptide Group AG(c)		6,485		188,412
PSP Swiss Property AG, Registered		15,968		1,990,630
Roche Holding AG, Bearer		9,501		3,477,754
Roche Holding AG, NVS		255,115		79,639,344
Schindler Holding AG, Participation Certificates, NVS		14,791		3,152,514
Schindler Holding AG, Registered		8,446		1,708,532
Schweiter Technologies AG, Bearer		496		437,802
Sensirion Holding AG(a)(b)(c)		4,085		486,113
SFS Group AG		7,299		839,782
SGS SA, Registered		2,236		5,452,786
Siegfried Holding AG, Registered		1,807		1,327,473
Siemens Energy AG(a)		155,889		3,259,453
SIG Group AG		112,020		2,776,523
Sika AG, Registered		52,273		14,853,208
Softwareone Holding AG		41,614		671,915
Sonova Holding AG, Registered		19,840		4,961,421
St. Galler Kantonalbank AG, Class A, Registered		1,470		805,537
Stadler Rail AG(b)		18,875		721,957
STMicroelectronics NV		245,481		11,559,285
Straumann Holding AG		40,108		5,251,621
Sulzer AG, Registered(b)		11,584		986,420
Swatch Group AG (The), Bearer		10,278		3,721,340
Swatch Group AG (The), Registered		19,007		1,248,905
Swiss Life Holding AG, Registered		11,161		6,605,612
Swiss Prime Site AG, Registered		27,160		2,420,180
Swiss Re AG		108,319		11,342,180
Swisscom AG, Registered		9,577		5,658,624
Swissquote Group Holding SA, Registered		4,746		857,158

Security	Shares		Value
Switzerland (continued)
Tecan Group AG, Registered		4,852	$	2,036,257
Temenos AG, Registered		22,909		1,635,259
UBS Group AG, Registered		1,205,861		25,739,554
Valiant Holding AG, Registered		8,469		967,692
VAT Group AG(c)		10,065		3,133,272
Vontobel Holding AG, Registered		14,218		1,006,960
Zur Rose Group AG(a)		3,774		142,389
Zurich Insurance Group AG		54,225		26,815,807
				617,012,202
United Kingdom — 23.9%
3i Group PLC		362,495		7,072,179
888 Holdings PLC(a)		149,862		133,844
abrdn PLC		806,644		2,124,566
Admiral Group PLC		61,063		1,660,017
Airtel Africa PLC(c)		445,256		642,799
AJ Bell PLC		111,170		461,330
Anglo American PLC		452,971		19,536,810
Antofagasta PLC		144,940		3,114,265
AO World PLC(a)(b)		133,561		103,572
Ascential PLC(a)		181,917		602,855
Ashmore Group PLC		167,079		550,317
Ashtead Group PLC		156,776		10,326,643
ASOS PLC(a)(b)		25,100		271,562
Associated British Foods PLC		121,739		2,794,544
Assura PLC		1,358,893		933,986
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		153,455		313,581
AstraZeneca PLC		561,361		73,545,283
Auction Technology Group PLC(a)(b)		55,838		484,633
Auto Trader Group PLC(c)		341,512		2,649,615
Aviva PLC		997,901		5,628,010
Avon Protection PLC		12,595		156,825
B&M European Value Retail SA		323,638		1,789,819
Babcock International Group PLC(a)		99,120		374,482
BAE Systems PLC		1,119,760		11,853,823
Balfour Beatty PLC		259,813		1,173,617
Barclays PLC		5,653,596		12,996,435
Barratt Developments PLC		360,731		2,050,296
Beazley PLC		225,911		1,859,111
Bellway PLC		45,015		1,177,395
Berkeley Group Holdings PLC		41,779		2,139,404
Big Yellow Group PLC		72,583		1,082,590
Bodycote PLC		72,878		584,908
boohoo Group PLC(a)		366,379		200,056
BP PLC		6,737,208		40,694,404
Breedon Group PLC		643,811		545,394
Bridgepoint Group PLC(c)		235,204		698,026
British American Tobacco PLC		770,270		29,527,373
British Land Co. PLC (The)		324,808		1,777,633
Britvic PLC		104,508		1,001,107
BT Group PLC		2,549,880		3,928,583
Bunzl PLC(b)		118,972		4,367,605
Burberry Group PLC		144,945		4,415,156
Burford Capital Ltd.		78,534		705,822
Bytes Technology Group PLC		89,225		425,704
Capita PLC(a)		609,306		210,181
Capital & Counties Properties PLC		352,602		499,911
Capricorn Energy PLC(a)		114,478		342,674
Carnival PLC(a)(b)		56,088		535,878
Centamin PLC		526,627		721,934
Centrica PLC		2,308,362		2,875,762

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Ceres Power Holdings PLC(a)(b)		62,972	$	370,689
Close Brothers Group PLC		53,307		636,822
CMC Markets PLC(c)		63,345		188,990
CNH Industrial NV		371,226		6,567,490
Coats Group PLC		671,827		604,104
Coca-Cola Europacific Partners PLC		75,337		4,235,446
Compass Group PLC		628,319		15,009,286
Computacenter PLC		36,121		992,693
ConvaTec Group PLC(c)		602,627		1,747,900
Cranswick PLC		21,495		843,233
Crest Nicholson Holdings PLC		119,187		358,644
Croda International PLC		49,354		4,206,774
Currys PLC		481,467		386,783
CVS Group PLC		39,872		991,466
Darktrace PLC(a)		175,606		456,162
DCC PLC		35,654		2,030,777
Dechra Pharmaceuticals PLC		40,109		1,422,512
Deliveroo PLC(a)(c)		344,679		395,022
Derwent London PLC		39,044		1,245,493
Diageo PLC		816,723		35,712,088
Diploma PLC		50,709		1,715,353
Direct Line Insurance Group PLC		445,001		975,729
Diversified Energy Co. PLC		560,256		766,357
Domino’s Pizza Group PLC		167,991		650,318
Dr. Martens PLC		216,533		414,998
Drax Group PLC		148,885		1,189,066
DS Smith PLC		481,938		2,109,880
Dunelm Group PLC		56,414		810,257
easyJet PLC(a)		116,105		707,263
Elementis PLC(a)		253,043		391,145
EMIS Group PLC		28,428		658,191
Energean PLC		61,854		888,390
Entain PLC		212,581		3,920,139
Essentra PLC		153,635		410,575
Experian PLC		331,675		12,129,180
Ferrexpo PLC		116,072		227,087
Fevertree Drinks PLC(b)		40,513		546,237
Firstgroup PLC		409,241		546,913
Forterra PLC(c)		103,691		272,929
Frasers Group PLC(a)		97,397		942,057
Future PLC		44,729		832,888
Games Workshop Group PLC		14,678		1,702,546
Gamma Communications PLC		34,079		497,156
GB Group PLC		112,108		488,886
Genuit Group PLC		122,220		492,720
Genus PLC		25,539		916,005
Glencore PLC		3,558,243		23,829,133
Grafton Group PLC		92,391		1,048,725
Grainger PLC		307,112		982,905
Great Portland Estates PLC		100,731		707,240
Greatland Gold PLC(a)		2,232,663		210,294
Greggs PLC		40,611		1,356,080
GSK PLC		1,456,402		25,581,723
Haleon PLC(a)		1,788,955		7,169,022
Halfords Group PLC		96,186		243,332
Halma PLC		130,823		3,483,035
Hammerson PLC(b)		2,201,901		728,602
Harbour Energy PLC		186,069		719,679
Hargreaves Lansdown PLC		112,387		1,237,293
Hays PLC		625,737		954,717

Security	Shares		Value
United Kingdom (continued)
Helical PLC		79,836	$	354,333
Helios Towers PLC(a)		293,013		386,528
Hikma Pharmaceuticals PLC		62,760		1,327,631
Hill & Smith PLC		39,432		612,533
Hiscox Ltd.		129,970		1,808,942
Hochschild Mining PLC		151,392		127,898
Howden Joinery Group PLC		212,217		1,810,801
HSBC Holdings PLC		7,178,334		52,892,448
IG Group Holdings PLC		140,113		1,377,629
IMI PLC		96,620		1,729,990
Impax Asset Management Group PLC		36,853		354,327
Imperial Brands PLC		322,288		8,084,988
Inchcape PLC		147,276		1,660,496
Indivior PLC, NVS(a)		59,166		1,420,658
Informa PLC		545,620		4,512,685
IntegraFin Holdings PLC		129,589		499,741
InterContinental Hotels Group PLC		65,750		4,564,599
Intermediate Capital Group PLC		106,224		1,827,841
International Distributions Services PLC		270,025		764,305
Intertek Group PLC		56,979		3,062,452
Investec PLC		266,381		1,699,838
IP Group PLC		443,644		333,637
ITM Power PLC(a)(b)		174,018		218,103
ITV PLC(b)		1,314,546		1,316,428
IWG PLC(a)		351,773		807,028
J D Wetherspoon PLC(a)		44,653		251,270
J Sainsbury PLC		611,163		1,982,050
JD Sports Fashion PLC		994,648		2,004,831
JET2 PLC		60,970		919,096
John Wood Group PLC(a)		251,481		440,870
Johnson Matthey PLC		66,437		1,855,769
Jupiter Fund Management PLC		169,453		292,474
Just Group PLC		457,711		462,999
Kainos Group PLC		44,346		805,318
Keywords Studios PLC		35,930		1,261,983
Kingfisher PLC(b)		741,149		2,556,903
Lancashire Holdings Ltd.		100,537		776,057
Land Securities Group PLC		260,361		2,280,972
Learning Technologies Group PLC		295,336		510,475
Legal & General Group PLC		2,160,304		6,798,344
Liontrust Asset Management PLC		34,063		488,050
Lloyds Banking Group PLC		24,383,571		15,868,715
London Stock Exchange Group PLC		118,452		10,843,674
LondonMetric Property PLC		445,596		1,038,267
LXI REIT PLC		855,902		1,191,361
M&G PLC		928,835		2,319,597
Man Group PLC/Jersey		530,974		1,633,517
Marks & Spencer Group PLC(a)		704,963		1,271,622
Marshalls PLC		81,815		342,741
Mediclinic International PLC		165,264		1,011,149
Melrose Industries PLC		1,452,770		2,561,476
Mitchells & Butlers PLC(a)		114,822		233,308
Mitie Group PLC		584,356		561,930
Mondi PLC		170,290		3,211,302
Moneysupermarket.com Group PLC		207,246		610,141
National Express Group PLC(a)		230,062		378,972
National Grid PLC		1,304,880		16,588,801
NatWest Group PLC, NVS		1,908,462		7,280,890
Network International Holdings PLC(a)(c)		180,452		586,876
Next Fifteen Communications Group PLC		30,004		370,644

46 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Next PLC		48,947	$	4,007,494
Ninety One PLC		203,819		497,782
NMC Health PLC, NVS(d)		42,009		1
Ocado Group PLC(a)		210,367		1,683,438
OSB Group PLC		176,278		1,188,446
Oxford Nanopore Technologies PLC(a)		117,754		344,025
Pagegroup PLC		135,427		762,402
Pantheon Resources PLC(a)(b)		365,856		226,248
Paragon Banking Group PLC		148,390		1,099,485
Pearson PLC		243,818		2,780,544
Penno Group PLC		98,880		1,122,487
Persimmon PLC		109,300		1,908,957
Petrofac Ltd.(a)(b)		207,832		213,180
Pets at Home Group PLC		204,470		889,490
Phoenix Group Holdings PLC		245,764		1,947,895
Playtech PLC(a)		95,554		665,591
Plus500 Ltd.		47,257		1,083,068
Primary Health Properties PLC		686,218		950,744
Provident Financial PLC		106,907		308,413
Prudential PLC		953,547		15,843,232
QinetiQ Group PLC		218,704		981,016
Quilter PLC(c)		528,980		627,893
Rathbones Group PLC		25,418		654,934
Reach PLC		118,193		132,673
Reckitt Benckiser Group PLC		257,228		18,330,299
Redde Northgate PLC		121,669		650,998
Redrow PLC		105,492		676,652
RELX PLC		691,610		20,546,974
Renishaw PLC		14,900		727,242
Rentokil Initial PLC		893,873		5,419,934
RHI Magnesita NV		15,490		515,203
Rightmove PLC		298,966		2,172,253
Rio Tinto PLC		402,129		31,487,194
Rolls-Royce Holdings PLC(a)		2,977,540		3,895,614
Rotork PLC		315,056		1,241,079
RS GROUP PLC		173,708		2,019,502
RWS Holdings PLC		122,560		569,035
S4 Capital PLC(a)		152,605		412,239
Safestore Holdings PLC		89,077		1,109,159
Sage Group PLC (The)		359,803		3,456,868
Savills PLC		66,509		800,141
Schroders PLC		263,332		1,557,289
Segro PLC		421,545		4,339,211
Senior PLC		221,798		417,275
Serco Group PLC		499,950		899,274
Severn Trent PLC		90,813		3,160,373
Shaftesbury PLC(b)		88,963		433,283
Shell PLC		2,616,142		76,804,064
Sirius Real Estate Ltd.		598,709		623,710
Smart Metering Systems PLC		76,346		818,871
Smith & Nephew PLC		307,260		4,243,363
Smiths Group PLC		135,599		2,894,633
Softcat PLC		54,583		816,775
Spectris PLC		42,692		1,692,523
Spirax-Sarco Engineering PLC		25,974		3,710,177
Spire Healthcare Group PLC(a)(c)		190,197		569,797
Spirent Communications PLC		266,065		721,061
SSE PLC		373,559		7,973,494
SSP Group PLC(a)		303,096		970,380
St. James’s Place PLC		182,953		2,774,250

Security	Shares		Value
United Kingdom (continued)
Standard Chartered PLC		912,777	$	7,666,974
Supermarket Income REIT PLC		602,770		716,096
Synthomer PLC		148,718		287,126
Tate & Lyle PLC		155,152		1,444,785
Taylor Wimpey PLC		1,301,079		1,887,763
Telecom Plus PLC		26,035		641,227
Tesco PLC		2,696,716		8,196,344
THG PLC(a)(b)		262,121		188,138
TP ICAP Group PLC		284,292		618,964
Trainline PLC(a)(c)		190,050		664,952
Travis Perkins PLC		77,288		969,560
Tritax Big Box REIT PLC		726,054		1,398,936
Unilever PLC		915,214		46,583,528
UNITE Group PLC (The)		129,901		1,600,267
United Utilities Group PLC		243,117		3,181,202
Vesuvius PLC		87,962		443,536
Victoria PLC(a)(b)		38,801		217,175
Victrex PLC		32,331		735,806
Virgin Money UK PLC		503,831		1,205,518
Vistry Group PLC		140,399		1,288,661
Vodafone Group PLC		9,481,099		10,939,413
Watches of Switzerland Group PLC(a)(c)		82,953		973,798
Weir Group PLC (The)		95,437		2,103,814
WH Smith PLC		56,218		1,110,168
Whitbread PLC		77,224		2,908,427
Wickes Group PLC		177,946		333,678
Workspace Group PLC		60,975		379,624
WPP PLC		403,583		4,715,357
YouGov PLC		41,509		498,688
				983,936,193
United States — 0.0%
Gen Digital, Inc.		1		23
Total Common Stocks — 98.6% (Cost: $4,335,931,770)				4,066,130,798
Preferred Stocks
Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		21,509		2,037,738
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)		40,532		4,819,203
Fuchs Petrolub SE, Preference Shares, NVS		31,346		1,250,529
Henkel AG & Co. KGaA, Preference Shares, NVS		63,002		4,492,060
Jungheinrich AG, Preference Shares, NVS		20,377		810,390
Porsche Automobil Holding SE, Preference Shares, NVS		55,447		3,315,546
Sartorius AG, Preference Shares, NVS		9,021		4,045,125
Sixt SE, Preference Shares, NVS		5,714		435,439
Volkswagen AG, Preference Shares, NVS		66,489		9,221,404
			30,427,434
Total Preferred Stocks — 0.7% (Cost: $37,968,561)				30,427,434
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		77,953		39,551

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Sacyr SA(a)(d)		213,080	$	14,409
				53,960
Total Rights — 0.0% (Cost: $53,463)				53,960
Total Long-Term Investments — 99.3% (Cost: $4,373,953,794)				4,096,612,192
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		49,388,244		49,417,877
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)		400,000		400,000
Total Short-Term Securities — 1.2% (Cost: $49,782,782)				49,817,877
Total Investments — 100.5% (Cost: $4,423,736,576)				4,146,430,069
Liabilities in Excess of Other Assets — (0.5)%				(22,163,883	)
Net Assets — 100.0%			$	4,124,266,186

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	38,755,367	$	10,629,076	(a)	$	—	$	3,915	$	29,519	$	49,417,877		49,388,244	$	372,567	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		390,000		10,000	(a)		—		—		—		400,000		400,000		19,318			1
								$	3,915	$	29,519	$	49,817,877			$	391,885		$	1

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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		368		03/17/23	$	16,765	$	937,636
FTSE 100 Index		95		03/17/23		9,111		267,197
							$	1,204,833

48 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,204,833	$	—	$	—	$	—	$	1,204,833

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,762,868	$	—	$	—	$	—	$	1,762,868
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	21,896	$	—	$	—	$	—	$	21,896

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	23,349,757

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Austria	$	—	$	22,058,530	$	—	$	22,058,530
Belgium		400,820		68,593,456		—		68,994,276
Denmark		615,975		175,754,012		—		176,369,987
Finland		515,427		68,263,398		—		68,778,825
France		424,730		701,486,721		146,992		702,058,443
Germany		1,197,373		478,067,802		—		479,265,175
Ireland		—		42,831,605		—		42,831,605
Israel		—		179,292		—		179,292
Italy		—		158,422,688		—		158,422,688
Netherlands		4,174,101		271,512,263		—		275,686,364
Norway		598,768		59,785,538		—		60,384,306
Portugal		—		12,519,219		—		12,519,219
Spain		755,263		160,123,245		—		160,878,508
Sweden		—		236,755,162		—		236,755,162
Switzerland		—		617,012,202		—		617,012,202
United Kingdom		43,387,506		940,548,686		1		983,936,193
United States		23		—		—		23
Preferred Stocks		—		30,427,434		—		30,427,434

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Europe ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Rights	$	39,551	$	—	$	14,409	$	53,960
Short-Term Securities
Money Market Funds		49,817,877		—		—		49,817,877
	$	101,927,414	$	4,044,341,253	$	161,402	$	4,146,430,069
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	1,204,833	$	—	$	1,204,833

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

50 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.6%
Abacus Property Group		196,262	$	388,908
Adbri Ltd.		174,808		229,859
AGL Energy Ltd.		373,888		2,027,696
Allkem Ltd.(a)		366,951		3,406,751
ALS Ltd.		317,255		2,943,481
Altium Ltd.(b)		88,470		2,449,474
Alumina Ltd.		1,696,202		1,886,954
AMP Ltd.(a)		1,915,302		1,816,866
Ampol Ltd.		153,687		3,332,836
Ansell Ltd.		48,028		959,866
APA Group		639,902		4,788,969
ARB Corp. Ltd.		46,026		1,045,801
Aristocrat Leisure Ltd.		314,382		7,590,195
ASX Ltd.		100,984		4,941,664
Atlas Arteria Ltd.		872,136		4,241,568
Aurizon Holdings Ltd.		849,802		2,221,178
Australia & New Zealand Banking Group Ltd.		1,516,362		26,985,769
Bank of Queensland Ltd.		260,139		1,286,348
Bapcor Ltd.		285,223		1,289,897
Beach Energy Ltd.		1,370,981		1,473,238
Bega Cheese Ltd.		215,254		592,463
Bellevue Gold Ltd.(a)		981,433		832,713
Bendigo & Adelaide Bank Ltd.		346,424		2,469,451
BHP Group Ltd.		2,628,838		92,067,509
BlueScope Steel Ltd.		298,817		4,074,812
Boral Ltd.		234,006		571,747
BrainChip Holdings Ltd.(a)(b)		1,590,377		719,158
Brambles Ltd.		748,021		6,360,834
Breville Group Ltd.		96,134		1,549,957
BWP Trust		420,160		1,168,769
carsales.com Ltd.		125,503		2,031,924
Chalice Mining Ltd.(a)		298,577		1,376,466
Challenger Ltd.		208,023		1,066,484
Charter Hall Group		306,540		3,018,370
Charter Hall Long Wale REIT		656,060		2,123,157
Charter Hall Retail REIT		394,329		1,119,816
Cleanaway Waste Management Ltd.(b)		1,472,314		2,852,834
Cochlear Ltd.		34,831		5,262,150
Coles Group Ltd.		680,451		8,558,457
Commonwealth Bank of Australia		876,781		68,443,332
Computershare Ltd.		330,028		5,558,283
Core Lithium Ltd.(a)(b)		1,131,416		943,507
Corporate Travel Management Ltd.(b)		91,258		1,195,954
Credit Corp. Group Ltd.		37,515		579,316
Cromwell Property Group		558,604		287,015
CSL Ltd.		244,887		51,707,992
CSR Ltd.		243,162		910,032
De Grey Mining Ltd.(a)(b)		1,299,804		1,377,395
Deterra Royalties Ltd.		587,574		2,038,601
Dexus		573,598		3,325,755
Domino’s Pizza Enterprises Ltd.		26,955		1,453,092
Downer EDI Ltd.		429,280		1,148,776
Eagers Automotive Ltd.		139,119		1,131,492
Endeavour Group Ltd./Australia		777,781		3,652,117
Evolution Mining Ltd.		961,249		2,184,346
Flight Centre Travel Group Ltd.(a)(b)		97,468		1,096,368
Fortescue Metals Group Ltd.		882,840		13,944,946
Gold Road Resources Ltd.		1,231,816		1,440,985

Security	Shares		Value
Australia (continued)
Goodman Group		869,838	$	12,406,999
GPT Group (The)		1,070,070		3,468,670
GrainCorp Ltd., Class A		215,305		1,156,060
Growthpoint Properties Australia Ltd.		114,238		263,868
Harvey Norman Holdings Ltd.		272,232		864,265
Healius Ltd.		344,831		786,678
HUB24 Ltd.(b)		111,502		2,079,418
IDP Education Ltd.(b)		79,086		1,759,936
IGO Ltd.		279,840		2,909,012
Iluka Resources Ltd.		163,322		1,256,710
Imugene Ltd.(a)		4,982,313		482,068
Incitec Pivot Ltd.		1,202,342		2,939,978
Ingenia Communities Group		335,209		1,103,936
Insignia Financial Ltd.		320,055		794,550
Insurance Australia Group Ltd.		1,296,293		4,501,730
InvoCare Ltd.		79,142		646,783
IPH Ltd.		175,521		1,061,647
IRESS Ltd.		87,013		614,044
James Hardie Industries PLC		235,621		5,286,988
JB Hi-Fi Ltd.		74,598		2,564,865
Lendlease Corp. Ltd.		372,333		2,273,579
Link Administration Holdings Ltd.		273,154		372,298
Liontown Resources Ltd.(a)(b)		1,354,974		1,525,323
Lottery Corp. Ltd. (The)(a)		1,409,536		4,701,018
Lynas Rare Earths Ltd.(a)		359,950		2,409,552
Macquarie Group Ltd.		189,235		25,245,639
Magellan Financial Group Ltd.		97,004		616,646
Medibank Pvt Ltd.		1,463,878		3,049,672
Megaport Ltd.(a)		138,592		576,438
Mesoblast Ltd.(a)(b)		505,064		340,776
Metcash Ltd.		369,835		1,095,976
Mineral Resources Ltd.		94,940		6,010,659
Mirvac Group		2,091,689		3,379,350
Monadelphous Group Ltd.		74,413		733,429
Nanosonics Ltd.(a)(b)		183,197		632,248
National Australia Bank Ltd.		1,645,001		37,118,015
National Storage REIT		896,843		1,475,968
New Hope Corp. Ltd.		375,181		1,554,903
Newcrest Mining Ltd.		466,853		7,417,872
NEXTDC Ltd.(a)		167,328		1,182,521
nib holdings Ltd.		235,976		1,315,484
Nine Entertainment Co. Holdings Ltd.		656,185		949,388
Northern Star Resources Ltd.		664,478		5,920,845
Novonix Ltd.(a)(b)		398,818		521,930
Nufarm Ltd./Australia		265,025		1,115,178
Orica Ltd.		246,575		2,587,448
Origin Energy Ltd.		1,054,747		5,600,252
Orora Ltd.		482,491		1,020,918
OZ Minerals Ltd.		216,523		4,288,638
Paladin Energy Ltd.(a)(b)		2,413,476		1,471,802
Perpetual Ltd.		51,668		936,059
Perseus Mining Ltd.		1,358,546		2,064,008
PEXA Group Ltd.(a)		98,155		906,241
Pilbara Minerals Ltd.(a)		1,464,216		4,981,143
PointsBet Holdings Ltd.(a)(b)		223,173		224,888
PolyNovo Ltd.(a)		653,059		1,167,770
Premier Investments Ltd.		62,008		1,226,162
Pro Medicus Ltd.(b)		46,937		2,241,650
Qantas Airways Ltd.(a)		563,132		2,541,881
QBE Insurance Group Ltd.		784,969		7,658,876

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Qube Holdings Ltd.		610,371	$	1,327,238
Ramelius Resources Ltd.		1,074,858		762,548
Ramsay Health Care Ltd.		102,237		4,831,077
REA Group Ltd.		31,579		2,831,742
Reece Ltd.		153,461		1,763,865
Region RE Ltd.		901,311		1,729,521
Regis Resources Ltd.		386,163		587,023
Reliance Worldwide Corp. Ltd.		437,361		1,095,356
Rio Tinto Ltd.		189,631		17,016,966
Sandfire Resources Ltd.		300,281		1,338,227
Santos Ltd.		1,876,697		9,580,297
Scentre Group		2,755,255		5,978,370
SEEK Ltd.		183,981		3,186,357
Seven Group Holdings Ltd.		82,503		1,327,863
Silver Lake Resources Ltd.(a)		1,207,471		1,116,440
Sims Ltd.		102,886		1,117,130
Sonic Healthcare Ltd.		256,396		5,742,643
South32 Ltd.		2,601,514		8,348,073
Star Entertainment Grp Ltd. (The)(a)		497,793		686,884
Steadfast Group Ltd.		876,786		3,257,422
Stockland		1,292,169		3,610,666
Suncorp Group Ltd.		665,717		5,917,786
Tabcorp Holdings Ltd.		1,480,374		1,101,094
Technology One Ltd.		139,315		1,440,433
Telstra Corp. Ltd.		2,185,352		6,316,066
Transurban Group		1,593,928		15,627,089
Treasury Wine Estates Ltd.		390,245		4,019,827
United Malt Grp Ltd.		564,633		1,459,982
Vicinity Ltd.		1,999,818		2,925,814
Viva Energy Group Ltd.(c)		854,383		1,766,374
Washington H Soul Pattinson & Co. Ltd.		75,220		1,532,000
Waypoint REIT Ltd.		994,991		1,964,659
Webjet Ltd.(a)		325,283		1,585,358
Wesfarmers Ltd.		568,897		20,057,429
Westpac Banking Corp.		1,802,646		30,331,084
Whitehaven Coal Ltd.		395,287		2,350,430
WiseTech Global Ltd.(b)		59,700		2,588,565
Woodside Energy Group Ltd.		970,352		25,126,170
Woolworths Group Ltd.		609,749		15,583,625
Worley Ltd.		211,481		2,321,566
Xero Ltd.(a)		76,810		4,233,495
Zip Co. Ltd.(a)(b)		311,453		146,924
				798,575,819
Austria — 0.3%
ams-OSRAM AG(a)		166,548		1,555,901
ANDRITZ AG		27,176		1,625,166
BAWAG Group AG(c)		38,314		2,373,354
CA Immobilien Anlagen AG		19,537		609,326
Erste Group Bank AG		182,643		6,930,230
IMMOFINANZ AG(a)(b)		18,795		253,216
Kontron AG(b)		22,239		451,914
Lenzing AG(b)		7,161		507,151
Oesterreichische Post AG(b)		46,731		1,664,211
OMV AG		89,312		4,473,659
Raiffeisen Bank International AG(a)		111,418		2,004,651
Schoeller-Bleckmann Oilfield Equipment AG		14,399		1,056,218
UNIQA Insurance Group AG		61,179		514,479
Verbund AG		40,657		3,461,664
Vienna Insurance Group AG Wiener Versicherung Gruppe		19,694		535,960

Security	Shares		Value
Austria (continued)
voestalpine AG		60,329	$	2,004,526
Wienerberger AG		80,419		2,418,279
				32,439,905
Belgium — 0.9%
Ackermans & van Haaren NV		15,198		2,630,084
Aedifica SA		9,058		794,858
Ageas SA/NV		83,437		4,073,558
Anheuser-Busch InBev SA/NV		465,282		28,085,229
Argenx SE(a)		28,329		10,790,132
Barco NV		48,309		1,222,880
Bekaert SA		17,828		752,073
bpost SA		52,590		285,115
Cofinimmo SA		15,019		1,366,115
Deme Group NV(a)		7,034		910,145
D’ieteren Group		15,028		2,872,082
Elia Group SA/NV		13,556		1,903,510
Etablissements Franz Colruyt NV(b)		34,190		904,112
Euronav NV		88,930		1,400,377
Fagron		39,972		591,015
Galapagos NV(a)		29,126		1,289,070
Groupe Bruxelles Lambert NV		53,774		4,600,109
KBC Ancora		25,943		1,273,742
KBC Group NV		126,923		9,400,840
Kinepolis Group NV(a)(b)		8,350		353,461
Melexis NV		14,546		1,549,504
Montea NV		5,214		418,449
Ontex Group NV(a)(b)		28,845		224,182
Proximus SADP		84,908		870,062
Retail Estates NV		5,838		403,028
Shurgard Self Storage SA		19,156		924,356
Sofina SA(b)		5,616		1,334,205
Solvay SA		39,030		4,548,224
Telenet Group Holding NV		22,383		385,818
UCB SA		66,260		5,440,251
Umicore SA		111,604		4,219,131
VGP NV		11,239		1,123,014
Warehouses De Pauw CVA		71,682		2,273,171
				99,211,902
Bermuda — 0.0%
Brookfield Reinsurance Ltd.		27,757		1,035,972
Canada — 10.7%
Advantage Energy Ltd.(a)		153,601		958,166
Agnico Eagle Mines Ltd.		242,811		13,712,238
Air Canada(a)		129,489		2,197,483
Alamos Gold Inc., Class A		178,089		1,964,862
Algonquin Power & Utilities Corp.		402,378		2,933,423
Alimentation Couche-Tard Inc.		430,574		19,662,302
Allied Properties REIT		63,129		1,408,191
AltaGas Ltd.		191,318		3,577,462
Altus Group Ltd.(b)		22,602		967,238
ARC Resources Ltd.		355,437		4,129,913
Aritzia Inc.(a)		37,026		1,335,446
Atco Ltd., Class I, NVS		27,128		863,252
ATS Corp.(a)		38,991		1,578,922
Aurora Cannabis Inc.(a)(b)		201,779		210,795
B2Gold Corp.		643,077		2,547,079
Badger Infrastructure Solutions Ltd.		37,957		904,315
Ballard Power Systems Inc.(a)(b)		149,305		977,375
Bank of Montreal		349,177		35,139,454

52 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Bank of Nova Scotia (The)		615,008	$	33,293,770
Barrick Gold Corp.		911,393		17,823,040
Bausch Health Companies Inc.(a)		161,820		1,241,729
Baytex Energy Corp.(a)		458,601		2,123,169
BCE Inc.		15,745		744,324
Birchcliff Energy Ltd.		223,669		1,433,916
BlackBerry Ltd.(a)		255,981		1,092,760
Boardwalk REIT		24,888		1,051,598
Bombardier Inc., Class B(a)		63,112		3,048,520
Boralex Inc., Class A		30,411		850,927
Boyd Group Services Inc.		9,913		1,515,988
Brookfield Asset Management Ltd.(a)		188,831		6,164,983
Brookfield Corp.		724,354		26,947,896
Brookfield Infrastructure Corp., Class A		56,102		2,478,009
Brookfield Renewable Corp., Class A		69,488		2,188,751
BRP Inc.		15,092		1,259,378
CAE Inc.(a)		185,619		4,192,139
Cameco Corp.		232,790		6,513,676
Canada Goose Holdings Inc.(a)		26,248		634,821
Canadian Apartment Properties REIT		20,748		767,203
Canadian Imperial Bank of Commerce		459,617		20,981,652
Canadian National Railway Co.		303,384		36,112,854
Canadian Natural Resources Ltd.		581,285		35,679,641
Canadian Pacific Railway Ltd.		480,738		37,944,538
Canadian Tire Corp. Ltd., Class A, NVS		28,860		3,431,402
Canadian Utilities Ltd., Class A, NVS		21,204		589,323
Canadian Western Bank		80,377		1,698,697
Canfor Corp.(a)		36,740		696,115
Canopy Growth Corp.(a)(b)		216,685		656,300
Capital Power Corp.		39,005		1,310,671
CCL Industries Inc., Class B, NVS		92,538		4,328,015
Celestica Inc.(a)		65,959		878,429
Cenovus Energy Inc.(b)		720,985		14,402,902
Centerra Gold Inc.		88,282		566,629
CGI Inc.(a)		110,487		9,469,721
Choice Properties REIT		154,810		1,741,765
CI Financial Corp.		129,068		1,539,445
Cineplex Inc.(a)(b)		35,070		230,365
Cogeco Communications Inc.		7,079		365,774
Colliers International Group Inc.		13,035		1,398,283
Constellation Software Inc./Canada		10,854		19,176,474
Converge Technology Solutions Corp.(a)		206,418		893,591
Crescent Point Energy Corp.		264,165		1,973,470
Crombie REIT		41,592		516,403
Cronos Group Inc.(a)		119,422		301,573
Definity Financial Corp.		45,325		1,221,225
Denison Mines Corp.(a)		671,257		963,587
Descartes Systems Group Inc. (The)(a)		30,351		2,214,935
Dollarama Inc.		144,755		8,656,687
Dream Industrial REIT		122,252		1,286,331
Dream Office REIT		24,512		301,760
Dye & Durham Ltd.(b)		56,462		903,019
ECN Capital Corp.		280,929		616,522
Eldorado Gold Corp.(a)		81,665		781,941
Element Fleet Management Corp.		254,305		3,593,201
Emera Inc.		141,487		5,633,746
Empire Co. Ltd., Class A, NVS		111,945		3,221,505
Enbridge Inc.		1,046,713		42,858,160
Enerplus Corp.		139,252		2,470,963
Enghouse Systems Ltd.		24,052		714,573

Security	Shares		Value
Canada (continued)
Equinox Gold Corp.(a)		206,250	$	944,018
ERO Copper Corp.(a)		54,299		891,686
Fairfax Financial Holdings Ltd.		12,222		8,091,386
Finning International Inc.		112,539		3,175,164
First Capital Real Estate Investment Trust		56,976		768,644
First Majestic Silver Corp.		149,122		1,177,913
First Quantum Minerals Ltd.		343,005		7,958,036
FirstService Corp.		26,805		3,830,725
Fortis Inc.		240,987		9,901,739
Franco-Nevada Corp.		97,937		14,365,762
Freehold Royalties Ltd.		69,181		836,068
George Weston Ltd.		45,299		5,827,537
GFL Environmental Inc.		109,854		3,390,031
Gibson Energy Inc.		97,082		1,738,728
Gildan Activewear Inc.		123,167		3,861,957
goeasy Ltd.		17,495		1,631,490
Granite REIT		23,525		1,439,736
Great-West Lifeco Inc.		154,340		4,093,539
H&R Real Estate Investment Trust		74,077		724,318
Home Capital Group Inc.		22,229		708,695
Hudbay Minerals Inc.		249,445		1,449,183
Hut 8 Mining Corp.(a)(b)		94,704		183,636
Hydro One Ltd.(c)		197,922		5,411,598
iA Financial Corp. Inc.		57,344		3,539,636
IAMGOLD Corp.(a)		205,848		578,611
IGM Financial Inc.		38,814		1,211,488
Imperial Oil Ltd.		126,469		6,912,048
Innergex Renewable Energy Inc.		104,878		1,246,981
Intact Financial Corp.		92,689		13,446,889
Interfor Corp.(a)		51,653		1,033,021
InterRent REIT		37,849		409,909
Ivanhoe Mines Ltd., Class A(a)(b)		241,150		2,265,511
Keyera Corp.		145,835		3,326,513
Killam Apartment REIT		51,093		706,558
Kinaxis Inc.(a)		10,293		1,196,357
Kinross Gold Corp.		710,554		3,305,647
Knight Therapeutics Inc.(a)		83,613		321,746
Labrador Iron Ore Royalty Corp.		33,654		987,197
Laurentian Bank of Canada		19,332		519,714
Lightspeed Commerce Inc.(a)		86,910		1,572,225
Linamar Corp.		34,571		1,765,510
Lithium Americas Corp.(a)(b)		78,818		1,982,075
Loblaw Companies Ltd.		91,601		8,206,260
Lundin Mining Corp.		421,689		3,191,468
MAG Silver Corp.(a)		60,854		835,596
Magna International Inc.		144,901		9,407,049
Manulife Financial Corp.		1,006,167		19,910,847
Maple Leaf Foods Inc.(b)		38,570		733,107
MEG Energy Corp.(a)		136,108		2,249,457
Methanex Corp.		43,575		2,062,571
Metro Inc.		137,464		7,461,313
MTY Food Group Inc.		14,774		764,266
National Bank of Canada		176,831		13,283,423
NexGen Energy Ltd.(a)		587,645		2,835,430
NFI Group Inc.(b)		25,091		203,851
North West Co. Inc. (The)		29,093		792,402
Northland Power Inc.		142,831		3,836,594
NorthWest Healthcare Properties REIT		116,602		882,479
Novagold Resources Inc.(a)		106,115		669,923
Nutrien Ltd.		282,011		23,344,250

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Nuvei Corp.(a)(c)		42,661	$	1,505,984
NuVista Energy Ltd.(a)		221,196		1,853,621
OceanaGold Corp.(a)		330,996		716,447
Onex Corp.		48,955		2,530,258
Open Text Corp.		162,695		5,457,200
Osisko Gold Royalties Ltd.		78,219		1,046,996
Pan American Silver Corp.		140,141		2,554,146
Parex Resources Inc.		167,462		2,850,712
Parkland Corp.		98,803		2,321,282
Pason Systems Inc.		77,944		924,397
Pembina Pipeline Corp.		286,678		10,171,785
Peyto Exploration & Development Corp.		86,572		789,236
Power Corp. of Canada		307,060		8,328,733
PrairieSky Royalty Ltd.(b)		115,876		1,990,850
Premium Brands Holdings Corp.		12,310		860,789
Primo Water Corp.		131,376		2,053,753
Prinmaris REIT		91,992		1,055,742
Quebecor Inc., Class B		97,303		2,307,980
Restaurant Brands International Inc.		148,905		9,963,558
Richelieu Hardware Ltd.		29,771		885,377
RioCan REIT		62,945		1,091,857
Ritchie Bros Auctioneers Inc.		67,634		4,089,911
Rogers Communications Inc., Class B, NVS		200,383		9,742,420
Royal Bank of Canada		721,552		73,839,029
Russel Metals Inc.		41,887		1,020,298
Sandstorm Gold Ltd.		85,330		495,094
Saputo Inc.		145,278		4,004,958
Seabridge Gold Inc.(a)		88,542		1,164,545
Shaw Communications Inc., Class B, NVS		258,684		7,698,986
Shopify Inc., Class A(a)		604,157		29,773,082
Sienna Senior Living Inc.		122,208		1,120,542
SilverCrest Metals Inc.(a)		172,007		1,124,693
SmartCentres Real Estate Investment Trust		80,869		1,713,957
SNC-Lavalin Group Inc.(b)		51,684		1,108,999
Spin Master Corp.(c)		16,133		423,892
SSR Mining Inc.		79,883		1,349,645
Stantec Inc.		34,066		1,775,820
Stella-Jones Inc.		48,901		1,779,555
Summit Industrial Income REIT		90,583		1,557,656
Sun Life Financial Inc.		300,312		15,090,647
Suncor Energy Inc.		710,533		24,660,790
Superior Plus Corp.		69,199		559,604
Tamarack Valley Energy Ltd.		233,891		847,285
TC Energy Corp.		507,593		21,870,886
Teck Resources Ltd., Class B		271,693		11,753,522
TELUS Corp.		253,097		5,453,603
TELUS Corp., NVS		13,383		288,370
TFI International Inc.		41,905		4,667,169
Thomson Reuters Corp.		85,639		10,187,472
TMX Group Ltd.		34,911		3,440,854
Torex Gold Resources Inc.(a)(b)		35,956		494,258
Toromont Industries Ltd.		42,790		3,418,247
Toronto-Dominion Bank (The)		944,581		65,355,024
Tourmaline Oil Corp.		170,305		7,937,028
TransAlta Corp.		124,134		1,205,375
TransAlta Renewables Inc.		48,417		445,398
Transcontinental Inc., Class A		23,578		263,504
Tricon Residential Inc.		182,529		1,584,465
Uni-Select Inc.(a)		33,716		1,005,487
Vermilion Energy Inc.		111,284		1,706,207

Security	Shares		Value
Canada (continued)
Wesdome Gold Mines Ltd.(a)		131,197	$	608,384
West Fraser Timber Co. Ltd.		25,146		2,186,420
Wheaton Precious Metals Corp.		231,291		10,575,885
Whitecap Resources Inc.		390,573		3,255,387
Winpak Ltd.		21,725		678,585
WSP Global Inc.		67,130		8,560,835
Yamana Gold Inc.		665,395		4,015,724
				1,129,316,411
Denmark — 2.4%
ALK-Abello A/S(a)		81,179		1,212,653
Ambu A/S, Class B(a)(b)		78,187		1,080,019
AP Moller - Maersk A/S, Class A		1,440		3,068,567
AP Moller - Maersk A/S, Class B, NVS		2,659		5,784,100
Bavarian Nordic A/S(a)(b)		49,175		1,574,753
Carlsberg A/S, Class B		51,144		7,260,485
Chemometec A/S(a)		16,157		1,415,515
Chr Hansen Holding A/S		59,053		4,360,173
Coloplast A/S, Class B		69,409		8,380,056
D/S Norden A/S		19,540		1,053,311
Danske Bank A/S		362,566		7,553,543
Demant A/S(a)		51,795		1,466,146
Dfds A/S		18,568		699,928
DSV A/S		100,800		16,675,347
FLSmidth & Co. A/S(b)		41,784		1,795,293
Genmab A/S(a)		36,556		14,326,167
GN Store Nord A/S		83,616		2,061,661
H Lundbeck A/S		193,737		719,893
H Lundbeck A/S, Class A(a)		48,178		165,881
ISS A/S(a)		101,257		2,213,852
Jyske Bank A/S, Registered(a)		31,553		2,275,708
Netcompany Group A/S(a)(c)		24,219		963,842
NKT A/S(a)		34,000		2,121,663
Novo Nordisk A/S, Class B		858,304		118,780,490
Novozymes A/S, Class B		107,510		5,594,449
Orsted A/S(c)		108,306		9,644,864
Pandora A/S		58,278		4,852,862
Ringkjoebing Landbobank A/S		10,281		1,496,118
Rockwool A/S, Class B		4,456		1,277,589
Royal Unibrew A/S		26,357		1,850,841
Schouw & Co. A/S		6,222		482,100
SimCorp A/S		24,827		1,738,633
Sydbank A/S		51,580		2,351,960
Topdanmark A/S		18,851		1,017,534
Tryg A/S		106,769		2,450,145
Vestas Wind Systems A/S		564,566		16,520,101
Zealand Pharma A/S(a)		34,101		1,065,012
				257,351,254
Finland — 0.9%
Cargotec OYJ, Class B		20,865		1,062,295
Citycon OYJ		47,363		356,927
Elisa OYJ		74,537		4,246,605
Fortum OYJ		247,877		3,726,147
Huhtamaki OYJ		68,174		2,549,902
Kemira OYJ		53,585		869,382
Kesko OYJ, Class B		158,723		3,697,211
Kojamo OYJ		78,191		1,200,593
Kone OYJ, Class B		176,034		9,600,204
Konecranes OYJ		31,120		1,012,692
Metsa Board OYJ, Class B		115,340		1,029,588

54 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Metso Outotec OYJ		382,542	$	4,396,507
Neste OYJ		223,509		10,684,239
Nokia OYJ		2,998,579		14,217,810
Nokian Renkaat OYJ		93,103		1,115,239
Orion OYJ, Class B		68,674		3,679,184
Outokumpu OYJ		177,606		1,017,072
QT Group OYJ(a)(b)		14,646		858,893
Sampo OYJ, Class A		248,424		13,042,129
Stora Enso OYJ, Class R		308,411		4,408,849
TietoEVRY OYJ		40,744		1,240,820
UPM-Kymmene OYJ		312,064		11,311,139
Uponor OYJ		31,874		567,660
Valmet OYJ		66,737		2,095,731
Wartsila OYJ Abp		190,226		1,809,241
YIT OYJ		62,726		183,558
				99,979,617
France — 9.6%
ABC arbitrage		44,280		311,941
Accor SA(a)		98,677		3,202,855
Aeroports de Paris(a)		15,877		2,463,118
Air France-KLM(a)(b)		490,402		829,025
Air Liquide SA		271,759		43,271,143
Airbus SE		304,439		38,166,250
ALD SA(b)(c)		103,362		1,299,441
Alstom SA		169,055		5,026,878
Alten SA		19,632		3,016,575
Amundi SA(c)		30,425		1,991,924
APERAM SA		24,549		968,787
ArcelorMittal SA		274,834		8,526,154
Arkema SA		35,309		3,572,838
Atos SE(a)(b)		64,961		856,934
AXA SA		961,295		29,991,463
BioMerieux		24,456		2,493,188
BNP Paribas SA		571,881		39,277,864
Bollore SE		506,370		2,833,329
Bouygues SA		121,746		4,010,793
Bureau Veritas SA		161,362		4,613,576
Capgemini SE		86,018		16,324,975
Carrefour SA		332,262		6,319,944
Casino Guichard Perrachon SA(a)(b)		40,758		500,874
CGG SA(a)(b)		417,985		352,011
Cie. de Saint-Gobain		265,947		15,273,646
Cie. Generale des Etablissements Michelin SCA		357,838		11,314,768
Cie. Plastic Omnium SA		41,178		720,673
Coface SA(a)		54,470		761,648
Covivio		29,922		2,053,977
Credit Agricole SA		631,896		7,608,808
Danone SA		330,558		18,127,554
Dassault Aviation SA		14,211		2,426,717
Dassault Systemes SE		346,658		12,892,521
Edenred		136,300		7,424,188
Eiffage SA		43,740		4,671,894
Electricite de France SA		308,653		4,054,174
Elior Group SA(a)(c)		119,008		411,850
Elis SA		122,123		2,144,884
Engie SA		938,605		13,328,063
Esker SA		5,093		850,366
EssilorLuxottica SA		149,189		27,373,098
Eurazeo SE		11,597		813,497
Euroapi SA(a)		54,852		880,472

Security	Shares		Value
France (continued)
Eurofins Scientific SE		70,134	$	5,030,695
Euronext NV(c)		47,677		3,863,357
Eutelsat Communications SA(b)		124,143		949,369
Faurecia SE(a)		94,459		1,877,230
Fnac Darty SA		15,728		583,719
Gaztransport Et Technigaz SA		10,400		1,149,784
Gecina SA		24,642		2,918,836
Getlink SE		228,368		3,862,563
Hermes International		16,173		30,267,917
ICADE		18,315		869,966
Imerys SA		16,896		700,757
Ipsen SA		23,079		2,424,103
IPSOS		25,806		1,672,424
JCDecaux SE(a)		69,759		1,578,566
Kering SA		38,135		23,794,589
Klepierre SA		120,690		3,063,154
Korian SA		34,374		359,928
La Francaise des Jeux SAEM(c)		53,550		2,291,297
Legrand SA		138,404		12,340,663
L’Oreal SA		124,630		51,461,173
LVMH Moet Hennessy Louis Vuitton SE		143,335		125,127,960
Maisons du Monde SA(b)(c)		15,797		194,270
Neoen SA(c)		36,813		1,382,307
Nexans SA		13,491		1,430,634
Nexity SA		18,797		567,837
Orange SA		1,000,416		10,587,153
Orpea SA(a)(b)(d)		46,390		359,082
Pernod Ricard SA		107,190		22,191,542
Publicis Groupe SA		119,807		8,451,141
Remy Cointreau SA		12,858		2,421,022
Renault SA(a)		107,897		4,387,032
Rexel SA		83,862		1,855,229
Rubis SCA		58,463		1,636,104
Safran SA		175,392		25,220,582
Sanofi		583,970		57,184,926
Sartorius Stedim Biotech		14,564		5,080,334
Schneider Electric SE		276,451		44,844,650
SCOR SE		64,923		1,602,444
SEB SA		14,352		1,500,875
SES SA		214,957		1,668,094
Societe BIC SA		15,634		1,135,118
Societe Generale SA		417,349		12,423,048
Sodexo SA		48,551		4,812,997
SOITEC(a)		15,156		2,298,656
Sopra Steria Group SACA		6,410		1,066,131
SPIE SA		88,488		2,415,746
Teleperformance		30,639		8,517,238
Thales SA		56,055		7,413,796
TotalEnergies SE		1,291,264		79,826,917
Trigano SA		8,045		1,121,429
Ubisoft Entertainment SA(a)		54,287		1,124,096
Unibail-Rodamco-Westfield(a)(b)		64,834		4,195,751
Valeo		124,109		2,712,372
Vallourec SA(a)		70,475		1,028,720
Valneva SE(a)(b)		76,410		521,443
Veolia Environnement SA		352,027		10,449,025
Verallia SA(c)		43,798		1,617,099
Vinci SA		279,378		31,566,793
Virbac SA		3,426		1,039,702
Vivendi SE		387,958		4,166,580

S C H E D U L E   O F   I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Wendel SE		17,441	$	1,846,793
Worldline SA/France(a)(c)		130,294		5,910,902
				1,009,318,338
Germany — 6.5%
Aareal Bank AG(a)		43,071		1,517,119
adidas AG		89,450		14,402,899
AIXTRON SE		48,865		1,455,959
Allianz SE, Registered		208,172		49,776,802
Amadeus Fire AG		6,304		878,111
Aroundtown SA		563,152		1,567,928
AURELIUS Equity Opportunities SE & Co. KGaA		14,637		250,767
Aurubis AG		22,417		2,370,751
BASF SE		462,809		26,535,349
Bayer AG, Registered		505,431		31,460,520
Bayerische Motoren Werke AG		172,944		17,616,878
Bechtle AG		25,568		1,077,455
Beiersdorf AG		51,464		6,256,870
Brenntag SE		81,500		6,083,813
CANCOM SE		17,970		619,509
Carl Zeiss Meditec AG, Bearer		23,133		3,338,513
Ceconomy AG(b)		146,808		360,044
Commerzbank AG(a)		582,489		6,658,684
CompuGroup Medical SE & Co. KgaA		13,278		622,303
Continental AG		59,756		4,195,780
Covestro AG(c)		96,409		4,439,104
CTS Eventim AG & Co. KGaA(a)		38,729		2,718,649
Daimler Truck Holding AG(a)		236,163		7,935,931
Delivery Hero SE(a)(c)		92,672		5,602,659
Dermapharm Holding SE		16,765		695,900
Deutsche Bank AG, Registered		1,070,823		14,290,907
Deutsche Boerse AG		98,583		17,640,667
Deutsche Lufthansa AG, Registered(a)		368,677		3,906,026
Deutsche Pfandbriefbank AG(c)		121,484		1,108,101
Deutsche Post AG, Registered		513,721		22,119,127
Deutsche Telekom AG, Registered		1,650,618		36,773,788
Duerr AG		27,970		1,067,165
E.ON SE		1,170,260		12,759,239
Eckert & Ziegler Strahlen- und Medizintechnik AG		13,633		793,284
Encavis AG		80,589		1,561,449
Evonik Industries AG		114,536		2,545,968
Evotec SE(a)		95,259		1,873,085
Fielmann AG		14,876		560,679
flatexDEGIRO AG(a)		62,652		533,123
Fraport AG Frankfurt Airport Services Worldwide(a)		14,411		820,147
Freenet AG		96,308		2,341,175
Fresenius Medical Care AG & Co. KGaA		107,406		4,033,597
Fresenius SE & Co. KGaA		219,830		6,370,862
GEA Group AG		98,748		4,455,500
Gerresheimer AG		15,868		1,173,504
Grand City Properties SA		46,268		493,132
GRENKE AG		14,268		414,436
Hamborner REIT AG		148,130		1,159,402
Hannover Rueck SE		31,485		6,393,611
HeidelbergCement AG		74,091		5,083,932
HelloFresh SE(a)		61,103		1,485,492
Henkel AG & Co. KGaA		67,780		4,528,941
HOCHTIEF AG		13,911		881,937
Hugo Boss AG		40,737		2,766,456
Hypoport SE(a)		2,408		328,057
Infineon Technologies AG		681,684		24,547,752

Security	Shares		Value
Germany (continued)
Jenoptik AG		32,542	$	1,011,344
K+S AG, Registered		109,733		2,626,618
KION Group AG		42,832		1,724,693
Knorr-Bremse AG		38,001		2,497,730
Krones AG		8,901		1,039,312
LANXESS AG		46,235		2,307,584
LEG Immobilien SE		37,753		2,951,306
Mercedes-Benz Group AG		410,183		30,522,548
Merck KGaA		68,590		14,316,666
METRO AG(a)		95,915		945,092
MorphoSys AG(a)(b)		44,364		891,295
MTU Aero Engines AG		28,628		7,154,497
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		71,720		25,905,790
Nagarro SE(a)(b)		9,639		1,320,479
Nemetschek SE		37,120		1,984,596
Nordex SE(a)		82,466		1,253,218
Norma Group SE		11,828		254,617
PATRIZIA SE(b)		16,106		199,452
Pfeiffer Vacuum Technology AG		1,635		298,543
ProSiebenSat.1 Media SE		127,915		1,315,629
Puma SE		58,025		3,962,433
Rational AG		2,385		1,568,813
Rheinmetall AG		23,309		5,446,324
RWE AG		352,086		15,674,472
SAP SE		542,036		64,252,926
Scout24 SE(c)		46,881		2,729,319
Siemens AG, Registered		392,414		61,297,136
Siemens Healthineers AG(c)		153,619		8,238,382
Siltronic AG		13,550		1,129,602
Sixt SE		9,142		1,136,633
Software AG		22,030		613,988
Stabilus SE		14,456		997,107
Stroeer SE & Co. KGaA		31,163		1,708,696
Suedzucker AG		70,223		1,139,240
Symrise AG		69,946		7,435,935
TAG Immobilien AG		80,902		692,832
TeamViewer AG(a)(c)		99,459		1,401,071
Telefonica Deutschland Holding AG		744,761		2,193,598
thyssenkrupp AG(a)		266,073		2,090,230
TUI AG(a)(b)		601,261		1,259,097
United Internet AG, Registered(e)		60,118		1,395,720
Varta AG(b)		13,060		397,593
VERBIO Vereinigte BioEnergie AG		17,517		1,104,275
Vitesco Technologies Group AG(a)		18,196		1,261,242
Volkswagen AG		17,421		3,049,374
Vonovia SE		371,815		10,502,994
Zalando SE(a)(c)		121,245		5,654,262
				692,103,141
Hong Kong — 2.5%
AIA Group Ltd.		6,233,000		70,480,548
ASMPT Ltd.		153,800		1,270,330
Bank of East Asia Ltd. (The)		1,041,600		1,338,052
BOC Hong Kong Holdings Ltd.		2,170,500		7,585,653
Budweiser Brewing Co. APAC Ltd.(b)(c)		966,000		3,048,037
Cafe de Coral Holdings Ltd.		136,000		238,088
Champion REIT		1,104,000		489,452
CITIC Telecom International Holdings Ltd.		2,695,000		959,997
CK Asset Holdings Ltd.		1,083,500		6,927,367
CK Hutchison Holdings Ltd.		1,280,000		8,145,857

56 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
CK Infrastructure Holdings Ltd.		429,000	$	2,386,764
CLP Holdings Ltd.		781,000		5,802,775
Comba Telecom Systems Holdings Ltd.		2,422,000		464,587
Dah Sing Financial Holdings Ltd.		122,000		323,358
ESR Group Ltd.(c)		1,234,400		2,471,375
Futu Holdings Ltd., ADR(a)(b)		36,692		1,862,486
Galaxy Entertainment Group Ltd.		1,138,000		7,921,957
Haitong International Securities Group Ltd.(a)(b)		1,037,300		119,382
Hang Lung Group Ltd.(b)		300,000		553,625
Hang Lung Properties Ltd.		1,083,000		2,042,045
Hang Seng Bank Ltd.		437,600		7,287,446
Health and Happiness H&H International Holdings Ltd.		133,000		248,108
Henderson Land Development Co. Ltd.		906,572		3,348,873
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,124,000		776,946
HKBN Ltd.		534,000		375,830
HKT Trust & HKT Ltd., Class SS		2,143,000		2,807,707
Hong Kong & China Gas Co. Ltd.		6,035,482		6,059,744
Hong Kong Exchanges & Clearing Ltd.		615,500		27,683,699
Hong Kong Technology Venture Co. Ltd.(b)		340,000		243,104
Hongkong Land Holdings Ltd.(b)		637,900		3,118,548
Hysan Development Co. Ltd.		262,000		881,485
Jardine Matheson Holdings Ltd.		89,900		4,778,686
Johnson Electric Holdings Ltd.		145,000		199,164
K Wah International Holdings Ltd.		1,052,000		391,560
Kerry Logistics Network Ltd.		190,898		372,779
Kerry Properties Ltd.		502,500		1,274,041
Link REIT		1,189,000		9,517,184
Luk Fook Holdings International Ltd.		182,000		631,171
Man Wah Holdings Ltd.		1,271,200		1,469,686
Melco International Development Ltd.(a)		371,000		482,819
Melco Resorts & Entertainment Ltd., ADR(a)		159,996		2,185,545
MTR Corp. Ltd.(b)		671,000		3,590,861
New World Development Co. Ltd.(b)		942,000		2,815,546
NWS Holdings Ltd.		1,344,000		1,266,608
Pacific Basin Shipping Ltd.		2,662,000		939,391
PCCW Ltd.		4,433,000		2,178,213
Power Assets Holdings Ltd.		673,000		3,807,947
Sands China Ltd.(a)		1,273,600		4,776,109
Sino Land Co. Ltd.		1,960,000		2,546,975
SITC International Holdings Co. Ltd.		501,000		1,094,484
SJM Holdings Ltd.(a)		1,333,000		755,949
Sun Hung Kai Properties Ltd.		696,000		9,870,408
Sunlight REIT		1,018,000		450,774
Swire Pacific Ltd., Class A		200,000		1,832,778
Swire Properties Ltd.		700,200		1,967,952
Techtronic Industries Co. Ltd.(b)		680,500		8,772,858
Value Partners Group Ltd.(b)		1,312,000		534,913
Vitasoy International Holdings Ltd.		450,000		955,998
Vobile Group Ltd.(a)(b)		1,217,000		698,161
VTech Holdings Ltd.		101,800		672,979
WH Group Ltd.(c)		5,272,000		3,246,837
Wharf Real Estate Investment Co. Ltd.		955,000		5,467,053
Wynn Macau Ltd.(a)		952,400		1,090,052
Xinyi Glass Holdings Ltd.		1,076,000		2,290,940
Yue Yuen Industrial Holdings Ltd.		579,000		949,835
				261,139,481
Ireland — 0.6%
AIB Group PLC		346,048		1,453,606
Bank of Ireland Group PLC		561,783		6,002,002

Security	Shares		Value
Ireland (continued)
Cairn Homes PLC(a)		963,624	$	1,024,383
CRH PLC		397,128		18,554,831
Flutter Entertainment PLC, Class DI(a)		86,440		13,426,983
Glanbia PLC		137,845		1,682,113
Glenveagh Properties PLC(a)(c)		1,238,751		1,267,253
Greencore Group PLC(a)		356,269		350,722
Kerry Group PLC, Class A		84,266		7,895,731
Kingspan Group PLC		80,393		5,170,559
Smurfit Kappa Group PLC		130,363		5,473,230
				62,301,413
Israel — 0.9%
Airport City Ltd.(a)		52,557		832,488
Alony Hetz Properties & Investments Ltd.		137,634		1,476,708
Amot Investments Ltd.		177,005		1,038,902
AudioCodes Ltd.		32,353		626,672
Azrieli Group Ltd.		33,973		2,188,289
Bank Hapoalim BM		640,949		5,768,897
Bank Leumi Le-Israel BM		720,519		6,367,501
Bezeq The Israeli Telecommunication Corp. Ltd.		790,520		1,310,060
Big Shopping Centers Ltd.		18,570		1,867,011
Check Point Software Technologies Ltd.(a)		54,231		6,898,183
CyberArk Software Ltd.(a)		24,221		3,412,254
Delek Group Ltd.(a)		4,861		527,778
Elbit Systems Ltd.		16,908		2,838,584
Electra Ltd./Israel		1,102		564,757
Energix-Renewable Energies Ltd.		385,858		1,277,404
Enlight Renewable Energy Ltd.(a)		105,682		2,196,723
First International Bank Of Israel Ltd. (The)		62,006		2,504,659
Fiverr International Ltd.(a)		27,965		1,037,222
G City Ltd.		39,119		152,910
Gav-Yam Lands Corp. Ltd.		2		16
Harel Insurance Investments & Financial Services Ltd.		92,609		895,875
ICL Group Ltd.		424,312		3,368,883
Inmode Ltd.(a)		53,000		1,857,650
Isracard Ltd.		378,781		1,276,877
Israel Discount Bank Ltd., Class A		741,847		3,794,335
Kornit Digital Ltd.(a)		34,222		862,737
Mehadrin Ltd.(a)		—		4
Melisron Ltd.		23,287		1,628,298
Mivne Real Estate KD Ltd.		735,927		2,361,317
Mizrahi Tefahot Bank Ltd.		81,208		2,682,355
Nano Dimension Ltd., ADR(a)(b)		283,193		781,613
Nice Ltd.(a)		32,922		6,808,542
Nova Ltd.(a)		17,353		1,577,388
Paz Oil Co. Ltd.(a)		7,112		886,593
Phoenix Holdings Ltd. (The)		74,552		801,779
Radware Ltd.(a)		31,475		670,417
Reit 1 Ltd.		193,984		961,482
Shapir Engineering and Industry Ltd.		242,409		1,838,924
Shikun & Binui Ltd.(a)(b)		310,744		910,854
Shufersal Ltd.(b)		191,642		1,075,359
Strauss Group Ltd.		43,554		1,114,413
Teva Pharmaceutical Industries Ltd., ADR(a)		601,592		6,340,780
Tower Semiconductor Ltd.(a)		47,339		1,991,322
Wix.com Ltd.(a)		33,176		2,885,648
ZIM Integrated Shipping Services Ltd.(b)		52,380		992,601
				91,253,064
Italy — 2.1%
A2A SpA		781,618		1,176,712

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
ACEA SpA		23,401	$	358,725
Amplifon SpA		79,435		2,193,458
Anima Holding SpA(c)		118,248		521,588
Ascopiave SpA		48,700		140,998
Assicurazioni Generali SpA		553,353		10,802,174
Autogrill SpA(a)		98,464		718,499
Azimut Holding SpA		50,275		1,255,150
Banca Generali SpA		30,187		1,113,643
Banca Mediolanum SpA		180,553		1,727,425
Banca Popolare di Sondrio SPA		398,411		1,956,784
Banco BPM SpA		837,890		3,771,169
BFF Bank SpA(c)		198,256		1,833,497
BPER Banca		513,624		1,410,978
Brembo SpA		172,230		2,325,123
Brunello Cucinelli SpA		17,859		1,487,486
Buzzi Unicem SpA		45,585		1,026,491
De’ Longhi SpA		36,733		847,948
DiaSorin SpA		8,314		1,082,315
Enav SpA(c)		146,032		672,322
Enel SpA		4,230,009		24,906,802
Eni SpA		1,295,791		19,939,926
ERG SpA		33,614		1,015,023
Ferrari NV		65,527		16,374,160
FinecoBank Banca Fineco SpA		310,850		5,580,332
Hera SpA		648,501		1,862,895
Infrastrutture Wireless Italiane SpA(c)		126,616		1,387,557
Interpump Group SpA		36,161		1,885,792
Intesa Sanpaolo SpA		8,440,610		22,192,641
Iren SpA		358,923		650,041
Italgas SpA		156,645		916,953
Leonardo SpA		212,688		2,190,290
Mediobanca Banca di Credito Finanziario SpA		343,786		3,695,681
Moncler SpA		114,856		7,188,567
Nexi SpA(a)(c)		307,868		2,711,498
Pirelli & C SpA(c)		178,859		895,491
Poste Italiane SpA(c)		277,341		2,963,118
Prysmian SpA		153,192		6,256,005
Recordati Industria Chimica e Farmaceutica SpA		67,230		2,945,244
Reply SpA		10,072		1,307,417
Saipem SpA(a)(b)		574,103		879,134
Salvatore Ferragamo SpA		31,003		615,268
Snam SpA		1,057,861		5,388,246
Stellantis NV		1,149,969		18,078,650
Tamburi Investment Partners SpA(b)		64,971		540,497
Technogym SpA(c)		80,930		717,843
Telecom Italia SpA/Milano(a)(b)		5,918,008		1,703,841
Tenaris SA		288,165		5,106,499
Terna - Rete Elettrica Nazionale		779,574		6,167,881
UniCredit SpA		1,001,970		19,569,613
Unipol Gruppo SpA		431,372		2,259,252
				224,314,642
Japan — 20.4%
77 Bank Ltd. (The)		99,000		1,768,080
ABC-Mart Inc.		21,200		1,142,554
Activia Properties Inc.		307		919,358
ADEKA Corp.		40,500		685,310
Advance Logistics Investment Corp.		878		944,444
Advance Residence Investment Corp.		202		493,438
Advantest Corp.		103,200		7,397,477
Aeon Co. Ltd.		360,500		7,390,853

Security	Shares		Value
Japan (continued)
Aeon Delight Co. Ltd.		17,500	$	415,435
AEON Financial Service Co. Ltd.		113,600		1,151,507
Aeon Mall Co. Ltd.		47,800		673,275
AEON REIT Investment Corp.		767		847,712
AGC Inc.		102,000		3,758,272
Ai Holdings Corp.		17,600		297,321
Aica Kogyo Co. Ltd.		20,000		483,661
Aiful Corp.		474,300		1,434,040
Ain Holdings Inc.		15,500		670,209
Air Water Inc.		103,400		1,265,106
Aisin Corp.		85,900		2,506,176
Ajinomoto Co. Inc.		241,800		7,971,806
Alfresa Holdings Corp.		106,700		1,335,563
Alps Alpine Co. Ltd.		121,300		1,242,838
Amada Co. Ltd.		125,100		1,123,744
Amano Corp.		38,300		700,736
ANA Holdings Inc.(a)		38,400		849,898
Anritsu Corp.		69,500		665,769
Aozora Bank Ltd.		49,800		995,711
Arcs Co. Ltd.		16,400		277,147
Ariake Japan Co. Ltd.		10,000		337,307
As One Corp.		17,000		762,030
Asahi Group Holdings Ltd.		228,400		7,542,280
Asahi Holdings Inc.		100,300		1,578,052
Asahi Intecc Co. Ltd.		113,600		1,993,019
Asahi Kasei Corp.		649,000		4,917,883
Asics Corp.		55,900		1,330,449
Astellas Pharma Inc.		1,042,200		15,341,320
Atom Corp.(a)(b)		129,600		792,814
Autobacs Seven Co. Ltd.		52,500		584,475
Awa Bank Ltd. (The)		13,900		233,929
Azbil Corp.		24,700		696,502
Bandai Namco Holdings Inc.		107,100		7,162,178
Bank of Kyoto Ltd. (The)		25,500		1,186,468
BayCurrent Consulting Inc.		75,100		3,192,467
Benefit One Inc.		42,500		701,464
Benesse Holdings Inc.		79,800		1,220,588
BeNext-Yumeshin Group Co.		77,700		1,146,117
Bic Camera Inc.		83,500		788,584
BIPROGY Inc.		36,500		953,625
BML Inc.		19,300		479,919
Bridgestone Corp.		267,800		9,997,828
Brother Industries Ltd.		117,900		1,831,255
Calbee Inc.		55,200		1,246,645
Canon Inc.		528,100		11,719,776
Canon Marketing Japan Inc.		27,900		662,219
Capcom Co. Ltd.		61,200		1,983,113
Casio Computer Co. Ltd.		90,300		933,449
Central Glass Co. Ltd.		24,900		549,888
Central Japan Railway Co.		83,100		10,136,102
Change Inc.(b)		40,300		747,866
Chiba Bank Ltd. (The)		255,300		1,931,703
Chiyoda Corp.(a)		194,700		578,863
Chubu Electric Power Co. Inc.		353,600		3,808,651
Chudenko Corp.		12,200		201,176
Chugai Pharmaceutical Co. Ltd.		376,800		9,768,570
Chugin Financial Group Inc., NVS		122,400		890,662
Chugoku Electric Power Co. Inc. (The)		147,800		812,528
Citizen Watch Co. Ltd.		128,900		613,251
CKD Corp.		25,800		399,569

58 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Coca-Cola Bottlers Japan Holdings Inc.		99,500	$	1,047,622
COLOPL Inc.		30,300		155,159
Colowide Co. Ltd.(b)		35,100		497,215
Comforia Residential REIT Inc.		303		673,251
COMSYS Holdings Corp.		47,200		900,217
Comture Corp.		23,700		455,692
Concordia Financial Group Ltd.		724,800		3,185,034
Cosmo Energy Holdings Co. Ltd.		39,600		1,110,541
Cosmos Pharmaceutical Corp.		9,900		967,302
CRE Logistics REIT Inc.		1,128		1,533,737
Create Restaurants Holdings Inc.		105,500		805,748
Create SD Holdings Co. Ltd.		10,900		296,586
Credit Saison Co. Ltd.		59,000		772,987
CyberAgent Inc.		211,400		1,977,002
CYBERDYNE Inc.(a)(b)		122,200		288,500
Dai Nippon Printing Co. Ltd.		113,500		2,679,694
Daicel Corp.		126,100		930,402
Daido Steel Co. Ltd.		11,800		446,160
Daifuku Co. Ltd.		46,600		2,565,968
Daihen Corp.		12,500		407,883
Dai-ichi Life Holdings Inc.		569,600		13,364,390
Daiichi Sankyo Co. Ltd.		939,300		29,500,531
Daiichikosho Co. Ltd.		20,600		640,521
Daikin Industries Ltd.		127,600		22,163,428
Daio Paper Corp.		87,400		674,392
Daiseki Co. Ltd.		29,460		992,767
Daishi Hokuetsu Financial Group Inc.		17,200		410,362
Daito Trust Construction Co. Ltd.		16,600		1,640,388
Daiwa House Industry Co. Ltd.		341,300		8,196,324
Daiwa House REIT Investment Corp.		1,015		2,208,370
Daiwa Office Investment Corp.		146		687,514
Daiwa Securities Group Inc.		731,700		3,452,964
Daiwa Securities Living Investments Corp.		1,127		942,968
Daiwabo Holdings Co. Ltd.		94,200		1,425,803
DCM Holdings Co. Ltd.		108,500		987,407
DeNA Co. Ltd.		40,300		565,078
Denka Co. Ltd.		38,400		796,594
Denso Corp.		222,800		12,032,469
Dentsu Group Inc.		113,200		3,646,045
Descente Ltd.		18,000		498,625
Dexerials Corp.		32,300		690,441
DIC Corp.		97,500		1,812,723
Digital Arts Inc.		8,900		397,537
Digital Garage Inc.		29,900		1,068,697
Dip Corp.		17,900		531,280
Disco Corp.		10,700		3,214,629
DMG Mori Co. Ltd.		51,600		788,150
Dowa Holdings Co. Ltd.		24,800		865,846
DTS Corp.		30,400		745,593
Duskin Co. Ltd.		14,100		329,538
Earth Corp.		10,000		390,421
East Japan Railway Co.		144,800		8,073,788
Ebara Corp.		36,500		1,549,775
EDION Corp.		52,400		517,548
eGuarantee Inc.		21,900		408,551
Eiken Chemical Co. Ltd.		14,400		176,333
Eisai Co. Ltd.		123,200		7,622,378
Elecom Co. Ltd.		29,300		307,558
Electric Power Development Co. Ltd.		90,000		1,452,468
en Japan Inc.		12,900		245,601

Security	Shares		Value
Japan (continued)
ENEOS Holdings Inc.		1,664,600	$	5,959,595
eRex Co. Ltd.		25,600		473,881
Euglena Co. Ltd.(a)		156,300		1,207,478
EXEO Group Inc.		50,800		923,725
Ezaki Glico Co. Ltd.		22,300		623,148
Fancl Corp.		40,900		830,569
FANUC Corp.		101,300		17,898,652
Fast Retailing Co. Ltd.		27,600		16,763,118
FCC Co. Ltd.		15,200		169,329
Ferrotec Holdings Corp.		28,700		718,839
Food & Life Companies Ltd.		49,100		1,092,793
FP Corp.		25,100		682,085
Freee KK(a)(b)		25,300		668,085
Frontier Real Estate Investment Corp.		246		948,622
Fuji Corp./Aichi		37,500		624,379
Fuji Electric Co. Ltd.		80,100		3,242,287
Fuji Kyuko Co. Ltd.		14,900		523,446
Fuji Oil Holdings Inc.		21,300		337,778
Fuji Seal International Inc.		19,200		249,535
Fuji Soft Inc.		15,900		949,032
FUJIFILM Holdings Corp.		194,800		10,309,038
Fujikura Ltd.		137,200		1,042,906
Fujimi Inc.		13,500		684,651
Fujitec Co. Ltd.		39,600		981,176
Fujitsu General Ltd.		41,600		1,175,863
Fujitsu Ltd.		104,800		14,921,353
Fujiya Co. Ltd.		20,500		400,656
Fukuoka Financial Group Inc.		95,600		2,205,646
Fukuoka REIT Corp.		390		501,543
Fukuyama Transporting Co. Ltd.		12,300		318,275
Funai Soken Holdings Inc.		16,200		350,610
Furukawa Electric Co. Ltd.		25,700		498,795
Fuso Chemical Co. Ltd.		7,600		215,939
Future Corp.		35,000		455,764
Fuyo General Lease Co. Ltd.		7,500		515,457
Giken Ltd.		7,600		173,032
Global One Real Estate Investment Corp.		295		243,598
Glory Ltd.		23,700		414,516
GLP J-REIT		2,216		2,507,538
GMO internet group Inc.		41,100		808,843
GMO Payment Gateway Inc.		14,100		1,304,700
GNI Group Ltd.(a)		37,700		348,804
Goldwin Inc.		17,400		1,325,571
Gree Inc.		76,900		418,441
GS Yuasa Corp.		32,500		568,719
GungHo Online Entertainment Inc.(a)		35,200		586,623
Gunma Bank Ltd. (The)		191,800		748,174
H.U. Group Holdings Inc.		32,700		694,058
H2O Retailing Corp.		47,100		459,658
Hachijuni Bank Ltd. (The)		241,600		1,049,358
Hakuhodo DY Holdings Inc.		129,200		1,396,308
Hamakyorex Co. Ltd.		7,200		180,308
Hamamatsu Photonics KK		84,500		4,514,858
Hankyu Hanshin Holdings Inc.		110,400		3,281,356
Hankyu Hanshin REIT Inc.		325		358,350
Hanwa Co. Ltd.		17,000		541,299
Harmonic Drive Systems Inc.		22,000		740,980
Haseko Corp.		122,100		1,412,595
Hazama Ando Corp.		77,600		514,831
Heiwa Corp.		39,900		723,945

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Heiwa Real Estate Co. Ltd.		18,400	$	526,426
Heiwa Real Estate REIT Inc.		567		659,425
Heiwado Co. Ltd.		20,600		344,295
Hikari Tsushin Inc.		9,400		1,341,740
Hino Motors Ltd.(a)		132,800		568,057
Hioki E.E. Corp.		7,400		423,109
Hirogin Holdings Inc.		239,800		1,250,423
Hirose Electric Co. Ltd.		16,205		2,109,636
HIS Co. Ltd.(a)(b)		28,800		471,935
Hisamitsu Pharmaceutical Co. Inc.		23,100		719,332
Hitachi Construction Machinery Co. Ltd.		38,300		903,241
Hitachi Ltd.		481,700		25,261,527
Hitachi Zosen Corp.		117,900		780,703
Hogy Medical Co. Ltd.		9,400		244,134
Hokkaido Electric Power Co. Inc.		89,600		331,471
Hokuetsu Corp.		99,500		640,526
Hokuhoku Financial Group Inc.		45,300		358,774
Hokuriku Electric Power Co.		74,500		308,164
Honda Motor Co. Ltd.		843,300		20,860,300
Horiba Ltd.		17,900		824,343
Hoshino Resorts REIT Inc.		155		887,989
Hoshizaki Corp.		49,400		1,775,745
Hosiden Corp.		88,000		1,067,414
House Foods Group Inc.		29,100		620,861
Hoya Corp.		191,800		21,092,614
Hulic Co. Ltd.		53,500		439,759
Hulic Reit Inc.		529		632,294
Ibiden Co. Ltd.		36,800		1,436,263
Ichibanya Co. Ltd.		9,700		352,945
Ichigo Inc.		167,300		383,448
Ichigo Office REIT Investment Corp.		676		442,500
Idec Corp./Japan		33,200		790,550
Idemitsu Kosan Co. Ltd.		102,900		2,572,579
IHI Corp.		87,800		2,667,775
Iida Group Holdings Co. Ltd.		65,500		1,091,915
Inaba Denki Sangyo Co. Ltd.		22,100		480,141
Inabata & Co. Ltd.		18,100		351,334
Industrial & Infrastructure Fund Investment Corp.		1,500		1,662,359
Infocom Corp.		15,900		268,020
Infomart Corp.		73,600		238,100
Information Services International-Dentsu Ltd.		21,500		712,259
INFRONEER Holdings Inc.		140,252		1,119,553
Inpex Corp.		571,500		6,280,007
Internet Initiative Japan Inc.		78,700		1,476,866
Invincible Investment Corp.		5,104		2,176,709
IR Japan Holdings Ltd.		12,600		177,620
Iriso Electronics Co. Ltd.		12,700		426,187
Isetan Mitsukoshi Holdings Ltd.		218,800		2,380,703
Isuzu Motors Ltd.		351,900		4,449,895
Ito En Ltd.		26,700		952,649
ITOCHU Corp.		626,200		20,239,922
Itochu Techno-Solutions Corp.		72,600		1,797,395
Itoham Yonekyu Holdings Inc.		229,000		1,257,309
Iwatani Corp.		22,900		987,017
Iyogin Holdings Inc., NVS		112,900		637,183
Izumi Co. Ltd.		15,200		344,155
J Front Retailing Co. Ltd.		209,000		1,946,518
JAFCO Group Co. Ltd.		39,300		701,313
Japan Airlines Co. Ltd.(a)		47,800		1,013,722
Japan Airport Terminal Co. Ltd.(a)		26,000		1,355,235

Security	Shares		Value
Japan (continued)
Japan Aviation Electronics Industry Ltd.		85,700	$	1,472,305
Japan Display Inc.(a)		1,065,000		361,642
Japan Elevator Service Holdings Co. Ltd.		95,200		1,343,949
Japan Excellent Inc.		483		460,908
Japan Exchange Group Inc.		233,800		3,578,207
Japan Hotel REIT Investment Corp.		3,738		2,368,719
Japan Lifeline Co. Ltd.		26,400		194,031
Japan Logistics Fund Inc.		339		773,002
Japan Material Co. Ltd.		93,100		1,746,139
Japan Metropolitan Fund Invest		4,124		3,188,199
Japan Petroleum Exploration Co. Ltd.		26,500		859,040
Japan Post Bank Co. Ltd.		187,500		1,665,914
Japan Post Holdings Co. Ltd.		1,192,800		10,472,138
Japan Post Insurance Co. Ltd.		97,500		1,739,396
Japan Prime Realty Investment Corp.		443		1,201,782
Japan Real Estate Investment Corp.		361		1,547,784
Japan Securities Finance Co. Ltd.		82,500		748,034
Japan Steel Works Ltd. (The)		32,700		696,636
Japan Tobacco Inc.		609,600		12,430,905
JCR Pharmaceuticals Co. Ltd.		53,200		656,402
JCU Corp.		9,800		243,006
Jeol Ltd.		22,600		663,627
JFE Holdings Inc.		244,600		3,225,210
JGC Holdings Corp.		114,800		1,499,524
JINS Holdings Inc.		15,700		472,810
JMDC Inc.		19,300		637,834
Joyful Honda Co. Ltd.		92,300		1,326,039
JSR Corp.		103,500		2,328,766
JTEKT Corp.		122,000		904,422
JTOWER Inc.(a)(b)		6,000		287,384
Justsystems Corp.		19,000		473,190
Kadokawa Corp.		82,400		1,541,811
Kagome Co. Ltd.		44,300		1,082,002
Kajima Corp.		199,800		2,453,799
Kakaku.com Inc.		87,800		1,463,809
Kaken Pharmaceutical Co. Ltd.		11,600		336,700
Kamigumi Co. Ltd.		86,900		1,777,669
Kanamoto Co. Ltd.		12,100		210,454
Kandenko Co. Ltd.		125,500		843,503
Kaneka Corp.		16,100		422,695
Kanematsu Corp.		34,300		419,428
Kansai Electric Power Co. Inc. (The)		379,200		3,646,802
Kansai Paint Co. Ltd.		103,200		1,453,378
Kao Corp.		244,500		9,883,139
Katitas Co. Ltd.		25,100		615,463
Kato Sangyo Co. Ltd.		8,900		247,329
Kawasaki Heavy Industries Ltd.		90,100		2,061,723
Kawasaki Kisen Kaisha Ltd.		92,600		1,933,568
KDDI Corp.		847,900		26,491,306
Keihan Holdings Co. Ltd.		33,600		904,024
Keikyu Corp.		115,800		1,199,990
Keio Corp.		39,400		1,446,156
Keisei Electric Railway Co. Ltd.		93,900		2,738,967
Kenedix Office Investment Corp.		344		817,194
Kenedix Residential Next Investment Corp.		463		690,085
Kenedix Retail REIT Corp.		426		798,696
Kewpie Corp.		54,400		947,130
Keyence Corp.		102,900		47,371,945
KH Neochem Co. Ltd.		19,500		415,628
Kikkoman Corp.		89,000		4,707,396

60 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kinden Corp.		115,300	$	1,321,516
Kintetsu Group Holdings Co. Ltd.		92,800		3,022,030
Kirin Holdings Co. Ltd.		413,500		6,371,920
Kissei Pharmaceutical Co. Ltd.		24,300		478,726
Ki-Star Real Estate Co. Ltd.		5,700		216,839
Kitz Corp.		130,000		823,245
Kiyo Bank Ltd. (The)		102,300		1,300,393
Kobayashi Pharmaceutical Co. Ltd.		20,900		1,500,455
Kobe Bussan Co. Ltd.		56,400		1,628,366
Kobe Steel Ltd.		172,300		928,271
Koei Tecmo Holdings Co. Ltd.		115,180		2,094,682
Kohnan Shoji Co. Ltd.		17,800		458,589
Koito Manufacturing Co. Ltd.		79,700		1,344,393
Kokuyo Co. Ltd.		31,400		447,737
Komatsu Ltd.		500,500		12,299,517
KOMEDA Holdings Co. Ltd.		45,800		851,575
Komeri Co. Ltd.		13,500		276,938
Konami Group Corp.		33,700		1,657,146
Konica Minolta Inc.		230,100		964,302
Kose Corp.		11,300		1,246,761
Kotobuki Spirits Co. Ltd.		12,900		847,320
K’s Holdings Corp.		70,600		624,169
Kubota Corp.		557,500		8,378,271
Kumagai Gumi Co. Ltd.		16,300		334,979
Kura Sushi Inc.(b)		14,600		339,201
Kuraray Co. Ltd.		129,700		1,073,533
Kureha Corp.		10,500		685,780
Kurita Water Industries Ltd.		48,100		2,174,997
Kusuri no Aoki Holdings Co. Ltd.		13,000		732,473
Kyocera Corp.		160,200		8,313,002
KYORIN Holdings Inc.		23,100		306,184
Kyoritsu Maintenance Co. Ltd.		28,500		1,301,707
Kyowa Kirin Co. Ltd.		124,500		2,776,468
Kyudenko Corp.		19,100		495,064
Kyushu Electric Power Co. Inc.		212,000		1,220,407
Kyushu Financial Group Inc.		240,600		884,323
Kyushu Railway Co.		38,000		851,833
LaSalle Logiport REIT		859		1,040,767
Lasertec Corp.		39,200		7,421,458
Lawson Inc.		21,100		843,710
Leopalace21 Corp.(a)		218,500		542,298
Lintec Corp.		13,300		230,316
Lion Corp.		96,300		1,066,015
LITALICO Inc.		12,600		257,227
Lixil Corp.		135,600		2,340,968
M&A Capital Partners Co. Ltd.(a)		10,900		369,184
M3 Inc.		226,300		6,187,700
Mabuchi Motor Co. Ltd.		34,100		976,635
Macnica Holdings Inc.		39,400		1,047,120
Makino Milling Machine Co. Ltd.		15,700		563,598
Makita Corp.		111,200		2,962,015
Mandom Corp.		17,400		197,270
Mani Inc.		48,700		712,336
Marubeni Corp.		905,100		11,104,288
Maruha Nichiro Corp.		21,300		404,445
Marui Group Co. Ltd.		106,200		1,809,704
Maruichi Steel Tube Ltd.		39,500		850,524
Maruwa Co. Ltd./Aichi		8,600		1,099,333
Maruzen Showa Unyu Co. Ltd.		9,000		218,083
Matsui Securities Co. Ltd.		57,000		341,329

Security	Shares		Value
Japan (continued)
MatsukiyoCocokara & Co.		39,390	$	1,964,944
Mazda Motor Corp.		343,500		2,734,255
McDonald’s Holdings Co. Japan Ltd.		18,200		719,034
Mebuki Financial Group Inc.		504,900		1,315,172
Medipal Holdings Corp.		96,200		1,284,364
Megachips Corp.		16,200		338,255
Megmilk Snow Brand Co. Ltd.		18,200		254,728
Meidensha Corp.		20,500		304,537
MEIJI Holdings Co. Ltd.		49,500		2,552,848
Meiko Electronics Co. Ltd.(b)		14,900		334,016
Meitec Corp.		40,400		759,992
Menicon Co. Ltd.		37,800		835,264
Mercari Inc.(a)		65,800		1,433,115
Milbon Co. Ltd.		16,500		725,634
MINEBEA MITSUMI Inc.		193,100		3,366,253
Mirai Corp.		1,249		421,764
MIRAIT ONE corp.		39,000		475,613
MISUMI Group Inc.		128,500		3,234,019
Mitani Sekisan Co. Ltd.		6,700		218,909
Mitsubishi Chemical Group Corp.		611,300		3,430,276
Mitsubishi Corp.		697,000		23,339,709
Mitsubishi Electric Corp.		1,008,400		11,113,325
Mitsubishi Estate Co. Ltd.		594,300		7,638,608
Mitsubishi Estate Logistics REIT Investment Corp.		411		1,291,898
Mitsubishi Gas Chemical Co. Inc.		92,400		1,350,196
Mitsubishi HC Capital Inc.		387,430		1,977,499
Mitsubishi Heavy Industries Ltd.		150,300		5,893,257
Mitsubishi Logistics Corp.		45,200		1,055,482
Mitsubishi Materials Corp.		90,500		1,554,498
Mitsubishi Motors Corp.(a)		463,500		1,785,820
Mitsubishi UFJ Financial Group Inc.		6,276,500		45,974,614
Mitsui & Co. Ltd.		746,700		22,029,690
Mitsui Chemicals Inc.		100,400		2,363,267
Mitsui Fudosan Co. Ltd.		489,800		9,180,636
Mitsui Fudosan Logistics Park Inc.		368		1,284,343
Mitsui High-Tec Inc.		27,000		1,423,777
Mitsui Mining & Smelting Co. Ltd.		28,200		751,279
Mitsui OSK Lines Ltd.		197,600		4,904,178
Miura Co. Ltd.		40,600		1,015,946
Mixi Inc.		21,200		406,738
Mizuho Financial Group Inc.		1,223,150		19,106,153
Mizuho Leasing Co. Ltd.		19,600		520,000
Mochida Pharmaceutical Co. Ltd.		20,000		537,193
Monex Group Inc.		110,900		391,229
Money Forward Inc.(a)		24,700		915,961
Monogatari Corp. (The)		9,900		496,042
MonotaRO Co. Ltd.		123,900		1,876,881
Mori Hills REIT Investment Corp.		770		874,979
Mori Trust Hotel Reit Inc.		963		997,603
Mori Trust Sogo REIT Inc.		325		366,757
Morinaga & Co. Ltd./Japan		25,400		753,131
Morinaga Milk Industry Co. Ltd.		16,600		614,079
MOS Food Services Inc.		19,200		455,401
MS&AD Insurance Group Holdings Inc.		214,300		6,873,397
Murata Manufacturing Co. Ltd.		276,200		15,782,202
Musashi Seimitsu Industry Co. Ltd.		13,200		181,914
Nabtesco Corp.		50,100		1,466,853
Nachi-Fujikoshi Corp.		23,300		704,483
Nagase & Co. Ltd.		46,900		756,842
Nagawa Co. Ltd.(b)		4,500		276,681

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nagoya Railroad Co. Ltd.		84,400	$	1,395,541
Nakanishi Inc.		43,400		920,756
Nankai Electric Railway Co. Ltd.		93,700		2,036,064
NEC Corp.		92,900		3,356,255
NEC Networks & System Integration Corp.		106,100		1,416,904
NET One Systems Co. Ltd.		52,400		1,420,039
Nexon Co. Ltd.		247,300		5,963,032
Nextage Co. Ltd.		46,200		1,039,183
NGK Insulators Ltd.		117,300		1,623,583
NGK Spark Plug Co. Ltd.		97,500		1,905,259
NH Foods Ltd.		83,500		2,506,846
NHK Spring Co. Ltd.		121,600		859,537
Nichias Corp.		25,300		489,773
Nichicon Corp.		39,900		391,965
Nichiha Corp.		12,200		261,852
Nichirei Corp.		54,000		1,129,973
Nidec Corp.		228,400		12,657,664
Nifco Inc./Japan		37,000		960,399
Nihon Kohden Corp.		38,900		1,021,941
Nihon M&A Center Holdings Inc.		145,100		1,483,416
Nihon Parkerizing Co. Ltd.		37,500		276,876
Nikkon Holdings Co. Ltd.		98,000		1,886,863
Nikon Corp.		141,600		1,398,074
Nintendo Co. Ltd.		606,400		26,292,150
Nippn Corp., New		72,800		909,889
Nippon Accommodations Fund Inc.		225		1,009,895
Nippon Building Fund Inc.		887		3,876,512
Nippon Ceramic Co. Ltd.		8,500		158,434
Nippon Densetsu Kogyo Co. Ltd.		14,800		185,355
Nippon Electric Glass Co. Ltd.		80,900		1,502,345
Nippon Express Holdings Inc.		30,400		1,764,195
Nippon Gas Co. Ltd.		65,000		1,037,486
Nippon Kayaku Co. Ltd.		62,900		584,099
Nippon Light Metal Holdings Co. Ltd.		97,070		1,112,605
Nippon Paint Holdings Co. Ltd.		470,100		4,291,766
Nippon Paper Industries Co. Ltd.		34,800		259,088
Nippon Prologis REIT Inc.		966		2,191,990
NIPPON REIT Investment Corp.		193		491,474
Nippon Sanso Holdings Corp.		51,600		841,641
Nippon Seiki Co. Ltd.		96,700		623,397
Nippon Shinyaku Co. Ltd.		30,300		1,559,424
Nippon Shokubai Co. Ltd.		13,300		563,057
Nippon Soda Co. Ltd.		16,700		545,847
Nippon Steel Corp.		459,800		9,570,609
Nippon Suisan Kaisha Ltd.		149,600		621,622
Nippon Telegraph & Telephone Corp.		621,300		18,630,002
Nippon Yusen KK		190,200		4,524,639
Nipro Corp.(b)		53,100		426,255
Nishimatsu Construction Co. Ltd.		19,600		612,271
Nishimatsuya Chain Co. Ltd.		39,600		470,244
Nishi-Nippon Financial Holdings Inc.		56,300		468,612
Nishi-Nippon Railroad Co. Ltd.		30,400		561,413
Nissan Chemical Corp.		84,200		3,975,051
Nissan Motor Co. Ltd.		1,277,800		4,591,058
Nissha Co. Ltd.		20,200		300,546
Nisshin Oillio Group Ltd. (The)		17,300		424,950
Nisshin Seifun Group Inc.		119,300		1,494,291
Nisshinbo Holdings Inc.		79,200		592,014
Nissin Electric Co. Ltd.		41,400		429,242
Nissin Foods Holdings Co. Ltd.		24,900		1,946,623

Security	Shares		Value
Japan (continued)
Nitori Holdings Co. Ltd.		35,600	$	4,711,863
Nitta Corp.		12,000		265,346
Nitto Boseki Co. Ltd.		11,200		176,619
Nitto Denko Corp.		74,700		4,828,415
Noevir Holdings Co. Ltd.		13,300		585,664
NOF Corp.		22,700		966,956
Nojima Corp.		37,400		401,484
NOK Corp.		36,300		344,753
Nomura Co. Ltd.		40,400		290,682
Nomura Holdings Inc.		1,431,200		5,711,676
Nomura Real Estate Holdings Inc.		34,700		764,803
Nomura Real Estate Master Fund Inc.		1,253		1,465,339
Nomura Research Institute Ltd.		152,100		3,651,552
NS Solutions Corp.		13,800		355,191
NSD Co. Ltd.		53,000		952,191
NSK Ltd.		229,700		1,291,916
NTN Corp.		479,600		994,242
NTT Data Corp.		367,900		5,706,635
NTT UD REIT Investment Corp.		663		676,182
Obayashi Corp.		350,900		2,721,834
OBIC Business Consultants Co. Ltd.		22,300		875,772
Obic Co. Ltd.		31,700		5,082,355
Odakyu Electric Railway Co. Ltd.		128,400		1,688,122
Ogaki Kyoritsu Bank Ltd. (The)		14,000		209,922
Ohsho Food Service Corp.		12,000		560,806
Oisix ra daichi Inc.(a)(b)		21,400		361,139
Oji Holdings Corp.		402,400		1,663,018
Okamura Corp.		16,100		176,592
Oki Electric Industry Co. Ltd.		60,600		342,312
Okinawa Electric Power Co. Inc. (The)		20,200		167,996
OKUMA Corp.		9,900		401,277
Okumura Corp.		14,300		332,677
Olympus Corp.		695,800		13,080,769
Omron Corp.		100,500		5,814,988
One REIT Inc.		152		288,122
Ono Pharmaceutical Co. Ltd.		197,500		4,285,490
Open House Group Co. Ltd.		27,600		1,044,115
Oracle Corp. Japan		17,200		1,178,317
Organo Corp.		28,000		711,741
Orient Corp.		19,820		181,094
Oriental Land Co. Ltd./Japan		105,000		17,495,084
ORIX Corp.		631,500		11,103,652
Orix JREIT Inc.		1,179		1,622,142
Osaka Gas Co. Ltd.		181,100		2,922,390
OSG Corp.		40,700		638,782
Otsuka Corp.		39,800		1,309,402
Otsuka Holdings Co. Ltd.		207,300		6,650,269
Outsourcing Inc.		60,500		470,158
PALTAC Corp.		13,500		488,795
Pan Pacific International Holdings Corp.		201,500		3,726,364
Panasonic Holdings Corp.		1,247,400		11,567,600
Paramount Bed Holdings Co. Ltd.		23,900		459,032
Park24 Co. Ltd.(a)		95,800		1,624,837
Pasona Group Inc.		13,900		224,270
Penta-Ocean Construction Co. Ltd.		124,000		618,459
PeptiDream Inc.(a)		75,700		1,181,934
Persol Holdings Co. Ltd.		107,800		2,363,570
Pigeon Corp.		83,600		1,328,643
Pilot Corp.		20,000		713,844
PKSHA Technology Inc.(a)(b)		23,900		333,850

62 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Pola Orbis Holdings Inc.		38,900	$	561,238
Prestige International Inc.		117,100		653,230
Prima Meat Packers Ltd.		13,100		222,231
Raito Kogyo Co. Ltd.		20,000		296,815
Raksul Inc.(a)(b)		37,400		404,866
Rakus Co. Ltd.		71,800		983,988
Rakuten Group Inc.(a)		492,000		2,508,435
Recruit Holdings Co. Ltd.		756,700		24,335,669
Relo Group Inc.		48,000		813,427
Renesas Electronics Corp.(a)		613,000		6,305,380
Rengo Co. Ltd.		97,000		684,626
RENOVA Inc.(a)(b)		30,800		536,066
Resona Holdings Inc.		1,236,800		6,844,109
Resorttrust Inc.		47,100		860,644
Ricoh Co. Ltd.		269,800		2,094,354
Riken Keiki Co. Ltd.		9,600		342,449
Rinnai Corp.		10,200		805,086
Rohm Co. Ltd.		31,000		2,484,076
Rohto Pharmaceutical Co. Ltd.		64,800		1,195,652
Rorze Corp.		10,300		791,734
Round One Corp.		124,800		459,837
RS Technologies Co. Ltd.		29,700		902,558
Ryohin Keikaku Co. Ltd.		115,500		1,280,680
Saizeriya Co. Ltd.		16,200		401,581
Sakai Moving Service Co. Ltd.		6,200		214,401
Sakata Seed Corp.		28,300		904,130
SAMTY Co. Ltd.		27,300		431,180
San-A Co. Ltd.		10,800		347,614
San-Ai Obbli Co. Ltd.		16,500		171,670
SanBio Co. Ltd.(a)(b)		15,800		90,499
Sangetsu Corp.		71,200		1,251,206
San-in Godo Bank Ltd. (The)		215,900		1,342,919
Sanken Electric Co. Ltd.		20,000		1,135,760
Sanki Engineering Co. Ltd.		20,500		246,146
Sankyo Co. Ltd.		42,900		1,732,800
Sankyu Inc.		25,100		986,223
Sanrio Co. Ltd.		63,500		2,422,032
Sansan Inc.(a)		36,800		458,979
Santen Pharmaceutical Co. Ltd.		127,100		990,840
Sanwa Holdings Corp.		102,700		1,087,225
Sapporo Holdings Ltd.		56,200		1,372,464
Sato Holdings Corp.		7,600		123,883
Sawai Group Holdings Co. Ltd.		14,700		454,814
SBI Holdings Inc.		122,900		2,605,393
SCREEN Holdings Co. Ltd.		22,100		1,646,823
SCSK Corp.		79,400		1,293,221
Secom Co. Ltd.		104,700		6,237,582
Sega Sammy Holdings Inc.		112,300		1,778,216
Seibu Holdings Inc.		123,300		1,383,132
Seiko Epson Corp.		124,900		1,936,949
Seino Holdings Co. Ltd.		45,100		450,413
Seiren Co. Ltd.		23,300		427,919
Sekisui Chemical Co. Ltd.		134,000		1,877,110
Sekisui House Ltd.		345,200		6,524,024
Sekisui House Reit Inc.		2,111		1,154,007
Senko Group Holdings Co. Ltd.		117,400		908,071
Seria Co. Ltd.		29,700		652,662
Seven & i Holdings Co. Ltd.		390,100		18,417,751
Seven Bank Ltd.		760,000		1,561,769
SG Holdings Co. Ltd.		140,400		2,166,557

Security	Shares		Value
Japan (continued)
Sharp Corp./Japan		99,600	$	827,882
Shibaura Machine Co. Ltd.		14,200		311,106
SHIFT Inc.(a)		8,000		1,493,085
Shiga Bank Ltd. (The)		19,300		401,725
Shikoku Electric Power Co. Inc.		79,900		461,958
Shima Seiki Manufacturing Ltd.		22,800		345,395
Shimadzu Corp.		119,500		3,672,362
Shimamura Co. Ltd.		16,900		1,585,288
Shimano Inc.		27,600		4,922,057
Shimizu Corp.		197,900		1,109,367
Shin-Etsu Chemical Co. Ltd.		200,300		29,528,829
Shinko Electric Industries Co. Ltd.		43,600		1,226,730
Shinsei Bank Ltd.		38,800		715,639
Shionogi & Co. Ltd.		128,800		6,137,898
Ship Healthcare Holdings Inc.		49,700		965,036
Shiseido Co. Ltd.		211,500		10,992,923
Shizuoka Financial Group Inc., NVS		195,500		1,656,204
SHO-BOND Holdings Co. Ltd.		33,700		1,437,848
Shochiku Co. Ltd.(a)		4,900		417,783
Shoei Co. Ltd.		26,100		1,004,996
Showa Denko KK		96,400		1,647,532
Skylark Holdings Co. Ltd.(a)(b)		98,600		1,173,426
SMC Corp.		26,200		13,307,256
SMS Co. Ltd.		50,900		1,338,900
SoftBank Corp.		1,526,800		17,469,787
SoftBank Group Corp.		615,400		29,134,300
Sohgo Security Services Co. Ltd.		31,800		875,514
Sojitz Corp.		123,760		2,453,704
Sompo Holdings Inc.		135,900		5,850,344
Sony Group Corp.		656,800		58,686,088
Sosei Group Corp.(a)		46,000		871,302
SOSiLA Logistics REIT Inc.		862		858,057
Sotetsu Holdings Inc.		99,700		1,704,454
S-Pool Inc.		93,200		556,764
Square Enix Holdings Co. Ltd.		27,500		1,300,510
Stanley Electric Co. Ltd.		80,000		1,721,700
Star Asia Investment Corp.		1,393		565,111
Starts Corp. Inc.		15,900		316,180
Subaru Corp.		268,800		4,416,824
Sugi Holdings Co. Ltd.		17,800		778,004
SUMCO Corp.		148,600		2,201,771
Sumitomo Bakelite Co. Ltd.		19,300		628,871
Sumitomo Chemical Co. Ltd.		843,400		3,237,502
Sumitomo Corp.		606,800		10,892,017
Sumitomo Electric Industries Ltd.		388,600		4,669,480
Sumitomo Forestry Co. Ltd.		57,400		1,073,236
Sumitomo Heavy Industries Ltd.		46,000		1,022,914
Sumitomo Metal Mining Co. Ltd.		124,700		5,063,222
Sumitomo Mitsui Construction Co. Ltd.		123,500		399,449
Sumitomo Mitsui Financial Group Inc.		702,200		30,518,359
Sumitomo Mitsui Trust Holdings Inc.		157,200		5,726,581
Sumitomo Osaka Cement Co. Ltd.		12,700		334,169
Sumitomo Pharma Co., Ltd.		112,200		788,863
Sumitomo Realty & Development Co. Ltd.		122,600		2,988,636
Sumitomo Rubber Industries Ltd.		119,500		1,060,893
Sumitomo Warehouse Co. Ltd. (The)		97,600		1,502,747
Sundrug Co. Ltd.		63,800		1,805,113
Suntory Beverage & Food Ltd.		39,500		1,333,826
Suruga Bank Ltd.		216,300		705,978
Suzuken Co. Ltd.		34,400		906,030

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Suzuki Motor Corp.		197,800	$	7,415,954
Sysmex Corp.		94,500		6,273,388
Systena Corp.		134,500		431,771
T Hasegawa Co. Ltd.		19,300		472,476
T&D Holdings Inc.		254,700		4,076,791
Tadano Ltd.		117,200		870,178
Taiheiyo Cement Corp.		85,700		1,476,903
Taikisha Ltd.		14,800		405,902
Taisei Corp.		97,500		3,365,892
Taisho Pharmaceutical Holdings Co. Ltd.		14,800		622,572
Taiyo Holdings Co. Ltd.		22,500		415,073
Taiyo Yuden Co. Ltd.		41,200		1,399,379
Takara Bio Inc.		35,100		464,656
Takara Holdings Inc.		81,400		661,467
Takasago Thermal Engineering Co. Ltd.		39,600		574,258
Takashimaya Co. Ltd.		116,200		1,623,465
Takeda Pharmaceutical Co. Ltd.		813,454		25,572,853
Takeuchi Manufacturing Co. Ltd.		28,600		632,988
Takuma Co. Ltd.		101,200		1,002,446
TDK Corp.		209,000		7,466,788
TechnoPro Holdings Inc.		43,100		1,341,926
Teijin Ltd.		79,300		814,278
Terumo Corp.		368,500		10,727,165
THK Co. Ltd.		78,200		1,659,587
TIS Inc.		116,200		3,350,668
TKC Corp.		15,200		433,111
Toagosei Co. Ltd.		114,100		1,035,450
Tobu Railway Co. Ltd.		92,500		2,170,337
Tocalo Co. Ltd.		105,700		1,012,547
Toda Corp.		88,900		484,904
Toei Co. Ltd.		2,700		356,966
Toho Co. Ltd./Tokyo		30,300		1,119,083
Toho Gas Co. Ltd.		34,800		682,488
Toho Holdings Co. Ltd.		20,600		336,445
Tohoku Electric Power Co. Inc.		231,000		1,242,435
Tokai Carbon Co. Ltd.		91,800		792,018
TOKAI Holdings Corp.		74,900		499,628
Tokai Rika Co. Ltd.		106,000		1,230,405
Tokai Tokyo Financial Holdings Inc.		367,700		1,071,737
Tokio Marine Holdings Inc.		991,000		20,756,201
Tokuyama Corp.		20,100		294,057
Tokyo Century Corp.		15,400		541,482
Tokyo Electric Power Co. Holdings Inc.(a)		882,100		3,303,279
Tokyo Electron Ltd.		82,300		28,765,838
Tokyo Gas Co. Ltd.		198,000		4,146,059
Tokyo Ohka Kogyo Co. Ltd.		16,600		818,155
Tokyo Seimitsu Co. Ltd.		47,000		1,618,203
Tokyo Steel Manufacturing Co. Ltd.		80,700		878,043
Tokyo Tatemono Co. Ltd.		94,400		1,170,325
Tokyu Construction Co. Ltd.		82,300		418,868
Tokyu Corp.		218,600		2,811,061
Tokyu Fudosan Holdings Corp.		241,300		1,224,412
Tokyu REIT Inc.		441		664,510
Tomy Co. Ltd.		102,400		1,010,616
Topcon Corp.		52,800		688,065
Toppan Inc.		128,400		2,068,803
Toray Industries Inc.		735,700		4,520,176
Toridoll Holdings Corp.(b)		36,700		796,130
Toshiba Corp.		209,700		7,202,492
Toshiba TEC Corp.		17,300		492,291

Security	Shares		Value
Japan (continued)
Tosoh Corp.		117,000	$	1,530,759
Totetsu Kogyo Co. Ltd.		9,700		200,511
TOTO Ltd.		86,100		3,346,095
Towa Pharmaceutical Co. Ltd.		12,100		191,040
Toyo Gosei Co. Ltd.		3,600		256,952
Toyo Ink SC Holdings Co. Ltd.		17,600		252,801
Toyo Seikan Group Holdings Ltd.		109,800		1,425,300
Toyo Suisan Kaisha Ltd.		35,100		1,450,360
Toyo Tire Corp.		42,900		513,233
Toyobo Co. Ltd.		30,300		241,210
Toyoda Gosei Co. Ltd.		20,900		347,025
Toyota Boshoku Corp.		34,600		513,183
Toyota Industries Corp.		85,500		5,204,609
Toyota Motor Corp.		5,464,500		80,250,077
Toyota Tsusho Corp.		105,000		4,445,926
Trancom Co. Ltd.		2,400		137,514
Transcosmos Inc.		11,100		289,775
TRE Holdings Corp.		24,100		271,572
Trend Micro Inc./Japan(a)		70,400		3,485,787
Tri Chemical Laboratories Inc.		26,000		472,140
Trusco Nakayama Corp.		23,200		380,091
TS Tech Co. Ltd.		38,900		484,566
Tsubakimoto Chain Co.		12,800		306,415
Tsumura & Co.		36,400		778,307
Tsuruha Holdings Inc.		14,100		1,038,149
UACJ Corp.		14,400		270,380
UBE Corp.		99,600		1,562,262
Ulvac Inc.		42,600		1,992,912
Unicharm Corp.		210,400		8,025,841
United Urban Investment Corp.		1,193		1,357,517
Universal Entertainment Corp.(a)		23,800		452,440
Ushio Inc.		59,300		794,890
USS Co. Ltd.		115,500		1,899,763
UT Group Co. Ltd.		16,900		344,249
Valor Holdings Co. Ltd.		17,900		257,957
ValueCommerce Co. Ltd.		15,000		205,805
Visional Inc.(a)		10,900		789,798
Wacoal Holdings Corp.		23,700		445,575
Wacom Co. Ltd.		191,300		944,753
WealthNavi Inc.(a)(b)		18,400		201,710
Welcia Holdings Co. Ltd.		98,200		2,194,835
West Holdings Corp.		16,600		497,760
West Japan Railway Co.		104,100		4,359,552
Yakult Honsha Co. Ltd.		80,700		5,761,004
Yamada Holdings Co. Ltd.		345,600		1,254,862
Yamaguchi Financial Group Inc.		151,000		1,044,369
Yamaha Corp.		84,900		3,301,257
Yamaha Motor Co. Ltd.		135,200		3,330,068
Yamato Holdings Co. Ltd.		125,400		2,194,116
Yamato Kogyo Co. Ltd.		26,100		989,233
Yamazaki Baking Co. Ltd.		62,000		725,382
Yaoko Co. Ltd.		10,800		563,805
Yaskawa Electric Corp.		118,600		4,635,966
Yokogawa Bridge Holdings Corp.		17,200		265,480
Yokogawa Electric Corp.		114,100		2,003,548
Yokohama Rubber Co. Ltd. (The)		83,800		1,376,737
Yoshinoya Holdings Co. Ltd.(b)		37,500		687,661
Z Holdings Corp.		1,510,400		4,394,839
Zenkoku Hosho Co. Ltd.		21,500		837,377
Zensho Holdings Co. Ltd.		57,500		1,467,698

64 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Zeon Corp.		51,800	$	509,531
Zojirushi Corp.		24,800		317,099
ZOZO Inc.		77,500		2,009,049
				2,155,408,605
Netherlands — 3.8%
Aalberts NV		65,019		3,074,265
ABN AMRO Bank NV, CVA(c)		233,499		3,875,511
Adyen NV(a)(c)		11,636		17,592,550
Aegon NV		998,780		5,509,062
AerCap Holdings NV(a)		78,662		4,972,225
Akzo Nobel NV		94,028		7,003,672
Alfen Beheer BV(a)(c)		16,053		1,489,370
Allfunds Group PLC		302,148		2,403,575
Arcadis NV		24,964		1,083,949
ASM International NV		25,769		8,715,229
ASML Holding NV		209,567		138,659,511
ASR Nederland NV		83,264		3,941,009
Basic-Fit NV(a)(b)(c)		31,483		1,034,509
BE Semiconductor Industries NV		29,340		2,098,583
Corbion NV		27,646		1,063,847
Davide Campari-Milano NV		318,097		3,412,252
Eurocommercial Properties NV		40,780		1,021,172
EXOR NV, NVS(a)		55,267		4,393,098
Flow Traders Ltd., NVS		31,936		821,457
Heineken Holding NV		57,735		4,766,942
Heineken NV		136,625		13,654,152
IMCD NV		32,370		5,131,674
ING Groep NV(a)		1,961,020		28,396,081
InPost SA(a)		173,035		1,671,022
Iveco Group NV(a)		127,206		1,041,891
JDE Peet’s NV		19,378		580,815
Just Eat Takeaway.com NV(a)(c)		89,293		2,290,684
Just Eat Takeaway.com NV(a)(c)		19,452		497,459
Koninklijke Ahold Delhaize NV		534,874		15,964,364
Koninklijke BAM Groep NV(a)		131,867		336,077
Koninklijke DSM NV		90,556		11,645,681
Koninklijke KPN NV		1,753,394		5,994,579
Koninklijke Philips NV		447,184		7,720,833
Koninklijke Vopak NV		48,924		1,474,108
MFE-MediaForEurope NV, Class A		329,874		144,566
MFE-MediaForEurope NV, Class B		329,205		222,904
NN Group NV		153,064		6,650,336
NSI NV		8,271		215,804
OCI NV		40,864		1,391,029
Pharming Group NV(a)		928,937		1,288,402
PostNL NV		194,167		406,548
Prosus NV		436,398		35,237,056
QIAGEN NV(a)		123,643		6,031,688
Randstad NV		61,813		3,962,111
SBM Offshore NV		116,387		1,829,726
Shop Apotheke Europe NV(a)(c)		9,677		697,746
Signify NV(b)(c)		77,985		2,823,478
Technip Energies NV		148,529		2,879,575
TKH Group NV		21,407		971,561
Universal Music Group NV		387,647		9,909,174
Wolters Kluwer NV		136,911		14,926,451
				402,919,363
New Zealand — 0.3%
a2 Milk Co. Ltd. (The)(a)		468,017		2,244,621

Security	Shares		Value
New Zealand (continued)
Auckland International Airport Ltd.(a)		683,616	$	3,762,305
Chorus Ltd.		214,950		1,163,232
Contact Energy Ltd.		485,717		2,442,746
EBOS Group Ltd.		91,276		2,544,486
Fisher & Paykel Healthcare Corp. Ltd.		319,515		5,243,620
Fletcher Building Ltd.		563,626		1,855,991
Goodman Property Trust		796,417		1,061,376
Infratil Ltd.		599,213		3,449,692
Mercury NZ Ltd.		283,112		1,099,875
Meridian Energy Ltd.		787,237		2,720,853
Ryman Healthcare Ltd.		307,321		1,372,544
SKYCITY Entertainment Group Ltd.(a)		280,380		456,176
Spark New Zealand Ltd.		1,084,625		3,657,068
Summerset Group Holdings Ltd.		256,641		1,625,292
				34,699,877
Norway — 0.8%
Adevinta ASA(a)		192,118		1,646,996
Aker ASA, Class A		13,191		953,803
Aker BP ASA		164,994		5,026,003
Atea ASA		30,245		341,156
Austevoll Seafood ASA		62,187		616,065
Bakkafrost P/F		20,201		1,253,502
Borregaard ASA		45,450		700,712
DNB Bank ASA		481,063		8,995,669
DNO ASA		946,932		1,168,236
Entra ASA(c)		23,381		276,552
Equinor ASA		492,652		15,014,379
Frontline PLC, NVS(b)		104,679		1,442,409
Gjensidige Forsikring ASA		110,972		1,994,550
Golden Ocean Group Ltd.		126,902		1,214,031
Kahoot! ASA(a)(b)		337,219		596,115
Kongsberg Gruppen ASA		42,200		1,680,054
Leroy Seafood Group ASA		139,633		822,288
Mowi ASA		218,544		4,041,242
NEL ASA(a)(b)		906,522		1,553,630
Nordic Semiconductor ASA(a)		63,600		1,014,169
Norsk Hydro ASA		778,946		6,315,576
Orkla ASA		399,559		2,982,994
Salmar ASA		29,042		1,350,443
Scatec ASA(c)		65,407		533,471
Schibsted ASA, Class A		17,250		376,720
Schibsted ASA, Class B		78,909		1,649,585
SpareBank 1 SMN		122,842		1,566,575
SpareBank 1 SR-Bank ASA		196,455		2,277,757
Storebrand ASA		351,395		3,059,091
Subsea 7 SA		172,734		2,152,624
Telenor ASA		324,968		3,401,963
TGS ASA		105,114		1,740,384
TOMRA Systems ASA		149,844		2,645,246
Veidekke ASA		47,333		488,736
Yara International ASA		96,253		4,276,644
				85,169,370
Portugal — 0.2%
Banco Comercial Portugues SA, Class R(b)		4,386,338		934,504
EDP - Energias de Portugal SA		1,413,696		7,023,606
Galp Energia SGPS SA		301,388		4,125,412
Jeronimo Martins SGPS SA		139,901		3,037,352
Navigator Co. SA (The)		215,938		756,017
NOS SGPS SA		107,971		463,011

S C H E D U L E   O F   I N V E S T M E N T S 65

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Portugal (continued)
REN - Redes Energeticas Nacionais SGPS SA		459,464	$	1,262,823
Sonae SGPS SA		877,932		894,855
				18,497,580
Singapore — 1.4%
CapitaLand Ascendas REIT		1,314,612		2,892,975
CapitaLand Ascott Trust		1,775,153		1,504,859
CapitaLand China Trust(b)		703,380		670,713
CapitaLand Integrated Commercial Trust		2,655,635		4,344,973
Capitaland Investment Ltd/Singapore		1,436,300		4,351,429
CDL Hospitality Trusts		559,690		577,534
City Developments Ltd.		153,800		976,142
ComfortDelGro Corp. Ltd.		1,701,400		1,558,738
DBS Group Holdings Ltd.		929,500		25,446,244
ESR-LOGOS REIT		2,153,151		625,063
Frasers Centrepoint Trust(b)		568,219		963,353
Frasers Logistics & Commercial Trust		1,587,487		1,527,947
Genting Singapore Ltd.		3,823,600		2,895,837
Golden Agri-Resources Ltd.		3,345,400		637,296
Grab Holdings Ltd., Class A(a)		748,859		2,838,176
Jardine Cycle & Carriage Ltd.		107,800		2,389,885
Keppel Corp. Ltd.		865,500		4,997,101
Keppel DC REIT(b)		629,250		980,790
Keppel Infrastructure Trust(b)		3,994,300		1,751,360
Keppel REIT		796,200		586,814
Manulife US Real Estate Investment Trust		813,116		268,997
Mapletree Industrial Trust(b)		1,135,540		2,063,676
Mapletree Logistics Trust		2,214,534		2,862,932
Mapletree Pan Asia Commercial Trust		1,269,400		1,766,272
NetLink NBN Trust		3,785,800		2,524,804
OUE Commercial Real Estate Investment Trust		1,187,948		317,126
Oversea-Chinese Banking Corp. Ltd.(b)		1,709,800		16,893,419
Parkway Life REIT		201,800		624,586
SATS Ltd.(a)		351,900		812,081
Sea Ltd., ADR(a)		192,660		12,416,937
Sembcorp Industries Ltd.		735,700		2,028,821
Sembcorp Marine Ltd.(a)		11,073,488		1,202,179
Silverlake Axis Ltd.		1,225,300		336,966
Singapore Airlines Ltd.		827,000		3,739,582
Singapore Exchange Ltd.		230,000		1,620,009
Singapore Post Ltd.(b)		846,300		361,540
Singapore Technologies Engineering Ltd.		807,900		2,271,444
Singapore Telecommunications Ltd.		4,341,300		8,314,290
SPH REIT		859,550		638,677
Starhill Global REIT		1,020,100		443,737
Suntec REIT(b)		1,022,100		1,092,770
United Overseas Bank Ltd.		595,200		13,529,270
UOL Group Ltd.		216,500		1,155,150
Venture Corp. Ltd.		132,900		1,876,728
Wilmar International Ltd.		1,090,300		3,389,765
Yangzijiang Financial Holding Ltd.(a)		1,360,500		385,462
Yangzijiang Shipbuilding Holdings Ltd.		1,493,400		1,472,270
				146,926,719
Spain — 2.2%
Acciona SA		12,341		2,407,729
Acerinox SA		93,126		1,008,549
ACS Actividades de Construccion y Servicios SA		126,718		3,750,056
Aena SME SA(a)(c)		38,434		5,774,669
Almirall SA		41,017		413,290
Amadeus IT Group SA(a)		237,849		14,985,427

Security	Shares		Value
Spain (continued)
Applus Services SA		48,427	$	371,665
Banco Bilbao Vizcaya Argentaria SA		3,135,564		22,148,910
Banco de Sabadell SA		3,291,908		4,303,720
Banco Santander SA		8,742,338		30,553,941
Bankinter SA		461,372		3,328,802
Befesa SA(c)		28,058		1,609,439
CaixaBank SA		2,352,839		10,439,451
Cellnex Telecom SA(c)		284,788		11,160,268
Cia. de Distribucion Integral Logista Holdings SA		55,335		1,499,216
Cie. Automotive SA		22,849		678,720
Construcciones y Auxiliar de Ferrocarriles SA		42,719		1,375,835
Ebro Foods SA		26,653		457,872
EDP Renovaveis SA		154,144		3,352,799
Enagas SA		23,187		415,773
Endesa SA		194,125		3,870,216
Faes Farma SA		153,482		575,297
Ferrovial SA		262,381		7,742,405
Fluidra SA		75,150		1,326,702
Gestamp Automocion SA(c)		75,902		335,133
Grifols SA(a)(b)		160,361		2,122,867
Grupo Catalana Occidente SA		68,524		2,124,007
Iberdrola SA		3,124,413		36,654,880
Iberdrola SA, NVS		47,210		551,480
Indra Sistemas SA		81,798		998,780
Industria de Diseno Textil SA		551,863		17,229,609
Inmobiliaria Colonial Socimi SA		202,094		1,474,024
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		537,602		560,265
Mapfre SA		647,424		1,302,257
Mediaset Espana Comunicacion SA(a)		67,564		242,078
Melia Hotels International SA(a)		67,704		450,829
Merlin Properties Socimi SA		222,727		2,176,639
Naturgy Energy Group SA		86,061		2,440,880
Neinor Homes SA(c)		16,719		167,750
Pharma Mar SA		14,730		971,352
Prosegur Cia. de Seguridad SA		77,588		175,606
Red Electrica Corp. SA		57,325		1,014,589
Repsol SA		722,467		11,867,846
Sacyr SA		241,226		742,065
Solaria Energia y Medio Ambiente SA(a)		54,981		1,128,137
Tecnicas Reunidas SA(a)		29,875		358,900
Telefonica SA		2,730,200		10,372,086
Viscofan SA		24,556		1,582,649
				230,595,459
Sweden — 3.2%
AAK AB		124,916		2,156,022
AddTech AB, Class B		157,952		2,522,388
AFRY AB		55,248		997,366
Alfa Laval AB		155,572		4,888,948
Alleima AB, NVS(a)		153,215		766,171
Arjo AB, Class B		101,964		395,671
Assa Abloy AB, Class B		512,024		12,061,366
Atlas Copco AB, Class A		1,375,553		16,322,396
Atlas Copco AB, Class B		810,284		8,546,556
Avanza Bank Holding AB		86,832		2,003,527
Axfood AB		42,322		1,090,034
Beijer Ref AB		154,462		2,382,877
Billerud AB		84,600		982,818
Biotage AB		55,916		864,179
Boliden AB		157,957		7,088,633

66 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Bravida Holding AB(c)		106,322	$	1,175,324
Bure Equity AB		51,622		1,300,266
Castellum AB		150,785		2,068,931
Catena AB		24,886		1,041,131
Cint Group AB(a)		129,095		484,549
Corem Property Group AB, Class B		743,658		680,812
Dios Fastigheter AB		78,123		595,321
Dometic Group AB(c)		181,566		1,144,240
Electrolux AB, Class B		134,881		1,910,434
Electrolux Professional AB, Class B		206,144		960,549
Elekta AB, Class B		231,968		1,688,446
Embracer Group AB(a)(b)		383,019		1,785,300
Epiroc AB, Class A		354,258		6,892,711
Epiroc AB, Class B		192,604		3,211,185
EQT AB		168,244		3,796,386
Essity AB, Class B		316,683		8,273,070
Evolution AB(c)		82,214		9,240,118
Fabege AB		157,036		1,484,178
Fastighets AB Balder, Class B(a)		237,341		1,222,838
Fortnox AB		340,282		1,717,111
Getinge AB, Class B		132,407		2,982,809
Granges AB		65,788		550,275
H & M Hennes & Mauritz AB, Class B		377,732		4,652,255
Hexagon AB, Class B		1,009,021		11,566,914
Hexatronic Group AB		119,914		1,475,956
Hexpol AB		193,676		2,092,253
Holmen AB, Class B		37,102		1,530,293
Hufvudstaden AB, Class A		85,675		1,290,278
Husqvarna AB, Class B		275,274		2,342,000
Industrivarden AB, Class A		68,028		1,802,085
Industrivarden AB, Class C		115,768		3,049,869
Indutrade AB		125,604		2,789,316
Instalco AB		231,585		895,804
Intrum AB		43,504		563,011
Investment AB Latour, Class B		79,766		1,682,976
Investor AB, Class A		265,696		5,302,917
Investor AB, Class B		920,770		17,892,378
JM AB		25,094		467,806
Kindred Group PLC		128,858		1,298,531
Kinnevik AB, Class B(a)		129,854		2,007,172
L E Lundbergforetagen AB, Class B		27,252		1,261,965
Lifco AB, Class B		150,230		2,759,776
Lindab International AB		73,170		1,037,798
Loomis AB		71,811		2,135,473
Millicom International Cellular SA, SDR(a)(b)		106,167		1,818,995
MIPS AB		27,600		1,056,231
Modern Times Group MTG AB, Class B		86,212		763,250
Mycronic AB		98,705		2,109,885
NCC AB, Class B		59,749		591,089
Neobo Fastigheter AB(a)(b)		62,383		116,622
Nibe Industrier AB, Class B		810,202		8,753,637
Nolato AB, Class B		229,794		1,387,767
Nordea Bank Abp		1,755,399		20,521,288
Nordnet AB publ		113,378		1,842,906
Nyfosa AB		79,830		696,109
Pandox AB(a)		68,189		938,820
Peab AB, Class B		104,568		652,551
PowerCell Sweden AB(a)		43,951		589,302
Resurs Holding AB(c)		44,477		118,430
Saab AB, Class B		43,129		1,765,635

Security	Shares		Value
Sweden (continued)
Sagax AB, Class B		113,809	$	2,830,998
Samhallsbyggnadsbolaget i Norden AB(b)		709,490		1,296,161
Sandvik AB		547,304		11,311,480
Sectra AB, NVS		112,015		1,586,323
Securitas AB, Class B(b)		199,414		1,825,347
Sinch AB(a)(c)		349,430		1,444,534
Skandinaviska Enskilda Banken AB, Class A		834,885		10,106,958
Skanska AB, Class B		181,114		3,196,680
SKF AB, Class B		198,309		3,509,731
SSAB AB, Class B		351,646		2,396,349
Stillfront Group AB(a)		364,777		636,651
Storskogen Group AB		728,786		636,371
Svenska Cellulosa AB SCA, Class B		339,597		4,715,758
Svenska Handelsbanken AB, Class A		736,901		7,684,416
Sweco AB, Class B		117,668		1,276,440
Swedbank AB, Class A		470,787		9,056,254
Swedish Orphan Biovitrum AB(a)		98,448		2,195,446
Tele2 AB, Class B		315,147		2,721,776
Telefonaktiebolaget LM Ericsson, Class B		1,495,894		8,676,874
Telia Co. AB		1,352,428		3,492,835
Thule Group AB(c)		68,696		1,646,217
Trelleborg AB, Class B		134,926		3,373,754
Troax Group AB		32,232		678,242
Viaplay Group AB, Class B(a)		30,530		753,794
Vitec Software Group AB, Class B		26,259		1,112,277
Vitrolife AB		36,265		777,544
Volvo AB, Class A		107,864		2,240,737
Volvo AB, Class B		817,238		16,216,866
Volvo Car AB, Class B(a)(b)		337,405		1,683,481
Wallenstam AB, Class B		204,843		940,364
Wihlborgs Fastigheter AB		251,431		2,070,061
				342,984,998
Switzerland — 8.4%
ABB Ltd., Registered		831,461		28,947,856
Accelleron Industries AG, NVS(a)		44,536		1,051,906
Adecco Group AG, Registered		90,626		3,365,913
Alcon Inc.		267,613		20,193,676
Allreal Holding AG, Registered		8,843		1,515,653
ALSO Holding AG, Registered		2,908		592,344
Bachem Holding AG, Class A		20,749		1,834,914
Baloise Holding AG, Registered		25,763		4,237,315
Banque Cantonale Vaudoise, Registered		17,897		1,701,236
Barry Callebaut AG, Registered		2,059		4,301,936
Belimo Holding AG, Registered		5,282		2,785,962
BKW AG		12,963		1,864,109
Bossard Holding AG, Class A, Registered		2,673		681,117
Bucher Industries AG, Registered		2,022		921,358
Burckhardt Compression Holding AG		2,147		1,329,304
Bystronic AG, Registered		512		384,737
Cembra Money Bank AG		11,069		982,778
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		415		4,557,828
Chocoladefabriken Lindt & Spruengli AG, Registered		43		4,840,052
Cie. Financiere Richemont SA, Class A, Registered		282,552		43,557,427
Clariant AG, Registered		130,588		2,239,378
Coca-Cola HBC AG, Class DI		98,154		2,385,277
Comet Holding AG, Registered		5,917		1,367,777
Credit Suisse Group AG, Registered		1,905,621		6,564,639
Daetwyler Holding AG, Bearer		3,364		713,459
DKSH Holding AG		11,975		1,020,211

S C H E D U L E   O F   I N V E S T M E N T S 67

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
dormakaba Holding AG		1,106	$	462,061
Dufry AG, Registered(a)		41,451		1,902,915
Emmi AG, Registered		1,088		1,013,632
EMS-Chemie Holding AG, Registered		3,934		2,932,719
Flughafen Zurich AG, Registered(a)		12,880		2,346,656
Forbo Holding AG, Registered		448		589,446
Galenica AG(c)		19,445		1,520,746
Geberit AG, Registered		19,921		11,334,697
Georg Fischer Ltd.		51,924		3,580,032
Givaudan SA, Registered		4,832		15,666,455
Gurit Holding AG(b)		3,614		402,652
Helvetia Holding AG, Registered		24,363		3,047,771
Holcim AG		312,581		18,687,563
Huber + Suhner AG, Registered		13,516		1,296,229
Idorsia Ltd.(a)(b)		88,680		1,491,661
Inficon Holding AG, Registered		855		895,188
Interroll Holding AG, Registered		301		937,580
Intershop Holding AG		953		639,251
Julius Baer Group Ltd.		117,204		7,517,970
Kardex Holding AG, Registered		3,103		604,765
Kuehne + Nagel International AG, Registered		31,110		7,418,384
Landis+Gyr Group AG(b)		12,522		922,517
Logitech International SA, Registered		90,579		5,300,390
Lonza Group AG, Registered		39,003		22,248,924
Medmix AG(c)		22,369		435,708
Mobilezone Holding AG, Registered		39,045		708,980
Mobimo Holding AG, Registered		3,389		871,454
Nestle SA, Registered		1,431,678		174,677,666
Novartis AG, Registered		1,124,664		101,679,788
OC Oerlikon Corp. AG, Registered		145,655		1,000,031
Partners Group Holding AG		12,681		11,898,538
PSP Swiss Property AG, Registered		24,344		3,034,813
Roche Holding AG, Bearer		14,004		5,126,035
Roche Holding AG, NVS		364,998		113,941,561
Schindler Holding AG, Participation Certificates, NVS		18,706		3,986,946
Schindler Holding AG, Registered		16,660		3,370,133
Schweiter Technologies AG, Bearer		343		302,754
SFS Group AG		8,841		1,017,196
SGS SA, Registered		3,547		8,649,835
Siegfried Holding AG, Registered		1,748		1,284,130
Siemens Energy AG(a)		227,026		4,746,843
SIG Group AG		99,148		2,457,478
Sika AG, Registered		76,528		21,745,190
Softwareone Holding AG		60,765		981,135
Sonova Holding AG, Registered		28,201		7,052,270
St. Galler Kantonalbank AG, Class A, Registered		2,240		1,227,485
Stadler Rail AG(b)		30,531		1,167,792
STMicroelectronics NV		355,423		16,736,268
Straumann Holding AG		58,687		7,684,299
Sulzer AG, Registered(b)		11,482		977,735
Swatch Group AG (The), Bearer		15,463		5,598,666
Swatch Group AG (The), Registered		5,798		380,973
Swiss Life Holding AG, Registered		16,871		9,985,062
Swiss Prime Site AG, Registered		42,706		3,805,456
Swiss Re AG		170,698		17,873,941
Swisscom AG, Registered		14,017		8,282,022
Swissquote Group Holding SA, Registered		8,760		1,582,112
Tecan Group AG, Registered		6,705		2,813,913
Temenos AG, Registered		38,691		2,761,788
UBS Group AG, Registered		1,769,122		37,762,571

Security	Shares		Value
Switzerland (continued)
Valiant Holding AG, Registered		17,562	$	2,006,684
VAT Group AG(c)		17,212		5,358,159
Vontobel Holding AG, Registered		13,721		971,761
Zur Rose Group AG(a)(b)		7,411		279,609
Zurich Insurance Group AG		79,873		39,499,474
				892,422,620
United Kingdom — 13.5%
3i Group PLC		485,661		9,475,115
888 Holdings PLC(a)		288,531		257,690
abrdn PLC		1,125,178		2,963,532
Admiral Group PLC		87,649		2,382,766
Airtel Africa PLC(c)		738,481		1,066,116
AJ Bell PLC		278,616		1,156,193
Anglo American PLC		657,197		28,345,154
Antofagasta PLC		218,968		4,704,866
AO World PLC(a)(b)		287,286		222,779
Ascential PLC(a)		418,172		1,385,780
Ashmore Group PLC		521,054		1,716,224
Ashtead Group PLC		227,267		14,969,798
ASOS PLC(a)(b)		66,844		723,200
Associated British Foods PLC		181,484		4,166,003
Assura PLC		1,830,161		1,257,895
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		333,817		682,146
AstraZeneca PLC		806,012		105,597,611
Auto Trader Group PLC(c)		458,308		3,555,775
Aviva PLC		1,469,707		8,288,924
B&M European Value Retail SA		483,378		2,673,231
BAE Systems PLC		1,623,454		17,185,947
Balfour Beatty PLC		513,550		2,319,788
Barclays PLC		8,275,744		19,024,205
Barratt Developments PLC		535,888		3,045,841
Beazley PLC		299,210		2,462,318
Bellway PLC		69,067		1,806,490
Berkeley Group Holdings PLC		61,584		3,153,572
Big Yellow Group PLC		84,426		1,259,230
Bodycote PLC		119,845		961,858
boohoo Group PLC(a)		962,925		525,792
BP PLC		9,738,563		58,823,332
Breedon Group PLC		907,146		768,474
British American Tobacco PLC		1,111,105		42,592,873
British Land Co. PLC (The)		405,252		2,217,892
Britvic PLC		153,399		1,469,446
BT Group PLC		3,582,517		5,519,560
Bunzl PLC		170,806		6,270,493
Burberry Group PLC		206,621		6,293,863
Burford Capital Ltd.		124,658		1,120,360
Capita PLC(a)		1,724,602		594,904
Capital & Counties Properties PLC		464,454		658,492
Capricorn Energy PLC(a)		380,195		1,138,060
Carnival PLC(a)		92,733		885,992
Centamin PLC		954,726		1,308,800
Centrica PLC		3,330,577		4,149,239
Close Brothers Group PLC		83,445		996,860
CNH Industrial NV		550,451		9,738,223
Coats Group PLC		953,695		857,559
Coca-Cola Europacific Partners PLC		110,802		6,229,288
Compass Group PLC		919,303		21,960,313
Computacenter PLC		66,804		1,835,937
ConvaTec Group PLC(c)		797,643		2,313,537
Cranswick PLC		46,030		1,805,723

68 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Crest Nicholson Holdings PLC		245,682	$	739,278
Croda International PLC		71,533		6,097,239
Currys PLC		855,298		687,097
CVS Group PLC		52,964		1,317,015
DCC PLC		51,105		2,910,834
Dechra Pharmaceuticals PLC		59,071		2,095,021
Deliveroo PLC(a)(c)		590,804		677,095
Derwent London PLC		51,889		1,655,245
Diageo PLC		1,170,912		51,199,381
Diploma PLC		61,122		2,067,598
Direct Line Insurance Group PLC		587,781		1,288,794
Domino’s Pizza Group PLC		348,376		1,348,615
Dr. Martens PLC		312,950		599,786
Drax Group PLC		236,655		1,890,039
DS Smith PLC		796,470		3,486,872
Dunelm Group PLC		94,986		1,364,255
easyJet PLC(a)		174,524		1,063,128
Elementis PLC(a)		522,719		808,002
EMIS Group PLC		50,238		1,163,156
Energean PLC		135,906		1,951,977
Entain PLC		312,801		5,768,264
Essentra PLC		214,524		573,294
Experian PLC		470,827		17,217,895
Fevertree Drinks PLC(b)		63,389		854,674
Firstgroup PLC(b)		683,113		912,918
Frasers Group PLC(a)		187,837		1,816,824
Future PLC(b)		74,692		1,390,823
Games Workshop Group PLC		18,214		2,112,698
Gamma Communications PLC		49,385		720,445
GB Group PLC		148,741		648,636
Genuit Group PLC		165,839		668,566
Genus PLC		41,571		1,491,023
Glencore PLC		5,066,682		33,930,970
Grafton Group PLC		134,259		1,523,967
Grainger PLC		395,029		1,264,281
Great Portland Estates PLC		142,080		997,555
Greatland Gold PLC(a)		5,850,794		551,085
Greggs PLC		48,306		1,613,032
GSK PLC		2,096,158		36,819,047
Haleon PLC(a)		2,583,111		10,351,507
Halma PLC		194,004		5,165,167
Hammerson PLC(b)		2,107,852		697,482
Harbour Energy PLC		275,671		1,066,242
Hargreaves Lansdown PLC		182,611		2,010,405
Hays PLC		975,991		1,489,117
Helios Towers PLC(a)(b)		451,854		596,063
Hikma Pharmaceuticals PLC		78,066		1,651,416
Hill & Smith PLC		48,547		754,124
Hiscox Ltd.(b)		201,877		2,809,755
Howden Joinery Group PLC		324,561		2,769,407
HSBC Holdings PLC		10,315,398		76,007,420
Ibstock PLC(c)		458,321		952,659
IG Group Holdings PLC		222,139		2,184,132
IMI PLC		157,852		2,826,354
Impax Asset Management Group PLC		63,546		610,969
Imperial Brands PLC		469,172		11,769,753
Inchcape PLC		216,684		2,443,052
Indivior PLC, NVS(a)		94,740		2,274,839
Informa PLC		771,027		6,376,970
IntegraFin Holdings PLC		222,101		856,500

Security	Shares		Value
United Kingdom (continued)
InterContinental Hotels Group PLC		95,022	$	6,596,765
Intermediate Capital Group PLC		166,961		2,872,968
International Distributions Services PLC		422,328		1,195,398
Intertek Group PLC		75,470		4,056,288
Investec PLC		413,765		2,640,329
IP Group PLC		512,466		385,394
ITM Power PLC(a)(b)		319,703		400,695
ITV PLC(b)		1,949,856		1,952,647
IWG PLC(a)		488,668		1,121,088
J D Wetherspoon PLC(a)		116,658		656,455
J Sainsbury PLC		938,591		3,043,925
JD Sports Fashion PLC		1,395,951		2,813,705
JET2 PLC(b)		92,506		1,394,488
John Wood Group PLC(a)		441,488		773,970
Johnson Matthey PLC		96,995		2,709,338
Jupiter Fund Management PLC		348,982		602,339
Kainos Group PLC		54,530		990,258
Keywords Studios PLC		65,771		2,310,101
Kingfisher PLC(b)		1,094,834		3,777,087
Lancashire Holdings Ltd.		213,295		1,646,449
Land Securities Group PLC		361,422		3,166,348
Learning Technologies Group PLC		571,738		988,223
Legal & General Group PLC		3,037,888		9,560,046
Liontrust Asset Management PLC		38,913		557,540
Lloyds Banking Group PLC		35,739,936		23,259,385
London Stock Exchange Group PLC		167,630		15,345,667
LondonMetric Property PLC		554,718		1,292,528
LXI REIT PLC		994,133		1,383,770
M&G PLC		1,317,053		3,289,102
Man Group PLC/Jersey		837,118		2,575,355
Marks & Spencer Group PLC(a)		992,432		1,790,163
Marshalls PLC		129,746		543,535
Mediclinic International PLC		275,120		1,683,291
Melrose Industries PLC		2,339,090		4,124,207
Mondi PLC		251,726		4,747,009
Moneysupermarket.com Group PLC		686,490		2,021,057
National Express Group PLC(a)		506,046		833,590
National Grid PLC		1,854,296		23,573,468
NatWest Group PLC, NVS		2,514,861		9,594,337
Network International Holdings PLC(a)(c)		304,060		988,881
Next PLC		71,155		5,825,756
Ninety One PLC		418,263		1,021,513
NMC Health PLC, NVS(d)		12,146		—
Ocado Group PLC(a)		294,533		2,356,967
OSB Group PLC		317,271		2,139,005
Pagegroup PLC		265,173		1,492,823
Paragon Banking Group PLC		176,279		1,306,126
Pearson PLC		354,227		4,039,668
Penno Group PLC		145,523		1,651,979
Persimmon PLC		162,776		2,842,931
Petrofac Ltd.(a)(b)		321,883		330,165
Pets at Home Group PLC		294,356		1,280,514
Phoenix Group Holdings PLC		353,052		2,798,247
Playtech PLC(a)		172,438		1,201,134
Plus500 Ltd.		77,318		1,772,026
Primary Health Properties PLC		1,025,457		1,420,754
Provident Financial PLC		245,698		708,806
Prudential PLC		1,429,417		23,749,837
QinetiQ Group PLC		328,812		1,474,915
Quilter PLC(c)		969,435		1,150,707

S C H E D U L E   O F   I N V E S T M E N T S 69

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Rathbones Group PLC		37,730	$	972,172
Reach PLC		231,913		260,325
Reckitt Benckiser Group PLC		368,503		26,259,855
Redrow PLC		189,235		1,213,801
RELX PLC		979,253		29,092,531
Renishaw PLC		29,204		1,425,395
Rentokil Initial PLC		1,290,833		7,826,873
RHI Magnesita NV		27,905		928,130
Rightmove PLC		452,127		3,285,104
Rio Tinto PLC		580,383		45,444,700
Rolls-Royce Holdings PLC(a)		4,208,444		5,506,047
Rotork PLC		436,177		1,718,202
RS GROUP PLC		276,217		3,211,256
RWS Holdings PLC		239,091		1,110,078
S4 Capital PLC(a)(b)		214,876		580,454
Safestore Holdings PLC		138,674		1,726,726
Sage Group PLC (The)		471,376		4,528,825
Savills PLC		96,177		1,157,064
Schroders PLC		346,808		2,050,949
Segro PLC		667,524		6,871,218
Senior PLC		347,504		653,769
Serco Group PLC		711,525		1,279,840
Severn Trent PLC		120,408		4,190,305
Shaftesbury PLC		144,112		701,879
Shell PLC		3,763,374		110,484,224
Sirius Real Estate Ltd.		1,049,889		1,093,730
Smart Metering Systems PLC		144,473		1,549,587
Smith & Nephew PLC		447,887		6,185,469
Smiths Group PLC		200,799		4,286,458
Softcat PLC		87,947		1,316,030
Spectris PLC		61,009		2,418,700
Spirax-Sarco Engineering PLC		38,083		5,439,850
Spirent Communications PLC		476,819		1,292,223
SSE PLC		526,147		11,230,434
SSP Group PLC(a)		458,073		1,466,549
St. James’s Place PLC		279,610		4,239,931
Standard Chartered PLC		1,320,322		11,090,194
Synthomer PLC		262,054		505,941
Tate & Lyle PLC		216,092		2,012,262
Taylor Wimpey PLC		1,771,956		2,570,968
Team17 Group PLC(a)		134,246		777,874
Tesco PLC		3,937,819		11,968,527
TP ICAP Group PLC		688,455		1,498,913
Trainline PLC(a)(c)		277,907		972,349
Travis Perkins PLC		121,184		1,520,225
Tritax Big Box REIT PLC		882,281		1,699,949
Tullow Oil PLC(a)(b)		1,289,180		574,096
Unilever PLC		1,313,969		66,879,781
UNITE Group PLC (The)		174,524		2,149,984
United Utilities Group PLC		360,489		4,717,022
Vesuvius PLC		168,366		848,961
Victrex PLC		44,965		1,023,337
Virgin Money UK PLC		750,145		1,794,874
Vistry Group PLC		218,197		2,002,735
Vodafone Group PLC		13,711,082		15,820,022
Watches of Switzerland Group PLC(a)(c)		124,229		1,458,343
Weir Group PLC (The)		141,636		3,122,225
WH Smith PLC		91,513		1,807,158
Whitbread PLC		99,589		3,750,742
Wickes Group PLC		260,554		488,582

Security	Shares		Value
United Kingdom (continued)
Workspace Group PLC		93,914	$	584,698
WPP PLC		593,422		6,933,385
YouGov PLC		87,413		1,050,178
				1,422,277,886
United States — 0.0%
Gen Digital, Inc.		1		23
Total Common Stocks — 99.2% (Cost: $9,703,862,625)				10,490,243,459
Preferred Stocks
Germany — 0.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		23,428		2,219,541
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)		59,359		7,057,710
Fuchs Petrolub SE, Preference Shares, NVS		53,426		2,131,397
Henkel AG & Co. KGaA, Preference Shares, NVS		92,774		6,614,811
Jungheinrich AG, Preference Shares, NVS		24,550		976,349
Porsche Automobil Holding SE, Preference Shares, NVS		82,956		4,960,493
Sartorius AG, Preference Shares, NVS		13,606		6,101,095
Volkswagen AG, Preference Shares, NVS		95,923		13,303,625
			43,365,021
Total Preferred Stocks — 0.4% (Cost: $43,389,313)				43,365,021
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		113,600		57,638
Sacyr SA(a)(d)		206,578		13,969
			71,607
Total Rights — 0.0% (Cost: $71,369)				71,607
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD10.00)(a)		5,339		—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.6% (Cost: $9,747,323,307)				10,533,680,087

70 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)		84,211,807	$	84,262,334
Total Short-Term Securities — 0.8% (Cost: $84,205,176)				84,262,334
Total Investments — 100.4% (Cost: $9,831,528,483)				10,617,942,421
Liabilities in Excess of Other Assets — (0.4)%				(46,532,767	)
Net Assets — 100.0%			$	10,571,409,654

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	68,716,587	$	15,484,682	(a)	$	—		$	7,398	$	53,667	$	84,262,334		84,211,807	$	727,646	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		780,000		—			(780,000	)(a)		—		—		—		—		42,705			2
									$	7,398	$	53,667	$	84,262,334			$	770,351		$	2

^(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
TOPIX Index		46		03/09/23	$	7,018	$	175,366
SPI 200 Index		32		03/16/23		4,218		200,775
Euro STOXX 50 Index		241		03/17/23		10,979		459,319
FTSE 100 Index		72		03/17/23		6,906		141,252
							$	976,712

S C H E D U L E   O F   I N V E S T M E N T S 71

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	976,712	$	—	$	—	$	—	$	976,712

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,604,436	$	—	$	—	$	—	$	2,604,436
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	74,818	$	—	$	—	$	—	$	74,818

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	29,309,067

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	798,575,819	$	—	$	798,575,819
Austria		—		32,439,905		—		32,439,905
Belgium		—		99,211,902		—		99,211,902
Bermuda		1,035,972		—		—		1,035,972
Canada		1,129,316,411		—		—		1,129,316,411
Denmark		165,881		257,185,373		—		257,351,254
Finland		—		99,979,617		—		99,979,617
France		1,192,413		1,007,766,843		359,082		1,009,318,338
Germany		1,517,119		690,586,022		—		692,103,141
Hong Kong		4,048,031		257,091,450		—		261,139,481
Ireland		1,617,975		60,683,438		—		62,301,413
Israel		25,739,105		65,513,959		—		91,253,064
Italy		—		224,314,642		—		224,314,642
Japan		1,585,288		2,153,823,317		—		2,155,408,605
Netherlands		6,009,486		396,909,877		—		402,919,363
New Zealand		—		34,699,877		—		34,699,877
Norway		1,442,409		83,726,961		—		85,169,370
Portugal		—		18,497,580		—		18,497,580

72 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI International Developed Markets ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Singapore	$	15,255,113	$	131,671,606	$	—	$	146,926,719
Spain		—		230,595,459		—		230,595,459
Sweden		—		342,984,998		—		342,984,998
Switzerland		402,652		892,019,968		—		892,422,620
United Kingdom		66,817,863		1,355,460,023		—		1,422,277,886
United States		23		—		—		23
Preferred Stocks		—		43,365,021		—		43,365,021
Rights		57,638		—		13,969		71,607
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		84,262,334		—		—		84,262,334
	$	1,340,465,713	$	9,277,103,657	$	373,051	$	10,617,942,421
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	976,712	$	—	$	976,712

^(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 73

Schedule of Investments (unaudited)  January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 23.4%
29Metals Ltd.(a)		44,190	$	61,672
Abacus Property Group		89,939		178,221
Accent Group Ltd.		82,602		128,452
Adbri Ltd.		99,501		130,836
AGL Energy Ltd.		147,651		800,752
Allkem Ltd.(b)		124,748		1,158,153
ALS Ltd.		101,194		938,874
Altium Ltd.(a)		25,105		695,084
Alumina Ltd.		528,740		588,201
AMP Ltd.(b)		630,511		598,106
Ampol Ltd.		53,004		1,149,438
Ansell Ltd.		28,850		576,583
APA Group		260,058		1,946,251
APM Human Services International Ltd.		65,729		120,895
ARB Corp. Ltd.		16,859		383,069
Arena REIT		79,810		211,717
Argosy Minerals Ltd.(b)		249,261		113,647
Aristocrat Leisure Ltd.		132,349		3,195,332
ASX Ltd.		42,312		2,070,543
Atlas Arteria Ltd.		313,282		1,523,624
AUB Group Ltd.		18,651		312,422
Aurizon Holdings Ltd.		392,881		1,026,896
Aussie Broadband Ltd.(b)		43,282		92,325
Austal Ltd.		79,480		93,272
Australia & New Zealand Banking Group Ltd.		659,242		11,732,128
Australian Agricultural Co. Ltd.(b)		73,968		90,469
Australian Clinical Labs Ltd.		20,627		45,283
Australian Ethical Investment Ltd.		17,522		54,809
AVZ Minerals Ltd.(b)(c)		347,816		162,770
Bank of Queensland Ltd.		136,928		677,088
Bapcor Ltd.		69,157		312,757
Beach Energy Ltd.		329,824		354,424
Bega Cheese Ltd.		74,665		205,507
Bellevue Gold Ltd.(b)		191,245		162,265
Bendigo & Adelaide Bank Ltd.		125,716		896,155
BHP Group Ltd.		1,116,075		39,087,325
Blackmores Ltd.		4,262		264,720
BlueScope Steel Ltd.		100,326		1,368,094
Boral Ltd.		98,618		240,953
Boss Energy Ltd. (b)		78,316		144,015
BrainChip Holdings Ltd.(a)(b)		319,314		144,392
Brambles Ltd.		306,143		2,603,302
Breville Group Ltd.		23,466		378,339
Brickworks Ltd.		16,266		273,962
BWP Trust		104,793		291,505
Calix Ltd.(b)		30,758		121,620
Capricorn Metals Ltd.(b)		63,410		204,425
carsales.com Ltd.		74,578		1,207,436
Centuria Capital Group		114,353		152,003
Centuria Industrial REIT		128,609		305,792
Centuria Office REIT		86,568		98,281
Chalice Mining Ltd.(b)		74,697		344,360
Challenger Ltd.		125,458		643,193
Champion Iron Ltd.		74,936		381,310
Charter Hall Group		102,468		1,008,959
Charter Hall Long Wale REIT		118,007		381,897
Charter Hall Retail REIT		111,769		317,402
Charter Hall Social Infrastructure REIT		64,552		159,289

Security	Shares		Value
Australia (continued)
Cleanaway Waste Management Ltd.		484,992	$	939,746
Clinuvel Pharmaceuticals Ltd.		7,097		127,221
Cochlear Ltd.		14,130		2,134,713
Codan Ltd./Australia		28,820		108,825
Coles Group Ltd.		289,225		3,637,763
Collins Foods Ltd.		27,139		154,850
Commonwealth Bank of Australia		374,843		29,261,017
Computershare Ltd.		117,510		1,979,086
Core Lithium Ltd.(a)(b)		350,265		292,092
Coronado Global Resources Inc.(d)		193,006		279,645
Corporate Travel Management Ltd.		26,615		348,795
Costa Group Holdings Ltd.		117,350		244,145
Credit Corp. Group Ltd.		17,112		264,248
Cromwell Property Group		321,667		165,275
CSL Ltd.		105,956		22,372,653
CSR Ltd.		105,855		396,162
Data#3 Ltd.		27,546		143,131
De Grey Mining Ltd.(b)		252,725		267,811
Deterra Royalties Ltd.		94,913		329,303
Dexus		236,534		1,371,438
Dexus Industria REIT		33,554		73,331
Dicker Data Ltd.		18,398		138,876
Domain Holdings Australia Ltd.		59,253		135,562
Domino’s Pizza Enterprises Ltd.		13,103		706,357
Downer EDI Ltd.		148,383		397,081
Eagers Automotive Ltd.		34,641		281,745
Eclipx Group Ltd.(b)		68,288		98,638
Elders Ltd.		36,274		249,734
Endeavour Group Ltd./Australia		314,706		1,477,721
Evolution Mining Ltd.		401,345		912,018
EVT Ltd.		28,926		289,068
Firefinch Ltd.(b)(c)		298,353		35,801
Flight Centre Travel Group Ltd.(a)(b)		35,577		400,187
Fortescue Metals Group Ltd.		374,056		5,908,421
G8 Education Ltd.		217,639		193,579
Gold Road Resources Ltd.		228,293		267,058
Goodman Group		373,216		5,323,394
Goulamina Holdings Pty Ltd.(b)		128,909		56,233
GPT Group (The)		425,373		1,378,862
GrainCorp Ltd., Class A		54,001		289,953
Grange Resources Ltd.		123,899		89,404
Growthpoint Properties Australia Ltd.		55,872		129,054
GUD Holdings Ltd.		29,259		173,815
GWA Group Ltd.		29,023		44,632
Hansen Technologies Ltd.		43,515		164,420
Harvey Norman Holdings Ltd.		124,463		395,138
Healius Ltd.		130,770		298,331
Helia Group Ltd.		90,783		179,986
Home Consortium Ltd.		20,956		68,598
HomeCo Daily Needs REIT		359,383		344,959
HUB24 Ltd.		16,966		316,402
IDP Education Ltd.		45,405		1,010,418
IGO Ltd.		146,225		1,520,048
Iluka Resources Ltd.		91,468		703,817
Imdex Ltd.		107,454		190,803
Imugene Ltd.(b)		1,070,985		103,624
Incitec Pivot Ltd.		422,617		1,033,387
Ingenia Communities Group		81,455		268,254
Inghams Group Ltd.		82,756		170,133
Insignia Financial Ltd.		134,941		334,997

74 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Insurance Australia Group Ltd.		545,751	$	1,895,269
Integral Diagnostics Ltd.		33,870		76,728
InvoCare Ltd.		26,882		219,691
ionner Ltd.(b)		340,928		104,914
IPH Ltd.		51,252		310,000
IRESS Ltd.		39,121		276,074
James Hardie Industries PLC		97,531		2,188,452
JB Hi-Fi Ltd.		25,032		860,663
Jervois Global Ltd.(b)		362,260		63,103
Johns Lyng Group Ltd.		32,808		136,741
Judo Capital Holdings Ltd.(b)		133,150		125,949
Jumbo Interactive Ltd.		15,252		168,939
Karoon Energy Ltd.(b)		136,779		226,261
Kelsian Group Ltd.		31,959		132,546
Lake Resources NL(a)(b)		275,123		161,332
Lendlease Corp. Ltd.		154,519		943,540
Lifestyle Communities Ltd.		22,865		318,767
Link Administration Holdings Ltd.		114,746		156,394
Liontown Resources Ltd.(a)(b)		337,288		379,692
Lottery Corp. Ltd. (The)(b)		489,622		1,632,964
Lovisa Holdings Ltd.		13,084		245,765
Lynas Rare Earths Ltd.(b)		200,362		1,341,249
MA Financial Group Ltd.(a)		12,829		45,438
Maas Group Holdings Ltd.(a)		21,913		43,527
Macquarie Group Ltd.		81,132		10,823,733
Magellan Financial Group Ltd.		30,112		191,419
Mayne Pharma Group Ltd.(a)		20,099		43,038
McMillan Shakespeare Ltd.		15,752		157,706
Medibank Pvt Ltd.		595,364		1,240,312
Megaport Ltd.(b)		36,384		151,330
Mesoblast Ltd.(a)(b)		200,886		135,541
Metcash Ltd.		198,232		587,445
Mincor Resources NL(b)		86,852		93,923
Mineral Resources Ltd.		37,004		2,342,726
Mirvac Group		885,765		1,431,049
Monadelphous Group Ltd.		21,878		215,634
Mount Gibson Iron Ltd.(a)(b)		139,867		59,455
Nanosonics Ltd.(b)		60,733		209,601
National Australia Bank Ltd.		698,304		15,756,622
National Storage REIT		232,871		383,244
Neometals Ltd.(b)		110,168		66,532
Netwealth Group Ltd.		26,345		251,260
Neuren Pharmaceuticals Ltd., NVS(b)		23,428		128,644
New Hope Corp. Ltd.		114,594		474,924
Newcrest Mining Ltd.		195,177		3,101,186
NEXTDC Ltd.(a)(b)		99,258		701,464
nib holdings Ltd.		97,957		546,076
Nick Scali Ltd.(a)		11,026		93,782
Nickel Mines Ltd.		261,124		204,166
Nine Entertainment Co. Holdings Ltd.		325,754		471,311
Northern Star Resources Ltd.		256,122		2,282,180
Novonix Ltd.(b)		65,114		85,214
NRW Holdings Ltd.		91,973		198,543
Nufarm Ltd./Australia		76,248		320,838
Objective Corp. Ltd.		6,770		66,752
Omni Bridgeway Ltd.(b)		68,275		196,009
oOh!media Ltd.		114,383		116,466
Orica Ltd.		100,997		1,059,817
Origin Energy Ltd.		384,292		2,040,425
Orora Ltd.		176,661		373,802

Security	Shares		Value
Australia (continued)
OZ Minerals Ltd.		73,288	$	1,451,604
Paladin Energy Ltd.(a)(b)		525,464		320,442
Pepper Money Ltd./Australia		59,291		65,040
Perenti Global Ltd.(b)		140,296		124,655
Perpetual Ltd.		23,671		428,843
Perseus Mining Ltd.		280,082		425,522
PEXA Group Ltd.(b)		36,780		339,581
Pilbara Minerals Ltd.(b)		559,744		1,904,203
Pinnacle Investment Management Group Ltd.		32,997		245,832
Platinum Asset Management Ltd.		113,180		172,853
PointsBet Holdings Ltd.(a)(b)		45,042		45,388
PolyNovo Ltd.(b)		125,410		224,252
Premier Investments Ltd.		21,507		425,285
Pro Medicus Ltd.		9,638		460,298
PWR Holdings Ltd.		18,408		160,758
Qantas Airways Ltd.(b)		199,876		902,206
QBE Insurance Group Ltd.		331,694		3,236,310
Qube Holdings Ltd.		350,558		762,280
Ramelius Resources Ltd.		196,379		139,319
Ramsay Health Care Ltd.		39,592		1,870,869
REA Group Ltd.		11,678		1,047,186
Reece Ltd.		47,018		540,420
Region RE Ltd.		225,080		431,905
Regis Resources Ltd.		165,022		250,857
Reliance Worldwide Corp. Ltd.		177,707		445,061
Rio Tinto Ltd.		81,824		7,342,661
Rural Funds Group(a)		101,166		179,414
Sandfire Resources Ltd.		97,316		433,697
Santos Ltd.		695,121		3,548,504
Sayona Mining Ltd.(a)(b)		1,385,530		259,150
Scentre Group		1,145,731		2,486,014
SEEK Ltd.		73,825		1,278,571
Select Harvests Ltd.		33,537		94,919
Seven Group Holdings Ltd.		35,653		573,825
Seven West Media Ltd.(b)		230,666		73,787
Sigma Healthcare Ltd.		223,360		100,377
Silver Lake Resources Ltd.(b)		217,737		201,322
Sims Ltd.		37,026		402,026
SiteMinder Ltd.(a)(b)		51,939		138,611
SmartGroup Corp. Ltd.		31,204		125,033
Sonic Healthcare Ltd.		100,633		2,253,933
South32 Ltd.		1,024,040		3,286,071
Star Entertainment Grp Ltd. (The)(b)		204,804		282,601
Steadfast Group Ltd.		227,091		843,685
Stockland		526,072		1,469,986
Suncorp Group Ltd.		278,132		2,472,410
Super Retail Group Ltd.		31,324		282,670
Syrah Resources Ltd.(b)		154,949		243,641
Tabcorp Holdings Ltd.		504,738		375,421
Technology One Ltd.		57,853		598,165
Telix Pharmaceuticals Ltd.(b)		43,100		218,253
Telstra Corp. Ltd.		872,792		2,522,528
Temple & Webster Group Ltd.(a)(b)		25,410		103,673
Terracom Ltd.		77,542		47,344
Transurban Group		672,117		6,589,527
Treasury Wine Estates Ltd.		159,299		1,640,904
Tyro Payments Ltd.(b)		78,911		84,086
United Malt Grp Ltd.(a)		61,411		158,792
Ventia Services Group Pty Ltd.		62,397		106,410
Vicinity Ltd.		852,757		1,247,618

S C H E D U L E   O F   I N V E S T M E N T S 75

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Viva Energy Group Ltd.(d)		200,965	$	415,480
Vulcan Energy Resources Ltd.(a)(b)		21,129		107,604
Vulcan Steel Ltd.		12,693		81,261
Washington H Soul Pattinson & Co. Ltd.		46,741		951,970
Waypoint REIT Ltd.		163,864		323,558
Webjet Ltd.(b)		83,088		404,953
Wesfarmers Ltd.		248,470		8,760,231
West African Resources Ltd.(a)(b)		235,206		186,386
Westpac Banking Corp.		772,391		12,996,149
Whitehaven Coal Ltd.		189,630		1,127,566
WiseTech Global Ltd.		31,667		1,373,067
Woodside Energy Group Ltd.		417,717		10,816,311
Woolworths Group Ltd.		266,963		6,822,892
Worley Ltd.		68,568		752,716
Xero Ltd.(b)		29,656		1,634,534
Zip Co. Ltd.(a)(b)		107,142		50,543
				337,830,338
Hong Kong — 7.7%
AIA Group Ltd.		2,625,000		29,682,567
Apollo Future Mobility Group Ltd.(b)		1,136,000		29,635
ASMPT Ltd.		61,300		506,315
Atlas Corp.		20,383		301,872
Bank of East Asia Ltd. (The)		265,800		341,450
BOC Hong Kong Holdings Ltd.		800,000		2,795,910
Brightoil Petroleum Holdings Ltd.(c)		763,800		1
Budweiser Brewing Co. APAC Ltd.(d)		364,100		1,148,851
Cafe de Coral Holdings Ltd.		92,000		161,060
Champion REIT		531,000		235,416
Chinese Estates Holdings Ltd.(b)		231,000		73,236
Chow Sang Sang Holdings International Ltd.		126,000		192,015
CITIC Telecom International Holdings Ltd.		357,000		127,168
Citychamp Watch & Jewellery Group Ltd.(b)		442,000		72,184
CK Asset Holdings Ltd.		435,072		2,781,637
CK Hutchison Holdings Ltd.		584,572		3,720,188
CK Infrastructure Holdings Ltd.		136,500		759,425
CK Life Sciences International Holdings Inc.(a)		946,000		98,067
CLP Holdings Ltd.		360,000		2,674,775
C-Mer Eye Care Holdings Ltd.(b)		112,000		70,124
Comba Telecom Systems Holdings Ltd.		406,000		77,879
Cowell e Holdings Inc.(b)		65,000		127,741
Dah Sing Banking Group Ltd.		94,800		76,656
Dah Sing Financial Holdings Ltd.		33,600		89,056
EC Healthcare		107,000		128,409
E-Commodities Holdings Ltd.		350,000		73,823
ESR Group Ltd.(d)		429,600		860,096
Far East Consortium International Ltd.		273,400		71,575
First Pacific Co. Ltd.		492,000		171,577
Fortune REIT		392,000		339,250
Fosun Tourism Group(b)(d)		58,400		84,245
Futu Holdings Ltd., ADR(a)(b)		13,133		666,630
Galaxy Entertainment Group Ltd.		484,000		3,369,268
Guotai Junan International Holdings Ltd.		565,000		56,370
Haitong International Securities Group Ltd.(a)(b)		225,300		25,930
Hang Lung Group Ltd.		147,000		271,276
Hang Lung Properties Ltd.		436,000		822,098
Hang Seng Bank Ltd.		164,600		2,741,119
Health and Happiness H&H International Holdings Ltd.		51,000		95,139
Henderson Land Development Co. Ltd.		336,970		1,244,766
HK Electric Investments & HK Electric Investments Ltd., Class SS		570,500		394,348

Security	Shares		Value
Hong Kong (continued)
HKBN Ltd.		229,500	$	161,522
HKT Trust & HKT Ltd., Class SS		858,720		1,125,074
Hong Kong & China Gas Co. Ltd.		2,469,525		2,479,452
Hong Kong Exchanges & Clearing Ltd.		268,900		12,094,470
Hong Kong Technology Venture Co. Ltd.		102,000		72,931
Hongkong Land Holdings Ltd.		247,500		1,209,971
Hsin Chong Group Holdings Ltd.(c)		1,002,000		1
Hutchison Telecommunications Hong Kong Holdings Ltd.		552,000		95,726
Hysan Development Co. Ltd.		123,000		413,827
IGG Inc.(b)		246,000		92,521
Jardine Matheson Holdings Ltd.		36,400		1,934,863
Johnson Electric Holdings Ltd.		99,000		135,981
K Wah International Holdings Ltd.		246,000		91,563
Kerry Logistics Network Ltd.		73,651		143,823
Kerry Properties Ltd.		126,000		319,461
Link REIT		464,500		3,718,025
Luk Fook Holdings International Ltd.		90,000		312,118
Man Wah Holdings Ltd.		383,600		443,496
MECOM Power and Construction Ltd.		334,000		79,853
Melco International Development Ltd.(b)		144,000		187,401
Melco Resorts & Entertainment Ltd., ADR(b)		46,280		632,185
MGM China Holdings Ltd.(b)		230,400		291,085
MTR Corp. Ltd.(a)		331,500		1,774,025
New World Development Co. Ltd.		353,000		1,055,083
Nissin Foods Co. Ltd.		66,000		57,046
NWS Holdings Ltd.		365,000		343,982
OCI International Holdings Ltd.(b)		160,000		28,567
Pacific Basin Shipping Ltd.		1,100,000		388,178
Pacific Textiles Holdings Ltd.		216,000		77,760
PAX Global Technology Ltd.		132,000		124,760
PCCW Ltd.		933,000		458,442
Perfect Medical Health Management Ltd.		65,000		38,152
Power Assets Holdings Ltd.		308,500		1,745,545
Prosperity REIT		277,000		80,591
Realord Group Holdings Ltd.(b)		108,000		121,779
Sa Sa International Holdings Ltd.(b)		214,000		55,776
Sands China Ltd.(b)		542,000		2,032,546
Shangri-La Asia Ltd.(b)		222,000		193,830
Shun Tak Holdings Ltd.(b)		378,000		81,781
Sino Land Co. Ltd.		718,000		933,025
SITC International Holdings Co. Ltd.		289,000		631,349
SJM Holdings Ltd.(b)		552,000		313,041
SmarTone Telecommunications Holdings Ltd.		130,500		87,826
Stella International Holdings Ltd.		153,000		154,343
Sun Hung Kai & Co. Ltd.		209,000		89,318
Sun Hung Kai Properties Ltd.		315,500		4,474,301
SUNeVision Holdings Ltd.		183,000		106,121
Sunlight REIT		252,000		111,586
Swire Pacific Ltd., Class A		103,500		948,463
Swire Properties Ltd.		239,200		672,285
Techtronic Industries Co. Ltd.(a)		306,000		3,944,885
Texhong Textile Group Ltd.		100,500		91,806
Theme International Holdings Ltd.(b)		1,170,000		152,533
United Energy Group Ltd.		1,826,000		179,583
United Laboratories International Holdings Ltd. (The)		272,000		180,076
Value Partners Group Ltd.(a)		246,000		100,296
Vesync Co. Ltd.		35,000		19,035
Vitasoy International Holdings Ltd.		194,000		412,141
Viva China Holdings Ltd.(b)		792,000		144,074

76 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Vobile Group Ltd.(b)		291,000	$	166,939
VSTECS Holdings Ltd.		152,000		95,104
VTech Holdings Ltd.		34,800		230,056
WH Group Ltd.(d)		1,749,000		1,077,147
Wharf Real Estate Investment Co. Ltd.		364,000		2,083,777
Wynn Macau Ltd.(b)		338,400		387,310
Xinyi Glass Holdings Ltd.(a)		383,000		815,456
Yue Yuen Industrial Holdings Ltd.		172,500		282,982
				111,137,197
Japan — 63.2%
77 Bank Ltd. (The)		14,400		257,175
ABC-Mart Inc.		8,400		452,710
Activia Properties Inc.		125		374,331
Adastria Co. Ltd.		3,300		55,692
ADEKA Corp.		19,500		329,964
Advance Logistics Investment Corp.		115		123,703
Advance Residence Investment Corp.		305		745,042
Advantest Corp.		41,000		2,938,920
Adventure Inc.		400		32,090
Aeon Co. Ltd.		140,400		2,878,435
Aeon Delight Co. Ltd.		6,600		156,678
AEON Financial Service Co. Ltd.		23,700		240,235
Aeon Mall Co. Ltd.		24,300		342,271
AEON REIT Investment Corp.		386		426,619
AGC Inc.		42,100		1,551,208
Ai Holdings Corp.		7,700		130,078
Aica Kogyo Co. Ltd.		10,400		251,504
Aichi Financial Group Inc., NVS		9,200		164,316
Aida Engineering Ltd.		6,700		42,069
Aiful Corp.		83,500		252,461
Ain Holdings Inc.		5,700		246,464
Air Water Inc.		42,200		516,320
Airtrip Corp.(a)		1,900		38,981
Aisin Corp.		33,300		971,544
Ajinomoto Co. Inc.		102,200		3,369,390
Alfresa Holdings Corp.		38,200		478,149
Alpen Co. Ltd.		1,700		25,454
Alps Alpine Co. Ltd.		47,624		487,955
Amada Co. Ltd.		70,100		629,692
Amano Corp.		11,800		215,893
Amvis Holdings Inc.		6,300		168,676
ANA Holdings Inc.(b)		36,200		801,205
Anicom Holdings Inc.		18,700		88,895
Anritsu Corp.		30,300		290,256
AOKI Holdings Inc.		7,500		39,545
Aozora Bank Ltd.		25,000		499,855
Appier Group Inc.(b)		11,400		145,755
Arata Corp.		4,700		152,439
Arcland Service Holdings Co. Ltd.		2,900		48,196
ARCLANDS Corp.		4,500		50,701
Arcs Co. Ltd.		11,800		199,411
Argo Graphics Inc.		2,400		75,052
Ariake Japan Co. Ltd.		4,300		145,042
ARTERIA Networks Corp.		4,000		38,649
As One Corp.		6,800		304,812
Asahi Group Holdings Ltd.		99,800		3,295,620
Asahi Holdings Inc.		19,200		302,080
Asahi Intecc Co. Ltd.		49,600		870,191
Asahi Kasei Corp.		265,900		2,014,892
Asics Corp.		36,600		871,099

Security	Shares		Value
Japan (continued)
ASKUL Corp.		9,500	$	125,575
Astellas Pharma Inc.		401,700		5,913,076
Atom Corp.(b)		24,600		150,488
Autobacs Seven Co. Ltd.		17,900		199,278
Avex Inc.		5,300		71,581
Awa Bank Ltd. (The)		9,700		163,245
Axial Retailing Inc.		5,600		151,830
Azbil Corp.		25,900		730,340
AZ-COM MARUWA Holdings Inc.		7,600		95,925
Bandai Namco Holdings Inc.		43,800		2,929,070
Bank of Kyoto Ltd. (The)		10,700		497,851
BayCurrent Consulting Inc.		29,100		1,237,028
Belc Co. Ltd.		3,500		150,805
Bell System24 Holdings Inc.		4,900		56,405
Belluna Co. Ltd.		7,600		40,857
Benefit One Inc.		15,700		259,129
Benesse Holdings Inc.		13,100		200,372
BeNext-Yumeshin Group Co.		11,900		175,531
Bengo4.com Inc.(b)		900		18,731
Bic Camera Inc.		20,800		196,438
BIPROGY Inc.		15,700		410,189
BML Inc.		5,200		129,305
Bridgestone Corp.		127,100		4,745,049
Brother Industries Ltd.		51,000		792,146
Bunka Shutter Co. Ltd.		6,400		57,329
C Uyemura & Co. Ltd.		2,300		117,447
Calbee Inc.		18,000		406,515
Canon Electronics Inc.		4,100		53,881
Canon Inc.		217,400		4,824,615
Canon Marketing Japan Inc.		11,300		268,210
Capcom Co. Ltd.		37,300		1,208,662
Casio Computer Co. Ltd.		37,700		389,712
Cawachi Ltd.		1,400		24,186
CellSource Co. Ltd.(a)(b)		1,200		33,861
Central Glass Co. Ltd.		5,000		110,419
Central Japan Railway Co.		33,300		4,061,759
Change Inc.		7,900		146,604
Chiba Bank Ltd. (The)		110,200		833,818
Chiyoda Corp.(b)		25,700		76,409
Chofu Seisakusho Co. Ltd.		3,100		50,453
Chubu Electric Power Co. Inc.		138,500		1,491,793
Chudenko Corp.		4,400		72,555
Chugai Pharmaceutical Co. Ltd.		144,700		3,751,359
Chugin Financial Group Inc., NVS		28,400		206,657
Chugoku Electric Power Co. Inc. (The)		60,600		333,147
Chugoku Marine Paints Ltd.		6,600		50,266
Citizen Watch Co. Ltd.		57,700		274,512
CKD Corp.		14,100		218,369
Coca-Cola Bottlers Japan Holdings Inc.		27,025		284,543
COLOPL Inc.		18,900		96,782
Colowide Co. Ltd.		14,500		205,402
Comforia Residential REIT Inc.		119		264,412
COMSYS Holdings Corp.		25,100		478,717
Comture Corp.		6,900		132,670
Concordia Financial Group Ltd.		222,600		978,185
Cosmo Energy Holdings Co. Ltd.		17,000		476,747
Cosmos Pharmaceutical Corp.		4,900		478,766
CRE Logistics REIT Inc.		127		172,681
Create Restaurants Holdings Inc.		25,600		195,518
Create SD Holdings Co. Ltd.		7,100		193,189

S C H E D U L E   O F   I N V E S T M E N T S 77

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Credit Saison Co. Ltd.		35,400	$	463,792
Curves Holdings Co. Ltd.		7,700		49,228
CyberAgent Inc.		95,000		888,435
CYBERDYNE Inc.(a)(b)		24,600		58,078
Cybozu Inc.		5,600		113,606
Dai Nippon Printing Co. Ltd.		49,600		1,171,038
Daicel Corp.		60,500		446,386
Daido Steel Co. Ltd.		7,100		268,452
Daifuku Co. Ltd.		22,700		1,249,946
Daihen Corp.		5,700		185,995
Daiho Corp.		1,700		48,000
Dai-ichi Life Holdings Inc.		214,900		5,042,148
Daiichi Sankyo Co. Ltd.		386,500		12,138,779
Daiichikosho Co. Ltd.		10,600		329,589
Daiki Aluminium Industry Co. Ltd.		4,200		46,558
Daikin Industries Ltd.		56,000		9,726,896
Daikokutenbussan Co. Ltd.		900		37,694
Daio Paper Corp.		23,000		177,471
Daiseki Co. Ltd.		10,540		355,185
Daishi Hokuetsu Financial Group Inc.		9,200		219,496
Daito Trust Construction Co. Ltd.		13,200		1,304,405
Daiwa House Industry Co. Ltd.		131,400		3,155,573
Daiwa House REIT Investment Corp.		481		1,046,528
Daiwa Industries Ltd.		5,300		49,348
Daiwa Office Investment Corp.		74		348,466
Daiwa Securities Group Inc.		271,000		1,278,875
Daiwa Securities Living Investments Corp.		433		362,294
Daiwabo Holdings Co. Ltd.		16,000		242,175
DCM Holdings Co. Ltd.		24,700		224,783
Demae-Can Co. Ltd.(a)(b)		7,900		26,193
DeNA Co. Ltd.		21,900		307,077
Denka Co. Ltd.		16,600		344,361
Denso Corp.		95,000		5,130,541
Dentsu Group Inc.		48,100		1,549,247
Descente Ltd.		5,600		155,128
Dexerials Corp.		12,200		260,786
DIC Corp.		14,600		271,444
Digital Arts Inc.		2,800		125,068
Digital Garage Inc.		7,900		282,365
Dip Corp.		8,400		249,316
Direct Marketing MiX Inc.		3,000		38,154
Disco Corp.		6,700		2,012,898
DMG Mori Co. Ltd.		26,600		406,294
Doshisha Co. Ltd.		4,000		52,377
Doutor Nichires Holdings Co. Ltd.		10,400		149,677
Dowa Holdings Co. Ltd.		13,400		467,836
DTS Corp.		8,900		218,282
Duskin Co. Ltd.		9,000		210,343
DyDo Group Holdings Inc.		1,100		40,017
Earth Corp.		3,900		152,264
East Japan Railway Co.		66,200		3,691,193
Ebara Corp.		19,900		844,946
EDION Corp.		18,100		178,771
eGuarantee Inc.		6,900		128,722
Eiken Chemical Co. Ltd.		7,200		88,167
Eisai Co. Ltd.		55,800		3,452,343
Eizo Corp.		2,400		67,086
Elan Corp.		5,300		41,125
Elecom Co. Ltd.		10,700		112,316
Electric Power Development Co. Ltd.		34,500		556,779

Security	Shares		Value
Japan (continued)
EM Systems Co. Ltd.		6,200	$	45,016
en Japan Inc.		6,900		131,368
ENEOS Holdings Inc.		649,500		2,325,338
eRex Co. Ltd.		7,800		144,386
ES-Con Japan Ltd.		13,600		87,913
Euglena Co. Ltd.(b)		18,800		145,237
Exedy Corp.		4,200		56,495
EXEO Group Inc.		22,600		410,949
Ezaki Glico Co. Ltd.		13,600		380,036
Fancl Corp.		16,800		341,163
FANUC Corp.		41,700		7,367,954
Fast Retailing Co. Ltd.		12,800		7,774,199
FCC Co. Ltd.		4,700		52,358
Ferrotec Holdings Corp.		10,000		250,466
Financial Products Group Co. Ltd.		11,100		90,867
Food & Life Companies Ltd.		24,600		547,510
FP Corp.		11,400		309,791
Freee KK(b)		9,800		258,784
Frontier Real Estate Investment Corp.		122		470,455
Fuji Co. Ltd./Ehime		5,700		81,385
Fuji Corp./Aichi		18,100		301,367
Fuji Electric Co. Ltd.		28,900		1,169,814
Fuji Kyuko Co. Ltd.		6,100		214,297
Fuji Media Holdings Inc.		6,400		54,055
Fuji Oil Holdings Inc.		11,700		185,540
Fuji Seal International Inc.		9,000		116,969
Fuji Soft Inc.		6,100		364,094
Fujicco Co. Ltd.		3,200		46,536
FUJIFILM Holdings Corp.		79,900		4,228,399
Fujikura Ltd.		53,100		403,632
Fujimi Inc.		3,400		172,431
Fujimori Kogyo Co. Ltd.		1,600		41,080
Fujitec Co. Ltd.		13,400		332,014
Fujitsu General Ltd.		13,600		384,417
Fujitsu Ltd.		43,100		6,136,549
Fukui Computer Holdings Inc.		1,900		43,816
Fukuoka Financial Group Inc.		35,332		815,166
Fukuoka REIT Corp.		111		142,747
Fukushima Galilei Co. Ltd.		4,200		142,567
Fukuyama Transporting Co. Ltd.		3,900		100,916
Fullcast Holdings Co. Ltd.		2,900		62,990
Funai Soken Holdings Inc.		10,200		220,755
Furukawa Co. Ltd.		4,900		49,949
Furukawa Electric Co. Ltd.		12,700		246,486
Fuso Chemical Co. Ltd.		3,300		93,763
Future Corp.		8,900		115,894
Fuyo General Lease Co. Ltd.		4,100		281,783
G-7 Holdings Inc.		3,000		37,143
Genky DrugStores Co. Ltd.		1,300		37,460
Geo Holdings Corp.		4,400		64,277
Giken Ltd.		2,600		59,195
Global One Real Estate Investment Corp.		253		208,916
GLOBERIDE Inc.		2,200		45,106
Glory Ltd.		11,600		202,885
GLP J-REIT		877		992,379
GMO Financial Gate Inc.		400		25,610
GMO Financial Holdings Inc.		7,000		29,772
GMO GlobalSign Holdings KK		1,100		36,664
GMO internet group Inc.		14,000		275,518
GMO Payment Gateway Inc.		10,000		925,319

78 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
GNI Group Ltd.(b)		9,500	$	87,895
Goldcrest Co. Ltd.		3,600		45,163
Goldwin Inc.		5,900		449,475
Gree Inc.		8,800		47,884
GS Yuasa Corp.		13,500		236,237
G-Tekt Corp.		4,900		58,246
GungHo Online Entertainment Inc.(b)		10,300		171,654
Gunma Bank Ltd. (The)		83,500		325,717
Gunze Ltd.		2,100		69,156
H.U. Group Holdings Inc.		10,600		224,985
H2O Retailing Corp.		20,900		203,967
Hachijuni Bank Ltd. (The)		84,100		365,277
Hakuhodo DY Holdings Inc.		49,000		529,560
Hakuto Co. Ltd.		3,000		105,016
Halows Co. Ltd.		2,200		53,889
Hamakyorex Co. Ltd.		2,300		57,598
Hamamatsu Photonics KK		32,500		1,736,484
Hankyu Hanshin Holdings Inc.		49,600		1,474,233
Hankyu Hanshin REIT Inc.		122		134,519
Hanwa Co. Ltd.		8,500		270,649
Harmonic Drive Systems Inc.		10,800		363,754
Haseko Corp.		53,200		615,480
Hazama Ando Corp.		43,300		287,271
Heiwa Corp.		14,100		255,830
Heiwa Real Estate Co. Ltd.		9,400		268,935
Heiwa Real Estate REIT Inc.		234		272,144
Heiwado Co. Ltd.		4,300		71,867
Hiday Hidaka Corp.		3,700		58,820
Hikari Tsushin Inc.		5,000		713,691
Hino Motors Ltd.(b)		56,700		242,536
Hioki E.E. Corp.		2,000		114,354
Hirata Corp.		2,000		98,954
Hirogin Holdings Inc.		56,400		294,094
Hirose Electric Co. Ltd.		7,800		1,015,437
HIS Co. Ltd.(a)(b)		10,900		178,614
Hisamitsu Pharmaceutical Co. Inc.		11,400		354,995
Hitachi Construction Machinery Co. Ltd.		24,800		584,866
Hitachi Ltd.		212,000		11,117,799
Hitachi Zosen Corp.		32,100		212,558
Hogy Medical Co. Ltd.		6,200		161,025
Hokkaido Electric Power Co. Inc.		43,600		161,296
Hokkoku Financial Holdings Inc.		5,100		161,635
Hokuetsu Corp.		24,800		159,649
Hokuhoku Financial Group Inc.		25,800		204,335
Hokuriku Electric Power Co.		31,700		131,125
Hokuto Corp.		3,100		45,057
Honda Motor Co. Ltd.		358,900		8,877,934
Horiba Ltd.		8,100		373,027
Hoshino Resorts REIT Inc.		69		395,298
Hoshizaki Corp.		24,300		873,494
Hosiden Corp.		10,600		128,575
House Foods Group Inc.		10,900		232,556
Hoya Corp.		80,300		8,830,745
Hulic Co. Ltd.		84,700		696,216
Hulic Reit Inc.		319		381,289
Hyakugo Bank Ltd. (The)		30,600		98,827
Ibiden Co. Ltd.		25,200		983,528
Ichibanya Co. Ltd.		3,800		138,267
Ichigo Inc.		57,200		131,101
Ichigo Office REIT Investment Corp.		244		159,719

Security	Shares		Value
Japan (continued)
Idec Corp./Japan		7,800	$	185,732
Idemitsu Kosan Co. Ltd.		45,947		1,148,710
IDOM Inc.		6,700		43,185
IHI Corp.		31,500		957,118
Iida Group Holdings Co. Ltd.		31,000		516,784
Iino Kaiun Kaisha Ltd.		18,500		130,982
Inaba Denki Sangyo Co. Ltd.		14,200		308,507
Inabata & Co. Ltd.		10,400		201,871
Inageya Co. Ltd.		4,500		45,001
Industrial & Infrastructure Fund Investment Corp.		449		497,600
Infocom Corp.		8,100		136,539
Infomart Corp.		42,900		138,784
Information Services International-Dentsu Ltd.		7,100		235,211
INFRONEER Holdings Inc.		49,600		395,929
Inpex Corp.		227,700		2,502,113
Insource Co. Ltd.		9,500		106,880
Internet Initiative Japan Inc.		22,900		429,736
Invincible Investment Corp.		1,294		551,854
IR Japan Holdings Ltd.		1,300		18,326
Iriso Electronics Co. Ltd.		4,500		151,011
Isetan Mitsukoshi Holdings Ltd.		72,100		784,500
Isuzu Motors Ltd.		128,900		1,629,984
Ito En Ltd.		12,800		456,701
ITOCHU Corp.		259,700		8,393,976
Itochu Enex Co. Ltd.		7,500		64,285
Itochu Techno-Solutions Corp.		22,200		549,617
Itochu-Shokuhin Co. Ltd.		1,300		50,454
Itoham Yonekyu Holdings Inc.		30,500		167,458
Iwatani Corp.		11,800		508,594
Iyogin Holdings Inc., NVS		49,600		279,932
Izumi Co. Ltd.		7,600		172,077
J Front Retailing Co. Ltd.		53,200		495,477
J Trust Co. Ltd.		15,100		66,322
JAC Recruitment Co. Ltd.		4,100		74,515
Jaccs Co. Ltd.		5,800		187,109
JAFCO Group Co. Ltd.		12,100		215,926
Japan Airlines Co. Ltd.(b)		33,800		716,816
Japan Airport Terminal Co. Ltd.(b)		12,000		625,493
Japan Aviation Electronics Industry Ltd.		10,700		183,823
Japan Display Inc.(b)		132,800		45,095
Japan Elevator Service Holdings Co. Ltd.		13,900		196,228
Japan Excellent Inc.		296		282,461
Japan Exchange Group Inc.		107,300		1,642,180
Japan Hotel REIT Investment Corp.		1,000		633,686
Japan Lifeline Co. Ltd.		16,600		122,004
Japan Logistics Fund Inc.		163		371,679
Japan Material Co. Ltd.		13,000		243,822
Japan Metropolitan Fund Invest		1,474		1,139,526
Japan Petroleum Exploration Co. Ltd.		7,200		233,400
Japan Post Bank Co. Ltd.		90,100		800,527
Japan Post Holdings Co. Ltd.		518,200		4,549,515
Japan Post Insurance Co. Ltd.		44,200		788,526
Japan Prime Realty Investment Corp.		174		472,032
Japan Pulp & Paper Co. Ltd.		1,600		67,506
Japan Real Estate Investment Corp.		281		1,204,785
Japan Securities Finance Co. Ltd.		19,800		179,528
Japan Steel Works Ltd. (The)		11,500		244,994
Japan Tobacco Inc.		261,800		5,338,601
Japan Wool Textile Co. Ltd. (The)		7,300		54,351
JCR Pharmaceuticals Co. Ltd.		12,900		159,165

S C H E D U L E   O F   I N V E S T M E N T S 79

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
JCU Corp.		4,400	$	109,105
Jeol Ltd.		9,800		287,767
JFE Holdings Inc.		107,000		1,410,864
JGC Holdings Corp.		49,600		647,878
JINS Holdings Inc.		2,100		63,242
JMDC Inc.		6,000		198,290
J-Oil Mills Inc.		3,600		43,733
Joshin Denki Co. Ltd.		2,600		39,977
Joyful Honda Co. Ltd.		13,200		189,639
JSR Corp.		37,900		852,756
JTEKT Corp.		49,200		364,734
JTOWER Inc.(a)(b)		1,900		91,005
Juroku Financial Group Inc.		10,100		243,056
Justsystems Corp.		8,700		216,671
Kadokawa Corp.		18,100		338,675
Kaga Electronics Co. Ltd.		3,600		119,916
Kagome Co. Ltd.		14,900		363,924
Kajima Corp.		86,700		1,064,787
Kakaku.com Inc.		29,000		483,490
Kaken Pharmaceutical Co. Ltd.		5,500		159,642
Kameda Seika Co. Ltd.		2,000		67,643
Kamigumi Co. Ltd.		22,200		454,134
Kanamoto Co. Ltd.		9,800		170,451
Kandenko Co. Ltd.		20,700		139,128
Kaneka Corp.		12,900		338,681
Kanematsu Corp.		18,600		227,445
Kanematsu Electronics Ltd.		1,700		81,187
Kansai Electric Power Co. Inc. (The)		151,600		1,457,951
Kansai Paint Co. Ltd.		39,500		556,283
Kanto Denka Kogyo Co. Ltd.		6,000		46,578
Kao Corp.		105,800		4,276,630
Kappa Create Co. Ltd.(b)		4,500		49,141
Katakura Industries Co. Ltd.		2,700		36,671
Katitas Co. Ltd.		13,900		340,834
Kato Sangyo Co. Ltd.		5,600		155,623
Kawasaki Heavy Industries Ltd.		34,600		791,738
Kawasaki Kisen Kaisha Ltd.		34,000		709,949
KDDI Corp.		357,800		11,178,900
KeePer Technical Laboratory Co. Ltd.		1,800		46,366
Keihan Holdings Co. Ltd.		19,400		521,966
Keihanshin Building Co. Ltd.		4,300		45,302
Keikyu Corp.		49,600		513,986
Keio Corp.		23,700		869,896
Keisei Electric Railway Co. Ltd.		30,500		889,654
Keiyo Bank Ltd. (The)		21,400		101,648
Keiyo Co. Ltd.		5,000		34,543
Kenedix Office Investment Corp.		176		418,099
Kenedix Residential Next Investment Corp.		212		315,979
Kenedix Retail REIT Corp.		131		245,609
Kewpie Corp.		18,000		313,389
Keyence Corp.		42,700		19,657,746
KFC Holdings Japan Ltd.		2,100		45,202
KH Neochem Co. Ltd.		9,100		193,960
Kikkoman Corp.		33,500		1,771,885
Kinden Corp.		24,800		284,246
Kintetsu Group Holdings Co. Ltd.		35,600		1,159,313
Kirin Holdings Co. Ltd.		179,600		2,767,586
Kisoji Co. Ltd.		8,600		142,277
Kissei Pharmaceutical Co. Ltd.		6,900		135,935
Ki-Star Real Estate Co. Ltd.		1,400		53,259

Security	Shares		Value
Japan (continued)
Kitz Corp.		16,900	$	107,022
Kiyo Bank Ltd. (The)		14,400		183,046
Koa Corp.		6,300		91,829
Kobayashi Pharmaceutical Co. Ltd.		10,400		746,638
Kobe Bussan Co. Ltd.		34,000		981,639
Kobe Steel Ltd.		64,500		347,496
Koei Tecmo Holdings Co. Ltd.		27,872		506,885
Kohnan Shoji Co. Ltd.		5,300		136,546
Koito Manufacturing Co. Ltd.		47,800		806,299
Kokuyo Co. Ltd.		20,100		286,609
Komatsu Ltd.		201,300		4,946,839
KOMEDA Holdings Co. Ltd.		14,400		267,744
Komeri Co. Ltd.		8,400		172,317
Konami Group Corp.		20,800		1,022,808
Konica Minolta Inc.		107,200		449,253
Konishi Co. Ltd.		4,300		60,955
Konoike Transport Co. Ltd.		5,500		65,251
Kose Corp.		7,700		849,563
Koshidaka Holdings Co. Ltd.		7,800		56,478
Kotobuki Spirits Co. Ltd.		3,600		236,461
K’s Holdings Corp.		38,200		337,723
Kubota Corp.		222,900		3,349,805
Kumagai Gumi Co. Ltd.		12,500		256,886
Kumiai Chemical Industry Co. Ltd.		19,900		135,025
Kura Sushi Inc.(a)		4,700		109,195
Kuraray Co. Ltd.		64,300		532,214
Kureha Corp.		3,800		248,187
Kurita Water Industries Ltd.		22,400		1,012,889
Kusuri no Aoki Holdings Co. Ltd.		3,300		185,935
KYB Corp.		2,800		79,350
Kyocera Corp.		69,300		3,596,074
Kyoei Steel Ltd.		4,800		52,471
Kyokuto Kaihatsu Kogyo Co. Ltd.		4,400		50,544
KYORIN Holdings Inc.		5,700		75,552
Kyoritsu Maintenance Co. Ltd.		8,000		365,391
Kyowa Kirin Co. Ltd.		60,900		1,358,128
Kyudenko Corp.		9,900		256,604
Kyushu Electric Power Co. Inc.		89,500		515,219
Kyushu Financial Group Inc.		71,900		264,268
Kyushu Railway Co.		31,700		710,608
LaSalle Logiport REIT		356		431,331
Lasertec Corp.		16,500		3,123,828
Lawson Inc.		12,300		491,831
Leopalace21 Corp.(b)		50,900		126,329
Life Corp.		5,000		109,074
Link And Motivation Inc.		5,700		28,946
Lintec Corp.		11,400		197,414
Lion Corp.		49,700		550,165
LITALICO Inc.		3,900		79,618
Lixil Corp.		63,200		1,091,071
M&A Capital Partners Co. Ltd.(b)		4,300		145,641
M&A Research Institute Inc., NVS(b)		800		64,286
M3 Inc.		96,000		2,624,919
Mabuchi Motor Co. Ltd.		12,900		369,460
Macnica Holdings Inc.		11,400		302,974
Maeda Kosen Co. Ltd.		5,700		147,505
Makino Milling Machine Co. Ltd.		6,500		233,337
Makita Corp.		49,600		1,321,187
Management Solutions Co. Ltd.		1,500		40,749
Mandom Corp.		5,700		64,623

80 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mani Inc.		14,700	$	215,017
Marubeni Corp.		335,100		4,111,200
Maruha Nichiro Corp.		9,500		180,386
Marui Group Co. Ltd.		37,900		645,836
Maruichi Steel Tube Ltd.		10,600		228,242
MARUKA FURUSATO Corp.		4,400		118,361
Maruwa Co. Ltd./Aichi		2,000		255,659
Maruzen Showa Unyu Co. Ltd.		1,900		46,040
Matsuda Sangyo Co. Ltd.		3,600		65,591
Matsui Securities Co. Ltd.		25,800		154,496
MatsukiyoCocokara & Co.		23,330		1,163,802
Matsuyafoods Holdings Co. Ltd.		1,700		52,677
Max Co. Ltd.		9,100		142,372
Maxell Ltd.		10,400		113,499
Maxvalu Tokai Co. Ltd.		2,400		52,053
Mazda Motor Corp.		124,300		989,426
McDonald’s Holdings Co. Japan Ltd.		17,700		699,281
MCJ Co. Ltd.		18,900		147,008
Mebuki Financial Group Inc.		191,990		500,099
Medipal Holdings Corp.		36,900		492,651
Medley Inc.(b)		5,300		187,797
Megachips Corp.		2,000		41,760
Megmilk Snow Brand Co. Ltd.		13,000		181,948
Meidensha Corp.		5,200		77,248
MEIJI Holdings Co. Ltd.		25,000		1,289,317
Meiko Electronics Co. Ltd.		4,500		100,877
Meitec Corp.		13,500		253,958
Melco Holdings Inc.		1,200		30,970
Menicon Co. Ltd.		12,600		278,421
Mercari Inc.(b)		23,800		518,361
METAWATER Co. Ltd.		3,600		47,517
Micronics Japan Co. Ltd.		5,000		53,634
Midac Holdings Co. Ltd.		1,200		26,223
Mie Kotsu Group Holdings Inc.		18,700		71,792
Milbon Co. Ltd.		6,400		281,458
Mimasu Semiconductor Industry Co. Ltd.		2,700		53,554
MINEBEA MITSUMI Inc.		77,200		1,345,804
Mirai Corp.		290		97,928
MIRAIT ONE corp.		22,000		268,294
MISUMI Group Inc.		60,200		1,515,081
Mitani Sekisan Co. Ltd.		1,000		32,673
Mitsubishi Chemical Group Corp.		274,300		1,539,219
Mitsubishi Corp.		278,500		9,325,838
Mitsubishi Electric Corp.		418,100		4,607,776
Mitsubishi Estate Co. Ltd.		258,800		3,326,387
Mitsubishi Estate Logistics REIT Investment Corp.		117		367,767
Mitsubishi Gas Chemical Co. Inc.		37,300		545,047
Mitsubishi HC Capital Inc.		144,400		737,039
Mitsubishi Heavy Industries Ltd.		69,200		2,713,329
Mitsubishi Logistics Corp.		11,100		259,200
Mitsubishi Materials Corp.		24,800		425,984
Mitsubishi Motors Corp.(b)		148,500		572,156
Mitsubishi Pencil Co. Ltd.		5,300		59,454
Mitsubishi Research Institute Inc.		1,600		62,253
Mitsubishi Shokuhin Co. Ltd.		5,400		130,163
Mitsubishi UFJ Financial Group Inc.		2,631,500		19,275,424
Mitsuboshi Belting Ltd.		5,000		142,670
Mitsui & Co. Ltd.		315,200		9,299,261
Mitsui Chemicals Inc.		38,700		910,941
Mitsui DM Sugar Holdings Co. Ltd.		3,200		50,051

Security	Shares		Value
Japan (continued)
Mitsui Fudosan Co. Ltd.		199,100	$	3,731,859
Mitsui Fudosan Logistics Park Inc.		137		478,139
Mitsui High-Tec Inc.		4,700		247,843
Mitsui Mining & Smelting Co. Ltd.		10,500		279,731
Mitsui OSK Lines Ltd.		75,100		1,863,885
Mitsui-Soko Holdings Co. Ltd.		6,100		175,382
Mitsuuroko Group Holdings Co. Ltd.		7,600		69,030
Miura Co. Ltd.		18,100		452,922
Mixi Inc.		11,500		220,636
Mizuho Financial Group Inc.		529,720		8,274,464
Mizuho Leasing Co. Ltd.		6,800		180,408
Mizuno Corp.		2,700		61,262
Mochida Pharmaceutical Co. Ltd.		5,000		134,298
Modec Inc.(b)		3,300		35,917
Monex Group Inc.		36,200		127,705
Money Forward Inc.(b)		10,100		374,543
Monogatari Corp. (The)		1,700		85,179
MonotaRO Co. Ltd.		56,300		852,852
Mori Hills REIT Investment Corp.		380		431,808
Mori Trust Hotel Reit Inc.		49		50,761
Mori Trust Sogo REIT Inc.		226		255,037
Morinaga & Co. Ltd./Japan		9,400		278,718
Morinaga Milk Industry Co. Ltd.		9,100		336,633
Morita Holdings Corp.		5,100		47,734
MOS Food Services Inc.		6,300		149,428
MS&AD Insurance Group Holdings Inc.		97,400		3,123,980
Murata Manufacturing Co. Ltd.		127,100		7,262,556
Musashi Seimitsu Industry Co. Ltd.		13,300		183,292
Musashino Bank Ltd. (The)		9,500		166,719
Nabtesco Corp.		24,800		726,107
Nachi-Fujikoshi Corp.		2,200		66,518
Nafco Co. Ltd.		3,900		48,925
Nagaileben Co. Ltd.		3,200		48,479
Nagase & Co. Ltd.		21,600		348,567
Nagawa Co. Ltd.(a)		1,000		61,485
Nagoya Railroad Co. Ltd.		42,400		701,078
Nakanishi Inc.		13,900		294,896
Nankai Electric Railway Co. Ltd.		22,900		497,608
Nanto Bank Ltd. (The)		8,500		176,320
NEC Corp.		58,600		2,117,078
NEC Networks & System Integration Corp.		12,700		169,601
NET One Systems Co. Ltd.		16,800		455,280
Nexon Co. Ltd.		103,800		2,502,882
Nextage Co. Ltd.(a)		9,600		215,934
NGK Insulators Ltd.		51,400		711,442
NGK Spark Plug Co. Ltd.		36,500		713,251
NH Foods Ltd.		16,300		489,360
NHK Spring Co. Ltd.		42,900		303,241
Nichias Corp.		10,700		207,137
Nichicon Corp.		13,300		130,655
Nichiden Corp.		2,900		40,239
Nichiha Corp.		4,900		105,170
Nichirei Corp.		24,800		518,951
Nidec Corp.		98,400		5,453,214
Nifco Inc./Japan		16,300		423,094
Nihon Kohden Corp.		16,500		433,471
Nihon M&A Center Holdings Inc.		64,500		659,410
Nihon Parkerizing Co. Ltd.		20,000		147,667
Nikkiso Co. Ltd.		12,100		94,997
Nikkon Holdings Co. Ltd.		14,100		271,477

S C H E D U L E   O F   I N V E S T M E N T S 81

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nikon Corp.		64,000	$	631,898
Nintendo Co. Ltd.		242,500		10,514,258
Nippn Corp., New		11,000		137,483
Nippon Accommodations Fund Inc.		126		565,541
Nippon Building Fund Inc.		358		1,564,590
Nippon Carbon Co. Ltd.		1,700		57,895
Nippon Ceramic Co. Ltd.		2,800		52,190
Nippon Densetsu Kogyo Co. Ltd.		10,100		126,492
Nippon Electric Glass Co. Ltd.		16,000		297,126
Nippon Express Holdings Inc.		16,400		951,737
Nippon Gas Co. Ltd.		24,000		383,072
Nippon Kanzai Co. Ltd.		3,000		59,081
Nippon Kayaku Co. Ltd.		24,600		228,439
Nippon Light Metal Holdings Co. Ltd.		10,710		122,757
Nippon Paint Holdings Co. Ltd.		179,600		1,639,654
Nippon Paper Industries Co. Ltd.		25,100		186,871
Nippon Parking Development Co. Ltd.		44,800		89,158
Nippon Prologis REIT Inc.		461		1,046,074
NIPPON REIT Investment Corp.		126		320,859
Nippon Road Co. Ltd. (The)		1,000		47,735
Nippon Sanso Holdings Corp.		38,200		623,075
Nippon Seiki Co. Ltd.		5,300		34,168
Nippon Shinyaku Co. Ltd.		11,800		607,300
Nippon Shokubai Co. Ltd.		6,400		270,945
Nippon Signal Company Ltd.		6,200		49,794
Nippon Soda Co. Ltd.		4,700		153,622
Nippon Steel Corp.		177,228		3,688,951
Nippon Steel Trading Corp.		3,200		228,153
Nippon Suisan Kaisha Ltd.		61,500		255,546
Nippon Telegraph & Telephone Corp.		260,500		7,811,227
Nippon Television Holdings Inc.		12,900		104,293
Nippon Yusen KK		106,100		2,523,997
Nipro Corp.(a)		31,900		256,074
Nishimatsu Construction Co. Ltd.		10,100		315,507
Nishimatsuya Chain Co. Ltd.		7,700		91,436
Nishi-Nippon Financial Holdings Inc.		25,500		212,249
Nishi-Nippon Railroad Co. Ltd.		13,400		247,465
Nishio Rent All Co. Ltd.		5,900		142,325
Nissan Chemical Corp.		28,400		1,340,754
Nissan Motor Co. Ltd.		507,100		1,821,979
Nissan Shatai Co. Ltd.		17,500		121,595
Nissha Co. Ltd.		9,100		135,394
Nisshin Oillio Group Ltd. (The)		5,700		140,012
Nisshin Seifun Group Inc.		44,400		556,132
Nisshinbo Holdings Inc.		27,000		201,823
Nissin Electric Co. Ltd.		14,200		147,228
Nissin Foods Holdings Co. Ltd.		12,400		969,403
Nitori Holdings Co. Ltd.		17,200		2,276,518
Nitta Corp.		2,800		61,914
Nittetsu Mining Co. Ltd.		2,000		55,695
Nitto Boseki Co. Ltd.		3,600		56,770
Nitto Denko Corp.		32,500		2,100,716
Nitto Kogyo Corp.		6,000		112,317
Noevir Holdings Co. Ltd.		3,900		171,736
NOF Corp.		12,400		528,205
Nohmi Bosai Ltd.		3,200		42,432
Nojima Corp.		12,300		132,039
NOK Corp.		20,500		194,695
Nomura Co. Ltd.		19,000		136,707
Nomura Holdings Inc.		623,700		2,489,081

Security	Shares		Value
Japan (continued)
Nomura Real Estate Holdings Inc.		25,200	$	555,419
Nomura Real Estate Master Fund Inc.		871		1,018,604
Nomura Research Institute Ltd.		86,210		2,069,693
Noritake Co. Ltd./Nagoya Japan		1,300		42,148
Noritsu Koki Co. Ltd.		2,500		45,281
Noritz Corp.		3,600		41,618
North Pacific Bank Ltd.		51,400		111,534
NS Solutions Corp.		7,000		180,170
NS United Kaiun Kaisha Ltd.		1,400		42,163
NSD Co. Ltd.		11,500		206,608
NSK Ltd.		84,700		476,383
NTN Corp.		100,000		207,307
NTT Data Corp.		136,000		2,109,547
NTT UD REIT Investment Corp.		285		290,667
Obara Group Inc.(a)		1,900		54,976
Obayashi Corp.		131,400		1,019,233
OBIC Business Consultants Co. Ltd.		6,800		267,052
Obic Co. Ltd.		14,700		2,356,802
Odakyu Electric Railway Co. Ltd.		61,700		811,192
Ogaki Kyoritsu Bank Ltd. (The)		10,800		161,939
Ohsho Food Service Corp.		2,900		135,528
Oiles Corp.		3,800		45,228
Oisix ra daichi Inc.(a)(b)		6,100		102,941
Oji Holdings Corp.		177,000		731,497
Okamoto Industries Inc.		1,600		48,153
Okamura Corp.		13,700		150,268
Okasan Securities Group Inc.		27,500		88,946
Oki Electric Industry Co. Ltd.		24,600		138,958
Okinawa Cellular Telephone Co.		7,000		169,366
Okinawa Electric Power Co. Inc. (The)		4,500		37,425
Okinawa Financial Group Inc.		3,100		57,613
OKUMA Corp.		5,200		210,772
Okumura Corp.		6,800		158,196
Olympus Corp.		267,000		5,019,496
Omron Corp.		39,600		2,291,279
One REIT Inc.		78		147,852
Ono Pharmaceutical Co. Ltd.		75,900		1,646,930
Open House Group Co. Ltd.		18,100		684,728
Optex Group Co. Ltd.		5,200		85,251
Optorun Co. Ltd.		6,100		120,374
Oracle Corp. Japan		9,800		671,367
Organo Corp.		6,100		155,058
Orient Corp.		11,950		109,186
Oriental Land Co. Ltd./Japan		43,700		7,281,287
ORIX Corp.		259,600		4,564,542
Orix JREIT Inc.		572		786,994
Osaka Gas Co. Ltd.		82,700		1,334,520
Osaka Organic Chemical Industry Ltd.		1,700		28,051
Osaka Soda Co. Ltd.		2,100		68,637
OSAKA Titanium Technologies Co. Ltd.		5,700		161,734
OSG Corp.		21,800		342,149
Otsuka Corp.		24,800		815,908
Otsuka Holdings Co. Ltd.		88,500		2,839,116
Outsourcing Inc.		25,500		198,166
Pacific Industrial Co. Ltd.		5,700		47,253
Pacific Metals Co. Ltd.		2,500		38,597
PAL GROUP Holdings Co. Ltd.		3,400		72,917
PALTAC Corp.		9,100		329,484
Pan Pacific International Holdings Corp.		83,300		1,540,477
Panasonic Holdings Corp.		482,700		4,476,255

82 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Paramount Bed Holdings Co. Ltd.		9,100	$	174,778
Park24 Co. Ltd.(b)		30,300		513,910
Pasona Group Inc.		2,400		38,723
Penta-Ocean Construction Co. Ltd.		62,300		310,726
PeptiDream Inc.(b)		19,900		310,706
Persol Holdings Co. Ltd.		38,000		833,169
Pharma Foods International Co. Ltd.(a)		3,200		32,829
PHC Holdings Corp.		3,900		46,270
Pigeon Corp.		24,800		394,143
Pilot Corp.		6,900		246,276
Piolax Inc.		4,100		56,089
PKSHA Technology Inc.(b)		3,500		48,890
Plus Alpha Consulting Co. Ltd.		1,400		30,345
Pola Orbis Holdings Inc.		21,800		314,524
Pressance Corp.		3,400		43,501
Prestige International Inc.		22,200		123,840
Prima Meat Packers Ltd.		3,900		66,160
Raito Kogyo Co. Ltd.		12,100		179,573
Raiznext Corp.		3,400		34,570
Raksul Inc.(a)(b)		10,200		110,418
Rakus Co. Ltd.		19,000		260,387
Rakuten Group Inc.(a)(b)		189,700		967,175
Recruit Holdings Co. Ltd.		317,000		10,194,803
Relia Inc.		8,500		95,863
Relo Group Inc.		24,100		408,408
Renesas Electronics Corp.(b)		251,000		2,581,811
Rengo Co. Ltd.		42,500		299,965
RENOVA Inc.(a)(b)		6,000		104,429
Resona Holdings Inc.		469,900		2,600,297
Resorttrust Inc.		16,500		301,499
Restar Holdings Corp.		3,200		54,286
Retail Partners Co. Ltd.		4,300		45,291
Ricoh Co. Ltd.		123,000		954,802
Ricoh Leasing Co. Ltd.		4,700		140,422
Riken Keiki Co. Ltd.		2,800		99,881
Riken Vitamin Co. Ltd.		3,300		48,920
Ringer Hut Co. Ltd.		3,100		54,084
Rinnai Corp.		9,600		757,728
Riso Kagaku Corp.		2,500		41,712
Riso Kyoiku Co. Ltd.		23,300		65,479
Rohm Co. Ltd.		18,100		1,450,380
Rohto Pharmaceutical Co. Ltd.		42,600		786,031
Roland Corp.		2,700		80,616
Rorze Corp.		2,500		192,169
Round One Corp.		44,100		162,491
Royal Holdings Co. Ltd.(a)(b)		6,000		112,134
RS Technologies Co. Ltd.		3,500		106,362
Ryohin Keikaku Co. Ltd.		57,600		638,677
Ryosan Co. Ltd.		2,800		63,454
Ryoyo Electro Corp.		3,900		69,712
S Foods Inc.		5,800		132,569
Saibu Gas Holdings Co. Ltd.		2,700		38,169
Saizeriya Co. Ltd.		7,300		180,960
Sakai Moving Service Co. Ltd.		1,500		51,871
Sakata INX Corp.		6,100		51,403
Sakata Seed Corp.		6,300		201,273
SAMTY Co. Ltd.		4,500		71,074
Samty Residential Investment Corp.		52		43,602
San-A Co. Ltd.		5,000		160,932
San-Ai Obbli Co. Ltd.		11,900		123,810

Security	Shares		Value
Japan (continued)
SanBio Co. Ltd.(b)		5,400	$	30,930
Sangetsu Corp.		11,600		203,848
San-in Godo Bank Ltd. (The)		26,200		162,967
Sanken Electric Co. Ltd.		4,700		266,904
Sanki Engineering Co. Ltd.		5,600		67,240
Sankyo Co. Ltd.		8,900		359,485
Sankyu Inc.		13,700		538,297
Sanrio Co. Ltd.		12,500		476,778
Sansan Inc.(b)		16,900		210,781
Santen Pharmaceutical Co. Ltd.		74,300		579,224
Sanwa Holdings Corp.		44,100		466,861
Sanyo Chemical Industries Ltd.		3,700		120,650
Sanyo Denki Co. Ltd.		1,800		87,260
Sanyo Special Steel Co. Ltd.		3,600		69,071
Sapporo Holdings Ltd.		13,200		322,358
Sato Holdings Corp.		3,800		61,942
Sawai Group Holdings Co. Ltd.		8,900		275,364
SBI Holdings Inc.		56,400		1,195,640
SBS Holdings Inc.		5,400		123,308
SCREEN Holdings Co. Ltd.		9,500		707,910
SCSK Corp.		36,400		592,862
Secom Co. Ltd.		45,200		2,692,824
Sega Sammy Holdings Inc.		38,100		603,295
Seibu Holdings Inc.		50,200		563,124
Seiko Epson Corp.		64,000		992,512
Seiko Group Corp.		5,400		121,915
Seino Holdings Co. Ltd.		29,500		294,616
Seiren Co. Ltd.		8,900		163,454
Sekisui Chemical Co. Ltd.		78,100		1,094,047
Sekisui House Ltd.		133,300		2,519,271
Sekisui House Reit Inc.		862		471,224
Sekisui Jushi Corp.		3,600		54,640
Senko Group Holdings Co. Ltd.		21,200		163,979
Septeni Holdings Co. Ltd.		21,300		56,413
Seria Co. Ltd.		10,800		237,331
Seven & i Holdings Co. Ltd.		164,600		7,771,243
Seven Bank Ltd.		126,200		259,336
SG Holdings Co. Ltd.		59,700		921,250
Sharp Corp./Japan		49,300		409,785
Shibaura Machine Co. Ltd.		4,400		96,399
Shibuya Corp.		2,100		40,951
SHIFT Inc.(b)		2,900		541,243
Shiga Bank Ltd. (The)		8,700		181,089
Shikoku Chemicals Corp.		5,100		50,157
Shikoku Electric Power Co. Inc.		42,000		242,832
Shima Seiki Manufacturing Ltd.		8,500		128,766
Shimadzu Corp.		53,300		1,637,966
Shimamura Co. Ltd.		5,600		525,302
Shimano Inc.		15,500		2,764,199
Shimizu Corp.		112,500		630,641
Shin Nippon Biomedical Laboratories Ltd.		5,600		100,814
Shin-Etsu Chemical Co. Ltd.		83,800		12,354,048
Shin-Etsu Polymer Co. Ltd.		6,200		61,738
Shinko Electric Industries Co. Ltd.		14,700		413,599
Shinmaywa Industries Ltd.		16,700		138,898
Shinsei Bank Ltd.(a)		12,900		237,932
Shionogi & Co. Ltd.		59,500		2,835,442
Ship Healthcare Holdings Inc.		15,700		304,850
Shiseido Co. Ltd.		89,100		4,631,061
Shizuoka Financial Group Inc., NVS		93,000		787,862

S C H E D U L E   O F   I N V E S T M E N T S 83

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shizuoka Gas Co. Ltd.		4,800	$	42,084
SHO-BOND Holdings Co. Ltd.		11,500		490,660
Shochiku Co. Ltd.(b)		2,200		187,576
Shoei Co. Ltd.		5,300		204,080
Shoei Foods Corp.(a)		1,700		54,346
Showa Denko KK		38,800		663,115
Showa Sangyo Co. Ltd.		2,500		48,773
Siix Corp.		4,900		52,956
Simplex Holdings Inc.		6,000		105,402
SKY Perfect JSAT Holdings Inc.		44,700		172,556
Skylark Holdings Co. Ltd.(a)(b)		50,000		595,044
SMC Corp.		12,400		6,298,091
SMS Co. Ltd.		15,000		394,568
Snow Peak Inc.(a)		6,100		101,328
SoftBank Corp.		625,900		7,161,606
SoftBank Group Corp.		265,400		12,564,581
Sohgo Security Services Co. Ltd.		15,200		418,485
Sojitz Corp.		52,920		1,049,208
Solasto Corp.		12,300		64,800
Sompo Holdings Inc.		67,900		2,923,019
Sony Group Corp.		278,100		24,848,662
Sosei Group Corp.(b)		16,300		308,744
SOSiLA Logistics REIT Inc.		147		146,328
Sotetsu Holdings Inc.		15,400		263,276
SPARX Group Co. Ltd.		4,200		58,800
S-Pool Inc.		19,300		115,296
Square Enix Holdings Co. Ltd.		18,100		855,972
SRE Holdings Corp.(b)		2,100		66,768
Stanley Electric Co. Ltd.		30,800		662,854
Star Asia Investment Corp.		447		181,339
Star Micronics Co. Ltd.		11,500		150,041
Starts Corp. Inc.		7,200		143,176
Starts Proceed Investment Corp.		73		127,911
Strike Co. Ltd.		1,200		38,880
Subaru Corp.		134,200		2,205,125
Sugi Holdings Co. Ltd.		8,100		354,036
SUMCO Corp.		74,100		1,097,922
Sumitomo Bakelite Co. Ltd.		9,900		322,582
Sumitomo Chemical Co. Ltd.		314,800		1,208,401
Sumitomo Corp.		243,400		4,369,013
Sumitomo Densetsu Co. Ltd.		2,900		52,997
Sumitomo Electric Industries Ltd.		149,000		1,790,408
Sumitomo Forestry Co. Ltd.		33,600		628,236
Sumitomo Heavy Industries Ltd.		24,800		551,484
Sumitomo Metal Mining Co. Ltd.		55,600		2,257,539
Sumitomo Mitsui Construction Co. Ltd.		30,200		97,679
Sumitomo Mitsui Financial Group Inc.		286,900		12,468,979
Sumitomo Mitsui Trust Holdings Inc.		74,200		2,703,005
Sumitomo Osaka Cement Co. Ltd.		7,500		197,344
Sumitomo Pharma Co., Ltd.		42,900		301,624
Sumitomo Realty & Development Co. Ltd.		67,200		1,638,143
Sumitomo Rubber Industries Ltd.		36,400		323,151
Sumitomo Warehouse Co. Ltd. (The)		11,300		173,986
Sun Frontier Fudousan Co. Ltd.		6,000		51,722
Sundrug Co. Ltd.		15,100		427,229
Suntory Beverage & Food Ltd.		31,600		1,067,061
Suruga Bank Ltd.		31,400		102,486
Suzuken Co. Ltd.		14,200		374,001
Suzuki Motor Corp.		82,100		3,078,108
Sysmex Corp.		36,300		2,409,778

Security	Shares		Value
Japan (continued)
Systena Corp.		61,900	$	198,711
T Hasegawa Co. Ltd.		8,700		212,982
T&D Holdings Inc.		115,500		1,848,722
Tadano Ltd.		22,900		170,026
Taihei Dengyo Kaisha Ltd.		3,600		96,457
Taiheiyo Cement Corp.		22,800		392,922
Taikisha Ltd.		6,700		183,753
Taisei Corp.		37,400		1,291,122
Taisho Pharmaceutical Holdings Co. Ltd.		9,400		395,417
Taiyo Holdings Co. Ltd.		9,700		178,942
Taiyo Yuden Co. Ltd.		25,900		879,707
Takamatsu Construction Group Co. Ltd.		2,900		44,401
Takara Bio Inc.		10,500		139,000
Takara Holdings Inc.		28,900		234,845
Takara Leben Real Estate Investment Corp.		137		102,705
Takara Standard Co. Ltd.		4,100		44,744
Takasago International Corp.		2,300		45,612
Takasago Thermal Engineering Co. Ltd.		13,000		188,519
Takashimaya Co. Ltd.		32,100		448,479
Takeda Pharmaceutical Co. Ltd.		332,000		10,437,206
Takeuchi Manufacturing Co. Ltd.		7,300		161,567
Takuma Co. Ltd.		10,600		104,999
Tama Home Co. Ltd.		2,400		58,913
Tamron Co. Ltd.		3,700		89,696
TBS Holdings Inc.		4,900		57,205
TDK Corp.		88,100		3,147,483
TechMatrix Corp.		6,700		91,722
TechnoPro Holdings Inc.		24,400		759,698
Teijin Ltd.		35,800		367,606
Tenma Corp.		2,200		37,565
Terumo Corp.		140,500		4,090,005
T-Gaia Corp.		3,100		39,603
THK Co. Ltd.		24,600		522,069
TIS Inc.		49,600		1,430,233
TKC Corp.		7,400		210,857
TKP Corp.(b)		3,500		82,971
Toa Corp./Tokyo		2,500		48,431
Toagosei Co. Ltd.		24,600		223,243
Tobu Railway Co. Ltd.		39,600		929,139
Tocalo Co. Ltd.		13,800		132,196
Toda Corp.		49,600		270,542
Toei Animation Co. Ltd.		1,800		179,431
Toei Co. Ltd.		1,600		211,536
Toho Bank Ltd. (The)		43,900		81,490
Toho Co. Ltd./Tokyo		25,000		923,336
Toho Gas Co. Ltd.		15,500		303,982
Toho Holdings Co. Ltd.		13,000		212,320
Toho Titanium Co. Ltd.		6,900		128,773
Tohoku Electric Power Co. Inc.		98,200		528,169
Tokai Carbon Co. Ltd.		46,000		396,872
Tokai Corp./Gifu		3,000		45,144
TOKAI Holdings Corp.		23,600		157,426
Tokai Rika Co. Ltd.		14,400		167,149
Tokai Tokyo Financial Holdings Inc.		41,800		121,835
Token Corp.		1,000		60,476
Tokio Marine Holdings Inc.		402,500		8,430,243
Tokushu Tokai Paper Co. Ltd.		1,600		35,852
Tokuyama Corp.		12,700		185,797
Tokyo Century Corp.		10,100		355,128
Tokyo Electric Power Co. Holdings Inc.(b)		334,000		1,250,760

84 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokyo Electron Ltd.		33,200	$	11,604,202
Tokyo Gas Co. Ltd.		84,900		1,777,780
Tokyo Ohka Kogyo Co. Ltd.		9,200		453,436
Tokyo Seimitsu Co. Ltd.		8,800		302,983
Tokyo Steel Manufacturing Co. Ltd.		10,500		114,243
Tokyo Tatemono Co. Ltd.		43,300		536,812
Tokyotokeiba Co. Ltd.		4,200		125,205
Tokyu Construction Co. Ltd.		24,400		124,184
Tokyu Corp.		112,100		1,441,537
Tokyu Fudosan Holdings Corp.		133,800		678,932
Tokyu REIT Inc.		205		308,899
TOMONY Holdings Inc.		28,800		88,457
Tomy Co. Ltd.		22,200		219,098
Topcon Corp.		23,400		304,938
Toppan Inc.		60,900		981,231
Topre Corp.		4,200		40,971
Toray Industries Inc.		294,500		1,809,422
Toridoll Holdings Corp.		10,500		227,776
Torii Pharmaceutical Co. Ltd.		2,000		47,922
Tosei Corp.		6,100		69,642
Toshiba Corp.		87,500		3,005,332
Toshiba TEC Corp.		5,800		165,045
Tosoh Corp.		60,098		786,287
Totetsu Kogyo Co. Ltd.		7,800		161,235
TOTO Ltd.		32,900		1,278,589
Towa Pharmaceutical Co. Ltd.		5,900		93,152
Toyo Construction Co. Ltd.		18,700		122,877
Toyo Gosei Co. Ltd.(a)		800		57,100
Toyo Ink SC Holdings Co. Ltd.		8,800		126,401
Toyo Seikan Group Holdings Ltd.		29,600		384,234
Toyo Suisan Kaisha Ltd.		18,700		772,699
Toyo Tanso Co. Ltd.		2,300		73,457
Toyo Tire Corp.		25,100		300,283
Toyobo Co. Ltd.		20,100		160,010
Toyoda Gosei Co. Ltd.		12,100		200,909
Toyota Boshoku Corp.		18,900		280,323
Toyota Industries Corp.		33,600		2,045,320
Toyota Motor Corp.		2,336,000		34,305,825
Toyota Tsusho Corp.		46,900		1,985,847
Trancom Co. Ltd.		2,200		126,054
Transcosmos Inc.		6,700		174,909
TRE Holdings Corp.		9,700		109,305
Trend Micro Inc./Japan(b)		30,300		1,500,275
Tri Chemical Laboratories Inc.		5,900		107,139
Trusco Nakayama Corp.		12,800		209,706
TS Tech Co. Ltd.		20,800		259,099
Tsubakimoto Chain Co.		7,000		167,571
Tsugami Corp.		13,400		148,343
Tsumura & Co.		13,000		277,967
Tsuruha Holdings Inc.		9,300		684,736
TV Asahi Holdings Corp.		3,300		34,152
UACJ Corp.		7,300		137,068
UBE Corp.		22,200		348,215
Ulvac Inc.		12,500		584,775
Unicharm Corp.		87,200		3,326,299
Union Tool Co.		1,600		42,215
United Arrows Ltd.		3,200		43,213
United Super Markets Holdings Inc.		12,200		106,540
United Urban Investment Corp.		581		661,121
Universal Entertainment Corp.(b)		5,300		100,753

Security	Shares		Value
Japan (continued)
Usen-Next Holdings Co. Ltd.		2,100	$	35,667
Ushio Inc.		23,800		319,028
USS Co. Ltd.		43,200		710,561
UT Group Co. Ltd.		6,300		128,330
Valor Holdings Co. Ltd.		11,000		158,521
ValueCommerce Co. Ltd.		1,900		26,069
Vector Inc.		5,400		53,319
Vision Inc./Tokyo Japan(b)		5,400		60,398
Visional Inc.(b)		3,700		268,096
VT Holdings Co. Ltd.		7,900		30,414
Wacoal Holdings Corp.		10,700		201,167
Wacom Co. Ltd.		28,700		141,738
Wakita & Co. Ltd.		5,100		47,571
WealthNavi Inc.(a)(b)		6,000		65,775
Weathernews Inc.		1,200		65,355
Welcia Holdings Co. Ltd.		19,800		442,543
West Holdings Corp.		5,000		149,928
West Japan Railway Co.		48,000		2,010,168
WingArc1st Inc.		5,100		77,496
Workman Co. Ltd.(a)		3,600		146,793
W-Scope Corp.(a)(b)		10,100		113,252
Yakult Honsha Co. Ltd.		29,100		2,077,388
YAMABIKO Corp.		4,900		42,902
Yamada Holdings Co. Ltd.		146,400		531,574
Yamaguchi Financial Group Inc.		49,600		343,051
Yamaha Corp.		31,400		1,220,960
Yamaha Motor Co. Ltd.		64,100		1,578,827
YA-MAN Ltd.		4,500		47,324
Yamato Holdings Co. Ltd.		60,800		1,063,814
Yamato Kogyo Co. Ltd.		9,700		367,646
Yamazaki Baking Co. Ltd.		24,600		287,813
Yamazen Corp.		8,200		67,167
Yaoko Co. Ltd.		3,900		203,596
Yaskawa Electric Corp.		53,500		2,091,266
Yellow Hat Ltd.		10,200		139,842
Yodogawa Steel Works Ltd.		2,900		61,793
Yokogawa Bridge Holdings Corp.		11,500		177,501
Yokogawa Electric Corp.		49,400		867,443
Yokohama Rubber Co. Ltd. (The)		24,700		405,792
Yokorei Co. Ltd.		7,200		60,643
Yokowo Co. Ltd.		2,800		48,429
Yonex Co. Ltd.		10,500		102,686
Yoshinoya Holdings Co. Ltd.		12,100		221,885
Yuasa Trading Co. Ltd.		5,300		151,024
Z Holdings Corp.		583,500		1,697,821
Zenkoku Hosho Co. Ltd.		13,900		541,374
Zenrin Co. Ltd.		6,100		37,921
Zensho Holdings Co. Ltd.		21,000		536,029
Zeon Corp.		29,400		289,193
ZERIA Pharmaceutical Co. Ltd.		8,100		135,211
Zojirushi Corp.		7,400		94,618
ZOZO Inc.		26,800		694,742
Zuken Inc.		2,200		53,689
				910,232,167
New Zealand — 1.0%
a2 Milk Co. Ltd. (The)(b)		161,564		774,865
Air New Zealand Ltd.(b)		378,571		190,328
Argosy Property Ltd.		214,693		159,990
Auckland International Airport Ltd.(b)		276,321		1,520,743
Chorus Ltd.		99,594		538,967

S C H E D U L E   O F   I N V E S T M E N T S 85

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Contact Energy Ltd.		173,400	$	872,055
EBOS Group Ltd.		35,745		996,457
Fisher & Paykel Healthcare Corp. Ltd.		124,236		2,038,860
Fletcher Building Ltd.		166,281		547,555
Genesis Energy Ltd.		116,721		216,376
Goodman Property Trust		241,855		322,317
Infratil Ltd.		157,339		905,807
Kiwi Property Group Ltd.		351,221		217,048
Mercury NZ Ltd.		142,783		554,705
Meridian Energy Ltd.		271,177		937,243
Oceania Healthcare Ltd.		106,767		61,643
Precinct Properties New Zealand Ltd.		314,902		255,926
Pushpay Holdings Ltd.(a)(b)		239,583		200,928
Ryman Healthcare Ltd.		85,999		384,085
SKYCITY Entertainment Group Ltd.(b)		194,302		316,127
Spark New Zealand Ltd.		406,366		1,370,158
Summerset Group Holdings Ltd.		58,342		369,476
Warehouse Group Ltd. (The)(a)		30,562		51,453
				13,803,112
Singapore — 4.4%
AEM Holdings Ltd.(a)		55,600		147,592
AIMS APAC REIT		153,200		160,253
AustAsia Group Ltd.		38,660		28,103
Bumitama Agri Ltd.		123,400		57,077
CapitaLand Ascendas REIT		734,415		1,616,176
CapitaLand Ascott Trust		374,930		317,841
CapitaLand China Trust(a)		277,735		264,836
Capitaland India Trust		245,900		227,358
CapitaLand Integrated Commercial Trust		1,148,996		1,879,911
Capitaland Investment Ltd/Singapore		567,500		1,719,304
CDL Hospitality Trusts		208,755		215,411
City Developments Ltd.		81,500		517,266
ComfortDelGro Corp. Ltd.		445,000		407,687
Cromwell European Real Estate Investment Trust		78,200		136,874
DBS Group Holdings Ltd.		400,000		10,950,508
Digital Core REIT Management Pte Ltd.		182,500		115,347
ESR-LOGOS REIT(a)		1,088,456		315,980
Far East Hospitality Trust		213,100		108,942
First Resources Ltd.		132,600		155,405
Frasers Centrepoint Trust		203,467		344,956
Frasers Hospitality Trust		236,600		90,044
Frasers Logistics & Commercial Trust		606,783		584,025
Frencken Group Ltd.		70,500		63,394
Genting Singapore Ltd.		1,332,300		1,009,029
Golden Agri-Resources Ltd.		1,404,300		267,518
Grab Holdings Ltd., Class A(a)(b)		287,758		1,090,603
Hour Glass Ltd. (The)		52,800		83,779
Hutchison Port Holdings Trust, Class U		1,283,100		264,000
iFAST Corp. Ltd.		34,000		135,190
Jardine Cycle & Carriage Ltd.		21,200		469,996
Keppel Corp. Ltd.		317,800		1,834,869
Keppel DC REIT		280,900		437,829
Keppel Infrastructure Trust		763,200		334,636
Keppel Pacific Oak US REIT		217,800		116,698
Keppel REIT		418,500		308,442
Lendlease Global Commercial REIT		446,911		247,502
Manulife US Real Estate Investment Trust		346,100		114,498
Mapletree Industrial Trust		438,420		796,763
Mapletree Logistics Trust		738,087		954,193
Mapletree Pan Asia Commercial Trust		465,595		647,839

Security	Shares		Value
Singapore (continued)
Maxeon Solar Technologies Ltd.(a)(b)		5,933	$	130,289
Nanofilm Technologies International Ltd.(a)		83,800		92,609
NetLink NBN Trust		591,900		394,747
Olam Group Ltd.		228,300		277,576
OUE Commercial Real Estate Investment Trust		528,030		140,959
Oversea-Chinese Banking Corp. Ltd.		747,575		7,386,301
Parkway Life REIT		77,000		238,321
Prime U.S. REIT		204,455		106,570
Raffles Medical Group Ltd.		185,100		204,740
Riverstone Holdings Ltd./Singapore(a)		96,100		47,311
Sasseur Real Estate Investment Trust		132,800		82,485
SATS Ltd.(b)		147,700		340,848
Sea Ltd., ADR(a)(b)		79,644		5,133,056
Sembcorp Industries Ltd.		212,100		584,903
Sembcorp Marine Ltd.(b)		3,804,708		413,053
Sheng Siong Group Ltd.		165,600		206,955
SIA Engineering Co. Ltd.(a)(b)		78,300		148,939
Silverlake Axis Ltd.		187,700		51,619
Singapore Airlines Ltd.		295,500		1,336,211
Singapore Exchange Ltd.		205,200		1,445,330
Singapore Post Ltd.		398,800		170,368
Singapore Technologies Engineering Ltd.		318,700		896,038
Singapore Telecommunications Ltd.		1,819,700		3,485,019
SPH REIT		270,146		200,729
Starhill Global REIT		331,700		144,288
StarHub Ltd.		138,200		120,202
Straits Trading Co. Ltd.		37,388		68,732
Suntec REIT		496,300		530,615
TDCX Inc., ADR(a)(b)		6,709		88,425
United Overseas Bank Ltd.		263,000		5,978,155
UOL Group Ltd.		101,900		543,694
Venture Corp. Ltd.		62,300		879,760
Wilmar International Ltd.		417,700		1,298,638
Yangzijiang Financial Holding Ltd.(b)		495,900		140,500
Yangzijiang Shipbuilding Holdings Ltd.		573,800		565,681
Yanlord Land Group Ltd.		134,200		113,656
				63,524,996
Total Common Stocks — 99.7% (Cost: $1,400,219,207)				1,436,527,810
Warrants
Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD10.00)(b)		2,549		—
Singapore — 0.0%
Ezion Holdings Ltd. (Issued/Exercisable 04/16/18, 1.66667 Share for 1 Warrant, Expires 04/17/23, Strike Price SGD 0.28)(a)(b)(c)		341,183		3
Total Warrants — 0.0% (Cost: $—)				3
Total Long-Term Investments — 99.7% (Cost: $1,400,219,207)				1,436,527,813

86 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(e)(f)(g)		15,915,556	$	15,925,106
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(e)(f)		560,000		560,000
Total Short-Term Securities — 1.1% (Cost: $16,479,220)				16,485,106
Total Investments — 100.8% (Cost: $1,416,698,427)				1,453,012,919
Liabilities in Excess of Other Assets — (0.8)%				(11,565,793	)
Net Assets — 100.0%			$	1,441,447,126

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(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 six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,039,233	$	1,872,186	(a)	$	—	$	8,111	$	5,576	$	15,925,106		15,915,556	$	146,586	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		150,000		410,000	(a)		—		—		—		560,000		560,000		11,846			—
								$	8,111	$	5,576	$	16,485,106			$	158,432		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		22		03/09/23	$	3,356	$	110,643
SPI 200 Index		12		03/16/23		1,582		82,715
							$	193,358

S C H E D U L E   O F   I N V E S T M E N T S 87

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® Core MSCI Pacific 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)	$	—	$	—	$	193,358	$	—	$	—	$	—	$	193,358

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	609,244	$	—	$	—	$	—	$	609,244
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	103,501	$	—	$	—	$	—	$	103,501

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$8,657,330

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	81,261	$	337,550,506	$	198,571	$	337,830,338
Hong Kong		1,783,597		109,353,598		2		111,137,197
Japan		525,302		909,706,865		—		910,232,167
New Zealand		—		13,803,112		—		13,803,112
Singapore		6,697,394		56,827,602		—		63,524,996
Warrants		—		—		3		3
Short-Term Securities
Money Market Funds		16,485,106		—		—		16,485,106
	$	25,572,660	$	1,427,241,683	$	198,576	$	1,453,012,919
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	193,358	$	—	$	193,358

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

88 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited)  January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 5.4%
Abacus Property Group		778,934	$	1,543,517
Adbri Ltd.		654,525		860,649
AGL Energy Ltd.		617,665		3,349,765
Allkem Ltd.(a)		727,525		6,754,298
ALS Ltd.		601,408		5,579,842
Altium Ltd.		143,603		3,975,945
Alumina Ltd.		2,652,492		2,950,786
AMP Ltd.(a)		2,876,117		2,728,301
Ampol Ltd.		292,161		6,335,765
Ansell Ltd.		146,567		2,929,223
APA Group		1,290,818		9,660,365
ARB Corp. Ltd.		118,943		2,702,617
Aristocrat Leisure Ltd.		681,877		16,462,709
ASX Ltd.		221,389		10,833,698
Atlas Arteria Ltd.		1,780,374		8,658,716
Aurizon Holdings Ltd.		1,597,888		4,176,494
Austal Ltd.		450,950		529,202
Australia & New Zealand Banking Group Ltd.		3,255,697		57,939,653
Bank of Queensland Ltd.		626,019		3,095,570
Bapcor Ltd.		483,368		2,185,991
Beach Energy Ltd.		2,188,156		2,351,363
Bega Cheese Ltd.		599,986		1,651,396
Bendigo & Adelaide Bank Ltd.		584,495		4,166,518
BHP Group Ltd.		5,634,591		197,335,385
Blackmores Ltd.(b)		16,819		1,044,655
BlueScope Steel Ltd.		607,250		8,280,753
BrainChip Holdings Ltd.(a)(b)		2,473,545		1,118,521
Brambles Ltd.		1,602,134		13,623,827
Breville Group Ltd.		187,641		3,025,313
Brickworks Ltd.		124,024		2,088,892
BWP Trust		577,184		1,605,566
carsales.com Ltd.		396,293		6,416,078
Centuria Capital Group		1,135,650		1,509,552
Chalice Mining Ltd.(a)		461,647		2,128,234
Challenger Ltd.		660,440		3,385,918
Champion Iron Ltd.		479,120		2,437,991
Charter Hall Group		615,465		6,060,223
Charter Hall Long Wale REIT		715,927		2,316,900
Charter Hall Retail REIT		884,139		2,510,778
Cleanaway Waste Management Ltd.		2,417,795		4,684,848
Clinuvel Pharmaceuticals Ltd.		62,920		1,127,909
Cochlear Ltd.		78,227		11,818,271
Codan Ltd./Australia		236,833		894,287
Coles Group Ltd.		1,493,193		18,780,821
Collins Foods Ltd.		164,945		941,142
Commonwealth Bank of Australia		1,884,131		147,079,149
Computershare Ltd.		649,719		10,942,471
Core Lithium Ltd.(a)(b)		2,253,508		1,879,239
Coronado Global Resources Inc.(c)		932,286		1,350,785
Corporate Travel Management Ltd.		186,228		2,440,554
Costa Group Holdings Ltd.		626,079		1,302,546
Credit Corp. Group Ltd.		91,405		1,411,500
Cromwell Property Group		2,050,132		1,053,375
CSL Ltd.		537,253		113,441,194
CSR Ltd.		772,653		2,891,649
De Grey Mining Ltd.(a)(b)		1,834,196		1,943,687
Deterra Royalties Ltd.		531,331		1,843,465
Dexus		1,247,985		7,235,890

Security	Shares		Value
Australia (continued)
Domain Holdings Australia Ltd.		342,886	$	784,469
Domino’s Pizza Enterprises Ltd.		69,581		3,750,977
Downer EDI Ltd.		561,033		1,501,354
Eagers Automotive Ltd.		239,894		1,951,123
Elders Ltd.		230,491		1,586,852
Endeavour Group Ltd./Australia		1,539,901		7,230,696
Evolution Mining Ltd.		1,994,834		4,533,070
Flight Centre Travel Group Ltd.(a)(b)		194,982		2,193,253
Fortescue Metals Group Ltd.		1,904,391		30,080,908
G8 Education Ltd.		1,238,768		1,101,819
Gold Road Resources Ltd.		1,802,293		2,108,332
Goodman Group		1,902,231		27,132,613
GPT Group (The)		2,204,988		7,147,547
GrainCorp Ltd., Class A		295,337		1,585,784
Growthpoint Properties Australia Ltd.		461,802		1,066,673
GUD Holdings Ltd.		260,531		1,547,701
GWA Group Ltd.		370,770		570,182
Harvey Norman Holdings Ltd.		690,505		2,192,173
Healius Ltd.		841,867		1,920,588
HUB24 Ltd.		121,013		2,256,790
IDP Education Ltd.(b)		233,046		5,186,076
IGO Ltd.		799,021		8,306,039
Iluka Resources Ltd.		515,304		3,965,097
Imugene Ltd.(a)(b)		6,916,058		669,169
Incitec Pivot Ltd.		2,122,646		5,190,315
Inghams Group Ltd.		370,172		761,016
Insignia Financial Ltd.		928,333		2,304,627
Insurance Australia Group Ltd.		2,620,203		9,099,367
InvoCare Ltd.		216,799		1,771,776
IPH Ltd.		242,344		1,465,830
IRESS Ltd.		262,784		1,854,445
James Hardie Industries PLC		510,498		11,454,822
JB Hi-Fi Ltd.		136,297		4,686,230
Johns Lyng Group Ltd.		232,939		970,867
Jumbo Interactive Ltd.		103,660		1,148,194
Lake Resources NL(a)(b)		1,938,011		1,136,446
Lendlease Corp. Ltd.		697,173		4,257,151
Link Administration Holdings Ltd.		922,150		1,256,852
Liontown Resources Ltd.(a)(b)		2,269,343		2,554,647
Lottery Corp. Ltd. (The)(a)		2,516,079		8,391,508
Lynas Rare Earths Ltd.(a)		1,124,532		7,527,762
Macquarie Group Ltd.		407,782		54,401,761
Magellan Financial Group Ltd.		150,132		954,376
Mayne Pharma Group Ltd.(b)		91,447		195,815
McMillan Shakespeare Ltd.		127,566		1,277,163
Medibank Pvt Ltd.		3,169,891		6,603,781
Megaport Ltd.(a)		259,091		1,077,622
Mesoblast Ltd.(a)(b)		896,141		604,642
Metcash Ltd.		1,226,203		3,633,754
Mineral Resources Ltd.		200,191		12,674,107
Mirvac Group		4,596,579		7,426,271
Monadelphous Group Ltd.		118,235		1,165,347
Nanosonics Ltd.(a)(b)		318,474		1,099,116
National Australia Bank Ltd.		3,528,924		79,627,097
National Storage REIT		1,478,439		2,433,121
Netwealth Group Ltd.		173,922		1,658,744
New Hope Corp. Ltd.		637,080		2,640,319
Newcrest Mining Ltd.		1,019,677		16,201,745
NEXTDC Ltd.(a)(b)		575,145		4,064,597
nib holdings Ltd.		591,212		3,295,801

S C H E D U L E   O F   I N V E S T M E N T S 89

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Australia (continued)
Nickel Mines Ltd.		2,115,133	$	1,653,765
Nine Entertainment Co. Holdings Ltd.		1,917,207		2,773,872
Northern Star Resources Ltd.		1,340,017		11,940,248
Novonix Ltd.(a)(b)		636,101		832,460
NRW Holdings Ltd.		674,824		1,456,749
Nufarm Ltd./Australia		436,991		1,838,781
Omni Bridgeway Ltd.(a)		487,455		1,399,424
oOh!media Ltd.		732,126		745,459
Orica Ltd.		474,217		4,976,221
Origin Energy Ltd.		1,927,415		10,233,744
Orora Ltd.		1,130,871		2,392,845
OZ Minerals Ltd.		387,748		7,680,066
Paladin Energy Ltd.(a)(b)		3,400,415		2,073,664
Perpetual Ltd.(b)		134,727		2,440,823
Perseus Mining Ltd.		2,171,680		3,299,385
PEXA Group Ltd.(a)		122,626		1,132,176
Pilbara Minerals Ltd.(a)		2,935,890		9,987,657
Platinum Asset Management Ltd.		430,553		657,557
PointsBet Holdings Ltd.(a)(b)		441,475		444,867
PolyNovo Ltd.(a)		1,161,249		2,076,492
Premier Investments Ltd.		143,849		2,844,507
Pro Medicus Ltd.(b)		77,476		3,700,154
Qantas Airways Ltd.(a)		946,369		4,271,747
QBE Insurance Group Ltd.		1,708,549		16,670,168
Qube Holdings Ltd.		1,655,270		3,599,346
Ramelius Resources Ltd.		1,477,294		1,048,053
Ramsay Health Care Ltd.		205,836		9,726,514
REA Group Ltd.		67,211		6,026,924
Reece Ltd.		339,676		3,904,201
Region RE Ltd.		1,281,235		2,458,555
Regis Resources Ltd.		970,221		1,474,875
Reliance Worldwide Corp. Ltd.		1,067,901		2,674,522
Rio Tinto Ltd.		389,188		34,924,663
Sandfire Resources Ltd.		824,864		3,676,073
Santos Ltd.		3,506,660		17,901,049
Sayona Mining Ltd.(a)(b)		9,554,483		1,787,074
Scentre Group		5,909,691		12,822,885
SEEK Ltd.		421,541		7,300,645
Seven Group Holdings Ltd.		171,537		2,760,841
Sigma Healthcare Ltd.		1,263,065		567,618
Silver Lake Resources Ltd.(a)		1,580,161		1,461,033
Sims Ltd.		246,159		2,672,781
SmartGroup Corp. Ltd.		146,594		587,394
Sonic Healthcare Ltd.		514,091		11,514,381
South32 Ltd.		5,304,454		17,021,615
Star Entertainment Grp Ltd. (The)(a)		887,469		1,224,582
Steadfast Group Ltd.		1,084,873		4,030,504
Stockland		2,822,536		7,886,920
Suncorp Group Ltd.		1,380,883		12,275,141
Super Retail Group Ltd.		245,521		2,215,597
Syrah Resources Ltd.(a)		939,254		1,476,878
Tabcorp Holdings Ltd.		2,516,041		1,871,417
Technology One Ltd.		356,666		3,687,712
Telix Pharmaceuticals Ltd.(a)		236,483		1,197,519
Telstra Corp. Ltd.		4,483,953		12,959,442
Transurban Group		3,423,213		33,561,650
Treasury Wine Estates Ltd.		850,259		8,758,329
Vicinity Ltd.		4,152,263		6,074,928
Viva Energy Group Ltd.(c)		1,404,808		2,904,338
Washington H Soul Pattinson & Co. Ltd.		254,356		5,180,448

Security	Shares		Value
Australia (continued)
Waypoint REIT Ltd.		1,334,388	$	2,634,816
Webjet Ltd.(a)		426,696		2,079,623
Wesfarmers Ltd.		1,261,314		44,469,765
Westpac Banking Corp.		3,872,951		65,165,763
Whitehaven Coal Ltd.		1,034,854		6,153,383
WiseTech Global Ltd.		178,737		7,749,954
Woodside Energy Group Ltd.		2,114,645		54,756,347
Woolworths Group Ltd.		1,329,127		33,969,087
Worley Ltd.		357,529		3,924,832
Xero Ltd.(a)		157,895		8,702,613
Zip Co. Ltd.(a)(b)		954,250		450,154
				1,715,405,685
Austria — 0.2%
ams-OSRAM AG(a)(b)		281,338		2,628,276
ANDRITZ AG(b)		71,163		4,255,655
AT&S Austria Technologie & Systemtechnik AG(b)		38,581		1,323,779
BAWAG Group AG(c)		86,994		5,388,828
CA Immobilien Anlagen AG		71,822		2,240,006
DO & CO AG(a)(b)		7,696		815,011
Erste Group Bank AG		373,880		14,186,552
EVN AG		42,484		896,435
IMMOFINANZ AG(a)(b)		115,014		1,549,529
Kontron AG(b)		79,977		1,625,197
Lenzing AG(b)		21,688		1,535,972
Oesterreichische Post AG(b)		55,390		1,972,580
OMV AG		159,000		7,964,347
Raiffeisen Bank International AG(a)		141,442		2,544,847
Semperit AG Holding(b)		22,522		553,154
UNIQA Insurance Group AG		231,833		1,949,578
Verbund AG		79,911		6,803,872
Vienna Insurance Group AG Wiener Versicherung Gruppe		53,119		1,445,600
voestalpine AG		107,041		3,556,606
Wienerberger AG		128,763		3,872,031
				67,107,855
Belgium — 0.7%
Ackermans & van Haaren NV		17,707		3,064,279
Aedifica SA		41,163		3,612,136
Ageas SA/NV		185,097		9,036,799
AGFA-Gevaert NV(a)(b)		371,933		1,165,817
Anheuser-Busch InBev SA/NV		946,826		57,152,060
Argenx SE(a)		62,703		23,882,723
Barco NV		132,304		3,349,105
Bekaert SA		58,864		2,483,175
bpost SA		210,900		1,143,389
Cofinimmo SA		12,796		1,163,913
Deme Group NV(a)		15,815		2,046,337
D’ieteren Group		33,372		6,377,902
Econocom Group SA/NV(b)		165,480		512,720
Elia Group SA/NV		42,191		5,924,388
Etablissements Franz Colruyt NV		64,702		1,710,963
Euronav NV		239,560		3,772,340
Fagron		91,842		1,357,951
Galapagos NV(a)		45,991		2,035,487
Groupe Bruxelles Lambert NV		102,954		8,807,222
KBC Ancora		64,624		3,172,891
KBC Group NV		273,336		20,245,252
Kinepolis Group NV(a)(b)		27,113		1,147,712
Melexis NV		27,508		2,930,273

90 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Belgium (continued)
Mithra Pharmaceuticals SA(a)(b)		41,995	$	142,821
Montea NV		19,381		1,555,420
Ontex Group NV(a)		88,686		689,264
Proximus SADP		172,551		1,768,150
Sofina SA		17,485		4,153,949
Solvay SA		79,808		9,300,145
Telenet Group Holding NV		56,152		967,897
Tessenderlo Group SA(a)		43,376		1,533,938
UCB SA		136,559		11,212,122
Umicore SA		229,098		8,660,931
Warehouses De Pauw CVA		184,948		5,865,049
Xior Student Housing NV		56,688		1,904,557
				213,849,077
Bermuda — 0.0%
Brookfield Reinsurance Ltd.(b)		34,455		1,285,961
Brazil — 1.1%
3R Petroleum Oleo E Gas SA(a)		269,087		2,376,371
Aliansce Sonae Shopping Centers SA		825,414		2,928,453
Ambev SA		5,118,937		13,774,733
Anima Holding SA(a)		684,789		596,255
Arezzo Industria e Comercio SA		131,924		2,276,568
Atacadao SA		573,897		1,859,741
Auren Energia SA		565,090		1,715,430
B3 SA - Brasil, Bolsa, Balcao		6,854,558		17,499,965
Banco Bradesco SA		1,497,906		3,723,888
Banco BTG Pactual SA		1,375,193		5,856,957
Banco do Brasil SA		888,779		7,125,920
Banco Santander Brasil SA		277,138		1,580,510
BB Seguridade Participacoes SA		784,973		5,842,105
BRF SA(a)		678,142		1,063,375
CCR SA		1,021,788		2,367,123
Centrais Eletricas Brasileiras SA		1,288,048		10,314,432
Cia. Brasileira de Distribuicao		279,223		1,139,708
Cia. de Saneamento Basico do Estado de Sao Paulo		358,728		3,933,337
Cia. de Saneamento de Minas Gerais-COPASA		250,749		723,158
Cia. de Saneamento do Parana		296,566		1,006,606
Cia. Siderurgica Nacional SA		762,093		2,777,362
Cielo SA		1,585,019		1,564,318
Cogna Educacao(a)		1,561,960		732,318
Cosan SA		1,284,524		4,225,824
CVC Brasil Operadora e Agencia de Viagens SA(a)		530,046		469,871
Cyrela Brazil Realty SA Empreendimentos e Participacoes		437,298		1,307,682
Dexco SA		588,425		874,008
EcoRodovias Infraestrutura e Logistica SA		327,365		292,780
EDP - Energias do Brasil SA		404,315		1,622,421
Embraer SA(a)		910,124		2,931,373
Energisa SA		232,977		1,939,066
Eneva SA(a)		1,063,972		2,515,152
Engie Brasil Energia SA		253,039		1,961,485
Equatorial Energia SA		1,084,645		5,986,989
Ez Tec Empreendimentos e Participacoes SA		206,075		594,724
Fleury SA		398,035		1,213,794
Grendene SA		364,800		469,986
Grupo De Moda Soma SA		900,877		1,863,406
Grupo SBF SA		257,148		561,275
Guararapes Confeccoes SA		247,996		249,154
Hapvida Participacoes e Investimentos SA(a)(c)		5,381,399		5,459,529

Security	Shares		Value
Brazil (continued)
Hypera SA		477,849	$	4,367,786
Iguatemi SA		316,347		1,220,818
Iochpe Maxion SA		200,959		453,675
IRB Brasil Resseguros S/A(a)		68,877		354,543
JBS SA		908,987		3,595,623
JHSF Participacoes SA		829,657		841,702
Klabin SA		840,714		3,203,004
Light SA		409,871		307,627
Localiza Rent a Car SA		834,045		9,728,307
Localiza Rent a Car SA, NVS		3,645		42,515
Locaweb Servicos de Internet SA(a)(c)		714,459		902,169
LOG Commercial Properties e Participacoes SA		132,489		475,011
Lojas Renner SA		1,148,094		4,892,003
M. Dias Branco SA		291,652		1,966,064
Magazine Luiza SA(a)		3,584,164		3,127,839
Marfrig Global Foods SA		654,004		992,028
Minerva SA		748,465		2,062,728
Movida Participacoes SA		396,962		590,403
MRV Engenharia e Participacoes SA		482,399		667,108
Multiplan Empreendimentos Imobiliarios SA		436,437		2,045,355
Natura & Co. Holding SA		1,093,043		3,132,946
Odontoprev SA		388,267		870,413
Petro Rio SA(a)		919,391		7,624,916
Petroleo Brasileiro SA		4,281,928		24,849,910
Qualicorp Consultoria e Corretora de Seguros SA		337,193		419,141
Raia Drogasil SA		1,264,764		6,186,413
Rede D’Or Sao Luiz SA(c)		654,253		4,111,394
Rumo SA		1,484,719		5,375,792
Santos Brasil Participacoes SA		1,189,462		2,064,330
Sao Martinho SA		271,300		1,336,645
Sendas Distribuidora SA		946,352		3,663,262
SLC Agricola SA		159,768		1,614,581
Suzano SA		844,022		7,708,146
Telefonica Brasil SA		455,145		3,749,614
Tim SA		1,100,615		2,556,242
TOTVS SA		572,725		3,392,597
Transmissora Alianca de Energia Eletrica SA		383,484		2,799,661
Ultrapar Participacoes SA		573,630		1,490,491
Vale SA		4,302,939		80,111,649
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		559,595		1,611,662
Via S/A(a)		1,704,334		805,784
Vibra Energia SA		1,236,972		4,010,905
WEG SA		1,947,933		14,673,868
YDUQS Participacoes SA		368,709		750,303
				354,064,125
Canada — 7.7%
Advantage Energy Ltd.(a)		216,958		1,353,389
Aecon Group Inc.		112,124		944,654
Ag Growth International Inc.		33,722		1,262,407
Agnico Eagle Mines Ltd.		515,451		29,109,006
Air Canada(a)		178,859		3,035,313
Alamos Gold Inc., Class A		452,960		4,997,522
Algonquin Power & Utilities Corp.		758,294		5,528,129
Alimentation Couche-Tard Inc.		929,597		42,450,350
Allied Properties REIT		92,669		2,067,127
AltaGas Ltd.		313,740		5,866,635
Altus Group Ltd.(b)		57,920		2,478,648
ARC Resources Ltd.		763,912		8,876,088
Aritzia Inc.(a)		97,747		3,525,518

S C H E D U L E   O F   I N V E S T M E N T S 91

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Atco Ltd., Class I, NVS		77,675	$	2,471,729
Athabasca Oil Corp.(a)		715,686		1,576,010
ATS Corp.(a)		82,583		3,344,160
Aurora Cannabis Inc.(a)(b)		411,357		429,737
B2Gold Corp.		1,144,675		4,533,792
Badger Infrastructure Solutions Ltd.		67,485		1,607,812
Ballard Power Systems Inc.(a)(b)		276,158		1,807,776
Bank of Montreal		742,307		74,702,121
Bank of Nova Scotia (The)		1,330,955		72,051,925
Barrick Gold Corp.		1,921,108		37,568,848
Bausch Health Companies Inc.(a)		290,077		2,225,911
Baytex Energy Corp.(a)		772,184		3,574,953
BCE Inc.		23,811		1,125,634
BELLUS Health Inc.(a)		117,323		925,851
Birchcliff Energy Ltd.		315,321		2,021,486
BlackBerry Ltd.(a)		627,416		2,678,383
Boardwalk REIT		30,812		1,301,906
Bombardier Inc., Class B(a)		99,552		4,808,693
Boralex Inc., Class A		88,276		2,470,043
Boyd Group Services Inc.		22,337		3,415,980
Brookfield Asset Management Ltd.(a)(b)		400,730		13,083,094
Brookfield Corp.		1,570,432		58,424,249
Brookfield Infrastructure Corp., Class A		116,288		5,136,407
Brookfield Renewable Corp., Class A		146,655		4,619,376
BRP Inc.		48,776		4,070,196
CAE Inc.(a)		342,943		7,745,246
Cameco Corp.		487,141		13,630,649
Canada Goose Holdings Inc.(a)(b)		75,951		1,836,912
Canadian Apartment Properties REIT		89,680		3,316,114
Canadian Imperial Bank of Commerce		995,216		45,431,904
Canadian National Railway Co.		656,135		78,102,034
Canadian Natural Resources Ltd.		1,258,842		77,268,518
Canadian Pacific Railway Ltd.		1,044,811		82,466,688
Canadian Tire Corp. Ltd., Class A, NVS		64,644		7,686,055
Canadian Utilities Ltd., Class A, NVS		96,080		2,670,353
Canadian Western Bank		108,531		2,293,707
Canfor Corp.(a)		124,755		2,363,739
Canopy Growth Corp.(a)(b)		396,623		1,201,301
Capital Power Corp.		115,830		3,892,194
Capstone Mining Corp.(a)		355,603		1,745,209
Cardinal Energy Ltd.		202,952		1,168,398
Cascades Inc.		81,816		566,326
CCL Industries Inc., Class B, NVS		188,648		8,823,092
Celestica Inc.(a)		214,873		2,861,636
Cenovus Energy Inc.		1,569,968		31,362,782
Centerra Gold Inc.		332,046		2,131,204
CGI Inc.(a)		251,405		21,547,650
Choice Properties REIT		169,990		1,912,555
CI Financial Corp.		234,957		2,802,426
Cineplex Inc.(a)(b)		152,931		1,004,560
Cogeco Communications Inc.		31,647		1,635,212
Colliers International Group Inc.		41,047		4,403,170
Constellation Software Inc./Canada		23,089		40,792,851
Converge Technology Solutions Corp.(a)		316,448		1,369,915
Corus Entertainment Inc., Class B, NVS		256,820		434,290
Crescent Point Energy Corp.		697,223		5,208,671
Cronos Group Inc.(a)		367,918		929,093
Denison Mines Corp.(a)(b)		1,107,568		1,589,910
Descartes Systems Group Inc. (The)(a)		106,177		7,748,515
Dollarama Inc.		323,315		19,334,993

Security	Shares		Value
Canada (continued)
Dye & Durham Ltd.(b)		96,280	$	1,539,843
ECN Capital Corp.		471,881		1,035,581
Eldorado Gold Corp.(a)		161,013		1,541,698
Element Fleet Management Corp.		505,769		7,146,261
Emera Inc.		256,206		10,201,641
Empire Co. Ltd., Class A, NVS		203,556		5,857,848
Enbridge Inc.		2,239,316		91,689,854
Enerflex Ltd.		143,911		1,038,327
Energy Fuels Inc./Canada(a)		229,420		1,691,489
Enerplus Corp.		273,260		4,848,873
Enghouse Systems Ltd.		64,023		1,902,092
EQB Inc.(b)		34,676		1,718,489
Equinox Gold Corp.(a)		389,689		1,783,628
ERO Copper Corp.(a)(b)		113,747		1,867,928
Extendicare Inc.		266,686		1,344,905
Fairfax Financial Holdings Ltd.		26,444		17,506,840
Filo Mining Corp.(a)(b)		125,609		2,245,867
Finning International Inc.		193,387		5,456,201
First Capital Real Estate Investment Trust		212,481		2,866,509
First Majestic Silver Corp.		244,949		1,934,849
First Quantum Minerals Ltd.		668,543		15,510,821
FirstService Corp.		50,955		7,282,021
Fortis Inc.		491,345		20,188,517
Fortuna Silver Mines Inc.(a)		384,353		1,484,780
Franco-Nevada Corp.		219,427		32,186,365
Freehold Royalties Ltd.		239,927		2,899,572
George Weston Ltd.		88,657		11,405,373
GFL Environmental Inc.		212,447		6,555,991
Gibson Energy Inc.		168,325		3,014,682
Gildan Activewear Inc.		234,617		7,356,523
Granite REIT		52,438		3,209,219
Great-West Lifeco Inc.		313,223		8,307,572
H&R Real Estate Investment Trust		266,033		2,601,247
Headwater Exploration Inc.		313,018		1,529,155
Home Capital Group Inc.		80,743		2,574,212
Hudbay Minerals Inc.		349,291		2,029,251
Hut 8 Mining Corp.(a)(b)		343,012		665,117
Hydro One Ltd.(c)		372,807		10,193,318
iA Financial Corp. Inc.		127,022		7,840,605
IAMGOLD Corp.(a)		632,546		1,778,003
IGM Financial Inc.		38,148		1,190,700
Imperial Oil Ltd.		262,556		14,349,759
Innergex Renewable Energy Inc.		157,016		1,866,892
Intact Financial Corp.		199,804		28,986,634
Interfor Corp.(a)		107,727		2,154,459
InterRent REIT		192,469		2,084,460
Ivanhoe Mines Ltd., Class A(a)(b)		790,933		7,430,508
Jamieson Wellness Inc.(c)		76,864		2,141,482
Keyera Corp.		250,599		5,716,192
Killam Apartment REIT		112,738		1,559,039
Kinaxis Inc.(a)		34,566		4,017,611
Kinross Gold Corp.		1,366,658		6,357,982
Labrador Iron Ore Royalty Corp.		82,915		2,432,207
Largo Inc.(a)(b)		68,173		433,463
Laurentian Bank of Canada		50,223		1,350,176
Lightspeed Commerce Inc.(a)		159,452		2,884,529
Linamar Corp.		59,453		3,036,212
Lithium Americas Corp.(a)(b)		127,116		3,196,649
Loblaw Companies Ltd.		183,495		16,438,769
Lundin Mining Corp.		753,821		5,705,143

92 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
MAG Silver Corp.(a)		126,375	$	1,735,276
Magna International Inc.		312,560		20,291,558
Manulife Financial Corp.		2,056,509		40,695,864
Maple Leaf Foods Inc.(b)		110,105		2,092,785
Martinrea International Inc.		173,859		1,681,685
MEG Energy Corp.(a)		313,336		5,178,504
Methanex Corp.		78,549		3,718,023
Metro Inc.		284,802		15,458,570
MTY Food Group Inc.		36,128		1,868,919
Mullen Group Ltd.		107,538		1,137,977
National Bank of Canada		376,173		28,257,857
New Gold Inc.(a)		637,201		751,874
NexGen Energy Ltd.(a)		486,632		2,348,035
NFI Group Inc.(b)		89,214		724,816
North West Co. Inc. (The)		87,097		2,372,249
Northland Power Inc.		252,153		6,773,100
Novagold Resources Inc.(a)		329,026		2,077,200
Nutrien Ltd.		607,749		50,308,124
Nuvei Corp.(a)(c)		78,379		2,766,872
OceanaGold Corp.(a)		760,250		1,645,575
Onex Corp.		79,720		4,120,360
Open Text Corp.		316,180		10,605,474
Organigram Holdings Inc.(a)(b)		651,790		597,635
Osisko Gold Royalties Ltd.		244,133		3,267,828
Osisko Mining Inc.(a)		367,620		1,033,331
Pan American Silver Corp.		244,536		4,456,802
Paramount Resources Ltd., Class A		96,186		2,223,653
Parex Resources Inc.		179,673		3,058,580
Parkland Corp.		184,810		4,341,934
Pason Systems Inc.		167,374		1,985,015
Pembina Pipeline Corp.		629,667		22,341,572
Peyto Exploration & Development Corp.		214,208		1,952,834
Poseidon Concepts Corp.(a)(d)		293		—
Power Corp. of Canada		653,503		17,725,695
PrairieSky Royalty Ltd.		282,224		4,848,852
Precision Drilling Corp.(a)		13,761		1,096,909
Premium Brands Holdings Corp.(b)		40,534		2,834,379
Primo Water Corp.		173,667		2,714,872
Prinmaris REIT		137,442		1,577,347
Quebecor Inc., Class B		139,177		3,301,211
Restaurant Brands International Inc.		317,247		21,227,688
Richelieu Hardware Ltd.		83,619		2,486,794
RioCan REIT		188,338		3,266,951
Ritchie Bros Auctioneers Inc.		134,374		8,125,762
Rogers Communications Inc., Class B, NVS		413,641		20,110,809
Royal Bank of Canada		1,542,194		157,818,294
Sandstorm Gold Ltd.		300,630		1,744,289
Saputo Inc.		271,898		7,495,561
Seabridge Gold Inc.(a)		141,287		1,858,271
Secure Energy Services Inc.		308,052		1,875,331
Shaw Communications Inc., Class B, NVS		525,376		15,636,308
Shopify Inc., Class A(a)		1,324,289		65,261,456
Silvercorp Metals Inc.		259,981		904,673
SilverCrest Metals Inc.(a)		319,123		2,086,633
Sleep Country Canada Holdings Inc.(c)		67,946		1,322,101
SmartCentres Real Estate Investment Trust		137,234		2,908,571
SNC-Lavalin Group Inc.(b)		194,652		4,176,705
Spartan Delta Corp.		174,906		1,975,752
Spin Master Corp.(c)		48,172		1,265,712
SSR Mining Inc.		263,861		4,458,003

Security	Shares		Value
Canada (continued)
Stantec Inc.		137,968	$	7,192,109
Stelco Holdings Inc.		41,696		1,622,338
Stella-Jones Inc.		61,576		2,240,810
StorageVault Canada Inc., NVS(b)		214,857		1,038,315
Summit Industrial Income REIT		152,259		2,618,230
Sun Life Financial Inc.		652,023		32,764,088
Suncor Energy Inc.		1,544,006		53,588,514
SunOpta Inc.(a)		84,212		689,240
Superior Plus Corp.		305,170		2,467,874
Tamarack Valley Energy Ltd.		580,285		2,102,118
TC Energy Corp.		1,117,643		48,156,381
Teck Resources Ltd., Class B		536,274		23,199,377
TELUS Corp.		504,771		10,876,543
TELUS Corp., NVS		47,398		1,021,307
TFI International Inc.		97,455		10,854,050
Thomson Reuters Corp.		192,212		22,865,218
TMX Group Ltd.		68,858		6,786,696
Torex Gold Resources Inc.(a)(b)		122,328		1,681,545
Toromont Industries Ltd.		105,171		8,401,507
Toronto-Dominion Bank (The)		2,017,803		139,610,643
Tourmaline Oil Corp.		364,530		16,988,843
TransAlta Corp.		359,824		3,493,988
TransAlta Renewables Inc.		167,561		1,541,428
Transcontinental Inc., Class A		168,578		1,883,999
Tricon Residential Inc.		399,057		3,464,062
Trisura Group Ltd.(a)		62,256		1,960,955
Uni-Select Inc.(a)		54,653		1,629,876
Vermilion Energy Inc.		211,899		3,248,837
Wesdome Gold Mines Ltd.(a)		241,604		1,120,361
West Fraser Timber Co. Ltd.		70,836		6,159,120
Westshore Terminals Investment Corp.		54,213		998,655
Wheaton Precious Metals Corp.		508,027		23,229,764
Whitecap Resources Inc.		739,102		6,160,341
Winpak Ltd.		46,105		1,440,099
WSP Global Inc.		140,684		17,940,897
Yamana Gold Inc.		1,012,113		6,108,201
				2,427,033,802
Cayman Islands — 0.0%
Gushengtang Holdings Ltd.(a)(b)		134,900		920,825
Haichang Ocean Park Holdings Ltd.(a)(c)		3,766,000		889,520
HUTCHMED China Ltd.(a)		617,345		2,279,503
Keymed Biosciences Inc.(a)(c)		191,500		1,645,385
Polaris Group/Tw(a)		346,000		1,182,226
				6,917,459
Chile — 0.1%
Aguas Andinas SA, Class A		3,934,488		942,808
Banco de Chile		42,275,329		4,619,645
Banco de Credito e Inversiones SA		72,375		2,181,736
Banco Santander Chile		64,869,500		2,727,085
CAP SA		122,273		1,129,360
Cencosud SA		1,458,586		2,619,814
Cia. Cervecerias Unidas SA		227,381		1,749,562
Cia. Sud Americana de Vapores SA		21,988,929		1,911,350
Colbun SA		11,305,042		1,315,588
Empresa Nacional de Telecomunicaciones SA		251,150		963,711
Empresas CMPC SA		1,019,694		1,753,379
Empresas COPEC SA		410,247		3,094,288
Enel Americas SA		30,984,005		4,101,857
Enel Chile SA		37,146,851		1,749,828

S C H E D U L E   O F   I N V E S T M E N T S 93

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile (continued)
Engie Energia Chile SA(a)		945,785	$	602,298
Falabella SA		796,917		1,852,713
Inversiones Aguas Metropolitanas SA		974,655		574,653
Itau CorpBanca Chile SA		302,129,924		687,250
Parque Arauco SA		928,516		1,195,407
Vina Concha y Toro SA		836,431		1,068,448
				36,840,780
China — 8.4%
360 DigiTech Inc.		122,421		2,954,019
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		450,800		1,367,331
3SBio Inc.(c)		2,202,500		2,399,013
AAC Technologies Holdings Inc.(a)		732,500		1,951,960
AECC Aviation Power Co. Ltd., Class A		252,600		1,702,355
Agile Group Holdings Ltd.(a)(b)		1,466,250		471,676
Agora Inc., ADR(a)(b)		109,070		424,282
Agricultural Bank of China Ltd., Class A		6,635,600		2,860,717
Agricultural Bank of China Ltd., Class H		32,562,000		11,720,140
Aier Eye Hospital Group Co. Ltd., Class A		606,536		2,963,287
Air China Ltd., Class H(a)		2,018,000		1,800,827
AK Medical Holdings Ltd.(c)		1,234,000		1,403,082
Akeso Inc.(a)(b)(c)		620,000		3,771,564
Alibaba Group Holding Ltd.(a)		16,541,672		227,425,813
Alibaba Health Information Technology Ltd.(a)		5,334,000		4,763,872
Alibaba Pictures Group Ltd.(a)		19,990,000		1,508,993
A-Living Smart City Services Co. Ltd., Class A(c)		844,500		1,068,730
Aluminum Corp. of China Ltd., Class H		4,782,000		2,555,471
Anhui Conch Cement Co. Ltd., Class A		520,187		2,271,735
Anhui Conch Cement Co. Ltd., Class H		1,192,000		4,525,334
Anhui Gujing Distillery Co. Ltd., Class A		46,300		1,911,302
ANTA Sports Products Ltd.		1,348,000		20,447,280
Anxin-China Holdings Ltd.(d)		1,004,000		1
Asia Cement China Holdings Corp.		668,000		314,654
Autohome Inc., ADR		77,432		2,699,280
AviChina Industry & Technology Co. Ltd., Class H		3,293,000		1,712,728
Baidu Inc.(a)		2,422,456		40,721,576
Bank of Beijing Co. Ltd., Class A		6,118,093		3,854,334
Bank of China Ltd., Class A		4,209,200		2,008,265
Bank of China Ltd., Class H		87,385,000		33,264,374
Bank of Communications Co. Ltd., Class A		4,746,563		3,412,098
Bank of Communications Co. Ltd., Class H		8,460,000		5,229,117
Bank of Jiangsu Co. Ltd., Class A		985,500		1,085,404
Bank of Nanjing Co. Ltd., Class A		687,700		1,058,812
Bank of Ningbo Co. Ltd., Class A		865,771		4,219,343
Bank of Shanghai Co. Ltd., Class A		4,097,251		3,638,313
Baoshan Iron & Steel Co. Ltd., Class A		2,680,476		2,457,702
Baozun Inc., ADR(a)(b)		103,875		790,489
BeiGene Ltd.(a)		708,279		13,921,588
Beijing Capital International Airport Co. Ltd., Class H(a)		2,456,000		1,867,924
Beijing Enterprises Holdings Ltd.		620,000		2,105,402
Beijing Enterprises Water Group Ltd.		7,510,000		1,919,073
Beijing Kingsoft Office Software Inc., Class A		30,800		1,286,126
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		40,300		802,098
Bilibili Inc.(a)		206,084		5,143,183
BOC Aviation Ltd.(c)		229,000		1,907,100
BOE Technology Group Co. Ltd., Class A		5,241,300		3,096,737
BOE Varitronix Ltd.		426,000		1,014,672
Bosideng International Holdings Ltd.		4,026,000		2,243,597

Security	Shares		Value
China (continued)
BYD Co. Ltd., Class A		140,700	$	6,011,661
BYD Co. Ltd., Class H		897,000		28,405,786
BYD Electronic International Co. Ltd.		740,500		2,566,686
C&D International Investment Group Ltd.		709,000		2,254,334
CGN New Energy Holdings Co. Ltd.		2,778,000		1,058,474
CGN Power Co. Ltd., Class H(c)		4,658,000		1,088,383
Changchun High & New Technology Industry Group Inc., Class A		51,400		1,535,287
China Aoyuan Group Ltd.(a)(b)(d)		1,687,000		165,418
China BlueChemical Ltd., Class H		4,830,000		1,327,777
China Cinda Asset Management Co. Ltd., Class H		10,660,000		1,513,491
China CITIC Bank Corp. Ltd., Class H		7,818,000		3,771,794
China Coal Energy Co. Ltd., Class H		2,242,000		1,799,154
China Communications Services Corp. Ltd., Class H		2,322,000		883,613
China Conch Environment Protection Holdings Ltd.(a)		2,901,000		1,269,829
China Conch Venture Holdings Ltd.		1,743,500		3,699,855
China Construction Bank Corp., Class H		108,378,000		70,152,079
China CSSC Holdings Ltd., Class A		298,400		1,050,734
China Datang Corp. Renewable Power Co. Ltd., Class H		2,644,000		872,426
China East Education Holdings Ltd.(c)		762,500		583,205
China Eastern Airlines Corp. Ltd., Class A(a)		4,380,693		3,490,704
China Education Group Holdings Ltd.		1,390,000		2,207,178
China Everbright Bank Co. Ltd., Class A		4,972,400		2,263,227
China Everbright Bank Co. Ltd., Class H		3,268,000		1,043,194
China Everbright Environment Group Ltd.		3,706,629		1,648,279
China Everbright Ltd.		1,114,000		865,288
China Evergrande Group(a)(b)(d)		2,911,000		396,187
China Feihe Ltd.(c)		3,786,000		3,632,432
China Galaxy Securities Co. Ltd., Class H		3,736,500		2,014,175
China Gas Holdings Ltd.		3,479,200		5,416,482
China Hongqiao Group Ltd.		2,739,000		3,185,797
China International Capital Corp. Ltd., Class H(c)		1,605,200		3,587,022
China Jinmao Holdings Group Ltd.		4,948,000		1,136,530
China Lesso Group Holdings Ltd.		1,399,000		1,590,249
China Life Insurance Co. Ltd., Class A		306,300		1,547,780
China Life Insurance Co. Ltd., Class H		8,952,000		16,478,589
China Literature Ltd.(a)(c)		403,600		2,116,034
China Longyuan Power Group Corp. Ltd., Class H		3,566,000		4,922,651
China Medical System Holdings Ltd.		1,332,000		2,299,320
China Meidong Auto Holdings Ltd.		788,000		1,955,137
China Mengniu Dairy Co. Ltd.		3,340,000		16,111,734
China Merchants Bank Co. Ltd., Class A		1,650,231		10,118,133
China Merchants Bank Co. Ltd., Class H		4,141,677		26,863,443
China Merchants Port Holdings Co. Ltd.		1,282,000		1,797,138
China Merchants Securities Co. Ltd., Class A		1,088,572		2,309,182
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,631,782		3,595,060
China Metal Recycling Holdings Ltd.(d)		3,000		—
China Minsheng Banking Corp. Ltd., Class A		4,029,399		2,084,456
China Minsheng Banking Corp. Ltd., Class H		4,566,000		1,707,119
China National Building Material Co. Ltd., Class H		4,004,000		3,673,896
China National Nuclear Power Co. Ltd., Class A		4,548,700		4,077,462
China Nonferrous Mining Corp Ltd.		2,452,000		1,340,143
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		366,400		1,581,475
China Oilfield Services Ltd., Class H		2,112,000		2,559,814
China Oriental Group Co. Ltd.		1,786,000		367,531

94 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Overseas Grand Oceans Group Ltd.		2,132,000	$	994,836
China Overseas Land & Investment Ltd.		4,112,500		11,104,860
China Overseas Property Holdings Ltd.		2,010,000		2,629,137
China Pacific Insurance Group Co. Ltd., Class A		654,988		2,512,052
China Pacific Insurance Group Co. Ltd., Class H		2,591,000		7,123,866
China Petroleum & Chemical Corp., Class A		3,032,348		2,034,151
China Petroleum & Chemical Corp., Class H		29,240,200		15,788,809
China Power International Development Ltd.		6,887,000		2,960,771
China Railway Group Ltd., Class A		3,640,186		3,078,889
China Railway Group Ltd., Class H		3,186,000		1,738,071
China Renewable Energy Investment Ltd.(d)		4,386		—
China Resources Beer Holdings Co. Ltd.		1,742,000		13,114,258
China Resources Cement Holdings Ltd.		2,394,000		1,384,507
China Resources Gas Group Ltd.		1,048,400		4,408,770
China Resources Land Ltd.		3,458,666		16,575,842
China Resources Medical Holdings Co. Ltd.		2,359,500		1,846,763
China Resources Mixc Lifestyle Services Ltd.(c)		706,200		4,068,880
China Resources Pharmaceutical Group Ltd.(c)		1,498,500		1,128,739
China Resources Power Holdings Co. Ltd.		2,090,000		4,353,367
China Ruyi Holdings Ltd.(a)		7,075,600		1,891,890
China Shenhua Energy Co. Ltd., Class A		1,043,400		4,396,671
China Shenhua Energy Co. Ltd., Class H		3,472,000		10,807,015
China Shineway Pharmaceutical Group Ltd.		1,084,000		1,012,025
China Southern Airlines Co. Ltd., Class H(a)(b)		3,482,000		2,312,979
China State Construction Engineering Corp. Ltd., Class A		5,004,580		4,113,934
China State Construction International Holdings Ltd.		2,024,000		2,424,231
China Taiping Insurance Holdings Co. Ltd.		1,421,568		1,968,916
China Three Gorges Renewables Group Co. Ltd., Class A		2,634,400		2,247,944
China Tourism Group Duty Free Corp. Ltd., Class A		144,992		4,592,274
China Tower Corp. Ltd., Class H(c)		48,794,000		5,544,015
China Traditional Chinese Medicine Holdings Co. Ltd.		4,206,000		2,015,142
China Travel International Investment Hong Kong Ltd.(a)(b)		4,846,000		1,034,684
China United Network Communications Ltd., Class A		2,066,300		1,602,628
China Vanke Co. Ltd., Class A		1,031,192		2,797,269
China Vanke Co. Ltd., Class H		1,554,300		3,142,017
China Water Affairs Group Ltd.		1,792,000		1,557,546
China Yangtze Power Co. Ltd., Class A		1,724,638		5,313,376
China Yuhua Education Corp. Ltd.(a)(b)(c)(d)		2,044,000		274,883
Chinasoft International Ltd.		2,828,000		2,486,299
Chindata Group Holdings Ltd., ADR(a)(b)		186,641		1,547,254
Chongqing Changan Automobile Co. Ltd., Class A		546,800		1,151,537
Chongqing Zhifei Biological Products Co. Ltd., Class A		164,600		2,394,629
CIFI Ever Sunshine Services Group Ltd.		1,398,000		767,746
CIFI Holdings Group Co. Ltd.		4,558,384		676,401
CIMC Enric Holdings Ltd.		846,000		949,510
CITIC Ltd.		5,742,000		6,719,130
CITIC Securities Co. Ltd., Class A		1,266,425		4,032,092
CITIC Securities Co. Ltd., Class H		2,617,425		5,988,182
CMOC Group Ltd., Class H		4,962,000		2,872,024
COFCO Joycome Foods Ltd.		3,950,000		1,282,496
Contemporary Amperex Technology Co. Ltd., Class A		171,999		11,934,165
COSCO SHIPPING Holdings Co. Ltd., Class A		766,170		1,210,574
COSCO SHIPPING Holdings Co. Ltd., Class H		4,245,800		4,404,084

Security	Shares		Value
China (continued)
COSCO SHIPPING Ports Ltd.		2,922,000	$	2,210,510
Country Garden Holdings Co. Ltd.(b)		13,702,866		5,141,741
Country Garden Services Holdings Co. Ltd.		2,447,000		6,615,368
CRRC Corp. Ltd., Class A		2,376,500		1,885,868
CSC Financial Co. Ltd., Class A		559,700		2,246,652
CSPC Pharmaceutical Group Ltd.		10,059,440		11,469,800
CStone Pharmaceuticals(a)(b)(c)		1,950,500		1,239,500
Dali Foods Group Co. Ltd.(c)		2,832,500		1,263,095
Daqin Railway Co. Ltd., Class A		992,000		985,162
Daqo New Energy Corp., ADR(a)		69,142		3,146,652
Differ Group Auto Ltd.(b)		8,114,000		233,082
Digital China Holdings Ltd.		1,665,000		849,183
Dongfeng Motor Group Co. Ltd., Class H		2,284,000		1,361,758
Dongyue Group Ltd.		1,692,000		2,025,615
DouYu International Holdings Ltd., ADR(a)		307,205		559,113
East Money Information Co. Ltd., Class A		1,169,180		3,918,917
ENN Energy Holdings Ltd.		854,700		12,877,527
Eve Energy Co. Ltd., Class A		199,243		2,618,040
Far East Horizon Ltd.		2,176,000		1,965,527
FIH Mobile Ltd. (a)		9,384,000		995,426
Flat Glass Group Co. Ltd., Class H		743,000		2,326,203
Focus Media Information Technology Co. Ltd., Class A		2,227,900		2,299,768
Foshan Haitian Flavouring & Food Co. Ltd., Class A		305,002		3,594,487
Fosun International Ltd.		2,748,500		2,551,832
Foxconn Industrial Internet Co. Ltd., Class A		2,176,600		3,072,152
Fu Shou Yuan International Group Ltd.(b)		2,319,000		1,956,695
Fufeng Group Ltd.		1,738,000		1,219,659
Fuyao Glass Industry Group Co. Ltd., Class H(c)		728,000		3,582,894
Ganfeng Lithium Co. Ltd., Class H(b)(c)		381,240		3,481,934
Ganfeng Lithium Group Co. Ltd., Class A		176,680		2,078,344
GCL-Poly Energy Holdings Ltd.(a)		22,671,000		6,278,261
GDS Holdings Ltd., Class A(a)		826,988		2,411,585
Geely Automobile Holdings Ltd.		6,636,000		10,765,579
Genertec Universal Medical Group Co. Ltd.(c)		2,554,500		1,565,463
Genscript Biotech Corp.(a)		1,278,000		4,330,525
GF Securities Co. Ltd., Class A		395,000		1,022,611
GF Securities Co. Ltd., Class H		1,449,000		2,372,837
GigaDevice Semiconductor Inc., Class A		112,680		1,922,809
GoerTek Inc., Class A		416,900		1,282,072
GOME Retail Holdings Ltd.(a)(b)		17,279,000		309,471
Great Wall Motor Co. Ltd., Class H		3,812,500		5,383,065
Gree Electric Appliances Inc. of Zhuhai, Class A		187,900		965,947
Greentown China Holdings Ltd.		1,272,500		1,876,138
Greentown Service Group Co. Ltd.		1,724,000		1,258,618
Guangdong Haid Group Co. Ltd., Class A		243,000		2,245,294
Guangdong Investment Ltd.		2,860,000		3,107,158
Guangzhou Automobile Group Co. Ltd., Class H		3,195,600		2,299,015
Guangzhou R&F Properties Co. Ltd., Class H(a)(b)		1,764,400		483,799
Guangzhou Tinci Materials Technology Co. Ltd., Class A		128,500		939,689
Guotai Junan Securities Co. Ltd., Class A		1,801,894		3,818,472
H World Group Ltd., ADR		220,488		10,468,770
Haidilao International Holding Ltd.(a)(c)		1,141,000		3,111,179
Haier Smart Home Co. Ltd., Class A		618,100		2,362,826
Haier Smart Home Co. Ltd., Class H		2,620,600		9,665,083
Haitian International Holdings Ltd.		690,000		2,117,578
Haitong Securities Co. Ltd., Class A		1,263,029		1,751,355
Haitong Securities Co. Ltd., Class H		2,942,800		2,030,018
Hangzhou Tigermed Consulting Co. Ltd., Class A		83,900		1,450,796

S C H E D U L E   O F   I N V E S T M E N T S 95

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		94,400	$	1,238,308
Hansoh Pharmaceutical Group Co. Ltd.(c)		1,130,000		2,312,783
Harbin Electric Co. Ltd., Class H(a)		1,504,000		772,049
Henan Shuanghui Investment & Development Co. Ltd., Class A		518,941		1,963,082
Hengan International Group Co. Ltd.		536,500		2,639,235
Hengli Petrochemical Co. Ltd., Class A		722,700		1,879,553
Hithink RoyalFlush Information Network Co. Ltd., Class A		117,900		2,070,972
Hope Education Group Co. Ltd.(c)		7,982,000		816,711
Hopson Development Holdings Ltd.		976,904		1,157,881
Hua Hong Semiconductor Ltd.(a)(c)		649,000		2,509,554
Huabao International Holdings Ltd.		1,022,000		522,825
Hualan Biological Engineering Inc., Class A		427,000		1,414,336
Huaneng Power International Inc., Class H(a)		5,572,000		2,720,470
Huatai Securities Co. Ltd., Class A		878,900		1,693,751
Huatai Securities Co. Ltd., Class H(c)		1,660,400		2,149,917
Huaxia Bank Co. Ltd., Class A		857,031		662,174
Hundsun Technologies Inc., Class A		428,248		3,003,678
HUYA Inc., ADR(a)		153,430		843,865
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c)		515,600		4,092,122
Iflytek Co. Ltd., Class A		402,600		2,425,707
I-Mab, ADR(a)		66,343		399,385
Imeik Technology Development Co. Ltd., Class A		14,400		1,273,737
Industrial & Commercial Bank of China Ltd., Class A		5,316,141		3,403,196
Industrial & Commercial Bank of China Ltd., Class H		62,465,000		33,413,698
Industrial Bank Co. Ltd., Class A		1,567,998		4,104,633
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		3,041,700		922,120
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		577,300		2,790,146
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,658,384		3,995,466
Innovent Biologics Inc.(a)(c)		1,240,000		6,753,599
Inspur Electronic Information Industry Co. Ltd., Class A		712,900		2,509,041
iQIYI Inc., ADR(a)		368,199		2,466,933
JA Solar Technology Co. Ltd., Class A		256,340		2,512,647
Jafron Biomedical Co. Ltd., Class A		229,100		1,147,845
JD Health International Inc.(a)(c)		1,281,250		10,639,925
JD.com Inc., Class A		2,409,890		71,557,712
Jiangsu Expressway Co. Ltd., Class H		1,474,000		1,451,714
Jiangsu Hengli Hydraulic Co. Ltd., Class A		191,996		1,864,477
Jiangsu Hengrui Medicine Co. Ltd., Class A		516,659		3,237,420
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		145,500		3,796,748
Jiangxi Copper Co. Ltd., Class H		1,142,000		1,966,586
JinkoSolar Holding Co. Ltd., ADR(a)(b)		49,236		2,775,926
Jinxin Fertility Group Ltd.(b)(c)		2,334,500		2,174,989
Jiumaojiu International Holdings Ltd.(c)		953,000		2,441,758
Joy Spreader Group Inc.(a)(b)		3,884,000		789,013
JOYY Inc., ADR		64,271		2,293,189
Kaisa Group Holdings Ltd.(a)(d)		4,040,000		153,281
Kanzhun Ltd., ADR(a)		201,016		4,882,679
KE Holdings Inc., ADR(a)		747,623		13,711,406
Kingboard Holdings Ltd.		626,000		2,557,108
Kingboard Laminates Holdings Ltd.		1,899,500		2,316,095
Kingdee International Software Group Co. Ltd.(a)(b)		2,840,000		6,198,329
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		118,710		569,808

Security	Shares		Value
China (continued)
Kingsoft Corp. Ltd.		1,068,000	$	3,932,418
Kintor Pharmaceutical Ltd. (a)(b)(c)		605,500		807,095
Koolearn Technology Holding Ltd.(a)(b)(c)		436,500		3,545,369
Kuaishou Technology(a)(c)		1,962,200		17,265,020
Kunlun Energy Co. Ltd.		3,754,000		2,960,610
Kweichow Moutai Co. Ltd., Class A		94,030		25,787,448
KWG Group Holdings Ltd.(a)		1,594,500		423,602
Lee & Man Paper Manufacturing Ltd.(b)		1,583,000		693,636
Legend Biotech Corp., ADR(a)		67,681		3,417,891
Lenovo Group Ltd.		7,374,000		5,914,456
Lepu Medical Technology Beijing Co. Ltd., Class A		588,500		1,948,023
LexinFintech Holdings Ltd., ADR(a)		218,992		727,053
Li Auto Inc.(a)		1,271,818		15,562,256
Li Ning Co. Ltd.		2,663,500		26,330,467
Lifetech Scientific Corp. (a)		6,158,000		2,455,805
Lingyi iTech Guangdong Co., Class A(a)		1,845,400		1,470,920
Longfor Group Holdings Ltd.(c)		2,058,500		6,801,512
LONGi Green Energy Technology Co. Ltd., Class A		621,560		4,456,864
Lonking Holdings Ltd.		3,030,000		619,078
Lufax Holding Ltd., ADR		861,320		2,627,026
Luxshare Precision Industry Co. Ltd., Class A		550,931		2,668,770
Luye Pharma Group Ltd. (a)(c)		2,744,000		1,409,582
Luzhou Laojiao Co. Ltd., Class A		116,900		4,121,284
Mango Excellent Media Co. Ltd., Class A		241,897		1,096,456
Maoyan Entertainment(a)(b)(c)		1,662,000		2,089,571
Meitu Inc.(a)(b)(c)		4,559,500		1,131,426
Meituan, Class B(a)(c)		5,620,590		125,653,216
MH Development Ltd.(d)		264,000		8,575
Microport Scientific Corp.(a)(b)		906,700		2,845,065
Ming Yuan Cloud Group Holdings Ltd.(b)		1,126,000		1,058,260
Minth Group Ltd.		760,000		2,230,601
MMG Ltd.(a)		4,678,000		1,516,518
Muyuan Foods Co. Ltd., Class A		425,910		3,154,916
NARI Technology Co. Ltd., Class A		725,778		2,844,895
NAURA Technology Group Co. Ltd., Class A		59,300		2,070,570
NetDragon Websoft Holdings Ltd.		629,000		1,461,062
NetEase Inc.		2,242,525		39,787,132
New China Life Insurance Co. Ltd., Class A		655,801		3,029,615
New China Life Insurance Co. Ltd., Class H		652,100		1,748,906
New Hope Liuhe Co. Ltd., Class A(a)		868,700		1,688,946
New Oriental Education & Technology Group Inc.(a)		1,660,550		7,048,733
Nexteer Automotive Group Ltd.(b)		1,630,000		1,185,697
Nine Dragons Paper Holdings Ltd.		1,637,000		1,467,497
NIO Inc., ADR(a)		1,553,640		18,752,435
Noah Holdings Ltd., ADR(a)(b)		57,482		1,088,134
Nongfu Spring Co. Ltd., Class H(c)		1,939,600		10,979,697
Orient Overseas International Ltd.(b)		156,000		2,593,162
People’s Insurance Co. Group of China Ltd. (The), Class H		14,743,000		4,970,229
PetroChina Co. Ltd., Class A		1,556,200		1,196,824
PetroChina Co. Ltd., Class H		23,176,000		12,398,001
Pharmaron Beijing Co. Ltd., Class H(c)		326,400		2,392,484
PICC Property & Casualty Co. Ltd., Class H		7,082,520		6,658,644
Pinduoduo Inc., ADR(a)		564,852		55,344,199
Ping An Bank Co. Ltd., Class A		1,677,600		3,740,379
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		693,300		1,835,856
Ping An Insurance Group Co. of China Ltd., Class A		1,002,063		7,598,490
Ping An Insurance Group Co. of China Ltd., Class H		6,855,500		53,251,480
Poly Developments and Holdings Group Co. Ltd., Class A		1,583,736		3,691,458

96 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Poly Property Group Co. Ltd.		3,035,000	$	720,387
Pop Mart International Group Ltd.(b)(c)		822,000		2,665,359
Postal Savings Bank of China Co. Ltd., Class A		1,764,800		1,260,687
Postal Savings Bank of China Co. Ltd., Class H(c)		9,945,000		6,767,643
Pou Sheng International Holdings Ltd.		2,906,000		348,103
Power Construction Corp. of China Ltd., Class A		1,010,600		1,053,111
Q Technology Group Co. Ltd.(a)(b)		1,219,000		826,195
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		1,099,900		4,093,948
Redco Properties Group Ltd.(a)(b)(c)		2,164,000		424,713
RLX Technology Inc., ADR(a)		610,599		1,514,286
Rongsheng Petrochemical Co. Ltd., Class A		1,085,400		2,134,300
SAIC Motor Corp. Ltd., Class A		1,039,152		2,318,814
Sangfor Technologies Inc., Class A		79,300		1,778,829
Sany Heavy Equipment International Holdings Co. Ltd.		2,174,000		2,196,175
Sany Heavy Industry Co. Ltd., Class A		787,100		2,048,175
Seazen Group Ltd.(a)		2,498,000		973,299
Seazen Holdings Co. Ltd., Class A(a)		352,900		1,116,378
SF Holding Co. Ltd., Class A		453,200		3,956,772
Shaanxi Coal Industry Co. Ltd., Class A		1,402,700		4,068,841
Shandong Gold Mining Co. Ltd., Class A		902,628		2,653,905
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(b)		2,643,200		4,394,003
Shanghai Baosight Software Co. Ltd., Class A		369,434		2,741,847
Shanghai Baosight Software Co. Ltd., Class B		141,951		444,920
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		669,500		2,158,758
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		428,000		1,784,050
Shanghai Industrial Holdings Ltd.		668,000		900,298
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		1,714,575		1,374,047
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,312,200		2,313,664
Shanghai Pudong Development Bank Co. Ltd., Class A		2,416,699		2,641,416
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		93,440		4,046,485
Shengyi Technology Co. Ltd., Class A		556,900		1,335,141
Shennan Circuits Co. Ltd., Class A		117,500		1,332,158
Shenwan Hongyuan Group Co. Ltd., Class A		5,901,533		3,635,194
Shenzhen Inovance Technology Co. Ltd., Class A		317,350		3,358,934
Shenzhen International Holdings Ltd.		1,275,000		1,243,948
Shenzhen Investment Ltd.		10,854,000		2,130,174
Shenzhen Kangtai Biological Products Co. Ltd., Class A		251,660		1,373,851
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		93,800		4,638,796
Shenzhou International Group Holdings Ltd.		893,300		11,249,876
Shimao Group Holdings Ltd.(a)(b)(d)		1,218,500		281,250
Shougang Fushan Resources Group Ltd.		7,226,000		2,617,415
Shui On Land Ltd.(b)		12,788,500		1,732,097
Sihuan Pharmaceutical Holdings Group Ltd.		7,335,000		939,179
Sino Biopharmaceutical Ltd.		11,455,000		6,665,521
Sinofert Holdings Ltd.		7,390,000		1,019,702
Sino-Ocean Group Holding Ltd.(b)		3,608,000		543,044
Sinopec Engineering Group Co. Ltd., Class H		2,518,000		1,269,240
Sinopec Kantons Holdings Ltd.		2,400,000		852,200
Sinopharm Group Co. Ltd., Class H		2,291,200		5,615,713
Skyworth Group Ltd.		2,820,000		1,806,573

Security	Shares		Value
China (continued)
Smoore International Holdings Ltd.(b)(c)		1,961,000	$	2,956,142
SOHO China Ltd.(a)		3,560,000		689,725
SooChow Securities Co. Ltd., Class A		2,174,264		2,293,208
SSY Group Ltd.		2,424,000		1,507,965
Sunac China Holdings Ltd.(a)(d)		3,091,000		634,181
Sunac Services Holdings Ltd.(b)(c)		1,560,000		776,293
Sungrow Power Supply Co. Ltd., Class A		235,400		4,558,926
Sunny Optical Technology Group Co. Ltd.		787,500		10,628,997
TAL Education Group, ADR(a)		491,021		3,589,364
TCL Technology Group Corp., Class A		2,540,600		1,584,947
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		415,100		2,618,798
Tencent Holdings Ltd.		6,962,300		339,265,288
Tencent Music Entertainment Group, ADR(a)		777,896		6,526,547
Tianneng Power International Ltd.(b)		1,432,000		2,122,265
Tianqi Lithium Corp., Class A(a)		279,400		4,003,444
Tingyi Cayman Islands Holding Corp.		1,880,000		3,127,591
Tong Ren Tang Technologies Co. Ltd., Class H		1,590,000		1,196,861
Tongcheng Travel Holdings Ltd.(a)		1,288,800		2,920,175
Tongdao Liepin Group(a)		487,800		668,926
Tongwei Co. Ltd., Class A		420,400		2,637,706
Topsports International Holdings Ltd.(c)		1,969,000		1,855,316
Towngas Smart Energy Co. Ltd.		2,091,000		1,086,759
TravelSky Technology Ltd., Class H		1,265,000		2,629,370
Trina Solar Co. Ltd.		182,178		1,935,390
Trip.com Group Ltd., ADR(a)(b)		609,004		22,386,987
Tsingtao Brewery Co. Ltd., Class H		716,000		6,912,863
Unigroup Guoxin Microelectronics Co. Ltd., Class A		150,217		2,806,229
Uni-President China Holdings Ltd.		1,755,000		1,688,383
Unisplendour Corp. Ltd., Class A		578,740		1,977,536
Venus MedTech Hangzhou Inc., Class H(a)(c)		587,500		1,146,526
Vinda International Holdings Ltd.		546,000		1,506,822
Vipshop Holdings Ltd., ADR(a)		504,042		7,797,530
Vnet Group Inc., ADR(a)(b)		121,075		711,921
Walvax Biotechnology Co. Ltd., Class A		226,300		1,343,589
Wanhua Chemical Group Co. Ltd., Class A		243,487		3,494,276
Want Want China Holdings Ltd.		5,533,000		3,603,643
Weibo Corp., ADR(a)		75,313		1,713,371
Weichai Power Co. Ltd., Class H		2,213,000		3,341,821
Weimob Inc.(a)(c)		2,825,000		2,275,083
Wens Foodstuffs Group Co. Ltd., Class A		1,523,357		4,551,876
West China Cement Ltd.		4,158,000		509,748
Will Semiconductor Co. Ltd. Shanghai, Class A		113,130		1,587,244
Wingtech Technology Co. Ltd., Class A		201,600		1,755,679
Wuliangye Yibin Co. Ltd., Class A		277,374		8,633,383
WuXi AppTec Co. Ltd., Class A		224,761		3,122,903
WuXi AppTec Co. Ltd., Class H(c)		338,150		4,393,931
Wuxi Biologics Cayman Inc., New(a)(c)		4,038,500		33,723,092
XD Inc.(a)		525,000		1,789,083
Xiaomi Corp., Class B(a)(c)		17,583,000		29,086,659
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,109,000		1,930,607
Xinyi Solar Holdings Ltd.		5,437,600		7,074,116
XPeng Inc.(a)(b)		973,306		5,122,518
Xtep International Holdings Ltd.		1,731,000		2,308,044
Yadea Group Holdings Ltd.(c)		1,728,000		3,939,593
Yankuang Energy Group Co. Ltd., Class A		169,500		864,124
Yankuang Energy Group Co. Ltd., Class H		1,838,000		5,911,099
Yeahka Ltd.(a)(b)		298,800		993,237
Yihai International Holding Ltd.(b)		602,000		2,142,193

S C H E D U L E   O F   I N V E S T M E N T S 97

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Yonyou Network Technology Co. Ltd., Class A		467,000	$	1,701,503
Yuexiu Property Co. Ltd.		2,055,616		2,990,321
Yuexiu REIT(b)		2,904,000		948,637
Yuexiu Transport Infrastructure Ltd.		1,722,000		1,019,005
Yum China Holdings Inc.		478,593		29,486,115
Yunnan Baiyao Group Co. Ltd., Class A		240,692		2,050,997
Yunnan Energy New Material Co. Ltd., Class A		84,000		1,951,163
Zai Lab Ltd., ADR(a)		93,206		3,927,701
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		54,200		2,501,332
Zhaojin Mining Industry Co. Ltd., Class H(a)		1,687,500		1,941,992
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		2,388,058		1,408,161
Zhejiang Expressway Co. Ltd., Class H		2,464,000		2,127,735
Zhejiang Huayou Cobalt Co. Ltd., Class A		171,340		1,677,083
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		87,300		893,168
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c)		684,700		2,282,064
Zhongsheng Group Holdings Ltd.		589,500		3,335,501
Zhuzhou CRRC Times Electric Co. Ltd.		667,300		3,554,938
Zijin Mining Group Co. Ltd., Class A		1,870,500		3,285,693
Zijin Mining Group Co. Ltd., Class H		5,842,000		9,662,964
ZTE Corp., Class A		232,900		921,531
ZTE Corp., Class H		616,240		1,488,236
ZTO Express Cayman Inc., ADR		506,419		14,438,006
				2,656,144,296
Colombia — 0.0%
Bancolombia SA		264,537		2,379,066
Cementos Argos SA		242,160		166,643
Corp. Financiera Colombiana SA(a)		201,404		690,180
Grupo Argos SA		395,872		794,030
Interconexion Electrica SA ESP		553,343		2,256,502
				6,286,421
Czech Republic — 0.0%
CEZ AS		226,632		9,201,668
Komercni Banka AS		76,281		2,574,590
				11,776,258
Denmark — 1.7%
ALK-Abello A/S(a)		155,949		2,329,569
Alm Brand A/S		1,027,580		1,906,989
Ambu A/S, Class B(a)(b)		192,160		2,654,359
AP Moller - Maersk A/S, Class A		2,902		6,184,015
AP Moller - Maersk A/S, Class B, NVS		5,992		13,034,347
Bavarian Nordic A/S(a)(b)		80,523		2,578,624
Carlsberg A/S, Class B		105,324		14,951,965
Chemometec A/S(a)		24,371		2,135,143
Chr Hansen Holding A/S		117,172		8,651,384
Coloplast A/S, Class B		129,990		15,694,269
D/S Norden A/S		35,740		1,926,578
Danske Bank A/S		735,498		15,323,047
Demant A/S(a)		115,449		3,267,981
Dfds A/S		52,964		1,996,498
DSV A/S		215,621		35,670,189
FLSmidth & Co. A/S(b)		58,795		2,526,189
Genmab A/S(a)		73,796		28,920,391
GN Store Nord A/S		141,963		3,500,283
H Lundbeck A/S		303,318		1,127,077
H Lundbeck A/S, Class A(a)		75,446		259,767

Security	Shares		Value
Denmark (continued)
ISS A/S(a)		165,602	$	3,620,672
Jyske Bank A/S, Registered(a)		48,416		3,491,924
Matas A/S		94,336		1,026,590
Netcompany Group A/S(a)(c)		41,163		1,638,162
Nilfisk Holding A/S(a)		42,797		851,832
NKT A/S(a)		52,242		3,259,997
Novo Nordisk A/S, Class B		1,848,655		255,834,934
Novozymes A/S, Class B		236,819		12,323,242
Orsted A/S(c)		211,389		18,824,609
Pandora A/S		104,069		8,665,920
Per Aarsleff Holding A/S		26,970		1,119,365
Ringkjoebing Landbobank A/S		33,465		4,869,914
Rockwool A/S, Class B		10,217		2,929,338
Royal Unibrew A/S		59,292		4,163,603
Scandinavian Tobacco Group A/S, Class A(c)		88,082		1,530,884
Schouw & Co. A/S		21,766		1,686,497
SimCorp A/S		51,947		3,637,844
Spar Nord Bank A/S		123,148		1,961,607
Sydbank A/S		91,882		4,189,662
Topdanmark A/S		42,410		2,289,194
Tryg A/S		419,943		9,636,892
Vestas Wind Systems A/S		1,138,040		33,300,865
Zealand Pharma A/S(a)		66,909		2,089,642
				547,581,853
Egypt — 0.0%
Commercial International Bank Egypt SAE		2,465,078		4,054,633
Eastern Co. SAE		953,810		565,712
Egyptian Financial Group-Hermes Holding Co.(a)		2,076,871		1,306,130
EISewedy Electric Co.(a)		1,488,621		631,553
				6,558,028
Finland — 0.7%
Cargotec OYJ, Class B		53,021		2,699,445
Caverion OYJ		99,859		920,604
Citycon OYJ		131,919		994,140
Elisa OYJ		152,793		8,705,094
Finnair OYJ(a)(b)		813,289		458,305
Fortum OYJ		503,415		7,567,456
Huhtamaki OYJ		116,831		4,369,813
Kemira OYJ		186,876		3,031,943
Kesko OYJ, Class B		319,739		7,447,834
Kojamo OYJ		215,543		3,309,580
Kone OYJ, Class B		369,872		20,171,369
Konecranes OYJ		72,533		2,360,333
Metsa Board OYJ, Class B		282,224		2,519,287
Metso Outotec OYJ		735,116		8,448,596
Neste OYJ		469,276		22,432,462
Nokia OYJ		5,932,092		28,127,108
Nokian Renkaat OYJ		155,677		1,864,784
Orion OYJ, Class B		122,439		6,559,624
Outokumpu OYJ		407,614		2,334,227
QT Group OYJ(a)(b)		22,867		1,341,001
Revenio Group OYJ		43,608		1,782,725
Sampo OYJ, Class A		523,913		27,505,157
Sanoma OYJ		93,077		990,081
Stora Enso OYJ, Class R		625,954		8,948,244
TietoEVRY OYJ		93,647		2,851,930
Tokmanni Group OYJ		83,267		1,073,612
UPM-Kymmene OYJ		589,259		21,358,408
Uponor OYJ		124,843		2,223,391

98 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Finland (continued)
Valmet OYJ		203,487	$	6,390,068
Wartsila OYJ Abp		507,158		4,823,583
YIT OYJ		295,805		865,627
				214,475,831
France — 6.9%
ABC arbitrage		107,186		755,097
Accor SA(a)		189,576		6,153,251
Aeroports de Paris(a)		33,232		5,155,530
Air France-KLM(a)		1,497,156		2,530,943
Air Liquide SA		579,210		92,225,386
Airbus SE		652,927		81,854,740
AKWEL(b)		27,195		465,945
ALD SA(b)(c)		211,741		2,661,954
Alstom SA		348,297		10,356,669
Alten SA		36,073		5,542,834
Amundi SA(c)		55,318		3,621,668
APERAM SA		59,812		2,360,384
ArcelorMittal SA		584,339		18,127,904
Arkema SA		73,797		7,467,352
Atos SE(a)(b)		114,991		1,516,905
AXA SA		2,046,645		63,853,321
Beneteau SA		64,517		1,057,511
BioMerieux		46,781		4,769,130
BNP Paribas SA		1,230,140		84,488,331
Boiron SA		22,249		1,014,687
Bollore SE		1,053,457		5,894,485
Bonduelle SCA		37,541		504,373
Bouygues SA		257,449		8,481,384
Bureau Veritas SA		333,927		9,547,462
Capgemini SE		188,304		35,737,382
Carrefour SA		661,805		12,588,171
Casino Guichard Perrachon SA(a)(b)		48,861		600,452
CGG SA(a)(b)		1,505,326		1,267,727
Chargeurs SA		25,362		423,810
Cie. de Saint-Gobain		572,585		32,884,224
Cie. Generale des Etablissements Michelin SCA		744,789		23,550,084
Cie. Plastic Omnium SA		104,814		1,834,392
Coface SA(a)		183,529		2,566,264
Covivio		57,399		3,940,118
Credit Agricole SA		1,271,666		15,312,429
Danone SA		700,159		38,396,197
Dassault Aviation SA		20,842		3,559,048
Dassault Systemes SE		766,045		28,489,898
Derichebourg SA		168,042		1,153,314
Edenred		284,174		15,478,806
Eiffage SA		81,210		8,674,086
Electricite de France SA		633,121		8,316,079
Elior Group SA(a)(c)		214,047		740,750
Elis SA		224,208		3,937,835
Engie SA		2,006,591		28,493,319
Eramet SA		15,724		1,571,505
EssilorLuxottica SA		328,666		60,303,419
Eurazeo SE		47,562		3,336,340
Euroapi SA(a)		69,095		1,109,097
Eurofins Scientific SE(b)		153,275		10,994,380
Euronext NV(c)		97,011		7,860,985
Eutelsat Communications SA(b)		176,065		1,346,437
Faurecia SE(a)		170,713		3,392,663
Fnac Darty SA		27,212		1,009,929
Gaztransport Et Technigaz SA		30,825		3,407,894

Security	Shares		Value
France (continued)
Gecina SA		48,157	$	5,704,180
Getlink SE		500,696		8,468,655
Hermes International(b)		35,961		67,301,339
ICADE		32,842		1,560,001
ID Logistics Group(a)		4,622		1,436,609
Imerys SA		43,439		1,801,621
Interparfums SA		27,630		1,808,668
Ipsen SA		42,117		4,423,759
IPSOS		59,102		3,830,257
JCDecaux SE(a)		88,020		1,991,791
Kaufman & Broad SA(b)		26,674		838,156
Kering SA		84,045		52,440,441
Klepierre SA		243,181		6,172,019
Korian SA		81,493		853,309
La Francaise des Jeux SAEM(c)		106,604		4,561,371
Legrand SA		305,219		27,214,566
LISI		19,383		431,227
L’Oreal SA		268,280		110,775,924
LVMH Moet Hennessy Louis Vuitton SE		307,183		268,163,269
Maisons du Monde SA(b)(c)		81,920		1,007,444
McPhy Energy SA(a)(b)		58,566		891,398
Mercialys SA		132,142		1,467,544
Mersen SA		36,423		1,616,898
Metropole Television SA		41,041		653,659
Neoen SA(c)		46,072		1,729,977
Nexans SA		38,357		4,067,513
Nexity SA		57,572		1,739,187
Orange SA		2,052,715		21,723,371
Orpea SA(a)(b)(d)		77,460		599,580
Pernod Ricard SA		232,797		48,195,956
Publicis Groupe SA		258,148		18,209,664
Quadient SA		62,147		1,096,004
Remy Cointreau SA		23,611		4,445,695
Renault SA(a)		199,911		8,128,270
Rexel SA		293,532		6,493,633
Rubis SCA		98,339		2,752,045
Safran SA		376,372		54,120,603
Sanofi		1,264,489		123,824,358
Sartorius Stedim Biotech		31,965		11,150,294
Schneider Electric SE		610,639		99,055,139
SCOR SE		165,246		4,078,638
SEB SA		26,960		2,819,369
SES SA		422,425		3,278,072
Societe BIC SA		37,389		2,714,656
Societe Generale SA		885,911		26,370,532
Sodexo SA		87,950		8,718,731
SOITEC(a)		27,157		4,118,804
Sopra Steria Group SACA		19,025		3,164,296
SPIE SA		142,456		3,889,086
Teleperformance		68,732		19,106,589
Television Francaise 1		110,482		883,625
Thales SA		116,453		15,401,994
TotalEnergies SE		2,773,756		171,475,693
Trigano SA		13,042		1,817,983
Ubisoft Entertainment SA(a)		99,579		2,061,937
Unibail-Rodamco-Westfield(a)(b)		133,511		8,640,202
Valeo		240,259		5,250,802
Vallourec SA(a)		135,747		1,981,492
Valneva SE(a)		142,996		975,844
Veolia Environnement SA		742,053		22,025,953

S C H E D U L E   O F   I N V E S T M E N T S 99

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Verallia SA(c)		49,803	$	1,838,814
Vicat SA		27,283		761,839
Vinci SA		593,648		67,076,017
Virbac SA		6,450		1,957,408
Vivendi SE		773,715		8,309,523
Wendel SE		27,430		2,904,509
Worldline SA/France(a)(c)		282,626		12,821,578
				2,169,873,660
Germany — 4.7%
Aareal Bank AG(a)		87,475		3,081,191
adidas AG		192,327		30,967,763
AIXTRON SE		148,945		4,437,896
Allianz SE, Registered		445,183		106,449,407
Amadeus Fire AG		11,089		1,544,633
Aroundtown SA(b)		1,131,255		3,149,641
AURELIUS Equity Opportunities SE & Co. KGaA(b)		72,630		1,244,328
Aurubis AG		35,528		3,757,328
BASF SE		1,022,783		58,641,695
Bayer AG, Registered		1,096,817		68,271,303
Bayerische Motoren Werke AG		360,741		36,746,751
BayWa AG		24,934		1,137,158
Bechtle AG		103,810		4,374,631
Beiersdorf AG		108,381		13,176,702
Bertrandt AG		12,303		601,570
Bilfinger SE(b)		76,736		2,642,028
Borussia Dortmund GmbH & Co. KGaA(a)		108,747		485,276
Brenntag SE		189,667		14,158,264
CANCOM SE		44,187		1,523,329
Carl Zeiss Meditec AG, Bearer		48,641		7,019,782
Ceconomy AG(b)		302,316		741,424
Commerzbank AG(a)		1,185,968		13,557,313
CompuGroup Medical SE & Co. KgaA		35,033		1,641,900
Continental AG		122,774		8,620,602
Covestro AG(c)		210,144		9,675,975
CTS Eventim AG & Co. KGaA(a)		71,825		5,041,880
Daimler Truck Holding AG(a)		494,884		16,629,893
Delivery Hero SE(a)(b)(c)		190,569		11,521,205
Deutsche Bank AG, Registered		2,284,519		30,488,557
Deutsche Beteiligungs AG		19,663		633,551
Deutsche Boerse AG		215,166		38,502,295
Deutsche Lufthansa AG, Registered(a)		623,966		6,610,739
Deutsche Pfandbriefbank AG(c)		357,518		3,261,056
Deutsche Post AG, Registered		1,097,330		47,247,401
Deutsche Telekom AG, Registered		3,614,942		80,536,569
Deutz AG		223,607		1,222,280
Duerr AG		69,617		2,656,160
E.ON SE		2,554,889		27,855,725
Eckert & Ziegler Strahlen- und Medizintechnik AG		35,129		2,044,103
Encavis AG		131,137		2,540,839
Evonik Industries AG		222,176		4,938,648
Evotec SE(a)(b)		172,714		3,396,088
Fraport AG Frankfurt Airport Services Worldwide(a)		45,505		2,589,745
Freenet AG		165,827		4,031,130
Fresenius Medical Care AG & Co. KGaA		215,046		8,075,981
Fresenius SE & Co. KGaA		447,563		12,970,759
GEA Group AG		185,137		8,353,364
Gerresheimer AG		34,315		2,537,735
Grand City Properties SA		81,743		871,230
GRENKE AG		43,838		1,273,343
Hamborner REIT AG		322,473		2,523,970

Security	Shares		Value
Germany (continued)
Hamburger Hafen und Logistik AG(b)		71,247	$	1,006,249
Hannover Rueck SE		64,602		13,118,630
HeidelbergCement AG		155,272		10,654,362
HelloFresh SE(a)		180,919		4,398,372
Henkel AG & Co. KGaA		126,829		8,474,492
Hensoldt AG		46,811		1,357,200
HOCHTIEF AG		50,692		3,213,799
Hugo Boss AG		61,220		4,157,460
Hypoport SE(a)(b)		5,513		751,071
Indus Holding AG		43,636		1,153,699
Infineon Technologies AG		1,459,695		52,564,283
Jenoptik AG		78,612		2,443,114
K+S AG, Registered		219,323		5,249,812
KION Group AG		83,024		3,343,082
Kloeckner & Co. SE		98,449		1,040,355
Knorr-Bremse AG		77,626		5,102,203
Krones AG		20,412		2,383,377
KWS Saat SE & Co. KGaA		22,552		1,528,751
LANXESS AG		84,441		4,214,441
LEG Immobilien SE		83,808		6,551,613
Mercedes-Benz Group AG		879,118		65,416,952
Merck KGaA		147,365		30,759,229
METRO AG(a)		247,228		2,436,044
MorphoSys AG(a)(b)		59,698		1,199,362
MTU Aero Engines AG		57,821		14,450,194
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		153,728		55,527,681
Nemetschek SE		69,977		3,741,274
Nordex SE(a)		202,140		3,071,878
Norma Group SE		44,516		958,279
PATRIZIA SE		88,547		1,096,542
Pfeiffer Vacuum Technology AG		7,199		1,314,502
ProSiebenSat.1 Media SE		156,392		1,608,521
Puma SE		118,662		8,103,235
Rational AG		5,305		3,489,540
Rheinmetall AG		49,112		11,475,389
RWE AG		746,649		33,239,972
Salzgitter AG(b)		70,920		2,894,337
SAP SE		1,158,133		137,285,041
Scout24 SE(c)		97,616		5,683,010
SGL Carbon SE(a)(b)		85,209		738,420
Siemens AG, Registered		849,347		132,672,480
Siemens Healthineers AG(c)		311,427		16,701,415
Siltronic AG		24,578		2,048,957
Sixt SE		25,948		3,226,138
Software AG(b)		64,662		1,802,165
Stabilus SE		34,766		2,397,996
Stroeer SE & Co. KGaA		39,800		2,182,270
Suedzucker AG		99,545		1,614,936
Symrise AG		152,311		16,192,130
TAG Immobilien AG		228,256		1,954,749
Takkt AG(b)		36,043		557,309
TeamViewer AG(a)(c)		176,767		2,490,102
Telefonica Deutschland Holding AG		1,245,147		3,667,421
thyssenkrupp AG(a)		489,643		3,846,564
TUI AG(a)(b)		1,220,879		2,556,636
United Internet AG, Registered(e)		103,934		2,412,968
Varta AG(b)		26,332		801,640
VERBIO Vereinigte BioEnergie AG		32,135		2,025,796
Vitesco Technologies Group AG(a)		26,740		1,853,463

100 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Volkswagen AG		38,616	$	6,759,350
Vonovia SE		807,711		22,816,143
Vossloh AG		23,404		1,031,377
Wacker Neuson SE		49,219		974,134
Zalando SE(a)(c)		249,838		11,651,198
				1,487,435,240
Greece — 0.1%
Alpha Services and Holdings SA(a)		2,053,487		2,797,843
Eurobank Ergasias Services and Holdings SA, Class A(a)		2,369,895		3,215,640
FF Group(a)(d)		16,274		—
Hellenic Telecommunications Organization SA		204,814		3,228,737
JUMBO SA		100,536		1,805,395
Motor Oil Hellas Corinth Refineries SA		91,345		2,232,270
Mytilineos SA		163,137		4,220,366
National Bank of Greece SA(a)		576,473		2,740,940
OPAP SA		204,563		3,071,645
Piraeus Financial Holdings SA(a)		841,010		1,741,795
Public Power Corp. SA(a)		263,199		2,096,853
Terna Energy SA		110,292		2,404,408
Titan Cement International SA		32,132		511,421
				30,067,313
Hong Kong — 1.8%
AIA Group Ltd.		13,485,600		152,490,371
ASMPT Ltd.		219,600		1,813,813
Atlas Corp.		141,720		2,098,873
Bank of East Asia Ltd. (The)		1,287,800		1,654,323
BOC Hong Kong Holdings Ltd.		3,993,500		13,956,832
Brightoil Petroleum Holdings Ltd.(d)		757,750		1
Budweiser Brewing Co. APAC Ltd.(c)		1,923,900		6,070,517
Cafe de Coral Holdings Ltd.		720,000		1,260,467
Champion REIT		3,179,000		1,409,390
Chow Sang Sang Holdings International Ltd.		752,000		1,145,996
Chow Tai Fook Jewellery Group Ltd.		2,292,400		4,907,252
CK Asset Holdings Ltd.		2,191,888		14,013,856
CK Hutchison Holdings Ltd.		2,854,388		18,165,186
CK Infrastructure Holdings Ltd.		654,500		3,641,345
CLP Holdings Ltd.		1,826,500		13,570,766
Comba Telecom Systems Holdings Ltd.		2,832,000		543,233
Dah Sing Banking Group Ltd.		743,600		601,278
Dah Sing Financial Holdings Ltd.		254,400		674,281
ESR Group Ltd.(c)		2,328,400		4,661,658
First Pacific Co. Ltd.		3,845,000		1,340,881
Futu Holdings Ltd., ADR(a)(b)		70,223		3,564,519
Galaxy Entertainment Group Ltd.		2,385,000		16,602,695
Guotai Junan International Holdings Ltd.		7,752,000		773,418
Haitong International Securities Group Ltd.(a)(b)		4,199,800		483,351
Hang Lung Group Ltd.(b)		948,000		1,749,454
Hang Lung Properties Ltd.		2,069,000		3,901,193
Hang Seng Bank Ltd.(b)		862,900		14,370,058
Health and Happiness H&H International Holdings Ltd.		190,500		355,373
Henderson Land Development Co. Ltd.		1,335,941		4,934,959
HK Electric Investments & HK Electric Investments Ltd., Class SS(b)		2,964,500		2,049,159
HKBN Ltd.		2,090,500		1,471,297
HKT Trust & HKT Ltd., Class SS		4,049,600		5,305,688
Hong Kong & China Gas Co. Ltd.		12,479,566		12,529,732
Hong Kong Exchanges & Clearing Ltd.		1,276,600		57,418,375

Security	Shares		Value
Hong Kong (continued)
Hongkong Land Holdings Ltd.		1,292,800	$	6,320,206
Hutchison Telecommunications Hong Kong Holdings Ltd.		6,894,000		1,195,534
Hysan Development Co. Ltd.		570,000		1,917,734
IGG Inc.(a)		1,315,000		494,574
Jardine Matheson Holdings Ltd.		197,500		10,498,225
Johnson Electric Holdings Ltd.		712,250		978,307
K Wah International Holdings Ltd.		2,895,000		1,077,535
Kerry Logistics Network Ltd.		1,096,500		2,141,207
Kerry Properties Ltd.		884,500		2,242,566
Link REIT		2,381,400		19,061,583
LK Technology Holdings Ltd.		810,000		944,809
Luk Fook Holdings International Ltd.		611,000		2,118,932
Man Wah Holdings Ltd.		2,601,200		3,007,354
Melco International Development Ltd.(a)		1,225,000		1,594,213
Melco Resorts & Entertainment Ltd., ADR(a)(b)		237,215		3,240,357
MGM China Holdings Ltd.(a)(b)		2,450,400		3,095,810
MTR Corp. Ltd.		1,608,000		8,605,223
New World Development Co. Ltd.		1,536,416		4,592,198
Nissin Foods Co. Ltd.(b)		1,871,000		1,617,159
NWS Holdings Ltd.		2,883,000		2,716,987
Pacific Basin Shipping Ltd.		5,959,000		2,102,867
Pacific Textiles Holdings Ltd.		1,997,000		718,924
PAX Global Technology Ltd.		1,371,000		1,295,802
PCCW Ltd.		5,597,000		2,750,159
Power Assets Holdings Ltd.		1,528,000		8,645,680
Sa Sa International Holdings Ltd.(a)		3,810,000		993,022
Sands China Ltd.(a)		2,676,400		10,036,728
Shangri-La Asia Ltd.(a)		1,304,000		1,138,534
Shun Tak Holdings Ltd.(a)		4,184,000		905,215
Sino Land Co. Ltd.		3,592,000		4,667,722
SITC International Holdings Co. Ltd.		1,463,000		3,196,069
SJM Holdings Ltd.(a)(b)		1,938,000		1,099,047
SmarTone Telecommunications Holdings Ltd.		913,500		614,779
Sun Hung Kai Properties Ltd.		1,732,500		24,569,657
Swire Pacific Ltd., Class A		552,500		5,063,049
Swire Properties Ltd.		1,206,000		3,389,531
Techtronic Industries Co. Ltd.(b)		1,566,000		20,188,532
United Energy Group Ltd.		9,772,000		961,052
Value Partners Group Ltd.(b)		2,068,000		843,140
Vitasoy International Holdings Ltd.		1,326,000		2,817,008
Vobile Group Ltd.(a)(b)		2,725,000		1,563,262
VTech Holdings Ltd.		508,400		3,360,930
WH Group Ltd.(c)		8,024,500		4,942,004
Wharf Real Estate Investment Co. Ltd.		1,803,000		10,321,568
Wynn Macau Ltd.(a)(b)		2,779,600		3,181,340
Xinyi Glass Holdings Ltd.		1,684,000		3,585,449
Yue Yuen Industrial Holdings Ltd.		797,500		1,308,279
				571,249,452
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		371,451		394,377
MOL Hungarian Oil & Gas PLC		340,853		2,547,239
OTP Bank Nyrt		251,318		7,572,585
Richter Gedeon Nyrt		168,620		3,807,676
				14,321,877
India — 3.9%
360 ONE WAM Ltd.		51,277		1,147,430
3M India Ltd.		4,352		1,242,528
Aarti Industries Ltd.		259,780		1,712,632

S C H E D U L E   O F   I N V E S T M E N T S 101

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Aarti Pharmalabs Ltd., NVS(a)		54,088	$	180,791
Aavas Financiers Ltd.(a)		78,445		1,738,251
ABB India Ltd.		36,574		1,272,813
ACC Ltd.		94,859		2,287,587
Adani Enterprises Ltd.		280,086		10,214,629
Adani Green Energy Ltd.(a)		313,221		4,708,081
Adani Ports & Special Economic Zone Ltd.		416,969		3,132,015
Adani Power Ltd.(a)		941,867		2,586,129
Adani Total Gas Ltd.		310,295		8,016,165
Adani Transmission Ltd.(a)		262,348		5,713,740
Aditya Birla Fashion and Retail Ltd.(a)		543,929		1,712,111
Affle India Ltd.(a)		107,748		1,465,156
AIA Engineering Ltd.		83,090		2,793,637
Ambuja Cements Ltd.		858,409		4,223,185
Angel One Ltd.		48,623		733,793
APL Apollo Tubes Ltd.		158,489		2,221,303
Apollo Hospitals Enterprise Ltd.		126,883		6,621,376
Apollo Tyres Ltd.		538,230		2,119,704
Ashok Leyland Ltd.		2,184,556		4,008,757
Asian Paints Ltd.		470,368		15,707,681
Astral Ltd.		185,691		4,672,460
AU Small Finance Bank Ltd.(c)		245,676		1,867,752
Aurobindo Pharma Ltd.		365,151		1,825,690
Avenue Supermarts Ltd.(a)(c)		201,431		8,651,784
Axis Bank Ltd.		2,511,330		26,840,407
Bajaj Auto Ltd.		103,953		4,861,001
Bajaj Finance Ltd.		327,384		23,666,078
Bajaj Finserv Ltd.		492,426		8,119,615
Bajaj Holdings & Investment Ltd.		18,501		1,332,747
Balkrishna Industries Ltd.		152,447		4,150,277
Balrampur Chini Mills Ltd.		483,478		2,241,796
Bandhan Bank Ltd.(a)(c)		687,827		2,061,608
Bata India Ltd.		93,301		1,747,939
Berger Paints India Ltd.		346,096		2,327,956
Bharat Electronics Ltd.		5,405,136		6,289,095
Bharat Forge Ltd.		411,217		4,404,474
Bharat Heavy Electricals Ltd.		951,971		916,025
Bharat Petroleum Corp. Ltd.		915,768		3,843,642
Bharti Airtel Ltd.		2,660,111		25,065,453
Biocon Ltd.		556,174		1,600,075
Britannia Industries Ltd.		130,697		6,907,393
BSE Ltd.		90,223		567,892
Century Textiles & Industries Ltd.		134,215		1,155,158
CESC Ltd.		1,041,683		924,378
CG Power and Industrial Solutions Ltd.(a)		677,965		2,512,284
Cholamandalam Investment and Finance Co. Ltd.		686,394		5,949,205
Cipla Ltd.		589,654		7,350,478
City Union Bank Ltd.		540,762		1,051,179
Coal India Ltd.		1,598,854		4,413,368
Coforge Ltd.		42,062		2,267,526
Colgate-Palmolive India Ltd.		119,080		2,115,840
Container Corp. of India Ltd.		378,530		2,915,261
Crompton Greaves Consumer Electricals Ltd.		757,035		3,068,029
Cummins India Ltd.		89,652		1,578,064
Dabur India Ltd.		710,114		4,848,671
Dalmia Bharat Ltd.		154,315		3,337,822
Deepak Nitrite Ltd.		93,179		2,147,517
Dhani Services Ltd.(a)		491,922		205,378
Divi’s Laboratories Ltd.		173,647		7,055,668
Dixon Technologies India Ltd.		56,507		1,860,466

Security	Shares		Value
India (continued)
DLF Ltd.		1,022,899	$	4,470,103
Dr Lal PathLabs Ltd.(c)		70,122		1,806,345
Dr. Reddy’s Laboratories Ltd.		148,633		7,882,603
Easy Trip Planners Ltd., NVS(a)		1,679,952		1,073,000
Edelweiss Financial Services Ltd.		807,586		659,316
Eicher Motors Ltd.		171,320		6,848,721
Elgi Equipments Ltd.		192,635		900,057
Embassy Office Parks REIT		243,086		974,504
Exide Industries Ltd.		727,758		1,613,479
FDC Ltd./India(a)		311,621		1,013,311
Federal Bank Ltd.		2,627,371		4,335,491
Finolex Cables Ltd.		291,164		1,976,304
Fortis Healthcare Ltd.(a)		800,921		2,760,833
GAIL India Ltd.		3,143,447		3,666,382
Gillette India Ltd.		21,840		1,305,864
Glenmark Pharmaceuticals Ltd.		302,343		1,420,461
GMR Airports Infrastructure Ltd.(a)		6,345,631		2,981,418
Godrej Consumer Products Ltd.(a)		474,420		5,303,428
Godrej Industries Ltd.(a)		164,248		862,908
Godrej Properties Ltd.(a)		161,726		2,346,099
Grasim Industries Ltd.		419,910		8,182,587
Gujarat Fluorochemicals Ltd.		27,310		930,906
Gujarat Gas Ltd.		218,977		1,224,546
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		130,679		881,249
Havells India Ltd.		375,535		5,437,914
HCL Technologies Ltd.		1,250,783		17,247,798
HDFC Life Insurance Co. Ltd.(c)		1,105,599		7,835,033
HEG Ltd.		37,204		473,297
Hero MotoCorp Ltd.		155,194		5,254,920
HFCL Ltd.		964,019		819,739
Hindalco Industries Ltd.		1,729,347		9,982,189
Hindustan Petroleum Corp. Ltd.		810,794		2,358,888
Hindustan Unilever Ltd.		973,338		30,709,172
Housing Development Finance Corp. Ltd.		1,970,809		63,445,088
ICICI Bank Ltd.		5,846,236		59,813,808
ICICI Lombard General Insurance Co. Ltd.(c)		233,321		3,228,185
ICICI Prudential Life Insurance Co. Ltd.(c)		380,697		2,109,679
IDFC First Bank Ltd.(a)		5,175,353		3,700,436
Indiabulls Housing Finance Ltd.(a)		363,069		548,094
Indiabulls Real Estate Ltd.(a)		631,086		559,487
IndiaMART Intermesh Ltd.(c)		26,800		1,491,609
Indian Energy Exchange Ltd.(c)		919,911		1,564,653
Indian Hotels Co. Ltd. (The)		898,494		3,318,685
Indian Oil Corp. Ltd.		3,093,302		3,094,300
Indian Railway Catering & Tourism Corp. Ltd.		315,702		2,465,899
Indraprastha Gas Ltd.		424,043		2,207,628
Indus Towers Ltd.		854,276		1,603,601
Info Edge India Ltd.		110,514		4,987,376
Infosys Ltd.		3,799,137		71,557,853
InterGlobe Aviation Ltd.(a)(c)		135,986		3,536,471
Ipca Laboratories Ltd.		207,860		2,161,381
ITC Ltd.		3,395,352		14,653,049
Jindal Steel & Power Ltd.		472,949		3,392,565
JSW Steel Ltd.		1,005,332		8,837,804
Jubilant Foodworks Ltd.		606,668		3,627,217
Jubilant Pharmova Ltd.		120,920		521,263
Kajaria Ceramics Ltd.		129,512		1,671,814
Karur Vysya Bank Ltd. (The)		1,289,221		1,698,269
Kotak Mahindra Bank Ltd.		669,774		14,220,161

102 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
KPIT Technologies Ltd.		267,630	$	2,510,911
Larsen & Toubro Ltd.		797,774		20,767,972
Laurus Labs Ltd.(c)		474,607		1,919,206
LIC Housing Finance Ltd.		475,205		2,337,216
LTIMindtree Ltd.(c)		134,885		7,249,476
Lupin Ltd.		285,602		2,576,338
Mahanagar Gas Ltd.		99,525		1,076,502
Mahindra & Mahindra Financial Services Ltd.		1,062,389		3,034,107
Mahindra & Mahindra Ltd.		1,085,522		18,349,195
Manappuram Finance Ltd.		749,650		1,058,185
Marico Ltd.		665,109		4,054,494
Maruti Suzuki India Ltd.		153,628		16,747,250
Max Financial Services Ltd.(a)		237,537		2,428,046
Max Healthcare Institute Ltd.(a)		828,835		4,485,681
Motherson Sumi Wiring India Ltd.		2,789,301		1,761,609
Motilal Oswal Financial Services Ltd.		89,570		746,935
Mphasis Ltd.		133,366		3,403,084
MRF Ltd.		4,502		5,008,760
Muthoot Finance Ltd.		147,506		1,888,078
Natco Pharma Ltd.		210,006		1,370,011
National Aluminium Co. Ltd.		2,518,393		2,584,383
Navin Fluorine International Ltd.		33,617		1,624,574
NBCC India Ltd.		1,235,188		555,231
Nestle India Ltd.		38,936		9,058,427
NTPC Ltd.		5,258,381		11,013,515
Oil & Natural Gas Corp. Ltd.		2,803,942		4,996,223
Page Industries Ltd.		7,380		3,617,047
PB Fintech Ltd.(a)		190,912		1,003,980
Persistent Systems Ltd.		59,704		3,444,178
Petronet LNG Ltd.		959,754		2,554,823
PI Industries Ltd.		88,507		3,250,231
Pidilite Industries Ltd.		197,445		5,508,352
Piramal Enterprises Ltd.		162,320		1,710,198
Piramal Pharma Ltd., NVS(a)		685,023		877,590
PNB Housing Finance Ltd.(a)(c)		76,427		519,822
Polycab India Ltd.		68,419		2,450,364
Poonawalla Fincorp Ltd.		333,653		1,218,989
Power Grid Corp. of India Ltd.		3,535,312		9,381,817
Procter & Gamble Health Ltd.		23,981		1,199,297
PVR Ltd.(a)		63,159		1,313,000
Radico Khaitan Ltd.		196,044		2,708,410
Rajesh Exports Ltd.		98,747		1,057,730
RBL Bank Ltd.(a)(c)		537,801		1,029,390
REC Ltd.		2,476,905		3,696,107
Redington Ltd.		511,606		1,162,158
Reliance Industries Ltd.		3,410,737		98,390,842
Samvardhana Motherson International Ltd.		2,289,753		2,121,278
SBI Cards & Payment Services Ltd.		267,210		2,366,491
SBI Life Insurance Co. Ltd.(c)		523,313		7,812,324
Shree Cement Ltd.		11,779		3,419,946
Shriram Finance Ltd.		241,234		3,805,625
Siemens Ltd.		115,279		4,131,485
SRF Ltd.		211,064		5,650,697
State Bank of India		2,168,857		14,728,783
Sterlite Technologies Ltd.		373,205		832,307
Strides Pharma Science Ltd.(a)		120,626		436,299
Sun Pharmaceutical Industries Ltd.		1,105,115		13,992,328
Supreme Industries Ltd.		91,209		2,824,051
Symphony Ltd.		59,269		696,866
Tanla Platforms Ltd.		121,997		968,835

Security	Shares		Value
India (continued)
Tata Chemicals Ltd.		251,577	$	3,001,318
Tata Communications Ltd.		65,395		989,179
Tata Consultancy Services Ltd.		1,048,010		43,255,202
Tata Consumer Products Ltd.		865,408		7,727,460
Tata Elxsi Ltd.		45,334		3,697,022
Tata Motors Ltd.(a)		1,983,616		11,046,974
Tata Power Co. Ltd. (The)		1,922,244		5,022,560
Tata Steel Ltd.		8,320,424		12,253,822
Tata Teleservices Maharashtra Ltd.(a)		714,808		691,437
Tech Mahindra Ltd.		736,089		9,191,184
Titan Co. Ltd.		450,809		13,148,693
Torrent Pharmaceuticals Ltd.		161,926		3,015,588
Torrent Power Ltd.		296,990		1,636,930
Trent Ltd.		243,394		3,569,513
Tube Investments of India Ltd.		167,202		5,354,477
TVS Motor Co. Ltd.		344,320		4,377,494
UltraTech Cement Ltd.		136,641		11,861,166
United Spirits Ltd.(a)		394,515		3,715,841
UPL Ltd.		690,118		6,400,835
Varun Beverages Ltd.		169,203		2,376,355
Vedanta Ltd.		1,161,950		4,747,669
VIP Industries Ltd.		145,520		1,245,503
Vodafone Idea Ltd.(a)		12,054,593		1,041,650
Voltas Ltd.		216,841		2,133,196
Wipro Ltd.		1,647,127		8,065,510
Yes Bank Ltd., (Acquired 03/16/20, Cost: $2,622,906)(f)		1,119,298		232,656
Yes Bank Ltd.(a)		12,824,886		2,713,247
Zee Entertainment Enterprises Ltd.		1,043,029		2,902,201
Zomato Ltd.(a)		3,454,381		2,116,736
				1,229,850,652
Indonesia — 0.5%
Adaro Energy Indonesia Tbk PT		18,447,300		3,655,245
AKR Corporindo Tbk PT		8,527,300		747,457
Aneka Tambang Tbk		9,912,900		1,535,995
Astra International Tbk PT		23,575,500		9,471,500
Bank Central Asia Tbk PT		58,561,400		33,234,119
Bank Jago Tbk PT(a)		4,939,800		1,063,599
Bank Mandiri Persero Tbk PT		21,866,800		14,570,637
Bank Negara Indonesia Persero Tbk PT		8,000,600		4,904,294
Bank Rakyat Indonesia Persero Tbk PT		78,477,013		24,066,374
Bank Tabungan Negara Persero Tbk PT		8,240,493		749,635
Barito Pacific Tbk PT		36,002,993		1,985,419
Berkah Beton Sadaya Tbk PT(d)		26,806,500		1,064,034
Bukalapak.com PT Tbk(a)		55,982,500		1,095,108
Bukit Asam Tbk PT		6,039,500		1,373,051
Bumi Resources Minerals Tbk PT(a)		72,591,000		891,044
Bumi Resources Tbk PT(a)		76,533,100		781,158
Bumi Serpong Damai Tbk PT(a)		14,385,800		899,118
Charoen Pokphand Indonesia Tbk PT		9,349,500		3,637,214
Ciputra Development Tbk PT		19,257,496		1,252,572
Gudang Garam Tbk PT		528,700		811,214
Hanson International Tbk PT(a)(d)		63,791,600		—
Indah Kiat Pulp & Paper Tbk PT		4,446,500		2,477,899
Indo Tambangraya Megah Tbk PT		492,100		1,190,429
Indocement Tunggal Prakarsa Tbk PT		2,171,000		1,452,040
Indofood CBP Sukses Makmur Tbk PT		3,413,900		2,301,944
Indofood Sukses Makmur Tbk PT		5,377,700		2,416,736
Japfa Comfeed Indonesia Tbk PT		8,792,700		793,392
Jasa Marga Persero Tbk PT(a)		3,437,038		725,468

S C H E D U L E   O F   I N V E S T M E N T S 103

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Kalbe Farma Tbk PT		27,290,800	$	3,757,383
Medco Energi Internasional Tbk PT		16,051,920		1,505,784
Media Nusantara Citra Tbk PT(a)		5,135,500		238,649
Merdeka Copper Gold Tbk PT(a)		19,239,176		6,093,054
Metro Healthcare Indonesia TBK PT(a)		47,789,600		1,574,921
Mitra Adiperkasa Tbk PT(a)		22,934,200		1,991,821
Pabrik Kertas Tjiwi Kimia Tbk PT		2,161,800		1,058,755
Pakuwon Jati Tbk PT		15,719,500		470,178
Perusahaan Gas Negara Tbk PT		15,886,500		1,644,429
Pool Advista Indonesia Tbk PT(a)(d)		1,914,800		—
PP Persero Tbk PT(a)		534,300		24,852
Sarana Menara Nusantara Tbk PT		35,671,900		2,671,678
Semen Indonesia Persero Tbk PT		4,357,321		2,158,471
Sumber Alfaria Trijaya Tbk PT		16,176,300		3,057,843
Summarecon Agung Tbk PT		19,855,004		817,002
Surya Citra Media Tbk PT		54,570,400		824,756
Surya Esa Perkasa Tbk PT		10,724,600		709,989
Telkom Indonesia Persero Tbk PT		57,304,300		14,809,299
Trada Alam Minera Tbk PT(a)(d)		39,223,500		—
Unilever Indonesia Tbk PT		7,018,600		2,184,760
United Tractors Tbk PT		1,900,500		3,120,158
Vale Indonesia Tbk PT(a)		2,783,400		1,388,058
Waskita Karya Persero Tbk PT(a)		19,926,317		452,955
Wijaya Karya Persero Tbk PT(a)		6,569,600		303,283
XL Axiata Tbk PT		5,854,600		901,710
				170,906,483
Ireland — 0.4%
AIB Group PLC		934,220		3,924,275
Bank of Ireland Group PLC		1,183,906		12,648,667
C&C Group PLC(a)		679,763		1,350,896
CRH PLC		909,084		42,474,719
Dalata Hotel Group PLC(a)		206,346		871,747
Flutter Entertainment PLC, Class DI(a)		189,608		29,452,376
Glanbia PLC		259,951		3,172,164
Greencore Group PLC(a)		785,411		773,182
Kerry Group PLC, Class A		183,753		17,217,672
Kingspan Group PLC		187,359		12,050,189
Origin Enterprises PLC		99,889		452,839
Smurfit Kappa Group PLC		289,097		12,137,602
				136,526,328
Israel — 0.6%
Airport City Ltd.(a)		135,532		2,146,790
Alony Hetz Properties & Investments Ltd.		184,132		1,975,596
Amot Investments Ltd.		407,663		2,392,712
AudioCodes Ltd.		54,117		1,048,237
Azrieli Group Ltd.		54,531		3,512,484
Bank Hapoalim BM		1,359,331		12,234,734
Bank Leumi Le-Israel BM		1,756,074		15,519,096
Bezeq The Israeli Telecommunication Corp. Ltd.		2,531,772		4,195,685
Check Point Software Technologies Ltd.(a)		113,623		14,452,846
Clal Insurance Enterprises Holdings Ltd.(a)		168,245		2,888,836
CyberArk Software Ltd.(a)		49,070		6,912,982
Danel Adir Yeoshua Ltd.		12,866		989,311
Delek Group Ltd.(a)		17,992		1,953,461
Elbit Systems Ltd.		32,250		5,414,261
Enlight Renewable Energy Ltd.(a)		156,472		3,252,455
Fattal Holdings 1998 Ltd.(a)(b)		14,284		1,381,726
First International Bank Of Israel Ltd. (The)		107,176		4,329,247
Fiverr International Ltd.(a)		52,039		1,930,127

Security	Shares		Value
Israel (continued)
G City Ltd.		313,125	$	1,223,955
Harel Insurance Investments & Financial Services Ltd.		333,613		3,227,282
ICL Group Ltd.		916,662		7,277,962
Inmode Ltd.(a)		85,921		3,011,531
Isracard Ltd.		470,857		1,587,269
Israel Corp Ltd.		7,176		2,662,628
Israel Discount Bank Ltd., Class A		1,592,583		8,145,606
Ituran Location and Control Ltd.		39,064		857,455
Kornit Digital Ltd.(a)		70,245		1,770,876
Mehadrin Ltd.(a)		2		56
Melisron Ltd.		37,317		2,609,319
Mivne Real Estate KD Ltd.		1,383,755		4,439,957
Mizrahi Tefahot Bank Ltd.		191,929		6,339,544
Nice Ltd.(a)		74,230		15,351,378
Nova Ltd.(a)		36,776		3,342,938
Oil Refineries Ltd.		6,230,371		2,154,829
Paz Oil Co. Ltd.(a)		20,930		2,609,167
Phoenix Holdings Ltd. (The)		155,603		1,673,453
Radware Ltd.(a)(b)		77,154		1,643,380
Reit 1 Ltd.		388,266		1,924,441
Shapir Engineering and Industry Ltd.(b)		270,012		2,048,322
Shikun & Binui Ltd.(a)		643,718		1,886,870
Shufersal Ltd.(b)		235,735		1,322,777
Strauss Group Ltd.		119,585		3,059,814
Teva Pharmaceutical Industries Ltd., ADR(a)		1,278,550		13,475,917
Tower Semiconductor Ltd.(a)		129,732		5,457,215
Wix.com Ltd.(a)		66,280		5,765,034
ZIM Integrated Shipping Services Ltd.(b)		114,996		2,179,174
				193,578,735
Italy — 1.6%
A2A SpA		1,872,357		2,818,801
ACEA SpA		60,120		921,608
AMCO - Asset Management Co. SpA, NVS(d)		261		—
Amplifon SpA		157,808		4,357,592
Anima Holding SpA(c)		491,641		2,168,610
Assicurazioni Generali SpA		1,134,072		22,138,569
Autogrill SpA(a)		366,619		2,675,245
Azimut Holding SpA		125,956		3,144,578
Banca Generali SpA		79,789		2,943,535
Banca IFIS SpA		41,051		687,491
Banca Mediolanum SpA		248,315		2,375,732
Banca Monte dei Paschi di Siena SpA(a)(b)		436,944		1,167,104
Banca Popolare di Sondrio SPA		512,902		2,519,103
Banco BPM SpA		1,685,981		7,588,251
BFF Bank SpA(c)		188,337		1,741,765
Bio On SpA(b)(d)		4,387		—
BPER Banca		1,404,811		3,859,160
Brembo SpA		220,668		2,979,042
Brunello Cucinelli SpA		41,441		3,451,643
Buzzi Unicem SpA		88,498		1,992,813
CIR SpA-Compagnie Industriali(a)		1,759,779		849,436
Credito Emiliano SpA		265,324		2,259,723
Danieli & C Officine Meccaniche SpA(b)		69,236		1,794,210
Datalogic SpA		27,311		274,829
De’ Longhi SpA		96,102		2,218,427
DiaSorin SpA		27,361		3,561,849
Enav SpA(c)		272,205		1,253,214
Enel SpA		8,813,766		51,896,514
Eni SpA		2,756,551		42,418,432

104 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
ERG SpA		104,937	$	3,168,725
Ferrari NV		144,483		36,104,014
Fincantieri SpA(a)		529,576		349,074
FinecoBank Banca Fineco SpA		640,951		11,506,255
GVS SpA(a)(b)(c)		132,740		701,334
Hera SpA		916,030		2,631,403
Infrastrutture Wireless Italiane SpA(c)		396,158		4,341,407
Interpump Group SpA		101,863		5,312,145
Intesa Sanpaolo SpA		18,175,815		47,789,121
Iren SpA		984,762		1,783,492
Italgas SpA		535,142		3,132,563
Juventus Football Club SpA(a)(b)		1,249,496		403,800
Leonardo SpA		452,586		4,660,792
Maire Tecnimont SpA(b)		236,126		910,047
MARR SpA		49,866		655,663
Mediobanca Banca di Credito Finanziario SpA		687,377		7,389,267
Moncler SpA		234,930		14,703,716
Nexi SpA(a)(c)		702,224		6,184,724
Piaggio & C SpA		530,930		2,005,683
Pirelli & C SpA(c)		355,688		1,780,818
Poste Italiane SpA(c)		567,228		6,060,278
Prysmian SpA		310,749		12,690,266
Recordati Industria Chimica e Farmaceutica SpA		135,944		5,955,500
Reply SpA		20,641		2,679,349
Saipem SpA(a)		1,412,473		2,162,945
Salvatore Ferragamo SpA		92,453		1,834,769
Saras SpA(a)		1,148,429		1,991,072
Snam SpA		2,283,737		11,632,282
Stellantis NV		2,435,643		38,290,718
Tamburi Investment Partners SpA		186,296		1,549,805
Technogym SpA(c)		170,474		1,512,092
Telecom Italia SpA/Milano(a)(b)		9,757,998		2,809,404
Tenaris SA		544,819		9,654,599
Terna - Rete Elettrica Nazionale		1,579,630		12,497,812
Tod’s SpA(a)		17,510		684,681
UniCredit SpA		2,158,723		42,162,315
Unipol Gruppo SpA		384,188		2,012,132
				487,751,338
Japan — 14.7%
77 Bank Ltd. (The)		83,000		1,482,329
ABC-Mart Inc.		64,300		3,465,389
Activia Properties Inc.		629		1,883,635
Adastria Co. Ltd.		51,100		862,390
ADEKA Corp.		142,100		2,404,507
Advance Residence Investment Corp.		1,177		2,875,129
Advantest Corp.		205,600		14,737,610
Aeon Co. Ltd.		687,500		14,094,901
Aeon Delight Co. Ltd.		40,600		963,809
AEON Financial Service Co. Ltd.		135,500		1,373,496
Aeon Mall Co. Ltd.		105,700		1,488,810
AEON REIT Investment Corp.		1,975		2,182,831
AGC Inc.		199,100		7,336,000
Ai Holdings Corp.		97,800		1,652,157
Aica Kogyo Co. Ltd.		99,900		2,415,885
Aiful Corp.		671,100		2,029,063
Ain Holdings Inc.		34,400		1,487,432
Air Water Inc.		133,800		1,637,052
Aisin Corp.		128,100		3,737,383
Ajinomoto Co. Inc.		520,500		17,160,152
Alfresa Holdings Corp.		132,100		1,653,495

Security	Shares		Value
Japan (continued)
Alps Alpine Co. Ltd.		218,000	$	2,233,625
Amada Co. Ltd.		351,900		3,161,035
Amano Corp.		87,400		1,599,070
ANA Holdings Inc.(a)		250,100		5,535,400
Anicom Holdings Inc.		229,900		1,092,887
Anritsu Corp.		184,300		1,765,485
Aozora Bank Ltd.		75,000		1,499,565
Appier Group Inc.(a)		63,500		811,878
Arcs Co. Ltd.		60,800		1,027,474
Ariake Japan Co. Ltd.		43,400		1,463,911
As One Corp.		46,900		2,102,307
Asahi Group Holdings Ltd.		547,700		18,086,282
Asahi Holdings Inc.		144,300		2,270,318
Asahi Intecc Co. Ltd.		222,000		3,894,808
Asahi Kasei Corp.		1,270,300		9,625,865
Asics Corp.		171,300		4,077,030
ASKUL Corp.		58,100		767,993
Astellas Pharma Inc.		2,080,400		30,623,759
Atom Corp.(a)(b)		252,000		1,541,583
Autobacs Seven Co. Ltd.		242,800		2,703,057
Avex Inc.		88,600		1,196,613
Awa Bank Ltd. (The)		45,600		767,421
Azbil Corp.		110,900		3,127,209
Bandai Namco Holdings Inc.		220,700		14,759,035
Bank of Kyoto Ltd. (The)		41,900		1,949,530
BayCurrent Consulting Inc.		151,000		6,418,941
Benefit One Inc.		111,000		1,832,059
Benesse Holdings Inc.		68,900		1,053,866
Bengo4.com Inc.(a)(b)		24,200		503,659
Bic Camera Inc.		149,900		1,415,674
BIPROGY Inc.		68,700		1,794,905
BML Inc.		59,200		1,472,083
Bridgestone Corp.		618,700		23,098,045
Brother Industries Ltd.		347,200		5,392,806
Calbee Inc.		100,900		2,278,741
Canon Electronics Inc.		71,900		944,895
Canon Inc.		1,076,600		23,892,276
Canon Marketing Japan Inc.		64,400		1,528,562
Capcom Co. Ltd.		181,100		5,868,330
Casio Computer Co. Ltd.		168,500		1,741,818
Central Glass Co. Ltd.		66,200		1,461,950
Central Japan Railway Co.		158,300		19,308,604
Change Inc.		60,000		1,113,448
Chiba Bank Ltd. (The)		551,900		4,175,898
Chiyoda Corp.(a)		286,000		850,307
Chubu Electric Power Co. Inc.		608,500		6,554,197
Chugai Pharmaceutical Co. Ltd.		720,900		18,689,391
Chugin Financial Group Inc., NVS		189,600		1,379,653
Chugoku Electric Power Co. Inc. (The)		246,100		1,352,930
Citizen Watch Co. Ltd.		327,600		1,558,582
Coca-Cola Bottlers Japan Holdings Inc.		115,175		1,212,662
COLOPL Inc.		88,100		451,138
Colowide Co. Ltd.(b)		85,300		1,208,333
Comforia Residential REIT Inc.		1,502		3,337,369
COMSYS Holdings Corp.		78,500		1,497,183
Concordia Financial Group Ltd.		1,096,700		4,819,297
Cosmo Energy Holdings Co. Ltd.		87,600		2,456,651
Cosmos Pharmaceutical Corp.		19,100		1,866,209
Create SD Holdings Co. Ltd.		56,300		1,531,908
Credit Saison Co. Ltd.		139,200		1,823,724

S C H E D U L E   O F   I N V E S T M E N T S 105

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Curves Holdings Co. Ltd.		148,200	$	947,480
CyberAgent Inc.		410,900		3,842,716
CYBERDYNE Inc.(a)(b)		357,200		843,307
Dai Nippon Printing Co. Ltd.		202,600		4,783,313
Daicel Corp.		271,700		2,004,681
Daido Steel Co. Ltd.		28,300		1,070,029
Daifuku Co. Ltd.		105,500		5,809,220
Daiho Corp.		62,300		1,759,059
Dai-ichi Life Holdings Inc.		1,100,000		25,809,040
Daiichi Sankyo Co. Ltd.		1,945,900		61,114,748
Daiichikosho Co. Ltd.		54,700		1,700,801
Daikin Industries Ltd.		284,400		49,398,737
Daio Paper Corp.		102,400		790,134
Daiseki Co. Ltd.		91,360		3,078,722
Daishi Hokuetsu Financial Group Inc.		55,200		1,316,977
Daito Trust Construction Co. Ltd.		60,400		5,968,640
Daiwa House Industry Co. Ltd.		654,400		15,715,424
Daiwa House REIT Investment Corp.		2,148		4,673,476
Daiwa Office Investment Corp.		437		2,057,834
Daiwa Securities Group Inc.		1,556,800		7,346,691
Daiwa Securities Living Investments Corp.		4,027		3,369,417
Daiwabo Holdings Co. Ltd.		111,800		1,692,195
DCM Holdings Co. Ltd.		177,600		1,616,253
Demae-Can Co. Ltd.(a)(b)		112,900		374,321
DeNA Co. Ltd.		119,200		1,671,396
Denka Co. Ltd.		66,500		1,379,518
Denso Corp.		469,000		25,328,672
Dentsu Group Inc.		216,500		6,973,221
Descente Ltd.		55,200		1,529,118
Dexerials Corp.		76,000		1,624,567
DIC Corp.		113,000		2,100,899
Digital Arts Inc.		27,800		1,241,746
Digital Garage Inc.		84,300		3,013,081
Dip Corp.		76,400		2,267,587
Disco Corp.		31,600		9,493,670
DMG Mori Co. Ltd.		152,600		2,330,847
Doutor Nichires Holdings Co. Ltd.		82,400		1,185,906
Dowa Holdings Co. Ltd.		53,300		1,860,871
Duskin Co. Ltd.		72,100		1,685,085
DyDo Group Holdings Inc.		34,300		1,247,793
Earth Corp.		39,700		1,549,971
East Japan Railway Co.		334,600		18,656,696
Ebara Corp.		90,500		3,842,592
EDION Corp.		138,800		1,370,911
Eisai Co. Ltd.		280,700		17,366,895
Eizo Corp.		34,900		975,541
Electric Power Development Co. Ltd.		160,600		2,591,848
en Japan Inc.		45,900		873,881
ENEOS Holdings Inc.		3,217,900		11,520,714
eRex Co. Ltd.		63,900		1,182,851
Euglena Co. Ltd.(a)		341,400		2,637,448
Exedy Corp.		41,400		556,876
EXEO Group Inc.		94,900		1,725,620
Ezaki Glico Co. Ltd.		91,800		2,565,245
Fancl Corp.		110,600		2,245,989
FANUC Corp.		217,600		38,447,647
Fast Retailing Co. Ltd.		66,000		40,085,716
FCC Co. Ltd.		61,300		682,886
Ferrotec Holdings Corp.		67,600		1,693,153
Financial Products Group Co. Ltd.		145,000		1,187,002

Security	Shares		Value
Japan (continued)
Food & Life Companies Ltd.		109,100	$	2,428,182
FP Corp.		72,400		1,967,448
Freee KK(a)(b)		62,200		1,642,484
Frontier Real Estate Investment Corp.		652		2,514,233
Fuji Co. Ltd./Ehime		66,000		942,356
Fuji Corp./Aichi		110,200		1,834,840
Fuji Electric Co. Ltd.		124,600		5,043,557
Fuji Oil Holdings Inc.		71,000		1,125,926
Fuji Seal International Inc.		68,600		891,567
Fuji Soft Inc.		38,100		2,274,096
FUJIFILM Holdings Corp.		404,400		21,401,308
Fujikura Ltd.		324,500		2,466,641
Fujitec Co. Ltd.		55,200		1,367,700
Fujitsu General Ltd.		110,500		3,123,387
Fujitsu Ltd.		220,000		31,323,451
Fukuoka Financial Group Inc.		149,300		3,444,592
Fukuoka REIT Corp.		1,507		1,938,012
Fukuyama Transporting Co. Ltd.		33,400		864,259
Funai Soken Holdings Inc.		77,800		1,683,795
Furukawa Electric Co. Ltd.		84,200		1,634,186
Fuyo General Lease Co. Ltd.		25,100		1,725,064
Giken Ltd.		30,300		689,851
Global One Real Estate Investment Corp.		2,477		2,045,394
Glory Ltd.		66,500		1,163,092
GLP J-REIT		4,449		5,034,313
GMO internet group Inc.		116,900		2,300,577
GMO Payment Gateway Inc.		45,000		4,163,937
GNI Group Ltd.(a)		93,700		866,920
Goldwin Inc.		32,000		2,437,832
Gree Inc.(b)		177,000		963,122
GS Yuasa Corp.		101,000		1,767,404
GungHo Online Entertainment Inc.(a)		81,710		1,361,733
Gunma Bank Ltd. (The)		658,100		2,567,120
Gunze Ltd.		20,400		671,797
H.U. Group Holdings Inc.		74,500		1,581,264
H2O Retailing Corp.		141,300		1,378,974
Hachijuni Bank Ltd. (The)		601,100		2,610,798
Hakuhodo DY Holdings Inc.		194,000		2,096,624
Hamamatsu Photonics KK		140,900		7,528,325
Hankyu Hanshin Holdings Inc.		230,700		6,856,965
Hankyu Hanshin REIT Inc.		1,711		1,886,577
Hanwa Co. Ltd.		42,400		1,350,063
Harmonic Drive Systems Inc.		59,900		2,017,487
Haseko Corp.		263,000		3,042,691
Hazama Ando Corp.		226,800		1,504,687
Heiwa Corp.		82,100		1,489,622
Heiwa Real Estate Co. Ltd.		61,400		1,756,661
Heiwa Real Estate REIT Inc.		2,043		2,376,024
Hikari Tsushin Inc.		21,500		3,068,873
Hino Motors Ltd.(a)		341,700		1,461,635
Hirata Corp.		15,400		761,942
Hirogin Holdings Inc.		404,300		2,108,199
Hirose Electric Co. Ltd.		33,405		4,348,806
HIS Co. Ltd.(a)(b)		108,800		1,782,866
Hisamitsu Pharmaceutical Co. Inc.		67,000		2,086,374
Hitachi Construction Machinery Co. Ltd.		91,000		2,146,082
Hitachi Ltd.		1,063,900		55,793,520
Hitachi Zosen Corp.		357,500		2,367,271
Hogy Medical Co. Ltd.		55,200		1,433,640
Hokkaido Electric Power Co. Inc.		225,700		834,967

106 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hokkoku Financial Holdings Inc.		34,200	$	1,083,906
Hokuetsu Corp.		170,100		1,095,010
Hokuhoku Financial Group Inc.		149,200		1,181,656
Hokuriku Electric Power Co.		199,300		824,390
Hokuto Corp.		151,400		2,200,547
Honda Motor Co. Ltd.		1,803,900		44,622,193
Horiba Ltd.		33,600		1,547,370
Hoshino Resorts REIT Inc.		617		3,534,768
Hoshizaki Corp.		88,000		3,163,271
House Foods Group Inc.		98,200		2,095,139
Hoya Corp.		405,700		44,615,607
Hulic Co. Ltd.		373,400		3,069,269
Hulic Reit Inc.		2,602		3,110,073
Hyakugo Bank Ltd. (The)		588,000		1,899,022
Ibiden Co. Ltd.		121,900		4,757,621
Ichigo Inc.		346,000		793,024
Ichigo Office REIT Investment Corp.		2,362		1,546,133
Idemitsu Kosan Co. Ltd.		216,755		5,419,041
IHI Corp.		146,100		4,439,202
Iida Group Holdings Co. Ltd.		109,300		1,822,081
Inaba Denki Sangyo Co. Ltd.		117,700		2,557,131
Industrial & Infrastructure Fund Investment Corp.		2,126		2,356,117
Infocom Corp.		123,000		2,073,364
Infomart Corp.		351,300		1,136,476
INFRONEER Holdings Inc.		228,076		1,820,603
Inpex Corp.		1,091,300		11,991,902
Insource Co. Ltd.		149,800		1,685,327
Internet Initiative Japan Inc.		163,600		3,070,080
Invincible Investment Corp.		6,988		2,980,181
IR Japan Holdings Ltd.		23,200		327,047
Iriso Electronics Co. Ltd.		32,400		1,087,279
Isetan Mitsukoshi Holdings Ltd.		500,400		5,444,716
Isuzu Motors Ltd.		628,400		7,946,332
Ito En Ltd.		48,900		1,744,740
ITOCHU Corp.		1,292,000		41,759,788
Itochu Techno-Solutions Corp.		70,300		1,740,452
Itoham Yonekyu Holdings Inc.		235,500		1,292,997
Iwatani Corp.		47,900		2,064,547
Iyogin Holdings Inc., NVS		329,000		1,856,804
Izumi Co. Ltd.		37,400		846,802
J Front Retailing Co. Ltd.		211,100		1,966,076
Jaccs Co. Ltd.		73,100		2,358,216
JAFCO Group Co. Ltd.		119,100		2,125,353
Japan Airlines Co. Ltd.(a)		142,400		3,019,958
Japan Airport Terminal Co. Ltd.(a)		49,300		2,569,734
Japan Aviation Electronics Industry Ltd.		73,100		1,255,840
Japan Display Inc.(a)		1,218,200		413,664
Japan Elevator Service Holdings Co. Ltd.		155,800		2,199,446
Japan Excellent Inc.		2,042		1,948,601
Japan Exchange Group Inc.		554,100		8,480,260
Japan Hotel REIT Investment Corp.		5,095		3,228,631
Japan Lifeline Co. Ltd.		106,300		781,268
Japan Logistics Fund Inc.		847		1,931,365
Japan Material Co. Ltd.		157,400		2,952,120
Japan Metropolitan Fund Invest		7,745		5,987,536
Japan Petroleum Exploration Co. Ltd.		61,900		2,006,589
Japan Post Bank Co. Ltd.		396,900		3,526,406
Japan Post Holdings Co. Ltd.		2,571,600		22,577,255
Japan Post Insurance Co. Ltd.		170,500		3,041,713
Japan Prime Realty Investment Corp.		788		2,137,708

Security	Shares		Value
Japan (continued)
Japan Real Estate Investment Corp.		1,257	$	5,389,375
Japan Securities Finance Co. Ltd.		224,600		2,036,467
Japan Steel Works Ltd. (The)		103,600		2,207,079
Japan Tobacco Inc.		1,340,200		27,329,231
JCR Pharmaceuticals Co. Ltd.		126,700		1,563,274
Jeol Ltd.		47,400		1,391,855
JFE Holdings Inc.		523,800		6,906,643
JGC Holdings Corp.		235,900		3,081,339
JINS Holdings Inc.		40,600		1,222,681
JMDC Inc.		52,300		1,728,430
JSR Corp.		207,300		4,664,283
JTEKT Corp.		377,200		2,796,295
Juroku Financial Group Inc.		57,400		1,381,331
Justsystems Corp.		56,900		1,417,079
Kadokawa Corp.		111,436		2,085,113
Kagome Co. Ltd.		94,700		2,312,993
Kajima Corp.		385,400		4,733,204
Kakaku.com Inc.		131,800		2,197,381
Kaken Pharmaceutical Co. Ltd.		65,000		1,886,683
Kamigumi Co. Ltd.		89,400		1,828,810
Kanamoto Co. Ltd.		68,900		1,198,372
Kandenko Co. Ltd.		131,200		881,814
Kaneka Corp.		65,700		1,724,912
Kanematsu Corp.		124,700		1,524,860
Kansai Electric Power Co. Inc. (The)		673,600		6,478,074
Kansai Paint Co. Ltd.		174,500		2,457,505
Kao Corp.		546,400		22,086,491
Katitas Co. Ltd.		76,000		1,863,553
Kawasaki Heavy Industries Ltd.		149,600		3,423,238
Kawasaki Kisen Kaisha Ltd.		176,100		3,677,120
KDDI Corp.		1,785,600		55,788,273
Keihan Holdings Co. Ltd.		92,900		2,499,519
Keikyu Corp.		191,100		1,980,295
Keio Corp.		100,900		3,703,482
Keisei Electric Railway Co. Ltd.		117,100		3,415,687
Keiyo Bank Ltd. (The)		226,400		1,075,382
Kenedix Office Investment Corp.		797		1,893,323
Kenedix Residential Next Investment Corp.		2,296		3,422,107
Kenedix Retail REIT Corp.		1,732		3,247,282
Kewpie Corp.		103,900		1,808,948
Keyence Corp.		214,700		98,841,172
KH Neochem Co. Ltd.		63,900		1,361,982
Kikkoman Corp.		150,600		7,965,549
Kinden Corp.		76,100		872,224
Kintetsu Group Holdings Co. Ltd.		178,200		5,803,079
Kirin Holdings Co. Ltd.		863,200		13,301,673
Kisoji Co. Ltd.		108,300		1,791,695
Kissei Pharmaceutical Co. Ltd.		89,500		1,763,211
Kiyo Bank Ltd. (The)		88,300		1,122,431
Kobayashi Pharmaceutical Co. Ltd.		45,800		3,288,078
Kobe Bussan Co. Ltd.		156,000		4,503,992
Kobe Steel Ltd.		466,200		2,511,666
Koei Tecmo Holdings Co. Ltd.		135,260		2,459,860
Koito Manufacturing Co. Ltd.		177,200		2,989,040
Kokuyo Co. Ltd.		159,700		2,277,184
Komatsu Ltd.		1,048,400		25,763,864
KOMEDA Holdings Co. Ltd.		137,400		2,554,724
Komeri Co. Ltd.		48,800		1,001,079
Konami Group Corp.		95,900		4,715,736
Konica Minolta Inc.		590,900		2,476,341

S C H E D U L E   O F   I N V E S T M E N T S 107

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kose Corp.		34,300	$	3,784,417
Koshidaka Holdings Co. Ltd.		165,500		1,198,350
Kotobuki Spirits Co. Ltd.		37,600		2,469,709
K’s Holdings Corp.		184,800		1,633,802
Kubota Corp.		1,111,700		16,706,948
Kumagai Gumi Co. Ltd.		45,100		926,843
Kumiai Chemical Industry Co. Ltd.		189,800		1,287,828
Kura Sushi Inc.(b)		60,600		1,407,917
Kuraray Co. Ltd.		211,900		1,753,907
Kureha Corp.		37,300		2,436,151
Kurita Water Industries Ltd.		97,700		4,417,822
Kusuri no Aoki Holdings Co. Ltd.		26,100		1,470,581
KYB Corp.		35,700		1,011,710
Kyocera Corp.		374,600		19,438,519
KYORIN Holdings Inc.		128,700		1,705,881
Kyoritsu Maintenance Co. Ltd.		38,500		1,758,447
Kyowa Kirin Co. Ltd.		269,500		6,010,105
Kyudenko Corp.		52,600		1,363,370
Kyushu Electric Power Co. Inc.		296,800		1,708,570
Kyushu Financial Group Inc.		586,900		2,157,146
Kyushu Railway Co.		207,400		4,649,215
LaSalle Logiport REIT		2,237		2,710,357
Lasertec Corp.		84,700		16,035,650
Lawson Inc.		41,500		1,659,430
Leopalace21 Corp.(a)(b)		389,000		965,463
Lintec Corp.		100,200		1,735,165
Lion Corp.		166,100		1,838,682
Lixil Corp.		281,400		4,858,027
M&A Capital Partners Co. Ltd.(a)(b)		35,400		1,199,001
M3 Inc.		492,100		13,455,444
Mabuchi Motor Co. Ltd.		69,500		1,990,502
Macnica Holdings Inc.		101,900		2,708,161
Makino Milling Machine Co. Ltd.		39,900		1,432,330
Makita Corp.		221,200		5,892,067
Management Solutions Co. Ltd.(b)		30,800		836,709
Mandom Corp.		50,500		572,536
Mani Inc.		124,800		1,825,453
Marubeni Corp.		1,747,700		21,441,790
Maruha Nichiro Corp.		79,600		1,511,445
Marui Group Co. Ltd.		160,500		2,735,004
Maruichi Steel Tube Ltd.		80,200		1,726,886
Maruwa Co. Ltd./Aichi		26,100		3,336,349
Matsui Securities Co. Ltd.		181,200		1,085,067
MatsukiyoCocokara & Co.		120,330		6,002,582
Maxell Ltd.		121,000		1,320,520
Mazda Motor Corp.		577,600		4,597,688
McDonald’s Holdings Co. Japan Ltd.(b)		77,000		3,042,068
MCJ Co. Ltd.		163,500		1,271,737
Mebuki Financial Group Inc.		1,097,750		2,859,437
Medipal Holdings Corp.		152,800		2,040,030
Medley Inc.(a)		30,600		1,084,260
Megachips Corp.		63,300		1,321,698
Megmilk Snow Brand Co. Ltd.		61,200		856,557
Meidensha Corp.		61,400		912,126
MEIJI Holdings Co. Ltd.		102,300		5,275,885
Meiko Electronics Co. Ltd.(b)		60,300		1,351,755
Meitec Corp.		163,200		3,070,068
Menicon Co. Ltd.		109,600		2,421,822
Mercari Inc.(a)		129,000		2,809,602
Milbon Co. Ltd.		66,100		2,906,934

Security	Shares		Value
Japan (continued)
MINEBEA MITSUMI Inc.		374,072	$	6,521,082
Mirai Corp.		5,887		1,987,931
MIRAIT ONE corp		166,700		2,032,940
MISUMI Group Inc.		297,500		7,487,320
Mitsubishi Chemical Group Corp.		1,257,700		7,057,515
Mitsubishi Corp.		1,369,400		45,855,663
Mitsubishi Electric Corp.		2,145,500		23,645,022
Mitsubishi Estate Co. Ltd.		1,241,300		15,954,575
Mitsubishi Estate Logistics REIT Investment Corp.		1,274		4,004,571
Mitsubishi Gas Chemical Co. Inc.		122,800		1,794,416
Mitsubishi HC Capital Inc.		578,790		2,954,229
Mitsubishi Heavy Industries Ltd.		340,700		13,358,833
Mitsubishi Logistics Corp.		79,600		1,858,770
Mitsubishi Materials Corp.		99,800		1,714,242
Mitsubishi Motors Corp.(a)		771,600		2,972,899
Mitsubishi Pencil Co. Ltd.		64,500		723,540
Mitsubishi UFJ Financial Group Inc.		13,353,200		97,810,598
Mitsui & Co. Ltd.		1,605,100		47,354,835
Mitsui Chemicals Inc.		164,500		3,872,086
Mitsui Fudosan Co. Ltd.		1,056,300		19,798,909
Mitsui Fudosan Logistics Park Inc.		828		2,889,772
Mitsui High-Tec Inc.		28,700		1,513,422
Mitsui Mining & Smelting Co. Ltd.		104,600		2,786,658
Mitsui OSK Lines Ltd.		380,000		9,431,111
Miura Co. Ltd.		76,100		1,904,273
Mixi Inc.		60,000		1,151,146
Mizuho Financial Group Inc.		2,671,450		41,729,250
Mizuho Leasing Co. Ltd.		53,100		1,408,776
Mochida Pharmaceutical Co. Ltd.		68,200		1,831,828
Monex Group Inc.		250,300		882,999
Money Forward Inc.(a)		63,300		2,347,383
MonotaRO Co. Ltd.		270,400		4,096,115
Mori Hills REIT Investment Corp.		1,448		1,645,416
Mori Trust Sogo REIT Inc.		1,490		1,681,441
Morinaga & Co. Ltd./Japan		83,200		2,466,950
Morinaga Milk Industry Co. Ltd.		43,500		1,609,182
MOS Food Services Inc.		70,000		1,660,315
MS&AD Insurance Group Holdings Inc.		464,800		14,907,862
Murata Manufacturing Co. Ltd.		653,000		37,312,736
Musashi Seimitsu Industry Co. Ltd.		114,200		1,573,829
Musashino Bank Ltd. (The)		58,000		1,017,864
Nabtesco Corp.		97,700		2,860,510
Nachi-Fujikoshi Corp.		21,300		644,013
Nagase & Co. Ltd.		151,000		2,436,739
Nagoya Railroad Co. Ltd.		291,000		4,811,641
Nakanishi Inc.		131,100		2,781,362
Nankai Electric Railway Co. Ltd.		81,400		1,768,790
Nanto Bank Ltd. (The)		47,600		987,390
NEC Corp.		240,200		8,677,851
NEC Networks & System Integration Corp.		126,900		1,694,676
NET One Systems Co. Ltd.		77,000		2,086,698
Nexon Co. Ltd.		541,000		13,044,887
Nextage Co. Ltd.(b)		100,600		2,262,810
NGK Insulators Ltd.		220,500		3,052,004
NGK Spark Plug Co. Ltd.		158,100		3,089,450
NH Foods Ltd.		56,100		1,684,240
NHK Spring Co. Ltd.		225,300		1,592,546
Nichias Corp.		107,300		2,077,180
Nichiha Corp.		49,400		1,060,285
Nichirei Corp.		86,800		1,816,327

108 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nidec Corp.		510,000	$	28,263,610
Nifco Inc./Japan		78,500		2,037,602
Nihon Kohden Corp.		85,800		2,254,051
Nihon M&A Center Holdings Inc.		348,500		3,562,856
Nihon Parkerizing Co. Ltd.		145,000		1,070,589
Nikkon Holdings Co. Ltd.		95,100		1,831,027
Nikon Corp.		320,800		3,167,389
Nintendo Co. Ltd.		1,205,200		52,254,781
Nippn Corp., New		182,900		2,285,972
Nippon Accommodations Fund Inc.		396		1,777,415
Nippon Building Fund Inc.		1,565		6,839,618
Nippon Carbon Co. Ltd.		55,800		1,900,311
Nippon Electric Glass Co. Ltd.		92,500		1,717,761
Nippon Express Holdings Inc.		71,000		4,120,323
Nippon Gas Co. Ltd.		165,800		2,646,388
Nippon Kayaku Co. Ltd.		229,500		2,131,172
Nippon Light Metal Holdings Co. Ltd.		83,690		959,245
Nippon Paint Holdings Co. Ltd.		929,400		8,484,934
Nippon Paper Industries Co. Ltd.		101,000		751,950
Nippon Prologis REIT Inc.		2,261		5,130,527
NIPPON REIT Investment Corp.		822		2,093,220
Nippon Sanso Holdings Corp.		148,700		2,425,426
Nippon Shinyaku Co. Ltd.		39,700		2,043,205
Nippon Shokubai Co. Ltd.		35,800		1,515,597
Nippon Soda Co. Ltd.		54,000		1,765,016
Nippon Steel Corp.		863,217		17,967,621
Nippon Steel Trading Corp.		25,000		1,782,449
Nippon Suisan Kaisha Ltd.		521,800		2,168,197
Nippon Telegraph & Telephone Corp.		1,298,900		38,948,189
Nippon Yusen KK		539,400		12,831,706
Nipro Corp.(b)		174,100		1,397,570
Nishimatsu Construction Co. Ltd.		73,900		2,308,511
Nishimatsuya Chain Co. Ltd.		106,600		1,265,858
Nishi-Nippon Financial Holdings Inc.		191,100		1,590,618
Nishi-Nippon Railroad Co. Ltd.		85,800		1,584,514
Nishio Rent All Co. Ltd.		49,400		1,191,669
Nissan Chemical Corp.		138,600		6,543,256
Nissan Motor Co. Ltd.		2,463,600		8,851,565
Nissan Shatai Co. Ltd.		68,900		478,736
Nissha Co. Ltd.		71,700		1,066,790
Nisshin Oillio Group Ltd. (The)		56,000		1,375,560
Nisshin Seifun Group Inc.		152,100		1,905,127
Nisshinbo Holdings Inc.		229,800		1,717,737
Nissin Foods Holdings Co. Ltd.		56,300		4,401,401
Nitori Holdings Co. Ltd.		84,900		11,236,998
Nitto Boseki Co. Ltd.		38,700		610,282
Nitto Denko Corp.		143,000		9,243,150
Nitto Kogyo Corp.		62,000		1,160,613
Noevir Holdings Co. Ltd.		59,400		2,615,672
NOF Corp.		68,400		2,913,648
Nojima Corp.		115,800		1,243,099
NOK Corp.		80,400		763,584
Nomura Co. Ltd.		132,200		951,193
Nomura Holdings Inc.		3,238,100		12,922,707
Nomura Real Estate Holdings Inc.		84,300		1,858,010
Nomura Real Estate Master Fund Inc.		4,477		5,235,694
Nomura Research Institute Ltd.		393,020		9,435,456
Noritz Corp.		72,800		841,614
North Pacific Bank Ltd.		675,100		1,464,919
NS Solutions Corp.		60,600		1,559,754

Security	Shares		Value
Japan (continued)
NSD Co. Ltd.		177,700	$	3,192,536
NSK Ltd.		259,200		1,457,834
NTN Corp.		600,800		1,245,498
NTT Data Corp.		644,900		10,003,285
NTT UD REIT Investment Corp.		2,863		2,919,925
Obayashi Corp.		682,100		5,290,860
Obic Co. Ltd.		72,100		11,559,551
Odakyu Electric Railway Co. Ltd.		288,200		3,789,071
Ogaki Kyoritsu Bank Ltd. (The)		63,500		952,144
Ohsho Food Service Corp.		42,400		1,981,515
Oiles Corp.		94,500		1,124,753
Oisix ra daichi Inc.(a)(b)		51,900		875,846
Oji Holdings Corp.		617,200		2,550,733
Okamoto Industries Inc.		28,800		866,756
Okamura Corp.		148,400		1,627,720
Okasan Securities Group Inc.		319,200		1,032,424
Oki Electric Industry Co. Ltd.		122,500		691,968
Okinawa Electric Power Co. Inc. (The)		84,532		703,020
OKUMA Corp.		27,600		1,118,712
Okumura Corp.		49,500		1,151,574
Olympus Corp.		1,341,200		25,214,038
Omron Corp.		184,600		10,681,063
One REIT Inc.		802		1,520,220
Ono Pharmaceutical Co. Ltd.		385,400		8,362,673
Open House Group Co. Ltd.		82,800		3,132,346
Optex Group Co. Ltd.		89,200		1,462,386
Optorun Co. Ltd.		70,300		1,387,266
Oracle Corp. Japan		34,000		2,329,232
Orient Corp.		119,780		1,094,421
Oriental Land Co. Ltd./Japan		223,800		37,289,522
ORIX Corp.		1,298,600		22,833,259
Orix JREIT Inc.		2,556		3,516,706
Osaka Gas Co. Ltd.		386,300		6,233,678
OSAKA Titanium Technologies Co. Ltd.		35,300		1,001,617
OSG Corp.		111,600		1,751,551
Otsuka Corp.		100,500		3,306,403
Otsuka Holdings Co. Ltd.		456,800		14,654,331
Outsourcing Inc.		196,400		1,526,264
PALTAC Corp.		28,800		1,042,763
Pan Pacific International Holdings Corp.		404,000		7,471,222
Panasonic Holdings Corp.		2,431,200		22,545,413
Paramount Bed Holdings Co. Ltd.		90,300		1,734,333
Park24 Co. Ltd.(a)		121,400		2,059,032
Penta-Ocean Construction Co. Ltd.		322,500		1,608,492
PeptiDream Inc.(a)		142,200		2,220,224
Persol Holdings Co. Ltd.		173,400		3,801,883
Pigeon Corp.		95,000		1,509,821
Pilot Corp.		49,700		1,773,901
PKSHA Technology Inc.(a)(b)		59,000		824,148
Pola Orbis Holdings Inc.		106,500		1,536,552
Prestige International Inc.		169,600		946,096
Raito Kogyo Co. Ltd.		95,200		1,412,841
Raksul Inc.(a)(b)		95,000		1,028,402
Rakus Co. Ltd.		112,300		1,539,023
Rakuten Group Inc.(a)(b)		911,100		4,645,192
Recruit Holdings Co. Ltd.		1,609,500		51,761,940
Relia Inc.		75,500		851,488
Relo Group Inc.		114,600		1,942,058
Renesas Electronics Corp.(a)		1,351,300		13,899,607
Rengo Co. Ltd.		213,700		1,508,295

S C H E D U L E   O F   I N V E S T M E N T S 109

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
RENOVA Inc.(a)(b)		67,800	$	1,180,042
Resona Holdings Inc.		2,258,900		12,500,128
Resorttrust Inc.		114,500		2,092,223
Ricoh Co. Ltd.		640,200		4,969,627
Ricoh Leasing Co. Ltd.		31,000		926,190
Rinnai Corp.		36,800		2,904,623
Riso Kyoiku Co. Ltd.		359,500		1,010,286
Rohm Co. Ltd.		88,900		7,123,689
Rohto Pharmaceutical Co. Ltd.		195,600		3,609,098
Rorze Corp.		24,600		1,890,938
Round One Corp.		362,700		1,336,402
Royal Holdings Co. Ltd.(a)(b)		64,300		1,201,704
Ryohin Keikaku Co. Ltd.		240,600		2,667,807
Ryosan Co. Ltd.		31,300		709,322
Saizeriya Co. Ltd.		52,300		1,296,464
Sakai Moving Service Co. Ltd.		25,000		864,519
Sakata Seed Corp.		106,300		3,396,080
SAMTY Co. Ltd.		127,000		2,005,855
Sangetsu Corp.		169,700		2,982,158
San-in Godo Bank Ltd. (The)		195,500		1,216,029
Sanken Electric Co. Ltd.		61,000		3,464,068
Sankyo Co. Ltd.		102,000		4,119,945
Sankyu Inc.		40,600		1,595,245
Sanrio Co. Ltd.		108,700		4,146,061
Sansan Inc.(a)		76,000		947,890
Santen Pharmaceutical Co. Ltd.		312,300		2,434,613
Sanwa Holdings Corp.		161,500		1,709,706
Sapporo Holdings Ltd.		118,000		2,881,686
Sato Holdings Corp.		52,700		859,033
Sawai Group Holdings Co. Ltd.		45,000		1,392,289
SBI Holdings Inc.		253,000		5,363,421
SCREEN Holdings Co. Ltd.		36,100		2,690,060
SCSK Corp.		119,700		1,949,604
Secom Co. Ltd.		218,200		12,999,431
Sega Sammy Holdings Inc.		162,500		2,573,108
Seibu Holdings Inc.		206,600		2,317,559
Seiko Epson Corp.		267,200		4,143,737
Seiko Group Corp.		43,900		991,123
Seino Holdings Co. Ltd.		120,500		1,203,431
Seiren Co. Ltd.		83,300		1,529,856
Sekisui Chemical Co. Ltd.		388,700		5,445,021
Sekisui House Ltd.		636,800		12,035,049
Sekisui House Reit Inc.		6,071		3,318,795
Seria Co. Ltd.		95,900		2,107,416
Seven & i Holdings Co. Ltd.		875,700		41,344,334
Seven Bank Ltd.		616,800		1,267,499
SG Holdings Co. Ltd.		308,600		4,762,104
Sharp Corp./Japan		226,000		1,878,527
Shibaura Machine Co. Ltd.		56,900		1,246,615
SHIFT Inc.(a)		16,300		3,042,160
Shiga Bank Ltd. (The)		66,400		1,382,101
Shikoku Electric Power Co. Inc.		243,700		1,409,001
Shima Seiki Manufacturing Ltd.		65,300		989,223
Shimadzu Corp.		256,600		7,885,590
Shimamura Co. Ltd.		21,700		2,035,547
Shimano Inc.		80,900		14,427,333
Shimizu Corp.		450,900		2,527,608
Shin-Etsu Chemical Co. Ltd.		418,100		61,637,562
Shinko Electric Industries Co. Ltd.		79,600		2,239,626
Shinmaywa Industries Ltd.		117,900		980,606

Security	Shares		Value
Japan (continued)
Shinsei Bank Ltd.(b)		147,800	$	2,726,068
Shionogi & Co. Ltd.		279,200		13,305,133
Ship Healthcare Holdings Inc.		121,500		2,359,192
Shiseido Co. Ltd.		457,300		23,768,622
Shizuoka Financial Group Inc., NVS		345,300		2,925,255
SHO-BOND Holdings Co. Ltd.		84,800		3,618,087
Shochiku Co. Ltd.(a)		13,500		1,151,034
Shoei Foods Corp.		46,800		1,496,103
Showa Denko KK		169,500		2,896,854
SKY Perfect JSAT Holdings Inc.		261,900		1,011,017
Skylark Holdings Co. Ltd.(a)(b)		195,700		2,329,001
SMC Corp.		65,400		33,217,350
SMS Co. Ltd.		90,500		2,380,558
Snow Peak Inc.(b)		49,300		818,926
SoftBank Corp.		3,175,700		36,336,655
SoftBank Group Corp.		1,344,300		63,641,923
Sohgo Security Services Co. Ltd.		47,000		1,293,998
Sojitz Corp.		207,720		4,118,321
Sompo Holdings Inc.		359,700		15,484,685
Sony Group Corp.		1,408,400		125,842,701
Sosei Group Corp.(a)		155,600		2,947,274
Sotetsu Holdings Inc.		104,300		1,783,095
Square Enix Holdings Co. Ltd.		83,000		3,925,174
Stanley Electric Co. Ltd.		108,300		2,330,751
Star Micronics Co. Ltd.		123,000		1,604,783
Subaru Corp.		660,900		10,859,668
Sugi Holdings Co. Ltd.		36,500		1,595,346
SUMCO Corp.		348,500		5,163,643
Sumitomo Bakelite Co. Ltd.		68,700		2,238,521
Sumitomo Chemical Co. Ltd.		1,557,000		5,976,749
Sumitomo Corp.		1,200,400		21,547,095
Sumitomo Electric Industries Ltd.		737,500		8,861,918
Sumitomo Forestry Co. Ltd.		174,300		3,258,974
Sumitomo Heavy Industries Ltd.		83,300		1,852,363
Sumitomo Metal Mining Co. Ltd.		244,900		9,943,730
Sumitomo Mitsui Construction Co. Ltd.		257,480		832,794
Sumitomo Mitsui Financial Group Inc.		1,443,900		62,753,430
Sumitomo Mitsui Trust Holdings Inc.		407,300		14,837,383
Sumitomo Osaka Cement Co. Ltd.		40,200		1,057,765
Sumitomo Pharma Co., Ltd.		168,900		1,187,513
Sumitomo Realty & Development Co. Ltd.		305,600		7,449,650
Sumitomo Rubber Industries Ltd.		296,100		2,628,707
Sumitomo Warehouse Co. Ltd. (The)		135,700		2,089,373
Sundrug Co. Ltd.		52,500		1,485,399
Suntory Beverage & Food Ltd.		147,200		4,970,612
Suruga Bank Ltd.		190,400		621,443
Suzuken Co. Ltd.		53,200		1,401,187
Suzuki Motor Corp.		431,300		16,170,379
Sysmex Corp.		172,200		11,431,507
Systena Corp.		459,500		1,475,082
T Hasegawa Co. Ltd.		85,100		2,083,302
T&D Holdings Inc.		566,800		9,072,341
Tadano Ltd.		133,200		988,974
Taiheiyo Cement Corp.		73,000		1,258,039
Taikisha Ltd.		38,200		1,047,667
Taisei Corp.		194,500		6,714,523
Taisho Pharmaceutical Holdings Co. Ltd.		37,700		1,585,876
Taiyo Holdings Co. Ltd.		114,300		2,108,569
Taiyo Yuden Co. Ltd.		118,900		4,038,500
Takara Bio Inc.		156,100		2,066,461

110 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Takara Holdings Inc.		334,200	$	2,715,752
Takasago Thermal Engineering Co. Ltd.		94,600		1,371,839
Takashimaya Co. Ltd.		227,800		3,182,661
Takeda Pharmaceutical Co. Ltd.		1,665,583		52,361,546
Takeuchi Manufacturing Co. Ltd.		77,300		1,710,838
Takuma Co. Ltd.		111,800		1,107,445
Tamron Co. Ltd.		58,700		1,423,015
TDK Corp.		426,600		15,240,822
TechnoPro Holdings Inc.		109,900		3,421,755
Teijin Ltd.		130,700		1,342,070
Terumo Corp.		686,600		19,987,168
THK Co. Ltd.		101,200		2,147,700
TIS Inc.		237,800		6,857,047
Toagosei Co. Ltd.		157,400		1,428,395
Tobu Railway Co. Ltd.		199,900		4,690,273
Toda Corp.		274,000		1,494,528
Toei Animation Co. Ltd.(b)		10,300		1,026,742
Toei Co. Ltd.		12,400		1,639,402
Toho Bank Ltd. (The)		449,600		834,576
Toho Co. Ltd./Tokyo		93,400		3,449,584
Toho Gas Co. Ltd.		81,400		1,596,395
Toho Holdings Co. Ltd.		65,400		1,068,132
Toho Titanium Co. Ltd.		58,800		1,097,372
Tohoku Electric Power Co. Inc.		441,800		2,376,224
Tokai Carbon Co. Ltd.		247,900		2,138,792
Tokai Rika Co. Ltd.		71,800		833,425
Tokai Tokyo Financial Holdings Inc.		781,400		2,277,550
Tokio Marine Holdings Inc.		2,038,900		42,704,155
Tokuyama Corp.		67,100		981,652
Tokyo Century Corp.		38,600		1,357,220
Tokyo Electric Power Co. Holdings Inc.(a)		1,692,300		6,337,307
Tokyo Electron Ltd.		167,900		58,685,105
Tokyo Gas Co. Ltd.		405,900		8,499,422
Tokyo Ohka Kogyo Co. Ltd.		41,100		2,025,674
Tokyo Seimitsu Co. Ltd.		95,700		3,294,938
Tokyo Steel Manufacturing Co. Ltd.		159,500		1,735,412
Tokyo Tatemono Co. Ltd.		168,600		2,090,220
Tokyotokeiba Co. Ltd.		28,500		849,605
Tokyu Construction Co. Ltd.		160,000		814,324
Tokyu Corp.		524,000		6,738,316
Tokyu Fudosan Holdings Corp.		513,600		2,606,125
Tokyu REIT Inc.		1,845		2,780,091
TOMONY Holdings Inc.		234,300		719,632
Tomy Co. Ltd.		194,100		1,915,630
Topcon Corp.		182,300		2,375,649
Toppan Inc.		248,500		4,003,875
Toray Industries Inc.		1,413,700		8,685,841
Toridoll Holdings Corp.		114,300		2,479,500
Toshiba Corp.		413,200		14,192,036
Toshiba TEC Corp.		49,200		1,400,041
Tosho Co. Ltd.		37,800		348,772
Tosoh Corp.		225,700		2,952,926
Totetsu Kogyo Co. Ltd.		53,600		1,107,977
TOTO Ltd.		132,400		5,145,447
Towa Pharmaceutical Co. Ltd.		74,400		1,174,661
Toyo Ink SC Holdings Co. Ltd.		83,800		1,203,679
Toyo Seikan Group Holdings Ltd.		168,400		2,185,979
Toyo Suisan Kaisha Ltd.		87,300		3,607,306
Toyo Tire Corp.		147,000		1,758,629
Toyobo Co. Ltd.		106,700		849,408

Security	Shares		Value
Japan (continued)
Toyoda Gosei Co. Ltd.		68,800	$	1,142,360
Toyota Boshoku Corp.		84,300		1,250,327
Toyota Industries Corp.		143,400		8,729,134
Toyota Motor Corp.		11,794,900		173,216,513
Toyota Tsusho Corp.		214,200		9,069,689
Trend Micro Inc./Japan(a)		140,800		6,971,574
Tri Chemical Laboratories Inc.		84,800		1,539,902
Trusco Nakayama Corp.		70,000		1,146,827
TS Tech Co. Ltd.		124,100		1,545,876
Tsubakimoto Chain Co.		41,100		983,880
Tsumura & Co.		90,500		1,935,077
Tsuruha Holdings Inc.		37,500		2,761,033
UACJ Corp.		45,300		850,571
UBE Corp.		104,200		1,634,415
Ulvac Inc.		45,900		2,147,292
Unicharm Corp.		418,700		15,971,576
United Arrows Ltd.		45,500		614,437
United Urban Investment Corp.		2,853		3,246,433
Universal Entertainment Corp.(a)		39,100		743,294
Ushio Inc.		172,000		2,305,582
USS Co. Ltd.		217,000		3,569,251
UT Group Co. Ltd.		51,200		1,042,933
Valor Holdings Co. Ltd.		53,200		766,665
Vector Inc.		110,900		1,095,006
Vision Inc./Tokyo Japan(a)		129,500		1,448,443
Visional Inc.(a)(b)		20,700		1,499,891
Wacom Co. Ltd.		348,300		1,720,113
Welcia Holdings Co. Ltd.		87,200		1,948,978
West Holdings Corp.		48,800		1,463,295
West Japan Railway Co.		219,500		9,192,330
W-Scope Corp.(a)(b)		92,000		1,031,599
Yakult Honsha Co. Ltd.		127,700		9,116,235
Yamada Holdings Co. Ltd.		744,400		2,702,892
Yamaguchi Financial Group Inc.		269,800		1,866,032
Yamaha Corp.		136,800		5,319,341
Yamaha Motor Co. Ltd.		316,700		7,800,537
Yamato Holdings Co. Ltd.		273,300		4,781,913
Yamato Kogyo Co. Ltd.		59,100		2,239,987
Yamazaki Baking Co. Ltd.		161,500		1,889,504
Yaoko Co. Ltd.		38,400		2,004,641
Yaskawa Electric Corp.		242,100		9,463,468
Yokogawa Electric Corp.		213,300		3,745,458
Yokohama Rubber Co. Ltd. (The)		125,500		2,061,819
Yoshinoya Holdings Co. Ltd.(b)		98,800		1,811,757
Z Holdings Corp.		2,962,800		8,620,914
Zenkoku Hosho Co. Ltd.		45,500		1,772,123
Zenrin Co. Ltd.		35,700		221,933
Zensho Holdings Co. Ltd.		77,900		1,988,412
Zeon Corp.		154,900		1,523,676
Zojirushi Corp.		105,100		1,343,835
ZOZO Inc.		134,700		3,491,856
				4,618,886,734
Kuwait — 0.3%
Agility Public Warehousing Co. KSC		1,795,291		3,498,191
Boubyan Bank KSCP		2,123,618		5,460,464
Boubyan Petrochemicals Co. KSCP		713,747		1,870,964
Gulf Bank KSCP		2,130,914		2,189,372
Humansoft Holding Co. KSC		124,369		1,384,209
Kuwait Finance House KSCP		8,461,673		23,267,314
Mabanee Co. KPSC		899,705		2,528,732

S C H E D U L E   O F   I N V E S T M E N T S 111

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Kuwait (continued)
Mobile Telecommunications Co. KSCP		2,727,554	$	4,961,584
National Bank of Kuwait SAKP		8,305,705		29,898,660
National Industries Group Holding SAK		2,114,745		1,483,869
				76,543,359
Malaysia — 0.5%
Alliance Bank Malaysia Bhd		1,732,200		1,459,905
AMMB Holdings Bhd		2,221,700		2,129,387
Axiata Group Bhd		3,242,800		2,310,300
British American Tobacco Malaysia Bhd		139,800		415,365
Bursa Malaysia Bhd		1,143,500		1,798,719
Carlsberg Brewery Malaysia Bhd		202,700		1,120,090
CIMB Group Holdings Bhd(b)		6,895,800		9,313,830
Dagang NeXchange Bhd(b)		5,506,300		852,522
Dialog Group Bhd		4,996,278		3,055,374
DiGi.Com Bhd		3,723,300		3,682,341
Fraser & Neave Holdings Bhd		157,300		916,472
Gamuda Bhd(b)		2,621,200		2,413,319
Genting Bhd		2,241,300		2,608,533
Genting Malaysia Bhd		3,401,000		2,270,682
Genting Plantations Bhd		692,000		984,690
HAP Seng Consolidated Bhd		602,600		1,046,471
Hartalega Holdings Bhd(b)		2,066,800		782,833
Hibiscus Petroleum Bhd		3,328,700		899,252
Hong Leong Bank Bhd(b)		614,000		2,957,876
Hong Leong Financial Group Bhd		245,700		1,066,179
IHH Healthcare Bhd		2,778,900		3,863,591
IJM Corp. Bhd		3,810,600		1,395,867
Inari Amertron Bhd		3,809,500		2,334,816
IOI Corp. Bhd		2,277,400		2,043,550
Kossan Rubber Industries Bhd(b)		1,709,500		421,891
KPJ Healthcare Bhd		7,318,100		1,768,952
Kuala Lumpur Kepong Bhd		450,900		2,268,352
Malayan Banking Bhd		5,233,800		10,734,461
Malaysia Airports Holdings Bhd(a)		1,215,100		2,014,236
Malaysian Resources Corp. Bhd		3,254,500		252,866
Maxis Bhd(b)		2,623,200		2,440,197
MISC Bhd		1,245,700		2,139,579
MR DIY Group M Bhd(c)		3,444,950		1,538,769
My EG Services Bhd		15,638,200		3,350,866
Nestle Malaysia Bhd		42,700		1,353,347
Pentamaster Corp. Bhd		2,085,200		2,383,276
Petronas Chemicals Group Bhd(b)		2,826,900		5,547,619
Petronas Dagangan Bhd		322,800		1,649,661
Petronas Gas Bhd		667,200		2,630,793
PPB Group Bhd		934,980		3,857,621
Press Metal Aluminium Holdings Bhd		4,252,800		5,187,405
Public Bank Bhd(b)		16,866,400		16,789,113
QL Resources Bhd		2,109,000		2,902,146
RHB Bank Bhd		1,608,598		2,171,562
Sime Darby Bhd		3,365,500		1,827,681
Sime Darby Plantation Bhd		2,803,200		2,850,096
Sime Darby Property Bhd		6,386,400		735,747
SP Setia Bhd Group(b)		1,146,300		187,654
Sunway REIT(b)		4,057,800		1,495,491
Supermax Corp. Bhd(b)		2,489,177		474,285
Telekom Malaysia Bhd		1,530,200		1,877,141
Tenaga Nasional Bhd		2,559,400		5,655,772
Top Glove Corp. Bhd(b)		6,347,800		1,240,548
UMW Holdings Bhd		363,200		315,490
VS Industry Bhd(b)		5,546,700		1,266,879

Security	Shares		Value
Malaysia (continued)
Yinson Holdings Bhd		3,365,840	$	2,124,760
				143,176,220
Mexico — 0.7%
Alsea SAB de CV(a)		659,000		1,570,289
America Movil SAB de CV, Series L, NVS		31,541,000		32,963,909
Arca Continental SAB de CV		369,900		3,267,527
Banco del Bajio SA(c)		474,100		1,909,190
Bolsa Mexicana de Valores SAB de CV		661,900		1,435,543
Cemex SAB de CV, NVS(a)		18,896,712		10,075,303
Coca-Cola Femsa SAB de CV		504,200		3,835,888
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)		1,007,500		1,124,646
Corp Inmobiliaria Vesta SAB de CV		1,069,100		2,920,501
FIBRA Macquarie Mexico(c)		1,162,400		1,964,854
Fibra Uno Administracion SA de CV		3,982,200		5,392,640
Fomento Economico Mexicano SAB de CV		2,155,100		18,876,939
GCC SAB de CV		190,000		1,524,298
Genomma Lab Internacional SAB de CV, Class B		786,600		738,541
Gentera SAB de CV		1,327,200		1,621,072
Gruma SAB de CV, Class B		205,415		2,987,765
Grupo Aeroportuario del Centro Norte SAB de CV		223,312		2,036,319
Grupo Aeroportuario del Pacifico SAB de CV, Class B		366,700		6,330,714
Grupo Aeroportuario del Sureste SAB de CV, Class B		253,275		6,879,132
Grupo Bimbo SAB de CV, Series A		1,760,700		8,791,111
Grupo Carso SAB de CV, Series A1		562,700		2,848,388
Grupo Comercial Chedraui SA de CV		357,600		1,759,087
Grupo Financiero Banorte SAB de CV, Class O		2,906,300		24,106,370
Grupo Financiero Inbursa SAB de CV, Class O(a)		2,559,200		5,504,240
Grupo Herdez SAB de CV		541,200		1,309,422
Grupo Mexico SAB de CV, Series B		3,630,300		16,144,092
Grupo Televisa SAB, CPO		2,675,700		3,272,423
Industrias Penoles SAB de CV(a)		184,875		2,634,718
Kimberly-Clark de Mexico SAB de CV, Class A		1,730,000		3,301,888
Nemak SAB de CV(a)(c)		1,582,577		509,302
Operadora De Sites Mexicanos SAB de CV		2,205,855		2,377,996
Orbia Advance Corp. SAB de CV		1,162,578		2,328,799
Promotora y Operadora de Infraestructura SAB de CV		304,480		2,950,451
Regional SAB de CV		252,100		2,175,125
Sitios Latinoamerica SAB de CV(a)(b)		1,627,765		752,919
Wal-Mart de Mexico SAB de CV		6,071,100		23,780,799
				212,002,200
Netherlands — 2.7%
Aalberts NV		121,837		5,760,765
ABN AMRO Bank NV, CVA(c)		422,909		7,019,252
Adyen NV(a)(c)		24,521		37,073,472
Aegon NV		2,050,846		11,312,038
AerCap Holdings NV(a)		154,099		9,740,598
Akzo Nobel NV		203,362		15,147,411
Alfen Beheer BV(a)(c)		32,702		3,034,036
Allfunds Group PLC		206,113		1,639,620
AMG Advanced Metallurgical Group NV		48,494		1,894,303
Arcadis NV		93,907		4,077,488
ASM International NV		54,053		18,281,046
ASML Holding NV		452,818		299,605,961
ASR Nederland NV		157,917		7,474,447
Basic-Fit NV(a)(b)(c)		61,261		2,012,993

112 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
BE Semiconductor Industries NV		84,502	$	6,044,120
Brunel International NV		38,650		441,193
Corbion NV		78,492		3,020,454
Davide Campari-Milano NV		733,572		7,869,085
Eurocommercial Properties NV		78,480		1,965,217
EXOR NV, NVS(a)		115,808		9,205,418
Flow Traders Ltd., NVS		36,979		951,173
Fugro NV(a)		150,570		2,004,964
Heineken Holding NV		121,330		10,017,719
Heineken NV		280,382		28,021,068
IMCD NV		67,180		10,650,167
ING Groep NV(a)		4,176,478		60,476,490
InPost SA(a)		283,014		2,733,103
Iveco Group NV(a)		279,780		2,291,560
JDE Peet’s NV		81,387		2,439,407
Just Eat Takeaway.com NV(a)(c)		126,989		3,257,721
Just Eat Takeaway.com NV(a)(c)		78,191		1,999,629
Koninklijke Ahold Delhaize NV		1,144,382		34,156,327
Koninklijke BAM Groep NV(a)		483,312		1,231,773
Koninklijke DSM NV		194,834		25,056,040
Koninklijke KPN NV		3,514,771		12,016,451
Koninklijke Philips NV		958,414		16,547,450
Koninklijke Vopak NV		53,279		1,605,326
MFE-MediaForEurope NV, Class A		437,761		191,847
MFE-MediaForEurope NV, Class B		437,776		296,417
NEPI Rockcastle NV		490,581		3,048,129
NN Group NV		304,017		13,208,954
NSI NV		72,368		1,888,198
OCI NV		127,857		4,352,310
Pharming Group NV(a)(b)		1,278,527		1,773,270
PostNL NV		635,133		1,329,845
Prosus NV		927,399		74,883,044
QIAGEN NV(a)		262,294		12,795,513
Randstad NV		123,918		7,942,938
SBM Offshore NV		118,719		1,866,387
Shop Apotheke Europe NV(a)(c)		18,934		1,365,209
Signify NV(b)(c)		156,548		5,667,884
Technip Energies NV		94,859		1,839,059
TKH Group NV		48,872		2,218,066
TomTom NV(a)(b)		142,226		1,010,828
Universal Music Group NV		816,210		20,864,258
Van Lanschot Kempen NV		53,354		1,535,203
Vastned Retail NV		49,452		1,139,749
Wereldhave NV		62,847		944,080
Wolters Kluwer NV		295,746		32,243,122
				860,479,595
New Zealand — 0.2%
a2 Milk Co. Ltd. (The)(a)		717,010		3,438,798
Air New Zealand Ltd.(a)		1,527,677		768,045
Auckland International Airport Ltd.(a)		1,300,209		7,155,747
Chorus Ltd.		630,846		3,413,912
Contact Energy Ltd.		895,529		4,503,754
EBOS Group Ltd.		117,605		3,278,455
Fisher & Paykel Healthcare Corp. Ltd.		691,417		11,346,974
Fletcher Building Ltd.		972,711		3,203,087
Goodman Property Trust		1,444,256		1,924,743
Infratil Ltd.		1,037,822		5,974,781
Kiwi Property Group Ltd.		1,635,110		1,010,467
Mercury NZ Ltd.		931,080		3,617,197
Meridian Energy Ltd.		1,663,653		5,749,926

Security	Shares		Value
New Zealand (continued)
Precinct Properties New Zealand Ltd.		1,878,382	$	1,526,591
Pushpay Holdings Ltd.(a)		1,434,215		1,202,812
Ryman Healthcare Ltd.		570,038		2,545,879
SKYCITY Entertainment Group Ltd.(a)		940,352		1,529,943
Spark New Zealand Ltd.		2,272,946		7,663,771
Summerset Group Holdings Ltd.		275,681		1,745,871
				71,600,753
Norway — 0.6%
Adevinta ASA(a)		314,280		2,694,270
Aker ASA, Class A		35,320		2,553,886
Aker BP ASA		351,226		10,698,953
Atea ASA		165,618		1,868,131
Austevoll Seafood ASA		162,820		1,613,000
Bakkafrost P/F		56,059		3,478,543
Borregaard ASA		181,039		2,791,117
BW Energy Ltd.(a)		31,291		87,914
BW LPG Ltd.(c)		201,341		1,666,352
BW Offshore Ltd.		250,263		669,651
Crayon Group Holding ASA(a)(b)(c)		101,530		1,022,602
DNB Bank ASA		976,962		18,268,766
DNO ASA		1,497,610		1,847,611
Elkem ASA(c)		385,640		1,366,011
Entra ASA(c)		126,104		1,491,567
Equinor ASA		1,065,474		32,472,070
Europris ASA(c)		205,636		1,324,830
Flex LNG Ltd.(b)		85,951		2,656,046
Frontline PLC, NVS(b)		157,798		2,174,355
Gjensidige Forsikring ASA		161,459		2,901,975
Golden Ocean Group Ltd.		167,913		1,606,371
Grieg Seafood ASA		148,217		1,327,698
Hafnia Ltd.		219,497		1,154,209
Kahoot! ASA(a)(b)		419,853		742,191
Kongsberg Gruppen ASA		139,383		5,549,074
Leroy Seafood Group ASA		308,664		1,817,697
Mowi ASA		452,837		8,373,709
MPC Container Ships AS		449,260		715,110
NEL ASA(a)(b)		1,717,390		2,943,324
Nordic Semiconductor ASA(a)		183,405		2,924,586
Norsk Hydro ASA		1,449,440		11,751,839
Orkla ASA		780,993		5,830,672
Protector Forsikring ASA		105,446		1,519,223
Salmar ASA		74,839		3,479,988
Scatec ASA(c)		139,598		1,138,586
Schibsted ASA, Class A		74,703		1,631,428
Schibsted ASA, Class B		110,990		2,320,235
SpareBank 1 SMN		357,244		4,555,848
SpareBank 1 SR-Bank ASA		252,922		2,932,451
Storebrand ASA		497,984		4,335,231
Subsea 7 SA		275,095		3,428,255
Telenor ASA		682,327		7,143,015
TGS ASA		154,592		2,559,596
TOMRA Systems ASA		290,535		5,128,912
Veidekke ASA		186,448		1,925,165
Wallenius Wilhelmsen ASA		164,091		1,557,236
Yara International ASA		191,927		8,527,563
				190,566,862
Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		227,137		1,837,538
Credicorp Ltd.		75,460		10,134,278

S C H E D U L E   O F   I N V E S T M E N T S 113

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Peru (continued)
Southern Copper Corp.		92,354	$	6,945,945
				18,917,761
Philippines — 0.2%
Aboitiz Equity Ventures Inc.		2,689,900		2,808,245
ACEN Corp.		15,042,585		1,935,139
Alliance Global Group Inc.		3,269,600		750,234
Ayala Corp.		345,655		4,495,188
Ayala Land Inc.		9,361,030		5,048,983
Bank of the Philippine Islands		1,241,965		2,391,410
BDO Unibank Inc.		3,262,572		7,358,521
Bloomberry Resorts Corp.(a)		7,240,600		1,224,932
Converge Information and Communications Technology Solutions Inc.(a)		3,145,100		1,010,375
Globe Telecom Inc.		38,564		1,430,037
GT Capital Holdings Inc.		109,988		1,028,853
International Container Terminal Services Inc.		1,415,580		5,381,383
JG Summit Holdings Inc.		3,947,417		3,882,682
Jollibee Foods Corp.		630,180		2,749,594
Manila Electric Co.		254,320		1,308,399
Manila Water Co. Inc.		2,623,900		947,099
Megaworld Corp.		8,590,500		333,919
Metro Pacific Investments Corp.		21,183,300		1,568,285
Metropolitan Bank & Trust Co.		2,196,387		2,307,618
PLDT Inc.		105,635		2,617,956
SM Investments Corp.		327,465		5,537,498
SM Prime Holdings Inc.		13,021,100		8,822,819
Universal Robina Corp.		1,135,330		2,868,058
				67,807,227
Poland — 0.2%
Alior Bank SA(a)		144,239		1,310,595
Allegro.eu SA (a)(c)		396,818		2,762,070
Asseco Poland SA		120,223		2,115,774
Bank Millennium SA(a)		933,804		1,111,566
Bank Polska Kasa Opieki SA		204,567		4,371,444
CCC SA(a)		54,570		556,364
CD Projekt SA(b)		80,268		2,590,152
Cyfrowy Polsat SA		365,447		1,551,761
Dino Polska SA(a)(c)		63,971		5,795,432
Enea SA(a)		278,887		435,177
Eurocash SA(a)		80,374		276,843
Grupa Azoty SA(a)		60,904		640,108
KGHM Polska Miedz SA		150,720		4,927,504
KRUK SA		21,119		1,716,004
LPP SA		1,102		2,581,315
mBank SA(a)		18,895		1,392,995
Orange Polska SA		737,431		1,190,496
PGE Polska Grupa Energetyczna SA(a)		1,054,872		1,826,606
Polski Koncern Naftowy ORLEN SA		682,766		10,254,886
Powszechna Kasa Oszczednosci Bank Polski SA		1,020,415		7,610,769
Powszechny Zaklad Ubezpieczen SA		691,436		5,877,192
Santander Bank Polska SA		37,733		2,508,571
Tauron Polska Energia SA(a)		1,087,977		593,674
				63,997,298
Portugal — 0.1%
Altri SGPS SA		197,664		998,008
Banco Comercial Portugues SA, Class R		11,998,860		2,556,343
CTT-Correios de Portugal SA		184,438		713,451
EDP - Energias de Portugal SA		2,945,124		14,632,134
Galp Energia SGPS SA		492,473		6,740,992

Security	Shares		Value
Portugal (continued)
Greenvolt Energias Renovaveis SA(a)(b)		153,471	$	1,286,576
Jeronimo Martins SGPS SA		318,943		6,924,484
Navigator Co. SA (The)		433,700		1,518,419
NOS SGPS SA		639,090		2,740,606
REN - Redes Energeticas Nacionais SGPS SA		780,367		2,144,815
Sonae SGPS SA		2,205,539		2,248,053
				42,503,881
Qatar — 0.3%
Barwa Real Estate Co.		3,221,564		2,505,228
Commercial Bank PSQC (The)		3,188,636		5,240,728
Doha Bank QPSC		1,640,508		866,607
Industries Qatar QSC		2,029,394		7,817,065
Masraf Al Rayan QSC		6,485,868		4,855,038
Mesaieed Petrochemical Holding Co.		5,331,563		3,144,528
Ooredoo QPSC		1,074,370		2,624,573
Qatar Aluminum Manufacturing Co.		5,155,647		2,573,358
Qatar Electricity & Water Co. QSC		872,002		4,232,650
Qatar Fuel QSC		159,780		780,632
Qatar Gas Transport Co. Ltd.		2,882,214		2,999,113
Qatar Insurance Co. SAQ		2,523,826		1,260,011
Qatar International Islamic Bank QSC		880,451		2,486,547
Qatar Islamic Bank SAQ		1,735,514		9,319,563
Qatar National Bank QPSC		4,853,333		23,918,370
Qatar Navigation QSC		615,521		1,601,623
United Development Co. QSC		1,908,304		631,968
Vodafone Qatar QSC		3,813,543		1,790,182
				78,647,784
Russia — 0.0%
Aeroflot PJSC(a)(d)		2,248,580		320
Alrosa PJSC(a)(d)		2,008,230		286
Detsky Mir PJSC(c)(d)		1,459,210		208
Gazprom PJSC(d)		12,460,440		1,775
Inter RAO UES PJSC(d)		41,474,100		5,907
LUKOIL PJSC(d)		449,912		64
Magnit PJSC(d)		59,647		9
Magnit PJSC, GDR(d)		3		—
MMC Norilsk Nickel PJSC(d)		67,010		10
Mobile TeleSystems PJSC(d)		1,079,812		154
Moscow Exchange MICEX-RTS PJSC(a)(d)		1,165,970		166
Novatek PJSC(d)		970,220		138
Novolipetsk Steel PJSC(d)		1,277,300		182
Ozon Holdings PLC, GDR(a)(d)		48,614		7
PhosAgro PJSC(d)		54,047		8
PhosAgro PJSC, GDR(d)(e)		2		—
PhosAgro PJSC, New(d)		1,044		10
Polymetal International PLC(a)(d)		318,811		45
Polyus PJSC(a)(d)		29,956		4
Rosneft Oil Co. PJSC(d)		1,203,679		172
Rostelecom PJSC(d)		1,886,690		269
Sberbank of Russia PJSC(a)(d)		10,330,470		1,471
Severstal PAO(d)		165,788		24
Sistema PJSFC(a)(d)		5,373,780		765
Surgutneftegas PJSC(d)		7,375,600		1,051
Tatneft PJSC(d)		1,491,585		213
TCS Group Holding PLC, GDR(a)(d)(e)		134,948		19
Unipro PJSC(a)(d)		16,577,000		2,361
United Co. RUSAL International PJSC(a)(d)		2,395,510		341
VK Co. Ltd.(a)(d)		113,735		16
VTB Bank PJSC(a)(d)		3,435,870,000		489

114 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
X5 Retail Group NV, GDR(d)		128,602	$	18
Yandex NV(a)(d)		338,783		48
				16,550
Saudi Arabia — 1.1%
Abdullah Al Othaim Markets Co.		74,089		2,084,225
ACWA Power Co.		80,722		3,277,078
Advanced Petrochemical Co.		194,177		2,448,893
Al Rajhi Bank(a)		2,217,876		48,685,139
Aldrees Petroleum and Transport Services Co.		120,566		2,564,474
Alinma Bank		1,239,790		10,922,590
Almarai Co. JSC		225,768		3,345,844
Alujain Corp.		97,199		1,034,323
AngloGold Ashanti Ltd.		453,430		9,533,399
Arab National Bank		605,685		4,477,827
Arabian Internet & Communications Services Co.		13,643		923,823
Arriyadh Development Co.		259,997		1,320,327
Bank AlBilad(a)		682,010		8,189,930
Bank Al-Jazira		548,829		2,848,953
Banque Saudi Fransi		683,201		7,470,706
Bupa Arabia for Cooperative Insurance Co.		68,146		2,843,051
City Cement Co.		211,363		1,185,252
Co. for Cooperative Insurance (The)(a)		110,015		2,470,869
Dallah Healthcare Co.		29,968		1,098,702
Dar Al Arkan Real Estate Development Co.(a)		821,080		2,747,965
Dr Sulaiman Al Habib Medical Services Group Co.		88,271		5,517,197
Elm Co.		51,323		4,892,896
Emaar Economic City(a)		603,700		1,321,305
Etihad Etisalat Co.		475,075		4,488,129
Jarir Marketing Co.		67,839		2,726,755
Leejam Sports Co. JSC		47,492		1,075,771
Mobile Telecommunications Co.(a)		707,861		1,980,935
Mouwasat Medical Services Co.		81,894		4,508,586
National Gas & Industrialization Co.		152,554		2,141,701
National Industrialization Co.(a)		547,543		1,811,632
Rabigh Refining & Petrochemical Co.(a)		669,808		2,004,825
Reinet Investments SCA		190,187		3,601,639
Riyad Bank		1,640,125		13,528,395
SABIC Agri-Nutrients Co.		243,181		8,916,268
Sahara International Petrochemical Co.		494,980		4,924,701
Saudi Airlines Catering Co.(a)		98,446		1,991,509
Saudi Arabian Mining Co.(a)		1,004,978		19,885,842
Saudi Arabian Oil Co.(c)		2,459,122		21,695,573
Saudi Basic Industries Corp.		1,008,459		25,025,530
Saudi British Bank (The)		915,881		8,874,303
Saudi Cement Co.		107,872		1,494,191
Saudi Chemical Co. Holding		161,345		1,161,286
Saudi Electricity Co.		1,048,138		6,458,600
Saudi Ground Services Co.(a)		173,035		1,028,469
Saudi Industrial Investment Group		367,396		2,441,149
Saudi Investment Bank (The)		350,734		1,684,973
Saudi Kayan Petrochemical Co.(a)		939,691		3,349,857
Saudi National Bank (The)		2,482,932		31,432,863
Saudi Public Transport Co.(a)		235,758		1,077,425
Saudi Research & Media Group(a)		47,751		2,394,090
Saudi Tadawul Group Holding Co.		48,042		2,081,517
Saudi Telecom Co.		1,666,920		16,451,153
Saudia Dairy & Foodstuff Co.		32,526		2,041,875
Savola Group (The)		249,817		2,004,515
Southern Province Cement Co.		93,247		1,254,080
United Electronics Co.		83,282		1,688,655

Security	Shares		Value
Saudi Arabia (continued)
United International Transportation Co.		127,337	$	1,704,460
Yamama Cement Co.(a)		204,097		1,562,964
Yanbu Cement Co.		159,027		1,573,732
Yanbu National Petrochemical Co.		276,903		3,281,299
				346,554,015
Singapore — 1.0%
AEM Holdings Ltd.(b)		901,500		2,393,067
CapitaLand Ascendas REIT		3,409,648		7,503,374
CapitaLand Ascott Trust		3,109,572		2,636,092
CapitaLand China Trust(b)		2,713,641		2,587,611
CapitaLand Integrated Commercial Trust		5,983,428		9,789,686
Capitaland Investment Ltd/Singapore		2,774,700		8,406,260
CDL Hospitality Trusts(b)		2,322,181		2,396,218
City Developments Ltd.		733,700		4,656,667
ComfortDelGro Corp. Ltd.		2,167,500		1,985,755
DBS Group Holdings Ltd.		1,990,500		54,492,468
ESR-LOGOS REIT(b)		15,349,547		4,455,995
First Resources Ltd.		1,117,500		1,309,695
Frasers Centrepoint Trust		2,176,262		3,689,612
Frasers Hospitality Trust		1,831,900		697,176
Frasers Logistics & Commercial Trust(b)		2,984,913		2,872,962
Genting Singapore Ltd.		5,716,200		4,329,214
Golden Agri-Resources Ltd.		9,195,300		1,751,698
Grab Holdings Ltd., Class A(a)		1,431,201		5,424,252
Hutchison Port Holdings Trust, Class U(b)		7,934,500		1,632,539
Jardine Cycle & Carriage Ltd.		82,600		1,831,211
Kenon Holdings Ltd./Singapore		54,005		1,682,994
Keppel Corp. Ltd.		1,587,300		9,164,527
Keppel DC REIT(b)		1,703,863		2,655,752
Keppel Infrastructure Trust(b)		10,952,035		4,802,081
Keppel REIT		2,855,560		2,104,601
Manulife US Real Estate Investment Trust		2,431,218		804,300
Mapletree Industrial Trust		2,087,260		3,793,286
Mapletree Logistics Trust		3,869,756		5,002,789
Mapletree Pan Asia Commercial Trust		2,297,993		3,197,479
NetLink NBN Trust		5,692,600		3,796,476
OUE Commercial Real Estate Investment Trust		6,286,080		1,678,089
Oversea-Chinese Banking Corp. Ltd.		3,640,150		35,965,948
Parkway Life REIT		1,233,900		3,819,013
Raffles Medical Group Ltd.		1,560,000		1,725,521
SATS Ltd.(a)(b)		1,013,000		2,337,705
Sea Ltd., ADR(a)(b)		410,487		26,455,887
Sembcorp Industries Ltd.		1,188,300		3,276,944
Sembcorp Marine Ltd.(a)		20,495,323		2,225,048
Sheng Siong Group Ltd.		2,062,900		2,578,068
SIA Engineering Co. Ltd.(a)(b)		542,100		1,031,160
Singapore Airlines Ltd.		1,484,100		6,710,900
Singapore Exchange Ltd.		432,300		3,044,912
Singapore Post Ltd.(b)		2,552,400		1,090,387
Singapore Technologies Engineering Ltd.		1,810,900		5,091,420
Singapore Telecommunications Ltd.		8,908,600		17,061,407
Starhill Global REIT(b)		4,287,700		1,865,123
StarHub Ltd.		836,100		727,215
Suntec REIT(b)		1,742,700		1,863,194
United Overseas Bank Ltd.(b)		1,278,000		29,049,743
UOL Group Ltd.		300,600		1,603,871
Venture Corp. Ltd.		229,700		3,243,675
Wilmar International Ltd.		1,937,800		6,024,660
Yangzijiang Financial Holding Ltd.(a)(b)		2,224,700		630,311
Yangzijiang Shipbuilding Holdings Ltd.		2,372,700		2,339,129

S C H E D U L E   O F   I N V E S T M E N T S 115

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Yanlord Land Group Ltd.		925,900	$	784,158
				324,069,325
South Africa — 1.0%
Absa Group Ltd.		883,311		10,151,281
Adcock Ingram Holdings Ltd.		117,088		343,122
AECI Ltd.		230,295		1,157,960
African Rainbow Minerals Ltd.		210,508		3,432,853
Anglo American Platinum Ltd.		63,001		4,685,452
Aspen Pharmacare Holdings Ltd.		437,140		3,813,924
AVI Ltd.		454,895		1,941,639
Barloworld Ltd.		295,266		1,527,917
Bid Corp. Ltd.		417,203		8,595,820
Bidvest Group Ltd. (The)		301,695		3,893,946
Capitec Bank Holdings Ltd.		96,677		9,985,405
Clicks Group Ltd.		301,450		4,597,632
Coronation Fund Managers Ltd.		234,318		471,060
Dis-Chem Pharmacies Ltd.(c)		405,545		695,719
Discovery Ltd.(a)		594,548		4,729,117
Distell Group Holdings Ltd.(a)		205,231		2,058,207
Exxaro Resources Ltd.		301,940		3,789,301
FirstRand Ltd.		5,602,951		20,818,314
Foschini Group Ltd. (The)		401,698		2,510,986
Gold Fields Ltd.		1,001,973		11,420,384
Grindrod Ltd.		156,861		94,026
Growthpoint Properties Ltd.		3,225,624		2,599,037
Harmony Gold Mining Co. Ltd.		651,550		2,320,414
Impala Platinum Holdings Ltd.		944,908		10,956,990
Investec Ltd.		422,470		2,686,084
JSE Ltd.		183,206		1,218,741
Kumba Iron Ore Ltd.		78,979		2,418,340
Life Healthcare Group Holdings Ltd.		1,726,720		1,695,412
Momentum Metropolitan Holdings		1,592,204		1,736,798
Motus Holdings Ltd.		285,411		2,021,497
Mr. Price Group Ltd.		285,566		2,702,373
MTN Group Ltd.		1,940,410		16,424,826
MultiChoice Group		424,261		2,921,061
Naspers Ltd., Class N		242,350		46,855,670
Nedbank Group Ltd.		474,298		6,137,798
Netcare Ltd.		1,573,285		1,296,380
Ninety One Ltd.		254,780		629,336
Northam Platinum Holdings Ltd.(a)		425,971		4,178,188
Oceana Group Ltd.		81,738		323,194
Old Mutual Ltd.		4,255,132		2,900,632
OUTsurance Group Ltd., NVS		1,152,584		2,383,332
Pick n Pay Stores Ltd.		745,242		2,389,914
PSG Konsult Ltd.		837,952		614,980
Redefine Properties Ltd.		7,398,912		1,712,613
Remgro Ltd.		526,479		4,236,038
Resilient REIT Ltd.		496,250		1,507,859
Reunert Ltd.		334,233		1,099,511
Sanlam Ltd.		2,124,017		6,872,538
Sappi Ltd.		775,583		2,293,319
Sasol Ltd.		634,674		11,530,008
Shoprite Holdings Ltd.		593,371		8,214,130
Sibanye Stillwater Ltd.		3,036,327		8,025,774
SPAR Group Ltd. (The)		228,779		1,807,223
Standard Bank Group Ltd.		1,453,043		14,498,041
Steinhoff International Holdings NV(a)(b)		4,623,361		134,204
Super Group Ltd./South Africa		671,872		1,066,541
Telkom SA SOC Ltd.(a)(b)		561,522		1,122,076

Security	Shares		Value
South Africa (continued)
Thungela Resources Ltd.(b)		169,002	$	2,261,197
Tiger Brands Ltd.		176,074		2,105,197
Truworths International Ltd.(b)		594,320		2,264,904
Vodacom Group Ltd.		708,173		4,976,935
Vukile Property Fund Ltd.		962,949		728,853
Wilson Bayly Holmes-Ovcon Ltd.(a)		62,512		353,552
Woolworths Holdings Ltd.		1,019,020		4,416,339
				299,351,914
South Korea — 3.2%
ABLBio Inc.(a)		64,526		1,032,548
Advanced Nano Products Co. Ltd.(b)		18,879		1,295,140
AfreecaTV Co. Ltd.		20,765		1,349,973
Ahnlab Inc.(b)		9,163		700,389
Alteogen Inc.(a)		56,673		1,707,630
Amorepacific Corp.		33,314		3,959,921
AMOREPACIFIC Group		36,835		1,233,153
Asiana Airlines Inc.(a)		45,538		568,995
BGF retail Co. Ltd.		10,242		1,552,381
BH Co. Ltd.(a)		46,296		777,688
BNK Financial Group Inc.		245,045		1,413,642
Bukwang Pharmaceutical Co. Ltd.(a)		72,368		548,557
Celltrion Healthcare Co. Ltd.		104,556		4,893,268
Celltrion Inc.		116,431		15,366,704
Celltrion Pharm Inc.(a)		22,634		1,181,591
Chabiotech Co. Ltd.(a)(b)		72,885		843,514
Cheil Worldwide Inc.		106,949		1,911,259
Chunbo Co. Ltd.		11,623		2,264,471
CJ CGV Co. Ltd.(a)		57,806		902,020
CJ CheilJedang Corp.		7,725		2,167,323
CJ Corp.		16,691		1,118,937
CJ ENM Co. Ltd.		11,860		1,037,500
CJ Logistics Corp.(a)		10,272		754,608
Com2uSCorp.		16,150		879,211
Cosmax Inc.		29,028		1,856,659
CosmoAM&T Co. Ltd.(a)		33,319		1,612,856
Coway Co. Ltd.		61,767		2,801,031
CS Wind Corp.		31,035		1,624,200
Daejoo Electronic Materials Co. Ltd.(b)		21,037		1,477,818
Daesang Corp.		32,498		562,204
Daewoo Engineering & Construction Co. Ltd.(a)		241,803		945,647
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(b)		54,667		1,032,443
Daewoong Pharmaceutical Co. Ltd.		8,311		1,031,176
Dawonsys Co. Ltd.		51,695		639,013
DB HiTek Co. Ltd.		50,792		1,884,120
DB Insurance Co. Ltd.		53,673		2,860,304
Dentium Co. Ltd.		14,232		1,367,806
DGB Financial Group Inc.		236,368		1,531,274
DL E&C Co. Ltd.(b)		37,656		1,169,986
DL Holdings Co. Ltd.		12,539		623,841
Dong-A Socio Holdings Co. Ltd.		11,625		960,284
Dong-A ST Co. Ltd.		19,580		1,030,031
Dongjin Semichem Co. Ltd.(a)(b)		69,656		1,909,943
Dongkuk Steel Mill Co. Ltd.		73,969		825,116
Dongwon Industries Co. Ltd.		11,090		415,537
Doosan Bobcat Inc.		51,535		1,462,471
Doosan Enerbility Co. Ltd.(a)(b)		449,299		6,144,033
Doosan Fuel Cell Co. Ltd.(a)		66,821		1,820,070
DoubleUGames Co. Ltd.		16,238		651,341
Douzone Bizon Co. Ltd.		28,706		820,475

116 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Ecopro BM Co. Ltd.(b)		57,354	$	4,682,753
Ecopro Co. Ltd.(b)		26,984		2,716,118
Ecopro HN Co. Ltd.		26,616		1,096,486
E-MART Inc.(a)		20,682		1,757,691
Eo Technics Co. Ltd.		18,249		1,117,735
F&F Co. Ltd./New		19,363		2,402,048
Fila Holdings Corp.		63,336		2,000,465
Foosung Co. Ltd.		110,780		1,152,368
GC Cell Corp.(a)(b)		20,106		760,833
GemVax & Kael Co. Ltd.(a)(b)		80,273		962,362
Geneone Life Science Inc.(a)		107,780		749,275
Genexine Inc.(a)(b)		62,421		753,590
Grand Korea Leisure Co. Ltd.(a)		73,764		1,227,110
Green Cross Corp.		8,944		940,490
Green Cross Holdings Corp.(b)		35,686		491,936
GS Engineering & Construction Corp.		72,036		1,373,795
GS Holdings Corp.(a)		60,141		2,161,036
GS Retail Co. Ltd.		38,187		897,469
Hana Financial Group Inc.		355,190		14,110,709
Hana Tour Service Inc.(a)(b)		35,995		1,890,851
Hanall Biopharma Co. Ltd.(a)(b)		60,443		811,122
Handsome Co. Ltd.		33,660		750,172
Hankook Tire & Technology Co. Ltd.		95,912		2,531,098
Hanmi Pharm Co. Ltd.		8,967		1,873,371
Hanon Systems		253,381		1,890,271
Hansol Chemical Co. Ltd.		12,435		2,144,110
Hanssem Co. Ltd.		12,601		532,468
Hanwha Aerospace Co. Ltd.(b)		45,027		2,953,234
Hanwha Corp.		64,296		1,484,113
Hanwha Life Insurance Co. Ltd.(a)(b)		584,177		1,304,847
Hanwha Solutions Corp.(a)		129,405		4,795,652
HD Hyundai Co. Ltd.		53,018		2,635,488
HDC Hyundai Development Co-Engineering & Construction, Class E		63,396		572,089
Helixmith Co. Ltd.(a)		59,445		567,586
HL Mando Co. Ltd.		50,369		1,831,942
HLB Inc.(a)		129,643		3,225,812
HLB Life Science Co. Ltd.(a)		112,815		1,026,980
HMM Co. Ltd.		313,674		5,578,247
Hotel Shilla Co. Ltd.		37,972		2,453,871
Hugel Inc.(a)		14,018		1,618,879
HYBE Co. Ltd.(a)		21,301		3,351,343
Hyosung Advanced Materials Corp.		4,159		1,302,235
Hyosung Corp.(b)		11,840		679,909
Hyosung TNC Corp.		2,777		939,350
Hyundai Autoever Corp.		11,417		1,046,130
Hyundai Bioscience Co. Ltd.(a)(b)		66,443		1,298,255
Hyundai Department Store Co. Ltd.		20,394		1,023,190
Hyundai Doosan Infracore Co. Ltd.(a)		136,513		865,410
Hyundai Elevator Co. Ltd.		55,079		1,337,774
Hyundai Engineering & Construction Co. Ltd.		80,513		2,503,098
Hyundai Glovis Co. Ltd.		21,179		2,866,202
Hyundai Greenfood Co. Ltd.		163,296		972,866
Hyundai Heavy Industries Co. Ltd.(a)		18,998		1,724,503
Hyundai Home Shopping Network Corp.		15,833		721,060
Hyundai Marine & Fire Insurance Co. Ltd.		83,689		2,106,995
Hyundai Mipo Dockyard Co. Ltd.(a)		33,412		2,194,181
Hyundai Mobis Co. Ltd.		71,986		12,036,568
Hyundai Motor Co.		159,720		21,773,250
Hyundai Rotem Co. Ltd.(a)		96,421		2,171,728

Security	Shares		Value
South Korea (continued)
Hyundai Steel Co.		96,266	$	2,689,014
Hyundai Wia Corp.(b)		17,876		781,556
Il Dong Pharmaceutical Co. Ltd.(a)		27,477		583,197
Iljin Materials Co. Ltd.		31,772		1,633,724
Industrial Bank of Korea(a)		155,764		1,300,038
JB Financial Group Co. Ltd.(b)		386,549		3,193,757
JW Pharmaceutical Corp.		49,841		813,904
JYP Entertainment Corp.		54,027		3,202,874
Kakao Corp.(a)		364,418		18,343,812
Kakao Games Corp.(a)(b)		51,410		1,954,493
KakaoBank Corp.(a)		152,899		3,392,467
Kangwon Land Inc.(a)		105,160		2,015,064
KB Financial Group Inc.		460,698		20,995,107
KCC Corp.		7,961		1,533,833
KEPCO Engineering & Construction Co. Inc.(b)		23,040		1,236,620
KEPCO Plant Service & Engineering Co. Ltd.		26,600		750,518
Kia Corp.		301,996		16,453,320
KIWOOM Securities Co. Ltd.		21,269		1,705,445
KMW Co. Ltd.(a)		40,276		888,961
Koh Young Technology Inc.		72,461		1,016,860
Kolmar Korea Co. Ltd.		47,237		1,714,009
Kolon Industries Inc.		19,341		720,329
Komipharm International Co. Ltd.(a)		82,840		461,909
Korea Aerospace Industries Ltd.		82,998		3,256,800
Korea Electric Power Corp.(a)		280,993		4,536,697
Korea Investment Holdings Co. Ltd.		46,408		2,368,186
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		42,498		2,760,146
Korea Zinc Co. Ltd.		8,802		3,876,705
Korean Air Lines Co. Ltd.(a)		186,950		3,699,032
Korean Reinsurance Co.		212,827		1,304,658
Krafton Inc.(a)		31,043		4,559,293
KT&G Corp.(a)		117,404		8,806,651
Kum Yang Co. Ltd.(a)		43,205		935,485
Kumho Petrochemical Co. Ltd.		22,087		2,656,516
Kumho Tire Co. Inc.(a)		147,549		380,533
L&F Co. Ltd.		27,395		4,624,787
LegoChem Biosciences Inc.(a)		36,948		1,113,355
LF Corp.		72,367		1,012,687
LG Chem Ltd.		55,668		31,419,185
LG Corp.		103,469		6,968,037
LG Display Co. Ltd.(a)		235,699		2,624,547
LG Electronics Inc.		125,372		10,272,925
LG Energy Solution(a)		39,056		16,612,474
LG H&H Co. Ltd.		9,499		5,758,850
LG Innotek Co. Ltd.		17,005		3,788,525
LG Uplus Corp.		195,032		1,763,721
LIG Nex1 Co. Ltd.		20,839		1,372,217
Lotte Chemical Corp.		21,155		3,054,296
Lotte Chilsung Beverage Co. Ltd.		4,748		617,651
Lotte Confectionery Co. Ltd.		4,050		395,071
Lotte Fine Chemical Co. Ltd.		39,421		1,841,403
Lotte Shopping Co. Ltd.		11,836		907,064
LS Corp.		27,110		1,558,312
LS Electric Co. Ltd.		20,673		899,356
LX Holdings Corp.(a)		83,563		600,022
LX International Corp.		37,294		1,067,598
LX Semicon Co. Ltd.		15,115		993,900
Meritz Fire & Marine Insurance Co. Ltd.		72,206		3,030,780
Meritz Securities Co. Ltd.		329,633		1,720,757

S C H E D U L E   O F   I N V E S T M E N T S 117

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Mirae Asset Securities Co. Ltd.		306,184	$	1,699,741
Naturecell Co. Ltd.(a)(b)		78,308		869,114
NAVER Corp.		144,204		23,955,979
NCSoft Corp.		18,441		6,825,591
NEPES Corp.(a)		58,292		827,274
Netmarble Corp.(c)		26,795		1,334,627
Nexen Tire Corp.		48,963		267,112
Nexon Games Co. Ltd.(a)(b)		56,420		707,469
NH Investment & Securities Co. Ltd.		219,618		1,645,551
NHN Corp.(a)(b)		34,976		832,064
NHN KCP Corp.(b)		65,630		768,582
NongShim Co. Ltd.		5,458		1,521,819
OCI Co. Ltd.(a)(b)		26,376		1,937,064
Orion Corp./Republic of Korea		28,039		2,838,135
Oscotec Inc.(a)(b)		49,000		766,861
Pan Ocean Co. Ltd.		354,924		1,748,362
Paradise Co. Ltd.(a)		57,062		838,519
Pearl Abyss Corp.(a)		40,701		1,508,549
Pharmicell Co. Ltd.(a)		83,822		713,879
PI Advanced Materials Co. Ltd.		26,582		739,993
Poongsan Corp.		24,389		717,326
POSCO Chemical Co. Ltd.		34,304		6,287,902
POSCO Holdings Inc.		81,775		20,094,300
Posco International Corp.		57,455		1,100,122
RFHIC Corp.(b)		52,007		1,026,778
S-1 Corp.		21,013		983,171
Sam Chun Dang Pharm Co. Ltd.(a)		29,563		1,162,502
Samsung Biologics Co. Ltd.(a)(c)		20,767		13,408,841
Samsung C&T Corp.		100,162		9,673,791
Samsung Electro-Mechanics Co. Ltd.		66,497		7,766,382
Samsung Electronics Co. Ltd.		5,285,047		263,249,401
Samsung Engineering Co. Ltd.(a)		177,545		3,746,919
Samsung Fire & Marine Insurance Co. Ltd.		36,250		5,977,135
Samsung Heavy Industries Co. Ltd.(a)		681,981		3,222,901
Samsung Life Insurance Co. Ltd.		79,033		4,550,099
Samsung SDI Co. Ltd.		62,084		34,792,002
Samsung SDS Co. Ltd.		41,099		4,191,106
Samsung Securities Co. Ltd.		78,002		2,123,343
SD Biosensor Inc.		44,275		1,033,927
Seah Besteel Holdings Corp.		20,779		278,374
Seegene Inc.		47,938		1,069,970
Seojin System Co. Ltd.(b)		69,667		929,938
Seoul Semiconductor Co. Ltd.		77,959		679,654
SFA Engineering Corp.		38,771		1,181,028
Shin Poong Pharmaceutical Co. Ltd.(a)		45,923		780,941
Shinhan Financial Group Co. Ltd.		495,947		16,770,137
Shinsegae Inc.(a)		8,504		1,605,142
Shinsegae International Inc.(a)		18,754		374,220
SK Biopharmaceuticals Co. Ltd.(a)		37,745		2,227,798
SK Bioscience Co. Ltd.(a)(b)		26,015		1,596,514
SK Chemicals Co. Ltd.		17,861		1,220,480
SK Hynix Inc.		611,608		44,246,064
SK IE Technology Co. Ltd.(a)(c)		34,395		1,890,816
SK Inc.		43,948		7,108,977
SK Innovation Co. Ltd.(a)		59,623		7,924,793
SK Networks Co. Ltd.(b)		125,091		413,893
SK Square Co. Ltd.(a)		80,173		2,375,078
SKC Co. Ltd.		29,667		2,312,731
SM Entertainment Co. Ltd.		39,100		2,812,744
S-Oil Corp.		51,912		3,744,834

Security	Shares		Value
South Korea (continued)
Solus Advanced Materials Co. Ltd.		27,827	$	897,697
Soulbrain Co. Ltd.(b)		9,318		1,779,221
Taihan Electric Wire Co. Ltd.(a)(b)		872,226		1,140,076
TKG Huchems Co. Ltd.(b)		39,610		634,592
Tongyang Life Insurance Co. Ltd.		107,258		417,048
Webzen Inc.(a)		34,492		522,294
Wemade Co. Ltd.(a)		29,222		936,218
Woori Financial Group Inc.		461,440		4,813,191
Wysiwyg Studious Co. Ltd.(a)(b)		56,425		879,566
YG Entertainment Inc.(a)(b)		18,444		783,725
Youngone Corp.		21,168		752,799
Youngone Holdings Co. Ltd.		23,270		1,159,355
Yuhan Corp.		69,359		2,952,293
Yungjin Pharmaceutical Co. Ltd.(a)(b)		212,536		623,423
				1,021,089,511
Spain — 1.6%
Acciona SA		33,038		6,445,715
Acerinox SA		175,147		1,896,832
ACS Actividades de Construccion y Servicios SA		205,340		6,076,774
Aena SME SA(a)(c)		77,284		11,611,841
Almirall SA		125,094		1,260,456
Amadeus IT Group SA(a)		504,538		31,787,888
Applus Services SA		238,698		1,831,949
Atresmedia Corp. de Medios de Comunicacion SA(b)		87,206		325,105
Banco Bilbao Vizcaya Argentaria SA		6,894,989		48,704,632
Banco de Sabadell SA		6,453,668		8,437,290
Banco Santander SA		18,718,716		65,420,776
Bankinter SA		780,974		5,634,732
Befesa SA(c)		49,807		2,856,987
CaixaBank SA		4,965,822		22,033,151
Cellnex Telecom SA(c)		619,571		24,279,739
Cia. de Distribucion Integral Logista Holdings SA		62,790		1,701,197
Cie. Automotive SA		106,698		3,169,418
Construcciones y Auxiliar de Ferrocarriles SA		42,483		1,368,234
Corp. ACCIONA Energias Renovables SA		30,746		1,257,330
Ebro Foods SA		82,303		1,413,884
EDP Renovaveis SA		335,186		7,290,658
Enagas SA		107,612		1,929,622
Ence Energia y Celulosa SA		277,571		914,690
Endesa SA		305,508		6,090,827
Faes Farma SA		727,941		2,728,545
Ferrovial SA		540,865		15,959,980
Fluidra SA		101,682		1,795,099
Gestamp Automocion SA(c)		202,590		894,502
Global Dominion Access SA(c)		306,988		1,316,358
Grifols SA(a)		291,372		3,857,197
Grupo Catalana Occidente SA		83,634		2,592,365
Iberdrola SA		6,611,821		77,568,332
Iberdrola SA, NVS		110,197		1,287,258
Indra Sistemas SA		205,051		2,503,739
Industria de Diseno Textil SA		1,215,333		37,943,678
Inmobiliaria Colonial Socimi SA		352,472		2,570,844
Lar Espana Real Estate Socimi SA		82,120		409,780
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		816,625		851,050
Mapfre SA		445,620		896,340
Mediaset Espana Comunicacion SA(a)		262,275		939,716
Melia Hotels International SA(a)		184,510		1,228,620
Merlin Properties Socimi SA		413,612		4,042,096

118 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Naturgy Energy Group SA		178,088	$	5,050,969
Neinor Homes SA(c)		57,545		577,377
Pharma Mar SA		24,416		1,610,084
Prosegur Cia. de Seguridad SA		404,455		915,411
Red Electrica Corp. SA		286,554		5,071,689
Repsol SA		1,569,003		25,773,753
Sacyr SA		672,997		2,070,289
Solaria Energia y Medio Ambiente SA(a)		121,450		2,491,993
Talgo SA(b)(c)		227,294		922,897
Tecnicas Reunidas SA(a)(b)		67,097		806,063
Telefonica SA		5,558,965		21,118,623
Unicaja Banco SA(c)		1,789,443		2,199,495
Viscofan SA		46,331		2,986,060
				494,719,929
Sweden — 2.3%
AAK AB		183,675		3,170,189
AddLife AB		129,881		1,370,731
AddTech AB, Class B		299,601		4,784,427
AFRY AB		137,295		2,478,521
Alfa Laval AB		336,617		10,578,400
Alimak Group AB(b)(c)		35,736		280,896
Alleima AB, NVS(a)		273,516		1,367,752
Arjo AB, Class B		351,689		1,364,728
Assa Abloy AB, Class B		1,126,717		26,541,228
Atlas Copco AB, Class A		3,017,191		35,802,173
Atlas Copco AB, Class B		1,720,416		18,146,269
Attendo AB(a)(c)		121,070		304,355
Avanza Bank Holding AB		158,636		3,660,305
Axfood AB		114,584		2,951,195
Beijer Ref AB		282,499		4,358,096
Betsson AB		236,598		1,961,221
Bilia AB, Class A		112,868		1,304,120
Billerud AB		265,810		3,087,976
BioArctic AB(a)(b)(c)		35,387		1,055,371
BioGaia AB		171,345		1,506,085
Biotage AB		111,508		1,723,350
Boliden AB		303,097		13,602,077
Bravida Holding AB(c)		267,192		2,953,642
Bure Equity AB		60,437		1,522,300
Castellum AB(b)		336,353		4,615,122
Cellavision AB		23,284		549,491
Cint Group AB(a)		228,684		858,349
Clas Ohlson AB, Class B		67,662		451,163
Cloetta AB, Class B		539,566		1,123,790
Corem Property Group AB, Class B		949,626		869,374
Dios Fastigheter AB		134,762		1,026,927
Dometic Group AB(c)		372,531		2,347,714
Dustin Group AB(c)		139,260		469,361
Electrolux AB, Class B(b)		279,167		3,954,079
Electrolux Professional AB, Class B		425,614		1,983,193
Elekta AB, Class B		428,923		3,122,040
Embracer Group AB(a)(b)		780,695		3,638,919
Epiroc AB, Class A		748,637		14,566,047
Epiroc AB, Class B		471,529		7,861,556
EQT AB		347,431		7,839,699
Essity AB, Class B		677,329		17,694,635
Evolution AB(c)		206,073		23,160,762
Fabege AB		276,258		2,610,968
Fastighets AB Balder, Class B(a)		763,770		3,935,128
Fortnox AB		804,139		4,057,799

Security	Shares		Value
Sweden (continued)
Getinge AB, Class B		259,272	$	5,840,770
Granges AB		131,232		1,097,672
H & M Hennes & Mauritz AB, Class B(b)		815,296		10,041,418
Hexagon AB, Class B		2,252,805		25,825,033
Hexatronic Group AB		247,660		3,048,312
Hexpol AB		341,716		3,691,508
Holmen AB, Class B		114,201		4,710,285
Hufvudstaden AB, Class A		148,269		2,232,953
Husqvarna AB, Class B		534,862		4,550,545
Industrivarden AB, Class A		152,641		4,043,511
Industrivarden AB, Class C		197,841		5,212,054
Indutrade AB		379,147		8,419,801
Instalco AB(b)		354,930		1,372,921
Intrum AB(b)		108,277		1,401,276
Investment AB Latour, Class B		154,238		3,254,254
Investor AB, Class A		561,494		11,206,627
Investor AB, Class B		2,061,844		40,065,698
INVISIO AB		78,106		1,367,746
JM AB		102,449		1,909,869
Kambi Group PLC, Class B(a)		35,475		637,944
Kindred Group PLC		274,501		2,766,208
Kinnevik AB, Class B(a)		270,040		4,174,047
L E Lundbergforetagen AB, Class B		70,542		3,266,605
Lifco AB, Class B		289,730		5,322,438
Lindab International AB		146,199		2,073,596
Loomis AB		84,805		2,521,881
MEKO AB		85,725		950,121
Millicom International Cellular SA, SDR(a)		196,352		3,364,166
MIPS AB		43,157		1,651,585
Modern Times Group MTG AB, Class B		130,090		1,151,710
Mycronic AB		107,156		2,290,531
NCC AB, Class B		143,189		1,416,549
Neobo Fastigheter AB(a)(b)		129,677		242,425
Nibe Industrier AB, Class B		1,729,870		18,689,975
Nobia AB		257,345		449,130
Nolato AB, Class B		340,422		2,055,869
Nordea Bank Abp		3,576,628		41,812,154
Nordnet AB publ		161,559		2,626,066
Nyfosa AB		309,134		2,695,615
Pandox AB(a)		109,399		1,506,196
Paradox Interactive AB(b)		52,148		926,845
Peab AB, Class B		216,354		1,350,145
Platzer Fastigheter Holding AB, Class B		92,863		814,637
PowerCell Sweden AB(a)		96,488		1,293,726
Ratos AB, Class B		372,316		1,501,552
Resurs Holding AB(c)		195,574		520,762
Saab AB, Class B		77,380		3,167,819
Sagax AB, Class B		204,471		5,086,216
Samhallsbyggnadsbolaget i Norden AB		1,296,776		2,369,070
Sandvik AB		1,218,998		25,193,807
Scandic Hotels Group AB(a)(b)(c)		407,531		1,502,362
Sectra AB, NVS		147,327		2,086,401
Securitas AB, Class B		511,139		4,678,739
Sinch AB(a)(b)(c)		665,675		2,751,881
Skandinaviska Enskilda Banken AB, Class A		1,762,318		21,334,285
Skanska AB, Class B		363,277		6,411,874
SKF AB, Class B		414,616		7,337,996
SSAB AB, Class A		144,801		1,034,984
SSAB AB, Class B		808,385		5,508,872
Stillfront Group AB(a)		641,682		1,119,937

S C H E D U L E   O F   I N V E S T M E N T S 119

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Storskogen Group AB		1,792,178	$	1,564,918
Svenska Cellulosa AB SCA, Class B		719,612		9,992,773
Svenska Handelsbanken AB, Class A		1,544,017		16,101,035
Sweco AB, Class B		229,543		2,490,038
Swedbank AB, Class A		968,441		18,629,333
Swedish Orphan Biovitrum AB(a)		181,113		4,038,922
Tele2 AB, Class B		588,078		5,078,952
Telefonaktiebolaget LM Ericsson, Class B		3,217,898		18,665,290
Telia Co. AB		2,778,109		7,174,857
Thule Group AB(c)		156,315		3,745,901
Trelleborg AB, Class B		288,006		7,201,439
Viaplay Group AB, Class B(a)		91,750		2,265,332
Vitrolife AB		94,002		2,015,461
Volvo AB, Class A		233,531		4,851,309
Volvo AB, Class B		1,661,191		32,963,852
Volvo Car AB, Class B(a)(b)		631,330		3,150,019
Wallenstam AB, Class B		462,199		2,121,797
Wihlborgs Fastigheter AB		360,930		2,971,580
				734,583,305
Switzerland — 6.1%
ABB Ltd., Registered		1,809,588		63,001,985
Accelleron Industries AG, NVS(a)		95,632		2,258,754
Adecco Group AG, Registered		169,495		6,295,163
Alcon Inc.		566,614		42,755,844
Allreal Holding AG, Registered		12,385		2,122,737
ALSO Holding AG, Registered		9,231		1,880,304
Aryzta AG(a)		2,159,589		2,940,556
Autoneum Holding AG(b)		5,669		756,494
Bachem Holding AG, Class A		36,202		3,201,482
Baloise Holding AG, Registered		52,980		8,713,773
Banque Cantonale Vaudoise, Registered		31,879		3,030,324
Barry Callebaut AG, Registered		3,369		7,038,961
Basilea Pharmaceutica AG, Registered(a)(b)		28,598		1,544,713
Belimo Holding AG, Registered		11,536		6,084,600
Bell Food Group AG, Registered		2,275		596,678
BKW AG		32,253		4,638,054
Bossard Holding AG, Class A, Registered		7,863		2,003,600
Bucher Industries AG, Registered		6,825		3,109,924
Burckhardt Compression Holding AG		5,515		3,414,584
Bystronic AG, Registered		1,498		1,125,656
Cembra Money Bank AG		37,630		3,341,038
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,276		14,013,948
Chocoladefabriken Lindt & Spruengli AG, Registered		95		10,693,137
Cie. Financiere Richemont SA, Class A, Registered		586,390		90,396,244
Clariant AG, Registered		228,350		3,915,842
Coca-Cola HBC AG, Class DI		229,928		5,587,565
Comet Holding AG, Registered		11,342		2,621,823
COSMO Pharmaceuticals NV		18,080		1,313,293
Credit Suisse Group AG, Registered		3,574,990		12,315,417
Daetwyler Holding AG, Bearer		8,103		1,718,536
DKSH Holding AG		41,484		3,534,234
dormakaba Holding AG		2,895		1,209,463
Dufry AG, Registered(a)(b)		77,804		3,571,793
EFG International AG		216,100		2,019,791
Emmi AG, Registered		1,546		1,440,327
EMS-Chemie Holding AG, Registered		7,899		5,888,548
Flughafen Zurich AG, Registered(a)		21,218		3,865,788
Forbo Holding AG, Registered		1,513		1,990,697

Security	Shares		Value
Switzerland (continued)
Galenica AG(c)		58,084	$	4,542,608
Geberit AG, Registered		42,635		24,258,562
Georg Fischer Ltd.		87,344		6,022,155
Givaudan SA, Registered		10,356		33,576,533
Helvetia Holding AG, Registered		42,315		5,293,536
Holcim AG		613,511		36,678,575
Huber + Suhner AG, Registered		33,507		3,213,432
Idorsia Ltd.(a)(b)		128,375		2,159,360
Implenia AG, Registered(a)		18,572		780,145
Inficon Holding AG, Registered		2,350		2,460,458
Interroll Holding AG, Registered		775		2,414,034
Julius Baer Group Ltd.		256,717		16,466,936
Kardex Holding AG, Registered		9,955		1,940,197
Komax Holding AG, Registered		5,702		1,876,039
Kuehne + Nagel International AG, Registered		62,858		14,988,903
Landis+Gyr Group AG(b)		37,048		2,729,389
LEM Holding SA, Registered		711		1,572,665
Leonteq AG		15,913		884,227
Logitech International SA, Registered		199,652		11,682,989
Lonza Group AG, Registered		83,381		47,563,970
Medmix AG(c)		35,043		682,575
Meyer Burger Technology AG(a)		3,768,383		2,682,484
Mobilezone Holding AG, Registered		148,184		2,690,729
Mobimo Holding AG, Registered		11,513		2,960,474
Nestle SA, Registered		3,048,119		371,898,091
Novartis AG, Registered		2,389,974		216,075,244
OC Oerlikon Corp. AG, Registered		281,649		1,933,731
Partners Group Holding AG		26,170		24,555,219
PSP Swiss Property AG, Registered		53,790		6,705,661
Roche Holding AG, Bearer		29,500		10,798,204
Roche Holding AG, NVS		782,499		244,273,003
Schindler Holding AG, Participation Certificates, NVS		44,720		9,531,500
Schindler Holding AG, Registered		26,381		5,336,584
Schweiter Technologies AG, Bearer		1,583		1,397,259
Sensirion Holding AG(a)(c)		15,377		1,829,855
SFS Group AG		20,816		2,394,973
SGS SA, Registered		7,073		17,248,459
Siegfried Holding AG, Registered		5,139		3,775,254
Siemens Energy AG(a)		467,210		9,768,804
SIG Group AG		360,794		8,942,626
Sika AG, Registered		166,352		47,268,397
Softwareone Holding AG		129,956		2,098,319
Sonova Holding AG, Registered		60,583		15,150,091
St. Galler Kantonalbank AG, Class A, Registered		3,843		2,105,905
Stadler Rail AG(b)		53,898		2,061,566
STMicroelectronics NV		774,790		36,483,551
Straumann Holding AG		123,647		16,189,966
Sulzer AG, Registered(b)		28,310		2,410,701
Swatch Group AG (The), Bearer		30,841		11,166,555
Swatch Group AG (The), Registered		62,657		4,117,044
Swiss Life Holding AG, Registered		36,104		21,368,068
Swiss Prime Site AG, Registered		85,371		7,607,259
Swiss Re AG		333,420		34,912,708
Swisscom AG, Registered		26,340		15,563,135
Swissquote Group Holding SA, Registered		14,204		2,565,333
Tecan Group AG, Registered		14,241		5,976,575
Temenos AG, Registered		77,752		5,549,986
UBS Group AG, Registered		3,750,839		80,063,062
Untradelumena Newmat, NVS(d)		3,800		—

120 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Valiant Holding AG, Registered		21,703	$	2,479,847
VAT Group AG(c)		33,803		10,522,999
Vontobel Holding AG, Registered		41,323		2,926,615
Zur Rose Group AG(a)(b)		14,007		528,468
Zurich Insurance Group AG		164,621		81,409,774
				1,913,063,036
Taiwan — 4.2%
Accton Technology Corp.		584,000		4,772,608
Acer Inc.		2,305,148		1,924,449
Advanced Ceramic X Corp.		114,000		770,638
Advanced Energy Solution Holding Co. Ltd.		48,000		1,271,873
Advanced Wireless Semiconductor Co.		527,631		1,410,700
Advantech Co. Ltd.		450,738		5,154,066
Airtac International Group		148,185		5,067,803
Alchip Technologies Ltd.		97,000		2,759,287
Andes Technology Corp.		51,000		903,830
AP Memory Technology Corp.		178,000		1,262,497
ASE Technology Holding Co. Ltd.		3,414,958		11,522,210
Asia Cement Corp.		2,001,329		2,819,463
Asia Optical Co. Inc.		542,000		1,157,462
Asia Vital Components Co. Ltd.		388,000		1,382,973
ASMedia Technology Inc.		51,000		1,536,503
ASPEED Technology Inc.		35,600		2,521,136
Asustek Computer Inc.		736,000		6,703,808
AUO Corp.		6,867,400		3,861,666
AURAS Technology Co. Ltd.		211,000		1,100,998
BES Engineering Corp.		7,237,000		2,025,695
Bizlink Holding Inc.		238,000		2,087,874
Bora Pharmaceuticals Co. Ltd.		58,000		799,922
Brighton-Best International Taiwan Inc.		865,000		1,101,798
Capital Securities Corp.		5,395,450		2,094,025
Career Technology MFG. Co. Ltd.(a)		1,081,752		888,059
Catcher Technology Co. Ltd.		548,000		3,258,756
Cathay Financial Holding Co. Ltd.		8,842,254		12,588,551
Center Laboratories Inc.		842,927		1,329,567
Century Iron & Steel Industrial Co. Ltd.		512,000		1,699,179
Chailease Holding Co. Ltd.		1,533,481		11,556,527
Chang Hwa Commercial Bank Ltd.		5,328,625		3,131,423
Cheng Loong Corp.		1,506,000		1,463,491
Cheng Shin Rubber Industry Co. Ltd.		1,492,500		1,722,260
Cheng Uei Precision Industry Co. Ltd.		622,000		802,367
Chicony Electronics Co. Ltd.		674,137		1,955,039
China Airlines Ltd.		2,923,000		1,906,777
China Bills Finance Corp.		5,086,000		2,560,208
China Development Financial Holding Corp.		19,276,340		8,515,883
China Man-Made Fiber Corp.(a)		6,670,135		1,920,873
China Petrochemical Development Corp.		6,973,587		2,355,967
China Steel Chemical Corp.		475,000		1,708,185
China Steel Corp.		12,395,575		13,117,454
Chin-Poon Industrial Co. Ltd.		918,000		918,090
Chipbond Technology Corp.		1,061,000		2,149,455
ChipMOS Technologies Inc.		1,633,000		1,895,596
Chlitina Holding Ltd.		156,000		1,162,753
Chroma ATE Inc.		350,000		2,171,996
Chung-Hsin Electric & Machinery Manufacturing Corp.		691,000		1,875,399
Chunghwa Precision Test Tech Co. Ltd.		35,000		630,895
Chunghwa Telecom Co. Ltd.		4,025,000		15,041,896
Compal Electronics Inc.		3,329,000		2,513,010
Compeq Manufacturing Co. Ltd.		1,407,000		2,153,063

Security	Shares		Value
Taiwan (continued)
Coretronic Corp.		729,000	$	1,434,944
CTBC Financial Holding Co. Ltd.		20,750,980		15,866,709
CTCI Corp.		1,060,000		1,528,291
Cub Elecparts Inc.		152,401		735,900
Darfon Electronics Corp.		1,353,000		1,783,734
Delta Electronics Inc.		2,085,000		20,219,212
E Ink Holdings Inc.		1,094,000		6,348,234
E.Sun Financial Holding Co. Ltd.		16,366,265		13,404,587
Eclat Textile Co. Ltd.		188,365		3,141,418
EirGenix Inc.(a)		286,000		1,128,462
Elan Microelectronics Corp.		581,000		1,889,314
Elite Material Co. Ltd.		411,000		2,496,295
Elite Semiconductor Microelectronics Technology Inc.		460,000		1,206,712
eMemory Technology Inc.		72,000		3,947,645
Ennoconn Corp.		139,273		1,041,957
ENNOSTAR Inc.		882,500		1,481,579
Episil Technologies Inc.		529,350		1,719,125
Eternal Materials Co. Ltd.		1,755,253		1,903,790
Eva Airways Corp.		2,694,332		2,629,281
Evergreen Marine Corp. Taiwan Ltd.		1,136,590		5,806,542
Everlight Electronics Co. Ltd.		1,075,000		1,348,137
Far Eastern Department Stores Ltd.		1,094,702		792,336
Far Eastern International Bank		6,115,436		2,390,245
Far Eastern New Century Corp.		2,426,071		2,651,537
Far EasTone Telecommunications Co. Ltd.		1,512,000		3,363,479
Faraday Technology Corp.		326,400		1,867,045
Feng Hsin Steel Co. Ltd.		725,000		1,672,519
Feng TAY Enterprise Co. Ltd.		417,468		2,756,383
First Financial Holding Co. Ltd.		11,105,486		9,686,107
Fitipower Integrated Technology Inc.		225,000		1,091,788
FLEXium Interconnect Inc.		476,987		1,598,061
Formosa Chemicals & Fibre Corp.		4,548,660		10,963,621
Formosa Petrochemical Corp.		953,000		2,671,046
Formosa Plastics Corp.		4,308,040		12,841,699
Foxconn Technology Co. Ltd.		612,287		1,110,474
Fubon Financial Holding Co. Ltd.		8,052,828		16,219,060
Fulgent Sun International Holding Co. Ltd.		250,824		1,113,224
General Interface Solution Holding Ltd.		273,000		777,417
Genius Electronic Optical Co. Ltd.		123,281		1,519,524
Giant Manufacturing Co. Ltd.		291,189		1,999,238
Gigabyte Technology Co. Ltd.		599,000		2,326,304
Global Unichip Corp.		111,000		2,929,672
Globalwafers Co. Ltd.		228,000		4,000,272
Gold Circuit Electronics Ltd.		444,000		1,301,705
Goldsun Building Materials Co. Ltd.		1,522,056		1,307,209
Gourmet Master Co. Ltd.		129,000		649,783
Grand Pacific Petrochemical		1,947,000		1,306,301
Grape King Bio Ltd.		210,000		1,209,938
Great Wall Enterprise Co. Ltd.		1,836,195		2,837,572
HannStar Display Corp.		3,434,000		1,393,327
Highwealth Construction Corp.		1,816,299		2,491,578
Hiwin Technologies Corp.		681,879		5,098,340
Holy Stone Enterprise Co. Ltd.		300,000		915,099
Hon Hai Precision Industry Co. Ltd.		14,319,769		47,752,588
Hota Industrial Manufacturing Co. Ltd.		367,194		887,322
Hotai Motor Co. Ltd.		298,000		6,542,627
HTC Corp.(a)		887,000		1,815,516
Hua Nan Financial Holdings Co. Ltd.		11,250,128		8,559,329
Huaku Development Co. Ltd.		568,000		1,686,033

S C H E D U L E   O F   I N V E S T M E N T S 121

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
IBF Financial Holdings Co. Ltd.		6,701,221	$	2,818,578
Innolux Corp.		8,876,524		3,631,664
International CSRC Investment Holdings Co.		1,720,921		1,139,143
International Games System Co. Ltd.		222,000		3,672,750
Inventec Corp.		2,636,000		2,222,131
ITEQ Corp.		460,101		1,251,443
Jentech Precision Industrial Co. Ltd.		186,993		2,356,453
Kenda Rubber Industrial Co. Ltd.		1,042,817		1,078,125
King Yuan Electronics Co. Ltd.		2,011,000		2,580,125
King’s Town Bank Co. Ltd.		1,352,000		1,563,177
Kinsus Interconnect Technology Corp.		360,000		1,367,407
LandMark Optoelectronics Corp.		126,000		539,057
Largan Precision Co. Ltd.		105,000		7,492,943
Lite-On Technology Corp.		1,976,074		4,391,028
Lotes Co. Ltd.		106,087		2,696,836
Lotus Pharmaceutical Co. Ltd.		178,000		1,421,503
Macronix International Co. Ltd.		1,474,525		1,772,254
Makalot Industrial Co. Ltd.		299,866		2,189,211
MediaTek Inc.		1,727,970		41,749,409
Medigen Vaccine Biologics Corp.(a)		332,595		815,144
Mega Financial Holding Co. Ltd.		11,862,464		12,666,883
Merida Industry Co. Ltd.		274,350		1,669,386
Merry Electronics Co. Ltd.		253,697		690,472
Microbio Co. Ltd.		617,521		1,368,849
Micro-Star International Co. Ltd.		585,000		2,569,499
Mitac Holdings Corp.		2,958,198		3,045,269
momo.com Inc.		81,400		2,166,180
Nan Kang Rubber Tire Co. Ltd.(a)		828,000		940,389
Nan Ya Plastics Corp.		5,407,300		13,608,159
Nan Ya Printed Circuit Board Corp.		282,000		2,315,665
Nanya Technology Corp.		1,028,000		1,996,812
Nien Made Enterprise Co. Ltd.		207,000		2,157,523
Novatek Microelectronics Corp.		617,000		7,347,153
Nuvoton Technology Corp.		362,000		1,582,281
OBI Pharma Inc.(a)		414,864		1,005,851
Oneness Biotech Co. Ltd.(a)		310,000		2,793,755
Oriental Union Chemical Corp.		1,621,000		1,026,069
Pan Jit International Inc.		555,000		1,239,119
Parade Technologies Ltd.		85,000		2,628,513
Pegatron Corp.		1,892,000		4,078,480
PharmaEssentia Corp.(a)		221,000		3,616,153
Phison Electronics Corp.		183,000		2,278,111
Pixart Imaging Inc.		245,000		817,858
Pou Chen Corp.		2,233,000		2,562,011
Powerchip Semiconductor Manufacturing Corp.		3,322,000		3,831,677
Powertech Technology Inc.		416,000		1,162,752
President Chain Store Corp.		547,000		4,927,150
Primax Electronics Ltd.		684,000		1,316,723
Prince Housing & Development Corp.		2,663,521		990,975
Qisda Corp.		3,235,000		3,063,342
Quanta Computer Inc.		2,653,000		6,625,835
Radiant Opto-Electronics Corp.		494,060		1,693,639
Raydium Semiconductor Corp.		101,000		1,205,985
Realtek Semiconductor Corp.		490,020		5,262,266
RichWave Technology Corp.		159,668		701,463
Ruentex Development Co. Ltd.		2,542,744		3,808,005
Ruentex Industries Ltd.		855,044		1,915,820
Sercomm Corp.		521,000		1,403,520
Shanghai Commercial & Savings Bank Ltd. (The)		4,161,007		6,466,793
Shin Kong Financial Holding Co. Ltd.		11,860,422		3,561,850

Security	Shares		Value
Taiwan (continued)
Shin Zu Shing Co. Ltd.		275,190	$	758,098
Shinkong Synthetic Fibers Corp.		4,266,000		2,560,298
Silergy Corp.		359,000		7,305,452
Simplo Technology Co. Ltd.		197,200		1,953,642
Sinbon Electronics Co. Ltd.		280,000		2,690,161
Sino-American Silicon Products Inc.		562,000		3,068,870
SinoPac Financial Holdings Co. Ltd.		11,524,857		6,658,177
Sitronix Technology Corp.		258,000		1,835,643
St. Shine Optical Co. Ltd.		71,000		601,347
Standard Foods Corp.		829,422		1,147,286
Synnex Technology International Corp.		1,338,600		2,705,296
TA Chen Stainless Pipe		1,648,801		2,476,901
Taichung Commercial Bank Co. Ltd.		3,632,905		1,589,570
TaiDoc Technology Corp.		155,000		929,750
TaiMed Biologics Inc.(a)		575,000		1,310,699
Tainan Spinning Co. Ltd.		2,527,816		1,447,516
Taishin Financial Holding Co. Ltd.		11,582,121		6,295,699
Taiwan Business Bank		7,709,015		3,438,949
Taiwan Cement Corp.		6,829,081		8,271,814
Taiwan Cooperative Financial Holding Co. Ltd.		10,773,365		9,520,095
Taiwan Fertilizer Co. Ltd.		1,265,000		2,358,487
Taiwan High Speed Rail Corp.		1,225,000		1,193,459
Taiwan Hon Chuan Enterprise Co. Ltd.		849,696		2,541,230
Taiwan Mask Corp.		333,000		1,028,789
Taiwan Mobile Co. Ltd.		1,520,000		4,795,905
Taiwan Secom Co. Ltd.		600,105		2,012,613
Taiwan Semiconductor Co. Ltd.		522,000		1,549,071
Taiwan Semiconductor Manufacturing Co. Ltd.		27,407,000		483,645,343
Taiwan Surface Mounting Technology Corp.		417,000		1,270,408
Taiwan Union Technology Corp.		378,000		781,264
Tatung Co. Ltd.(a)		1,738,000		1,986,181
TCI Co. Ltd.		156,896		988,831
Teco Electric and Machinery Co. Ltd.		2,108,000		2,022,681
Tong Hsing Electronic Industries Ltd.		250,409		1,921,832
Transcend Information Inc.		781,000		1,773,381
Tripod Technology Corp.		422,000		1,396,088
TSRC Corp.		1,792,100		1,690,503
TTY Biopharm Co. Ltd.		479,965		1,243,527
Tung Ho Steel Enterprise Corp.		979,540		1,893,094
TXC Corp.		651,000		1,900,382
Unimicron Technology Corp.		1,425,000		6,560,691
Uni-President Enterprises Corp.		6,166,292		13,853,113
United Integrated Services Co. Ltd.		247,000		1,705,224
United Microelectronics Corp.		12,914,000		21,133,038
United Renewable Energy Co. Ltd.(a)		1,806,000		1,276,381
UPI Semiconductor Corp.(a)		100,000		1,086,450
USI Corp.		2,079,258		1,653,200
Vanguard International Semiconductor Corp.		883,000		2,967,978
VisEra Technologies Co. Ltd.		141,000		1,114,134
Visual Photonics Epitaxy Co. Ltd.		452,000		1,347,125
Voltronic Power Technology Corp.		67,788		3,430,360
Wafer Works Corp.		1,260,580		1,900,483
Walsin Lihwa Corp.		2,880,256		5,242,817
Walsin Technology Corp.		423,000		1,277,236
Wan Hai Lines Ltd.		791,200		2,016,364
Win Semiconductors Corp.		344,953		2,224,194
Winbond Electronics Corp.		3,163,502		2,291,827
Wisdom Marine Lines Co. Ltd.		506,000		1,030,012
Wistron Corp.		2,920,227		3,072,028
Wistron NeWeb Corp.		518,860		1,418,045

122 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Wiwynn Corp.		86,000	$	2,160,117
WPG Holdings Ltd.		1,510,360		2,407,739
XinTec Inc.		350,000		1,259,169
Yageo Corp.		376,766		6,838,651
Yang Ming Marine Transport Corp.		1,942,000		4,078,895
YFY Inc.		2,046,000		1,764,454
Yuanta Financial Holding Co. Ltd.		11,227,464		8,442,563
Yulon Motor Co. Ltd.		908,502		2,518,364
Zhen Ding Technology Holding Ltd.		533,050		1,968,358
				1,335,617,147
Thailand — 0.7%
Advanced Info Service PCL, NVDR		1,308,500		7,747,628
Airports of Thailand PCL, NVDR(a)		5,163,600		11,644,500
Amata Corp. PCL, NVDR		4,075,100		2,476,473
B Grimm Power PCL, NVDR		2,267,400		2,778,239
Bangchak Corp. PCL, NVDR		2,753,900		3,060,791
Bangkok Chain Hospital PCL, NVDR(b)		3,612,100		2,392,055
Bangkok Dusit Medical Services PCL, NVDR		12,459,800		11,265,611
Bangkok Expressway & Metro PCL, NVDR		10,508,800		3,093,542
Banpu PCL, NVDR		7,884,500		2,782,776
Berli Jucker PCL, NVDR		1,848,000		2,134,612
BTS Group Holdings PCL, NVDR		13,615,600		3,493,839
Bumrungrad Hospital PCL, NVDR		701,700		4,624,542
Central Pattana PCL, NVDR		2,626,700		5,692,868
Central Retail Corp. PCL, NVDR		2,295,674		2,970,891
CH Karnchang PCL, NVDR		2,249,100		1,541,966
Charoen Pokphand Foods PCL, NVDR		4,289,600		3,070,609
CK Power PCL, NVDR(b)		6,077,800		834,478
CP ALL PCL, NVDR		6,985,400		14,110,216
Delta Electronics Thailand PCL, NVDR(b)		359,600		9,879,648
Electricity Generating PCL, NVDR		606,700		3,206,293
Energy Absolute PCL, NVDR		2,156,000		5,667,960
Esso Thailand PCL, NVDR(b)		5,330,700		1,510,924
Global Power Synergy PCL, NVDR		1,696,500		3,551,925
Gulf Energy Development PCL, NVDR		3,951,300		6,459,988
Hana Microelectronics PCL, NVDR(b)		1,236,200		2,285,811
Home Product Center PCL, NVDR		5,854,700		2,547,582
Indorama Ventures PCL, NVDR		2,702,600		3,329,039
Intouch Holdings PCL, NVDR		2,171,100		4,797,571
IRPC PCL, NVDR		20,822,500		1,937,878
Jasmine International PCL, NVDR(a)(b)		22,735,200		1,602,490
KCE Electronics PCL, NVDR(b)		1,393,900		2,332,015
Kiatnakin Phatra Bank PCL, NVDR(b)		1,154,200		2,394,868
Krung Thai Bank PCL, NVDR		5,132,000		2,730,357
Land & Houses PCL, NVDR		7,037,300		2,114,824
MBK PCL, NVDR		2,250,700		1,260,042
Minor International PCL, NVDR(a)		3,811,300		3,859,829
Muangthai Capital PCL, NVDR		1,742,200		1,994,490
Osotspa PCL, NVDR		2,628,000		2,236,963
PTT Exploration & Production PCL, NVDR		1,755,661		9,164,679
PTT Global Chemical PCL, NVDR		2,769,500		4,150,979
PTT Public Company Ltd., NVDR		11,752,500		11,875,579
SCB X PCL, NVS		835,300		2,645,714
Siam Cement PCL (The), NVDR		908,700		9,271,753
Sino-Thai Engineering & Construction PCL, NVDR		2,229,600		976,194
Sri Trang Agro-Industry PCL, NVDR		1,579,400		1,050,381
Srisawad Corp. PCL, NVDR		1,447,410		2,352,981
Thai Oil PCL, NVDR		2,198,500		3,869,367
Thai Union Group PCL, NVDR		4,162,600		2,021,099
Thanachart Capital PCL, NVDR		1,045,900		1,358,172

Security	Shares		Value
Thailand (continued)
TPI Polene PCL, NVDR(b)		18,517,100	$	1,039,362
True Corp. PCL, NVDR(b)		23,768,845		3,509,593
TTW PCL, NVDR(b)		8,550,200		2,447,725
WHA Corp. PCL, NVDR		19,605,200		2,253,018
				209,402,729
Turkey — 0.2%
Akbank TAS		3,301,443		2,991,369
Alarko Holding AS		197,476		731,608
Anadolu Efes Biracilik Ve Malt Sanayii AS		271,607		754,808
Aselsan Elektronik Sanayi Ve Ticaret AS		1,359,931		4,114,801
BIM Birlesik Magazalar AS		486,342		3,224,891
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,806,768		1,171,399
Eregli Demir ve Celik Fabrikalari TAS		1,448,166		2,939,323
Ford Otomotiv Sanayi AS		134,742		3,664,835
Haci Omer Sabanci Holding AS		1,706,759		3,549,921
Hektas Ticaret TAS(a)		1,214,636		2,034,161
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		1,613,817		1,418,073
KOC Holding AS		758,998		3,094,490
Kontrolmatik Enerji Ve Muhendislik AS, NVS		77,988		592,915
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		437,012		1,236,681
ODAS Elektrik Uretim ve Sanayi Ticaret AS(a)		1,246,463		513,582
Pegasus Hava Tasimaciligi AS(a)		97,543		2,569,008
Petkim Petrokimya Holding AS(a)(b)		2,052,002		1,787,841
Sasa Polyester Sanayi AS(a)		471,723		2,530,301
Sok Marketler Ticaret AS(a)(b)		401,556		563,610
TAV Havalimanlari Holding AS(a)		367,580		1,612,703
Tekfen Holding AS		283,600		587,550
Turk Hava Yollari AO(a)		807,509		5,920,356
Turkcell Iletisim Hizmetleri AS		1,183,143		2,293,428
Turkiye Is Bankasi AS, Class C		4,935,320		2,862,543
Turkiye Petrol Rafinerileri AS(a)		137,617		4,339,481
Turkiye Sise ve Cam Fabrikalari AS		2,073,627		4,378,335
Ulker Biskuvi Sanayi AS(a)		414,100		841,883
Yapi ve Kredi Bankasi AS		2,669,635		1,294,573
				63,614,469
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		3,535,454		8,108,410
Abu Dhabi Islamic Bank PJSC		2,082,980		5,353,974
Abu Dhabi National Oil Co. for Distribution PJSC		3,446,823		4,134,757
Aldar Properties PJSC		5,372,966		6,398,870
Aramex PJSC		955,816		941,998
Dubai Financial Market PJSC		1,818,464		702,883
Dubai Investments PJSC		3,120,698		1,849,580
Dubai Islamic Bank PJSC		2,785,541		4,222,717
Emaar Properties PJSC		4,667,976		7,093,063
Emirates NBD Bank PJSC		2,560,453		9,045,198
Emirates Telecommunications Group Co. PJSC		3,848,070		26,961,764
First Abu Dhabi Bank PJSC		5,118,653		18,987,035
Multiply Group(a)		3,739,389		4,128,580
Q Holding PJSC(a)		1,967,945		1,849,059
				99,777,888
United Kingdom — 9.7%
3i Group PLC		1,100,414		21,468,779
888 Holdings PLC(a)		762,852		681,312
abrdn PLC		1,850,493		4,873,891
Admiral Group PLC		207,673		5,645,656
AG Barr PLC		182,140		1,231,853
Airtel Africa PLC(c)		1,485,461		2,144,502

S C H E D U L E   O F   I N V E S T M E N T S 123

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
AJ Bell PLC		453,593	$	1,882,307
Anglo American PLC		1,417,938		61,156,200
Antofagasta PLC		429,486		9,228,170
Ascential PLC(a)		503,466		1,668,436
Ashmore Group PLC		423,424		1,394,655
Ashtead Group PLC		498,034		32,804,888
ASOS PLC(a)(b)		83,943		908,197
Associated British Foods PLC		398,551		9,148,820
Assura PLC		2,869,717		1,972,396
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)		544,593		1,112,860
AstraZeneca PLC		1,722,306		225,643,538
Auto Trader Group PLC(c)		1,071,832		8,315,790
Aviva PLC		2,944,956		16,609,103
Avon Protection PLC		68,122		848,240
B&M European Value Retail SA		1,029,751		5,694,845
Babcock International Group PLC(a)		352,629		1,332,254
BAE Systems PLC		3,471,426		36,748,650
Balfour Beatty PLC		782,042		3,532,609
Bank of Georgia Group PLC		48,681		1,602,436
Barclays PLC		18,341,249		42,162,697
Barratt Developments PLC		1,177,063		6,690,104
Beazley PLC		651,563		5,361,971
Bellway PLC		142,916		3,738,057
Berkeley Group Holdings PLC		131,470		6,732,269
Big Yellow Group PLC		222,201		3,314,171
Bodycote PLC		259,616		2,083,639
boohoo Group PLC(a)		1,320,348		720,958
BP PLC		21,101,158		127,456,219
Breedon Group PLC		1,756,414		1,487,918
British American Tobacco PLC		2,369,921		90,848,069
British Land Co. PLC (The)		993,406		5,436,784
Britvic PLC		291,458		2,791,946
BT Group PLC		7,772,571		11,975,148
Bunzl PLC		370,632		13,606,345
Burberry Group PLC		448,886		13,673,475
Burford Capital Ltd.		241,850		2,173,620
Capita PLC(a)		2,392,224		825,201
Capital & Counties Properties PLC		909,567		1,289,563
Capricorn Energy PLC(a)		536,413		1,605,676
Carnival PLC(a)		162,454		1,552,123
Centamin PLC		2,400,044		3,290,135
Centrica PLC		6,183,988		7,704,024
Ceres Power Holdings PLC(a)(b)		190,356		1,120,543
Close Brothers Group PLC		166,894		1,993,768
CNH Industrial NV		1,182,235		20,915,336
Coats Group PLC		1,960,804		1,763,147
Coca-Cola Europacific Partners PLC		237,538		13,354,386
Compass Group PLC		1,941,642		46,381,950
Computacenter PLC		95,834		2,633,753
ConvaTec Group PLC(c)		1,697,094		4,922,365
Craneware PLC(b)		41,996		750,734
Cranswick PLC		55,455		2,175,459
Crest Nicholson Holdings PLC		485,597		1,461,203
Croda International PLC		163,071		13,899,640
Currys PLC		1,346,217		1,081,473
CVS Group PLC		125,231		3,114,022
Darktrace PLC(a)		396,899		1,031,002
DCC PLC		96,117		5,474,623
Dechra Pharmaceuticals PLC		128,490		4,557,045
Deliveroo PLC(a)(c)		1,148,738		1,316,519

Security	Shares		Value
United Kingdom (continued)
Derwent London PLC		116,729	$	3,723,623
Diageo PLC		2,548,957		111,455,874
Diploma PLC		151,191		5,114,398
Direct Line Insurance Group PLC		1,475,796		3,235,895
Diversified Energy Co. PLC		1,423,145		1,946,677
Domino’s Pizza Group PLC		566,506		2,193,028
Dr. Martens PLC		700,630		1,342,797
Drax Group PLC		483,106		3,858,314
DS Smith PLC		1,583,342		6,931,725
Dunelm Group PLC		172,976		2,484,402
easyJet PLC(a)		430,444		2,622,086
Elementis PLC(a)		1,056,167		1,632,588
EMIS Group PLC		73,913		1,711,301
Energean PLC		227,120		3,262,056
Entain PLC		660,768		12,185,013
Essentra PLC		402,741		1,076,286
Experian PLC		1,028,266		37,603,146
FD Technologies PLC(a)		32,501		548,943
Ferrexpo PLC		403,356		789,140
Fevertree Drinks PLC(b)		160,724		2,167,042
Firstgroup PLC		1,813,130		2,423,083
Frasers Group PLC(a)		318,032		3,076,115
Future PLC		154,666		2,880,000
Games Workshop Group PLC		41,838		4,852,918
Gamma Communications PLC		127,098		1,854,148
GB Group PLC		319,366		1,392,706
Genuit Group PLC		372,676		1,502,413
Genus PLC		83,207		2,984,378
Glencore PLC		10,924,531		73,160,292
Grafton Group PLC		284,975		3,234,736
Grainger PLC		867,773		2,777,288
Great Portland Estates PLC		315,821		2,217,404
Greatland Gold PLC(a)		7,230,194		681,010
Greggs PLC		115,237		3,847,988
GSK PLC		4,461,449		78,365,418
Haleon PLC(a)		5,589,341		22,398,612
Halfords Group PLC		436,085		1,103,211
Halma PLC		432,236		11,507,862
Hammerson PLC(b)		4,693,668		1,553,120
Harbour Energy PLC		488,687		1,890,147
Hargreaves Lansdown PLC		350,973		3,863,939
Hays PLC		1,627,291		2,482,837
Helical PLC		327,059		1,451,572
Hikma Pharmaceuticals PLC		181,106		3,831,134
Hill & Smith PLC		113,297		1,759,945
Hiscox Ltd.		367,873		5,120,112
Hochschild Mining PLC		550,430		465,012
Howden Joinery Group PLC		706,268		6,026,428
HSBC Holdings PLC		22,298,119		164,300,253
Hunting PLC		268,188		1,152,265
Ibstock PLC(c)		658,526		1,368,802
IG Group Holdings PLC		430,545		4,233,237
IMI PLC		296,476		5,308,429
Imperial Brands PLC		1,022,772		25,657,485
Inchcape PLC		452,410		5,100,796
Indivior PLC, NVS(a)		197,916		4,752,238
Informa PLC		1,711,285		14,153,606
IntegraFin Holdings PLC		396,781		1,530,128
InterContinental Hotels Group PLC		196,690		13,654,919
Intermediate Capital Group PLC		345,660		5,947,916

124 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
International Distributions Services PLC		772,030	$	2,185,228
Intertek Group PLC		172,995		9,297,967
Investec PLC		758,907		4,842,759
IP Group PLC		1,847,677		1,389,524
ITM Power PLC(a)(b)		599,893		751,867
ITV PLC(b)		4,094,091		4,099,951
IWG PLC(a)		880,625		2,020,305
J D Wetherspoon PLC(a)		128,679		724,099
J Sainsbury PLC		1,762,329		5,715,373
JD Sports Fashion PLC		3,237,843		6,526,258
JET2 PLC		196,698		2,965,137
John Wood Group PLC(a)		757,002		1,327,096
Johnson Matthey PLC		209,861		5,861,998
Jupiter Fund Management PLC		620,102		1,070,289
Just Group PLC		1,599,412		1,617,890
Kainos Group PLC		154,000		2,796,621
Keller Group PLC		121,931		1,216,110
Keywords Studios PLC		88,603		3,112,038
Kingfisher PLC(b)		2,365,601		8,161,128
Lancashire Holdings Ltd.		323,226		2,495,019
Land Securities Group PLC		768,571		6,733,302
Learning Technologies Group PLC		961,862		1,662,535
Legal & General Group PLC		6,693,796		21,064,964
Liontrust Asset Management PLC		136,731		1,959,061
Lloyds Banking Group PLC		76,787,460		49,972,924
London Stock Exchange Group PLC		365,469		33,456,814
LondonMetric Property PLC		971,361		2,263,333
M&G PLC		2,850,657		7,119,000
Man Group PLC/Jersey		1,570,649		4,832,029
Marks & Spencer Group PLC(a)		2,180,954		3,934,036
Marshalls PLC		284,246		1,190,770
Mediclinic International PLC		515,225		3,152,346
Melrose Industries PLC		4,851,684		8,554,330
Mitchells & Butlers PLC(a)		457,167		928,924
Mitie Group PLC		2,165,499		2,082,393
Mondi PLC		526,450		9,927,711
Moneysupermarket.com Group PLC		702,417		2,067,947
Morgan Advanced Materials PLC		472,516		1,833,858
National Express Group PLC(a)		645,044		1,062,556
National Grid PLC		3,978,191		50,574,321
NatWest Group PLC, NVS		6,022,400		22,975,797
NCC Group PLC		497,300		1,151,394
Network International Holdings PLC(a)(c)		594,011		1,931,876
Next PLC		147,744		12,096,416
Ninety One PLC		573,935		1,401,707
NMC Health PLC, NVS(d)		74,553		1
Ocado Group PLC(a)		642,518		5,141,678
OSB Group PLC		565,536		3,812,779
Oxford Biomedica PLC(a)		149,398		784,629
Oxford Nanopore Technologies PLC(a)		493,541		1,441,907
Pagegroup PLC		395,056		2,224,015
Pantheon Resources PLC(a)(b)		1,009,291		624,154
Paragon Banking Group PLC		440,447		3,263,459
Pearson PLC		805,581		9,186,990
Penno Group PLC		301,063		3,417,671
Persimmon PLC		372,510		6,505,998
Petrofac Ltd.(a)(b)		531,722		545,404
Pets at Home Group PLC		608,820		2,648,502
Phoenix Group Holdings PLC		710,465		5,631,058
Playtech PLC(a)		344,290		2,398,186

Security	Shares		Value
United Kingdom (continued)
Plus500 Ltd.		145,713	$	3,339,549
Premier Foods PLC		1,172,583		1,607,937
Primary Health Properties PLC		1,285,090		1,780,471
Provident Financial PLC		480,484		1,386,133
Prudential PLC		2,994,586		49,755,200
QinetiQ Group PLC		710,021		3,184,861
Quilter PLC(c)		1,415,648		1,680,357
Rathbones Group PLC		76,401		1,968,591
Reckitt Benckiser Group PLC		783,944		55,864,554
Redde Northgate PLC		516,158		2,761,738
Redrow PLC		358,707		2,300,836
RELX PLC		2,135,843		63,453,550
Renishaw PLC		47,124		2,300,038
Rentokil Initial PLC		2,836,670		17,199,943
Restore PLC(b)		206,270		754,749
RHI Magnesita NV		58,381		1,941,773
Rightmove PLC		993,411		7,218,012
Rio Tinto PLC		1,281,011		100,304,732
Rolls-Royce Holdings PLC(a)		9,283,530		12,145,951
Rotork PLC		932,322		3,672,632
RS GROUP PLC		525,587		6,110,394
RWS Holdings PLC		444,013		2,061,513
S4 Capital PLC(a)		482,349		1,302,991
Safestore Holdings PLC		268,891		3,348,148
Sage Group PLC (The)		1,159,097		11,136,220
Savills PLC		205,197		2,468,637
Schroders PLC		764,317		4,520,008
Segro PLC		1,380,436		14,209,642
Senior PLC		723,762		1,361,634
Serco Group PLC		1,365,450		2,456,072
Severn Trent PLC		266,823		9,285,676
Shaftesbury PLC(b)		280,317		1,365,248
Shell PLC		8,124,497		238,517,018
Smart Metering Systems PLC		225,960		2,423,600
Smith & Nephew PLC		988,936		13,657,536
Smiths Group PLC		448,298		9,569,821
Softcat PLC		146,018		2,184,999
SolGold PLC(a)(b)		1,989,665		397,455
Spectris PLC		128,529		5,095,528
Spirax-Sarco Engineering PLC		89,665		12,807,923
Spire Healthcare Group PLC(a)(c)		674,124		2,019,557
Spirent Communications PLC		702,493		1,903,820
SSE PLC		1,136,372		24,255,486
SSP Group PLC(a)		864,551		2,767,913
St. James’s Place PLC		595,472		9,029,578
Standard Chartered PLC		2,789,389		23,429,789
Synthomer PLC		526,637		1,016,765
Tate & Lyle PLC		459,406		4,278,016
Taylor Wimpey PLC		4,227,430		6,133,666
TBC Bank Group PLC		49,790		1,460,929
Team17 Group PLC(a)		151,131		875,712
Telecom Plus PLC		98,945		2,436,959
Tesco PLC		8,014,709		24,359,744
THG PLC(a)(b)		961,041		689,791
TP ICAP Group PLC		887,003		1,931,194
Trainline PLC(a)(c)		576,879		2,018,400
Travis Perkins PLC		190,866		2,394,370
Tritax Big Box REIT PLC		1,566,927		3,019,102
Unilever PLC		2,834,846		144,290,984
UNITE Group PLC (The)		387,263		4,770,742

S C H E D U L E   O F   I N V E S T M E N T S 125

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
United Utilities Group PLC		748,912	$	9,799,563
Vesuvius PLC		331,654		1,672,317
Victoria PLC(a)(b)		163,615		915,776
Victrex PLC		94,046		2,140,349
Virgin Money UK PLC		1,492,934		3,572,148
Vistry Group PLC		455,217		4,178,239
Vodafone Group PLC		29,592,383		34,144,069
Watches of Switzerland Group PLC(a)(c)		159,077		1,867,429
Weir Group PLC (The)		299,623		6,604,892
WH Smith PLC		144,508		2,853,680
Whitbread PLC		225,629		8,497,687
Wickes Group PLC		313,221		587,341
Workspace Group PLC		253,150		1,576,084
WPP PLC		1,282,566		14,985,161
				3,048,978,057
Total Common Stocks — 98.6% (Cost: $28,434,997,486)				31,092,856,058
Preferred Stocks
Brazil — 0.3%
Alpargatas SA, Preference Shares, NVS		313,910		841,620
Azul SA, Preference Shares, NVS		425,831		994,050
Banco Bradesco SA, Preference Shares, NVS		6,093,236		16,828,629
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		157,100		310,096
Bradespar SA, Preference Shares, NVS		281,572		1,769,428
Braskem SA, Class A, Preference Shares, NVS		222,169		1,021,059
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		329,521		2,756,881
Cia. Energetica de Minas Gerais, Preference Shares, NVS		1,616,489		3,649,305
Cia. Paranaense de Energia, Preference Shares, NVS		1,565,491		2,396,207
Gerdau SA, Preference Shares, NVS		1,285,063		8,288,116
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		356,393		537,788
Itau Unibanco Holding SA, Preference Shares, NVS		5,243,241		26,163,011
Itausa SA, Preference Shares, NVS		5,962,815		10,019,662
Marcopolo SA, Preference Shares, NVS		684,927		407,478
Metalurgica Gerdau SA, Preference Shares, NVS		1,316,973		3,759,222
Petroleo Brasileiro SA, Preference Shares, NVS		5,151,196		26,454,638
Randon SA Implementos e Participacoes, Preference Shares, NVS		357,477		570,408
Unipar Carbocloro SA, Class B, Preference Shares, NVS		69,303		1,165,085
				107,932,683
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares, NVS		495,525		1,229,235
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		166,375		16,204,930
				17,434,165
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		554,860		4,217,583
Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		67,190		6,365,502

Security	Shares		Value
Germany (continued)
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)		127,156	$	15,118,687
Draegerwerk AG & Co. KGaA, Preference Shares, NVS(b)		10,269		459,726
Fuchs Petrolub SE, Preference Shares, NVS		85,161		3,397,445
Henkel AG & Co. KGaA, Preference Shares, NVS		187,286		13,353,543
Jungheinrich AG, Preference Shares, NVS		66,461		2,643,143
Porsche Automobil Holding SE, Preference Shares, NVS		176,937		10,580,244
Sartorius AG, Preference Shares, NVS		29,313		13,144,303
Volkswagen AG, Preference Shares, NVS		197,528		27,395,290
				92,457,883
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		7,082,700		1,009
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		25,303		1,770,862
Series 2, Preference Shares, NVS		38,992		2,730,563
LG Chem Ltd., Preference Shares, NVS		7,535		1,876,321
Samsung Electronics Co. Ltd., Preference Shares, NVS		943,397		42,334,063
				48,711,809
Total Preferred Stocks — 0.9% (Cost: $276,306,506)				270,755,132
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		205,340		104,184
Sacyr SA(a)(d)		672,997		45,509
				149,693
Total Rights — 0.0% (Cost: $147,861)				149,693
Warrants
Australia — 0.0%
Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD35.00)(a)		16,323		3,053
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD10.00)(a)		20,102		—
				3,053
Total Warrants — 0.0% (Cost: $—)				3,053
Total Long-Term Investments — 99.5% (Cost: $28,711,451,853)				31,363,763,936
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(g)(h)(i)		441,890,634		442,155,769

126 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(g)(h)		44,550,000	$	44,550,000
Total Short-Term Securities — 1.5% (Cost: $ 486,378,113)				486,705,769
Total Investments — 101.0% (Cost: $ 29,197,829,966)				31,850,469,705
Liabilities in Excess of Other Assets — (1.0)%				(314,973,449	)
Net Assets — 100.0%			$	31,535,496,256

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $232,656, representing less than 0.05% of its net assets as of period end, and an original cost of $2,622,906.

^(g)  Affiliate of the Fund.

^(h)  Annualized 7-day yield as of period end.

⁽ⁱ⁾  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	308,749,397	$	133,112,501	(a)	$	—	$	13,830	$	280,041	$	442,155,769		441,890,634	$	4,241,675	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,960,000		2,590,000	(a)		—		—		—		44,550,000		44,550,000		609,093			—
								$	13,830	$	280,041	$	486,705,769			$	4,850,768		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		1,072		03/17/23	$	113,578	$	6,069,570
MSCI Emerging Markets Index		864		03/17/23		45,127		2,205,725
							$	8,275,295

S C H E D U L E   O F   I N V E S T M E N T S 127

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	8,275,295	$	—	$	—	$	—	$	8,275,295

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	3,724,070	$	—	$	—	$	—	$	3,724,070
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,454,243	$	—	$	—	$	—	$	1,454,243

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	127,364,215

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
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	1,715,405,685	$	—	$	1,715,405,685
Austria		—		67,107,855		—		67,107,855
Belgium		512,720		213,336,357		—		213,849,077
Bermuda		1,285,961		—		—		1,285,961
Brazil		354,021,610		42,515		—		354,064,125
Canada		2,427,033,802		—		—		2,427,033,802
Cayman Islands		—		6,917,459		—		6,917,459
Chile		28,447,967		8,392,813		—		36,840,780
China		224,581,616		2,429,648,904		1,913,776		2,656,144,296
Colombia		6,286,421		—		—		6,286,421
Czech Republic		9,201,668		2,574,590		—		11,776,258
Denmark		1,379,132		546,202,721		—		547,581,853
Egypt		1,871,842		4,686,186		—		6,558,028
Finland		920,604		213,555,227		—		214,475,831
France		3,344,826		2,165,929,254		599,580		2,169,873,660
Germany		3,081,191		1,484,354,049		—		1,487,435,240
Greece		—		30,067,313		—		30,067,313

128 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments(unaudited) (continued) January 31, 2023 iShares^® Core MSCI Total International Stock ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Hong Kong	$	8,903,749	$	562,345,702	$	1	$	571,249,452
Hungary		394,377		13,927,500		—		14,321,877
India		872,228		1,228,978,424		—		1,229,850,652
Indonesia		5,310,909		164,531,540		1,064,034		170,906,483
Ireland		1,226,021		135,300,307		—		136,526,328
Israel		51,999,322		141,579,413		—		193,578,735
Italy		849,436		486,901,902		—		487,751,338
Japan		2,035,547		4,616,851,187		—		4,618,886,734
Kuwait		—		76,543,359		—		76,543,359
Malaysia		15,176,977		127,999,243		—		143,176,220
Mexico		212,002,200		—		—		212,002,200
Netherlands		14,160,911		846,318,684		—		860,479,595
New Zealand		—		71,600,753		—		71,600,753
Norway		2,174,355		188,392,507		—		190,566,862
Peru		18,917,761		—		—		18,917,761
Philippines		—		67,807,227		—		67,807,227
Poland		—		63,997,298		—		63,997,298
Portugal		—		42,503,881		—		42,503,881
Qatar		14,418,820		64,228,964		—		78,647,784
Russia		—		—		16,550		16,550
Saudi Arabia		3,601,639		342,952,376		—		346,554,015
Singapore		32,577,315		291,492,010		—		324,069,325
South Africa		81,513,929		217,837,985		—		299,351,914
South Korea		—		1,021,089,511		—		1,021,089,511
Spain		409,780		494,310,149		—		494,719,929
Sweden		1,786,981		732,796,324		—		734,583,305
Switzerland		2,885,958		1,910,177,078		—		1,913,063,036
Taiwan		—		1,335,617,147		—		1,335,617,147
Thailand		2,447,725		206,955,004		—		209,402,729
Turkey		5,717,550		57,896,919		—		63,614,469
United Arab Emirates		941,998		98,835,890		—		99,777,888
United Kingdom		139,675,135		2,909,302,921		1		3,048,978,057
Preferred Stocks
Brazil		107,932,683		—		—		107,932,683
Chile		1,229,235		16,204,930		—		17,434,165
Colombia		4,217,583		—		—		4,217,583
Germany		—		92,457,883		—		92,457,883
Russia		—		—		1,009		1,009
South Korea		—		48,711,809		—		48,711,809
Rights		104,184		—		45,509		149,693
Warrants		3,053		—		—		3,053
Short-Term Securities
Money Market Funds		486,705,769		—		—		486,705,769
	$	4,282,162,490	$	27,564,666,755	$	3,640,460	$	31,850,469,705
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	8,275,295	$	—	$	—	$	8,275,295

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 129

Statements of Assets and Liabilities(unaudited) 

January 31, 2023

	iShares Core MSCI EAFE ETF		iShares Core MSCI Europe ETF			iShares Core MSCI International Developed Markets ETF		iShares Core MSCI Pacific ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	96,091,716,078	$	4,096,612,192		$	10,533,680,087	$	1,436,527,813
Investments, at value — affiliated(c)		997,754,798		49,817,877			84,262,334		16,485,106
Cash		2,990		8,306			3,845,722		2,001
Cash pledged for futures contracts		3,684,788		—			—		—
Foreign currency collateral pledged for futures contracts(d)		26,831,258		2,211,364			2,666,311		338,948
Foreign currency, at value(e)		170,171,709		10,665,122			27,799,386		3,483,812
Receivables:
Investments sold		21,995,553		1,642,292			5,171,497		10,615,589
Securities lending income — affiliated		1,843,810		76,869			162,653		20,403
Capital shares sold		—		95,907			12,168,413		—
Dividends — unaffiliated		72,492,097		1,886,713			7,916,296		2,224,273
Dividends — affiliated		20,172		1,520			4,805		2,259
Tax reclaims		150,405,843		10,916,478			6,613,984		2,689
Variation margin on futures contracts		1,977,326		116,807			97,806		8,802
Total assets		97,538,896,422		4,174,051,447			10,684,389,294		1,469,711,695
LIABILITIES
Collateral on securities loaned, at value		990,606,567		49,388,650			84,241,724		15,924,852
Payables:
Investments purchased		—		95,907			28,408,846		12,147,025
Capital shares redeemed		—		—			—		64,060
Deferred foreign capital gain tax		112,216		—			5,480		—
Investment advisory fees		5,582,796		300,704			323,590		128,632
Total liabilities		996,301,579		49,785,261			112,979,640		28,264,569
NET ASSETS	$	96,542,594,843	$	4,124,266,186		$	10,571,409,654	$	1,441,447,126
NET ASSETS CONSIST OF
Paid-in capital	$	93,260,897,676	$	4,572,209,199		$	10,024,251,528	$	1,376,119,571
Accumulated earnings (loss)		3,281,697,167		(447,943,013	)		547,158,126		65,327,555
NET ASSETS	$	96,542,594,843	$	4,124,266,186		$	10,571,409,654	$	1,441,447,126
NET ASSETVALUE
Shares outstanding		1,440,600,000		79,600,000			173,850,000		24,900,000
Net asset value	$	67.02	$	51.81		$	60.81	$	57.89
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — unaffiliated	$	89,397,909,311	$	4,373,953,794		$	9,747,323,307	$	1,400,219,207
(b) Securities loaned, at value	$	912,296,924	$	46,742,623		$	79,408,111	$	15,231,125
(c)  Investments, at cost — affiliated	$	997,044,840	$	49,782,782		$	84,205,176	$	16,479,220
(d) Foreign currency collateral pledged, at cost	$	26,939,187	$	2,220,543		$	2,598,386	$	326,446
(e) Foreign currency, at cost	$	168,775,525	$	10,596,953		$	27,750,495	$	3,415,673

See notes to financial statements.

130 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities(unaudited) (continued)

January 31, 2023

	iShares Core MSCI Total International Stock ETF (Consolidated)
ASSETS
Investments, at value — unaffiliated(a)(b)	$	31,363,763,936
Investments, at value — affiliated(c)		486,705,769
Cash		8,084
Cash pledged for futures contracts		6,010,000
Foreign currency, at value(d)		53,592,857
Receivables:
Investments sold		4,861,955
Securities lending income — affiliated		807,930
Capital shares sold		10
Dividends — unaffiliated		36,136,539
Dividends — affiliated		159,170
Tax reclaims		27,216,758
Variation margin on futures contracts		475,010
Total assets		31,979,738,018
LIABILITIES
Collateral on securities loaned, at value		442,042,474
Payables:
Investments purchased		29,863
Deferred foreign capital gain tax		25,553
Foreign taxes		2,470
Investment advisory fees		1,828,027
Professional fees		313,375
Total liabilities		444,241,762
NET ASSETS	$	31,535,496,256
NET ASSETS CONSIST OF
Paid-in capital	$	29,837,303,063
Accumulated earnings		1,698,193,193
NET ASSETS	$	31,535,496,256
NET ASSETVALUE
Shares outstanding		501,300,000
Net asset value	$	62.91
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	28,711,451,853
(b) Securities loaned, at value	$	412,971,323
(c)  Investments, at cost — affiliated	$	486,378,113
(d) Foreign currency, at cost	$	53,035,283

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 131

Statements of Operations (unaudited)

Six Months Ended January 31, 2023

	iShares Core MSCI EAFE ETF			iShares Core MSCI Europe ETF			iShares Core MSCI International Developed Markets ETF			iShares Core MSCI Pacific ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	985,340,088		$	32,083,598		$	92,609,091		$	25,474,417
Dividends — affiliated		370,130			19,318			42,705			11,846
Interest — unaffiliated		161,735			3,213			—			—
Securities lending income — affiliated — net		10,582,396			372,567			727,646			146,586
Other income — unaffiliated		106,924			—			—			—
Foreign taxes withheld		(58,256,377	)		(2,994,402	)		(8,508,690	)		(1,423,063	)
Total investment income		938,304,896			29,484,294			84,870,752			24,209,786
EXPENSES
Investment advisory		30,346,087			1,634,144			1,599,796			725,975
Professional		10,693			—			—			—
Total expenses		30,356,780			1,634,144			1,599,796			725,975
Net investment income		907,948,116			27,850,150			83,270,956			23,483,811
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(284,354,398	)		(22,281,725	)		(13,800,063	)		(19,301,459	)
Investments — affiliated		57,660			3,915			7,398			8,111
Capital gain distributions from underlying funds — affiliated		13			1			2			—
Foreign currency transactions		4,410,074			95,396			249,854			204,997
Futures contracts		36,150,309			1,762,868			2,604,436			609,244
In-kind redemptions — unaffiliated(b)		(11,981	)		4,008,095			—			97,978,303
		(243,748,323	)		(16,411,450	)		(10,938,373	)		79,499,196
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		7,193,486,129			344,256,516			778,925,490			881,269
Investments — affiliated		637,757			29,519			53,667			5,576
Foreign currency translations		8,817,726			634,005			430,969			85,016
Futures contracts		2,048,722			21,896			74,818			103,501
		7,204,990,334			344,941,936			779,484,944			1,075,362
Net realized and unrealized gain		6,961,242,011			328,530,486			768,546,571			80,574,558
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,869,190,127		$	356,380,636		$	851,817,527		$	104,058,369
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(64	)	$	—		$	—		$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	136,651		$	—		$	10,953		$	—

See notes to financial statements.

132 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations(unaudited) (continued)

Six Months Ended January 31, 2023

	iShares Core MSCI Total International Stock ETF (Consolidated)
INVESTMENT INCOME
Dividends — unaffiliated	$	344,938,103
Dividends — affiliated		609,093
Interest — unaffiliated		70,740
Securities lending income — affiliated — net		4,241,675
Other income — unaffiliated		180,227
Foreign taxes withheld		(30,624,119	)
Foreign withholding tax claims		2,947,758
Other foreign taxes		(399,730	)
Total investment income		321,963,747
EXPENSES
Commitment costs		26,256
Investment advisory		9,824,749
Professional		312,799
Total expenses		10,163,804
Net investment income		311,799,943
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		243,020,391
Investments — affiliated		13,830
Foreign currency transactions		(2,068,941	)
Futures contracts		3,724,070
		244,689,350
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		1,725,712,190
Investments — affiliated		280,041
Foreign currency translations		2,443,186
Futures contracts		1,454,243
		1,729,889,660
Net realized and unrealized gain		1,974,579,010
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,286,378,953
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(66,599	)
(b) Net of reduction in deferred foreign capital gain tax of	$	43,499

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 133

Statements of Changes in Net Assets

	iShares Core MSCI EAFE ETF							iShares Core MSCI Europe ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22				Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	907,948,116		$	2,939,659,343			$	27,850,150		$	150,163,088
Net realized gain (loss)			(243,748,323	)		(1,254,230,749	)			(16,411,450	)		99,585,421
Net change in unrealized appreciation (depreciation)			7,204,990,334			(17,126,870,776	)			344,941,936			(1,196,565,855	)
Net increase (decrease) in net assets resulting from operations			7,869,190,127			(15,441,442,182	)			356,380,636			(946,817,346	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(480,246,084	)		(3,825,188,698	)			(26,239,277	)		(177,416,748	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			330,186,849			8,997,549,501				(132,596,776	)		(236,218,410	)
NET ASSETS
Total increase (decrease) in net assets			7,719,130,892			(10,269,081,379	)			197,544,583			(1,360,452,504	)
Beginning of period			88,823,463,951			99,092,545,330				3,926,721,603			5,287,174,107
End of period		$	96,542,594,843		$	88,823,463,951			$	4,124,266,186		$	3,926,721,603

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

134 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets(continued)

	iShares Core MSCI International Developed Markets ETF							iShares Core MSCI Pacific ETF
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22				Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	83,270,956		$	195,873,244			$	23,483,811		$	29,856,804
Net realized gain (loss)			(10,938,373	)		(80,842,037	)			79,499,196			(1,376,359	)
Net change in unrealized appreciation (depreciation)			779,484,944			(1,108,328,507	)			1,075,362			(158,233,548	)
Net increase (decrease) in net assets resulting from operations			851,817,527			(993,297,300	)			104,058,369			(129,753,103	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(51,637,133	)		(254,945,585	)			(15,941,618	)		(45,541,866	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			2,394,134,775			2,466,975,309				(147,720,644	)		556,678,511
NET ASSETS
Total increase (decrease) in net assets			3,194,315,169			1,218,732,424				(59,603,893	)		381,383,542
Beginning of period			7,377,094,485			6,158,362,061				1,501,051,019			1,119,667,477
End of period		$	10,571,409,654		$	7,377,094,485			$	1,441,447,126		$	1,501,051,019

^(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 135

Statements of Changes in Net Assets(continued)

	iShares Core MSCI Total International Stock ETF (Consolidated)
		Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	311,799,943		$	868,178,367
Net realized gain (loss)			244,689,350			(205,588,586	)
Net change in unrealized appreciation (depreciation)			1,729,889,660			(5,692,811,775	)
Net increase (decrease) in net assets resulting from operations			2,286,378,953			(5,030,221,994	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(243,916,524	)		(1,047,059,037	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			1,379,562,252			4,124,957,765
NET ASSETS
Total increase (decrease) in net assets			3,422,024,681			(1,952,323,266	)
Beginning of period			28,113,471,575			30,065,794,841
End of period		$	31,535,496,256		$	28,113,471,575

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Core MSCI EAFE ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	61.88		$	75.40		$	58.48		$	60.80		$	64.89		$	62.42
Net investment income(a)			0.63			2.10	(b)		1.76			1.52			2.00			2.05
Net realized and unrealized gain (loss)(c)			4.84			(12.90	)		16.86			(2.26	)		(4.14	)		2.30
Net increase (decrease) from investment operations			5.47			(10.80	)		18.62			(0.74	)		(2.14	)		4.35
Distributions from net investment income(d)			(0.33	)		(2.72	)		(1.70	)		(1.58	)		(1.95	)		(1.88	)
Net asset value, end of period		$	67.02		$	61.88		$	75.40		$	58.48		$	60.80		$	64.89
Total Return(e)
Based on net asset value			8.87	%(f)		(14.58	)%(b)		31.95	%		(1.30	)%		(3.13	)%		7.02	%
Ratios to Average Net Assets(g)
Total expenses			0.07	%(h)		0.07	%		0.08	%		0.07	%		0.08	%		0.08	%
Total expenses excluding professional fees for foreign withholding tax claims			0.07	%(h)		0.07	%		0.07	%		N/A			0.08	%		N/A
Net investment income			2.09	%(h)		3.00	%(b)		2.55	%		2.57	%		3.31	%		3.14	%
Supplemental Data
Net assets, end of period (000)		$	96,542,595		$	88,823,464		$	99,092,545		$	66,212,280		$	64,849,495		$	58,774,894
Portfolio turnover rate(i)			1	%		4	%		2	%		2	%		3	%		2	%

^(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 year ended July 31, 2022:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.02%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 137

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Europe ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	47.25		$	58.23		$	44.41		$	45.70		$	49.27		$	48.02
Net investment income(a)			0.35			1.61	(b)		1.28			1.09			1.64			1.54
Net realized and unrealized gain (loss)(c)			4.55			(10.68	)		13.91			(1.39	)		(3.65	)		1.47
Net increase (decrease) from investment operations			4.90			(9.07	)		15.19			(0.30	)		(2.01	)		3.01
Distributions from net investment income(d)			(0.34	)		(1.91	)		(1.37	)		(0.99	)		(1.56	)		(1.76	)
Net asset value, end of period		$	51.81		$	47.25		$	58.23		$	44.41		$	45.70		$	49.27
Total Return(e)
Based on net asset value			10.41	%(f)		(15.80	)%(b)		34.39	%		(0.66	)%		(3.96	)%		6.36	%
Ratios to Average Net Assets(g)
Total expenses			0.09	%(h)		0.09	%		0.09	%		0.09	%		0.10	%		0.10	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.09	%		0.09	%		N/A			0.10	%		N/A
Net investment income			1.53	%(h)		2.98	%(b)		2.46	%		2.45	%		3.62	%		3.09	%
Supplemental Data
Net assets, end of period (000)		$	4,124,266		$	3,926,722		$	5,287,174		$	3,463,613		$	3,217,533		$	2,522,811
Portfolio turnover rate(i)			2	%		5	%		3	%		3	%		4	%		3	%

^(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 year ended July 31, 2022:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

138 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Core MSCI International Developed Markets ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	56.46		$	67.86		$	52.39		$	54.31		$	57.40		$	54.82
Net investment income(a)			0.57			1.85			1.60			1.46			1.76			1.79
Net realized and unrealized gain (loss)(b)			4.11			(10.90	)		15.42			(2.04	)		(3.27	)		2.06
Net increase (decrease) from investment operations			4.68			(9.05	)		17.02			(0.58	)		(1.51	)		3.85
Distributions from net investment income(c)			(0.33	)		(2.35	)		(1.55	)		(1.34	)		(1.58	)		(1.27	)
Net asset value, end of period		$	60.81		$	56.46		$	67.86		$	52.39		$	54.31		$	57.40
Total Return(d)
Based on net asset value			8.31	%(e)		(13.57	)%		32.63	%		(1.14	)%		(2.48	)%		7.07	%
Ratios to Average Net Assets(f)
Total expenses			0.04	%(g)		0.05	%		0.05	%		0.05	%		0.05	%		0.07	%
Total expenses after fees waived			0.04	%(g)		0.05	%		0.05	%		0.05	%		0.05	%		0.03	%
Net investment income			2.08	%(g)		2.93	%		2.56	%		2.81	%		3.28	%		3.08	%
Supplemental Data
Net assets, end of period (000)		$	10,571,410		$	7,377,094		$	6,158,362		$	2,844,598		$	1,425,653		$	904,114
Portfolio turnover rate(h)			1	%		6	%		7	%		17	%		5	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 139

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Pacific ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	54.78		$	65.86		$	52.60		$	55.60		$	58.23		$	55.49
Net investment income(a)			0.77			1.66			1.42			1.45			1.64			1.59
Net realized and unrealized gain (loss)(b)			2.87			(10.02	)		13.15			(2.72	)		(2.67	)		3.01
Net increase (decrease) from investment operations			3.64			(8.36	)		14.57			(1.27	)		(1.03	)		4.60
Distributions from net investment income(c)			(0.53	)		(2.72	)		(1.31	)		(1.73	)		(1.60	)		(1.86	)
Net asset value, end of period		$	57.89		$	54.78		$	65.86		$	52.60		$	55.60		$	58.23
Total Return(d)
Based on net asset value			6.68	%(e)		(13.01	)%		27.70	%		(2.45	)%		(1.61	)%		8.28	%
Ratios to Average Net Assets(f)
Total expenses			0.09	%(g)		0.09	%		0.09	%		0.09	%		0.10	%		0.10	%
Net investment income			2.91	%(g)		2.72	%		2.24	%		2.67	%		2.97	%		2.71	%
Supplemental Data
Net assets, end of period (000)		$	1,441,447		$	1,501,051		$	1,119,667		$	904,692		$	1,034,208		$	890,946
Portfolio turnover rate(h)			4	%		16	%		6	%		5	%		5	%		5	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

140 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares Core MSCI Total International Stock ETF (Consolidated)
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	59.02		$	72.22		$	56.92		$	57.96		$	61.36		$	59.26
Net investment income(a)			0.64	(b)		1.93	(b)		1.58			1.53			1.77			1.79
Net realized and unrealized gain (loss)(c)			3.74			(12.82	)		15.28			(1.06	)		(3.55	)		1.98
Net increase (decrease) from investment operations			4.38			(10.89	)		16.86			0.47			(1.78	)		3.77
Distributions from net investment income(d)			(0.49	)		(2.31	)		(1.56	)		(1.51	)		(1.62	)		(1.67	)
Net asset value, end of period		$	62.91		$	59.02		$	72.22		$	56.92		$	57.96		$	61.36
Total Return(e)
Based on net asset value			7.46	%(b)(f)		(15.36	)%(b)		29.71	%		0.77	%(g)		(2.73	)%		6.39	%
Ratios to Average Net Assets(h)
Total expenses			0.07	%(i)		0.09	%		0.09	%		0.09	%		0.10	%		0.11	%
Total expenses after fees waived			0.07	%(i)		0.09	%		0.09	%		0.09	%		0.10	%		0.11	%
Total expenses excluding professional fees for foreign withholding tax claims			0.07	%(i)		0.09	%		0.09	%		N/A			0.10	%		N/A
Net investment income			2.22	%(b)(i)		2.87	%(b)		2.35	%		2.72	%		3.09	%		2.87	%
Supplemental Data
Net assets, end of period (000)		$	31,535,496		$	28,113,472		$	30,065,795		$	19,546,312		$	15,457,552		$	10,591,357
Portfolio turnover rate(j)			2	%		10	%		7	%		7	%		6	%		2	%

^(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 six months ended January 31, 2023 and year ended July 31, 2022:

• Net investment income per share by $0.01 and $0.00.

• Total return by 0.01% and 0.01%.

• Ratio of net investment income to average net assets by 0.02% and 0.00%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 141

Notes to Financial Statements(unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
Core MSCI EAFE		Diversified
Core MSCI Europe		Diversified
Core MSCI International Developed Markets		Diversified
Core MSCI Pacific		Diversified
Core MSCI Total International Stock		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for the iShares Core MSCI Total International Stock ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $244,725, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

The iShares Core MSCI Total International Stock ETF has conducted its investment activities in India through its Subsidiary and, where applicable, expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

142 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements(unaudited) (continued)

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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.

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.

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 143

Notes to Financial Statements(unaudited) (continued)

When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by 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.

144 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements(unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Core MSCI EAFE
Barclays Bank PLC	$	9,614,099	$	(9,614,099	)	$	—		$	—
Barclays Capital, Inc.		73,537,283		(73,537,283	)		—			—
BNP Paribas SA		27,288,030		(27,288,030	)		—			—
BofA Securities, Inc.		84,386,687		(84,386,687	)		—			—
Citigroup Global Markets, Inc.		57,261,143		(57,261,143	)		—			—
Credit Suisse Securities (USA) LLC		163,255		(163,255	)		—			—
Deutsche Bank Securities, Inc.		2,526		(2,526	)		—			—
Goldman Sachs & Co. LLC		194,590,558		(194,590,558	)		—			—
HSBC Bank PLC		116,199,374		(116,199,374	)		—			—
J.P. Morgan Securities LLC		62,355,690		(62,355,690	)		—			—
Jefferies LLC		6,421,612		(6,421,612	)		—			—
Macquarie Bank Ltd.		21,880,351		(21,880,351	)		—			—
Morgan Stanley		184,712,481		(184,712,481	)		—			—
National Financial Services LLC		340,476		(340,476	)		—			—
Nomura Securities International, Inc.		3,795,659		(3,795,659	)		—			—
Scotia Capital (USA), Inc.		677,857		(677,857	)		—			—
SG Americas Securities LLC		726,626		(726,626	)		—			—
State Street Bank & Trust Co.		23,878,268		(23,878,268	)		—			—
Toronto-Dominion Bank		19,813,348		(19,813,348	)		—			—
UBS AG		24,589,639		(24,589,639	)		—			—
UBS Securities LLC		61,962		(61,962	)		—			—
	$	912,296,924	$	(912,296,924	)	$	—		$	—
Core MSCI Europe
Barclays Capital, Inc.	$	714,566	$	(714,566	)	$	—		$	—
BNP Paribas SA		492,889		(492,889	)		—			—
BofA Securities, Inc.		4,883,516		(4,883,516	)		—			—
Citigroup Global Markets, Inc.		1,052,710		(1,052,710	)		—			—
Goldman Sachs & Co. LLC		7,660,857		(7,660,857	)		—			—
HSBC Bank PLC		14,340,676		(14,340,676	)		—			—
J.P. Morgan Securities LLC		3,340,538		(3,340,538	)		—			—
Jefferies LLC		213,954		(213,954	)		—			—
Macquarie Bank Ltd.		5,271		(5,271	)		—			—
Morgan Stanley		10,354,088		(10,354,088	)		—			—
Scotia Capital (USA), Inc.		253,353		(253,353	)		—			—
SG Americas Securities LLC		1,742		(1,742	)		—			—
UBS AG		3,175,623		(3,175,623	)		—			—
Wells Fargo Bank N.A.		252,840		(252,840	)		—			—
	$	46,742,623	$	(46,742,623	)	$	—		$	—
Core MSCI International Developed Markets
Barclays Bank PLC	$	1,550,515	$	(1,550,515	)	$	—		$	—
BNP Paribas SA		545,757		(545,757	)		—			—
BofA Securities, Inc.		13,132,772		(13,132,772	)		—			—
Citigroup Global Markets, Inc.		4,303,825		(4,303,825	)		—			—
Goldman Sachs & Co. LLC		9,305,884		(9,305,884	)		—			—
HSBC Bank PLC		11,178,300		(11,178,300	)		—			—
J.P. Morgan Securities LLC		6,805,641		(6,805,641	)		—			—
Jefferies LLC		31,418		(31,418	)		—			—
Macquarie Bank Ltd.		479,368		(479,368	)		—			—
Morgan Stanley		25,797,793		(25,797,793	)		—			—
Scotia Capital (USA), Inc.		2,417,337		(2,350,396	)		—			66,941
SG Americas Securities LLC		9		(9	)		—			—
State Street Bank & Trust Co.		2,238,473		(2,238,473	)		—			—
UBS AG		1,556,159		(1,556,159	)		—			—
Wells Fargo Bank N.A.		64,860		(64,860	)		—			—
	$	79,408,111	$	(79,341,170	)	$	—		$	66,941

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 145

Notes to Financial Statements(unaudited) (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Core MSCI Pacific
BNP Paribas SA	$	131,330	$	(127,998	)	$	—		$	3,332
BofA Securities, Inc.		3,226,659		(3,226,659	)		—			—
Citigroup Global Markets, Inc.		4,229,476		(4,229,476	)		—			—
Credit Suisse Securities (USA) LLC		96,242		(96,242	)		—			—
HSBC Bank PLC		159,341		(159,341	)		—			—
J.P. Morgan Securities LLC		277,800		(277,800	)		—			—
Jefferies LLC		462,943		(462,943	)		—			—
Macquarie Bank Ltd.		1,388,066		(1,388,066	)		—			—
Morgan Stanley		2,354,881		(2,354,881	)		—			—
Nomura Securities International, Inc.		120,831		(120,831	)		—			—
State Street Bank & Trust Co.		264,055		(264,055	)		—			—
Toronto-Dominion Bank		2,401,858		(2,401,858	)		—			—
UBS AG		117,643		(117,643	)		—			—
	$	15,231,125	$	(15,227,793	)	$	—		$	3,332
Core MSCI Total International Stock
Barclays Bank PLC	$	3,525,485	$	(3,525,485	)	$	—		$	—
Barclays Capital, Inc.		14,126,070		(14,126,070	)		—			—
BNP Paribas SA		2,989,188		(2,989,188	)		—			—
BofA Securities, Inc.		42,920,223		(42,920,223	)		—			—
Citigroup Global Markets, Inc.		10,553,467		(10,553,467	)		—			—
Credit Suisse Securities (USA) LLC		2,820,255		(2,779,331	)		—			40,924	(b)
Goldman Sachs & Co. LLC		56,562,446		(56,562,446	)		—			—
HSBC Bank PLC		91,593,140		(91,593,140	)		—			—
J.P. Morgan Securities LLC		29,700,775		(29,700,775	)		—			—
J.P. Morgan Securities PLC		1,819,184		(1,819,184	)		—			—
Jefferies LLC		1,312,796		(1,312,796	)		—			—
Macquarie Bank Ltd.		19,214,585		(19,214,585	)		—			—
Morgan Stanley		113,685,692		(113,685,692	)		—			—
Nomura Securities International, Inc.		455,627		(455,627	)		—			—
Scotia Capital (USA), Inc.		4,013,380		(4,013,380	)		—			—
SG Americas Securities LLC		6,787,479		(6,787,479	)		—			—
State Street Bank & Trust Co.		2,298,857		(2,298,857	)		—			—
Toronto-Dominion Bank		211,783		(211,783	)		—			—
UBS AG		8,368,543		(8,368,543	)		—			—
Wells Fargo Bank N.A.		12,348		(12,348	)		—			—
	$	412,971,323	$	(412,930,399	)	$	—		$	40,924

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of January 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

146 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements(unaudited) (continued)

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Core MSCI EAFE		0.07%
Core MSCI Europe		0.09
Core MSCI International Developed Markets		0.04
Core MSCI Pacific		0.09
Core MSCI Total International Stock		0.07

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Core MSCI Total International Stock ETF, BFA contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For six months ended January 31, 2023, there were no fees waived by BFA pursuant to this arrangement.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 147

Notes to Financial Statements(unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core MSCI EAFE	$	2,393,120
Core MSCI Europe		85,229
Core MSCI International Developed Markets		167,649
Core MSCI Pacific		34,445
Core MSCI Total International Stock		960,052

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
Core MSCI EAFE	$	375,627,357	$	62,432,733	$	(16,079,605)
Core MSCI Europe		24,024,215		10,852,087		(4,976,649)
Core MSCI International Developed Markets		28,349,070		18,315,484		(3,058,270)
Core MSCI Pacific		7,514,553		7,333,001		(1,472,509)
Core MSCI Total International Stock		16,977,926		39,755,531		(15,452,001)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core MSCI EAFE	$	2,177,351,469	$	1,166,840,949
Core MSCI Europe		90,192,681		64,862,804
Core MSCI International Developed Markets		285,136,063		116,647,819
Core MSCI Pacific		81,464,320		59,906,802
Core MSCI Total International Stock		1,065,888,743		447,986,221

For the six months ended January 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Core MSCI Europe	$	101,636,906	$	250,121,307
Core MSCI International Developed Markets		2,269,011,479		—
Core MSCI Pacific		200,522,374		362,279,431
Core MSCI Total International Stock		904,059,752		—

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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Notes to Financial Statements(unaudited) (continued)

As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Core MSCI EAFE	$	2,231,410,048
Core MSCI Europe		128,191,936
Core MSCI International Developed Markets		187,985,406
Core MSCI Pacific		38,681,520
Core MSCI Total International Stock		1,210,608,492

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized      Appreciation      (Depreciation)
Core MSCI EAFE	$	91,523,336,368	$	16,653,912,891	$	(11,067,423,304	)	$	5,586,489,587
Core MSCI Europe		4,453,957,038		352,351,111		(658,673,247	)		(306,322,136)
Core MSCI International Developed Markets		9,887,441,955		1,255,921,159		(524,443,981	)		731,477,178
Core MSCI Pacific		1,430,654,629		143,978,629		(121,426,981	)		22,551,648
Core MSCI Total International Stock		29,263,281,123		5,139,024,716		(2,543,560,839	)		2,595,463,877

9. LINE OF CREDIT

The iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended January 31, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

Effective April 21, 2022, the iShares Core MSCI Total International Stock ETF, along with certain other iShares funds (“Mauritius Participating Funds”), was a party to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. The Uncommitted Liquidity Facility was terminated on December 7, 2022.

During the six months ended January 31, 2023, the Fund did not borrow under the Uncommitted Liquidity Facility.

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.

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 149

Notes to Financial Statements(unaudited) (continued)

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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Notes to Financial Statements(unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
Core MSCI EAFE
Shares sold		5,200,000		$	330,186,849			132,000,000		$	9,651,287,073
Shares redeemed		—			—			(10,800,000	)		(653,737,572	)
		5,200,000		$	330,186,849			121,200,000		$	8,997,549,501
Core MSCI Europe
Shares sold		2,400,000		$	123,347,629			14,200,000		$	800,524,413
Shares redeemed		(5,900,000	)		(255,944,405	)		(21,900,000	)		(1,036,742,823	)
		(3,500,000	)	$	(132,596,776	)		(7,700,000	)	$	(236,218,410	)
Core MSCI International Developed Markets
Shares sold		43,200,000		$	2,394,134,775			39,900,000		$	2,466,975,309
Core MSCI Pacific
Shares sold		3,900,000		$	215,025,265			11,600,000		$	632,830,961
Shares redeemed		(6,400,000	)		(362,745,909	)		(1,200,000	)		(76,152,450	)
		(2,500,000	)	$	(147,720,644	)		10,400,000		$	556,678,511
Core MSCI Total International Stock
Shares sold		25,000,000		$	1,379,562,252			60,000,000		$	4,124,957,765

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 Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Core MSCI EAFE ETF and iShares Core MSCI Total International Stock ETF is able to pass through to its shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

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 151

Notes to Financial Statements(unaudited) (continued)

13. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

On March 16, 2023, iShares Core MSCI Total International Stock ETF finalized its transfer of assets of the Fund’s wholly owned Mauritius Subsidiary to the Fund through an on-exchange transaction in India.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core MSCI EAFE ETF, iShares Core MSCI Europe ETF, iShares Core MSCI International Developed Markets ETF, iShares Core MSCI Pacific ETF and iShares Core MSCI Total International Stock ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 153

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 Abbreviation

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

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 155

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iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-710-0123

            

JANUARY 31, 2023

2023 Semi-Annual Report
(Unaudited)

iShares Trust

· iShares MSCI Intl Momentum Factor ETF | IMTM | NYSE Arca

· iShares MSCI Intl Quality Factor ETF | IQLT | NYSE Arca

· iShares MSCI Intl Size Factor ETF | ISZE | NYSE Arca

· iShares MSCI Intl Value Factor ETF | IVLU | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside. Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of January 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(0.44)%	(8.22)%
U.S. small cap equities (Russell 2000® Index)	3.25	(3.38)
International equities (MSCI Europe, Australasia, Far East Index)	9.52	(2.83)
Emerging market equities (MSCI Emerging Markets Index)	4.92	(12.12)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.58	1.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(5.60)	(11.62)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.37)	(8.36)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.73	(3.25)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	1.46	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		38
Statements of Operations		39
Statements of Changes in Net Assets		40
Financial Highlights		42
Notes to Financial Statements		46
Statement Regarding Liquidity Risk Management Program		54
General Information		55
Glossary of Terms Used in this Report		56

3

Fund Summary asof January 31,  2023 iShares^® MSCI Intl Momentum Factor ETF

Investment Objective

The iShares MSCI Intl Momentum Factor ETF(the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large- and mid-capitalization stocks exhibiting relatively higher momentum characteristics, as represented by the MSCI World ex USA Momentum Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.20	%		(7.39	)%		2.80	%		5.53	%		(7.39	)%		14.79	%		54.21	%
Fund Market		6.34			(7.18	)		2.77			5.55			(7.18	)		14.66			54.44
Index		6.32			(6.65	)		2.89			5.73			(6.65	)		15.32			56.54

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 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       (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00	$	1,062.00	$	1.56		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials		18.8%
Energy		16.9
Industrials		15.1
Health Care		14.8
Consumer Discretionary		8.3
Consumer Staples		8.2
Communication Services		5.9
Materials		5.5
Information Technology		3.7
Utilities		2.0
Real Estate		0.8

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan		32.2%
United Kingdom		18.1
Canada		10.9
France		7.5
Australia		7.4
Germany		4.6
Switzerland		4.4
Denmark		4.2
Italy		1.4
Singapore		1.4

4 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary asof January 31, 2023 iShares^® MSCI Intl Quality Factor ETF

Investment Objective

The iShares MSCI Intl Quality Factor ETF (the “Fund”) seeks to track the investment results of an index that measures the performance of international developed large-and mid-capitalization stocks exhibiting relatively higher quality characteristics as identified through three fundamental variables: return on equity, earnings variability and debt-to-equity, as represented by the MSCI World ex USA Sector Neutral Quality Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.69	%		(3.42	)%		5.08	%		6.55	%		(3.42	)%		28.09	%		66.68	%
Fund Market		7.52			(3.36	)		5.03			6.57			(3.36	)		27.79			66.96
Index		7.83			(2.94	)		5.03			6.67			(2.94	)		27.79			68.10

The inception date of the Fund was January 13, 2015. The first day of secondary market trading was January 15, 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       (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)	Ending Account Value (01/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      1,076.90	$        1.57			$      1,000.00	$      1,023.70	$        1.53		0.30	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials		20.3%
Industrials		14.5
Health Care		11.7
Consumer Discretionary		11.2
Consumer Staples		9.4
Materials		8.6
Information Technology		8.2
Energy		6.1
Communication Services		4.3
Utilities		3.3
Real Estate		2.4

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United Kingdom		15.6%
Switzerland		13.4
Japan		11.8
France		9.8
Canada		7.1
Netherlands		7.0
Denmark		6.6
Australia		6.0
Hong Kong		5.1
Germany		4.7

F U N D   S U M M A R Y 5

Fund Summary asof January 31, 2023 iShares^® MSCI Intl Size Factor ETF

Investment Objective

The iShares MSCI Intl Size Factor ETF(the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with relatively smaller average market capitalization, as represented by the MSCI World ex USA Low Size Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.36	%		(5.08	)%		1.22	%		3.94	%		(5.08	)%		6.27	%		34.29	%
Fund Market		6.42			(5.10	)		1.12			3.88			(5.10	)		5.75			33.72
Index		6.64			(4.44	)		1.16			3.97			(4.44	)		5.92			34.55

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 2015.

Index performance through December 2, 2018 reflects the performance of the MSCI World ex USA Risk Weighted Index. Index performance beginning on December 3, 2018 reflects the performance of the MSCI World ex USA Low Size Index.

Past performance is 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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,063.60	$	1.56		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	18.9	%
Financials	16.4
Consumer Discretionary	10.9
Materials	9.6
Consumer Staples	7.8
Information Technology	7.7
Real Estate	7.0
Health Care	6.8
Communication Services	6.5
Utilities	5.2
Energy	3.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	27.0	%
Canada	9.8
United Kingdom	9.5
France	7.4
Australia	6.9
Germany	6.4
Switzerland	4.7
Sweden	4.6
Hong Kong	4.0
Netherlands	3.0

^(a)  Excludes money market funds.

6 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary asof January 31, 2023 iShares^® MSCI Intl Value Factor ETF

Investment Objective

The iShares MSCI IntlValue Factor ETF(the “Fund”) seeks to track the investment results of an index composed of international developed large- and mid-capitalization stocks with value characteristics and relatively lower valuations, as represented by the MSCI World ex USA Enhanced Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		12.26	%		(0.67	)%		1.09	%		3.15	%		(0.67	)%		5.59	%		26.74	%
Fund Market		12.26			(0.70	)		1.04			3.17			(0.70	)		5.29			26.85
Index		12.53			(0.08	)		1.11			3.19			(0.08	)		5.68			27.03

The inception date of the Fund was June 16, 2015. The first day of secondary market trading was June 18, 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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,122.60	$	1.61		$	1,000.00	$	1,023.70	$	1.53		0.30	%

^(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.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	22.4	%
Industrials	14.8
Health Care	11.5
Consumer Discretionary	10.0
Consumer Staples	9.2
Materials	8.6
Information Technology	7.5
Energy	6.2
Communication Services	4.2
Utilities	3.3
Real Estate	2.3

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	31.7	%
United Kingdom	17.9
France	11.6
Germany	9.7
Switzerland	5.7
Italy	3.9
Canada	3.0
Australia	2.9
Spain	2.9
Netherlands	2.4

F U N D   S U M M A R Y 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.3%
APA Group		153,500	$	1,148,780
Aurizon Holdings Ltd.		150,695		393,880
BHP Group Ltd.		464,841		16,279,722
Brambles Ltd.		225,471		1,917,304
Commonwealth Bank of Australia		163,197		12,739,494
Computershare Ltd.		84,296		1,419,701
Endeavour Group Ltd./Australia		108,791		510,835
IGO Ltd.		134,038		1,393,361
Insurance Australia Group Ltd.		295,218		1,025,225
Lottery Corp. Ltd. (The)(a)		218,540		728,864
Mineral Resources Ltd.		42,563		2,694,667
National Australia Bank Ltd.		373,707		8,432,373
Origin Energy Ltd.		131,225		696,748
Pilbara Minerals Ltd.(a)		696,663		2,369,990
Qantas Airways Ltd.(a)		107,294		484,307
QBE Insurance Group Ltd.		150,224		1,465,723
Telstra Corp. Ltd.		352,634		1,019,177
Treasury Wine Estates Ltd.		105,951		1,091,378
Vicinity Ltd.		466,589		682,638
WiseTech Global Ltd.		22,244		964,490
Woodside Energy Group Ltd.		387,430		10,032,063
				67,490,720
Austria — 0.1%
OMV AG		11,867		594,421
Belgium — 0.7%
Argenx SE(a)		12,743		4,853,636
D’ieteren Group		3,368		643,676
Elia Group SA/NV		3,622		508,595
				6,005,907
Canada — 10.8%
Alimentation Couche-Tard Inc.		135,327		6,179,752
ARC Resources Ltd.		108,605		1,261,909
Cameco Corp.		43,760		1,224,445
Canadian National Railway Co.		60,215		7,167,601
Canadian Natural Resources Ltd.		170,940		10,492,405
Canadian Pacific Railway Ltd.		114,778		9,059,401
CCL Industries Inc., Class B, NVS		17,255		807,019
Cenovus Energy Inc.		252,022		5,034,568
Descartes Systems Group Inc. (The)(a)		10,274		749,769
Dollarama Inc.		63,587		3,802,651
Element Fleet Management Corp.		100,397		1,418,559
Enbridge Inc.		147,831		6,053,010
Fairfax Financial Holdings Ltd.		3,094		2,048,335
George Weston Ltd.		6,532		840,316
Gildan Activewear Inc.		16,135		505,920
Hydro One Ltd.(b)		38,362		1,048,897
iA Financial Corp. Inc.		13,223		816,207
Imperial Oil Ltd.		44,833		2,450,307
Intact Financial Corp.		33,614		4,876,563
Ivanhoe Mines Ltd., Class A(a)		51,294		481,887
Loblaw Companies Ltd.		18,923		1,695,255
Metro Inc.		30,288		1,643,981
Nutrien Ltd.		66,715		5,522,521
Pembina Pipeline Corp.		51,408		1,824,036
Restaurant Brands International Inc.		39,241		2,625,701
Ritchie Bros Auctioneers Inc.		16,855		1,019,243
Saputo Inc.		43,231		1,191,773

Security	Shares		Value
Canada (continued)
Shaw Communications Inc., Class B, NVS		32,189	$	958,013
Suncor Energy Inc.		194,879		6,763,753
Teck Resources Ltd., Class B		43,999		1,903,410
TFI International Inc.		9,360		1,042,470
Thomson Reuters Corp.		20,326		2,417,947
Tourmaline Oil Corp.		63,468		2,957,913
WSP Global Inc.		14,674		1,871,320
				99,756,857
Denmark — 4.2%
Danske Bank A/S		100,405		2,091,794
Genmab A/S(a)		9,176		3,596,042
Novo Nordisk A/S, Class B		229,180		31,716,167
Tryg A/S		39,144		898,280
				38,302,283
Finland — 0.9%
Nokia OYJ		399,504		1,894,255
Orion OYJ, Class B		20,351		1,090,297
Sampo OYJ, Class A		57,373		3,012,052
UPM-Kymmene OYJ		67,937		2,462,459
				8,459,063
France — 7.5%
Aeroports de Paris(a)		3,770		584,868
Airbus SE		63,132		7,914,596
AXA SA		181,127		5,650,985
Bollore SE		118,518		663,152
Dassault Aviation SA		4,665		796,611
Edenred		34,023		1,853,215
Electricite de France SA		95,923		1,259,954
Engie SA		262,443		3,726,655
EssilorLuxottica SA		22,189		4,071,223
Getlink SE		50,668		856,987
Hermes International(c)		3,710		6,943,299
Ipsen SA		5,032		528,536
Publicis Groupe SA		21,895		1,544,465
Renault SA(a)		28,113		1,143,059
Sodexo SA		13,717		1,359,805
Thales SA		22,164		2,931,395
TotalEnergies SE		422,328		26,108,636
Worldline SA/France(a)(b)		27,874		1,264,529
				69,201,970
Germany — 4.5%
Bayer AG, Registered		78,603		4,892,639
Beiersdorf AG		11,596		1,409,814
Commerzbank AG(a)		178,583		2,041,459
Daimler Truck Holding AG(a)		54,451		1,829,751
Deutsche Boerse AG		23,808		4,260,258
Deutsche Lufthansa AG, Registered(a)		72,254		765,510
Deutsche Telekom AG, Registered		533,981		11,896,456
Hannover Rueck SE		7,913		1,606,881
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		20,331		7,343,706
Rheinmetall AG		7,693		1,797,527
RWE AG		80,632		3,589,646
				41,433,647
Hong Kong — 0.1%
Swire Pacific Ltd., Class A		64,000		586,489
Ireland — 0.7%
AIB Group PLC		178,161		748,381

S C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ireland (continued)
Bank of Ireland Group PLC		191,903	$	2,050,262
Flutter Entertainment PLC, Class DI(a)		24,290		3,773,038
				6,571,681
Israel — 0.8%
Bank Hapoalim BM		171,324		1,542,011
Bank Leumi Le-Israel BM		155,923		1,377,951
Bezeq The Israeli Telecommunication Corp. Ltd.		468,478		776,368
CyberArk Software Ltd.(a)		3,479		490,122
Elbit Systems Ltd.		4,502		755,814
ICL Group Ltd.		67,083		532,615
Israel Discount Bank Ltd., Class A		130,310		666,498
Mizrahi Tefahot Bank Ltd.		22,219		733,908
Tower Semiconductor Ltd.(a)		16,693		702,193
				7,577,480
Italy — 1.4%
Eni SpA		273,353		4,206,418
Mediobanca Banca di Credito Finanziario SpA		48,184		517,976
Tenaris SA		86,092		1,525,614
UniCredit SpA		333,722		6,517,970
				12,767,978
Japan — 32.1%
Aeon Co. Ltd.		98,400		2,017,365
Ajinomoto Co. Inc.		95,600		3,151,797
ANA Holdings Inc.(a)		24,800		548,892
Astellas Pharma Inc.		236,000		3,473,951
Bandai Namco Holdings Inc.		30,600		2,046,337
Bridgestone Corp.		88,100		3,289,054
Brother Industries Ltd.		36,700		570,034
Canon Inc.		161,000		3,572,967
Capcom Co. Ltd.		33,400		1,082,287
Central Japan Railway Co.		17,900		2,183,348
Chiba Bank Ltd. (The)		79,600		602,286
Dai Nippon Printing Co. Ltd.		31,000		731,899
Dai-ichi Life Holdings Inc.		82,600		1,938,024
Daiichi Sankyo Co. Ltd.		472,200		14,830,353
Daikin Industries Ltd.		29,300		5,089,251
Daito Trust Construction Co. Ltd.		9,800		968,422
Denso Corp.		33,900		1,830,793
Dentsu Group Inc.		25,500		821,326
Disco Corp.		4,500		1,351,947
East Japan Railway Co.		53,300		2,971,912
Eisai Co. Ltd.		51,200		3,167,741
ENEOS Holdings Inc.		422,100		1,511,201
Fast Retailing Co. Ltd.		11,800		7,166,840
Fuji Electric Co. Ltd.		14,500		586,931
Fujitsu Ltd.		13,600		1,936,359
Hamamatsu Photonics KK		20,300		1,084,635
Hankyu Hanshin Holdings Inc.		53,200		1,581,233
Hikari Tsushin Inc.		2,900		413,941
Hirose Electric Co. Ltd.		4,400		572,811
Hitachi Ltd.		129,500		6,791,297
Idemitsu Kosan Co. Ltd.		21,500		537,516
Inpex Corp.		183,500		2,016,415
Isuzu Motors Ltd.		86,600		1,095,086
ITOCHU Corp.		164,500		5,316,939
Itochu Techno-Solutions Corp.		12,500		309,469
Japan Airlines Co. Ltd.(a)		25,800		547,155
Japan Metropolitan Fund Invest		858		663,306
Japan Post Bank Co. Ltd.		53,900		478,895

Security	Shares		Value
Japan (continued)
Japan Post Holdings Co. Ltd.		385,500	$	3,384,481
Japan Post Insurance Co. Ltd.		29,500		526,279
Japan Tobacco Inc.		214,100		4,365,907
Kansai Electric Power Co. Inc. (The)		83,700		804,951
KDDI Corp.		268,800		8,398,235
Keisei Electric Railway Co. Ltd.		22,800		665,053
Kintetsu Group Holdings Co. Ltd.		44,500		1,449,141
Kirin Holdings Co. Ltd.		142,500		2,195,886
Konami Group Corp.		7,200		354,049
Kose Corp.		4,700		518,564
Kurita Water Industries Ltd.		15,400		696,361
Kyocera Corp.		49,400		2,563,435
Kyowa Kirin Co. Ltd.		41,500		925,489
Lasertec Corp.		9,000		1,703,906
Marubeni Corp.		220,500		2,705,221
Mazda Motor Corp.		66,300		527,747
Mitsubishi Corp.		135,200		4,527,301
Mitsubishi Estate Co. Ltd.		141,200		1,814,860
Mitsubishi HC Capital Inc.		98,800		504,290
Mitsubishi Heavy Industries Ltd.		81,100		3,179,928
Mitsubishi UFJ Financial Group Inc		1,321,600		9,680,562
Mitsui & Co. Ltd.		238,700		7,042,302
Mitsui Fudosan Co. Ltd.		116,700		2,187,383
Mitsui OSK Lines Ltd.		43,100		1,069,687
Mizuho Financial Group Inc.		300,000		4,686,135
MS&AD Insurance Group Holdings Inc.		55,400		1,776,884
Nexon Co. Ltd.		54,700		1,318,956
Nintendo Co. Ltd.		164,900		7,149,696
Nippon Sanso Holdings Corp.		16,600		270,760
Nippon Steel Corp.		86,100		1,792,147
Nippon Telegraph & Telephone Corp.		241,700		7,247,500
Nippon Yusen KK		40,900		972,964
Nissin Foods Holdings Co. Ltd.		9,000		703,599
Nomura Real Estate Holdings Inc.		18,100		398,932
NTT Data Corp.		49,500		767,813
Obayashi Corp.		80,100		621,313
Obic Co. Ltd.		11,200		1,795,658
Olympus Corp.		250,800		4,714,942
Ono Pharmaceutical Co. Ltd.		73,100		1,586,174
Oriental Land Co. Ltd./Japan		25,700		4,282,130
ORIX Corp.		103,000		1,811,047
Osaka Gas Co. Ltd.		51,300		827,822
Otsuka Holdings Co. Ltd.		55,500		1,780,463
Pan Pacific International Holdings Corp.		59,700		1,104,039
Persol Holdings Co. Ltd.		22,500		493,324
Renesas Electronics Corp.(a)		91,500		941,178
Resona Holdings Inc.		339,700		1,879,806
Ricoh Co. Ltd.		75,500		586,078
Rohm Co. Ltd.		11,600		929,525
Secom Co. Ltd.		22,400		1,334,497
Seiko Epson Corp.		35,400		548,983
Sekisui Chemical Co. Ltd.		44,200		619,166
Sekisui House Ltd.		88,100		1,665,025
Seven & i Holdings Co. Ltd.		100,100		4,726,011
Shionogi & Co. Ltd.		22,700		1,081,757
Shizuoka Financial Group Inc., NVS		63,400		537,102
SoftBank Group Corp.		170,400		8,067,086
Sompo Holdings Inc.		54,600		2,350,469
Square Enix Holdings Co. Ltd.		13,700		647,890
Subaru Corp.		90,600		1,488,706

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Chemical Co. Ltd.		105,700	$	405,743
Sumitomo Corp.		132,300		2,374,776
Sumitomo Electric Industries Ltd.		96,300		1,157,156
Sumitomo Mitsui Financial Group Inc.		193,200		8,396,678
Sumitomo Mitsui Trust Holdings Inc.		49,800		1,814,146
Suntory Beverage & Food Ltd.		17,600		594,312
Suzuki Motor Corp.		56,200		2,107,061
T&D Holdings Inc.		44,900		718,681
Taisei Corp.		31,100		1,073,633
Takeda Pharmaceutical Co. Ltd.		238,700		7,504,100
TDK Corp.		57,700		2,061,405
Terumo Corp.		83,400		2,427,803
TIS Inc.		50,400		1,453,302
Tobu Railway Co. Ltd.		36,000		844,671
Toho Co. Ltd./Tokyo		14,900		550,308
Tokio Marine Holdings Inc.		396,400		8,302,480
Tokyo Electric Power Co. Holdings Inc.(a)		278,900		1,044,422
Tokyo Gas Co. Ltd.		78,900		1,652,142
Tokyu Corp.		74,900		963,168
Toppan Inc.		38,300		617,096
Toray Industries Inc.		203,000		1,247,242
Toshiba Corp.		41,000		1,408,213
Toyota Motor Corp.		961,800		14,124,718
Toyota Tsusho Corp.		25,400		1,075,491
Trend Micro Inc./Japan(a)		18,600		920,961
USS Co. Ltd.		32,800		539,500
West Japan Railway Co.		36,900		1,545,317
Yakult Honsha Co. Ltd.		33,800		2,412,911
Yamaha Motor Co. Ltd.		37,700		928,577
Yokogawa Electric Corp.		33,700		591,758
ZOZO Inc.		14,700		381,071
				295,385,452
Netherlands — 1.3%
Aegon NV		180,650		996,428
JDE Peet’s NV		13,639		408,801
Koninklijke Ahold Delhaize NV		105,616		3,152,317
Koninklijke KPN NV		265,483		907,645
NN Group NV		19,405		843,110
OCI NV		18,727		637,475
Wolters Kluwer NV		46,014		5,016,585
				11,962,361
New Zealand — 0.1%
Spark New Zealand Ltd.		244,233		823,489
Norway — 1.2%
Aker BP ASA		33,214		1,011,756
Equinor ASA		255,083		7,774,073
Kongsberg Gruppen ASA		12,775		508,595
Norsk Hydro ASA		111,269		902,152
Yara International ASA		17,782		790,077
				10,986,653
Portugal — 0.2%
Galp Energia SGPS SA		49,587		678,749
Jeronimo Martins SGPS SA		36,531		793,115
				1,471,864
Singapore — 1.4%
City Developments Ltd.		35,100		222,774
DBS Group Holdings Ltd.		196,700		5,384,913
Jardine Cycle & Carriage Ltd.		15,400		341,412

Security	Shares		Value
Singapore (continued)
Keppel Corp. Ltd.		231,200	$	1,334,870
Oversea-Chinese Banking Corp. Ltd.		285,900		2,824,791
Singapore Airlines Ltd.		117,100		529,510
United Overseas Bank Ltd.		82,600		1,877,550
				12,515,820
Spain — 1.0%
Acciona SA		2,690		524,819
ACS Actividades de Construccion y Servicios SA		33,151		981,061
CaixaBank SA		707,342		3,138,448
Corp. ACCIONA Energias Renovables SA		12,471		509,990
EDP Renovaveis SA		20,992		456,599
Naturgy Energy Group SA		14,691		416,669
Repsol SA		172,227		2,829,145
				8,856,731
Sweden — 0.9%
Nordea Bank Abp		387,102		4,525,371
Volvo AB, Class A		24,534		509,663
Volvo AB, Class B		172,809		3,429,136
				8,464,170
Switzerland — 4.3%
ABB Ltd., Registered		141,281		4,918,790
Banque Cantonale Vaudoise, Registered		5,721		543,821
Novartis AG, Registered		213,327		19,286,688
Roche Holding AG, Bearer		3,287		1,203,176
UBS Group AG, Registered		293,661		6,268,304
Zurich Insurance Group AG		15,638		7,733,437
				39,954,216
United Kingdom — 18.0%
AstraZeneca PLC		171,284		22,440,337
Aviva PLC		298,742		1,684,859
BAE Systems PLC		668,143		7,072,988
BP PLC		3,480,566		21,023,481
British American Tobacco PLC		373,310		14,310,390
Bunzl PLC		27,546		1,011,247
Burberry Group PLC		46,104		1,404,370
CNH Industrial NV		95,049		1,681,545
Compass Group PLC		246,674		5,892,549
Glencore PLC		1,440,927		9,649,718
HSBC Holdings PLC		1,481,150		10,913,625
Imperial Brands PLC		210,338		5,276,586
NatWest Group PLC, NVS		636,599		2,428,661
Pearson PLC		149,039		1,699,667
RELX PLC		186,227		5,532,600
Shell PLC		1,267,136		37,200,272
Smiths Group PLC		48,657		1,038,681
Unilever PLC		308,121		15,683,068
				165,944,644
Total Common Stocks — 99.5% (Cost: $853,603,910)				915,113,896
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		6,832		647,256
Total Preferred Stocks — 0.1% (Cost: $587,047)				647,256

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Momentum Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		32,797	$	16,640
Total Rights — 0.0% (Cost: $16,851)				16,640
Total Long-Term Investments — 99.6% (Cost: $854,207,808)				915,777,792
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		6,998,102		7,002,301
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		300,000		300,000
Total Short-Term Securities — 0.8% (Cost: $7,300,364)				7,302,301
Total Investments — 100.4% (Cost: $861,508,172)				923,080,093
Liabilities in Excess of Other Assets — (0.4)%				(3,346,060	)
Net Assets — 100.0%			$	919,734,033

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,219,126	$	5,780,886	(a)	$	—	$	409	$	1,880	$	7,002,301		6,998,102	$	7,312	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		110,000	(a)		—		—		—		300,000		300,000		8,092			—
								$	409	$	1,880	$	7,302,301			$	15,404		$	—

^(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		111		03/09/23	$	1,694	$	53,496
Euro STOXX 50 Index		8		03/17/23		364		21,746
FTSE 100 Index		17		03/17/23		1,630		40,854
							$	116,096

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Momentum Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	116,096	$	—	$	—	$	—	$	116,096

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	150,188	$	—	$	—	$	—	$	150,188
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	30,294	$	—	$	—	$	—	$	30,294

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,054,474

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	67,490,720	$	—	$	67,490,720
Austria		—		594,421		—		594,421
Belgium		—		6,005,907		—		6,005,907
Canada		99,756,857		—		—		99,756,857
Denmark		—		38,302,283		—		38,302,283
Finland		—		8,459,063		—		8,459,063
France		—		69,201,970		—		69,201,970
Germany		—		41,433,647		—		41,433,647
Hong Kong		—		586,489		—		586,489
Ireland		—		6,571,681		—		6,571,681
Israel		490,122		7,087,358		—		7,577,480
Italy		—		12,767,978		—		12,767,978
Japan		—		295,385,452		—		295,385,452
Netherlands		—		11,962,361		—		11,962,361
New Zealand		—		823,489		—		823,489
Norway		—		10,986,653		—		10,986,653
Portugal		—		1,471,864		—		1,471,864
Singapore		—		12,515,820		—		12,515,820

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Momentum Factor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Spain	$	—	$	8,856,731	$	—	$	8,856,731
Sweden		—		8,464,170		—		8,464,170
Switzerland		—		39,954,216		—		39,954,216
United Kingdom		—		165,944,644		—		165,944,644
Preferred Stocks		—		647,256		—		647,256
Rights		16,640		—		—		16,640
Short-Term Securities
Money Market Funds		7,302,301		—		—		7,302,301
	$	107,565,920	$	815,514,173	$	—	$	923,080,093
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	116,096	$	—	$	116,096

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.0%
Aristocrat Leisure Ltd.		273,538	$	6,604,089
ASX Ltd.		193,103		9,449,519
BHP Group Ltd.		3,595,937		125,937,378
BlueScope Steel Ltd.		212,141		2,892,857
Brambles Ltd.		842,510		7,164,326
Dexus		729,425		4,229,249
Fortescue Metals Group Ltd.		971,712		15,348,728
Goodman Group		1,765,840		25,187,190
Insurance Australia Group Ltd.		1,516,923		5,267,928
James Hardie Industries PLC		282,294		6,334,261
Medibank Pvt Ltd.		3,454,720		7,197,160
Mirvac Group		2,385,564		3,854,137
REA Group Ltd.		56,617		5,076,942
Rio Tinto Ltd.		263,184		23,617,410
Stockland		1,481,213		4,138,905
Wesfarmers Ltd.		708,488		24,978,946
				277,279,025
Austria — 0.2%
OMV AG		83,387		4,176,874
Verbund AG		77,351		6,585,906
				10,762,780
Belgium — 0.3%
Ageas SA/NV		120,517		5,883,876
Sofina SA		9,611		2,283,306
Umicore SA		64,900		2,453,511
Warehouses De Pauw CVA		97,113		3,079,636
				13,700,329
Canada — 7.1%
Alimentation Couche-Tard Inc.		381,667		17,428,948
ARC Resources Ltd.		643,741		7,479,791
BRP Inc.		40,461		3,376,337
Canadian National Railway Co.		405,248		48,238,081
Canadian Tire Corp. Ltd., Class A, NVS		24,907		2,961,397
CCL Industries Inc., Class B, NVS		57,077		2,669,499
Cenovus Energy Inc.		860,851		17,196,963
CGI Inc.(a)		96,395		8,261,911
Constellation Software Inc./Canada		10,734		18,964,462
Franco-Nevada Corp.		67,014		9,829,862
Great-West Lifeco Inc.		244,134		6,475,134
iA Financial Corp. Inc.		96,128		5,933,631
IGM Financial Inc.		68,485		2,137,599
Imperial Oil Ltd.		138,515		7,570,411
Intact Financial Corp.		156,765		22,742,736
Manulife Financial Corp.		1,760,704		34,842,235
Nutrien Ltd.		221,513		18,336,359
Power Corp. of Canada		426,557		11,569,984
Sun Life Financial Inc.		524,912		26,376,774
Suncor Energy Inc.		778,453		27,018,120
TFI International Inc.		51,373		5,721,668
TMX Group Ltd.		51,446		5,070,556
Toromont Industries Ltd.		55,267		4,414,963
Tourmaline Oil Corp.		239,473		11,160,588
				325,778,009
Denmark — 6.6%
AP Moller - Maersk A/S, Class A		2,276		4,850,041
AP Moller - Maersk A/S, Class B, NVS		3,675		7,994,196
Carlsberg A/S, Class B		52,169		7,405,995

Security	Shares		Value
Denmark (continued)
Chr Hansen Holding A/S		34,084	$	2,516,589
Coloplast A/S, Class B		112,833		13,622,828
DSV A/S		128,530		21,262,722
Novo Nordisk A/S, Class B		1,552,402		214,836,551
Novozymes A/S, Class B		110,320		5,740,672
Orsted A/S(b)		134,552		11,982,122
Pandora A/S		79,824		6,647,017
Rockwool A/S, Class B		5,242		1,502,945
Tryg A/S		279,312		6,409,679
				304,771,357
Finland — 1.7%
Elisa OYJ		137,348		7,825,144
Kesko OYJ, Class B		131,467		3,062,324
Kone OYJ, Class B		371,927		20,283,440
Neste OYJ		426,894		20,406,505
Orion OYJ, Class B		105,012		5,625,979
Sampo OYJ, Class A		445,126		23,368,881
				80,572,273
France — 9.7%
Amundi SA(b)		43,632		2,856,586
AXA SA		1,989,594		62,073,386
BioMerieux		22,444		2,288,073
Euronext NV(b)		70,673		5,726,767
Hermes International		26,415		49,435,913
Ipsen SA		25,218		2,648,773
Kering SA		53,795		33,565,750
La Francaise des Jeux SAEM(b)		95,973		4,106,492
L’Oreal SA		135,158		55,808,306
LVMH Moet Hennessy Louis Vuitton SE		173,526		151,483,967
Sartorius Stedim Biotech		23,164		8,080,257
TotalEnergies SE		1,152,252		71,233,090
				449,307,360
Germany — 4.5%
adidas AG		84,019		13,528,420
Allianz SE, Registered		297,393		71,110,776
Bechtle AG		36,192		1,525,158
Beiersdorf AG		40,907		4,973,375
Brenntag SE		97,120		7,249,815
Deutsche Boerse AG		167,968		30,056,577
Deutsche Post AG, Registered		633,324		27,268,837
GEA Group AG		92,177		4,159,018
Hannover Rueck SE		49,195		9,989,954
Knorr-Bremse AG		47,452		3,118,926
Nemetschek SE		33,478		1,789,879
Rational AG		4,240		2,789,001
Rheinmetall AG		26,905		6,286,556
RWE AG		580,254		25,832,254
				209,678,546
Hong Kong — 5.0%
AIA Group Ltd.		8,338,000		94,283,140
CK Asset Holdings Ltd.		1,229,500		7,860,819
CK Infrastructure Holdings Ltd.		448,500		2,495,253
CLP Holdings Ltd.		813,500		6,044,247
Hang Seng Bank Ltd.		566,000		9,425,719
Henderson Land Development Co. Ltd.		757,000		2,796,354
HK Electric Investments & HK Electric Investments Ltd., Class SS		1,396,500		965,306
Hong Kong & China Gas Co. Ltd.		6,371,370		6,396,982
Hong Kong Exchanges & Clearing Ltd.		1,360,500		61,191,994

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Power Assets Holdings Ltd.		1,083,000	$	6,127,795
Sino Land Co. Ltd.		1,678,000		2,180,523
SITC International Holdings Co. Ltd.		1,269,000		2,772,257
Sun Hung Kai Properties Ltd.		883,000		12,522,371
Swire Properties Ltd.		632,600		1,777,958
Techtronic Industries Co. Ltd.		973,000		12,543,704
Xinyi Glass Holdings Ltd.		1,472,000		3,134,075
				232,518,497
Ireland — 0.2%
Kingspan Group PLC		107,276		6,899,568
Smurfit Kappa Group PLC		95,011		3,988,992
				10,888,560
Israel — 0.6%
Azrieli Group Ltd.		21,144		1,361,940
Bank Hapoalim BM		859,251		7,733,736
Bank Leumi Le-Israel BM		1,044,520		9,230,822
Check Point Software Technologies Ltd.(a)		62,567		7,958,522
				26,285,020
Italy — 2.1%
Assicurazioni Generali SpA		864,685		16,879,783
Ferrari NV		101,282		25,308,768
FinecoBank Banca Fineco SpA		596,025		10,699,750
Moncler SpA		141,201		8,837,438
Recordati Industria Chimica e Farmaceutica SpA		65,202		2,856,401
Snam SpA		1,071,480		5,457,615
Stellantis NV		1,838,665		28,905,633
				98,945,388
Japan — 11.8%
Advantest Corp.		123,200		8,831,097
Bandai Namco Holdings Inc.		132,900		8,887,521
Capcom Co. Ltd.		140,000		4,536,533
Chugai Pharmaceutical Co. Ltd.		578,200		14,989,882
CyberAgent Inc.		309,700		2,896,299
Daifuku Co. Ltd.		56,600		3,116,605
Daito Trust Construction Co. Ltd.		60,900		6,018,050
Daiwa House Industry Co. Ltd.		415,100		9,968,632
Disco Corp.		16,500		4,957,138
Hakuhodo DY Holdings Inc.		137,900		1,490,332
Hoya Corp.		235,800		25,931,378
Itochu Techno-Solutions Corp.		34,500		854,134
Japan Exchange Group Inc.		519,500		7,950,722
Japan Real Estate Investment Corp.		629		2,696,831
Japan Tobacco Inc.		392,200		7,997,705
Kakaku.com Inc.		148,300		2,472,470
Kao Corp.		153,400		6,200,710
KDDI Corp.		1,159,700		36,233,009
Kikkoman Corp.		50,900		2,692,208
Kobayashi Pharmaceutical Co. Ltd.		19,100		1,371,229
Kobe Bussan Co. Ltd.		83,100		2,399,242
Koei Tecmo Holdings Co. Ltd.		93,380		1,698,223
Konami Group Corp.		68,900		3,388,052
Lasertec Corp.		54,900		10,393,827
M3 Inc.		236,800		6,474,800
McDonald’s Holdings Co. Japan Ltd.		49,000		1,935,861
MEIJI Holdings Co. Ltd.		36,300		1,872,088
MISUMI Group Inc.		162,200		4,082,162
Mitsui OSK Lines Ltd.		231,900		5,755,460
MonotaRO Co. Ltd.		239,900		3,634,090
MS&AD Insurance Group Holdings Inc.		377,900		12,120,656

Security	Shares		Value
Japan (continued)
Nexon Co. Ltd.		338,900	$	8,171,741
Nihon M&A Center Holdings Inc.		245,500		2,509,846
Nintendo Co. Ltd.		1,087,300		47,142,900
Nippon Building Fund Inc.		811		3,544,364
Nippon Prologis REIT Inc.		1,160		2,632,203
Nippon Telegraph & Telephone Corp.		739,100		22,162,296
Nissan Chemical Corp.		70,400		3,323,558
Nitori Holdings Co. Ltd.		41,400		5,479,526
Nitto Denko Corp.		48,800		3,154,306
Nomura Research Institute Ltd.		129,200		3,101,778
Obic Co. Ltd.		31,100		4,986,159
Open House Group Co. Ltd.		37,800		1,429,984
Oracle Corp. Japan		32,100		2,199,069
Osaka Gas Co. Ltd.		232,100		3,745,371
Otsuka Corp.		45,900		1,510,089
Persol Holdings Co. Ltd.		110,600		2,424,961
Recruit Holdings Co. Ltd.		976,100		31,391,631
Secom Co. Ltd.		110,900		6,606,952
Sekisui House Ltd.		288,000		5,442,987
SG Holdings Co. Ltd.		220,700		3,405,692
Shimadzu Corp.		91,500		2,811,892
Shimano Inc.		45,300		8,078,593
Shin-Etsu Chemical Co. Ltd.		167,400		24,678,612
SMC Corp.		35,500		18,030,825
Sompo Holdings Inc.		269,300		11,593,065
Square Enix Holdings Co. Ltd.		77,700		3,674,531
Sumitomo Metal Mining Co. Ltd.		91,000		3,694,894
T&D Holdings Inc.		307,300		4,918,720
Tokio Marine Holdings Inc.		1,495,500		31,322,804
Tokyo Electron Ltd.		109,600		38,307,847
Tosoh Corp.		104,400		1,365,908
Trend Micro Inc./Japan(a)		56,100		2,777,737
Unicharm Corp.		147,900		5,641,739
USS Co. Ltd.		127,000		2,088,917
Welcia Holdings Co. Ltd.		35,500		793,448
Yamaha Corp.		62,500		2,430,254
ZOZO Inc.		117,200		3,038,200
				543,460,345
Netherlands — 7.0%
Adyen NV(a)(b)		13,517		20,436,447
ASM International NV		26,340		8,908,345
ASML Holding NV		297,173		196,623,814
NN Group NV		224,342		9,747,228
Prosus NV		505,578		40,823,011
Randstad NV		88,737		5,687,895
Universal Music Group NV		611,622		15,634,505
Wolters Kluwer NV		219,910		23,975,252
				321,836,497
New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		370,603		6,082,035
Mercury NZ Ltd.		378,420		1,470,142
Meridian Energy Ltd.		866,698		2,995,486
Spark New Zealand Ltd.		1,512,297		5,099,065
				15,646,728
Norway — 0.8%
Equinor ASA		769,743		23,459,182
Gjensidige Forsikring ASA		231,617		4,162,956
Kongsberg Gruppen ASA		56,832		2,262,578
Mowi ASA		163,680		3,026,715

16 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Orkla ASA		289,671	$	2,162,602
Salmar ASA		41,234		1,917,367
				36,991,400
Portugal — 0.1%
Jeronimo Martins SGPS SA		142,788		3,100,031
Singapore — 0.9%
CapitaLand Ascendas REIT		1,916,100		4,216,628
Oversea-Chinese Banking Corp. Ltd.		2,617,000		25,856,870
Singapore Exchange Ltd.		958,800		6,753,324
Singapore Technologies Engineering Ltd.		1,153,700		3,243,675
				40,070,497
Spain — 1.8%
Corp. ACCIONA Energias Renovables SA		39,235		1,604,480
EDP Renovaveis SA		167,332		3,639,652
Endesa SA		342,764		6,833,590
Iberdrola SA		3,777,515		44,316,919
Iberdrola SA, NVS		60,228		703,550
Industria de Diseno Textil SA		750,418		23,428,656
Red Electrica Corp. SA		120,954		2,140,752
				82,667,599
Sweden — 3.8%
Alfa Laval AB		176,641		5,551,054
Assa Abloy AB, Class B		602,613		14,195,303
Atlas Copco AB, Class A		2,469,596		29,304,378
Atlas Copco AB, Class B		1,435,727		15,143,481
Boliden AB		145,174		6,514,970
Epiroc AB, Class A		582,049		11,324,785
Epiroc AB, Class B		344,916		5,750,604
EQT AB		313,410		7,072,023
Evolution AB(b)		135,654		15,246,296
Indutrade AB		196,779		4,369,915
Investment AB Latour, Class B		73,692		1,554,821
Lifco AB, Class B		170,395		3,130,214
Nibe Industrier AB, Class B		893,985		9,658,851
Sagax AB, Class B		104,775		2,606,278
Sandvik AB		693,365		14,330,215
SKF AB, Class B		198,392		3,511,200
Tele2 AB, Class B		374,325		3,232,868
Volvo AB, Class A		128,216		2,663,524
Volvo AB, Class B		967,319		19,194,999
				174,355,779
Switzerland — 13.4%
ABB Ltd., Registered		1,150,760		40,064,459
Baloise Holding AG, Registered		36,343		5,977,438
EMS-Chemie Holding AG, Registered		4,451		3,318,132
Geberit AG, Registered		38,846		22,102,688
Givaudan SA, Registered		3,064		9,934,193
Kuehne + Nagel International AG, Registered		51,943		12,386,149
Logitech International SA, Registered		93,200		5,453,762
Nestle SA, Registered		1,338,172		163,269,088
Partners Group Holding AG		30,725		28,829,159
Roche Holding AG, Bearer		19,604		7,175,864
Roche Holding AG, NVS		511,288		159,608,965
Schindler Holding AG, Participation Certificates, NVS		29,081		6,198,246
Schindler Holding AG, Registered		16,788		3,396,026
Sonova Holding AG, Registered		36,893		9,225,893
STMicroelectronics NV		344,132		16,204,594
Straumann Holding AG		83,388		10,918,574

Security	Shares		Value
Switzerland (continued)
Swiss Re AG		214,378	$	22,447,713
Swisscom AG, Registered		17,101		10,104,221
Temenos AG, Registered		30,538		2,179,821
VAT Group AG(b)		27,775		8,646,461
Zurich Insurance Group AG		141,054		69,755,221
				617,196,667
United Kingdom — 15.5%
3i Group PLC		806,945		15,743,278
abrdn PLC		1,531,389		4,033,424
Admiral Group PLC		127,181		3,457,456
Anglo American PLC		566,039		24,413,475
Ashtead Group PLC		283,319		18,661,875
Auto Trader Group PLC(b)		1,128,346		8,754,252
Aviva PLC		2,193,612		12,371,638
Barratt Developments PLC		566,319		3,218,802
Berkeley Group Holdings PLC		61,048		3,126,124
BP PLC		14,725,866		88,947,877
British Land Co. PLC (The)		465,013		2,544,957
Bunzl PLC		220,693		8,101,904
Burberry Group PLC		247,595		7,541,969
Croda International PLC		51,834		4,418,161
Diageo PLC		1,107,421		48,423,169
Experian PLC		698,328		25,537,487
Glencore PLC		4,089,001		27,383,556
GSK PLC		2,742,807		48,177,446
Halma PLC		168,753		4,492,884
Hargreaves Lansdown PLC		521,032		5,736,156
Hikma Pharmaceuticals PLC		84,418		1,785,787
Imperial Brands PLC		494,926		12,415,823
Intertek Group PLC		116,296		6,250,565
JD Sports Fashion PLC		1,438,199		2,898,861
Johnson Matthey PLC		68,415		1,911,020
London Stock Exchange Group PLC		254,789		23,324,627
Mondi PLC		190,849		3,599,000
Next PLC		71,234		5,832,224
Persimmon PLC		230,839		4,031,672
Prudential PLC		2,296,141		38,150,501
Reckitt Benckiser Group PLC		332,001		23,658,690
RELX PLC		1,453,874		43,193,000
Rentokil Initial PLC		1,518,046		9,204,562
Rio Tinto PLC		742,575		58,144,533
Sage Group PLC (The)		416,928		4,005,706
Schroders PLC		670,624		3,965,927
Segro PLC		684,330		7,044,212
Spirax-Sarco Engineering PLC		58,139		8,304,688
SSE PLC		642,396		13,711,731
St. James’s Place PLC		689,563		10,456,349
Taylor Wimpey PLC		1,699,835		2,466,326
Unilever PLC		1,141,900		58,121,631
WPP PLC		713,776		8,339,569
				715,902,894
Total Common Stocks — 99.4% (Cost: $4,278,633,941)				4,591,715,581

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Quality Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Germany — 0.2%
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)		68,233	$	8,112,817
Total Preferred Stocks — 0.2% (Cost: $7,724,589)				8,112,817
Total Long-Term Investments — 99.6% (Cost: $4,286,358,530)				4,599,828,398
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(c)(d)		1,230,000		1,230,000
Total Short-Term Securities — 0.0% (Cost: $1,230,000)				1,230,000
Total Investments — 99.6% (Cost: $4,287,588,530)				4,601,058,398
Other Assets Less Liabilities — 0.4%				17,179,150
Net Assets — 100.0%			$	4,618,237,548

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(1,531	)(b)	$	1,531	$	—	$	—		—	$	4,473	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		910,000		320,000	(b)		—			—		—		1,230,000		1,230,000		30,547			1
									$	1,531	$	—	$	1,230,000			$	35,020		$	1

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		22		03/09/23	$	3,356	$	85,127
SPI 200 Index		27		03/16/23		3,559		155,042
Euro STOXX 50 Index		157		03/17/23		7,153		399,207
FTSE 100 Index		42		03/17/23		4,028		130,561
							$	769,937

18 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Quality Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	769,937	$	—	$	—	$	—	$	769,937

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,330,749		$	—	$	—	$	—	$	1,330,749
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(6,121	)	$	—	$	—	$	—	$	(6,121	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	20,035,266

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	277,279,025	$	—	$	277,279,025
Austria		—		10,762,780		—		10,762,780
Belgium		—		13,700,329		—		13,700,329
Canada		325,778,009		—		—		325,778,009
Denmark		—		304,771,357		—		304,771,357
Finland		—		80,572,273		—		80,572,273
France		—		449,307,360		—		449,307,360
Germany		—		209,678,546		—		209,678,546
Hong Kong		—		232,518,497		—		232,518,497
Ireland		—		10,888,560		—		10,888,560
Israel		7,958,522		18,326,498		—		26,285,020
Italy		—		98,945,388		—		98,945,388
Japan		—		543,460,345		—		543,460,345
Netherlands		—		321,836,497		—		321,836,497
New Zealand		—		15,646,728		—		15,646,728
Norway		—		36,991,400		—		36,991,400
Portugal		—		3,100,031		—		3,100,031
Singapore		—		40,070,497		—		40,070,497

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Quality Factor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Spain	$	—	$	82,667,599	$	—	$	82,667,599
Sweden		—		174,355,779		—		174,355,779
Switzerland		—		617,196,667		—		617,196,667
United Kingdom		—		715,902,894		—		715,902,894
Preferred Stocks		—		8,112,817		—		8,112,817
Short-Term Securities
Money Market Funds		1,230,000		—		—		1,230,000
	$	334,966,531	$	4,266,091,867	$	—	$	4,601,058,398
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	769,937	$	—	$	769,937

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

20 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.9%
Ampol Ltd.		1,794	$	38,904
APA Group		4,554		34,082
Aristocrat Leisure Ltd.		1,416		34,187
ASX Ltd.		690		33,765
Aurizon Holdings Ltd.		13,998		36,587
Australia & New Zealand Banking Group Ltd.		1,898		33,778
BHP Group Ltd.		955		33,446
BlueScope Steel Ltd.		3,090		42,137
Brambles Ltd.		4,447		37,815
Cochlear Ltd.		246		37,165
Coles Group Ltd.		3,024		38,035
Commonwealth Bank of Australia		432		33,723
Computershare Ltd.		1,836		30,922
CSL Ltd.		162		34,206
Dexus		6,792		39,380
Endeavour Group Ltd./Australia		7,014		32,935
Fortescue Metals Group Ltd.		2,412		38,099
Goodman Group		2,462		35,117
GPT Group (The)		11,958		38,762
IDP Education Ltd.		1,692		37,653
IGO Ltd.		3,246		33,743
Insurance Australia Group Ltd.		10,278		35,693
James Hardie Industries PLC		1,698		38,101
Lendlease Corp. Ltd.		6,684		40,815
Lottery Corp. Ltd. (The)(a)		11,514		38,401
Macquarie Group Ltd.		264		35,220
Medibank Pvt Ltd.		17,064		35,549
Mineral Resources Ltd.		600		37,986
Mirvac Group		23,192		37,469
National Australia Bank Ltd.		1,483		33,463
Newcrest Mining Ltd.		2,604		41,375
Northern Star Resources Ltd.		5,034		44,856
Orica Ltd.		3,420		35,888
Origin Energy Ltd.		7,050		37,432
Pilbara Minerals Ltd.(a)		10,488		35,679
Qantas Airways Ltd.(a)		8,592		38,783
QBE Insurance Group Ltd.		3,931		38,354
Ramsay Health Care Ltd.		798		37,709
REA Group Ltd.		408		36,586
Reece Ltd.		3,390		38,964
Rio Tinto Ltd.		450		40,382
Santos Ltd.		6,612		33,753
Scentre Group		16,332		35,437
SEEK Ltd.		2,382		41,254
Sonic Healthcare Ltd.		1,458		32,656
South32 Ltd.		12,636		40,548
Stockland		13,914		38,879
Suncorp Group Ltd.		4,111		36,544
Telstra Corp. Ltd.		12,084		34,925
Transurban Group		3,414		33,471
Treasury Wine Estates Ltd.		3,774		38,875
Vicinity Ltd.		27,444		40,152
Washington H Soul Pattinson & Co. Ltd.		1,782		36,294
Wesfarmers Ltd.		996		35,116
Westpac Banking Corp.		1,968		33,113
WiseTech Global Ltd.		840		36,422
Woodside Energy Group Ltd.		1,230		31,849
Woolworths Group Ltd.		1,332		34,043

Security	Shares		Value
Australia (continued)
Xero Ltd.(a)		738	$	40,676
				2,167,153
Austria — 0.5%
Erste Group Bank AG		1,062		40,297
OMV AG		654		32,759
Verbund AG		348		29,630
voestalpine AG		1,296		43,061
				145,747
Belgium — 1.4%
Ageas SA/NV		864		42,182
Anheuser-Busch InBev SA/NV		546		32,957
Argenx SE(a)		90		34,280
D’ieteren Group		198		37,841
Elia Group SA/NV		228		32,015
Groupe Bruxelles Lambert NV		384		32,849
KBC Group NV		594		43,996
Sofina SA		150		35,636
Solvay SA		348		40,553
UCB SA		426		34,977
Umicore SA		894		33,797
Warehouses De Pauw CVA		1,230		39,006
				440,089
Canada — 9.7%
Agnico Eagle Mines Ltd.		625		35,296
Air Canada(a)		2,472		41,951
Algonquin Power & Utilities Corp.		4,476		32,631
Alimentation Couche-Tard Inc.		678		30,961
AltaGas Ltd.		2,064		38,595
ARC Resources Ltd.		2,286		26,562
Bank of Montreal		312		31,398
Bank of Nova Scotia (The)		600		32,481
Barrick Gold Corp.		2,046		40,011
BCE Inc.		625		29,546
Brookfield Asset Management Ltd.(a)		171		5,583
Brookfield Corp.		685		25,484
Brookfield Renewable Corp., Class A		1,080		34,018
BRP Inc.		492		41,056
CAE Inc.(a)		1,602		36,181
Cameco Corp.		1,398		39,117
Canadian Apartment Properties REIT		1,074		39,713
Canadian Imperial Bank of Commerce		660		30,129
Canadian National Railway Co.		246		29,282
Canadian Natural Resources Ltd.		462		28,358
Canadian Pacific Railway Ltd.		390		30,783
Canadian Tire Corp. Ltd., Class A, NVS		312		37,096
Canadian Utilities Ltd., Class A, NVS		1,266		35,186
CCL Industries Inc., Class B, NVS		723		33,815
Cenovus Energy Inc.		1,561		31,184
CGI Inc.(a)		378		32,398
Constellation Software Inc./Canada		18		31,802
Descartes Systems Group Inc. (The)(a)		504		36,781
Dollarama Inc.		564		33,729
Element Fleet Management Corp.		2,472		34,928
Emera Inc.		870		34,642
Empire Co. Ltd., Class A, NVS		1,308		37,641
Enbridge Inc.		756		30,955
Fairfax Financial Holdings Ltd.		61		40,384
First Quantum Minerals Ltd.		1,488		34,523
FirstService Corp.		276		39,443

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Fortis Inc.		816	$	33,528
Franco-Nevada Corp.		234		34,324
George Weston Ltd.		276		35,506
GFL Environmental Inc.		1,206		37,216
Gildan Activewear Inc.		1,200		37,627
Great-West Lifeco Inc.		1,290		34,214
Hydro One Ltd.(b)		1,254		34,287
iA Financial Corp. Inc.		648		39,999
IGM Financial Inc.		1,170		36,519
Imperial Oil Ltd.		558		30,497
Intact Financial Corp.		222		32,207
Ivanhoe Mines Ltd., Class A(a)		4,302		40,416
Keyera Corp.		1,572		35,857
Kinross Gold Corp.		8,382		38,995
Loblaw Companies Ltd.		390		34,939
Lundin Mining Corp.		6,018		45,546
Magna International Inc.		528		34,278
Manulife Financial Corp.		1,848		36,570
Metro Inc.		576		31,264
National Bank of Canada		444		33,353
Northland Power Inc.		1,194		32,072
Nutrien Ltd.		402		33,277
Nuvei Corp.(a)(b)		1,152		40,667
Onex Corp.		666		34,422
Open Text Corp.		1,164		39,043
Pan American Silver Corp.		2,370		43,195
Parkland Corp.		1,824		42,853
Pembina Pipeline Corp.		864		30,656
Power Corp. of Canada		1,326		35,967
Quebecor Inc., Class B		1,698		40,276
Restaurant Brands International Inc.		486		32,519
RioCan REIT		2,196		38,092
Ritchie Bros Auctioneers Inc.		600		36,283
Rogers Communications Inc., Class B, NVS		756		36,756
Royal Bank of Canada		300		30,700
Saputo Inc.		1,290		35,562
Shaw Communications Inc., Class B, NVS		1,236		36,786
Shopify Inc., Class A(a)		840		41,396
Sun Life Financial Inc.		714		35,878
Suncor Energy Inc.		859		29,814
TC Energy Corp.		654		28,179
Teck Resources Ltd., Class B		990		42,828
TELUS Corp.		1,392		29,994
TFI International Inc.		318		35,417
Thomson Reuters Corp.		276		32,832
TMX Group Ltd.		354		34,890
Toromont Industries Ltd.		456		36,427
Toronto-Dominion Bank (The)		450		31,135
Tourmaline Oil Corp.		546		25,446
West Fraser Timber Co. Ltd.		420		36,519
Wheaton Precious Metals Corp.		882		40,330
WSP Global Inc.		276		35,197
				3,056,193
Denmark — 1.7%
AP Moller - Maersk A/S, Class A		6		12,786
AP Moller - Maersk A/S, Class B, NVS		12		26,104
Carlsberg A/S, Class B		252		35,774
Chr Hansen Holding A/S		552		40,757
Coloplast A/S, Class B		258		31,149
Danske Bank A/S		1,926		40,125

Security	Shares		Value
Denmark (continued)
Demant A/S(a)		1,200	$	33,968
DSV A/S		204		33,748
Genmab A/S(a)		72		28,217
Novo Nordisk A/S, Class B		258		35,705
Novozymes A/S, Class B		582		30,285
Orsted A/S(b)		354		31,524
Pandora A/S		480		39,970
Rockwool A/S, Class B		150		43,007
Tryg A/S		1,446		33,183
Vestas Wind Systems A/S		1,332		38,976
				535,278
Finland — 1.2%
Elisa OYJ		654		37,260
Fortum OYJ		2,112		31,748
Kesko OYJ, Class B		1,542		35,919
Kone OYJ, Class B		654		35,667
Neste OYJ		672		32,123
Nokia OYJ		6,948		32,944
Orion OYJ, Class B		690		36,966
Sampo OYJ, Class A		648		34,020
Stora Enso OYJ, Class R		2,262		32,336
UPM-Kymmene OYJ		912		33,057
Wartsila OYJ Abp		4,098		38,976
				381,016
France — 7.4%
Accor SA(a)		1,338		43,429
Aeroports de Paris(a)		210		32,579
Air Liquide SA		216		34,393
Airbus SE		258		32,344
Alstom SA		1,314		39,072
Amundi SA(b)		602		39,413
ArcelorMittal SA		1,242		38,530
Arkema SA		378		38,249
AXA SA		1,098		34,256
BioMerieux		318		32,419
BNP Paribas SA		558		38,324
Bollore SE		6,234		34,882
Bouygues SA		1,110		36,568
Bureau Veritas SA		1,230		35,167
Capgemini SE		168		31,884
Carrefour SA		1,962		37,319
Cie. de Saint-Gobain		702		40,317
Cie. Generale des Etablissements Michelin SCA		1,194		37,754
Covivio		576		39,539
Credit Agricole SA		3,618		43,565
Danone SA		618		33,891
Dassault Aviation SA		210		35,860
Dassault Systemes SE		816		30,348
Edenred		624		33,989
Eiffage SA		348		37,170
Electricite de France SA		2,526		33,179
Engie SA		2,124		30,160
EssilorLuxottica SA		168		30,825
Eurazeo SE		552		38,721
Eurofins Scientific SE		480		34,430
Euronext NV(b)		462		37,437
Gecina SA		342		40,510
Getlink SE		2,052		34,707
Hermes International		18		33,687

22 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Ipsen SA		312	$	32,771
Kering SA		54		33,694
Klepierre SA		1,482		37,614
La Francaise des Jeux SAEM(b)		912		39,023
Legrand SA		390		34,774
L’Oreal SA		84		34,685
LVMH Moet Hennessy Louis Vuitton SE		42		36,665
Orange SA		3,150		33,336
Pernod Ricard SA		156		32,297
Publicis Groupe SA		510		35,975
Remy Cointreau SA		198		37,281
Renault SA(a)		972		39,521
Safran SA		264		37,962
Sanofi		342		33,490
Sartorius Stedim Biotech		90		31,395
Schneider Electric SE		210		34,065
SEB SA		450		47,059
Societe Generale SA		1,176		35,005
Sodexo SA		360		35,688
Teleperformance		144		40,030
Thales SA		264		34,916
TotalEnergies SE		504		31,158
Ubisoft Entertainment SA(a)		1,302		26,960
Unibail-Rodamco-Westfield(a)		636		41,159
Valeo		1,860		40,650
Veolia Environnement SA		1,266		37,578
Vinci SA		312		35,253
Vivendi SE		3,816		40,983
Wendel SE		384		40,661
Worldline SA/France(a)(b)		720		32,663
				2,309,228
Germany — 5.9%
adidas AG		234		37,678
Allianz SE, Registered		144		34,432
Aroundtown SA(c)		13,494		37,570
BASF SE		570		32,681
Bayer AG, Registered		558		34,733
Bayerische Motoren Werke AG		306		31,171
Bechtle AG		906		38,180
Beiersdorf AG		300		36,473
Brenntag SE		492		36,727
Carl Zeiss Meditec AG, Bearer		240		34,636
Commerzbank AG(a)		3,984		45,543
Continental AG		522		36,652
Covestro AG(b)		858		39,506
Daimler Truck Holding AG(a)		1,080		36,292
Delivery Hero SE(a)(b)		726		43,892
Deutsche Bank AG, Registered		3,054		40,758
Deutsche Boerse AG		180		32,210
Deutsche Lufthansa AG, Registered(a)		4,410		46,723
Deutsche Post AG, Registered		774		33,326
Deutsche Telekom AG, Registered		1,458		32,483
E.ON SE		3,366		36,699
Evonik Industries AG		1,662		36,944
Fresenius Medical Care AG & Co. KGaA		1,086		40,784
Fresenius SE & Co. KGaA		1,302		37,733
GEA Group AG		852		38,442
Hannover Rueck SE		174		35,334
HeidelbergCement AG		624		42,817
HelloFresh SE(a)		1,398		33,987

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA		168	$	11,225
Infineon Technologies AG		942		33,922
Knorr-Bremse AG		600		39,437
LEG Immobilien SE		528		41,276
Mercedes-Benz Group AG		480		35,718
Merck KGaA		180		37,571
MTU Aero Engines AG		174		43,485
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		102		36,843
Nemetschek SE		702		37,532
Puma SE		630		43,022
Rational AG		54		35,520
Rheinmetall AG		180		42,058
RWE AG		744		33,122
SAP SE		276		32,717
Scout24 SE(b)		600		34,931
Siemens AG, Registered		222		34,678
Siemens Healthineers AG(b)		522		27,994
Symrise AG		282		29,979
Telefonica Deutschland Holding AG		13,740		40,469
United Internet AG, Registered		1,716		39,839
Volkswagen AG		24		4,201
Vonovia SE		1,284		36,270
Zalando SE(a)(b)		1,128		52,604
				1,848,819
Hong Kong — 3.9%
AIA Group Ltd.		3,600		40,707
BOC Hong Kong Holdings Ltd.		12,000		41,939
Budweiser Brewing Co. APAC Ltd.(b)		10,800		34,077
CK Asset Holdings Ltd.		6,000		38,361
CK Hutchison Holdings Ltd.		6,000		38,184
CK Infrastructure Holdings Ltd.		6,000		33,381
CLP Holdings Ltd.		6,000		44,580
ESR Group Ltd.(b)		15,600		31,233
Futu Holdings Ltd., ADR(a)(c)		666		33,806
Galaxy Entertainment Group Ltd.		6,000		41,768
Hang Lung Properties Ltd.		24,000		45,253
Hang Seng Bank Ltd.		1,800		29,976
Henderson Land Development Co. Ltd.		12,464		46,042
HK Electric Investments & HK Electric Investments Ltd., Class SS		48,000		33,179
HKT Trust & HKT Ltd., Class SS		30,000		39,305
Hong Kong & China Gas Co. Ltd.		36,676		36,823
Hong Kong Exchanges & Clearing Ltd.		800		35,982
Hongkong Land Holdings Ltd.(c)		8,400		41,066
Jardine Matheson Holdings Ltd.		600		31,893
Link REIT		4,800		38,421
MTR Corp. Ltd.		6,000		32,109
New World Development Co. Ltd.		12,000		35,867
Power Assets Holdings Ltd.		6,000		33,949
Sands China Ltd.(a)		12,000		45,001
Sino Land Co. Ltd.		24,000		31,187
SITC International Holdings Co. Ltd.		18,000		39,323
Sun Hung Kai Properties Ltd.		3,000		42,545
Swire Pacific Ltd., Class A		3,000		27,492
Swire Properties Ltd.		15,600		43,845
Techtronic Industries Co. Ltd.(c)		3,000		38,675
WH Group Ltd.(b)		60,000		36,952
Wharf Real Estate Investment Co. Ltd.		6,000		34,348

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Xinyi Glass Holdings Ltd.		18,000	$	38,324
				1,235,593
Ireland — 0.9%
AIB Group PLC		10,626		44,636
Bank of Ireland Group PLC		4,086		43,654
CRH PLC		876		40,929
Flutter Entertainment PLC, Class DI(a)		234		36,348
Kerry Group PLC, Class A		337		31,577
Kingspan Group PLC		552		35,502
Smurfit Kappa Group PLC		918		38,542
				271,188
Israel — 1.5%
Azrieli Group Ltd.		444		28,599
Bank Hapoalim BM		3,558		32,024
Bank Leumi Le-Israel BM		3,600		31,815
Bezeq The Israeli Telecommunication Corp. Ltd.		20,796		34,463
Check Point Software Technologies Ltd.(a)		252		32,054
CyberArk Software Ltd.(a)		228		32,121
Elbit Systems Ltd.		174		29,212
ICL Group Ltd.		4,110		32,632
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		6,042		30,903
Mizrahi Tefahot Bank Ltd.		912		30,124
Nice Ltd.(a)		162		33,503
Teva Pharmaceutical Industries Ltd., ADR(a)		3,834		40,410
Tower Semiconductor Ltd.(a)		810		34,073
Wix.com Ltd.(a)		402		34,966
ZIM Integrated Shipping Services Ltd.		1,422		26,947
				483,850
Italy — 2.4%
Amplifon SpA		1,188		32,805
Assicurazioni Generali SpA		1,824		35,607
DiaSorin SpA		246		32,024
Enel SpA		5,826		34,304
Eni SpA		2,118		32,592
Ferrari NV		144		35,983
FinecoBank Banca Fineco SpA		2,154		38,668
Infrastrutture Wireless Italiane SpA(b)		3,396		37,216
Intesa Sanpaolo SpA		13,176		34,643
Mediobanca Banca di Credito Finanziario SpA		3,114		33,475
Moncler SpA		636		39,806
Nexi SpA(a)(b)		3,702		32,605
Poste Italiane SpA(b)		3,402		36,347
Prysmian SpA		990		40,429
Recordati Industria Chimica e Farmaceutica SpA		822		36,011
Snam SpA		6,612		33,678
Stellantis NV		2,094		32,920
Telecom Italia SpA/Milano(a)		138,571		39,896
Tenaris SA		1,908		33,811
Terna - Rete Elettrica Nazionale		4,326		34,227
UniCredit SpA		2,358		46,055
				753,102
Japan — 26.9%
Advantest Corp.		600		43,009
Aeon Co. Ltd.		1,800		36,903
AGC Inc.		1,200		44,215
Aisin Corp.		1,200		35,011
Ajinomoto Co. Inc.		1,200		39,562
ANA Holdings Inc.(a)		1,800		39,839

Security	Shares		Value
Japan (continued)
Asahi Group Holdings Ltd.		1,200	$	39,627
Asahi Intecc Co. Ltd.		1,800		31,580
Asahi Kasei Corp.		4,800		36,373
Astellas Pharma Inc.		2,400		35,328
Azbil Corp.		1,200		33,838
Bandai Namco Holdings Inc.		600		40,124
Bridgestone Corp.		1,200		44,800
Brother Industries Ltd.		2,400		37,277
Canon Inc.		1,200		26,631
Capcom Co. Ltd.		1,200		38,885
Central Japan Railway Co.		300		36,592
Chiba Bank Ltd. (The)		6,000		45,398
Chubu Electric Power Co. Inc.		3,600		38,776
Chugai Pharmaceutical Co. Ltd.		1,200		31,110
Concordia Financial Group Ltd.		10,800		47,459
CyberAgent Inc.		4,200		39,278
Dai Nippon Printing Co. Ltd.		1,800		42,497
Daifuku Co. Ltd.		600		33,038
Dai-ichi Life Holdings Inc.		1,800		42,233
Daiichi Sankyo Co. Ltd.		1,200		37,688
Daiwa House Industry Co. Ltd.		1,200		28,818
Daiwa House REIT Investment Corp.		18		39,163
Daiwa Securities Group Inc.		7,800		36,809
Denso Corp.		600		32,403
Dentsu Group Inc.		1,200		38,651
East Japan Railway Co.		600		33,455
Eisai Co. Ltd.		600		37,122
ENEOS Holdings Inc.		10,250		36,697
Fuji Electric Co. Ltd.		600		24,287
FUJIFILM Holdings Corp.		600		31,753
GLP J-REIT		30		33,947
GMO Payment Gateway Inc.		600		55,519
Hakuhodo DY Holdings Inc.		3,600		38,906
Hamamatsu Photonics KK		600		32,058
Hankyu Hanshin Holdings Inc.		1,200		35,667
Hikari Tsushin Inc.		300		42,822
Hirose Electric Co. Ltd.		300		39,055
Hitachi Construction Machinery Co. Ltd.		1,800		42,450
Hitachi Ltd.		600		31,465
Honda Motor Co. Ltd.		1,200		29,684
Hoshizaki Corp.		1,200		43,136
Hoya Corp.		300		32,992
Hulic Co. Ltd.		4,200		34,523
Ibiden Co. Ltd.		1,200		46,835
Idemitsu Kosan Co. Ltd.		1,264		31,601
Iida Group Holdings Co. Ltd.		2,400		40,009
Inpex Corp.		3,000		32,966
Isuzu Motors Ltd.		2,400		30,349
Ito En Ltd.		1,200		42,816
ITOCHU Corp.		1,200		38,786
Itochu Techno-Solutions Corp.		1,800		44,564
Japan Airlines Co. Ltd.(a)		1,800		38,174
Japan Exchange Group Inc.		2,400		36,731
Japan Metropolitan Fund Invest		42		32,470
Japan Post Bank Co. Ltd.		4,200		37,316
Japan Post Holdings Co. Ltd.		4,200		36,874
Japan Post Insurance Co. Ltd.		2,400		42,816
Japan Real Estate Investment Corp.		12		51,450
Japan Tobacco Inc.		1,800		36,705
JFE Holdings Inc.		3,000		39,557

24 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
JSR Corp.		1,800	$	40,500
Kajima Corp.		3,000		36,844
Kakaku.com Inc.		2,400		40,013
Kansai Electric Power Co. Inc. (The)		4,200		40,392
Kao Corp.		700		28,295
KDDI Corp.		1,200		37,492
Keio Corp.		1,200		44,045
Keisei Electric Railway Co. Ltd.		1,200		35,003
Kikkoman Corp.		600		31,735
Kintetsu Group Holdings Co. Ltd.		1,200		39,078
Kirin Holdings Co. Ltd.		2,400		36,983
Kobayashi Pharmaceutical Co. Ltd.		600		43,075
Kobe Bussan Co. Ltd.		1,200		34,646
Koei Tecmo Holdings Co. Ltd.		1,800		32,735
Koito Manufacturing Co. Ltd.		2,400		40,484
Komatsu Ltd.		1,800		44,234
Konami Group Corp.		600		29,504
Kose Corp.		300		33,100
Kubota Corp.		2,400		36,068
Kurita Water Industries Ltd.		600		27,131
Kyocera Corp.		600		31,135
Kyowa Kirin Co. Ltd.		1,200		26,761
Lasertec Corp.		100		18,932
Lixil Corp.		2,400		41,433
M3 Inc.		1,200		32,812
Makita Corp.		1,800		47,946
Marubeni Corp.		3,100		38,033
Mazda Motor Corp.		4,200		33,432
McDonald’s Holdings Co. Japan Ltd.		1,200		47,409
MEIJI Holdings Co. Ltd.		600		30,944
MINEBEA MITSUMI Inc.		2,400		41,838
MISUMI Group Inc.		1,200		30,201
Mitsubishi Chemical Group Corp.		6,600		37,036
Mitsubishi Corp.		1,200		40,183
Mitsubishi Electric Corp.		3,000		33,062
Mitsubishi Estate Co. Ltd.		2,400		30,848
Mitsubishi HC Capital Inc.		7,800		39,812
Mitsubishi Heavy Industries Ltd.		1,200		47,052
Mitsubishi UFJ Financial Group Inc.		6,000		43,949
Mitsui & Co. Ltd.		1,200		35,403
Mitsui Chemicals Inc.		1,800		42,369
Mitsui Fudosan Co. Ltd.		1,800		33,739
Mitsui OSK Lines Ltd.		1,200		29,782
Mizuho Financial Group Inc.		3,000		46,861
MonotaRO Co. Ltd.		1,800		27,267
MS&AD Insurance Group Holdings Inc.		1,200		38,488
Murata Manufacturing Co. Ltd.		600		34,284
NEC Corp.		1,200		43,353
Nexon Co. Ltd.		1,800		43,403
NGK Insulators Ltd.		3,000		41,524
Nidec Corp.		600		33,251
Nihon M&A Center Holdings Inc.		2,400		24,536
Nintendo Co. Ltd.		600		26,015
Nippon Building Fund Inc.		6		26,222
Nippon Express Holdings Inc.		600		34,820
Nippon Paint Holdings Co. Ltd.		4,200		38,344
Nippon Prologis REIT Inc.		18		40,845
Nippon Sanso Holdings Corp.		2,400		39,146
Nippon Shinyaku Co. Ltd.		600		30,880
Nippon Steel Corp.		2,400		49,955

Security	Shares		Value
Japan (continued)
Nippon Telegraph & Telephone Corp.		1,200	$	35,983
Nippon Yusen KK		1,800		42,820
Nissan Chemical Corp.		600		28,326
Nissan Motor Co. Ltd.		9,000		32,336
Nisshin Seifun Group Inc.		3,000		37,576
Nissin Foods Holdings Co. Ltd.		600		46,907
Nitori Holdings Co. Ltd.		300		39,707
Nitto Denko Corp.		600		38,782
Nomura Holdings Inc.		9,600		38,312
Nomura Real Estate Holdings Inc.		1,800		39,673
Nomura Real Estate Master Fund Inc.		30		35,084
Nomura Research Institute Ltd.		1,260		30,250
NTT Data Corp.		2,400		37,227
Obayashi Corp.		4,800		37,232
Odakyu Electric Railway Co. Ltd.		3,000		39,442
Oji Holdings Corp.		9,000		37,195
Olympus Corp.		1,800		33,839
Omron Corp.		600		34,716
Ono Pharmaceutical Co. Ltd.		1,200		26,038
Open House Group Co. Ltd.		600		22,698
Oracle Corp. Japan		600		41,104
ORIX Corp.		2,400		42,199
Osaka Gas Co. Ltd.		2,400		38,729
Otsuka Corp.		1,200		39,479
Otsuka Holdings Co. Ltd.		1,200		38,497
Pan Pacific International Holdings Corp.		1,800		33,288
Panasonic Holdings Corp.		3,600		33,384
Persol Holdings Co. Ltd.		1,800		39,466
Rakuten Group Inc.(a)		7,200		36,709
Recruit Holdings Co. Ltd.		1,200		38,592
Renesas Electronics Corp.(a)		3,600		37,030
Resona Holdings Inc.		7,800		43,163
Ricoh Co. Ltd.		4,200		32,603
Rohm Co. Ltd.		600		48,079
SBI Holdings Inc.		1,800		38,159
SCSK Corp.		2,400		39,090
Secom Co. Ltd.		600		35,745
Seiko Epson Corp.		2,400		37,219
Sekisui Chemical Co. Ltd.		2,400		33,620
Sekisui House Ltd.		1,800		34,019
Seven & i Holdings Co. Ltd.		800		37,770
SG Holdings Co. Ltd.		2,400		37,035
Sharp Corp./Japan		4,800		39,898
Shimadzu Corp.		1,200		36,877
Shimizu Corp.		6,600		36,998
Shin-Etsu Chemical Co. Ltd.		300		44,227
Shionogi & Co. Ltd.		600		28,593
Shiseido Co. Ltd.		600		31,186
Shizuoka Financial Group Inc., NVS		5,400		45,747
SoftBank Corp.		3,000		34,326
SoftBank Group Corp.		600		28,405
Sompo Holdings Inc.		600		25,829
Sony Group Corp.		600		53,611
Square Enix Holdings Co. Ltd.		600		28,375
Subaru Corp.		1,800		29,577
SUMCO Corp.		2,400		35,560
Sumitomo Chemical Co. Ltd.		9,600		36,851
Sumitomo Corp.		2,400		43,080
Sumitomo Electric Industries Ltd.		3,000		36,049
Sumitomo Metal Mining Co. Ltd.		1,200		48,724

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Sumitomo Mitsui Financial Group Inc.		1,200	$	52,153
Sumitomo Mitsui Trust Holdings Inc.		1,200		43,714
Sumitomo Realty & Development Co. Ltd.		1,200		29,253
Suntory Beverage & Food Ltd.		1,200		40,521
Suzuki Motor Corp.		600		22,495
Sysmex Corp.		600		39,831
T&D Holdings Inc.		3,000		48,019
Taisei Corp.		1,200		41,426
Takeda Pharmaceutical Co. Ltd.		1,251		39,328
TDK Corp.		1,200		42,872
Terumo Corp.		1,200		34,932
TIS Inc.		1,200		34,602
Tobu Railway Co. Ltd.		1,800		42,234
Toho Co. Ltd./Tokyo		1,200		44,320
Tokio Marine Holdings Inc.		1,800		37,700
Tokyo Electric Power Co. Holdings Inc.(a)		10,200		38,197
Tokyo Electron Ltd.		100		34,952
Tokyo Gas Co. Ltd.		1,800		37,691
Tokyu Corp.		3,000		38,578
Toppan Inc.		2,400		38,669
Toray Industries Inc.		6,600		40,551
Toshiba Corp.		1,200		41,216
Tosoh Corp.		3,000		39,250
TOTO Ltd.		1,200		46,635
Toyota Industries Corp.		600		36,524
Toyota Motor Corp.		2,400		35,246
Toyota Tsusho Corp.		1,200		50,811
Trend Micro Inc./Japan(a)		600		29,708
Unicharm Corp.		600		22,887
USS Co. Ltd.		2,400		39,476
Welcia Holdings Co. Ltd.		1,800		40,231
West Japan Railway Co.		600		25,127
Yakult Honsha Co. Ltd.		600		42,833
Yamaha Corp.		1,200		46,661
Yamaha Motor Co. Ltd.		1,200		29,557
Yamato Holdings Co. Ltd.		1,800		31,495
Yaskawa Electric Corp.		1,200		46,907
Yokogawa Electric Corp.		1,800		31,607
Z Holdings Corp.		12,600		36,662
ZOZO Inc.		1,800		46,662
				8,427,702
Netherlands — 3.0%
ABN AMRO Bank NV, CVA(b)		2,682		44,515
Adyen NV(a)(b)		18		27,214
Aegon NV		6,848		37,772
AerCap Holdings NV(a)(c)		552		34,892
Akzo Nobel NV		456		33,965
ASM International NV		126		42,614
ASML Holding NV		48		31,759
Davide Campari-Milano NV		3,078		33,018
EXOR NV, NVS(a)		438		34,816
Heineken Holding NV		438		36,164
Heineken NV		342		34,179
IMCD NV		240		38,048
ING Groep NV(a)		2,646		38,315
JDE Peet’s NV		1,122		33,630
Just Eat Takeaway.com NV(a)(b)		1,560		40,019
Koninklijke Ahold Delhaize NV		1,038		30,981
Koninklijke DSM NV		240		30,864
Koninklijke KPN NV		11,406		38,995

Security	Shares		Value
Netherlands (continued)
Koninklijke Philips NV		2,322	$	40,090
NN Group NV		738		32,065
OCI NV		918		31,249
Prosus NV		492		39,727
QIAGEN NV(a)		696		33,953
Randstad NV		570		36,536
Universal Music Group NV		1,536		39,264
Wolters Kluwer NV		300		32,707
				927,351
New Zealand — 0.6%
Auckland International Airport Ltd.(a)		6,942		38,205
Fisher & Paykel Healthcare Corp. Ltd.		2,682		44,015
Mercury NZ Ltd.		10,308		40,046
Meridian Energy Ltd.		11,676		40,355
Spark New Zealand Ltd.		10,818		36,475
				199,096
Norway — 1.4%
Adevinta ASA(a)		4,254		36,469
Aker BP ASA		978		29,791
DNB Bank ASA		1,776		33,210
Equinor ASA		894		27,246
Gjensidige Forsikring ASA		1,746		31,382
Kongsberg Gruppen ASA		912		36,308
Mowi ASA		2,280		42,161
Norsk Hydro ASA		4,602		37,312
Orkla ASA		5,058		37,762
Salmar ASA		1,026		47,709
Telenor ASA		3,414		35,740
Yara International ASA		732		32,524
				427,614
Portugal — 0.4%
EDP - Energias de Portugal SA		7,086		35,205
Galp Energia SGPS SA		3,079		42,145
Jeronimo Martins SGPS SA		1,560		33,869
				111,219
Singapore — 2.4%
CapitaLand Ascendas REIT		18,007		39,627
CapitaLand Integrated Commercial Trust		22,849		37,384
Capitaland Investment Ltd/Singapore		12,600		38,173
City Developments Ltd.		6,000		38,081
DBS Group Holdings Ltd.		1,200		32,851
Genting Singapore Ltd.		53,400		40,443
Grab Holdings Ltd., Class A(a)		10,296		39,022
Jardine Cycle & Carriage Ltd.		1,200		26,604
Keppel Corp. Ltd.		5,400		31,178
Mapletree Logistics Trust		30,090		38,900
Mapletree Pan Asia Commercial Trust		27,600		38,403
Oversea-Chinese Banking Corp. Ltd.		3,600		35,569
Sea Ltd., ADR(a)		558		35,963
Singapore Airlines Ltd.		8,300		37,531
Singapore Exchange Ltd.		3,600		25,357
Singapore Technologies Engineering Ltd.		13,800		38,799
Singapore Telecommunications Ltd.		16,800		32,175
United Overseas Bank Ltd.		1,800		40,915
UOL Group Ltd.		7,200		38,416
Venture Corp. Ltd.		2,100		29,655
Wilmar International Ltd.		11,400		35,443
				750,489

26 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain — 2.3%
Acciona SA		192	$	37,459
ACS Actividades de Construccion y Servicios SA		1,296		38,353
Aena SME SA(a)(b)		282		42,370
Amadeus IT Group SA(a)		654		41,205
Banco Bilbao Vizcaya Argentaria SA		6,108		43,146
Banco Santander SA		12,282		42,925
CaixaBank SA		9,078		40,279
Cellnex Telecom SA(b)		984		38,561
Corp. ACCIONA Energias Renovables SA		912		37,295
EDP Renovaveis SA		1,398		30,408
Enagas SA		290		5,200
Endesa SA		1,674		33,374
Ferrovial SA		1,326		39,128
Grifols SA(a)		3,558		47,101
Iberdrola SA		2,970		34,843
Iberdrola SA, NVS		50		578
Industria de Diseno Textil SA		1,338		41,773
Naturgy Energy Group SA		1,230		34,886
Red Electrica Corp. SA		391		6,920
Repsol SA		2,466		40,509
Telefonica SA		9,570		36,357
				712,670
Sweden — 4.5%
Alfa Laval AB		1,188		37,334
Assa Abloy AB, Class B		1,416		33,356
Atlas Copco AB, Class A		1,584		18,796
Atlas Copco AB, Class B		966		10,189
Boliden AB		888		39,851
Electrolux AB, Class B		2,592		36,713
Embracer Group AB(a)(c)		7,914		36,888
Epiroc AB, Class A		1,302		25,333
Epiroc AB, Class B		612		10,204
EQT AB		1,398		31,546
Essity AB, Class B		1,398		36,521
Evolution AB(b)		360		40,461
Fastighets AB Balder, Class B(a)		7,920		40,806
Getinge AB, Class B		1,530		34,467
H & M Hennes & Mauritz AB, Class B		2,712		33,402
Hexagon AB, Class B		2,784		31,914
Holmen AB, Class B		858		35,389
Husqvarna AB, Class B		4,590		39,051
Industrivarden AB, Class A		582		15,417
Industrivarden AB, Class C		714		18,810
Indutrade AB		1,638		36,375
Investment AB Latour, Class B		1,674		35,320
Investor AB, Class A		366		7,305
Investor AB, Class B		1,200		23,318
Kinnevik AB, Class B(a)		2,340		36,170
L E Lundbergforetagen AB, Class B		750		34,730
Lifco AB, Class B		1,956		35,932
Nibe Industrier AB, Class B		3,486		37,664
Nordea Bank Abp		3,276		38,298
Sagax AB, Class B		1,584		39,402
Sandvik AB		1,740		35,962
Securitas AB, Class B		4,267		39,058
Skandinaviska Enskilda Banken AB, Class A		2,772		33,557
Skanska AB, Class B		2,004		35,371
SKF AB, Class B		1,914		33,874
Svenska Cellulosa AB SCA, Class B		2,562		35,577
Svenska Handelsbanken AB, Class A		3,222		33,599

Security	Shares		Value
Sweden (continued)
Swedbank AB, Class A		2,166	$	41,666
Swedish Orphan Biovitrum AB(a)		1,698		37,866
Tele2 AB, Class B		3,876		33,475
Telefonaktiebolaget LM Ericsson, Class B		5,286		30,661
Telia Co. AB		12,042		31,100
Volvo AB, Class A		204		4,238
Volvo AB, Class B		1,584		31,432
Volvo Car AB, Class B(a)(c)		6,876		34,308
				1,422,706
Switzerland — 4.7%
ABB Ltd., Registered		1,044		36,347
Adecco Group AG, Registered		942		34,986
Alcon Inc.		486		36,673
Bachem Holding AG, Class A		390		34,489
Baloise Holding AG, Registered		234		38,487
Banque Cantonale Vaudoise, Registered		366		34,791
Barry Callebaut AG, Registered		16		33,429
BKW AG		264		37,964
Cie. Financiere Richemont SA, Class A, Registered		252		38,848
Clariant AG, Registered		2,028		34,777
Coca-Cola HBC AG, Class DI		1,410		34,265
Credit Suisse Group AG, Registered		8,658		29,826
EMS-Chemie Holding AG, Registered		48		35,783
Geberit AG, Registered		66		37,553
Givaudan SA, Registered		12		38,907
Holcim AG		630		37,664
Julius Baer Group Ltd.		600		38,487
Kuehne + Nagel International AG, Registered		132		31,476
Logitech International SA, Registered		570		33,355
Lonza Group AG, Registered		60		34,226
Nestle SA, Registered		259		31,600
Novartis AG, Registered		349		31,553
Partners Group Holding AG		30		28,149
Roche Holding AG, Bearer		6		2,196
Roche Holding AG, NVS		84		26,222
Schindler Holding AG, Participation Certificates, NVS		108		23,019
Schindler Holding AG, Registered		66		13,351
SGS SA, Registered		12		29,264
Siemens Energy AG(a)		2,316		48,425
SIG Group AG		1,596		39,558
Sika AG, Registered		120		34,098
Sonova Holding AG, Registered		126		31,509
STMicroelectronics NV		834		39,272
Straumann Holding AG		294		38,495
Swatch Group AG (The), Bearer		96		34,759
Swatch Group AG (The), Registered		156		10,250
Swiss Life Holding AG, Registered		66		39,062
Swiss Prime Site AG, Registered		396		35,287
Swiss Re AG		378		39,581
Swisscom AG, Registered		60		35,451
Temenos AG, Registered		558		39,830
UBS Group AG, Registered		1,818		38,806
VAT Group AG(b)		120		37,356
Zurich Insurance Group AG		66		32,639
				1,472,065
United Kingdom — 9.5%
3i Group PLC		2,094		40,853
abrdn PLC		13,629		35,896
Admiral Group PLC		1,356		36,863

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Anglo American PLC		828	$	35,712
Antofagasta PLC		2,076		44,606
Ashtead Group PLC		540		35,569
Associated British Foods PLC		1,794		41,182
AstraZeneca PLC		228		29,871
Auto Trader Group PLC(b)		5,004		38,823
Aviva PLC		6,042		34,076
BAE Systems PLC		3,343		35,389
Barclays PLC		16,878		38,799
Barratt Developments PLC		7,242		41,162
Berkeley Group Holdings PLC		774		39,635
BP PLC		5,634		34,031
British American Tobacco PLC		744		28,520
British Land Co. PLC (The)		7,128		39,011
BT Group PLC		22,446		34,582
Bunzl PLC		918		33,701
Burberry Group PLC		1,338		40,757
CNH Industrial NV		2,100		37,152
Coca-Cola Europacific Partners PLC		636		35,756
Compass Group PLC		1,428		34,112
Croda International PLC		402		34,265
DCC PLC		666		37,934
Diageo PLC		702		30,696
Entain PLC		2,088		38,504
Experian PLC		888		32,474
Glencore PLC		4,866		32,587
GSK PLC		1,890		33,198
Haleon PLC(a)		9,276		37,172
Halma PLC		1,260		33,546
Hargreaves Lansdown PLC		3,342		36,793
Hikma Pharmaceuticals PLC		2,046		43,281
HSBC Holdings PLC		5,208		38,374
Imperial Brands PLC		1,272		31,910
Informa PLC		4,728		39,104
InterContinental Hotels Group PLC		600		41,654
Intertek Group PLC		720		38,698
J Sainsbury PLC		13,212		42,848
JD Sports Fashion PLC		23,760		47,891
Johnson Matthey PLC		1,428		39,888
Kingfisher PLC(c)		11,670		40,261
Land Securities Group PLC		4,602		40,317
Legal & General Group PLC		10,332		32,514
Lloyds Banking Group PLC		57,858		37,654
London Stock Exchange Group PLC		324		29,661
M&G PLC		14,454		36,096
Melrose Industries PLC		21,840		38,508
Mondi PLC		1,788		33,718
National Grid PLC		2,586		32,876
NatWest Group PLC, NVS		10,362		39,532
Next PLC		492		40,282
Ocado Group PLC(a)		4,056		32,458
Pearson PLC		2,886		32,912
Persimmon PLC		2,220		38,773
Phoenix Group Holdings PLC		4,542		35,999
Prudential PLC		2,700		44,861
Reckitt Benckiser Group PLC		456		32,495
RELX PLC		1,140		33,868
Rentokil Initial PLC		5,070		30,742
Rio Tinto PLC		480		37,585
Rolls-Royce Holdings PLC(a)		33,150		43,371

Security	Shares		Value
United Kingdom (continued)
Sage Group PLC (The)		3,504	$	33,665
Schroders PLC		6,132		36,263
Segro PLC		3,324		34,216
Severn Trent PLC		1,050		36,541
Shell PLC		1,062		31,178
Smith & Nephew PLC		2,610		36,045
Smiths Group PLC		1,806		38,553
Spirax-Sarco Engineering PLC		246		35,139
SSE PLC		1,596		34,066
St. James’s Place PLC		2,341		35,498
Standard Chartered PLC		4,590		38,554
Taylor Wimpey PLC		28,176		40,881
Tesco PLC		11,742		35,688
Unilever PLC		624		31,761
United Utilities Group PLC		2,604		34,073
Vodafone Group PLC		27,348		31,554
Whitbread PLC		1,140		42,935
WPP PLC		3,204		37,435
				2,965,403
Total Common Stocks — 99.1% (Cost: $30,374,191)				31,043,571
Preferred Stocks
Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		60		5,684
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)		276		32,816
Henkel AG & Co. KGaA, Preference Shares, NVS		288		20,535
Porsche Automobil Holding SE, Preference Shares, NVS		534		31,931
Sartorius AG, Preference Shares, NVS		84		37,667
Volkswagen AG, Preference Shares, NVS		180		24,964
				153,597
Total Preferred Stocks — 0.5% (Cost: $158,587)				153,597
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		1,296		658
Total Rights — 0.0% (Cost: $666)				658
Total Long-Term Investments — 99.6% (Cost: $30,533,444)				31,197,826
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		235,293		235,434
Total Short-Term Securities — 0.7% (Cost: $235,369)				235,434
Total Investments — 100.3% (Cost: $30,768,813)				31,433,260
Liabilities in Excess of Other Assets — (0.3)%				(102,540	)
Net Assets — 100.0%			$	31,330,720

28 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	115,977	$	119,346	(a)	$	—	$	50	$	61	$	235,434		235,293	$	697	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—		—		—		—		—		96			—
								$	50	$	61	$	235,434			$	793		$	—

^(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
Mini TOPIX Index		1		03/09/23	$	15	$	313
Euro STOXX 50 Index		1		03/17/23		46		2,874
							$	3,187

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,187	$	—	$	—	$	—	$	3,187

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	7,684	$	—	$	—	$	—	$	7,684
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	919	$	—	$	—	$	—	$	919

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	61,192

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	2,167,153	$	—	$	2,167,153
Austria		—		145,747		—		145,747
Belgium		—		440,089		—		440,089
Canada		3,056,193		—		—		3,056,193
Denmark		—		535,278		—		535,278
Finland		—		381,016		—		381,016
France		—		2,309,228		—		2,309,228
Germany		—		1,848,819		—		1,848,819
Hong Kong		33,806		1,201,787		—		1,235,593
Ireland		—		271,188		—		271,188
Israel		166,498		317,352		—		483,850
Italy		—		753,102		—		753,102
Japan		—		8,427,702		—		8,427,702
Netherlands		34,892		892,459		—		927,351
New Zealand		—		199,096		—		199,096
Norway		—		427,614		—		427,614
Portugal		—		111,219		—		111,219
Singapore		74,985		675,504		—		750,489
Spain		—		712,670		—		712,670
Sweden		—		1,422,706		—		1,422,706
Switzerland		—		1,472,065		—		1,472,065
United Kingdom		35,756		2,929,647		—		2,965,403
Preferred Stocks		—		153,597		—		153,597
Rights		658		—		—		658
Short-Term Securities
Money Market Funds		235,434		—		—		235,434
	$	3,638,222	$	27,795,038	$	—	$	31,433,260

30 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Size Factor ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	3,187	$	—	$	3,187

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) January 31, 2023 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.9%
Aurizon Holdings Ltd.		372,330	$	973,181
BHP Group Ltd.		544,626		19,073,963
BlueScope Steel Ltd.		128,174		1,747,842
Dexus		164,373		953,044
Fortescue Metals Group Ltd.		295,611		4,669,339
Mirvac Group		538,625		870,207
Origin Energy Ltd.		415,961		2,208,574
Rio Tinto Ltd.		59,090		5,302,575
Santos Ltd.		301,197		1,537,572
Sonic Healthcare Ltd.		80,158		1,795,343
South32 Ltd.		1,088,789		3,493,846
Stockland		641,015		1,791,168
Vicinity Ltd.		642,756		940,378
Woodside Energy Group Ltd.		142,638		3,693,450
				49,050,482
Austria — 0.4%
Erste Group Bank AG		82,517		3,131,036
OMV AG		33,442		1,675,118
voestalpine AG		38,787		1,288,759
				6,094,913
Belgium — 0.9%
Ageas SA/NV		30,531		1,490,584
Anheuser-Busch InBev SA/NV		183,043		11,048,793
Solvay SA		11,120		1,295,830
UCB SA		24,637		2,022,811
				15,858,018
Canada — 3.0%
AltaGas Ltd.		72,312		1,352,165
Canadian Tire Corp. Ltd., Class A, NVS		9,015		1,071,867
CGI Inc.(a)		42,699		3,659,685
Empire Co. Ltd., Class A, NVS		43,270		1,245,206
Fairfax Financial Holdings Ltd.		4,378		2,898,387
George Weston Ltd.		13,343		1,716,524
iA Financial Corp. Inc.		14,568		899,229
Kinross Gold Corp.		234,512		1,090,999
Loblaw Companies Ltd.		28,580		2,560,397
Lundin Mining Corp.		127,067		961,681
Magna International Inc.		49,439		3,209,606
Manulife Financial Corp.		393,287		7,782,681
Metro Inc.		39,902		2,165,813
Nutrien Ltd.		53,570		4,434,407
Onex Corp.		11,856		612,782
Open Text Corp.		99,804		3,347,678
Power Corp. of Canada		77,363		2,098,403
Saputo Inc.		39,314		1,083,790
Teck Resources Ltd., Class B		134,694		5,826,904
Tourmaline Oil Corp.		28,701		1,337,604
West Fraser Timber Co. Ltd.		20,342		1,768,717
				51,124,525
Denmark — 0.8%
AP Moller - Maersk A/S, Class A		1,776		3,784,566
AP Moller - Maersk A/S, Class B, NVS		3,006		6,538,927
Danske Bank A/S		182,336		3,798,709
				14,122,202
Finland — 0.7%
Nokia OYJ		2,442,106		11,579,284

Security	Shares		Value
France — 11.5%
Alstom SA		66,114	$	1,965,911
ArcelorMittal SA		277,496		8,608,737
Arkema SA		6,206		627,971
AXA SA		246,163		7,680,045
BNP Paribas SA		334,009		22,940,367
Bollore SE		131,416		735,322
Bouygues SA		66,263		2,182,964
Capgemini SE		33,780		6,410,957
Carrefour SA		252,068		4,794,577
Cie. de Saint-Gobain		150,974		8,670,613
Cie. Generale des Etablissements Michelin SCA		129,373		4,090,749
Credit Agricole SA		402,691		4,848,897
Danone SA		125,810		6,899,327
Dassault Aviation SA		4,620		788,926
Eiffage SA		19,685		2,102,566
Electricite de France SA		228,091		2,995,988
Engie SA		788,624		11,198,353
Ipsen SA		9,402		987,539
Orange SA		500,943		5,301,355
Publicis Groupe SA		41,757		2,945,523
Renault SA(a)		105,541		4,291,238
Sanofi		319,733		31,309,670
Societe Generale SA		382,863		11,396,518
Thales SA		15,226		2,013,780
TotalEnergies SE		428,928		26,516,653
Valeo		35,061		766,250
Vinci SA		84,969		9,600,608
Vivendi SE		195,687		2,101,634
Worldline SA/France(a)(b)		60,262		2,733,839
				197,506,877
Germany — 8.4%
Aroundtown SA(c)		144,260		401,649
BASF SE		124,192		7,120,601
Bayer AG, Registered		392,572		24,435,618
Bayerische Motoren Werke AG		118,882		12,109,872
Commerzbank AG(a)		429,230		4,906,714
Continental AG		26,527		1,862,599
Covestro AG(b)		34,143		1,572,097
Daimler Truck Holding AG(a)		113,283		3,806,719
Deutsche Bank AG, Registered		924,351		12,336,132
Deutsche Telekom AG, Registered		443,254		9,875,167
E.ON SE		266,792		2,908,809
Evonik Industries AG		33,714		749,413
Fresenius Medical Care AG & Co. KGaA		83,301		3,128,341
Fresenius SE & Co. KGaA		205,823		5,964,927
HeidelbergCement AG		44,518		3,054,710
Henkel AG & Co. KGaA		27,738		1,853,404
Mercedes-Benz Group AG		247,122		18,388,849
Merck KGaA		19,672		4,106,101
RWE AG		108,205		4,817,165
Siemens AG, Registered		114,720		17,919,869
United Internet AG, Registered		23,070		535,601
Volkswagen AG		10,868		1,902,336
				143,756,693
Hong Kong — 2.3%
BOC Hong Kong Holdings Ltd.		570,000		1,992,086
CK Asset Holdings Ltd.		971,500		6,211,294
CK Hutchison Holdings Ltd.		1,749,500		11,133,732
CK Infrastructure Holdings Ltd.		194,000		1,079,329

32 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
HK Electric Investments & HK Electric Investments Ltd., Class SS		303,500	$	209,789
Hongkong Land Holdings Ltd.(c)		174,300		852,113
Jardine Matheson Holdings Ltd.		78,400		4,167,397
New World Development Co. Ltd.		256,000		765,159
Power Assets Holdings Ltd.		177,000		1,001,496
Sino Land Co. Ltd.		1,656,000		2,151,934
SITC International Holdings Co. Ltd.		538,000		1,175,315
Sun Hung Kai Properties Ltd.		225,500		3,197,955
Swire Pacific Ltd., Class A		134,500		1,232,543
WH Group Ltd.(b)		5,230,500		3,221,279
Xinyi Glass Holdings Ltd.		529,000		1,126,308
				39,517,729
Ireland — 0.1%
AIB Group PLC		116,143		487,869
Bank of Ireland Group PLC		117,131		1,251,409
				1,739,278
Israel — 0.8%
Bank Hapoalim BM(c)		172,536		1,552,920
Bank Leumi Le-Israel BM		193,131		1,706,772
Check Point Software Technologies Ltd.(a)		17,525		2,229,180
Isracard Ltd.		2		6
Israel Discount Bank Ltd., Class A		178,660		913,795
Teva Pharmaceutical Industries Ltd., ADR(a)		657,322		6,928,174
ZIM Integrated Shipping Services Ltd.		40,357		764,765
				14,095,612
Italy — 3.9%
Enel SpA		2,123,351		12,502,546
Eni SpA		445,751		6,859,318
Intesa Sanpaolo SpA		3,771,599		9,916,551
Mediobanca Banca di Credito Finanziario SpA		111,863		1,202,521
Nexi SpA(a)(b)		163,416		1,439,260
Stellantis NV		1,165,533		18,323,332
Telecom Italia SpA/Milano(a)(c)		4,282,734		1,233,033
UniCredit SpA		796,881		15,563,992
				67,040,553
Japan — 31.5%
AGC Inc.		70,800		2,608,683
Aisin Corp.		53,000		1,546,302
Asahi Group Holdings Ltd.		151,900		5,016,079
Asahi Kasei Corp.		254,400		1,927,749
Astellas Pharma Inc.		364,900		5,371,376
Bridgestone Corp.		95,000		3,546,653
Brother Industries Ltd.		139,200		2,162,093
Canon Inc.		519,400		11,526,703
Central Japan Railway Co.		34,000		4,147,142
Chiba Bank Ltd. (The)		134,200		1,015,411
Chubu Electric Power Co. Inc.		358,200		3,858,198
Concordia Financial Group Ltd.		310,700		1,365,328
Dai Nippon Printing Co. Ltd.		70,900		1,673,923
Dai-ichi Life Holdings Inc.		127,400		2,989,156
Daito Trust Construction Co. Ltd.		36,000		3,557,468
Daiwa House Industry Co. Ltd.		261,900		6,289,532
Daiwa House REIT Investment Corp.		308		670,126
Daiwa Securities Group Inc.		266,500		1,257,639
Denso Corp.		60,600		3,272,745
Dentsu Group Inc.		32,300		1,040,347
ENEOS Holdings Inc.		674,500		2,414,842
Fuji Electric Co. Ltd.		23,100		935,042

Security	Shares		Value
Japan (continued)
FUJIFILM Holdings Corp.		168,800	$	8,933,088
Fujitsu Ltd.		64,800		9,226,180
Hankyu Hanshin Holdings Inc.		41,500		1,233,481
Hirose Electric Co. Ltd.		7,400		963,364
Hitachi Construction Machinery Co. Ltd.		27,400		646,183
Hitachi Ltd.		258,100		13,535,396
Honda Motor Co. Ltd.		554,100		13,706,501
Hulic Co. Ltd.		193,100		1,587,241
Ibiden Co. Ltd.		30,500		1,190,381
Idemitsu Kosan Co. Ltd.		44,000		1,100,034
Iida Group Holdings Co. Ltd.		50,700		845,192
Inpex Corp.		251,200		2,760,346
Isuzu Motors Ltd.		134,800		1,704,592
ITOCHU Corp.		373,100		12,059,270
Japan Post Bank Co. Ltd.		147,400		1,309,630
Japan Post Holdings Co. Ltd.		946,000		8,305,367
Japan Post Insurance Co. Ltd.		51,000		909,838
Japan Tobacco Inc.		445,100		9,076,437
JFE Holdings Inc.		212,600		2,803,269
Kajima Corp.		181,900		2,233,964
Kansai Electric Power Co. Inc. (The)		320,700		3,084,202
KDDI Corp.		223,100		6,970,410
Kirin Holdings Co. Ltd.		202,100		3,114,305
Koito Manufacturing Co. Ltd.		29,800		502,672
Komatsu Ltd.		211,700		5,202,413
Kubota Corp.		178,700		2,685,555
Kyocera Corp.		157,700		8,183,274
Lixil Corp.		67,200		1,160,126
Marubeni Corp.		716,500		8,790,435
Mazda Motor Corp.		224,000		1,783,037
MEIJI Holdings Co. Ltd.		33,600		1,732,842
MINEBEA MITSUMI Inc.		70,700		1,232,491
Mitsubishi Chemical Group Corp.		335,300		1,881,518
Mitsubishi Corp.		494,500		16,558,803
Mitsubishi Electric Corp.		500,300		5,513,682
Mitsubishi Estate Co. Ltd.		254,800		3,274,974
Mitsubishi HC Capital Inc.		145,400		742,143
Mitsubishi Heavy Industries Ltd.		88,800		3,481,844
Mitsubishi UFJ Financial Group Inc.		3,483,700		25,517,687
Mitsui & Co. Ltd.		592,300		17,474,468
Mitsui Chemicals Inc.		54,800		1,289,911
Mitsui OSK Lines Ltd.		162,800		4,040,487
Mizuho Financial Group Inc.		863,470		13,487,789
MS&AD Insurance Group Holdings Inc.		55,600		1,783,298
Murata Manufacturing Co. Ltd.		140,000		7,999,668
NEC Corp.		126,500		4,570,142
NGK Insulators Ltd.		79,100		1,094,846
Nippon Building Fund Inc.		380		1,660,738
Nippon Express Holdings Inc.		22,500		1,305,736
Nippon Steel Corp.		327,600		6,818,903
Nippon Telegraph & Telephone Corp.		207,600		6,224,994
Nippon Yusen KK		302,400		7,193,749
Nissan Motor Co. Ltd.		862,800		3,099,988
Nisshin Seifun Group Inc.		49,800		623,769
Nomura Holdings Inc.		893,300		3,565,008
NTT Data Corp.		144,800		2,246,047
Obayashi Corp.		255,200		1,979,516
Oji Holdings Corp.		232,400		960,451
Ono Pharmaceutical Co. Ltd.		73,200		1,588,344
ORIX Corp.		234,200		4,117,934

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Osaka Gas Co. Ltd.		150,700	$	2,431,828
Otsuka Holdings Co. Ltd.		109,600		3,516,013
Panasonic Holdings Corp.		486,600		4,512,421
Renesas Electronics Corp.(a)		535,600		5,509,235
Resona Holdings Inc.		631,400		3,493,993
Ricoh Co. Ltd.		416,700		3,234,682
Rohm Co. Ltd.		36,600		2,932,812
SBI Holdings Inc.		45,000		953,968
SCSK Corp.		32,500		529,341
Secom Co. Ltd.		29,900		1,781,315
Seiko Epson Corp.		164,100		2,544,862
Sekisui Chemical Co. Ltd.		60,600		848,902
Sekisui House Ltd.		129,900		2,455,014
Seven & i Holdings Co. Ltd.		200,700		9,475,628
Shimizu Corp.		216,100		1,211,391
Shionogi & Co. Ltd.		52,800		2,516,157
Shizuoka Financial Group Inc., NVS		127,600		1,080,980
SoftBank Group Corp.		225,000		10,651,962
Subaru Corp.		160,300		2,633,991
SUMCO Corp.		159,100		2,357,348
Sumitomo Chemical Co. Ltd.		416,100		1,597,255
Sumitomo Corp.		496,600		8,913,935
Sumitomo Electric Industries Ltd.		187,800		2,256,635
Sumitomo Metal Mining Co. Ltd.		49,600		2,013,920
Sumitomo Mitsui Financial Group Inc.		450,400		19,574,863
Sumitomo Mitsui Trust Holdings Inc.		93,200		3,395,149
Suntory Beverage & Food Ltd.		28,900		975,888
Suzuki Motor Corp.		66,100		2,478,233
T&D Holdings Inc.		62,100		993,988
Taisei Corp.		63,600		2,195,597
Takeda Pharmaceutical Co. Ltd.		431,000		13,549,506
TDK Corp.		182,800		6,530,760
Tokyo Electric Power Co. Holdings Inc.(a)		1,137,700		4,260,447
Tokyo Gas Co. Ltd.		123,400		2,583,958
Toppan Inc.		96,400		1,553,213
Toray Industries Inc.		265,900		1,633,702
Toshiba Corp.		67,200		2,308,095
Tosoh Corp.		72,100		943,314
Toyota Industries Corp.		46,300		2,818,402
Toyota Motor Corp.		2,101,600		30,863,494
Toyota Tsusho Corp.		72,200		3,057,103
Yamaha Motor Co. Ltd.		71,400		1,758,631
Yamato Holdings Co. Ltd.		45,600		797,860
Yokogawa Electric Corp.		55,400		972,801
				539,559,082
Netherlands — 2.4%
ABN AMRO Bank NV, CVA(b)		115,244		1,912,768
Aegon NV		646,971		3,568,557
AerCap Holdings NV(a)		35,034		2,214,499
EXOR NV, NVS(a)		19,748		1,569,741
ING Groep NV(a)		830,111		12,020,224
JDE Peet’s NV		27,156		813,945
Koninklijke Ahold Delhaize NV		313,309		9,351,322
Koninklijke Philips NV		267,761		4,623,014
NN Group NV		81,258		3,530,504
OCI NV		12,724		433,131
Randstad NV		22,504		1,442,469
				41,480,174

Security	Shares		Value
Norway — 0.4%
Adevinta ASA(a)		34,978	$	299,861
Equinor ASA		93,608		2,852,857
Norsk Hydro ASA		210,721		1,708,494
Orkla ASA		162,902		1,216,180
Yara International ASA		26,269		1,167,165
				7,244,557
Singapore — 0.7%
Capitaland Investment Ltd/Singapore		511,500		1,549,646
City Developments Ltd.		60,600		384,618
Jardine Cycle & Carriage Ltd.		13,300		294,856
Keppel Corp. Ltd.		346,700		2,001,727
Singapore Airlines Ltd.		169,400		766,004
Singapore Telecommunications Ltd.		1,004,200		1,923,205
UOL Group Ltd.		84,300		449,788
Venture Corp. Ltd.		91,800		1,296,340
Wilmar International Ltd.		829,000		2,577,378
				11,243,562
Spain — 2.8%
ACS Actividades de Construccion y Servicios SA		56,149		1,661,657
Banco Bilbao Vizcaya Argentaria SA		1,587,712		11,215,236
Banco Santander SA		6,087,202		21,274,402
CaixaBank SA		907,791		4,027,832
Grifols SA(a)		77,330		1,023,698
Repsol SA		316,362		5,196,826
Telefonica SA		1,070,822		4,068,075
				48,467,726
Sweden — 1.2%
Boliden AB		35,683		1,601,345
Electrolux AB, Class B		27,688		392,169
Industrivarden AB, Class A		13,652		361,646
Securitas AB, Class B		87,349		799,554
Skanska AB, Class B		60,343		1,065,060
SKF AB, Class B		76,766		1,358,627
Swedbank AB, Class A		109,952		2,115,082
Telefonaktiebolaget LM Ericsson, Class B		1,147,063		6,653,493
Telia Co. AB		306,168		790,722
Volvo AB, Class B		261,372		5,186,537
				20,324,235
Switzerland — 5.7%
Adecco Group AG, Registered		37,463		1,391,402
Coca-Cola HBC AG, Class DI		29,485		716,526
Credit Suisse Group AG, Registered		1,147,050		3,951,451
Holcim AG		82,980		4,960,935
Novartis AG, Registered		444,469		40,184,013
Roche Holding AG, NVS		82,101		25,629,500
Siemens Energy AG(a)		111,493		2,331,186
STMicroelectronics NV		154,578		7,278,817
UBS Group AG, Registered		534,597		11,411,173
				97,855,003
United Kingdom — 17.8%
3i Group PLC		226,090		4,410,955
abrdn PLC		306,982		808,540
Anglo American PLC		268,447		11,578,220
Associated British Foods PLC		123,811		2,842,107
Aviva PLC		594,737		3,354,226
BAE Systems PLC		517,099		5,474,030
Barclays PLC		6,860,523		15,770,908
Barratt Developments PLC		312,630		1,776,903
Berkeley Group Holdings PLC		18,131		928,446

34 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
BP PLC		2,737,408	$	16,534,622
British American Tobacco PLC		1,104,502		42,339,755
BT Group PLC		2,136,928		3,292,351
CNH Industrial NV		190,498		3,370,167
Coca-Cola Europacific Partners PLC		36,038		2,026,056
DCC PLC		18,837		1,072,916
Glencore PLC		2,127,249		14,245,935
GSK PLC		759,903		13,347,707
Haleon PLC(a)		1,015,159		4,068,128
Hikma Pharmaceuticals PLC		44,474		940,807
HSBC Holdings PLC		4,760,478		35,076,848
Imperial Brands PLC		400,186		10,039,155
Informa PLC		180,888		1,496,079
J Sainsbury PLC		1,069,683		3,469,067
Kingfisher PLC		531,110		1,832,286
Lloyds Banking Group PLC		19,236,663		12,519,131
M&G PLC		362,535		905,366
Melrose Industries PLC		1,178,559		2,077,996
NatWest Group PLC, NVS		1,498,282		5,716,031
Pearson PLC		79,114		902,230
Persimmon PLC		66,572		1,162,700
Phoenix Group Holdings PLC		105,968		839,889
Rio Tinto PLC		211,343		16,548,416
Shell PLC		1,138,173		33,414,208
Smith & Nephew PLC		138,011		1,905,978
Standard Chartered PLC		1,029,633		8,648,519
Taylor Wimpey PLC		973,963		1,413,143
Tesco PLC		2,682,231		8,152,318
Vodafone Group PLC		7,768,221		8,963,073
WPP PLC		193,734		2,263,537
				305,528,749
Total Common Stocks — 98.2% (Cost: $1,616,910,938)				1,683,189,254
Preferred Stocks
Germany — 1.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		23,377		2,214,710
Henkel AG & Co. KGaA, Preference Shares, NVS		41,265		2,942,206
Porsche Automobil Holding SE, Preference Shares, NVS		74,575		4,459,337

Security	Shares		Value
Germany (continued)
Volkswagen AG, Preference Shares, NVS		84,763	$	11,755,837
				21,372,090
Total Preferred Stocks — 1.3% (Cost: $27,069,895)				21,372,090
Rights
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA, (Expires 02/17/23)(a)		56,653		28,744
Total Rights — 0.0% (Cost: $29,108)				28,744
Total Long-Term Investments — 99.5% (Cost: $1,644,009,941)				1,704,590,088
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(d)(e)(f)		1,671,135		1,672,138
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(d)(e)		480,000		480,000
Total Short-Term Securities — 0.1% (Cost: $2,151,272)				2,152,138
Total Investments — 99.6% (Cost: $1,646,161,213)				1,706,742,226
Other Assets Less Liabilities — 0.4%				6,959,055
Net Assets — 100.0%			$	1,713,701,281

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Value Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,831,962	$	—		$	(1,161,363	)(a)	$	612	$	927	$	1,672,138		1,671,135	$	13,512	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		150,000	(a)		—			—		—		480,000		480,000		13,901			—
									$	612	$	927	$	2,152,138			$	27,413		$	—

^(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		17		03/09/23	$	2,594	$	82,529
Euro STOXX 50 Index		68		03/17/23		3,098		218,011
FTSE 100 Index		29		03/17/23		2,781		108,658
							$	409,198

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)	$	—	$	—	$	409,198	$	—	$	—	$	—	$	409,198

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended January 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,044,685	$	—	$	—	$	—	$	1,044,685
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	234,839	$	—	$	—	$	—	$	234,839

36 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2023 iShares^® MSCI Intl Value Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	11,582,936

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	49,050,482	$	—	$	49,050,482
Austria		—		6,094,913		—		6,094,913
Belgium		—		15,858,018		—		15,858,018
Canada		51,124,525		—		—		51,124,525
Denmark		—		14,122,202		—		14,122,202
Finland		—		11,579,284		—		11,579,284
France		—		197,506,877		—		197,506,877
Germany		—		143,756,693		—		143,756,693
Hong Kong		—		39,517,729		—		39,517,729
Ireland		—		1,739,278		—		1,739,278
Israel		9,922,119		4,173,493		—		14,095,612
Italy		—		67,040,553		—		67,040,553
Japan		—		539,559,082		—		539,559,082
Netherlands		2,214,499		39,265,675		—		41,480,174
Norway		—		7,244,557		—		7,244,557
Singapore		—		11,243,562		—		11,243,562
Spain		—		48,467,726		—		48,467,726
Sweden		—		20,324,235		—		20,324,235
Switzerland		—		97,855,003		—		97,855,003
United Kingdom		2,026,056		303,502,693		—		305,528,749
Preferred Stocks		—		21,372,090		—		21,372,090
Rights		28,744		—		—		28,744
Short-Term Securities
Money Market Funds		2,152,138		—		—		2,152,138
	$	67,468,081	$	1,639,274,145	$	—		1,706,742,226
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	409,198	$	—	$	409,198

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 37

Statements of Assets and Liabilities  (unaudited)

January 31, 2023

	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF		iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	915,777,792		$	4,599,828,398	$	31,197,826		$	1,704,590,088
Investments, at value — affiliated(c)		7,302,301			1,230,000		235,434			2,152,138
Cash		6,096			5,466		8,068			5,925
Foreign currency collateral pledged for futures contracts(d)		200,367			1,377,342		6,050			578,243
Foreign currency, at value(e)		1,944,030			5,406,257		90,713			4,877,063
Receivables:
Securities lending income — affiliated		1,669			461		162			885
Capital shares sold		453,596			238,851		—			1,734
Dividends — unaffiliated		892,289			2,079,959		27,395			2,477,942
Dividends — affiliated		815			3,544		—			964
Tax reclaims		830,645			9,361,200		7,920			1,086,403
Variation margin on futures contracts		9,254			72,996		278			29,512
Total assets		927,418,854			4,619,604,474		31,573,846			1,715,800,897
LIABILITIES
Collateral on securities loaned, at value		7,000,364			—		235,384			1,671,218
Payables:
Investments purchased		453,596			238,852		—			—
Investment advisory fees		227,836			1,118,693		7,742			427,511
Professional fees		3,025			9,381		—			887
Total liabilities		7,684,821			1,366,926		243,126			2,099,616
NET ASSETS	$	919,734,033		$	4,618,237,548	$	31,330,720		$	1,713,701,281
NET ASSETS CONSIST OF
Paid-in capital	$	958,818,756		$	4,400,125,010	$	31,984,702		$	1,724,128,857
Accumulated earnings (loss)		(39,084,723	)		218,112,538		(653,982	)		(10,427,576	)
NET ASSETS	$	919,734,033		$	4,618,237,548	$	31,330,720		$	1,713,701,281
NET ASSETVALUE
Shares outstanding		28,400,000			131,900,000		1,200,000			68,300,000
Net asset value	$	32.39		$	35.01	$	26.11		$	25.09
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	854,207,808		$	4,286,358,530	$	30,533,444		$	1,644,009,941
(b) Securities loaned, at value	$	6,728,075		$	—	$	218,121		$	1,581,988
(c)  Investments, at cost — affiliated	$	7,300,364		$	1,230,000	$	235,369		$	2,151,272
(d) Foreign currency collateral pledged, at cost	$	197,467		$	1,345,348	$	5,981		$	562,584
(e) Foreign currency, at cost	$	1,935,300		$	5,374,000	$	89,842		$	4,825,608

See notes to financial statements.

38 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations  (unaudited)

Six Months Ended January 31, 2023

	iShares MSCI Intl Momentum Factor ETF			iShares MSCI Intl Quality Factor ETF			iShares MSCI Intl Size Factor ETF			iShares MSCI Intl Value Factor ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	12,756,091		$	48,152,542		$	210,520		$	25,794,304
Dividends — affiliated		8,092			30,547			96			13,901
Interest — unaffiliated		—			—			29			—
Securities lending income — affiliated — net		7,312			4,473			697			13,512
Other income — unaffiliated		75			145			—			22
Foreign taxes withheld		(1,041,376	)		(3,513,360	)		(21,787	)		(2,070,853	)
Foreign withholding tax claims		30,329			93,870			—			8,888
Total investment income		11,760,523			44,768,217			189,555			23,759,774
EXPENSES
Investment advisory		1,239,081			5,986,671			30,490			2,264,518
Professional		3,040			9,401			—			891
Total expenses		1,242,121			5,996,072			30,490			2,265,409
Net investment income		10,518,402			38,772,145			159,065			21,494,365
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(32,618,556	)		(32,412,158	)		(474,912	)		(21,874,671	)
Investments — affiliated		409			1,531			50			612
Capital gain distributions from underlying funds — affiliated		—			1			—			—
Foreign currency transactions		293,604			(542,898	)		1,220			273,573
Futures contracts		150,188			1,330,749			7,684			1,044,685
In-kind redemptions — unaffiliated(a)		738,927			40,212,594			—			21,177,544
		(31,435,428	)		8,589,819			(465,958	)		621,743
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		76,225,540			287,693,512			2,648,502			187,863,365
Investments — affiliated		1,880			—			61			927
Foreign currency translations		55,166			442,422			1,451			136,248
Futures contracts		30,294			(6,121	)		919			234,839
		76,312,880			288,129,813			2,650,933			188,235,379
Net realized and unrealized gain		44,877,452			296,719,632			2,184,975			188,857,122
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	55,395,854		$	335,491,777		$	2,344,040		$	210,351,487

^(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 39

Statements of Changes in Net Assets

	iShares MSCI Intl Momentum Factor ETF						iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,518,402		$	22,308,477		$	38,772,145		$	111,540,713
Net realized gain (loss)		(31,435,428	)		(59,492,989	)		8,589,819			(76,630,213	)
Net change in unrealized appreciation (depreciation)		76,312,880			(108,840,651	)		288,129,813			(667,456,307	)
Net increase (decrease) in net assets resulting from operations		55,395,854			(146,025,163	)		335,491,777			(632,545,807	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(9,709,975	)		(52,594,725	)		(37,992,566	)		(129,032,411	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		50,641,052			190,109,882			298,861,429			1,038,985,420
NET ASSETS
Total increase (decrease) in net assets		96,326,931			(8,510,006	)		596,360,640			277,407,202
Beginning of period		823,407,102			831,917,108			4,021,876,908			3,744,469,706
End of period	$	919,734,033		$	823,407,102		$	4,618,237,548		$	4,021,876,908

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

40 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets  (continued)

	iShares MSCI Intl Size Factor ETF						iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22			Six Months Ended 01/31/23 (unaudited)			Year Ended 07/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	159,065		$	400,706		$	21,494,365		$	50,199,024
Net realized gain (loss)		(465,958	)		2,187,322			621,743			(29,882,498	)
Net change in unrealized appreciation (depreciation)		2,650,933			(4,974,237	)		188,235,379			(147,532,156	)
Net increase (decrease) in net assets resulting from operations		2,344,040			(2,386,209	)		210,351,487			(127,215,630	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(181,450	)		(610,420	)		(20,194,774	)		(57,061,791	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		14,349,063			(7,568,781	)		115,656,438			466,997,525
NET ASSETS
Total increase (decrease) in net assets		16,511,653			(10,565,410	)		305,813,151			282,720,104
Beginning of period		14,819,067			25,384,477			1,407,888,130			1,125,168,026
End of period	$	31,330,720		$	14,819,067		$	1,713,701,281		$	1,407,888,130

^(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 41

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Intl Momentum Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	30.84		$	39.06		$	32.99		$	29.44		$	30.00		$	28.78
Net investment income(a)			0.39	(b)		0.94			0.43			0.46			0.69			0.67
Net realized and unrealized gain (loss)(c)			1.51			(6.94	)		6.09			3.52			(0.57	)		1.17
Net increase (decrease) from investment operations			1.90			(6.00	)		6.52			3.98			0.12			1.84
Distributions(d)
From net investment income			(0.35	)		(1.11	)		(0.45	)		(0.43	)		(0.68	)		(0.59	)
From net realized gain			—			(1.11	)		—			—			—			(0.03	)
Total distributions			(0.35	)		(2.22	)		(0.45	)		(0.43	)		(0.68	)		(0.62	)
Net asset value, end of period		$	32.39		$	30.84		$	39.06		$	32.99		$	29.44		$	30.00
Total Return(e)
Based on net asset value			6.20	%(b)(f)		(16.09	)%		19.80	%		13.65	%		0.55	%		6.41	%
Ratios to Average Net Assets(g)
Total expenses			0.30	%(h)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			0.30	%(h)		N/A			N/A			N/A			N/A			N/A
Net investment income			2.55	%(b)(h)		2.65	%		1.16	%		1.53	%		2.44	%		2.19	%
Supplemental Data
Net assets, end of period (000)		$	919,734		$	823,407		$	831,917		$	405,753		$	164,888		$	141,021
Portfolio turnover rate(i)			43	%		100	%		104	%		125	%		105	%		131	%

^(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 six months ended January 31, 2023:

• Net investment income per share by $0.00

• Total return by 0.01%

• Ratio of net investment income to average net assets by 0.01%.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

42 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Quality Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	32.80		$	39.29		$	30.32		$	29.79		$	29.62		$	28.07
Net investment income(a)			0.31			1.00			0.78			0.70			0.96			0.99
Net realized and unrealized gain (loss)(b)			2.20			(6.37	)		8.90			0.44			(0.12	)		1.23
Net increase (decrease) from investment operations			2.51			(5.37	)		9.68			1.14			0.84			2.22
Distributions from net investment income(c)			(0.30	)		(1.12	)		(0.71	)		(0.61	)		(0.67	)		(0.67	)
Net asset value, end of period		$	35.01		$	32.80		$	39.29		$	30.32		$	29.79		$	29.62
Total Return(d)
Based on net asset value			7.69	%(e)		(13.78	)%		32.03	%		3.86	%		2.99	%		7.97	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			0.30	%(g)		N/A			N/A			N/A			N/A			N/A
Net investment income			1.94	%(g)		2.75	%		2.18	%		2.38	%		3.31	%		3.36	%
Supplemental Data
Net assets, end of period (000)		$	4,618,238		$	4,021,877		$	3,744,470		$	1,655,632		$	822,240		$	94,784
Portfolio turnover rate(h)			12	%		32	%		37	%		26	%		29	%		21	%

^(a)  Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 43

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Size Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	24.70		$	31.73		$	24.61		$	26.01		$	27.58		$	26.81
Net investment income(a)			0.19			0.70			0.62			0.48			0.72			0.76
Net realized and unrealized gain (loss)(b)			1.37			(5.18	)		7.19			(1.57	)		(1.56	)		0.81
Net increase (decrease) from investment operations			1.56			(4.48	)		7.81			(1.09	)		(0.84	)		1.57
Distributions from net investment income(c)			(0.15	)		(2.55	)		(0.69	)		(0.31	)		(0.73	)		(0.80	)
Net asset value, end of period		$	26.11		$	24.70		$	31.73		$	24.61		$	26.01		$	27.58
Total Return(d)
Based on net asset value			6.36	%(e)		(14.94	)%		31.83	%		(4.25	)%		(2.93	)%		5.89	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income			1.57	%(g)		2.42	%		2.11	%		1.91	%		2.78	%		2.73	%
Supplemental Data
Net assets, end of period (000)		$	31,331		$	14,819		$	25,384		$	19,686		$	5,202		$	5,517
Portfolio turnover rate(h)			13	%		25	%		25	%		42	%		26	%		13	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

44 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Intl Value Factor ETF
	Six Months Ended 01/31/23 (unaudited)				Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Year Ended 07/31/19			Year Ended 07/31/18
Net asset value, beginning of period		$	22.63		$	25.69		$	19.05		$	22.61		$	25.67		$	24.84
Net investment income(a)			0.32			0.99			0.76			0.58			0.86			0.73
Net realized and unrealized gain (loss)(b)			2.44			(2.99	)		6.44			(3.57	)		(3.14	)		0.88
Net increase (decrease) from investment operations			2.76			(2.00	)		7.20			(2.99	)		(2.28	)		1.61
Distributions from net investment income(c)			(0.30	)		(1.06	)		(0.56	)		(0.57	)		(0.78	)		(0.78	)
Net asset value, end of period		$	25.09		$	22.63		$	25.69		$	19.05		$	22.61		$	25.67
Total Return(d)
Based on net asset value			12.26	%(e)		(8.02	)%		37.95	%		(13.57	)%		(8.80	)%		6.50	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Total expenses excluding professional fees for foreign withholding tax claims			0.30	%(g)		N/A			N/A			N/A			N/A			N/A
Net investment income			2.85	%(g)		3.96	%		3.18	%		2.76	%		3.63	%		2.81	%
Supplemental Data
Net assets, end of period (000)		$	1,713,701		$	1,407,888		$	1,125,168		$	451,494		$	314,222		$	233,633
Portfolio turnover rate(h)			7	%		17	%		24	%		18	%		20	%		16	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 45

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification  Classification
MSCI Intl Momentum Factor		Diversified
MSCI Intl Quality Factor		Diversified
MSCI Intl Size Factor		Diversified
MSCI Intl Value Factor		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

46 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Company (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.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 47

Notes to Financial Statements (unaudited) (continued)

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 Intl Momentum Factor
HSBC Bank PLC	$	6,728,075	$	(6,728,075	)	$	—		$	—
MSCI Intl Size Factor
BofA Securities, Inc	$	59,341	$	(59,341	)	$	—		$	—
Citigroup Global Markets, Inc		46,506		(46,506	)		—			—
HSBC Bank PLC		45,430		(45,430	)		—			—
J.P. Morgan Securities LLC		34,764		(34,764	)		—			—
UBS AG		32,080		(32,080	)		—			—
	$	218,121	$	(218,121	)	$	—		$	—
MSCI Intl Value Factor
BofA Securities, Inc	$	804,317	$	(804,317	)	$	—		$	—
Citigroup Global Markets, Inc		255,350		(255,350	)		—			—
Goldman Sachs & Co. LLC		513,032		(513,032	)		—			—
HSBC Bank PLC		9,289		(9,289	)		—			—
	$	1,581,988	$	(1,581,988	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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Notes to Financial Statements (unaudited) (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.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
MSCI Intl Momentum Factor		0.30	%
MSCI Intl Quality Factor		0.30
MSCI Intl Size Factor		0.30
MSCI Intl Value Factor		0.30

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
MSCI Intl Momentum Factor	$	2,042
MSCI Intl Quality Factor		1,209
MSCI Intl Size Factor		168
MSCI Intl Value Factor		3,543

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Notes to Financial Statements (unaudited) (continued)

Officers and Trustees: Certain officers and/or trustees of the Company are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended January 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
MSCI Intl Momentum Factor	$	154,740,114	$	151,763,951		$ (15,550,160)
MSCI Intl Quality Factor		167,832,889		231,240,638		(18,650,650)
MSCI Intl Size Factor		1,048,463		1,237,164		(173,467)
MSCI Intl Value Factor		53,674,152		50,686,186		(5,693,315)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s

underlying index.

7. PURCHASES AND SALES

For the six months ended January 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Intl Momentum Factor	$	362,494,205	$	351,698,418
MSCI Intl Quality Factor		518,792,219		465,898,720
MSCI Intl Size Factor		3,264,082		2,630,056
MSCI Intl Value Factor		107,191,795		103,570,297

For the six months ended January 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Intl Momentum Factor	$	50,060,325	$	9,055,704
MSCI Intl Quality Factor		400,047,731		150,725,955
MSCI Intl Size Factor		13,655,508		—
MSCI Intl Value Factor		212,213,224		100,028,087

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
MSCI Intl Momentum Factor	$	68,033,903
MSCI Intl Quality Factor		79,690,917
MSCI Intl Size Factor		778,700
MSCI Intl Value Factor		59,732,811

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements (unaudited) (continued)

As of January 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized   Appreciation   (Depreciation)
MSCI Intl Momentum Factor	$	863,287,915	$	80,505,564	$	(20,597,290	)	$	59,908,274
MSCI Intl Quality Factor		4,313,766,235		520,718,024		(232,655,924	)		288,062,100
MSCI Intl Size Factor		30,852,947		1,783,305		(1,199,805	)		583,500
MSCI Intl Value Factor		1,659,620,835		149,311,288		(101,780,699	)		47,530,589

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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Notes to Financial Statements (unaudited) (continued)

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Intl Momentum Factor
Shares sold		2,000,000		$	59,894,207			6,600,000		$	232,970,183
Shares redeemed		(300,000	)		(9,253,155	)		(1,200,000	)		(42,860,301	)
		1,700,000		$	50,641,052			5,400,000		$	190,109,882

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 01/31/23						Year Ended 07/31/22
iShares ETF	Shares			Amount			Shares			Amount
MSCI Intl Quality Factor
Shares sold		14,000,000		$	452,337,880			28,300,000		$	1,071,350,051
Shares redeemed		(4,700,000	)		(153,476,451	)		(1,000,000	)		(32,364,631	)
		9,300,000		$	298,861,429			27,300,000		$	1,038,985,420
MSCI Intl Size Factor
Shares sold		600,000		$	14,349,063			600,000		$	16,485,728
Shares redeemed		—			—			(800,000	)		(24,054,509	)
		600,000		$	14,349,063			(200,000	)		$ (7,568,781	)
MSCI Intl Value Factor
Shares sold		10,400,000		$	216,239,491			19,500,000		$	492,584,472
Shares redeemed		(4,300,000	)		(100,583,053	)		(1,100,000	)		(25,586,947	)
		6,100,000		$	115,656,438			18,400,000		$	466,997,525

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“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 iShares MSCI Intl Quality Factor ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Intl Momentum Factor ETF, iShares MSCI Intl Quality Factor ETF, iShares MSCI Intl Size Factor ETF and iShares MSCI Intl Value Factor ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 55

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

56 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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Want to know more?

iShares.com  |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-711-0123

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: March 31, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: March 31, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: March 31, 2023